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Home My WebLink About2021.02.09 SUBMITTED Application Booklet WOOD PEARCE NELSON ATTORNEYS AT LAW JOSLYN V. WOOD, ESQ. CARBONDALE: 201 MAIN STREET, SUITE 301, CARBONDALE, CO 81623 ASPEN: 133 PROSPECTOR ROAD, SUITE 4102H, ASPEN, CO 81611 DIRECT: 970.963.2050 | MAIN: 970.963.3800 | FAX 970.510.0230 EMAIL: JWOOD@WPN-LAW.COM | WEB: WWW.WPN-LAW.COM CITY OF ASPEN LAND USE APPLICATION 1320 SNOWBUNNY LANE FEBRUARY 9, 2021 Table of Contents Table of Contents 2 Application Letter 3 Exhibit A Land Use Application and Fee Agreement 6 Exhibit B Pre Application Conference Summary 9 Exhibit C Legal Description -Title Commitments (both properties) 13 1320 Legal Description- Title Commitment 14 1322 Legal Description- Title Commitment 28 Exhibit D Applicant Letter and Authorization 42 Exhibit E HOA Compliance Form 44 Exhibit F Condo Map Plat 46 Exhibit G - Draft Condominium Declaration 48 WOOD PEARCE NELSON CARBONDALE: 201 MAIN STREET, SUITE 301, CARBONDALE, CO 81623 ASPEN: 133 PROSPECTOR ROAD, SUITE 4102H, ASPEN, CO 81611 PHONE 970.963.3800 | FAX 970.510.0230 February 9, 2021 Bob Narracci, AICP Via E-mail: bob.narracci@cityofaspen.com Zoning Administrator City of Aspen Community Development 130 S. Galena Street Aspen, CO 81611 Re: Condominiumization of Lot 4, Block 2, Snowbunny Subdivision according to the Plat recorded May 2, 1957 in Plat Book 2A at Page 229, and commonly known as 1320 Snowbunny Lane, Aspen, CO 81611- Parcel ID # 273501311004 (“Property”). Dear Mr. Narracci: Please accept this land use application submitted on behalf of the owner of the above-described Property, CBS 1320, LLC, a Colorado limited liability company (“Owner”), in this land use matter concerning the condominiumization of the Property to allow for the separate ownership of each half of the duplex developed on the Property and the ownership and maintenance of general common elements. Please find all required documents attached to this letter as Exhibits A through G, for a complete application submittal complying with the Pre-Application Summary. Per the Pre-Application Conference Summary dated January 29, 2021, a copy of which is attached hereto, the following relevant Land Use Code Sections are addressed in this letter of submittal accompanying the land use application: Sec. 26.304: Common Development Review Procedures Sec. 26.480.050.A: Condominiumization Sec. 26-304: COMMON DEVELOPMENT REVIEW PROCEDURES In accordance with the City of Aspen Municipal Code, Section 26.304.030, and specific instruction contained in the Pre-Application Summary, please note the following: 1320 Snowbunny Lane Parcel ID # 273501311004 Page 2 1. Sec. 26.304.030.(a) General. The Pre-Application Summary requested that a PDF copy of the application be submitted directly to the Planner identified therein. We are e-mailing the application to Bob Narracci, AICP at bob.narracci@cityofaspen.com . No additional copies were requested by staff. This land use application is accompanied with the requested review fee deposit in the amount of $975 ($650 for 2 hours of Planning review and $325 for 1 hour of Engineering review), to be paid via Salesforce upon acceptance of this application. 2. Sec. 26.304.030 (b) Application. In addition to the materials specifically requested in the Pre-Application Summary, we have attached to this letter a vicinity map locating the Property within the City of Aspen in an eight and one- half (8.5) inches by eleven (11) inches format. See, Sec. 26.304.030 (4). Sec. 26.480.050.A CONDOMINIUMIZATION Section 26-480.050 provides standards for the Community Developer Director to approve “[a] subdivision to establish…separate ownership interests of a single property in a Condominium or Common Ownership Interest Community form of ownership. . .Condominiumization shall be limited to allocating ownership interests of a single parcel and shall not effect a division of the parcel into multiple lots…” The Condominium Plat shall be in an acceptable style and format as prescribed in Title 29 of the City of Aspen Land Use Code. The Condominium Plat for 1320 Snowbunny Lane Condominiums was prepared by High Country Engineering in accordance with the Engineering Design Standards promulgated by the City of Aspen’s Engineering Department and attached to this letter. The proposed Condominium Plat is attached hereto as Exhibit F (“Condominium Plat”). The proposed Condominium Declaration, referenced on the Condominium Plat, is attached hereto as Exhibit G (“Declaration”). The Condominium Plat and the Declaration shall be referred to together as the Condominium Documents. The Condominium Documents identify, describe, and depict the “Dividing Line” between the duplex units, including the “Party Wall,” the “Limited Common Elements” appurtenant to each side of the duplex and the “General Common Elements” appurtenant to, and shared by the owners of both units. The Declaration is meant to be recorded contemporaneously with the Condominium Plat to clearly establish the rights and obligations of the owners of each side of the duplex. Once reviewed and approved by the Community Development Director, the City Attorney and the City Engineer the Condominium Documents will be signed by all necessary signatories and recorded in the Pitkin County Clerk and Recorder’s office. The Condominium Plat will be delivered to the City of Aspen for signatures in the form of a 24” x 36” mylar meeting any additional standards set forth in the Engineering Design Standards. 1320 Snowbunny Lane Parcel ID # 273501311004 Page 3 In addition to the vicinity map and Engineering Design Standards attached to this letter, and the written response set forth above, the following items identified in the Pre- Application Summary are attached hereto: Exhibit A – Completed Land Use Application and signed Fee Agreement. Exhibit B – Pre-application Conference Summary. Exhibit C – Title Commitment Number 0706956-C2, dated January 28, 2021, and Title Commitment Number 0706931, dated December 22, 2020 both of which were issued by Title Company of the Rockies, establishing the street address, legal description, ownership and encumbrances, identifying all owners of the Property, all mortgages, liens, easements, contracts and agreements affecting the parcel, and demonstrating the owner’s right to apply for the Condominiumization. The Title Commitments reflect that the Property is owned by CBS 1320, LLC, a Colorado limited liability company. The Property is encumbered by a mortgage from the Owner for the use of Eric Stahl and Bari Stahl, to secure $3,500,000, dated April 23, 2018, and recorded April 25, 2018 as Reception No. 646847. The Plat includes a signature block for “Lienholder Consent and Subordination” for Eric Stahl and Bari Stahl to execute prior to recordation of the mylar version of t he Plat. Please note that the Stahls are under contract to purchase 1322 Snowbunny Lane and will release the mortgage at the closing of their purchase as a requirement of closing. Exhibit D – Letter signed by the Applicant, establishing the Applicant’s name, address and telephone number and authorizing the law firm of Wood Pearce Nelson, LLC to act on behalf of the Applicant in submitting and pursuing this Application. Exhibit E – HOA Compliance form, completed and signed. Exhibit F – One 24” x 36” copy of the draft plat, which meets the plat requirements of Chapter 26.490- Approval Documents. Exhibit G – The draft Condominium Declaration. Please let us know if you require any additional documents or information. We look forward to working with you to obtain the approvals requested. Sincerely, WOOD PEARCE NELSON, LLC By: Joslyn V. Wood Exhibit A – Completed Land Use Application and signed Fee Agreement. CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMENT City of Aspen|130 S. Galena St.|(970) 920 5090 April 2020 LAND USE APPLICATION APPLICANT: REPRESENTIVATIVE: Description: Existing and Proposed Conditions Review: Administrative or Board Review Required Land Use Review(s): Growth Management Quota System (GMQS) required fields: Net Leasable square footage Lodge Pillows Free Market dwelling units Affordable Housing dwelling units Essential Public Facility square footage Have you included the following? FEES DUE: $ Pre-Application Conference Summary Signed Fee Agreement HOA Compliance form All items listed in checklist on PreApplication Conference Summary Name: Address: Phone#: email: Address: Phone #: email: Name: Project Name and Address: Parcel ID # (REQUIRED) 1320 Snowbunny Lane Condominiums 273501311004 CBS 1320, LLC, ATTN: Brad Crawford 970-618-0480 crawforddesignbuild@comcast.net Joslyn V. Wood, Wood Pearce Nelson, LLC 201 Main St Ste 301, Carbondale, CO 81623 970-963-3800 jvw@wpn-law.com Subject property is located in the R-15 zone district. The property has been developed with a new duplex structure. The Property Owner seeks to condominiumize the subject property and duplex structure to facilitate separate ownership of each half of the duplex. Administrative Administrative Subdivision Review - Condominiumization N/A 2 0 0 975.00 ✔✔✔ PO Box 1236, Carbondale, CO 81623 1101 Village Lane LLB2, Carbondale, CO 81623 CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMEN Homeo ner ssociation Compliance Polic All land use applications within the City of Aspen are required to include a Homeowner Association Corn Nance Form (this form) certifying the scope of work included in the land use application complies with all applicable covenants and homeowner association policies. The certification must be signed by the ro ert owner or Attorne re resentin the ro ert owner. Name: CBS 1320, LLCProperty --~ '""' Owner ("I"): Ema\l: jvw@wpn-law.com Address of Property: (subject of application) Phone No.: 970-963-3800 1320 Snowbunny Lane, Aspen, CO 81611 I certify as follows: (pick one) This property is not subject to a homeowners association or other form of private covenant. This property is subject to a homeowners association or private covenant and the improvements proposed in this land use application do not require approval by the homeowners association or covenant beneficiary. This property is subject to a homeowners association or private covenant and the ir in'this land use application have been approved bythehomeowhersassocrafionoF covenant beneficiary. I understand this policy and I understand the City of Aspen does not interpret, enforce, or manage the applicability, meaning or effect of private covenants or homeowner association rules or bylaws. I understand that this document is a public document. Owner signature: Owner printed name: or, Attorney signature: Attorney printed name: Joslyn Wood date: date: ^/^/ April 2020 City of Aspen 1130 S. Galena St.) (970) 920 5090 Exhibit B – Pre-application Conference Summary. PRE-APPLICATION CONFERENCE SUMMARY PLANNER: Bob Narracci, bob.narracci@cityofaspen.com (970) 429-2754 DATE: January 29, 2021 PROJECT LOCATION: 1320 & 1322 Snowbunny Lane PID#: 273501311004 REQUEST: Duplex Condominiumization OWNER: CBS 1320 LLC REPRESENTATIVE: Martin Mata, Mata Design Company matadesign@mac.com (970) 274-6011 DESCRIPTION: The subject property is 1320 & 1322 Snowbunny Lane; which is located in the R-15 Zone District. This property was recently developed with a new duplex structure. The Property Owner seeks to condominiumize the subject property and duplex structure to facilitate separate ownership of each half duplex unit. This is an Administrative process, to be reviewed and approved by the Planning Department. The submitted materials will additionally be evaluated by the City of Aspen Engineering Department. Below are links to relevant documents and a list of information needed to apply. RELEVANT LAND USE CODE SECTIONS: Section Number Section Title 26.304 Common Development Review Procedures 26.480.050.A Condominiumization For your convenience – links to the Land Use Application and Land Use Code are below: Land Use Application Packet Land Use Code REVIEW BY: • Staff for Complete Application and Determination. • Community Development Director for content. • Engineering Department for content and format. REQUIRED LAND USE REVIEW(S): • Administrative Subdivision Review - Condominiumization PUBLIC HEARING: No PLANNING FEES: $650 deposit for two hours of Planning review time REFERRAL FEES: $325 deposit for one hour of Engineering review time TOTAL DEPOSIT: $975 (additional/lesser planning hours are billed/refunded at a rate of $325/hour; additional engineering hours over deposit are billed at a rate of $325/hour) APPLICATION CHECKLIST – Please submit a PDF copy of the application contents directly to the Planner identified above.  Completed Land Use Application and signed Fee Agreement.  Pre-application Conference Summary (this document).  Street address and legal description of the parcel on which development is proposed to occur, consisting of a current (no older than 6 months) certificate from a title insurance company, an ownership and encumbrance report, or attorney licensed to practice in the State of Colorado, listing the names of all owners of the property, and all mortgages, judgments, liens, easements, contracts and agreements affecting the parcel, and demonstrating the owner’s right to apply for the Development Application.  Applicant’s name, address and telephone number in a letter signed by the applicant that states the name, address and telephone number of the representative authorized to act on behalf of the applicant.  HOA Compliance form (attached).  One 24”x36” copy of the draft plat, which must meet the plat requirements of Chapter 26.490- Approval Documents.  Written responses to the review criteria found at Section 26.480.050.A of the land use code. Once the application has been reviewed for completeness by staff, any additional information and/or submittal of the total deposit for review will be requested. If approved, the following items will then need to be submitted:  One (1) 24”x36” copy of the plat on Mylar  Recording fees (to be assessed by the case planner) During review of the case, additional items may be requested. 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 C – Title Commitment Number 0706956-C2, dated January 28, 2021, and Title Commitment Number 0706931, dated December 22, 2020 both of which were issued by Title Company of the Rockies, establishing the street address, legal description, ownership and encumbrances, identifying all owners of the Property, all mortgages, liens, easements, contracts and agreements affecting the parcel, and demonstrating the owner’s right to apply for the Condominiumization. 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 www.titlecorockies.com COMMITMENT TRANSMITTAL Commitment Ordered By: Lisa McCann Douglas Elliman email: lisa.mccann@elliman.com Inquiries should be directed to: Kate Staskauskas Title Company of the Rockies 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 email: KateS@titlecorockies.com Commitment Number:0706931 Buyer's Name(s):Jeff Eichel and Lana Eichel Seller's Name(s):CBS 1320 LLC Property:1320 Snowbunny Lane, Aspen, CO 81611 Snowbunny, Block 2, Lot 4, Pitkin County, CO COPIES / MAILING LIST Jeff Eichel and Lana Eichel Bradley Crawford, Manager CBS 1320 LLC Erik Cavarra Engel & Volkers 0239 Snowmass Club Circle PO Box G-2 Snowmass Village, CO 81615 Phone: 970-923-0817 Fax: 970-922-6944 email: erik.cavarra@evusa.com Lisa McCann Douglas Elliman Phone: email: lisa.mccann@elliman.com Lender with contractual obligations under a loan agreement with the Proposed Insured identified at Schedule A, Item 2(a). COLORADO NOTARIES MAY REMOTELY NOTARIZE REAL ESTATE DEEDS AND OTHER DOCUMENTS USING REAL-TIME AUDIO-VIDEO COMMUNICATION TECHNOLOGY. YOU MAY CHOOSE NOT TO USE REMOTE NOTARIZATION FOR ANY DOCUMENT. Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Grand Lake and Winter Park. (Closing Services available in Aspen and Glenwood Springs). Page 1 of 1 December 22, 2020 12:22 PM 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 www.titlecorockies.com Commitment Ordered By: Lisa McCann Douglas Elliman email: lisa.mccann@elliman.com Inquiries should be directed to: Kate Staskauskas Title Company of the Rockies 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 email: KateS@titlecorockies.com Commitment Number:0706931 Buyer's Name(s):Jeff Eichel and Lana Eichel Seller's Name(s):CBS 1320 LLC Property:1320 Snowbunny Lane, Aspen, CO 81611 Snowbunny, Block 2, Lot 4, Pitkin County, CO TITLE CHARGES These charges are based on issuance of the policy or policies described in the attached Commitment for Title Insurance, and includes premiums for the proposed coverage amount(s) and endorsement(s) referred to therein, and may also include additional work and/or third party charges related thereto. If applicable, the designation of “Buyer” and “Seller” shown below may be based on traditional settlement practices in Pitkin County, Colorado, and/or certain terms of any contract, or other information provided with the Application for Title Insurance. Owner’s Policy Premium: Loan Policy Premium: Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: Total Endorsement Charge(s): TBD Charge(s): TOTAL CHARGES: $7189.00 $175.00 $25.00 $115.00 $7,504.00 Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Grand Lake and Winter Park. (Closing Services available in Aspen and Glenwood Springs). ALTA Commitment (6-17-06) ALTA Commitment Form COMMITMENT FOR TITLE INSURANCE Stewart Title Guaranty Company, a Texas Corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate 6 months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. 004-UN ALTA Commitment (6-17-06) Issued by: 620 East Hopkins Avenue Aspen, CO 81611 Authorized Agent CONDITIONS The term mortgage, when used herein, shall include deed of trust, trust deed, or other security1. instrument. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse2. claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. Liability of the Company under this Commitment shall be only to the named proposed Insured and3. such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of4. title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of5. Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at< http://www.alta.org/>. COMMITMENT FOR TITLE INSURANCE Issued by as agent for Stewart Title Guaranty Company SCHEDULE A Reference:Commitment Number: 0706931 1.Effective Date: December 18, 2020, 7:00 am Issue Date: December 22, 2020 2.Policy (or Policies) to be issued: a)ALTA Owner's Policy (6-17-06)Policy Amount:$7,280,000.00 Premium:$7,254.00 Proposed Insured:Jeff Eichel and Lana Eichel b)ALTA Loan Policy (6-17-06)Policy Amount:$5,000,000.00 Premium: $250.00 Proposed Insured:Lender with contractual obligations under a loan agreement with the Proposed Insured identified at Schedule A, Item 2(a). 3.The estate or interest in the land described or referred to in this Commitment is Fee Simple. 4.The Title is, at the Commitment Date, vested in: CBS 1320, LLC, a Colorado limited liability company 5.The land referred to in this Commitment is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE For Informational Purposes Only - APN: R005276 Countersigned The Title Company of the Rockies By: Kurt Beereboom This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 1 Commitment No: 0706931 SCHEDULE A (continued) LEGAL DESCRIPTION The Land referred to herein is located in the County of Pitkin, State of Colorado, and described as follows: Lot 4, Block 2, SNOWBUNNY SUBDIVISION according the the Plat thereof recorded May 2, 1957 in Plat Book 2a at Page 229. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 2 Commitment No: 0706931 COMMITMENT FOR TITLE INSURANCE Issued by Stewart Title Guaranty Company SCHEDULE B, PART I Requirements All of the following Requirements must be met: 1.The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2.Pay the agreed amount for the estate or interest to be insured. 3.Pay the premiums, fees, and charges for the Policy to the Company. 4.Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. Evidence satisfactory to the Company or its duly authorized agent either (a) that the "real estate5. transfer taxes" imposed by Ordinance No. 20 (Series of 1979), and by Ordinance No. 13, (Series of 1990), of the City of Aspen, Colorado have been paid, and that the liens imposed thereby have been fully satisfied, or (b) that Certificates of Exemption have been issued pursuant to the provisions thereof. An Improvement Survey Plat prepared by a registered Colorado Surveyor, within the last 26. months. Title Company of the Rockies reserves the right to take exception to any adverse matters as shown on said survey, or make further inquiry or requirements relative thereto. Said survey must be certified to Title Company of the Rockies and the Buyer. Articles of Organization for CBS 1320, LLC, a Colorado limited liability company, disclosing the7. names of all Managers of said limited liability company and otherwise complying with C.R.S. 7-80-101, et seq., as amended, and evidencing the existence of said limited liability company prior to the time it conveys title to subject property, must be filed in the office of the Secretary of State for the State of Colorado, but need not be recorded. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I Page 3 Commitment No: 0706931 Resolution or Statement of Authority by CBS 1320, LLC, a Colorado limited liability company,8. authorizing the transaction, executed by the managers or members set forth in the Operating Agreement. NOTE: Review Operating Agreement for authority of party(ies) to act on behalf of said limited liability company and complete the transaction contemplated herein. NOTE: Statement of Authority for CBS 1320, LLC, a Colorado limited liability company, a limited liability company, recorded 04/25/2018 as Reception No. 646846, discloses that the names and addresses of the manager(s) or member(s) authorized to act on behalf of the limited liability company are as follows: Bradley Crawford, Manager Certificate of Good Standing issued by the Secretary of State or other appropriate official for the9. State of Colorado, and evidencing to the satisfaction of the Company or its duly authorized agent that CBS 1320, LLC, a Colorado limited liability company was duly formed or registered and is currently in good standing under the laws of the State of Colorado prior to the time it conveys title to subject property. Release by the Lender of the Mortgage from CBS 1320, LLC for the use of Eric Stahl and Bari10. Stahl, to secure $3,500,000.00, dated April 23, 2018, and recorded 04/25/2018 as Reception No. 646847. Deed from CBS 1320, LLC, a Colorado limited liability company to Jeff Eichel and Lana Eichel.11. NOTE: Duly executed real property transfer declaration, executed by either the Grantor or Grantee, to accompany the Deed mentioned above, pursuant to Article 14 of House Bill No. 1288-CRA 39-14-102. Deed of Trust from Jeff Eichel and Lana Eichel to the Public Trustee of Pitkin County for the use12. of Lender with contractual obligations under a loan agreement with the Proposed Insured identified at Schedule A, Item 2(a)., to secure $5,000,000.00. Evidence satisfactory to the Company or its duly authorized agent that all dues and/or13. assessments levied by the Homeowners Association have been paid through the date of closing. The Owner's Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4 provided that: (A) The enclosed form, of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and (B) The applicable scheduled charges in the amount of $65.00, are paid to the Company or its duly authorized agent. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I - continued Page 4 Commitment No: 0706931 Upon receipt of evidence that taxes and assessments for the year 2019 have been paid, Exception No. 6 under Schedule B, Section II of this commitment will be amended in the policy or policies to be issued pursuant hereto, to read “Taxes and Assessments for the year 2020 and subsequent years, a lien, not yet due or payable". 24-Month Chain of Title: The only conveyance(s) affecting said land recorded within the 24 months preceding the date of this commitment is (are) as follows: Warranty Deed recorded 04/25/2018 as Reception No. 646845 NOTE: If no conveyances were found in that 24 month period, the last recorded conveyance is reported. If the subject land is a lot in a subdivision plat less than 24 months old, only the conveyances subsequent to the plat are reported. The Mortgage Policy, when issued, will contain the following Endorsement Form(s), provided that applicable scheduled charges in the amount(s) following each endorsement are paid to the Company or its duly authorized agent. Form 100 *Restrictions $50.00 * Note: The Mortgage Policy, when issued, will not contain Standard Exceptions No. 1, 2, 3 and 4, and will contain Endorsement Form 100, provided that the Company's form of indemnity agreement or final affidavit and agreement is properly executed and acknowledged and returned to the Company or its duly authorized agent. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I - continued Page 5 Commitment No: 0706931 SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. Any loss or damage, including attorney fees, by reason of the matters shown below: Any facts, right, interests, or claims which are not shown by the Public Records but which could1. be ascertained by an inspection of said Land or by making inquiry of persons in possession thereof. Easements or claims of easements, not shown by the Public Records.2. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the3. Title that would be disclosed by an accurate and complete land survey of the Land. 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 of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should7. the same be found to penetrate or intersect the premises hereby granted and a right of way for ditches or canals as constructed by the authority of the United States, as reserved in United States Patent recorded June 7, 1888 in Book 55 at Page 2. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 6 Commitment No: 0706931 Easements, rights of way and all matters set forth on the Plat of Snowbunny Subdivision8. recorded May 2, 1957 in Plat Book 2A at Page 229. Protective Covenants for Snowbunny Subdivision recorded May 2, 1957 in Book 181 at Page9. 255 and assignment of powers, architectural control committee recorded October 13, 1965 in Book 216 at Page 96. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 7 Commitment No: 0706931 DISCLOSURE STATEMENTS Note 1: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII, requires that "Every Title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the Title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed.” (Gap Protection) Note 2: Exception No. 4 of Schedule B, Section 2 of this Commitment may be deleted from the Owner's Policy to be issued hereunder upon compliance with the following conditions: The Land described in Schedule A of this commitment must be a single-family residence, which includes a1. condominium or townhouse unit. No labor or materials may have been furnished by mechanics or materialmen for purpose of construction on2. the Land described in Schedule A of this Commitment within the past 13 months. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's3. and materialmen's liens. Any deviation from conditions A though C above is subject to such additional requirements or Information4. as the Company may deem necessary, or, at its option, the Company may refuse to delete the exception. Payment of the premium for said coverage.5. Note 3: The following disclosures are hereby made pursuant to §10-11-122, C.R.S.: The subject real property may be located in a special taxing district;(i) A certificate of taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the(ii) County Treasurer's authorized agent; and Information regarding special districts and the boundaries of such districts may be obtained from the(iii) County Commissioners, the County Clerk and Recorder, or the County Assessor. Note 4: If the sales price of the subject property exceeds $100,000.00, the seller shall be required to comply with the disclosure or withholding provisions of C.R.S. §39-22-604.5 (Non-resident withholding). Note 5: Pursuant to C.R.S. §10-11-123 Notice is hereby given: (a)If there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate then there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property, and (b)That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note 6: Effective September 1, 1997, C.R.S. §30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one-half inch the clerk and recorder may refuse to record or file any document that does not conform. Note 7: Our Privacy Policy: We will not reveal nonpublic personal customer information to any external non-affiliated organization unless we have been authorized by the customer, or are required by law. Note 8: Records: Regulation 3-5-1 Section 7 (N) provides that each title entity shall maintain adequate documentation and records sufficient to show compliance with this regulation and Title 10 of the Colorado Revised Statutes for a period of not less than seven (7) years, except as otherwise permitted by law. Note 9: Pursuant Regulation 3-5-1 Section 9 (F) notice is hereby given that “A title entity shall not earn interest on fiduciary funds unless disclosure is made to all necessary parties to a transaction that interest is or has been earned. Said disclosure must offer the opportunity to receive payment of any interest earned on such funds beyond any administrative fees as may be on file with the division. Said disclosure must be clear and conspicuous, and may be made at any time up to and including closing.” Be advised that the closing agent will or could charge an Administrative Fee for processing such an additional services request and any resulting payee will also be subjected to a W-9 or other required tax documentation for such Page 8 purpose(s). Be further advised that, for many transactions, the imposed Administrative Fee associated with such an additional service may exceed any such interest earned. Therefore, you may have the right to some of the interest earned over and above the Administrative Fee, if applicable (e.g., any money over any administrative fees involved in figuring the amounts earned). Note 10: Pursuant to Regulation 3-5-1 Section 9 (G) notice is hereby given that “Until a title entity receives written instructions pertaining to the holding of fiduciary funds, in a form agreeable to the title entity, it shall comply with the following: The title entity shall deposit funds into an escrow, trust, or other fiduciary account and hold them in a1. fiduciary capacity. The title entity shall use any funds designated as “earnest money” for the consummation of the transaction2. as evidenced by the contract to buy and sell real estate applicable to said transaction, except as otherwise provided in this section. If the transaction does not close, the title entity shall: Release the earnest money funds as directed by written instructions signed by both the buyer and seller;(a) or If acceptable written instructions are not received, uncontested funds shall be held by the title entity for(b) 180 days from the scheduled date of closing, after which the title entity shall return said funds to the payor. In the event of any controversy regarding the funds held by the title entity (notwithstanding any termination3. of the contract), the title entity shall not be required to take any action unless and until such controversy is resolved. At its option and discretion, the title entity may: Await any proceeding; or(a) Interplead all parties and deposit such funds into a court of competent jurisdiction, and recover court(b) costs and reasonable attorney and legal fees; or Deliver written notice to the buyer and seller that unless the title entity receives a copy of a summons(c) and complaint or claim (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's written notice delivered to the parties, title entity shall return the funds to the depositing party.” Note 11: Pursuant to Colorado Division of Insurance Regulation 8-1-3,Section 5, Paragraph C (11)(f), a closing protection letter is available to the consumer. Page 9 Commitment No: 0706931 Page 10 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 www.titlecorockies.com Commitment Ordered By: Jody Cooper Wells Fargo Bank, N.A. 119 S. Mill Street Aspen, CO 81611 Phone: (970) 544-2333 Fax: email: jody.cooper@wellsfargo.com Inquiries should be directed to: Kate Staskauskas Title Company of the Rockies 620 East Hopkins Avenue Aspen, CO 81611 Phone: 970-925-3577 Fax: 970-300-4423 email: KateS@titlecorockies.com Commitment Number:0706956-C2 Buyer's Name(s):Eric Stahl and Bari Stahl Seller's Name(s):CBS 1320, LLC Property:1322 Snowbunny Lane, Aspen, CO 81611 Snowbunny, Block 2, Lot 4, Pitkin County, CO TITLE CHARGES These charges are based on issuance of the policy or policies described in the attached Commitment for Title Insurance, and includes premiums for the proposed coverage amount(s) and endorsement(s) referred to therein, and may also include additional work and/or third party charges related thereto. If applicable, the designation of “Buyer” and “Seller” shown below may be based on traditional settlement practices in Pitkin County, Colorado, and/or certain terms of any contract, or other information provided with the Application for Title Insurance. Owner’s Policy Premium: Loan Policy Premium: Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: Total Endorsement Charge(s): TBD Charge(s): TOTAL CHARGES: $3,138.00 $400.00 $65.00 $3,603.00 Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Grand Lake and Winter Park. (Closing Services available in Aspen and Glenwood Springs). ALTA Commitment (6-17-06) ALTA Commitment Form COMMITMENT FOR TITLE INSURANCE Stewart Title Guaranty Company, a Texas Corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate 6 months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. 004-UN ALTA Commitment (6-17-06) Issued by: 620 East Hopkins Avenue Aspen, CO 81611 Authorized Agent CONDITIONS The term mortgage, when used herein, shall include deed of trust, trust deed, or other security1. instrument. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse2. claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. Liability of the Company under this Commitment shall be only to the named proposed Insured and3. such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of4. title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of5. Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at< http://www.alta.org/>. COMMITMENT FOR TITLE INSURANCE Issued by as agent for Stewart Title Guaranty Company SCHEDULE A Reference:Commitment Number: 0706956-C2 1.Effective Date: January 15, 2021, 7:00 am Issue Date: January 28, 2021 2.Policy (or Policies) to be issued: a)ALTA Owner's Policy (6-17-06)Policy Amount:$3,500,000.00 Premium:$3,203.00 Proposed Insured:Eric Stahl and Bari Stahl b)ALTA Loan Policy (6-17-06)Policy Amount:$250,000.00 Premium: $400.00 Proposed Insured:Wells Fargo Bank, N.A., its successors and/or assigns 3.The estate or interest in the land described or referred to in this Commitment is Fee Simple. 4.The Title is, at the Commitment Date, vested in: CBS 1320, LLC, a Colorado limited liability company 5.The land referred to in this Commitment is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE For Informational Purposes Only - APN: R005276 Countersigned The Title Company of the Rockies, LLC This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 1 By: Mike Mulligan Commitment No: 0706956-C2 SCHEDULE A (continued) LEGAL DESCRIPTION The Land referred to herein is located in the County of Pitkin, State of Colorado, and described as follows: Lot 4, Block 2, SNOWBUNNY SUBDIVISION, according the the Plat thereof filed May 2, 1957 in Plat Book 2a at Page 229. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 3 Commitment No: 0706956-C2 COMMITMENT FOR TITLE INSURANCE Issued by Stewart Title Guaranty Company SCHEDULE B, PART I Requirements All of the following Requirements must be met: 1.The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2.Pay the agreed amount for the estate or interest to be insured. 3.Pay the premiums, fees, and charges for the Policy to the Company. 4.Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. Resolution or Statement of Authority by CBS 1320, LLC, a Colorado limited liability company,5. authorizing the transaction, executed by the managers or members set forth in the Operating Agreement. NOTE: Review Operating Agreement for authority of party(ies) to act on behalf of said limited liability company and complete the transaction contemplated herein. NOTE: There is a Statement of Authority of record, however, it was recorded more than 2 years prior to the date of this commitment. The Underwriter hereunder requires a new Statement of Authority to be recorded at this time. Evidence satisfactory to the Company or its duly authorized agent that all dues and/or6. assessments levied by the Homeowners Association have been paid through the date of closing. Duly acknowledged release by Eric Stahl and Bari Stahl of the Mortgage from CBS 1320, LLC, a7. Colorado limited liability company, Mortgagor, in favor of Eric Stahl and Bari Stahl, Mortgagee, in the amount of $3,500,000.00, dated April 23, 2018, and recorded April 25, 2018 at reception No. 646847. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I Page 4 Commitment No: 0706956-C2 Deed from CBS 1320, LLC, a Colorado limited liability company to Eric Stahl and Bari Stahl.8. NOTE: Duly executed real property transfer declaration, executed by either the Grantor or Grantee, to accompany the Deed mentioned above, pursuant to Article 14 of House Bill No. 1288-CRA 39-14-102. Deed of Trust from Eric Stahl and Bari Stahl to the Public Trustee of Pitkin County for the use of9. Wells Fargo Bank, N.A., to secure $250,000.00. The Owner's Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4 provided that: (A) The enclosed form, of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and (B) The applicable scheduled charges in the amount of $65.00, are paid to the Company or its duly authorized agent. The Mortgage Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4, and will contain Endorsement Form 100, provided that: (A) The enclosed form of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and (B) Applicable scheduled charges in the amount of $0.00 are paid to the Company or its duly authorized agent. The Mortgage Policy, when issued, will contain the following Endorsement Form(s), provided that applicable scheduled charges in the amount(s) following each endorsement are paid to the Company or its duly authorized agent. ALTA 5.1 $0.00 ALTA 8.1 $0.00 24-month Chain of Title: The only conveyance(s) affecting said land recorded within the 24 months preceding the date of this commitment is (are) as follows: WARRANTY DEED recorded April 25, 2018 at reception No. 646845 NOTE: If no conveyances were found in that 24 month period, the last recorded conveyance This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I - continued Page 5 Commitment No: 0706956-C2 is reported. If the subject land is a lot in a subdivision plat less than 24 months old, only the conveyances subsequent to the plat are reported. NOTE: EXCEPTION NO. 5 UNDER SCHEDULE B, SECTION 2 OF THIS COMMITMENT WILL NOT APPEAR IN THE POLICY OR POLICIES TO BE ISSUED PURSUANT HERETO, PROVIDED THAT (A) THE DOCUMENTS CONTEMPLATED BY THE REQUIREMENTS SET FORTH IN SCHEDULE B, SECTION 1 OF THIS COMMITMENT ARE SUBMITTED TO AND APPROVED AND RECORDED BY THE COMPANY OR ITS DULY AUTHORIZED AGENT, AND (B) AN EXAMINATION OF THE RECORDS IN THE OFFICE OF THE CLERK AND RECORDER FOR PITKIN COUNTY, COLORADO BY THE COMPANY OR ITS DULY AUTHORIZED AGENT DISCLOSES THAT NO DEFECTS, LIENS, ENCUMBRANCES, ADVERSE CLAIMS OR OTHER MATTERS HAVE BEEN RECORDED IN SUCH RECORDS SUBSEQUENT TO THE EFFECTIVE DATE HEREOF. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I - continued Page 6 Commitment No: 0706956-C2 SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. Any loss or damage, including attorney fees, by reason of the matters shown below: Any facts, right, interests, or claims which are not shown by the Public Records but which could1. be ascertained by an inspection of said Land or by making inquiry of persons in possession thereof. Easements or claims of easements, not shown by the Public Records.2. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the3. Title that would be disclosed by an accurate and complete land survey of the Land. 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 of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. Right of proprietor of a vein or lode to extract and remove his ore therefrom should the same be7. found to penetrate or intersect the premises as reserved in United States Patent recorded June 07, 1888, in Book 55 at Page 2. 8. Easements, rights of way and other matters as set forth on the Plat of Snowbunny Subdivision9. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 7 Commitment No: 0706956-C2 recorded May 2, 1957 in Plat Book 2A at page 229. Restrictive Covenants, which do not contain a forfeiture or reverter clause, as contained in10. instrument recorded May 02, 1957, in Book 181 at Page 255 and assignment of powers, Architectural Control Committee recorded October 13, 1965 in Book 216 at Page 96. This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Stewart Title Guaranty Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 8 Commitment No: 0706956-C2 DISCLOSURE STATEMENTS Note 1: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII, requires that "Every Title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the Title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed.” (Gap Protection) Note 2: Exception No. 4 of Schedule B, Section 2 of this Commitment may be deleted from the Owner's Policy to be issued hereunder upon compliance with the following conditions: The Land described in Schedule A of this commitment must be a single-family residence, which includes a1. condominium or townhouse unit. No labor or materials may have been furnished by mechanics or materialmen for purpose of construction on2. the Land described in Schedule A of this Commitment within the past 13 months. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's3. and materialmen's liens. Any deviation from conditions A though C above is subject to such additional requirements or Information4. as the Company may deem necessary, or, at its option, the Company may refuse to delete the exception. Payment of the premium for said coverage.5. Note 3: The following disclosures are hereby made pursuant to §10-11-122, C.R.S.: The subject real property may be located in a special taxing district;(i) A certificate of taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the(ii) County Treasurer's authorized agent; and Information regarding special districts and the boundaries of such districts may be obtained from the(iii) County Commissioners, the County Clerk and Recorder, or the County Assessor. Note 4: If the sales price of the subject property exceeds $100,000.00, the seller shall be required to comply with the disclosure or withholding provisions of C.R.S. §39-22-604.5 (Non-resident withholding). Note 5: Pursuant to C.R.S. §10-11-123 Notice is hereby given: (a)If there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate then there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property, and (b)That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note 6: Effective September 1, 1997, C.R.S. §30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one-half inch the clerk and recorder may refuse to record or file any document that does not conform. Note 7: Our Privacy Policy: We will not reveal nonpublic personal customer information to any external non-affiliated organization unless we have been authorized by the customer, or are required by law. Note 8: Records: Regulation 3-5-1 Section 7 (N) provides that each title entity shall maintain adequate documentation and records sufficient to show compliance with this regulation and Title 10 of the Colorado Revised Statutes for a period of not less than seven (7) years, except as otherwise permitted by law. Note 9: Pursuant Regulation 3-5-1 Section 9 (F) notice is hereby given that “A title entity shall not earn interest on fiduciary funds unless disclosure is made to all necessary parties to a transaction that interest is or has been earned. Said disclosure must offer the opportunity to receive payment of any interest earned on such funds beyond any administrative fees as may be on file with the division. Said disclosure must be clear and conspicuous, and may be made at any time up to and including closing.” Be advised that the closing agent will or could charge an Administrative Fee for processing such an additional services request and any resulting payee will also be subjected to a W-9 or other required tax documentation for such Page 9 purpose(s). Be further advised that, for many transactions, the imposed Administrative Fee associated with such an additional service may exceed any such interest earned. Therefore, you may have the right to some of the interest earned over and above the Administrative Fee, if applicable (e.g., any money over any administrative fees involved in figuring the amounts earned). Note 10: Pursuant to Regulation 3-5-1 Section 9 (G) notice is hereby given that “Until a title entity receives written instructions pertaining to the holding of fiduciary funds, in a form agreeable to the title entity, it shall comply with the following: The title entity shall deposit funds into an escrow, trust, or other fiduciary account and hold them in a1. fiduciary capacity. The title entity shall use any funds designated as “earnest money” for the consummation of the transaction2. as evidenced by the contract to buy and sell real estate applicable to said transaction, except as otherwise provided in this section. If the transaction does not close, the title entity shall: Release the earnest money funds as directed by written instructions signed by both the buyer and seller;(a) or If acceptable written instructions are not received, uncontested funds shall be held by the title entity for(b) 180 days from the scheduled date of closing, after which the title entity shall return said funds to the payor. In the event of any controversy regarding the funds held by the title entity (notwithstanding any termination3. of the contract), the title entity shall not be required to take any action unless and until such controversy is resolved. At its option and discretion, the title entity may: Await any proceeding; or(a) Interplead all parties and deposit such funds into a court of competent jurisdiction, and recover court(b) costs and reasonable attorney and legal fees; or Deliver written notice to the buyer and seller that unless the title entity receives a copy of a summons(c) and complaint or claim (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's written notice delivered to the parties, title entity shall return the funds to the depositing party.” Note 11: Pursuant to Colorado Division of Insurance Regulation 8-1-3,Section 5, Paragraph C (11)(f), a closing protection letter is available to the consumer. Page 10 Commitment No: 0706956-C2 Page 11 Exhibit D – Letter signed by the Applicant, establishing the Applicant’s name, address and telephone number and authorizing the law firm of Wood Pearce Nelson, LLC to act on behalf of the Applicant in submitting and pursuing this Application. CBS 1320, LLC 1101 Village Road, Unit LL2B Carbondale, CO 81623 970.618.0480 Febmary 4,2021 City of Aspen Community Development Department Attn: Bob Narracci 130 South Galena Street Aspen, CO 81611 Phone: (970) 920-5000 Re: Lot 4, Block 2, Snowbunny Subdivision according to the Plat recorded May 2, 1957 in Plat Book 2A at Page 229, and commonly known as 1320 Snowbunny Lane, Aspen, CO 81611 (the "Property"). Dear Mr. Narracci: CBS 1320, LLC, a Colorado limited liability company (the "Applicant"), owns the above- described Property and improvements thereon, currently consisting of a residential duplex structure. The undersigned, Bradley Crawford, is the Managing Member of the Applicant that is seeking Condominiumization of the Property to allow for separate ownership of each half of the duplex. Applicant's current place of business is 1101 Village Road, Umt LL2B, Carbondale, CO 81623. The telephone number of the undersigned Managing Member is 970.618.0480. Applicant hereby authorizes Wood Pearce Nelson, LLC, Attorney at Law, by and through the firm's Managing Member, Joslyn V. Wood, Esq., to act in its behalf to submit a land use application and obtain approval of the Condominium Plat and associated documents. Contact information for Wood Pearce Nelson, LLC is as follows: CARBONDALE: 201 MAIN STREET, SUITE 301, CARBONDALE, CO 81623 ASPEN: 133 PROSPECTOR ROAD, SUITE 4102H, ASPEN, CO 81611 PHONE 970.963.3800 | FAX 970.510.0230 Thank you for your consideration of our Application. CBS 1320, Bradley Crawford, Managing ember Exhibit E – HOA Compliance form, completed and signed. CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMEN Homeo ner ssociation Compliance Polic All land use applications within the City of Aspen are required to include a Homeowner Association Corn Nance Form (this form) certifying the scope of work included in the land use application complies with all applicable covenants and homeowner association policies. The certification must be signed by the ro ert owner or Attorne re resentin the ro ert owner. Name: CBS 1320, LLCProperty --~ '""' Owner ("I"): Ema\l: jvw@wpn-law.com Address of Property: (subject of application) Phone No.: 970-963-3800 1320 Snowbunny Lane, Aspen, CO 81611 I certify as follows: (pick one) This property is not subject to a homeowners association or other form of private covenant. This property is subject to a homeowners association or private covenant and the improvements proposed in this land use application do not require approval by the homeowners association or covenant beneficiary. This property is subject to a homeowners association or private covenant and the ir in'this land use application have been approved bythehomeowhersassocrafionoF covenant beneficiary. I understand this policy and I understand the City of Aspen does not interpret, enforce, or manage the applicability, meaning or effect of private covenants or homeowner association rules or bylaws. I understand that this document is a public document. Owner signature: Owner printed name: or, Attorney signature: Attorney printed name: Joslyn Wood date: date: ^/^/ April 2020 City of Aspen 1130 S. Galena St.) (970) 920 5090 Exhibit F – One 24” x 36” copy of the draft plat, which meets the plat requirements of Chapter 26.490- Approval Documents. CO SNOWBUNNY L A N E (50.0' R.O.W.) UNIT 1322 L.C.E. 7,511 Sq.Ft. ± 0.17 Acre ± E OSW OSW CO E UNIT 1320 L.C.E. 7,541 Sq.Ft. ± 0.17 Acre ± BY NO . DA T E PROJECT NO. RE V I S I O N HI G H C O U N T R Y E N G I N E E R I N G , I N C . PH O N E ( 9 7 0 ) 9 4 5 - 8 6 7 6 - F A X ( 9 7 0 ) 9 4 5 - 2 5 5 5 ww w . h c e n g . c o m dr a w n b y : ch e c k e d b y : da t e : fi l e : 15 1 7 B L A K E A V E N U E , S T E 1 0 1 , GL E N W O O D S P R I N G S , C O 8 1 6 0 1 COLORADO 811 CALL BEFORE YOU DIG Utility Notification Center of Colorado 2181041 1 OF 1 CO N D O M I N I U M P L A T CI T Y O F A S P E N , C O L O R A D O 13 2 0 S N O W B U N N Y L A N E C O N D O M I N I U M S LO T 4 , S N O W B U N N Y S U B D I V I S I O N CO N D O M I N I U M P L A T EX I S T I N G C O N D I T I O N S M A P LL RD N & B W A B 01 / 1 5 / 2 0 2 1 CP . D W G 1 inch = ft. (IN U.S. SURVEY FEET) GRAPHIC SCALE 0010 5 10 20 40 10 VICINITY MAP 1" = 1000' 1320 SNOWBUNNY LANE CLERK AND RECORDER S CERTIFICATE A CONDOMINIUMI=ATION OF LOT 4, BLOCK 2, SNOWBUNNY SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED MAY 2, 1957 IN PLAT BOOK 2A AT PAGE 229 COUNTY OF PITKIN, STATE OF COLORADO COMMUNITY DEVELOPMENT DIRECTOR S APPROVAL CITY ATTORNEY APPROVAL SURVEYOR S CERTIFICATE BILL W.A. BAKER, COLORADO PROFESSIONAL LAND SURVEYOR #23875 CERTIFIED FEDERAL SURVEYOR #1699 CERTIFICATION OF OWNERSHIP CONDOMINIUM PLAT OF 1320 SNOWBUNNY LANE CONDOMINIUMS TITLE COMPANY CERTIFICATE NOTES PROPERTY DESCRIPTION LIENHOLDER CONSENT AND SUBORDINATION CITY ENGINEER S REVIEW GENERAL COMMON ELEMENTS (G.C.E.) LIMITED COMMON ELEMENTS (L.C.E.) Exhibit G – The draft Condominium Declaration. 1 CONDOMINIUM DECLARATION FOR 1320 SNOWBUNNY LANE CONDOMINIUMS THIS CONDOMINIUM DECLARATION FOR 1320 SNOWBUNNY LANE CONDOMINIUMS (as it may be amended from time to time in accordance with its terms, this “Declaration ”) is made as of ____________ ___, 202 1 by CBS 1320, LLC, a Colorado limited liability company (“Declarant ”). WHEREAS , Declarant is the owner of the real property in City of Aspen , Colorado, described on Exhibit A of this Declaration, together with the improvements thereon (the “Property ”); WHEREAS , the Property is improved with two attached residential dwelling s and appurtenant improvements and land areas as more particularly described on that certain Condominium Map for the 1320 Snowbunny Lane Condominiums recorded in the real property records for Pitkin County, Colorado ____________, 202__ under Reception No. _____________ (the “Map ”). WHEREAS , Declarant desires by this Declaration (and the Map ) to, among other purposes, establish the Propert y as two land condominium units as described in this Declaration (each, a “Unit ” and together, the “Units ”), to establish the respective rights and obligations of the Declarant and its successors in interest to the Units (which person(s) or entity(ies) shall be hereinafter sometimes referred to individually as an “Owner ” or collectively as the “Owners ”) with re spect to the use, maintenance, repair, replacement and insuring of the Units and “Common Elements” (as defined below), to establish an owner’s association for the maintenance and insurance of Common Areas (defined below) and provide for a reasonable alloca tion between the Owners of the common costs and expenses associated therewith, and to establish a procedure for billing and paying for such common expenses and for collecting the same (including interest) from a delinquent Owner. NOW, THEREFORE , for the pu rposes set forth above and herein, Declarant for itself and its successors and assigns hereby declares that the Property and the Units shall be owned, held, transferred, conveyed, sold, leased, encumbered, used, occupied, improved, altered, maintained and enjoyed subject to the covenants, conditions, easements, restrictions and other matters set forth in this Declaration , all of which shall run with the title to the Units and be binding upon and inure to the benefit of the Owners, occupants a nd other persons having or acquiring from time to time any right, title or interest in or to either Unit or any part thereof, or any improvement thereon, and their respective heirs, personal representatives, successors and assigns. 1. Name of Condominium Project. The name of the condominium project situated on the Property shall be “1320 Snowbunny Lane Condominiums.” 2 2. Common Boundary Line; Unit Boundaries; and Unit Descriptions. The boundary line between the Units is shown and described on the Map as the “Dividing Line.” The vertical boundaries of the Units are comprised of the Dividing Line and the perimeter lot lines of the Property, all as depicted on the Map; provided, however, that if the centerline of the as-built location of the “Party Wall” (as defined below) is not in the location of the Dividing Line as shown on the Map, then the Dividing Line between the Units in such location shall be along the centerline of the Party Wall. The Units do not have any horizontal boundaries, and each Unit includes al l subsurface land and air space within the vertical boundaries of the Unit (i.e., on its side of the Dividing Line) as described above and as depicted on the Map. The Units are hereby designated as “Unit 1320” and “Unit 1322”, 1320 Snowbunny Lane Condominiums, as identified on the Map and described in this Declaration. Subject to the terms of this Declaration and the Map concerning the “Common Elements” (as defined below) and the easements created pursuant to this Declaration, (a) Unit 1320 includes all of the Property east of the Dividing Line and all improvements (including the residence) on such portion of the Property, and (b) Unit 1322 includes all of the Property west of the Dividing Line and all improvements (including the residence) on such portion of the Property. Every deed, lease, mortgage, deed of trust, or other instrument may legally describe a Unit by its identifying number (i.e., either “1320” or “1322”) followed by the words “1320 Snowbunny Lane Condominiums” followed by the name of and recording information for the Map and this Declaration. The undivided interest in the Common Elements appurtenant to a Unit shall be deemed conveyed or encumbered with that Unit, even though the legal description and the instrument conveying or encumbering the Unit may refer only to that Unit. 3. Floor Area Allocation. Development and improvement of the Property is subject to the City of Aspen Land Use Code (as amended from time to time, the “Code”). Each Unit shall have the floor area of the Units, constructed as of the date of this Declaration; provided, however, if any additional floor area is or becomes available to be constructed on the Property pursuant to the Code, then 50% of that unused floor area is allocated to each Unit. Subject to the preceding limitation, the Owners maintain the right to seek any approvals allowed under the Code to permit additional floor area to be constructed on their respective Unit. An Owner shall not take any actions with that will affect the amount of floor area allocated to the Unit of the other Owner without the prior written approval of the other Owner. In any event, the Common Elements shall remain undivided and no Owner shall bring any action for partition or subdivision of the Common Elements. Nothing in this Section 1 shall be construed as limiting the terms of Section 10 below. 4. The Association. At such time as Declarant conveys one of the Units, delivery of the deed from the Declarant to the grantee shall be deemed to organize a “unit owner’s association” within the meaning of C.R.S. §38-33.3-301 (the “Association”). (a) Formation of the Association; Membership. The Association shall be an incorporated nonprofit association within the meaning of C.R.S. § 7-30-101, et seq. The name of the Association shall be the 1320 Snowbunny Lane Condominium Association. Each Owner shall be a member of the Association. Membership in the Association automatically terminates when a person ceases to be an Owner, whether through sale, intestate succession, testamentary disposition, foreclosure or otherwise, and the new Owner automatically succeeds to that membership in the Association. The Association will recognize a new member upon presentation by a new Owner of satisfactory evidence of the sale, transfer, succession, disposition, foreclosure or other transfer of 3 a Unit. Membership in the Association may not be transferred, pledged or alienated in any way, except to the new Owner upon conveyance of a Unit. Any prohibited transfer is void and will not be recognized by the Association. The respective rights and obligations of the Owners are set forth in this Declaration. The Association shall not take any actions without the unanimous written consent of both Owners (except as provided in this Declaration with respect to the resolution of disputes). All rules and regulations governing the Association and the Property are set forth in this Declaration. The Association shall not have or adopt any bylaws. (b) Powers. The Association acting through the Board will serve as the governing body for the Condominium Project and has the powers and responsibilities set forth in the Condominium Instruments and the Act, specifically including without limitation the powers enumerated in Section 38-33.3-302 of the Act. (c) The Board. The affairs of the Association shall be governed by the Board, which may, by resolution, delegate any portion of its authority to an executive committee or an officer, executive or Director of the Association. The Board will consist of two directors (each, a “Director”). The Owner of each Unit will have the right to appoint one Director. Each Director shall be a natural person who is 18 years of age or older and shall be an Owner or a designee of an Owner. (d) Board Action. All actions and decisions of the Board shall require the affirmative vote of both of the Directors. (e) Bylaws. The Association may adopt Bylaws for the regulation and management of the Association, provided that the provisions of the Bylaws will not be inconsistent with the provisions of this Declaration or the Act. (f) Association Expenses. Except as otherwise provided herein, all costs and liabilities shall be allocated equally to the Units and shared equally the Owners. (g) Budget. The Board will cause a proposed annual budget for the Association to be prepared and adopted by the Board and submitted to the Owners for consideration and possible rejection by the Owners to the extent provided in accordance with Section 38-33.3-303 of the Act. (h) Board Deadlocks. A “Deadlock” shall exist after a formal vote in which one Director votes for or against a proposition and the other Director votes differently or refuses to vote, concerning any decision for which a decision by the Board is required pursuant to this Declaration or the Act. In the event of a Deadlock, the Board shall take another vote on the proposition. If that vote is not unanimous, then a decision that resolves the Deadlock issue shall be made by a person (the “Neutral”) appointed for that purpose by the members of the Board, if they can so agree within five (5) business days, or thereafter at the request of either Director, by the then-current president of the Aspen Board of Realtors or then-current president of the Pitkin County Bar Association. Each Director shall submit to the Neutral a written proposal to resolve the Deadlock within ten (10) business days after the appointment of the Neutral. The Neutral shall have at least five (5) years’ experience in property management in the Aspen, Colorado area, shall not be economically or family related to the owner(s) of either Unit, shall make a decision in good 4 faith and using reasonable judgment but only by selecting the entire proposal submitted by one of the Directors, and shall allocate his or her fees equally between the Owners. If the president of the Aspen Board of Realtors fails or refuses to make such appointment, or if the person so appointed fails or refuses to act, then either Director shall have the right to petition the chief judge of the Pitkin County District Court to appoint such person. (j) Association Policies. The Association’s policies, procedures and rules and regulations contemplated by C.R.S. § 38-33.3-209.5(1)(b) are: (i) Collection of Unpaid Assessments . The Association does not have the right to impose assessments. An Owner’s right to be reimbursed or compensated by the other Owner for expenses is described in this Declaration. (ii) Handling of Conflicts of Interest Involving Board Members . There are only two members of the Association, and each will appoint one member of the Board. E ach Board member has the right to vote, and is expected to vote, in his, her or its own interest. Because all decisions must be unanimous or resolved in accordance with the provisions of this Declaration, no Owner or Board member will ever be required to, or expected to, recuse himself, herself or itself due to a conflict of interest. (iii) Conduct of Meetings . Board meetings and a nnual m eetings of the O wners shall be held as the Board members, and Owners , as appl icable, may decide is necessary or appropriate . Special meetings may be called by either Owner. Notice of meetings shall be provided and meetings shall be conducted pursuant to C.R.S. § 38-33.3-308. Owners will be courteous to one another in all such meetings . (iv) Enforcement of Covenants . The covenants and restrictions on the Property imposed by this Declaration shall be enforced as provided in this Declaration. (v) Inspection and Copying of Association Records . Each Owner should keep and maintain his, her or its own records of costs incurred related to the Common Elements and actions taken on behalf of the Board and/or Association to reasonably comply with any applicable provisions of C.R.S. §38 -33.3- 317. Copies of such records shall be delivered to the other Owner by email or mail upon reasonable request. (vi) Investment of Reserve Funds . The Association is not required or expected to have reserve funds. If the Owners unanimously agree in writing that the Associati on collect funds from Owners for the purpose of establishing a reserve, the reserve 5 funds will be invested in such manner as the Owners unanimously agree. (vii) Procedures for Adoption and Amendment of Policies, Procedures and Rules . This Declaration sets forth all policies, procedures a nd rules governing the Property and the respective rights of the Owners. Any additional policies, rules and procedures must be unanimously agreed upon in writing by the Owners. (viii) Procedures for Addressing Disputes between the Association and Owners . Because each Board member or Owner has the right to vote, and is expected to vote, in his, her or its own interest and because all decisions must be unanimous or resolved in accordance with the provisions of this Declaration, disp utes between the Association and Owners are not expected. To the extent disputes arise between the Owners, those disputes will be resolved in acc ordance with this Declaration. 5. Shared Use Areas. The “Shared Use Areas” of the Property shall be the Party Wall, the Dividing Line, the portion of the exterior wall of the residence on Unit 1322 constructed on the Dividing Line and the Entry and Driveway General Common Elements as defined below. (a) Shared Access Driveway. The term “Shared Access Driveway G.C.E.”, means the area of the Property south of the Unit boundaries and including the entry from Snowbunny Lane and driveway, as depicted on the Map. The Shared Access Driveway G.C.E. is a general common element for the joint benefit, use and enjoyment of Units 1320 and 1322; provided, however, that any parking spaces or areas shown on the Map shall be allocated to the Owners based upon which side of the Dividing Line the parking is located. (b) No Damage or Alteration by Owners. Unless otherwise approved by both Owners in writing, the Owners shall be and hereby are prohibited from destroying, damaging, altering, relocating, or replacing all or any portion of the Shared Use Areas. (c) Maintenance, Repair, etc. of Shared Use Areas. The Association shall cause the Shared Use Areas to be operated, maintained, cleaned, repaired and replaced as may be reasonably required from time to time in accordance with all laws and regulations, in good condition and repair consistent with the standard of maintenance and repair prevailing for free market residential duplex projects in Aspen, Colorado, and functioning for their intended purposes. Maintenance, repair and replacement of the Shared Areas shall be undertaken by qualified contractors. All such work regarding the Shared Use Areas shall include restoring and/or replacing the applicable improvements and any adjoining landscaping disturbed or damaged by such work to the condition that existed prior to such work. 6 (d) Costs Allocations. The costs incurred for the operation, cleaning, maintenance, repair and replacement of the Shared Use Areas and the restoration and/or replacement of any adjoining landscaping disturbed or damaged thereby shall be the responsibility of the Association, to be apportioned evenly between the Owners; provided, however, that to the extent the need for such work arises from the negligence or intentional act of one Owner, the costs of such work shall be paid by such Owner. (e) Procedure. Following delivery of 15 days’ written notice by the Association to the other Owner, or following delivery of 15 days’ written notice to the other Owner (except in the event of an emergency, in which reasonable attempts to notify the other Owner shall be made) and a written cost estimate from a qualified contractor explaining the need for the proposed work, the Association or either Owner shall have the right to cause to be performed such mutually beneficial work on within the Shared Use Areas as may be reasonably required from time to time, and to pay for the same, and to bill the Association such costs, or one hundred percent (100%) thereof to the extent the other Owner’s negligence or intentional act was the reason for such maintenance, repair or replacement work. Any such bill not paid by an Owner within thirty (30) days of delivery of the bill shall bear interest at the rate of eighteen percent (18%) per annum from the date of mailing of the bill until paid in full. Finally, the Owner paying for the work shall have a lien on the Unit of the Owner failing to pay its share of the cost, for the amount of said defaulting Owner’s share of the repair, restoration or maintenance cost, as more specifically provided in Section 13 below. Any work with respect to the Shared Use Areas shall be performed by a qualified contractor, which contractor shall carry liability, worker’s compensation and o ther insurance as is standard in the industry for the type of work being completed. Said contractor shall provide, upon request by an Owner, a certificate evidencing the insurance carried by the contractor. All such work shall be performed in a good and workmanlike manner and in compliance with all applicable laws, regulations and codes. 6. Party Wall Provisions. (a) Creation of Party Wall. The Units share a common wall located along a portion of the Dividing Line between Unit 1320 and Unit 1322 which separates the residences within the Units and constitutes, together with all foundation elements supporting such wall and the roof system immediately above such wall, the “Party Wall”. The location of the Party Wall is shown on the Map and includes that portion of the exterior wall of Unit 1322 constructed on the Dividing Line. The rights and obligations of the Owners with regard to the Party Wall shall be governed by the provisions of this Section 6. (b) Easement for Encroachment. Mutual reciprocal easements are hereby established, declared and granted for any encroachment of the Party Wall onto either Unit. Every deed to a Unit, whether or not expressly so stating, shall be deemed to convey and be subject to such reciprocal easements. (c) Maintenance and Repair. No Owner shall do any act which would cause damage to or impair the structural integrity of the Party Wall. The cost of reasonable repair s to maintain the structural integrity and function of the Party Wall shall be shared by the Owners equally; provided, however, subject to Section 12(g) below, if the need for the repair is caused by the negligence or intentional act of an Owner, then such Owner shall be responsible for paying all 7 of the costs of such repair. Upon 30 days’ written notice to the other Owner (except in the event of an emergency, in which reasonable attempts to notify the other Owner shall be made), either Owner shall have the right to cause to be performed such repair work on the Party Wall as may be reasonably required from time to time to maintain the structural integrity and function of the Party Wall, and to pay for the same, and to bill the other Owner for fifty percent (50%) of such costs, or one hundred percent (100%) thereof to the extent the other Owner’s negligence or intentional act was the reason for such repair work. Any such bill not paid by an Owner within thirty (30) days of delivery of the bill shall bear interest at the rate of eighteen percent (18%) per annum from the date of mailing of the bill until paid in full. Finally, the Owner paying for the work shall have a lien on the Unit of the Owner failing to pay its share of the cost, for the amount of said defaulting Owner’s share of the repair cost, as more specifically provided in Section 13 below. Any work with respect to the Party Wall shall be performed by a qualified contractor, which contractor shall carry liability, worker’s compensation and other insurance as is standard in the industry for the type of work being completed. Said contractor shall provide, upon request by an Owner, a certificate evidencing the insurance carried by the contractor. All such work shall be performed in a good and workmanlike manner and in compliance with all applicable laws, regulations and codes. The color and exterior materials of that portion of the Party Wall that is an exterior wall of Unit 1322 shall not be changed without the consent of both Owners. (d) Damage by Fire or Casualty. If the Party Wall or any portion thereof is destroyed or damaged by fire or other casualty, the Owners shall restore it and they shall contribute equally to the cost of restoration thereof without prejudice, however, to the right of each Owner to call for a larger contribution from the other under any rule of law regarding liability for negligent or intentional acts. The right of any Owner to contribution from any other Owner hereunder shall run with and be appurtenant to the land and shall pass to such Owner's successors in title. (e) General Rules of Law to Apply. To the extent not inconsistent with the provisions of this Declaration, the general rules of law regarding party walls and liability for property damage due to negligence or willful acts or omissions shall apply to the Party Wall and to the interpretation of this Declaration. 7. Common Elements. The “Common Elements” are (a) the Shared Use Areas; (b) any water line, sewer line, utility lines or other facilities located on the Property that serve both Units; (c) the Party Wall including the portion of the exterior wall of Unit 1322 located on the Dividing Line; (d) any shared structural or foundation elements in addition to the Party Wall that are necessary for the continued existence, common support, integrity, preservation, protection, and/or enjoyment of the Units; and (e) any other easements, improvements or other appurtenances to the Property that benefit both Units. The Common Elements are comprised of “general common elements”, and the Map may be amended at some point to include “limited common elements”, as such terms is defined in the Colorado Common Interest Ownership Act, C.R.S. § 38 -33.3-101 et seq. Any general common element is designated by the initials “G.C.E.” on the Map and, if added at some point, any limited common elements shall be designated by the initials “L.C.E.” on the Map. Each Unit is allocated an undivided 50% interest in the Common Elements. Except to the extent otherwise provided in this Declaration, the Owner of each Unit (whether paid directly by the Owners or through the Association) shall be responsible for 50% of the costs incurred to maintain, repair or replace any Common Element (each, a “Common Expense”). A Unit’s undivided interest in the Common Elements may not be severed from or transferred separately 8 from such Unit. Unless otherwise provided herein or on the Map, the Owner of any Unit shall be responsible for and obligated to maintain, repair and replace, at its sole cost and expense, all parts and components of any L.C.E. appurtenant to such Unit. 8. Utilities. (a) Easements. There is hereby created and granted for the benefit of the Association and each Unit and any utility companies providing utility service to the Property, a perpetual, nonexclusive easement on, under, and through the Property (but not through or within the residence located within each Unit) for the existence, use, replacement, repair, operation and maintenance of utility equipment and underground utility lines (including any pedestals and transformers) in their existing as-built locations. (b) Maintenance, Etc. All water, sewer, gas, electrical, telephone, cable television and other utility lines, pipes and conduits located on the Property are buried underground and shall remain underground and shall not be carried on overhead poles or above the surface of the ground (provided that meters, transformers and pedestals that are required to be above-ground are permitted). Each Owner shall be responsible for maintaining, repairing and replacing any utility lines or other facilities that exclusively serve such Owner’s Unit. The Association (or the Owners together) shall be responsible for costs of maintaining, repairing and replacing any utility lines or facilities that serve both Units. If an Owner fails to pay their share of any joint costs and the other Owner pays the entire costs, the Owner paying for the work shall have a lien on the Unit of the Owner failing to pay its share of the cost, for the amount of said defaulting Owner’s share of the cost, as more specifically provided in Section 13 below. Any damage caused to any improvements or landscaping on the Property as a result of the replacement, repair, or maintenance of any such utility facilities shall be repaired at the cost of the Owner whose Unit is serviced by the particular utility facility being replaced, repaired or maintained (with the Owners evenly splitting any such costs regarding any utility facilities that serve both Units). Each Unit shall be separately metered, serviced, and billed for purposes of utilities. Each Owner shall be responsible for arranging for provision of utilities to their respective Unit and shall only be obligated to pay for those utilities supplied or delivered directly to their respective Unit. 9. Use and Maintenance of Units. (a) Structural Integrity. Nothing shall be done to any Unit that will impair the structural integrity of any improvements on or within the other Unit unless prior written unanimous authorization is obtained from both Owners. (b) Nuisances and Offensive Activities. There shall be no noxious or offensive activities conducted on, in, or upon any part of the Property, and no loud noises or noxious odors shall be permitted to occur anywhere on the Property. Nothing shall be done on the Property that may be or become an unreasonable annoyance or a nuisance to any other Owner or any tenant, guest or invitee of any Unit. Each Owner shall be accountable to the other Owner for the uses and behavior of its tenants, guests and invitees. (c) No Unsightliness; Trash Storage. No unsightliness or waste shall be permitted on or in any part of the Property. Without limiting the generality of the foregoing, no 9 Owner shall keep or store anything on or in any unenclosed portion of a Unit except for patio, deck and ancillary outdoor furniture and furnishings. (d) Restriction on Occupancy. Each Unit shall be used and occupied solely for residential purposes and no trade or business of any kind may be conducted on, in, or upon any Unit. Lease or rental of a Unit for residential purposes shall not be considered a violation of this covenant and is permissible. The maintenance of a home office shall not be considered a violation of this restriction so long as the nature and conduct of the business complies with applicable local laws and regulations of the City of Aspen. (e) Leases. An Owner may lease his or her Unit provided that (i) the term of any such lease is for at least one (1) month; (ii) all tenants executing a lease of a Unit are at least 25 years of age; and (iii) the lease shall preclude tenants from having pets on or within the Unit. The leasing restrictions contained in this paragraph 9 (e) may be waived on a case-by-case basis by the non-leasing Owner, provided such written waiver is obtained by the Owner seeking to lease his or her Unit in advance of the lease commencement, which waiver shall not be unreasonably withheld or delayed. All leases of a Unit or any portion thereof shall provide that the terms of the lease are subject, in all respects, to the provisions of this Declaration, the laws of the City of Aspen, and any and all other applicable rules and regulations. (f) Maintenance of Units. Subject to Section 10 below, each Owner shall, at such Owner’s sole cost and expense (except as expressly provided otherwise in this Declaration): (i) keep and maintain in good order and repair all interior and exterior building improvements, appliances and mechanical systems on such Owner’s Unit; (ii) replace any exterior finishing or other materials removed with materials of a similar color, type, kind, and quality; (iii) maintain in a neat and clean condition all the decks, yards, porches, roof, balconies and patio areas on such Owner’s Unit; and (iv) maintain in a neat, attractive and healthy condition, free of noxious weeds, all landscaping on such Owner’s Unit. (g) Fencing. Each Owner shall be responsible for maintaining any fence(s) located on such Owner’s Unit. No chain-link or barb-wire fencing shall be allowed. All fences shall comply with City of Aspen regulations. Neither Owner shall place or replace a fence along the Dividing Line between the rear yard areas of the Units without the prior consent of the other Owner. 10. Exterior Alterations. Without the prior written consent of the Owner of the other Unit, no Owner shall make any additions, modifications or alterations to the exterior surfaces of the residence on his or her Unit to materially alter the architectural styling, materials, or color scheme of the exterior of such residence or depart from the general exterior design program for the Units (an “Adverse Change”). An Owner may make repairs, changes, additions, modifications, or alterations to the exterior of the residence on such Owner’s Unit that do not constitute an Adverse Change without the prior consent of the Owner of the other Unit. At least 15 days before commencing work on any exterior addition, modification or alteration, the Owner proposing such work shall deliver written notice of such proposed work, including the proposed plans for such work, to the Owner of the other Unit pursuant to the notice provisions of this Declaration. Any dispute between the Owners as to whether a proposed addition, modification or alteration constitutes an Adverse Change shall be resolved pursuant to Section 10 of this 10 Declaration. The preceding provisions shall not apply to any renovation, remodeling, alteration or modification to the interior of the residence on a Unit. 11. Dispute Resolution. If a dispute arises under this Declaration between the Owners that cannot be settled through informal negotiations, the Owners shall select and meet with a mutually acceptable mediator in an effort to achieve resolution of the issue in controversy. The mediator shall be a member of the Pitkin County Bar Association with a practice specialty in real estate or another person mutually acceptable to the parties. If the parties cannot mutually agree on one mediator within 15 days after an Owner receives a written request for mediation by the other Owner, then they may each select their own mediator (which selection must be made within 15 days), and those two mediators shall within 5 business days select a third mediator, and the third mediator (alone) shall hear the issue in controversy, which hearing shall be commenced within 30 days. In the event the mediation is not successful within 30 days after it commences, unless the Owners mutually agree to continue mediation, the mediator shall name an arbitrator from the Judicial Arbiter Group, Inc. of Denver, Colorado (“JAG”). The Owners, acting with the arbitrator, shall then resolve the dispute in accordance with the Real Estate Industry Rules of the American Arbitration Association administered by JAG. All costs and fees of mediation and arbitration shall be shared equally between the Owners, unless the arbitrator determines that a party has substantially prevailed in the arbitration process, whereupon the arbitrator can re -apportion the fees and costs in an equitable manner as the arbitrator deems appropriate. All decisions of the arbitrator shall be complete, final and not subject to appeal. The foregoing is an agreement to arbitrate pursuant to the terms of the Colorado Uniform Arbitration Act, C.R.S. §§ 13 -22-201 et seq. and may be enforced as such. 12. Insurance, Indemnity and Waiver of Claims. (a) Casualty Insurance. The Association shall obtain, maintain and keep in effect property and casualty insurance with respect to the insurable improvements located on the Shared Use Areas (including the Entry and Driveway G.C.E. and Party Wall), for not less than the full insurable replacement cost thereof. The Association shall use its best efforts to cause each insurance policy obtained by it to provide that the insurance company waives all right of recovery by way of subrogation against the Owners in connection with any damage covered by any policy. (b) Liability Insurance. The Association shall obtain and maintain comprehensive liability insurance for bodily injury and property damage for the benefit of the Association and its officers, directors, agents and employees in amounts and with coverage as determined from time to time by the Board. All Owners shall be named as additional insureds for claims and liabilities arising in connection with the ownership, use or management of the Common Elements and Shared Use Areas. Such liability insurance will have a coverage limit of not less than $1,000,000 per occurrence. (c) Directors’ and Officers’ Insurance. The Association may obtain and maintain directors’ and officers’ liability coverage in the amount it determines from time to time. (d) Fidelity Insurance. The Association may maintain fidelity insurance covering losses resulting from dishonest or fraudulent acts committed by the Association’s 11 directors, officers, managing agents, trustees, employees or volunteers who manage the funds collected and held for the benefit of the Association. (e) Other Insurance. The Association may procure and maintain other insurance as the Board from time to time deems appropriate to protect the Association or the Owners. (f) Owners’ Insurance. Each Owner has the following responsibilities with respect to insurance: (i) Property Insurance. Each Owner will maintain at its expense property insurance upon the Owner’s Unit and all personal property, finishes, equipment and fixtures within the Owner’s Unit or in any Limited Common Element allocated exclusively to the Owner’s Unit, in such amounts, against such risks, and containing such provisions as the Owner may reasonably determine from time to time. Notwithstanding that each Owner may select the amount and type of such insurance, for purposes of the waiver of claims set forth in Section 12(g), each Owner is deemed to have elected to obtain such insurance on a 100% replacement cost basis. (ii) Liability Insurance. Each Owner will maintain at its expense bodily injury and property damage liability insurance for the benefit of the Owner and any additional insureds it names, in amounts and with coverage as are from time to time customarily maintained by prudent owners of similar property; provided that such liability insurance will (i) be written as a primary policy, not contributing with and not supplemental to any coverage that the Association or another Owner carries; and (ii) insure all of the named and additional insured parties against liability for negligence resulting in death, bodily injury or property damage arising out of or in connection with the operation, use, ownership or maintenance of the Owner’s Unit. (iii) Other Insurance. Each Owner may obtain additional insurance, at its own expense, affording personal property, condominium assessment, loss of rents, personal liability and any other coverage obtainable, to the extent and in the amount the Owner deems necessary to protect its interests. (g) Waiver of Claims. Except as otherwise provided herein, the Association will make no claim against any Owner or the members of the Owner’s household for any loss, damage, injury or liability; and no Owner will make any claim against the Association, its directors, officers, employees or agents, or any other Owner or member of such Owner’s household for any property loss or damage to property, and all such claims and rights of subrogation with respect to such claims are hereby waived, to the extent that the loss, damage, injury or liability is or would be covered by any property insurance that is actually maintained by the waiving person or that is required under this Declaration to be maintained by or for the benefit of the waiving person (assuming that such insurance policy is maintained on a 100% replacement cost basis). For purposes of this Section, the deductible or self-insurance amount under any property insurance policy required to be, or in fact, maintained by a waiving Person is deemed to be cover ed by the policy so that, in addition to waiving claims for amounts in excess of the deductible or self - insurance retention (up to the covered limits, or deemed covered limits, of the policy), the waiving person waives all claims for amounts within the deductible or self-insurance retention. 12 (h) Proceeds. The Association has no claim to, and each Owner may receive, all proceeds of any insurance policy maintained by such Owner. The Board is solely responsible for adjustment of any losses under insurance policies maintained by the Association and is hereby irrevocably appointed the agent of all Owners, Security Holders and other persons having an interest in the Property for purposes of adjusting all claims arising under insurance policies maintained by the Association and executing and delivering releases when claims are paid. The Association may receive all proceeds of any insurance policy maintained by the Association, except other insured parties under liability insurance policies will be entitled to proceeds arising out of their insured losses. The Association will hold any proceeds of any property insurance it maintains in trust for the Owners and Security Holders, as their interests may appear. The Board will disburse the proceeds of any property insurance relating to damage to any Unit or Common Element in accordance with the terms of this Declaration. (i) Indemnity. Except as otherwise set forth herein, Each Owner will be liable to and will protect, defend, indemnify and hold harmless the other Owner from and against any and all damages, claims, demands, liens (including, without limitation, mechanics’ and materialmen’s liens and claims), losses, costs and expenses (including, without limitation, reasonable attorneys’ fees, court costs and other expenses of litigation) and liabilities of any kind or nature whatsoever arising from personal injury or death to a person or damage to tangible property (collectively referred to as “Claims”) suffered or incurred by, or threatened or asserted against, such other Owner as a result of or in connection with (i) the willful misconduct, recklessness, negligence, breach of applicable laws, or default under this Declaration by the indemnifying Owner or its tenants, guests, licensees or invitees; (ii) any repair, restoration, replacement, alteration or other construction, demolition, installation or removal work on or about the Property contracted for, or performed by, the indemnifying Owner or its tenants, guests, licensees or invitees; (iii) any default or breach under the terms of this Declaration; or (iii) the operation, use, ownership or maintenance of the indemnifying Owner’s Unit or the Common Elements (including any Shared Use Areas) by the indemnifying Owner or its tenants, guests, licensees or invitees. Nothing contained in this paragraph will be construed to provide for any indemnification which violates applicable laws or voids any or all of the provisions of this paragraph. 13. Lien Right. In the event either Owner is delinquent on payments due hereunder and the non-defaulting Owner pays the defaulting Owner’s share, the non-defaulting Owner shall have a lien right for such unpaid amounts, which lien right shall be evidenced by a written notice, setting forth the details of the delinquent bill, which is signed and sworn to before a notary public by the Owner claiming the lien, and which is recorded in the Office of the Clerk and Recorder of Pitkin County, Colorado. Said lien may be foreclosed in the same manner as mortgages are foreclosed under the laws of the State of Colorado. Any such lien shall be subordinate only to the lien of the holder of a first mortgage or deed of trust and to liens for real estate taxes and other governmental assessments or charges against the Unit. If an Owner initiates foreclosure proceedings in order to enforce lien rights created by this instrument, such Owner shall be entitled to recover in that action all foreclosure costs including, without limitation, reasonable attorneys’ fees. 14. Notices. Except as otherwise required by law, any notice permitted or required to be given under this Declaration shall be in writing and may be given personally or by courier or 13 private service delivery, or by deposit in the U.S. mail, postage prepaid, addressed to such Owner at the mailing address for such Owner on file with the Pitkin County Assessor. 15. General Provisions. (a) Duration/Amendment of Declaration. The term of this Declaration shall be perpetual unless both Owners agree in writing to its termination. This Declaration may only be amended or terminated by a written instrument signed by both Owners and duly recorded in the Office of the Clerk and Recorder of Pitkin County, Colorado. (b) Enforcement. Each of the covenants, obligations and undertakings in this Declaration to be performed by an Owner is intended to and shall be deemed to be for the specific benefit of the other Owner. Subject to Section 11 above, each Owner shall have the right to enforce any or all of the covenants, conditions, easements, restrictions, rights, obligations, liens and other provisions set forth in this Declaration. Such enforcement rights shall include without limitation the right to bring an action to recover a money judgment for unpaid amounts owed, for any form of injunctive or other equitable relief available under Colorado law (including specific performance), or an action for damages, or any combination of the above remedies. For any such action brought by an Owner, the prevailing party shall be awarded its reasonable attorneys’ fees and costs incurred in connection therewith. (c) Subject to City of Aspen Zoning Regulations. The Owners acknowledge that any alteration, change, expansion or modification of any structure on the Property may require the approval of the City of Aspen. (d) No Partition. The partition of any interest in the Units is prohibited. The Owners hereby forever waive any right to maintain a legal partition action of the Property or any portions of the Units; provided, however, an action for partition of any undivided ownership interests in a single Unit shall be permitted by a sale of the Unit and the division of the sale proceeds in accordance with applicable law. (e) Separate Taxation. Each Unit shall be a separate tax parcel and shall be subject to separate assessment and taxation for all types of taxes and assessments authorized by law, including ad valorem levies and special assessments. The Common Elements shall not be deemed to be a separate tax parcel. The lien for taxes assessed to any Unit shall be confined to that Unit. No forfeiture or sale of any Unit for delinquent taxes, assessments or other governmental charges shall divest or in any way affect the title to the other Unit. (f) Easements. The Property is subject to all easements as shown or created on the Map, those of record, those provided under applicable laws and those set forth in this Declaration. [remainder of page intentionally blank] 14 IN WITNESS WHEREOF , Declarant has executed this Declaration as of the day and year first above written. DECLARANT: CBS 1320, LLC, a Colorado l imited liability company By: Name: Brad Crawford Title: Manager STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this ____ day of ________________, 202 1 by Brad Crawford, in his capacity as manager of CBS 1320, LLC, a Colorado limited liability company . Witness my hand and official seal. My commission expires: Notary Public 15 Exhibit A Legal Description of Property Unit 1320 and Unit 1322, 1320 Snowbunny Condominiums, according to the Condominium Map recorded _________________ in Plat Book ___ at Page ____and as defined and described in the Condominium Declaration recorded _______________ as Reception No. __________, which Map and Declaration reflect the condominiumization of Lot 4, Block 2, of Snowbunny Subdivision, as shown on the plat recorded May 2, 1957 in Plat Book 2A at Page 229. County of Pitkin, State of Colorado .