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HomeMy WebLinkAboutcoa.lu.co.601 E Hopkins Ave.A94-94601 E. Hopkins Condominiumization A94-94 2737-073-41-001 Ci FA ASPEN/PITIM PLANNING OFFICE 130 South Galena Street Aspen, Cobras090 81611 /D O / n LAND USE APPLICATION FEES �� 0 3 CITY: -63250-134 GMP/Conceptual -63270-136 GMP/Final -63280-137 SUB/Conceptual -63300-139 SUB/Final -63310-140 AII-2 Step Applications -63320-141 All 1 Step Applications -63330-150 Staff Approval -63432-157 Zoning Plan Check -63432-157 Sign Permit -MR011 Use Tax for Sign Permits HISTORIC PRESERVATION: -63335-151 Exemption -63336-152 Minor -63337-153 Major Devel. -63338-154 Sigrid. Devel. -63339-155 Demolition COUNTY: -63160-126 GMP/General -63170-127 GMP!Cetailed -63180-128 GMP/Final -63190-129 SUB/General -63200-130 SUB/Detailed -63210-131 SUB/Final -63220-132 All 2 Step Applications -63230-133 All 1 Step Applications -63240-149 Staff Approval -63450-146 Board of Adjustment -63235-148 Zoning Plan Check REFERRAL FEES: -63360-143 Engineering - County 00115 -63340-163 Engineering - Cty 00123-63340-190 Housing 00125-63340-205 Environmental Health PLANNING OFFICE SALES: -63080-12-2 County Code -69000-145 Other (Copy Fees) TOTAL l� i Name: Phone: Address: //� �i�-. Protect Check #: `y Date: /�' No of Copies. CASELOAD SUMMARY SHEET City of Aspen DATE RECEIVED: 12/01/94 PARCEL ID AND CASE NO. DATE COMPLETE: 2737-073-41-001 A94-94 STAFF MEMBER: LL PROJECT NAME: 601 E. Hopkins Condominiumization Project Address: 601 E. Hopkins Legal Address: APPLICANT: Bass -Cahn Properties Applicant Address: REPRESENTATIVE: Garfield and Hecht Mickey Herron Representative Address/Phone: 501 E. Hyman 925-1936 Aspen, CO 81611 -------------------------------------------------------------- -------------------------------------------------------------- FEES: PLANNING $ 215 # APPS RECEIVED 1 ENGINEER $ # PLATS RECEIVED 1 HOUSING $ ENV. HEALTH $ TOTAL $ 215 TYPE OF APPLICATION: STAFF APPROVAL: X 1 STEP: 2 STEP: P&Z Meeting Date PUBLIC HEARING: YES NO VESTED RIGHTS: YES NO CC Meeting Date DRC Meeting Date REFERRALS: City Attorney City Engineer Housing Dir. Aspen Water City Electric Envir.Hlth. Zoning PUBLIC HEARING: YES NO VESTED RIGHTS: YES NO Parks Dept. Bldg Inspector Fire Marshal Holy Cross Mtn. Bell ACSD Energy Center School District Rocky Mtn NatGas CDOT Clean Air Board Open Space Board Other Other DATE REFERRED: INITIALS: DUE: ---------------------------------------------------------------- ---------------------------------------------------------------- FINAL ROUTING: DATE ROUTED: IZ 1. 2,_2 INITIAL:A"-) City Atty Housing City Engineer Open Space FILE STATUS AND LOCATION �J Zoning Env. Health Other: 11 lb : 2 THE CITY -OF ASPEN OFFICE OF THE CITY ATTORNEY December 20, 1994 Michael J. Herron, Esq. Garfield & Hecht, P.C. 601 East Hyman Ave. Aspen, Colorado 81611 Re: Collins Block Condominiumization Application Dear Mickey: This is in response to your letter of the 8th. Please forgive the delay in getting back to you on this matter. I agree that your client should not be required to pay the housing fee. My reasons for this conclusion are as follows:_ Your client received subdivision exemption for the condominiumization by Ordinance No. 12, Series of 1990, adopted March 26, 1990. The Colorado Common Interest Ownership Act was passed subsequent to the adoption of Ordinance No. 12, however, it has a provision which reads as follows: 38-33.3-117(1) ... the following sections shall apply to all common interest- communities created within this state before July 1, 1992, with respect to events and circumstances occurring on or after July 1, 1992:... One of the sections referenced in the statute includes Section 38-33.3-106, C.R:S. which prohibits the City from enacting or imposing any "zoning, subdivision, or other real estate use law, ordinance, or regulation" on condominiums that it does not impose "upon a physically identical development under a different form of ownership." Since your client is required under Ordinance No. 12 to pay the housing fee upon filing a plat, I consider that to be an "event br circumstance occurring after, July 1, 1992" and thus an impermissible imposition at this time. Ordinance No. 53, Series of 1993, referenced in your letter was adopted to specifically exempt those projects that were in "the pipeline" when CIOA-was enacted by the legislature but had not yet received their approvals. Your client had received his approval from Council before CIOA was enacted and was thus in a different situation. The previous interpretation that I made in a separate case and apparently alluded to by Leslie Lamont involved a property owner who 130 SOUTH GALENA STREET • ASPEN, COLORADO 81611 • PHONE 303.920.5055 • FAx 303.920.5119 Printed m —y&d Paper somehow failed to pay the housing fee upon filing the condominium plat long before CIOA became effective. Finally, I disagree that the housing fee requirement violates the Equal Protection Clause of the Fourteenth Amendment to the United States Constitution. In any event, I agree that your client should not be required to pay the housing fee at this time as the fee was not required to be paid until the filing of the plat, an "event or circumstance" that will take place after July 1, 1992. I hope this is responsive to your letter. If you have any questions, please do not hesitate to call. Happy Holidays! Sincer y, John P. Worcester, City Attorney xc: Leslie Lamont , RONALD GARFIELD* ANDREW V. HECHT** MICHAEL J. HERRON* * * DAVID L. LENYO KRISTI S. FERRARO**** PATRICK D. McALLISTER***** • also admitted to New York Bar •• also admitted to District of Columbia Bar ••• also admitted to Florida Bar ••'• also admitted to Pennsylvania Bar ••••' also admitted to Pennsylvania Bar and New Jersey Bar GARFIELD & HECIf-1[T, P.C. ATTORNEYS AT LAW VICTORIAN SQUARE BUILDING 601 EAST HYMAN AVENUE Of counsel: ROBERT E. KENDIG ASPEN, COLORADO 81611 TELEPHONE (303) 925-1936 TELECOPIER (303) 925-3008 November 29, 1994 Ms. Leslie Lamont Aspen/Pitkin County Community Development Office Aspen City Hall 130 S. Galena Aspen, Colorado 81611 Re: The 601 East Hopkins Condominium R Dear Leslie: Please consider this the application filed on behalf of Bass -Cahn Properties, a Colorado General Partnership and Horsefins, LLC, a Colorado Limited Liability Company for the condominiumization of the 601 East Hopkins Condominiums. Enclosed with this letter you will find the following documents: (a) Consent to Representation signed by Bass -Cahn Properties, a Colorado General Partnership and Horsefins, LLC, a Colorado Limited Liability Company; (b) Application fee made payable to the City of Aspen's Planning Office in the amount of $215.00; (c) Two executed copies of the Condominium Plats; and GARFIELD & IIFGIIT, F.G. Ms. Leslie Lamont November 29, 1994 Page 2 (d) Proof of ownership. It is the intention of the owners to seek this condominiumization pursuant to the simplified process adopted by the City of Aspen in Ordinance No. 53. Should you require any additional information, please contact me. Very truly yours, GARFIELD & HECHT, P.C. Michael J. Herron MJH\rb cc: Leonard M. Oates, Esquire Harris Cahn enclosures c:\rnjh\60lehop\larnont.ltr The undersigned hereby consents to the law firm of Garfield & Hecht, P.C. representing it in connection with a land use application filed with the City of Aspen for the condominiumization of The 601 East Hopkins Condominium Association. LE c:\mjh\601 ehop\consent. rep BASS-CAHN PROPERTIES, a Colorado General Partnership Howard Bass, Cr,rcTIFICATE OF OWNERSHIP Pitkin County Title, Inc., a duly licensed Title Insurance Agent in the State of Colorado hereby certifies that BASS CAHN PROPETIES, A COLORADO GENERAL PARTNERSHP AND HORSEFINS LLC, A COLORADO LIMITED LIABILITY COMPANY are the owner's in fee simple of the following described property: LOTS A AND B, BLOCK 99, CITY AND TOWNSITE OF ASPEN. COUNTY OF PITKIN, STATE OF COLORADO. ENCUMBRANCES: 1. DEED OF TRUST TO BASS CAHN PROPERTIES, A COLORADO GENERAL PARTNERSHIP IN THE AMOUNT OF $787,748.00 RECORDED IN BOOK 762 AT PAGE 10. 2. DEED OF TRUST TO HARRIS CAHN IN THE AMOUNT OF $1,420,000.00 RECORDED IN BOOK 762 AT PAGE 15. Subject to easements and rights of way of record. This certificate is not to be construed to be a guarantee of title and is furnished for informational purposes only. PITKI�N COUNTS(,WTLE, INC. authof,ritkwd signature CERTIFIED TO'tJDETEMBER 1, 1994 @ 8:30 A.M. [SMORIVO—WHOR DI W4 DkI DION WN Y 610I The undersigned hereby consents to the law firm of Garfield & Hecht, P.C. representing it in connection with a land use application filed with the City of Aspen for the condominiumization of The 601 East Hopkins Condominium Association. LA c:\mjh\601ehop\consent2.rep HORSEFINS, LLC, a Colorado Limited Liability Company t✓nnstina liavis, iviemt)er y)06 Recorded at o'clock M. Reception Recorder RECORDING REQUESTED BY: WHEN RECORDED RETURN TO: Michael J. Herron, Esq. Garfield &Hecht, P.C. 601 East Hyman Avenue Aspen, Colorado 81611 377391 B-769 P-931 1`/20/94 03:16P PIG 1 OF 42 SILVIA DAVIS PITKIN COUNTY CLERK R RECORDER CONDOMINIUM DECLARATION FOR 601 EAST HOPKINS CONDOMINIUMS RE.0 210.00 Name of the Common Interest Community: 601 East Hopkins Condominiums Name of the Association: The 601 East Hopkins Condominium Association DOC Declarant: Bass -Cahn Properties, a Colorado General Partnership and Horsefins LLC, a Colorado Limited Liability Company B--769 P'--9,32 1,.-- '0/9"1. 013:16P P,G OF 42 Section 1.1 General Purposes .............................. 7 Section 1.2 Submission of Real Fs a ......................... 7 Section 1.3 Defined Terms . 8 Section 2.1 Name of Common Interest Community ................ 8 Section 2.2 Tyne of Common Interest omm uni y ................. 8 Section 2.3 Name of Association ............................ 8 Section 2.4 County in which Common Interest omm uni y is Situated .... 8 Section••mRights Reserved ; Section 2.6 Recording Data ............................... 10 Section 3.1 Number of Units .............................. 10 Section 3.2 Identification of Units ........................... 10 Section 3.3 Description of Units ............................ 10 Section 3.4 Unit Boundaries .............................. 10 Section 3.5 Common Elements and Limited Common Elements ....... 11 Section 3.6 No Partition of Units from Condominium ............. 11 Section 3.7 Separate Assessment ........................... 12 Section 3.8 No Mechanic's Liens ........................... 12 Section• Subdivision of i and Relocation of Boundaries FA 377391 B-769 P-933 12/20/94 03:16P PG 3 OF 42 Section 4.1 Purposes ................................... 13 Section 4.2 Specific Powers .............................. 13 Section 4.3 Membership (qualifications ....................... 13 Section 4.4 Executive Board .............................. 14 Section 4.5 No Declarant Control ........................... 14 Section 4.6 Indemnification ............................... 14 Section 4.7 Notice to Owners ............................. 14 Section 5.1 Unit Owners' Easements ......................... 15 Section 5.2 Easement for Encroachments ...................... 15 Section 5.3 Easement for Access to Roof and to Utility Terminals .............15 Section 5.4 Revocable Licenses .........................................................16 Section 6.1 Allocated Interests ............................. 17 Section 6.2 Determination of Allocated Interests ................. 17 Section 7.3 Purpose of Assessments ......................... 19 SectionAdoption of •g' 1 Section 7.5 Annual Assessment/Commencement of Common Expense ... 20 Section 7.6 Effect of Non -Payment of Assessments ............... 20 Section 7.7 Special Assessments ............................ 21 3 377391 H-769 P-934 12/20/94 03:16P PIG 4 OF 42 Section 7.8 The Association's Lien .......................... 21 Section 7.9 Statement of Unpaid Assessments ................... 22. Section 8.1 Use of Units ................................ 22 Section 8.2 Use of Parking Spaces .......................... 22 Section 8.3 Maintenance of Units .......................... 23 Section 8.4 Restrictions on Animals . ....................... 23 Section 8.5 Zoning, Nuisances, Hazards ...................... 23 Section 8.6 Compliance with insurance Requirements .............. 23 Section 8.7 Restriction on Signs and Advertising Devices ........... 24 Section 8.8 Restrictions on Floor Loads ....................... 24 Section 8.9 Leasing of Units .............................. 24 Section 8.10 No Rights of First Refusal . ....................... 24 Section 8.11 No Restrictions on Mortgaging of a Unit ............... 24 Section 8.12 No Time Shares .............................. 24 Section 8.13 Rules and Regulations .......................... 24 Section 8.14 Residential Use ............................... 25 Section 9.1 Required Approvals ........................... 26 Section 9.2 Variances .................................. 26 Section 9.3 Waivers ................................... 26 Section 9.4 Liability ................................... 26 m 377391 B-769 R-935 12/20/94 03:16P, FIG 5 OF 42 Section 9.5 Records .................................... 26 Section 9.6 Enforcement ................................. 27 Section 10.1 Insurance Carri .d 27 Section 10.2 Property Insurance on the Units and Common Elements .... 29 Section 10.3 Liability v Insurance ............................. 29 Section 10.4 Fidel Insurance ............................. 29 Section 10.5 Worker's Compensation and Employer's Liability Insurance .. 29 Section 10.6 Officers' and Directors' Personal Liability Insurance ...... 29 Section 10.7 Other ins uran . ......................... . .... 30 Section 10.8 Insurance Premium ............................ 30 Section 10.9 Managing Agent insurance ....................... 30 Section 10.10 Waiver of Claims Against Association .............. 30 Section 10.11 Annual insurance Review ....................... 30 Section 10.12 Adjustments by the Association ................... 30 Section 10.13 Duty to Repair .............................. 31 Section 11.1 General Provisions ............................ 31 Section 12.1 Enforcement ................................. 31 Section 13.1 Amendment to Declaration or Man .................. 32 Section 14.1 Restoration ................................. 32 Section 14.2 Termination ................................. 33 w Section 15.1 Appointment of Association as Attorney -in -Fact .......... 33 Section 15.2 Entire Taking ................................ 33 Section 15.3 Partial Taking ................................ 34 Section 16.1 Several ................................. 34 Section 16.2 Term of Declaration ............................ 34 Section 16.3 Similar Includes the Plural ....................... 35 Section 16.4 Captions ................................... 35 Section 16.5 Colorado Law ............................... 35 Section 16.6 Disclaimer .................................. 35 Section 16.7 Limited Liability . ....... ....................... 35 Section•.8 Conflicts with Articles, Bylaws or of • •n Section 16.9 Covenants Running with the Land ................... 35 377391 B-769 P-936 12/120/94 03:16P PG 6 QF 4'C' rel CONDOMINIUM DECLARATION FOR 601 EAST HOPKINS CONDOMINIUMS THE DECLARATION is made this day of November, 1994 by Bass -Cahn Properties, a Colorado General Partnership and Horsefins LLC, a Colorado Limited Liability Company (collectively the "Declarant") whose address is 601 East Hopkins Avenue, Aspen, Colorado 81611. GENERAL PURPOSES, SUBMISSION, DEFINED TERMS Section 1.1 General Purposes. Declarant is the owner of certain improved real estate known as "The 601 East Hopkins Avenue Building" located in the City of Aspen, County of Pitkin, Colorado more particularly in Exhibit "A" attached hereto which exhibit is by this reference made a part hereof. Declarant desires to create a Common Interest Community under the name "601 East Hopkins Condominiums" pursuant to which the real estate described in said Exhibit "A" and improvements thereon will be designated for separate ownership. Section 1.2 Submission of Real Estate. Declarant hereby submits the real estate described in said Exhibit "A", together with all easements, rights -of -way and appurtenances thereto and the buildings and improvements erected thereon (collectively, the "Real Estate") to the provisions of the Colorado Common Interest Ownership Act, Section §38-33.3-101 eta. of the Colorado Revised Statutes, (the "Act") and to this Declaration. In the event the Act is repealed, the Act on the effective date of this Declaration shall remain applicable. Declarant hereby declares that all of the Real Estate shall be held, leased, mortgaged, sold and conveyed subject to the following terms, easements, reservations, restrictions, covenants, and conditions. Declarant further declares that this Declaration is made for the purpose of protecting the value and desirability of the Real Estate; that this Declaration shall run with the Real Estate and shall be binding on all parties having any right, title or interest in the Real Estate or any part thereof, their heirs, devisees, legal representatives, successors and assigns and shall inure to the benefit of each and every Owner. 7 377391 P-769 P-937 12/20/94 03: 16FI FIG 7 OF ZI _� 377391 B-769 R-938 12/20/94 03:16G PIG 8 OF 42 Section 1.3 Defined Terms. Each capitalized term not otherwise defined in this Declaration or on the Condominium Map of the 601 East Hopkins Condominiums (the "Map" or the "Condominium Map") shall have the meanings specified or used in the Act. NAMES, RECORDING DATA, CERTAIN DESCRIPTIONS AND DEVELOPMENT RIGHTS Section 2.1 Name of Common Interest Community. The name of the Common Interest Community is the "601 East Hopkins Condominiums". Section 2.2 Tine of Common Interest omm mitt'. The type of Common Interest Community is a Condominium. Section 2.3 Name of Association. The name of the Association is "The 601 East Hopkins Condominium Association", a Colorado nonprofit corporation (the "Association"). Section 2.4 County in which Common Interest Community is Situated. The Common Interest Community consists of the Real Estate which is located entirely within the County of Pitkin, State of Colorado. Section 2.5 Development Rights Reserved. The Declarant hereby reserves the development rights (the "Declarant Rights") enumerated in paragraphs 2.5 (a) through 2.5 (f) below. Horsefins LLC, a Colorado Limited Liability Company, by its execution of this Declaration hereby assigns to Bass -Cahn Properties, a Colorado General Partnership all of its right, title and interest in and to the Development Rights. In connection with any provision of this Declaration relating to Development Rights, where the term Declarant is used same such term shall be deemed to mean only Bass -Cahn Properties, a Colorado General Partnership. An exception to the preceding shall be the Development Right enumerated in subsection (f) below which Development Right shall belong to Horsefins, LLC, a Colorado Limited Liability Company and to whom the term "Declarant" shall be applicable in connection with the exercise of this Development Right. Bass -Cahn Properties, a Colorado General Partnership assigns all of it's right, title and interest in and 377391 B-769 R-939 12/20/94 03:16F' PIG 9 OF 42 to the Development Right enumerated in subsection (f) below to Horsefins, LLC, a Colorado Limited Liability Company. In the event of the exercise of any Development Rights herein reserved shall require obtaining any land use or other governmental approvals , such approvals shall be obtained at the party exercising such right as Declarant. The Development Rights reserved are as follows: (a) To cause part or all of the Limited Common Element garden area, which is appurtenant to Unit 1, located outside of the building on the southside, to be converted to parking spaces. The Owner of Unit 1 shall have the obligation to maintain the parking spaces in the event this Development Right is exercised. (b) To cause the parking spaces created pursuant to subsection (a) above to be divided into separate Units which shall be designated as Units 1-A, B, etc. If this Development Right is exercised, the Allocated Interest shall be reallocated by the Declarant among the resulting Units in a manner consistent with the Act. (c) To construct a bathroom within the Limited Common Element shown on the Condominium Map appurtenant to Unit 2-B . If such bathroom is constructed, it shall then become a Limited Common Element appurtenant to Unit 2-A and Unit 2-B. (d) To further subdivide Unit 1 to create additional Units which shall be designated as Unit 1-A, B, etc., but which shall not contain the same identification as the parking spaces created pursuant to subsection (a) above. (e) To subdivide Units 2-A and 2-B to create additional Units which shall be designated as Unit 2-C, D, etc. (f) To subdivide Unit 3 to create additional Units which shall be designated as Unit 3-A, B, etc. In exercising these Development Rights the structural integrity of the improvements located on the Real Estate can not be affected. If these Development Rights are exercised the Allocated Interests shall be reallocated by the Declarant (as applicable to each Development Right) among the resultant Units in a manner consistent with the Act. In the event any of these rights are exercised, they must be exercised within ninety- L� 377391 B-769 P-940 12/20/94 03:16P PG 10 OF 42 nine (99) years from the date of execution of this Declaration. At such time as each right is exercised, the Declarant shall be obligated to amend the Declaration and the Condominium Map to the extent required by the Act. Section 2.6 Recording Data. The recording data for all recorded easements and licenses appurtenant to or included in the Common Interest Community is set forth in Exhibit "A". In addition, the Common Interest Community may be subject to the easements or licenses granted or reserved pursuant to this Declaration. UNITS/COMMON ELEMENTS Section 3.1 Number of Units. The number of Units in the Common Interest Community is four (4) . All of the Units are intended for commercial use. The Declarant has reserved the right to further subdivide Unit 1, Unit 2-A , Unit 2-B and Unit 3 pursuant to the provisions of Section 2.5 (d), (e) and (f) above. In the event these Development Right are exercised, the number of Units in the Common Interest Community can be increased from four (4) up to twenty-four (24) Units. Section 3.2 Identification of Units. The identification number of each Unit is shown on the Condominium Map and Exhibit "B" to this Declaration attached hereto which exhibit is by this reference made a part hereof. Section 3.3 Description of Units. Every contract for sale, any deed, lease, or Security Interest and every other legal document or instrument shall legally describe a Unit as follows: Unit 601 East Hopkins Condominiums, a Common Interest Community according to the Condominium Map thereof recorded in Plat Book at Page and the Condominium Declaration for 601 East Hopkins Condominiums recorded in Book at Page , all of the real estate records of Pitkin County, Colorado. Section 3.4 Unit Boundaries. The boundaries of each Unit are shown on the Condominium Map. Unless otherwise shown on the Condominium Map; as required by 10 377391 R-769 P-941 12/20/94 03:16P PG 11 OF 4L2 the Act or as set forth below, Unit boundaries consist of unfinished walls, floors and ceilings. (a) All lath, furring, wallboard, plasterboard, plaster, paneling, tiles, wallpaper, paint, and finished flooring and any other materials constituting any part of the finished surfaces thereof are a part of the Unit; (b) Any shutters, awnings, window boxes, doorsteps, stoops, skylights, porches, balconies, and patios and all exterior doors and windows or other fixtures designed to serve a single Unit, but located outside the Unit's boundaries, are Limited Common Elements allocated exclusively to that Unit; and (c) All built-in air handling, ventilation and heating systems including chutes, flutes, ducts, wire, conduit and all other mechanical systems of the 601 East Hopkins Condominiums wherever situated that serve only one Unit are Limited Common Elements allocated solely to that Unit and any portions thereof that serve more than one Unit or the Common Elements are Common Elements. (d) Any spaces or improvements outside the boundaries of any Unit that do not serve any particular Unit shall be Common Elements. (e) Any structural elements, bearing walls or columns wherever situated to the unfinished surfaces thereof shall be Common Elements. Section 3.5 Common Elements and Limited Common Elements. Portions of the Real Estate shown on the Condominium Map are either Common Elements or Limited Common Elements. The Association shall be responsible for the maintenance, repair and replacement of all Common Elements. Unless provided otherwise in this Declaration, the Association shall also be responsible for the maintenance, repair and replacement of all Limited Common Elements. Section 3.6 No Partition of Unit- from Condominium. No Owner may assert any right of partition with respect to such Owner's Unit desiring to separate it from the Condominium. By becoming an Owner, each Owner waives any and all rights of partition such Owner may hold with respect to such Owner's Unit desiring to separate it from the Condominium. This Section 3.6 shall not, however, limit or restrict the right of the Owners of a Unit to bring a partition action pursuant to Section 38-28-101 a _seq. of the 11 377391 B-769 P-942 12/20/94 03:16P PG 12:, OF 4�' Colorado Revised Statutes requesting the sale of the Unit and the division of the proceeds among each Owners; provided that no physical division of the Unit shall be permitted as a part of such action and no such action shall affect any other Unit. Section 3.7 Separate Ass .csm n . Declarant shall give written notice to the Assessor of Pitkin County, Colorado requesting that the Units be separately assessed and taxed and that the total value of the Common Elements be assessed and taxed proportionately in accordance with the Allocated Interest of such Unit in the Common Elements. After this Declaration has been recorded in the real estate records of Pitkin County, Colorado, Declarant shall deliver a copy of this Declaration as recorded to the Assessor of Pitkin County, Colorado. Section 3.8 No Mechanic's Liens. (a) If any Owner shall cause or permit any material to be furnished to such Owner's Unit or any labor or services to be performed therein , no Owner of any other Unit shall be liable for the payment of any expense incurred or for the value of any work done or material furnished. All such work shall be at the expense of the Owner causing it to be done, and such Owner shall be solely responsible to contractors, laborers, materialmen and other persons furnishing labor, services or materials to such Owner's Unit. Nothing herein contained shall authorize any Owner or any person dealing through, with or under any Owner to charge the Common Elements or any Unit other than that of such Owner with any mechanic's or materialmen's lien or other lien or encumbrance whatsoever. Notice is hereby given that the right and power to charge any lien or encumbrance of any kind against the Common Elements or against any Owner or any Owner's Unit for work done or materials furnished to any other Owner's Unit is hereby expressly denied. (b) If, because of any act or omission of any Owner, any mechanic's or materialman's lien or other lien or order for the payment of money shall be filed against any of the Common Elements or against any other Owner's Unit or against any other Owner or the Association (whether or not such lien or order is valid or enforceable as such), the Owner whose or which act or omission forms the basis for such lien or order shall, at such Owner's own cost and expense, cause such lien or order to be canceled or bonded over in an amount and by a surety company reasonably acceptable to the party or parties affected by such lien or order within twenty (20) days after the filing thereof, and further such Owner shall indemnify and save harmless all such parties affected from and against any and all costs, 12 377391 B-769 PI-943 12/20/94 03:16F, FIG 13 OF 4" expenses, claims, losses or damages, including reasonable attorney's fees resulting therefrom. Section 3.9 Subdivision of Units and Relocation of Boundaries Between Unitt. Except for the Development Rights reserved to Declarant no Unit shall be subdivided to create any additional Units in the Condominium. Each Owner of a Unit shall be entitled to divide the interior of their Unit in accordance with such Unit Owner's desire so long as such division does not affect the structural integrity of the improvements constituting the Condominium. THE ASSOCIATION, DECLARANT CONTROL, INDEMNIFICATION, NOTICE Section 4.1 Proses. The Association, through its Executive Board, shall perform the functions and manage and administer the Common Interest Community as provided in this Declaration so as to further the interests of the members of the Association. The Association shall be governed by its Articles of Incorporation and Bylaws, as amended from time to time. The Executive Board may, by written resolution, delegate authority to a manager or managing agent for the Association, provided no such delegation shall relieve the Executive Board of final responsibility. Section 4.2 Specific Powers. The Association shall have all the powers, authority and duties as necessary and proper to manage the business and affairs of the Common Interest Community. The Association shall have all of the powers, authority and duties permitted or set forth in the Act. The Association shall have the power to assign its right to future income, including the right to receive Common Expense assessments, but only upon the affirmative vote of the Unit Owners of Units to which at least a majority of the votes in the Association are allocated at a meeting called for such purpose. Section 4.3 Membership Qualifications. Each Individual, corporation, partnership, limited liability company, joint venture, trust or other legal entity capable of holding title to real property in Colorado shall automatically become a member of the Association upon becoming an Owner of a Unit. Membership shall be continuous throughout the period that such ownership continues and shall be appurtenant to and inseparable from ownership of a Unit. Ownership of a Unit shall be the sole qualification 13 377391 B-769 P-944 12/20/94 03:16P PG 14 OF 4*' for such membership. Membership shall terminate automatically without any Association action whenever any Owner ceases to own any Unit. No Owner may pledge or otherwise hypothecate its membership in the Association and no such pledge or hypothecation shall be effective or binding on the Association. Where more than one person or legal entity holds an interest in any Unit, all such persons or legal entities shall be members and the voting of such membership shall be in accordance with the Act. Section 4.4 Executive Bo rd. The affairs of the Association shall be governed by an Executive Board consisting of three (3) members elected by the Unit Owners. Cumulative voting shall be required for the election of members of the Executive Board. Section 4.5 No Declarant Control. The Declarant has not reserved any power, pursuant to the Act, to appoint and remove officers and members of the Executive Board. Section 4.6 Indemnification. To the full extent permitted by law, each officer and director of the Association shall be and is hereby indemnified by the Unit Owners and the Association against all expenses and liabilities including attorney's fees, reasonably incurred by or imposed upon them in any proceeding to which they may be a party, or in which they may become involved, by reason of being or having been an officer or director of the Association, or any settlements thereof, whether or not they are an officer or director of the Association at the time such expenses are incurred; except in such cases wherein such officer or director is adjudged guilty of willful misfeasance or malfeasance in the performance of his or her duties; provided that in the event of a settlement the indemnification shall apply only when the Executive Board approves such settlement and reimbursement as being in the best interests of the Association. Section 4.7 Notice to Owners. Notice to an Owner of matters affecting the 601 East Hopkins Condominiums by the Association or by another Owner shall be sufficiently given if such notice is in writing and is delivered personally, by courier or private service delivery or on the third business day after deposit in the mails for registered or certified mail, return receipt requested, at the address of record for real property tax assessment notices with respect to that Owner's Unit. 11 110 0 (�71f��1 EASEMENTS AND LICENSES 14 377391 B-769 P-,-,5 12/20/94 03:16P PG 15 OF 42 Section 5.1 Unit Owners' Easements. Every Unit Owner shall have a right of enjoyment and easement for access to their Unit through or over the Common Elements and such easement shall be appurtenant to and shall pass with the title to every Unit, subject to the following provisions: (a) The right of the Association to promulgate and publish rules and regulations which each Unit Owner and their guests shall strictly comply with. (b) The right of the Association to suspend the voting rights and rights to use the Common Elements by any Unit Owner for any period during which any assessment against their Unit remains unpaid; and for a period not to exceed sixty (60) days for any infraction of its rules and regulations. (c) The right of the Association to grant easements, leases, licenses and concessions through or over the Common Elements. (d) The right of the Association to convey or subject a Common Element to a Security Interest in accordance with and to the extent permitted by the Act. (e) The right of the Association to close or limit the use of the Common Elements while maintaining, repairing or replacing such Common Elements. (f) Any Unit Owner may delegate their right of enjoyment to the Common Elements and facilities to the members of their family, their tenants or guests who reside or rent at their Unit. Section 5.2 Easement for Encroachmen s. To the extent that any Unit or Common Element encroaches on any other Unit or Common Element, a valid easement for the encroachment exists. Section 5.3 Easement for Access to Roof and to Utility Terminals. An easement is reserved through Unit 3 in favor of the Association to use the skylight located in the hallway therein in order to access the roof so long as said skylight is accessible without causing any damage to the skylight. The Owner of Unit 3 shall be required to maintain the Skylight located in the hallway as a permanent part of Unit 3. An easement is reserved in the hallway of Unit 3 in favor of the Owners of Unit 2-A and Unit 2-B to install a vent pipe to the roof for the bathroom which is the subject matter of the Development 15 377391 B-769 F-946 12/20/94 03:16F' PIG 16 OF 42 Right described in paragraph 2.5 (c) above , which easement can only be used if there is not sufficient space through the Common Element portions of the Real Estate within which to bring such pipe. In the event this easement is used, the Owners of Unit 2-A and Unit 2-B shall be required to install the pipe in an unobtrusive a manner as possible and to cover the pipe with material identical to that used for the wallcovering in the hallway in Unit 3 and be subject to all of the conditions set forth below in this Section. In addition, located throughout the Real Estate are utility terminals for telephone and electric which in certain instances service both the Units in which they are located and other Units of the Condominium. The Association and the Unit owners are granted easements, exercisable on reasonable notice, through the various Units and Limited Common Elements for purposes of accessing such terminals. Unit Owners requiring access to the roof for venting purposes in connection with commercial operations conducted in their Unit shall have an easement through the other Unit Owner's hallways for purposes of installing such venting subject to the satisfaction of all of the following conditions: (i) A permit is obtained from the applicable governmental entity allowing such venting. (ii) Access to the roof does not exist through the Common Element portions of the Real Estate. (iii) The location of the vent in a hallway shall be as unobtrusive as possible and such vents shall be covered with the identical material as the walls of the hallway are covered. (iv) The vent or pipe and covering shall be installed and maintained at the expense of the Owner utilizing the same and such Owner shall indemnify and hold harmless all other Unit Owners from any injury to persons or loss or damage to property occasioned by reason of the use of the vent or pipe. Section 5.4 Revocable Licenses. The Owners of Unit 1 and Unit 3 hereby grant the following revocable licenses ("Revocable License"): (a) The Owner of Unit 1 hereby grants a Revocable License to the Owners of the other Units to use the Limited Common Element garden area which is subject to the Development Right described in section 2.5 (a) above. During the time that this Revocable License is in effect, the cost of maintaining the garden area including all plantings shall be a common expense shared by all Owners in accordance with their Allocated Interests. 16 377391 B-769 P-947 12/20/94 03:16F, FIG 17 OF 42 (b) The Owner of Unit 3 hereby grants a Revocable License to the Owners of Unit 2-A and 2-B (and any other Units created therefrom) to use the bathroom located within Unit 3 and access thereto during those hours and days that Unit 3 is open for business. During the time this Revocable License is in effect, the reasonable cost of maintaining the bathroom and repairing and replacing same shall be a common expense shared by all of the Owners in accordance with their Allocated Interests. The rights under the Revocable Licenses , shall inure to the benefit of the Owners, their invitees, guests and employees. The Revocable License described in subsection (a) above shall be revocable upon the delivery of ten (10) days written notice from the Owner of Unit 1 to the other Owners. The Revocable License described in subsection (b) above shall be revocable upon the delivery of one hundred twenty (120) days written notice from the Owner of Unit 3 to the other Owners. Upon the delivery of the notices called for hereunder, all rights to the Revocable Licenses shall be null and void. ALLOCATED INTERESTS Section 6.1 Allocated Interests. The Common Expense liability, percentage ownership interest of each Unit Owner in the Common Elements and votes in the Association allocated to each Unit are set forth in Exhibit B, "Table of Interests". Section 6.2 Determination of Allocated Interests. The interests allocated to each Unit have been calculated as follows: a) By allocating 33.3 % of the interests to each of Unit 1 and Unit 3 and 16.7 % of the interests to each of Unit 2-A and Unit 2-B. b) The percentage of ownership interests of each Unit Owner in the Common Elements is based upon 33.3 % being allocated to each of Unit 1 and Unit 3 and 16.7 % being allocated to each of Unit 2-A and Unit 2-B. c) The number of votes in the Association by providing that Unit 1 and 17 377391 8-769 P-948 12/20/94 03:16P PG 18 OF 42 Unit 3 each have 1/3 of the total votes and Unit 2-A and Unit 2-B each have 1/6 of the total votes. COVENANT FOR COMMON EXPENSE ASSESSMENTS Section 7.1 Obligation Common Expense Assessments. Declarant, for each Unit, shall be deemed to covenant and agree, and each Unit Owner, by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed or other conveyance, shall be deemed to covenant and agree to pay to the Association Common Expense assessments imposed by the Association against said Unit. Such assessments, including fees, charges, late charges, attorney's fees, fines and interest charged by the Association shall also be the personal obligation of the Unit Owner of such Unit at the time when the assessment or other charges become due. Where there are multiple Owners of a Unit, the obligation to pay assessments shall be joint and several. The personal obligation to pay any past due sums due the Association shall not pass to a successor in title unless expressly assumed by them. No Unit Owner may become exempt from liability for payment of the Common Expense assessments by waiver of the use or enjoyment of the Common Elements or by abandonment of the Unit against which the Common Expense assessments are made. All assessments shall be payable in the amounts specified in the levy thereof, and no offsets or reduction thereof shall be permitted by any reason including, without limitation, any claim that the Association or the Executive Board is not properly exercising its duties and powers under this Declaration. Section 7.2 Apportionment of Common Expenses. Except as provided in this Section 7.2 or elsewhere in this Declaration, Common Expense assessments shall be assessed against all Units in accordance with the formula for liability for the Common Expenses as set forth in Exhibit "B" of this Declaration. (a) Any Common Expense associated with the maintenance, improvement, repair, or replacement of a Limited Common Element shall be assessed against the Units to which that Limited Common Element is assigned, proportionately to the interests of the Owners of the Limited Common Element. (b) Any Common Expense or portion thereof benefitting fewer than all of the Units shall be assessed exclusively against the Units 377391 B-769 R-949 12/20/94 03:16P PG 19 OF 42 benefitted; (c) Any Common Expense for services provided by the Association to an individual Unit at the request of the Unit Owner may be assessed against that Unit only; (d) The cost of insurance shall be assigned in proportion to risk. Any insurance premium increase attributable to a particular Unit by virtue of activities in or construction of the Unit shall be assessed against that Unit; (e) An assessment to pay a judgment against the Association may be made only against the Units in the Common Interest Community at the time the judgment was entered, in proportion to their Common Expense liabilities; (f) If a common Expense is caused by the misconduct of a Unit Owner, the Association may assess that expense exclusively against that Unit Owner and their Unit; (g) Fees, charges, taxes, impositions, late charges, fines, collection costs and interest charged against a Unit Owner pursuant to Section 7.5 below or elsewhere in the Declaration shall be collectable as Common Expense assessments; Section 7.3 Purpose of Assessments. The assessments levied by the Association through its Executive Board shall be used exclusively for the purposes of promoting the health, safety, and welfare of the members of the Association. Such purposes shall include, but shall not be limited to the following: (a) the improvement, maintenance, repair, upkeep and reconstruction of the Common Elements; or (b) for the painting, landscape care and snow removal and any other maintenance obligations which may be deemed desirable for the common benefit of the Unit Owners; or (c) for the maintenance of property values, or for payment of expenses which may be incurred by virtue of agreement with or requirement of any governmental authority. The assessments may also be used to provide insurance of various types and in such amounts deemed appropriate by the Executive Board. Also, a portion of the assessments may be used to provide a reserve fund for the replacement, repair, and maintenance of Common Elements which must be replaced or refurbished on a periodic basis. 19 377391 B-769 G-950 12/20/94 03:16P PG 20 OF 4.'--' Section 7.4 Adoption of BudQex. Within thirty (30) days after adoption of any proposed budget for the Common Interest Community, the Executive Board shall mail, by ordinary first-class mail or otherwise deliver, a summary of the budget to all the Unit Owners and shall set a date for a meeting of the Unit Owners to consider ratification of the budget not less than fourteen (14) nor more than sixty (60) days after mailing or other delivery of the summary. Unless at that meeting, the affirmative vote of the Unit Owners to which two-thirds (2/3) or more of the votes in the Association are allocated reject the budget, the budget is ratified, whether or not a quorum is present. In the event that the proposed budget is rejected, the periodic budget as ratified by the Unit Owners will be continued until such time as the Unit Owners ratify a subsequent budget proposed by the Executive Board. Section 7.5 Annual Assessment/Commencement of Common Exnense. Common Expense assessments may be made on an annual basis against all Units and shall be based upon the Association's budget of the cash requirements needed by it to provide for the administration and performance of its duties during such assessment year. Common Expense assessments shall be due and payable in monthly, quarterly, or annual installments, or in any other manner, as determined by the Executive Board. Common Expense assessments may begin on the first day of the month in which conveyance of the first Unit to a Unit Owner other than the Declarant occurs. The omission or failure of the Executive Board to levy assessments for any period shall not be deemed a waiver, modification or a release of the Unit Owners from their obligation to pay assessments for such period. Section 7.6 Effect of Non -Payment of Assessments. Any assessments, changes or fees provided for in this Declaration, or any monthly or other installments thereof, which is not fully paid within ten (10) days after the due date thereof, as established by the Executive Board, shall bear interest at the highest rate allowed by law from the due date, and the Association may assess a reasonable late charge thereon as determined by the Executive Board. Failure to make payment within sixty (60) days of the due date thereof shall cause the total amount of such Unit Owner's Common Expense Assessment for the remainder of that fiscal year to become immediately due and payable at the option of the Executive Board. Further, the Association may bring an action at law or in equity, or both, against any Unit Owner personally obligated to pay such overdue assessments, charges or fees, or monthly or other installments thereof, and may also proceed to foreclose its lien against such Unit Owner's Unit. An action at law or in equity by the Association against a Unit Owner to recover a money judgement for unpaid assessments, charges or fees, or monthly or other installments thereof, may be commenced and pursued to the Association without foreclosing, or in any way waiving, the Association's lien go] 377391 B-769 P-951 12/20/94 03:16P PG 21 OF 42 therefor. Foreclosure or attempted foreclosure by the Association of its lien shall not be deemed to estop or otherwise preclude the Association from thereafter again foreclosing or attempting to foreclose its lien for any subsequent assessments, charges or fees, or monthly or other installments thereof, which are not fully paid when due. Section 7.7 Special Assessm .n s. In addition to the annual or regular assessments, the Association may establish at any time a special assessment for the purpose of paying or creating a reserve for, in whole or in part, the cost of any expense which the Association is entitled to incur pursuant to the provisions of the Declaration, the Articles or the Bylaws and which is not scheduled to be paid in a Budget adopted by the Association. No special assessment may be levied by the Association unless such special assessment has been approved by the Executive Board and by a 2/3 vote of the Owners present in person or proxy at a meeting called for such purpose at which a quorum was present. In addition, no special assessment for capital improvements in excess of the sum of $10,000.00 shall be levied in any calendar year unless same shall receive the unanimous vote of all Owners. The preceding limitation is not intended to cover the cost of maintaining and/or replacing when necessary any of the Common Elements. Section 7.8 The Association's Lien. The Association shall have from the date of recording of this instrument a lien against each Unit to secure payment to the Association of all assessments with respect to such Unit, interest thereon and all costs and expenses of collecting such assessments and charges including reasonable attorney's fees. The Association's lien shall be prior and superior to all other liens and encumbrances on a Unit except: (a) liens and encumbrances recorded prior to the recordation of this instrument; (b) the Security Interest of a first lien or with respect to such Unit except to the extent specified in the Act; (c) liens for real estate taxes and other governmental charges against such Unit; and (d) mechanic's and materialman's liens which by law may be prior to the Association's lien. The Association's lien shall attach from the date of recording of this instrument and shall be considered perfected without the necessity of recording a notice of lien. Nevertheless, the Association may record in the real estate records of Pitkin County, Colorado, a notice of lien which shall be executed by an officer or director of the Association and which shall contain substantially the following information: (i) the legal description of the Unit against which the lien is claimed; (ii) the name of the defaulting Owner of such Unit as indicated by the Association's records; (iii) the total unpaid amount together with interest thereon and costs of collection as of the date of such notice; (iv) a statement that the notice of lien is made by the Association pursuant to the Declaration; and (v) a statement that a lien is claimed and will be foreclosed against such Unit in an amount equal to the amount stated as then due and any additional amounts thereafter becoming due. No failure or omission of the Association to file any notice of 21 377391 B-769 P-952 12/20/94 03:16P PIG " 0F_ 4;-' lien shall affect the validity, priority or enforceability of such lien. The Association's lien may be foreclosed upon in the manner provided by Colorado for the foreclosure of mortgages encumbering real property. In any such foreclosure, the Owner of the Unit subject to such foreclosure shall be required to pay the costs and expenses of such proceedings, including reasonable attorney's fees. The Association shall be entitled to purchase the Unit at any foreclosure sale, and to hold, lease, mortgage or convey the same. In any such foreclosure action, the Court may appoint a receiver to collect all sums alleged to be due from the Owner prior to or during the pendency of such foreclosure or action. The Court may order the receiver so appointed to pay any sums held by such receiver to the Association during the pendency of such foreclosure to the extent of the unpaid assessments and charges. Section 7.9 Statement of Unpaid Assessments. The Association shall furnish to an Owner of a Unit or its designee or to a holder of a Security Interest or its designee, upon written request, delivered personally or by certified mail, first-class postage prepaid, return receipt requested to the Association's registered agent, a written statement setting forth the amount of the unpaid assessments, if any, with respect to such Unit. Such statement shall be furnished within fourteen (14) calendar days after receipt of the request and is binding upon the Association, the Executive Board and every Unit Owner. If no statement is furnished to the requesting party delivered personally or by certified mail, first-class postage prepaid, return receipt requested, to the inquiring party, then the Association shall have no right to assert a lien upon the Unit for unpaid assessments which were due as of the date of the request. USE AND OTHER RESTRICTIONS Section 8.1 Use of Units. All Unit Owners and their tenants, guests and invitees shall use and occupy the Units for their intended purposes and for no other use whatsoever. In addition, no use shall be made of any Unit which shall cause the Association's insurance to increase or which shall violate any laws or ordinances applicable to same. Any Unit Owner causing the Association's insurance to increase shall be solely responsible for the amount of such increase. Section 8.2 Use of Parking, Spaces. The parking spaces created pursuant to the 22 :1'77:391 P--769 PI-953 12/20/94 03:16R PG 23 OF 42 Development Right reserved in Section 2.5(c) above may be rented short or long term to third parties. No parking space shall be used for the storage , piling of debris or for any other purpose except parking. Section 8.3 Maintenance of Uni s. Each Unit at all times shall be kept in a clean, sightly, and wholesome condition. No trash, litter, junk, machinery, lumber or other building materials shall be permitted to remain exposed in any Unit so that the same are visible from any neighboring Unit or any street. Declarant, its agents and assigns and the Association and its agents, shall have the authority to enter and clean up Units which do not conform to the provisions of this Section 8.4, and to charge and collect from the Unit Owners thereof all reasonable costs related thereto. Section 8.4 Restrictions on Animals . Dogs shall be allowed in the Units; provided however, they shall not be allowed to bark so as to constitute a nuisance to other Owners; may not be tied up, kept or allowed unattended on decks or any other Common Elements and shall be subject to such further rules as the Association may from time to time promulgate. Except as herein provided, no animals shall be raised, bred, kept or regularly brought to the Common Interest Community (including, without limitations, any birds, fish or other household pets) except for those animals (if any) permitted under the provisions of the rules of the Association and except for animals which are trained to and are in fact assisting persons with disabilities. Section 8.5 Zoning, Nuisances, sances_, Hazards. No Unit within the Common Interest Community shall be used for any purpose other than as allowed by the local zoning codes. No nuisance shall be permitted within the Common Interest Community, nor any use, activity or practice which is a source of unreasonable annoyance or which unreasonably disturbs, any Unit Owner or which may unreasonably interfere with the peaceful enjoyment or possession of the proper use of a Unit or Common Element, or any portion of the Common Interest Community by Unit Owners. Further, no unsafe, hazardous, offensive, or unlawful use shall be permitted within the Common Interest Community or any portion thereof. All valid laws, ordinances and regulations of all governmental bodies having jurisdiction over the Common Interest Community or a portion thereof shall be observed. Section 8.6 Compliance with Insurance Requirements. Except as may be approved in writing by the Executive Board, nothing shall be done or kept on the Common Interest Community which may result in a material increase in the rates of insurance or would result in the cancellation of any insurance maintained by the Association. 23 377391 B-769 PI-904 1L2'/'_0/94 03:16P PG 24 OF 4'.' Section 8.7 Restriction on Signs and Advertising, Devices. No signs (which term shall include posters, billboards and advertising devices) of any kind shall be erected or maintained anywhere within the Common Interest Community except such sign or signs as may be approved in writing by the Executive Board. Section 8.8 Restrictions on Floor Loads. No Owner of a Unit may place a load on any floor which exceeds the floor load for which the floor was designed to support. No Owners of a Unit shall install, operate or maintain any item of heavy equipment or make any other installation, except in a manner designed to achieve a proper distribution of weight. Section 8.9 Leasing of Units. Any Unit Owner shall have the right to lease its Unit upon such terms and conditions as such Unit Owner may deem advisable, subject to the following: (a) Every lease or rental agreement shall be in writing and shall provide that the lease or rental agreement is subject to the terms of this Declaration, the Bylaws of the Association and the Articles of Incorporation and the rules and regulations of the Association and shall state that the failure of the tenant or renter or guest to comply with the terms of the Declaration or Bylaws of the Association, Articles of Incorporation or the rules and regulations of the Association shall constitute a default of such lease or rental agreement and such default may be remedied by the Association which remedy may include eviction. Section 8.10 No Rights of First Reffisal. The rights of a Unit Owner to lease, sell, transfer or otherwise convey its Unit shall not be subject to any right of first refusal or similar restriction and such Unit may be sold free of any such restrictions. Section 8.11 No Restrictions on Mortgaging of a Unit. There are no restrictions on the right of the Unit Owners to mortgage or otherwise encumber their Units. There is no requirement for the use of a specific lending institution or particular type of lender. Section 8.12 No Time Shares . No Unit shall be submitted to or conveyed pursuant to a timesharing or interval ownership arrangement. Section 8.13 Rules and Regulations. Consistent with and in furtherance of the intent, purposes and provisions of this Declaration governing the Common Interest Community rules and regulations may be adopted, amended, or repealed from time to 24 377391 B-769 P-955 12/20/94 0.3:1EP PG 25 OF 42 time by the Executive Board. All rules adopted by the Association shall be reasonable and uniformly applied. The Executive Board may also establish and enforce penalties and fines for the infraction thereof which fines shall be collectable as assessments in the manner provided in Article 7 above. Section 8.14 Residential Use. Before any Unit can be used for residential purposes, all of the following must be satisfied: (a) Necessary approvals, at the expense of the Owner seeking a residential use, must be obtained from the City of Aspen; (b) In the event such approvals obtained from the City of Aspen require any modifications to the improvements in the Common Interest Community same shall be made at the expense of the Owner seeking a residential use; and (c) An Owner desiring to convert a Unit to a residential use may be required by the Association in its sole and absolute discretion, at such Owner's sole expense, to either provide a separate access to such Unit or secure the rest of the Common Interest Community from access by residential occupants. By way of example, if the Owner of Unit 3 desires to convert all or a portion of the Unit to residential use, the Owner may be required by the Association, in its sole and absolute discretion, to provide either a separate entrance to Unit 3 so that the residential occupants will not have access to the balance of the Units in the Common Interest Community or may be required by the Association, in it's sole and absolute discretion, to install a gate acceptable to the Association to prevent access to the other Units by any residential occupants of Unit 3. In addition, the residential occupancy of any Unit shall always be subordinate to the commercial use of the balance of the Units in the Common Interest Community. By way of example, but not by way of limitation, should the Owner of Unit 3 seek to convert part or all of Unit 3 to residential use, such Owner and/or the occupants will not be allowed to complain of any commercial use made of the other Units in the Common Interest Community so long as such use does not violate this Declaration or the provisions of the City of Aspen Land Use Regulations governing uses. As a further example, but not by way of limitation, should the Owner of Unit 1 install a restaurant and bar in all or part of Unit 1, the Owner or residential occupants of Unit 3 may not complain of the noise incident to such use of Unit 1. DESIGN REVIEW 25 377391 B-769 P-956 12/20/94 03:16P PG 26 OF 42 Section 9.1 Required Approvals . No structural improvements to the interior of a Unit or any structure or any attachment to the exterior of the buildings or to other existing structure, shall be constructed, erected, placed or installed within the Common Interest Community, including but not limited to, a change in painting and/or staining of exterior siding, unless complete plans and specifications thereto (said plans and specifications to show design, materials, color, location, as well as such other information as may be required) shall have been first submitted to and approved in writing by the Executive Board. The approval or consent of the Executive Board on matters properly coming before it shall not be unreasonably withheld or delayed, and actions taken shall not be arbitrary or capricious and decisions shall be conclusive and binding on all interested parties. Upon its review of any plans, specifications or submittals, the Executive Board may require that the applicant(s) reimburse the committee for actual expense incurred by it in its review and approval process. The Executive Board shall not refuse to permit any Unit Owner to make reasonable modifications to their Unit or to any Limited Common Element which the Unit Owner has the right to use, if such modifications are necessary under the Americans with Disabilities Act. Section 9.2 Variances. The Executive Board may grant reasonable variances or adjustments from any conditions and restrictions imposed by this Declaration in order to overcome practical difficulties and unnecessary hardships arising by reason of the application of the conditions and restrictions contained in this Declaration. Such variances or adjustments shall be granted only when the granting thereof shall not be materially detrimental or injurious to the other Units or Common Elements nor deviate substantially from the general intent and purpose of this Declaration. Section 9.3 Waivers. The approval or consent of the Executive Board to any application for design approval shall not be deemed to constitute a waiver of any right to deny approval or consent as to any application on other matters subsequently or additionally submitted for approval or consent. Section 9.4 i .iahili v. Neither the Association nor the Executive Board nor any members thereof, nor any representative of any committee designated to act on its behalf, shall be liable for damages to any person submitting requests for approval for any failure to approve or disapprove any matter within its jurisdiction under this Declaration. Section 9.5 Records. The Executive Board shall maintain written records of all 26 377391 B-769 P-957 12/20/94 03:16P FAG 27 OF 4 applications submitted to it and of all actions taken by it with respect thereto. Such records shall be open and available for inspection by any interested party during normal business hours. Section 9.6 Enforcement. Enforcement of the provisions of this Article 9, may be by any proceeding at law or in equity against any person or persons violating or attempting to violate any such provision. The Association and any interested Unit Owner shall have the right, but not the obligation, to institute, maintain and prosecute any such proceedings. In any action instituted or maintained under this Article, the Association shall be entitled to recover its costs and reasonable attorney's fees incurred pursuant thereto, as well as any and all other sums awarded by the Court. Failure of the Association or any Unit Owner to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter. INSURANCE Section 10.1 Insurance Cirried. The Association shall obtain and maintain in full force and effect to the extent reasonably available, and at all times, the insurance coverage set forth herein and as set forth in the Act, which insurance coverage shall be provided by financially responsible and able companies duly authorized to do business in the State of Colorado. Commencing not later than the time of the first conveyance of a Unit to a person other than Declarant, the Association shall maintain, to the extent reasonably available, policies with the following terms or provisions: (a) All policies of insurance shall contain waivers of subrogation and waivers of any defense based on invalidity arising from any acts of a Unit Owner and shall provide that such policies may not, unless otherwise provided by statute, be canceled or not renewed without at least thirty (30) days prior written notice to all of the Unit Owners, holders of first lien Security Interests and the Association. (b) If requested, duplicate originals of all policies and renewals thereof or certificates or memoranda of insurance, together with proof of payments of premiums, shall be delivered to any Unit Owner or holder of a first lien Security Interests. 27 ,377391 B-769 P-958 12/20/94 03:16P PG 28 Of = 4c (c) All liability insurance shall be carried in blanket form covering Declarant, the Association, the Executive Board, the managing agent, if any, and their respective employees, agents and all persons acting as agents. (d) Prior to obtaining any policy of property insurance or renewal thereof, pursuant to the provisions hereof, the Executive Board may obtain an appraisal from a duly qualified real estate or insurance appraiser, which appraiser shall reasonably estimate the full replacement value of the Units and the Common Elements, without deduction for depreciation and shall review any increases in the cost of living, and/or consider other factors for the purpose of determining the amount of the insurance to be effected pursuant to the provisions hereof. The total amount of property insurance must not be less than full insurable replacement cost (at the time of purchase of insurance and at each renewal date) less applicable deductions exclusive of land, excavations, foundations and other items normally excluded. (e) Unit Owners may carry and are advised to carry other insurance for their benefit and at their expense, provided that the liability of the carriers issuing insurance obtained by the Association shall not be affected or diminished by reason of any such additional insurance carried by Unit Owners and provided, further, that the policies of insurance carried by the Association shall be primary, even if a Unit Owner has other insurance that covers the same loss or losses as covered by policies of the Association. In this regard, Declarant discloses that the Association's insurance coverage, as specified hereunder and under the Act, does not obviate the need for Unit Owners to obtain insurance for their own benefit. (f) All policies of insurance shall provide that the insurance thereunder shall be invalidated or suspended only in respect to the interest of any particular Unit Owner guilty of a breach of warranty, act, omission, negligence or non-compliance of any provision of such policy, including payment of the insurance premium applicable to the Unit Owner's interest, or who permit or fails to prevent the happening of any event, whether occurring before or after a loss, which under the provisions of such policy would otherwise invalidate or suspend the entire policy, but the insurance under any such policy, as to the interests of all other insured Unit Owners not guilty of any such act or omission, shall not be invalidated or suspended and shall remain in full force and effect. 1: 377391 B 6-9 R-959 12'/20/94 03:16P PIG 29 OF 42 Section 10.2 Prop Insurance on the Units and Common .l m .n s. The Association shall obtain adequate property insurance covering loss, damage or destruction by fire or other casualty to the Units, to the Common Elements and the other property of the Association. The insurance obtained on the Units is not required to include improvements and betterments installed by Unit Owners. If coverage purchased by the Association includes improvements and betterments installed by Unit Owners, the cost thereof shall be assessed to each Unit in proportion to risk. All policies shall contain a standard non-contributory mortgage clause in favor of each holder of first lien Security Interests, and their successors and assigns, which shall provide that the loss, if any thereunder, shall be payable to the Association for the use and benefit of such holders of first lien Security Interests, and their successors and assigns, as their interests may appear of record in the records of the office of the Clerk and Recorder of the County of Pitkin, Colorado. Section 10.3 Liability Insurance. The Association shall obtain adequate comprehensive policy of public liability insurance against claims and liabilities arising in connection with the ownership, existence, use and management of the Common Elements, in such limits as the Executive Board may from time to time determine, but not in any event less than One Million Dollars ($1,000,000.00) per injury, per person, and per occurrence, and in all cases covering all claims for bodily injury or property damage. All liability insurance shall name the Association as the insured. Section 10.4 Fidelity Insurance. The Association shall obtain adequate fidelity coverage or fidelity bonds to protect against dishonest acts on the parts of its officers, directors, trustees and employees and on the part of all others who handle or are responsible for handling the funds of the Association, including persons who serve the Association with or without compensation. The clause "officers, directors, trustees and employees" shall not include any officer, director, agent or employee of any independent, professional manager or managing agent heretofore or hereafter employed by the Association. The fidelity coverage or bonds should be in an amount sufficient to cover the maximum funds that will be in control of the Association, its officers, directors, trustees and employees. Section 10.5 Worker's Compensation and Employer's Liability Insurance. The Association shall obtain worker's compensation and employer's liability insurance and all other similar insurance with respect to its employees in the amounts and forms as may now or hereafter be required by law. Section 10.6 Officers' and Directors' Personal Liability Insurance. The Association 29 377391 B-769 P-960 12/20/94 03:16P PG 30 OF 4C`' may obtain officers' and directors' personal liability insurance to protect the officers and directors from personal liability in relation to their duties and responsibilities in acting as officers and directors on behalf of the Association. Neither the term "officers" nor the term "directors" shall include any officer, director, agent or employee of any independent professional manager or managing agent heretofore or hereafter employed by the Association. Section 10.7 Other Ins uran e. The Association may obtain endorsements to policies or additional insurance against such other risks, of similar or dissimilar nature, as it shall deem appropriate with respect to the Association responsibilities and duties. Section 10.8 Insurance Premium. Except as assessed in proportion to risk as permitted under the terms of this Declaration, insurance premiums for the above provided insurance shall be a Common Expense to be included as a part of the annual assessments levied by the Association. Section 10.9 Manages Agent Insurance. The manager or managing agent, if any, shall be insured to the same extent as the Association, as herein provided, and as provided in the Act, for the benefit of the Association, and shall maintain and submit evidence of such coverage to the Association. Section 10.10 Waiver of Claims Against Association. As to all policies of insurance maintained by or for the benefit of the Association and Unit Owners, the Association and the Unit Owners hereby waive and release all claims against one another, the Executive Board and Declarant, to the extent of the insurance proceeds available, whether or not the insurance damage or injury is caused by the negligence of or breach of any agreement by said person. Section 10.11 Annual Insurance Review. The Board shall review the insurance carried by and on behalf of the Association at least annually for the purpose of determining the amount of insurance required. Section 10.12 Adiustment_s by the Association. Any loss covered by an insurance policy described above shall be adjusted with the Association, and the insurance proceeds for that loss shall be payable to the Association, and not to any holder of a first lien Security Interests. The Association shall hold any insurance proceeds in trust for the Association, Unit Owners and holders of first lien Security Interests as their interests may appear. The proceeds must be distributed first for the repair or restoration of the damaged property, and the Association, Unit Owners and holders of first lien Security Interests are 30 377391 B-769 P-961 12/20/94 03:16R PG 31 OF 42 not entitled to receive payment of any portion of the proceed unless there is a surplus of proceeds after the damaged property has been completely repaired or restored. Section 10.13 Duty to Repair. Any portion of the Common Interest Community for which insurance is required under this Article which is damaged or destroyed must be repaired or replaced promptly by the Association, except as provided in the Act. SPECIAL RIGHTS OF HOLDERS OF FIRST LIEN SECURITY INTERESTS Section 11.1 General Provisions. The provisions of this article are for the benefit of all beneficiaries or holders of first lien Security Interests recorded within the Real Estate Records of Pitkin County, Colorado. To the extent applicable, necessary or proper, the provisions of this Article 11 apply to both this Declaration and to the Articles and Bylaws of the Association. A holder or beneficiary of a first lien Security Interest who has delivered a written request to the Association containing its name, address and the legal description and the address of the Unit upon which its holds a Security Interest, shall be entitled to: (a) receive timely written notice from the Association of any default by a mortgagor of a Unit in the performance of the mortgagor's obligations under this Declaration, the Articles of Incorporation, the Bylaws or the rules and regulations, which default is not cured within sixty (60) days after the Association learns of such default; (b) examine the books and records of the Association during normal business hours; (c) receive a copy of financial statements of the Association; (d) receive written notice of all meetings of the Executive Board or Members of the Association; (e) designate a representative to attend any such meetings; and (f) receive written notice of any lapse, cancellation, or material modification of any insurance policy or fidelity bond maintained by the Association. ENFORCEMENT Section 12.1 Enforcement. The Association or a Unit Owner or Unit Owners of 31 377391 B- 769 PI-962 12/20/94 03: 16P FAG 32 ON 41= any of the Units may enforce the restrictions, conditions, covenants and reservations imposed by the provisions of this Declaration by proceedings at law or in equity against any person or persons, either to recover damages for such violation, including reasonable attorney's fees incurred in enforcing these covenants, or to restrain such violation or attempted violation. Failure of the Association or of any Unit Owner to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter. AMENDMENTS Section 13.1 Amendment to Declaration or Man. Except in the case of amendments that may be executed by Declarant or the Association as allowed by the Act or as provided below, this Declaration, including the Map, may be amended only by the vote or agreement of Owners of Units to which two-thirds (2/3) or more of the votes in the Association are allocated. Every amendment to the Declaration must be: (i) recorded in the real estate records of Pitkin County, Colorado and is effective only upon recordation; (ii) indexed in the grantee's index in the name of the Common Interest Community and the Association and in the grantor's index in the name of each person executing the Amendment. Except to the extent expressly permitted or required by the Act or this Declaration, no amendment may create or increase the number of Units, or change the boundaries of any Unit or the Allocated Interests of a Unit, or the uses to which any Unit is restricted, in the absence of unanimous consent of the Unit Owners. Amendments to this Declaration shall be prepared, executed, recorded, and certified on behalf of the Association by any officer of the Association designated for that purpose or, in the absence of designation, by the President of the Association. All expenses associated with preparing and recording an Amendment to the declaration shall be the sole responsibility of the Association except as otherwise provided in the Act. RESTORATION AND TERMINATION Section 14.1 Restoration. If at any time all Owners and all holders of first lien 32 377391 B-769 P-963 12/20/94 03:16P PG 33 OF 4L_' Security Interests shall agree that the Common Interest Community has become obsolete and shall approve a plan for its renovation or restoration, the Association shall promptly cause such renovation or restoration to be made according to such plan. All Owners shall be bound by the terms of such plan and the costs of the work shall be a Common Expense. Section 14.2 Termination. If at any time an agreement to terminate the Common Interest Community is obtained from all Owners and all holders of first lien Security Interests in accordance with the provisions of the Act, the Association shall promptly undertake the actions required of the Association under the provisions of the Act. Upon completion of such actions by the Association, this Declaration shall automatically terminate without any further action. CONDEMNATION Section 15.1 Appointment of Association as Attorney -in -Fact. Each Owner, on such Owner's behalf and on behalf of such Owner's heirs, devisees, legal representatives, successors and assigns, does irrevocably constitute and appoint the Association with full power of substitution, as such Owner's true and lawful attorney -in -fact such Owner's name, place and stead to deal with such Owner's interest in such Owner's Unit upon condemnation of such Owner's Unit with full power, right and authorization to execute, acknowledge and deliver any contract, deed or other document affecting the interest of such Owner, and to take any other action which the Association may consider necessary or advisable to give effect to the provisions of this Article 15.1. If requested to do so by the Association, each Owner shall execute and deliver a written instrument confirming such appointment. The action of the Association in settling any condemnation claim shall be final and binding on all Owners. Section 15.2 Entire Taking. If the entire Common Interest Community is taken under any statute, by right of eminent domain, or by purchase in lieu thereof, or if any part of the Common Interest Community is taken and the part remaining may not practically or lawfully be used for any purpose permitted by this Declaration, the Association (as attorney -in -fact for the Owners) shall collect the award made in such taking and shall sell the part of the Real Estate remaining after the taking, if any, free and clear of the provisions of this Declaration which shall automatically terminate upon the recording of 33 ,..1_T-""--31. 1-'�..._.7t .i F -964 12/20/94 03: 16P PG 34 OF 4` a notice by the Association setting forth all of such facts without any further action. The award and the proceeds of such sale, if any, shall be distributed by the Association in the manner provided in the Act. Section 15.3 Partial Taking. If a taking occurs other than a taking specified in Section 15.2 hereof, then the Association (as attorney -in -fact for the Owners) shall collect the award made in such taking, shall promptly cause the portion of the Common Interest Community not so taken to be restored as nearly as possible to its condition prior to the taking, and shall prepare, execute and record an amendment to the Declaration which confirms any reallocation of the Allocated Interests made pursuant to the provisions of the Act. The costs of such restoration shall be a Common Expense payable by the Owners in accordance with respective Allocated Interests after any reallocation referred to in the preceding sentence. The award paid to the Association as a result of any such taking shall be disbursed by the Association as follows: (a) If a Unit is taken, the portion of such award attributable to such Unit shall be disbursed to the Owner of such Unit or the lienholders with respect to such Unit, as their interests may appear; and (b) Any portion of such award not disbursed pursuant to the provisions of Section 15.3(a) hereof shall be disbursed to the Owner of each Unit or the lienholders with respect to such Unit, as their interests may appear, in accordance with the reallocation of such Allocated Interests as referred to in Section 15.3 above. MISCELLANEOUS Section 16.1 Severahili y. Each of the provisions of this Declaration shall be deemed independent and severable. If any provision of this Declaration or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this Declaration which can be given effect without the invalid provisions or applications. Section 16.2 Term of Declaration. This Declaration shall continue and remain in full force and effect in perpetuity as the same may be amended from time to time in 34 377391 B-769 G-965 12/20/94 03:16F' PIG 35 OF 42 accordance with the provisions of Article 13, unless this Declaration be terminated in accordance with the Act. Section 16.3 Singular In .l id s the Plural. Unless the context otherwise requires, the singular shall include the plural, and the plural shall include the singular, and each gender referral shall be deemed to include the masculine, feminine and neuter. Section 16.4 Captions. All captions and titles used in this Declaration are intended solely for convenience of reference and shall not enlarge, limit or otherwise affect that which is set forth in any paragraph, section or article hereof. Section 16.5 Colorado I.a. The interpretation, enforcement and any other matters relative to this Declaration shall be construed and determined in accordance with the laws of the State of Colorado. Section 16.6 Disclaimer. Unless otherwise provided by the Act, no representations or warranties of any kind, express or implied, have been given or made by Declarant, or its agents or employees, in connection with this Common Interest Community, or any portion thereof, or any improvement thereon, its physical condition, zoning, compliance with applicable laws, fitness or intended use or operation, cost of maintenance or taxes except as expressly set forth in this Declaration. Section 16.7 Limited ed i .iability. A director or an officer of the Association shall not be liable for actions taken or omissions made in the performance of his or her duties except for wanton and willful acts and except for acts specified in §7-24-111 of the Colorado Revised Statutes. Unless otherwise required by the Act, Declarant and any agent or employee of Declarant shall not be liable to any party for any action or for any failure to act with respect to any matter arising in connection with the Declaration if the action taken or failure to act was in good faith and without malice. Section 16.8 Conflicts with Articles, Bylaws or Rules of Association. In the event of any conflict or inconsistency between provisions of this Declaration and the Articles or Bylaws or Rules and Regulations of the Association, the provision of this Declaration shall govern and control. Section 16.9 Covenants Running with the Land. Each provision of this Declaration, and any agreement, promise, covenant and undertaking to comply with each provision of the Declaration shall be deemed a covenant running with the land as a burden with and upon the title to each Unit for the benefit of all the Real Estate. 35 377391 B 769 1=--966 12/220/94 03:16P PG 36 01= 42:' IN WITNESS WHEREOF, the Declarant has signed this Declaration this J.5 day of -�, 1994. 4 e, "" 64E" DECLARANT: Bass -Cahn Properties, a Colorado General Partnership By: Howard Bass Ge a of Partner HORSEFINS, LLC, a Colorado Limited Liability Company Christina Davis, Member STATE OF COLORADO ) )SS. COUNTY OF PITKIN ) The foregoing Condominium Declaration for the 601 East Hopkins Condominiums was acknowledged before me by Howard Bass as General Partner of Bass Cahn Properties, a Colorado General Partnership on this l$'t day of Ales, 1994. ''WITNESS my hand and official seal i. Jp�NI� commission expires: 7 .. V S 1.�G; o Notary Public •, 36 377391 B-769 R-967 12/20/94 03:16P PIG 37 OF 42 STATE OF COLORADO ) ss. COUNTY OF PITKIN ) . ) ac_- The foregoing instrument was acknowledged before me this _L°` day of hkmember, 1994, by Vincent J. Higens, Member, Horsefins LLC, a Colorado Limited Liability Company . Witness my hand and official seal. My commission expires: Al G Notary Public ` ' •' + O STATE OF COLORADO ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of Member, 1994, by Joy S. Higens, Member, Horsefins LLC, a Colorado Limited Liability Company. Witness my hand and official seal. •M,,, My commission expires: �? _� q`-1 �a1�••' �� Notary Public 8 L i STATE OF COLORADO ) vF c o Z" ) ss. ..1.. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of ?fir, 1994, by Stephen S. Davis, Member, Horsefins LLC, a Colorado Limited Liability Company. Witness my hand and official seal. ,V. My commission expires: '-_Ai; 1 N0 Tq,�}, Notary Public y `•. �' o 37 STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this _L_�LL day of tuvernber, 1994, by Christina Davis, Member, Horsefins LLC, a Colorado Limited Liability Company. Witness my hand and official seal. My commission expires: c, < �'__� M '•a, ��a ,t!/'•yam .NQrq Notary Public F ' •. o0 377391 B-769 P-968 1*1_/20/94 03.'16P PIG 38 OF 42 M-1 W.i Legal description of Real Estate: LOTS A AND B, BLOCK 99, CITY AND TOWNSITE OF ASPEN, COUNTY OF PITKIN, STATE OF COLORADO Recording Data for Easement and Licenses: (a) Terms, conditions, provisions and obligations as set forth in multipurpose Easement Agreement, Electric and Communications Utilities, recorded November 29, 1979 in Book 379 at Page 954 of the real estate records of Pitkin County, Colorado. (b) Terms and conditions of Encroachment Agreement dated February 5, 1993 in Book 702 at Page 821 of the real estate records of Pitkin County, Colorado. 377391 B-769 PI-969 122/20/94 03:16F, PIG 39 OF 42 39 14 ..i "10 , TABLE OF INTERESTS Percentage Share Percentage Votes in of Ownership in Share of Common Affairs of the Common Interest Association Unit Unit Type Elements Expenses 1 Commercial 33.3 33.3 1 /3 2-A Commercial 16.7 16.7 1 /6 2-B Commercial 16.7 16.7 1 /6 3 Commercial 33.3 33.3 1 /3 Totals 4 1.0 1.0 1.0 377391 R-769 P-9 70 12/20/94 03 : 16P PG 40 OF 42 .M 377391 B-769 P-971 12/20/94 03:16R PIG 41 OF 42 CONSENT OF LIENHOLDER TO CONDOMINIUM DECLARATION FOR 601 EAST HOPKINS CONDOMINIUMS The undersigned, Bass -Cahn Properties, a Colorado General Partnership, of that certain Deed of Trust recorded September-25., 1994 in BookNZat Page 10 of the real estate records of Pitkin County, Colorado which encumbers a portion of the Real Estate burdened and covered by the foregoing Declaration for the 601 East Hopkins Condominiums hereby consents to said Declaration and subordinates its interest in the Real Estate to said Declaration and the terms, provisions, restrictions and conditions thereof, as though said Declaration had been recorded prior to the recording of said Deed of Trust; provided however, that portion of the Real Estate described in said Deed of Trust shall remain encumbered thereby as a first security interest in such Real Estate in accordance with the terms of said Deed of Trust. Bass -Cahn Properties, a Colorado General Partnership By: Howard Bass as General Managing Partner STATE OF COLORADO ) )ss. COUNTY OF PITKIN ) 1Ze The f regoing Consent of Lienholder was acknowledged before me this ! day of 1994 by Howard Bass as General Partner for and on behalf of Bass -Cahn Properties, a Colorado General Partnership. VV* .1ESS my hand and official seal. My.�ommission expires: Ao .'7 Notary Public 41 :377391 B-7f,9 P--972 1�_/�0/94 03F' PIG 401" 422 CONSENT OF LIENHOLDER TO CONDOMINIUM DECLARATION FOR 601 EAST HOPKINS CONDOMINIUMS 23 The undersigned, Harris Cahn, of that certain Deed of Trust recorded September , 1994 in Book '7-Wat Page LS—'- of the real estate records of Pitkin County, Colorado which encumbers a portion of the Real Estate burdened and covered by the foregoing Declaration for the 601 East Hopkins Condominiums hereby consents to said Declaration and subordinates its interest in the Real Estate to said Declaration and the terms, provisions, restrictions and conditions thereof, as though said Declaration had been recorded prior to the recording of said Deed of Trust; provided however, that portion of the Real Estate described in said Deed of Trust shall remain encumbered thereby as a first security interest in such Real Estate in accordance with the terms of said Deed of Trust. Harris Cahn STATE OF NEW JERSEY ) )ss. COUNTY OF&d~ 5-- ) The foregoing Consent of Lienholder was acknowledged before me this of IN&`#6f9 F7t , 1994 by Harris Cahn. r WITNESS my hand and official seal. My commission expires: c:\mjh\601ehop\condo.dec 42 Notary Public NOTARY PUBLIC OF NUI IEFSEI .AY C0h1MISS10N EXPIRES SEPT. 29. 190