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Home My WebLink Aboutcoa.lu.ec.1020 E Hyman Ave.MolnySubd.1979a Molny/Eubank 1 E C 6 0 MEMORANDUM TO: Richard Grice, Planning Office FROM: Daniel A. McArthur, City Enginee�e\ DATE: November 28, 1979 RE: Molny Subdivision Exemption, south half of lots R & S, Block 37, East Aspen Addition,and sough half of lots 6 & 7, Riverside Addition After having reviewed the survey map for the above subdivision exemption and having made a site inspection, the Engineering De- partment recommends the following: 1) We recommend a denial of the Molny Subdivision Exemption and recommend Mr. Molny be granted an exception from the full su')- division compliance. Mr. Molny's exception would require concep- tual approval from Planning and Zoning and final approval from City Council for the final plat. 2) We recommend the improvement survey as submitted by the owner/applicant be accepted as a conceptual plat. 3) We recommend that the owner/applicant follows section 20- 14 on the final plat procedures, and subinit a final plat for re- view by the Engineering Department as per section 20-15 prior to being placed or. the City Council agenda. The Engineering Department has no objections if the owner/applicant submits a condominium map instead of a final plat subject to the condominium map complying with section 20-15 of the municipal code of the City of Aspen, Colorado. 0 RONALD GARFIELD ANDREW V. HEOHT ASHLEY ANDERSON CHRISTOPHER N. SOMMER ORAI0 N. BLOOBWIOH LYNN O. ALSON GARFIEED & HEOHT ATTORNEYS AT LAW VICTORIAN SQUARE BUILDING 001 EAST HYMAN AVENUE ASPEN, COLORADO 81011 August 27, 1979 Planning and Zoning Commission Aspen City Hall 130 S. Galena Street Aspen, Colorado 81611 Dear Members: NQ 50 r rSEP 0 1979 itIt ASPEN / PITKIN CO. PLANNING OFFICE TBLBrHONB (303) 925-1036 This is an application by Robin Molny pursuant to Section 20-19 of the Aspen City Code as amended, for an exemption from the definition of the term subdivision for the condominiumization of his duplex located at 1020 E. Hyman Avenue. The applicant submits that since this is merely a sub- division of an existing duplex, to require that the applicant proceed through the entire subdivision procedure would deprive the applicant of the reasonable use of his land. Furthermore, the applicant submits that exemption is necessary for the preservation and enjoyment of his substantial property right. Finally, the applicant submits since, as stated above, this is merely a subdividing of an existing structure, there will be absolutely no increase in density as a result of the granting of this exemption and therefore the granting of the exemption will not be detrimental to the public welfare or injurious to other property in the area. The duplex contains a total of approximately 2783 square feet. The applicant presently resides in one half of the duplex and has done so for the past five years, that half contains approximately 1861 square feet. It is his present intention to continue residing there. In addition to his residence the applicant also has his office within that 1861 square feet. The other half, containing approximately 922 square feet is presently being rented for $550.00 plus utilities or.60 cents per square foot. Since October 1, 1978, the unit has been rented to Jennifer Huber who lives in Santa Fe, New Mexico. She rents the unit merely to assure that she will have accomo- dations when she vacations in Aspen. She spends less than one month annually in the unit. The applicant anticipates that Aayust 27, 1979 Page Two 0 Ms. Huber will renew her lease year. The rent during the next $625.00 or .68cents per square being in a position to present hearing before P&Z. for at least an additional one year will be approximately foot. The applicant anticipates evidence of that renewal at the Prior to October 1978 the unit was rented for 16 months to Jay Lussan, president of Company 3. The rent during that time period was also $550.00 or .60 cents per square foot. Prior to Lussan, Jean Ingham of Ingham, Dickerson, Weaver rented the unit for six months at $600.00 or .65cents per square foot. And finally prior to Ingham, Steve Martin, the comedian, rented the unit for 18 months at $450.00 or.49 cents per square foot. The applicant submits that the granting of this application will in no way reduce the supply of low and moderate income housing. In response to the criteria set forth in Section 20-22(c) 1 through 6 the applicant states as follows: 1. As stated above, it is anticipated that the present tenant will renew her lease for at least an additional one year. Additionally, this tenant can in no way be considered an employee but rather is a tourist from Santa Fe, New Mexico. 2. The applicant hereby states and will again reiterate at the hearing before P&Z that no tenants have been required to move involuntarily within the past 18 months. 3. The applicant has no present intention whatsoever to sell his unit. Therefore, he has not had the unit appraised in order to establish his sale price and, in fact, is not in a position to even approximate such price. 4. As stated above, the renewed lease with Jennifer Huber will be at $625.00 per month. The applicant has no objection to this approval being conditioned on any subsequent increases in rent being regulated by the percentage increase now allowed under the current guidelines for low, moderate and middle income housing. 5. The applicant is also willing to condition this approval on giving tenants who do not exercise their right of first refusal at least 180 days to relocate. 6. Again the applicant has no intention to sell his unit and there is no prospective purchaser at this time. r-.uqust 27, 1979 • Page Three As is detailed above, the rental unit has been consistently rented for prices in excess of the current guidelines for low, moderate and middle income housing as determined by the council for additional points within the terms of the Growth Management Plan. Furthermore, it has never been rented to what is tradi- tionally considered employees. Jean Ingham and Jay Lussan were when they rented the unit and are presently successful professionals and Steve Martin, of course, is an eminently successful comedian. Perhaps the most persuasive demonstration of the fact that the supply of employee housing will not be reduced is the simple fact that for the past year the unit has been, and in all likelihood for at least the next year will be rented to a tourist from Santa Fe, New Mexico. The applicant submits that all requirements have been met by this application and respectfully requests your approval. Sincerely, GARFIELD & HECHT Ashley Anderson AA:d Encl. Improvement Survey (four copies) Title Policy Check for $20.00 A CITY OF ASPEN 130 south galena street aspen, colorado 81611 MEMORANDUM DATE: November 21, 1979 TO: Richard Grice FROM: Ron Stock RE: Molny Subdivision Exemption If the above entitled subdivision exemption is granted, the approval should be conditioned upon the applicant meeting the following requirements of Section 20-22 of the Municipal Code of the City of Aspen: [ ] Notice and option provisions to current tenants [x] Each unit restricted to six-month minimum leases with no more than two shorter tenan- cies in a calendar year. Considering the rental history of the property, it is possible that the Planning & Zoning Commission and City Council may deter- mine that the property, or a portion thereof, is within the low and moderate housing pool. The rental history of the property should be presented to them for their consideration. Because of [ ] the proposed division of the property [x] the current lack of a plat for the property, it is my recommendation that the applicant be required to obtain full subdivision or subdivision exception review rather than exemption. The purpose of this requirment would be to obtain a final plat. RWS:mc MEMORANDUM TO: Aspen Planning and Zoning Commission Aspen City Council FROM: Sunny Vann, Planning Office RE: Molny Subdivision Exemption DATE: November 29, 1979 Zoning: R/MF Location: 1020 East Hyman Avenue (Lots R and S, Block 33, East Aspen Addition and Lots 6 and 7, Block 5, Riverside Addition) Lot Size: , 6,267 square feet Rental History: The applicant/owner has resided in one half of the duplex for the last five years. The otherhalf has been rented at $.60 per square foot since October 1, 1978, to a Jennifer Hubbner who lives in Santa Fe, New Mexico. Engineering Comments: This property was the subject of a previous subdivision exemption and therefore the Engineering Department feels that they have need of a final plat. For this reason they have recommended denial of the Molny Subdivision Exemption but did recommend approval of an exception from full subdivision review. Their recommendation is that you grant an exception from conceptual review before City Council and preliminary plat before the Planning and Zoning Commission. The Engineering Department's complete comments are attached in their entirety and found in a memorandum dated November 28, 1979. Attorney's Comments: Ron Stock has recommended that if the Molny subdivision is granted, each unit be restricted to the six month minimum lease restriction with no more than two shorter tenancies in any calendar year. Because of the lack of a plat for the property, Ron's recommendation is that the applicant be required to obtain full subdivision or subdivision exception review rather than exemption. The purpose of this requirement would be to obtain a final plat. Housing Director's Comments: See Housing Director's memorandum dated November 29, 1979 at the beginning of the subdivision exemption section of this packet. Planning Office Recommendation: Based on the rental history, we do not feel this unit is part of the low, moderate or middle income housing pool. We recommend that you deny the subdivision exemption and approve the exception from conceptual and preliminary plat, subject to the submission of a final plat as per Section 20-15 prior to being placed on the City Council agenda and subject to each unit being restricted to the six month minimum lease provisions of Section 20-22 of the Municipal Code of the City of Aspen. f� Recommendation: Denial of request for subdivision exemption and approval of exception from conceptual and preliminary plat as per Section 20-15 of the Municipal Code. Approval is to be further condi- tioned upon the owner/applicant complying with the notice and option provision and six month minimum lease restriction of Section 20-22. • MEMORANDUM • TO: Richard Grice, Planning' Office FROM: Louis Buettner, Engineering Department DATE: November 13, 1979 RE: Molny Subdivision Exemption South � lots R & S, Block 33, East Aspen Addition, and South � lots 6 & 7, Riverside Addition After having reviewed the survey map for the above subdivision exemption and having made a site inspection: The Engineering Department recommends that this exemption from subdivision be rejected. As per the City Attorney, Ron Stock's opinion, no property may be granted two exemptions from subdivi- sion. This property was half of a grant of exemption from sub- division granted by City Council in March, 1979. The grant of subdivision exemption is recorded in book 285 at page 822. The Engineering Department also recommends that this property be granted an exception from the full subdivision compliance. In the event of :subdivision or subdivision exemption the Engi- neering Department will recommend the following: 1: Show trail easement as recorded in book 286 at page 304. 2. The title insurance policy makes reference to a 14 foot in- gress and egress easement. The map shows only a 7 foot ease- ment. Some explanation to clear this discrepancy is required. 3. Show street improvements and street width with center line. 4. Show off-street parking as required in section 24-4.5 of the Aspen municipal code. 5. Show existing boardwalk from the house to and along the curb. 6. The above boardwalk is to be replaced with standard sidewalk with driveway as required in right-of-way along the curb. The new sidewalk will be constructed so as to join the exist- ing sidewalk to the west. If an exemption is granted per this application, the Engineering Department would make its approval subject to the owner/applicant correcting the above conditions prior to being placed on the City Council agenda. I wish to point out that the othbr half of the original exemption has also applied for subdivision exemption. This exemption request is titled Eubank Subdivision Exemption. • • MEMORANDUM TO: Ron Stock, City Attorney WKm Reents, City Housing Director City Engineering FROM: Richard Grice, Planning Office RE: Molny Subdivision Exemption DATE: September 10, 1979 Attached please find application for subdivision exemption for a duplex located at 1020 East Hyman. This item is scheduled to come before the Aspen Planning and Zoning Commission on Tuesday, November 20, 1979. Therefore, may I please have your written comments concerning this application no later than Monday, November 12, 1979. Thank you. GARFIELD & HECHT ATTORNEYS AT L AW VIOTORLIN SQUARE DUILDINO 001 EAST HYMAN AVENUE ASPEN, COLORADO 81()U RONALD GARFIELD ANDREW V. HEOHT ASHLEY ANDERSON August 27, 1979 CHRISTOPHER N. SOMMER CRAIO N. BLOCH.WICK LYNN C. ALSON Planning and Zoning Commission Aspen City Hall 130 S. Galena Street Aspen, Colorado 81611 Dear Members: TEx,EPxoxn (303) 025-1930 This is an application by Robin Molny pursuant to Section 20-19 of the Aspen City Code as amended, for an exemption from the definition of the term subdivision for the condominiumization of his duplex located at 1020 E. Hyman Avenue. The applicant submits that since this is merely a sub- division of an existing duplex, to require that the applicant proceed through the entire subdivision procedure would deprive the applicant of the reasonable use of his land. Furthermore, the applicant submits that exemption is necessary for the preservation and enjoyment of his substantial property right. Finally, the applicant submits since, as stated above, this is merely a subdividing of an existing structure, there will be absolutely no increase in density as a result of the granting of this exemption and therefore the granting of the exemption will not be detrimental to the public welfare or injurious to other property in the area. The duplex contains a total of approximately 2783 square feet. The applicant presently resides in one half of the duplex and has done so for the past five years, that half contains approximately 1861 square feet. It is his present intention to continue residing there. In addition to his residence the applicant also has his office within that 1861 square feet. The other half, containing approximately 922 square feet is presently being rented for $550.00 plus utilities or.60 cents per square foot. Since October 1, 1978, the unit has been rented to Jennifer Huber who lives in Santa Fe, New Mexico. She rents the unit merely to assure that she will have accomo- dations when she vacations in Aspen. She spends less than one month annually in the unit. The applicant anticipates that August 27, 1979 Page Two • • Ms. Huber will renew her lease year. The rent during the next $625.00 or .68cents per square being in a position to present hearing before:P&Z. for at least an additional one year will be approximately foot. The applicant anticipates evidence of that renewal at the Prior to October 1978 the unit was rented for 16 months to Jay Lussan, president of Company 3. The rent during that time period was also $550.00 or .60 cents per square foot. Prior to Lussan, Jean Ingham of Ingham, Dickerson, Weaver rented the unit for six months at $600.00 or .65cents per square foot. And finally prior to Ingham, Steve Martin, the comedian, rented the unit for 18 months at $450.00 or.49 cents per square foot. The applicant submits that the granting of this application will in no way reduce the supply of low and moderate income housing. In response to the criteria set forth in Section 20-22(c) 1 through 6 the applicant states as follows: 1. As stated above, it is anticipated that the present tenant will renew her lease for at least an additional one year. Additionally, this tenant can in no way be considered an employee but rather is a tourist from Santa Fe, New Mexico. 2. The applicant hereby states and will again reiterate at the hearing before P&Z that no tenants have been required to move involuntarily within the past 18 months. 3. The applicant has no present intention whatsoever to sell his unit. Therefore, he has not had the unit appraised in order to establish his sale price and, in fact, is not in a position to even approximate such price. 4. As stated above, the renewed lease with Jennifer Huber will be at $625.00 per month. The applicant has no objection to this approval being conditioned on any subsequent increases in rent being regulated by the percentage increase now allowed under the current guidelines for low, moderate and middle income housing. 5. The applicant is also willing to condition this approval on giving tenants who do not exercise their right of first refusal at least 180 days to relocate. 6. Again the applicant has no intention to sell his unit and there is no prospective purchaser at this time. August 27, 1979 • • Page Three As is detailed above, the rental unit has been consistently rented for prices in excess of the current guidelines for low, moderate and middle income housing as determined by the council for additional points within the terms of the Growth Management Plan. Furthermore, it has never been rented to what is tradi- tionally considered employees. Jean Ingham and Jay Lussan were when they rented the unit and are presently successful professionals and Steve Martin, of course, is an eminently successful comedian. Perhaps the most persuasive demonstration of the fact that the supply of employee housing will not be reduced is the simple fact that for the past year the unit has been, and in all likelihood for at least the next year will be rented to a tourist from Santa Fe, New Mexico. The applicant submits that all requirements have been met by this application and respectfully requests your approval. Sincerely, GARFIELD & HECHT Ashley Anderson AA:d Encl. Improvement Survey (four copies) Title Policy Check for $20.00 '1',� ��5/�` �. �.1�:.-t .Fpc�.J�*-i..� �a�'v�w�:.� ,^..:�^�..�ti.V. �..7 ^_v ^�+^��.�,. ..�.a9�.�.'+*^ ^may �.•.7,• �•_ti��•.vr..�.:�_,�.�v �^��+ r�-•. POLICY OF TITLE INSURANCE ISSUED BY r t)f.. t} } ;�•. .� GUARANTY COMPANY VT. N a`i -• L �F SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTi3ONS CONTAINED IN SCHEDULE 8 AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS H&e{ EOF, STEWART TITLE GUARANTY {: � . r COMPANY, a Texas corporation, herein called the Company, insures, is of of Policy shown in Schedule A, against ♦- .:t} �,ta loss or damage; not exceeding the amount of insurance stated in Schedule A, a costs, attorneys' fees and expanses .,t � I which the Company may become obligated to pay hereunder, sustained or incurred"'by the insured by reason of: =x 1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein; E` # 2. Any defect in or lien or encumbrance on such title, - 3. Lack -of a right of access to and from the land; 4. Unmarketability of such title; 4 =i+ 5. The invalidity or unenforceability of the lien of the insured'Fnortgage upon said estate or interest except to the extent that such invalidity or unenforceability; or claim thereof, arises out of the transaction evidenced by they insured Mortgage and is based upon a: usury, or b.. any consumer credit protection or trut in ding law 6. The priority of any lien or encumbrance over lien of the insured mortgage; "7 7. Any statutory lien for labor or material which now has gained or hereafter may gain priority over the lien of the N z insured mortgage, exceptany such lien arising from an improvement on the land contracted for and commenced 1' subsequent to Date of Policy not financed in whole or in part by proceeds of the indebtedness secured by the s Y aJ Y4 insured mortgage which at kate gf Policy the insured has advanced or is obligated to advance; or K. 8. The invalidity or unenforceab •t ,of any assignment, shown in Schedule A, of the insured mortgage or the failure `1�+n of said assignment to vest title to the insured mortgage in the named insured assignee free and clear of all liens. In witness whereof, Stewart Title Guaranty Company has caused this policy to be signed and sealed by its duly g><' authorized officers as of Date of Policy shown in Schedule A. y-J i GUARANTY Cp?fP.\\Y .j a i:f•;r} Countersigned:�•• .�• •?'7 ,�'' �• 1908 :o"i Chairman of the Board •1. � r -+ •TEXAS +r'�a�r �%A t '_v '. Authorized Countersigna, re President —` ��•+,.tj' v o Policy Serial No. NI yi>—"�.�. ,�.�},_,�� 002 ALTA LOAN PULll.r • SCHEDULE A • Order No.: 77$2 Date of Policy: March 16, 1973 at 8 00 A i. Policy No.. 1-: 497117 Amount of Insurance: $ 25,000.00 Loan No.: 1. Name of Insured F3:?ST PjXTIC'i.AL BANK rl ASPEN A*�D%OR ASSIGNS 2. The estate or interest in the landfee describedin this Schedule and which is encumbered by the insured mortgage is: 3. The estate or interest referred to herein is at Date of Policy vested in: ROBIN 110UNY 4. The mortgage, herein referred to as the insured mortgage, and the assignments thereof, if any, are described as follows: o the PublicTrusteePitkin County for Deed of Trust from Robin MOIny t the use of First Nat-lonal panic in Aspen to secure $50.00 dated Febxnary 21, 1973, recorded February 28, 1978 is Eojl1344 at page32\ r� 5. The land referred to in this policy is in the State of Colorado County of Pitkin , and is described as follows: Oo22 (see pa3e 2—A) Page 2 S rr till NVA �e'Ji� �;i� Y �� . �: ^ GUARANTY COMPANY COP 1"VZ 155T,i z; Oi i 11CZ _ .r-�.., -..-.. ....�uus-•era!-+rva+: vn;-'^'3�' . _ .. .,..._��. -- e.v-tam w�.r•tir�JeYNtiAfl�f^.'+.^_.4.r".✓t/.�S'!.�:lY'�: �y�b•.y,;.-.ter^.-...�_.- . . M.r:•�-. a't'M'f.ir,.T"",Y.i f.. w.._M. A.[r..K.airff� �c� .rA-+U.¢�+a .w vw...�.+_. .. .._-...-.��..-......-. �....... _. _.. _�� __,. —..- -.. �.- y, -.- .1-KI :71].[.xt a ty3-ft C,-f A pexeal (>f -7--cad bAing iy•i*zt of Lots V. end S, 3lnee 33, r_n,st Aspen Aidition an-4 part of Lots 6 and 7, Mock 5, :ttv7e"I" addition, mid pa2cal is Cora fnIly CI--scrlb-A as fol20VPS: ?,eginnI g at a point (being thss Soathw.-qt cornL-r of said Lot a) ; thence North 14'50'49" Zaat 49.541 feet along Ova T'esterly Iine of said Lot ;t; thence So"th 7.5"Q9'II" Fast 60_00 feet; thence Soath 63'49'08" Fast 73.0 feet to the center Zii-re of the ring Faix Ri er; trAnca South 3015'57" East 38.20 f.-et along the centim 24-ne of the Zoariax work Riven; thenem Zd rth 73 'II" Test 146.64 greet aloe the So"eherly lilm of said Lola 7, 6, S and R to t"Ne point of bent3aa;ing. iogethftr With easevwmt fay in-greas- and over aah across the Easterly 14 feet of Lart Q„ Mack 33, East Ampeu Addition, City of Aspen. cc"Wty of fitki , State of C-610rada_, Page 2-A r,` i�,'17a' 1 l rJ• 'i` T ri` Y .I i:. r4or 1murrs ;xj sinst loss or c1. mi(je by reason of thr lollowing. 1. Rights or clairns of parties in possession not shown by the public records. 2. Easements, or claims or easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor, or material theretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Taxea for the year 1977 and thereafter, and ar?y special asse3s-ment or c1larges not yet certified to the office of the County Treasurer. 6.7-Che right of the proprietor of a vein or lode to extract and remove his ore therefromn, snotlld the sane be found to penetrate or intersect the pr"ises and ri^ht of way for ditches or canals caaatructed by the authority, of the United States as reserv--A in United States Patent record ti October 21, 1955 In Book 130 at page 454_ 1, 7.The right of the proprietor of a vein or lode to ext_-actN\r_d re -rove his ore there from,should the same be fovr4 to penetrate or interse t the premises, as reserved in United States patent of -- _c.d and any vein lode of quartz or otlzex rock in place beari� gold, siiv_ inrabar, lead, tin, cooper or otf+er valuable deposit clainec? or kroun to Nsi t on :Earth 23, 1335, as reno_rvleci. by Patent recorded June 17, 1949 in B4olk 175 t page 2146. 1 v°.Conditions as ,et forth in :'- recorded Aari1 17 19 74 it Took ''4fi name y / 2 a t . .7 193 which state selbstantiallT s ollows: .Cp'�ceep, uxzinter. and snwv rem, shall be the joint and nutual responsibility of t-he parties -eta, their heir.4, _xecutors, adninia—tratorn and assigna. Such easement she be accessible and oven at all times. (Affects said ease*ent across Lot Q) . 5.10 foot easement to t... City of .'aspen as set forth in Grant of Trail Easersent recorded April 22, 1974 in Book 236 at page 394. 1O.•'1ny tax, assessment, fees or cliarF es by reason of the inclusion of subject property in As* -:a Valley Fosairal Pi-itr{ct, Ammer. Sanitation District, Aspen Street Improve-:e:zt District. Aspen Fire -Protection District and The City of Aspen. 1J.Pead oc Trust frogs Robin Noln7 to the Public Trustee of Pit'.in County, for the use of First t-estern Mort-ave Corporation of Teas to secure $75,000.00 dated !arch 12, 1975 and recorded ;arrh 13. 1975 in Fook 297 at pave 64. (continued on page 3-A) Exceptions Numbered are hereby omitted. Page S, T I ,N .A.IZ..i. •171T.LE 11623 GUARANTY COMPANY Attached to and bade ;i Pilo Stewart Title Guaranty Company F' IR No. 4 497117 Continuation of Schedule p.?�rE: tssi. t of ahoy Deed of T-rusrt to Fort i'nrth Mortgage Corpoyatiau recorde-d "-Taxch 13, 1975 in ?bok 297 at ?age 71_ �ioiL: As3ivwent of aooprr_ Deed of Trnst to Th.e Glandorf German 1)n.32.ding wr_d loans Cowpany record-ed June 6, 1975 in Eooic 299 at page 521. 0 Q Page 3—A S rl• l , a r-.4,.,, 1> rr I rr x, C. 17.k 11,%N 1'Y l'U?I['A NY 4. NOTICE OF LOSS— LIMITATION OF ACTION . In addition to the notices required under paragraph 3101 of m,. Conditions and Stipulations, a statement in writing of any toss or damage for which it is claimed the Company is liable under this policy shall be furnished to the Company within 90 days after such loss or damage shall have been determined and no right of action shall accrue to an insured claimant until 30 days after such statement shall have been furnished. Failure to furnish such statement of loss or damage shall terminate any liability of the Company under this policy as to such loss or damage. 5. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS The Company shall have the option to pay or otherwise settle for or In the name of an insured clamant any clam insured against or to terminate all liability and obligations of the Company herw,lnder by paying or tendering payment of the amount of insurance and-r this policy together with any costs, attorneys' fears and expenses incurred up to the time of such payment or tender of payment by the utsur«d claimant and authorized by the Company In case lou or darnac a .s claimed under this policy by an insured, the Company shall have the further option to purchase such indebtedness for the amount ow-9 thereon together with all costs, attorney's fees and expanses which the Company is obligated hereunder to pay. If the Company offers to purchase said indebtedness as herein provided, the owner of such indebtedness shall transfer and assign said indebtedness and the mortgage and any collateral securing the same to the Company upon payment therefor as herein provided. 6. DETERMINATION AND PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no case exceed the least of: Ii) the actual loss of the insured claimant; or (ii) the amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in paragraph 2(a) hereof; or (iii) the amount of the indebtedness secured by the insured mortgage as determined under paragraph 8 hereof, at the time the loss or damage insured against hereunder occurs, together with interest thereon; or (b) The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon an insured in litigation carried on by the Company for such insured, and all costs, attorneys fees and expenses in litigation carried on by such insured with the written authorization of the Company. (c) When liability has been definitely fixed in accorance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. LIMITATION OF LIABILITY No claim shall arise or be maintainable under this policy Ia) if the Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or otherwise, removes such defect, lien or encumbrance or establishes the title, or the lien of the insured mortgage, as insured, within a reasonable time after receipt of such notice; (b) in the event of litigation until there has barn a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title or to the lien of the insured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily assumed by an insured in settling any claim or suit without prior written consent of the Company. 8, REDUCTION OF LIABILITY la) All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto; provided, however, such payments, prior to the acquisition of title to said estate or interest as provided in paragraph 2(a) of these Conditions and Stipulations, shall not reduce pro tanto the amount of the insurance afforded hereunder except to the extent that such payments reduce the amount of the indebtedness secured by the insured mortgage. Payment in full by any person or voluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company except as provided in paragraph 2(a) hereof. tut t h. of Ili. Company shall not be ncreasxd by add. novel principal mdebudnrss created subsequent to Date of Policy, except as to amounts advanced to protect the lien of the insured mortgage arid secured thereby. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed. In which case proof -of such loss or destruction shall be furnished to the satisfaction of the Company. 9. ' LIABILITY NONCUMULATIVE If the insured acquires title to the estate or interest in satisfaction of the indebtedness secured by the insured mortgage, or any part thereof, it is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage hereafter executed by an insured which is a charge or lien on the estate or interest describ-d or referred to .n Schedule A, and the amount so paid shall be deemed a payment under this policy. 10. SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the. Company shall have settled a claim under this policy, all right of sutsrogation shall vest in the Company unaffected by any act of the u,surrd claimant, except that the owner of the indebtedness secured by the insured mortgage may release or substitute the personal liability of any debtor or guarantor, or ex tend or otherwise modify the terms of payment, or release a portion of the estate or interest from the hen of the insured mortgage, or release any collateral security for the indebtedness, provided such act occurs prior to receipt by the Insured of notice of any claim of title or interest adverse to the title to the estate or interest or the priority of the lien of the Insured mortgage and does not result in any toss of priority of the lien of the insured mortgage. The Company shall be subrogated to and be entitled to all rights and remedies which such insured claimant would have had against any person or property in respect to such claim had this policy not been issued, and if requested by the Company, such insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subrogation and shall permit the Company to use the name of such insured claimant in any transaction or litigation involving such rights or remedies. If the payment does not cover the toss of such insured claimant, the Company shall be subrogated to such rights and remedies in the proportion which sa;¢ payment bears to the amount of said loss, but such subrogation shall be in subordination to the insured mortgage. If loss of priority should result from any act of such insured claimant, such act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against hereunder which sh3i1 exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation. 11. LIABILITY LIMITED TO THIS POLICY This instrument together with all endorsements and other instruments, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the lien of the insured mortgage or of the title to the estate or interest covered hereby or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. No amendment of or endorsement to this policy can be made except by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 12. NOTICES. WHERE SENT All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P. O. Box 2029, Houston, Texas 77001. and identify this policy by its printed POLICY SERIAL NUMBER which appears on the bottom of the front of the first page of this policy. The use of AIR MAIL for these notices and statements will expedite and aid proper handling of claims hereunder. 13. The premium specified in Schedule A is the entire charge for acceptance of risk. It includes charges for title search and examination if same is customary or required to be shown in the state in which the policy is issued. Valid Only If Schedules A and B Are Attached. ri` _�`� -, �` r1` T i rl` L OcrAttANTY COMPANY A Reception %E231044't, Recorded at 11:58AM Febr 23, 1981 Loretta Banner, Rec*r MOLNY - EUBANK SUBDIVISION EXCEPTION AGRFEMENT 4 E� TL � .i THIS AGREEMENT, entered into and made this day of 1980, by and between ROBIN MOLNY and DALE EUBANK (hereinafter referred to as "subdivider") and THE CITY OF ASPEN, COLORADO, a Municipal corporation (hereinafter referred to as "City"). W I T N E S S E T H WHEREAS, Subdivider is an owner of two duplex buildings situate on a tract of land situate in the City of Aspen, Pitkin County, Colorado, more particularly described as Lots R & S, Block 33, Aspen Addition and part of Lots 6 and 7, Block 5 Riverside Addition. WHEREAS, Subdivider has submitted to City for approval, execution and recording a final subdivision plat of the above -described property, such subdivision to be known and designated as "Molny/Eubank Subdivision" and WHEREAS, the City has fully considered such subdivision plat, the proposed condominiumization of the improvements of the property shown thereon, and is willing to approve., execute and accept the plat for recordation upon the agreement of- divider to the matters hereinafter described, which matters are deemed essary to protect, promote and enhance the public welfare, and WHEREAS, Subdivider and City wish to reduce this agreement to writing, NOW THEREFORE, in consideration of the premises, the mutual covenants herein contained, the parties hereto agree as follows: 1. Any existing tenant shall be given written notice in the event that tenant's unit is offered for sale, which notice shall specify the sales price. Each tenant shall have an exclusive non assignable right for the ninety (90) days following the tenant's receipt of the notice to purchase his/her unit at the price specified in the notice. 2. Each tenant shall have a ninety (90) day exclusive non assignable right of first refusal to purchase his/her unit, which shall commence when a bona fide offer is made by a third person and accepted by the +j , { - s M7 owner and notice of the offer and acceptance and a copy thereof have been delivered to the tenant. In the event his notice of offer and acceptance is delivered to the tenant while the ninety (90) day right set forth in paragraph one (1) above is still in effect, the tenant may purchase the unit for the amount of the initial specified sales price or the amount of the bona fide offer, whichever is less. 3. Each unit of the duplexes shall be restricted to six (6) month minimum leases with no more than two (2) shorter tenancies per year. IN WITNESS WHEREOF, the parties have hereto executed this Agreement as the day and year first above written. AW OBINMOLNY CITY OF ASPEN i C City erk STATE OF COLORADO) ) ss. COUNTY OF PITKIN ) N`ay°r tm T1 A+- �knowledged, subscribed and sworn to before me this day of 1 1980, by ROBIN MOLNY & DALE EUBANK. Witness my hand and official seal. My commission expires: �/ Q� %qtary Public