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HomeMy WebLinkAboutcoa.lu.ec.925 E Durant Ave.1987 21A-87EK v[ttu) t r,5u W0151 ak) =21 A k� ( CIkan a 131-1 qd Ol-oaS 1 �E CASELOAD SUMMARY SHEET City of Aspen DATE RECEIVED S DATE COMPLETE: PROJECT NAME: -- Project Address: APPLICANT: Applicant REPRESENTATIVE: (ntA ri i, I Representative Address/Phone TYPE OF APPLICATION: PARCEL ID AND CASE NO. i STAFF MEMBER: �1 r HVIN r��.,KUM4 PAID: YES NO AMOUNT: d 1 STEP LOCATION - A ���� ' C �{ r` -i'J C. Cr P&Z MEETING DATE: DATE REFERRED- 2 STEP APPLICATION: CC MEETING DATE: n Rio , J P DATE REFERRED:'0� PUBLIC HEARING: YES NO INITIALS: PUBLIC HEARING: YES ONO INITIALS: REFE LS: City Attorney Mtn. Bell School District City Engineer Parks Dept. Rocky Mtn Nat Gas Housing Dir. Holy Cross State Hwy Dept(GW) Aspen Water Fire Marshall State Hwy Dept(GJ) City Electric Fire Chief B1dg:Zon/Inspect Envir. Hlth. Roaring Fork Roaring Fork Aspen Consol. Transit Energy Center S.D. Other FINAL UTING: DATE ROUTED: INITIAL:_ City Atty City Engineer Bldg. Dept. Other- FILE STATUS AND LOCATION: �� • ASPEN/PITRIN PLANNING OFFICE 130 S. Galena Street Aspen, 00 81611 (303) 925-2020 N - ,a , __ �i_ • Dear This is to inform you that the Planning Off ice preliminary review of the captioned application_ that your application IS NOT oompl ete. Additional items required include: has completed its We have determined Disclosure of Ownership (one copy only needed) Adjacent Property Owners List/Envelopes/Postage (one copy) Additional copies of entire application Authorization by owner for representative to submit applica- tion Response to list of items (attached/below) demonstrating compliance with the applicable policies and regulations of the Code, or other specific materials A check in the amount of $ A. Your application is complete and we h e s ed ed it for review by the o n We will call you if we need any additional inform ion prior to that date. Several days prior to your hearing, we will call and make available a copy of the memorandum.. Please note that it IS NOT your responsibility to post your property with a sign, which we can provide you for a $3.00 fee. B. Your application is incomplete, we have not scheduled it review at this time. When we receive the materials we have requested, we will place you on the next available agenda. If you have any questions, please call the planner assigned to your case. Sincerely, ASPEN/PITRIN PLANNING OFFICE , FINAL DISPOSITION FOR 925 HYMAN SUBDIVISION EXCEPTION Planner- Glenn Horn On August 10, 1987 the City Council considered and approved a request from Spence Schiffer, on behalf of the Cantrup Estate creditors to vacate the final plat for 925 East Durant. There were no conditions imposed by the City Council, however, the Council directed the City Attorney to file a notice of the plat vacation. MEMORANDUM TO: Aspen City Council FROM: Glenn Horn, Assistant Planning Director THRU: Robert Anderson, City Manager RE: 925 East Durant Subdivision Exception - Plat Vacation DATE: August 4, 1987 Summary and Recommendation Spence Schiffer as Trustee for the unsecured creditors of the Cantrup Bankruptcy Estate has submitted an application to vacate a final plat for 925 East Durant, a 12 unit employee housing proposal. The Planning Office recommend approval of the applica- nts request. Background Location - 925 East Durant Street as depicted on attachment 1. Property Description - Lots F,G,H,I, Block 119 City of Aspen also known as lot 1 925 East Durant. The lot contains approximately 12,000 square feet and is presently vacant. Applicant - Spence schiffer, Trustee for the Unsecured creditors of the Cantrup Bankruptcy Estate Referral Comments Engineering Department - The Engineering Department has no comments (see attachment 2). City Attorney - The City Attorney commented that the granting of the application will inure to the benefit of the creditors of the Cantrup bankruptcy estate (see attachment 3) . Issues and Concerns In April of 1982 Hans B. cantrup recorded an approved plat for the proposed employee housing project known as 925 East Durant. The 925 East durant project was the employee companion to the free market project known as 500 South Galena. Both projects were abandoned and the 925 East Durant project was formally terminated in a letter from Wayne Chapman, City Manager, dated February 13, 1983 (see attachment 4). As part of the Cantrup Bankruptcy reorganization the title to the 925 East Durant property was conveyed to Spence Schiffer to be held in trust for the Estate creditors. Schiffer has executed a contract to sell the property on behalf of the creditors, but is required to vacate the plat as a condition of the sale. Recommendation The Planning Office recommends that the City Council approve a subdivision exception for the purposes of vacating the previously approved plat for 925 East Durant and direct the City Attorney to prepare and record a Notice of Vacation of the Plat. If you concur with our recommendation the appropriate motion is. "I move to vacate the Final Plat for 925 East Durant signed by the Mayor Pro-tem on April 7, 1983 and direct the City Attorney to prepare and record a notice of the Final Plat vacation." City Manager's Comments 925/gh • • Attachment 1 Er y ELEC. 0 2 J W W J U 111 InI 35 Ian 34 E. COOpER- AVE J Q \ Z Z W J e 0✓RANT AvE ° n � W 3 � wATER5 AvE. ? � 1 zo 4 - VICINITY MAP TRACE[) FROM ANNEXATIONS MAP ASPEN , COLO.- SCALE I" = 400' • Attachment 2 • MEMORANDUM To: Glenn Horn, Planning Office From: Chuck Roth, Assistant City Engineer C Date: August 3, 1987 Re: 925 E. Durant Subdivision Exception Having reviewed the above referenced application, the Engineering Department has the following comments: 1. Since the application is for the vacation of a previously approved plat, the Engineering Department has no comments. cc: Jay Hammond, Director of Public Works CR/cr/caseload.9 • Attachment 3 • CITY,.'::0F`,-`A"SPEN 130 south ` galena'�s�#reet aspen, colorado:81611 303-925 -2020 MEMORANDUM DATE: July 22, 1987 TO: Glenn Horn, Planning Office FROM: City Attorney RE: 925 East Durant Subdivision Exception 4' JUL ?3 f '44 We have no comments at this time, except to observe that the granting of the application will inure to the benefit of the creditors of the Cantrup bankruptcy estate. PJT/mc i r Attachment 4 J; CITY OF ASPEN 44U,.�:�7� 130 south galens street aspen, colorado 81611 t. _Y 303-925-2020 A4 February 18, 1983 rJ 4w- CO. BBC Investments F C3 C/o Hans B. Cantrup a* P.O. Box 388 Aspen, CoAlocaju 81612 w ;CL LAJ Re: 925 E. Durant/700 S. Galena Joint Project Dear Mr. Cantrup: The above -referenced project is subject to the general provisions of the Aspen Municipal Code, the conditions on the project arisi, from the City's land -use approval and building permit process an a number of documents memorializing those processes. Those docu ments include a Growth Management Plan (GMP) Allotment Extension' Agreement found at Book 425 Page 231 of the records of Pitkin County, Colorado; a Subdivision Agreement (925 E. Durant) found at Book 425 Page 234 of the records of Pitkin County, Colorado; a i- Subdivision Acireement (700 S. Galena) found at Book 425 Page 721 of the records of Pitkin County, Colorado; and a Subdivision P1 found in Plat Book 13 Page 33 of the records of Pitkin County, Colorado. The legal description of the land involved in the 925 E. _4 Durane portion of the 'oint project is: Lots F, G, H and I, Block 119, City of Aspen, j. County of Pitkin, State of Colorado. The legal description of the land involved In the 700 S. Galena portion of the joint project tat Ria Lot 16 and Parcel B, Block 2, 71 Anthony Acres Subdivision, City of Aspen, County of Pitkin, State of Colorado. 0 4c� 776 Letter to HBC Investments rebruAry 18, 1983 Page Two This letter constitutes notice as follower 1. City of Aspen Build:ng Permit No. 5031 has expired by the passage o.` time and the failure of the permit holder to comply with, inter alia, Section 1-141, Aspen Municipal enAej as amended and relevant sect,ons of the Uniform Building Code, as adopted by the Aspen Municipal Code; 2. The GMP Allotment for both portlnnn of rr,e joint prc.jeCt has expired by the pas.;age of time and the failure of the allotment holder to comply w,th, inter alia, the GMP Allotment Extension Agreement above -referred tot 3. The.Subdivider in the Subdivision Agreement for the 700 S. Galena portion of the joint project is in material breach of that Agreement by the passage of time and Subdivider's failure to com- ply with, inter alia, the provisions of Paragraph 1 of the Subdi- vision Agreement —sound at Book 425 Page 721 of the records Of Pit kin County, Colorado. Pursuant to your obligations pursuant to the above -referenced GMP Allotment Extension Aq'rcement, the relevant provisions of the above- referenced Subdivision Aqreements and the relevant provi- sions of the Aspen Municipal Code and Uniform Building Code, you are further advised to return both of the joint project building sites to grade and return them to a safe and lawful condition. This Notice will he filed for record in tho office of the Pitkin County Clerk and Recorder. Very truly yours, A ' L( l/C �c L Wayne Chapman Cit nager W / c Peul J. dd�ne, City Attorney Sunny Vann, Planning office Patsy Newbury, Building Department Dan McArthur, Engineerinq Department Spencer P. Schiffer, Esq., Attorney for HBC Investments Members of Cit" Council APPLICATION TO VACATE SUBDIVISION PLAT DATED JULY 7, 1987 APPLICANT: Spencer F. Schiffer as Trustee for the Unsecured Creditors of Cantrup Bankruptcy Estate OWNER: Same (See Title Commitment attached hereto as Exhibit "A") PROPERTY DESCRIPTION: Lots F. G. H and T; Block 119, City and Townsite of Aspen, also known as Lot 1, 925 East Durant Subdivision (Street Address: 925 East Durant Avenue, Aspen, Colorado. Vacant lot of approximately 12,000 square feet. PURPOSE OF APPLICATION: To Vacate the Subdivision Plat Recorded on April 16, 1982 in Plat Book 13 at Page 29, Reception No. 240685 REASON: The Plat was prepared, approved, and recorded for "a proposed 12 unit condominium situated on Lots F, G, H and I in Block 119, City and Townsite of Aspen, Colorado ..." by Hans B. Cantrup, then owner. (See Plat) It was apparently prepared and recorded in order to meet certain deadlines imposed by the Municipal Code; however, since it was prepared and filed in connection with the condominium- ization of a project which was abandoned and for which all of the approvals were termi- nated, it is a nullity and should be vacated. BACKGROUND: As part of the confirmed Plan of Reorganiza- tion for the Cantrup Bankruptcy Estate title to the subject property was conveyed to Spencer F. Schiffer to be held in trust for the benefit of the unsecured creditors. Schiffer was authorized to sell the property and has, in fact, executed a contract on behalf of the unsecured creditors which requires as a condition to purchaser's obligation to perform, the vacation of the Plat. The Plat appears as an exception to title in Schedule B of the title commitment attached hereto as Exhibit "A". The Plat had been approved for the condo- miniumization of 12 low income studio units • which were the employee housing portion of a companion Cantrup free market project known as 500 South Galena. The construction of the 12 unit project was to be followed by an addi- tional 12 units following the approval of a Residential Bonus Overlay. Although the Plat was approved and recorded in April, 1972, the project was abandoned and the approvals were formally terminated by letter from the City Manager dated February 18, 1983, a copy of which is attached hereto as Exhibit nBn The Applicant respectfully requests that the city Council adopt a resolution confirming termination of the approvals and directing that the City Attorney prepare and record a Notice of Vacation of the Plat. Dated: July 7, 1987 SFS1A/53 Respectfully submitted, Spencer F. Schiffer as Trustee for the Unsecured Creditors of the Cantrup Bankruptcy Estate -2- vr vii 1 IVIL.6V 1 . )(�.• Nwd+. 6 hv'p a loiv 11..rnwr r- •. lY \f•Y- MI'1r nI YR 1) r�o{+��1f hOr lawyers Title Insurance Corporation National Headquarters Richmond, Virginia COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1 Effective Date : April 14, 1987 at 8:00 A.M. 2 Policy or policies to be issued (a) I8 ALTA Owner's Policy —Form B -1970 (Rev. 10.17-70 6 Rev. 10.17-B4) O ALTA Residential Title Insurance Policy-1979 Proposed insured: TO BE DETERMINED (b) ALTA Loan Policy. 1970 (Rev. 1007-70 b Rev. 10-17-84) Proposed insured. (c) Proposed insured Case No PCT-446-87 Amount i TO BE DETERMINED Amount Amount i 3. Title to the fee simple estate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: SPENCER SCHIFFER, in trust for the Unsecured Creditors of said Cantrup Estate 4. The land referred to in this Commitment is described as follows LOTS F, G, H, and 1, BLOCK 119, CITY AND TOWNSITE OF ASPEN COUNTY OF PITKIN, STATE OF COLORADO. Pltkln County Title, Inc. 6`0,,1 E. Hopkins (303)925-1766 Countersigned at, ASPen, Colorado 81611 EXHIBIT A Commitment No BE-225380 Schedule A —Page 1 Authorized t�iC�r Fprrr. No 91-96 (SCH A! off 035 1-066 0001 i4 o Agent ORIGIr;C.L This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached Lawyers Title Insurance Cgrporation National Headquartart Richmond, Virginia SCHEDULE B—Section 1 Requirements The following are the requirements to be complied with Item (a) Payment to or fw the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to -wit 1. Deed from Spencer Schiffer, in trust for the Unsecured Creditors of said Cantrup Estate vesting fee simple title in parties to be determined. NOTE: The company hereby reserves the right to add additional requirements and/or exceptions as deemed necessary upon naming of the proposes insured. 2. Evidence satisfactory that the Real Estate Transfer Tax as.established by Ordinance No. 20 (series of 1979) has been paid or exempted. 3. Evidence satisfactory that the Right of First Refusal recorded April 3, 1985 in Book 483 at Page 955 has been complied With. This commitment is invalid unless the Insuring Provisions and Sched uses A and B are a:lachecr Fora. Nc 91-8E IE 1) 035 1-DES 0001 14 Schedule B Section 1-Page 1-Commitment No BE- 225380 Oft!t;i.,r:L Title Insurance %,,miration NATIONAL HEADOUARTERS RICHMOND, VIRGINIA SCHEDULE d—Section 2 Exceptions The policy or policies to be issued will contain exceptions to the following unless the some are disposed of to the satisfociion of the Company: 1. Rights or claims of parties in possession not shown by the public records. 2. Eosements, or claims of 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 ore not shown by the public records. A. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, im- posed by law and not shown by the public records. S. Defects, liens, encumbrances, adverse claims or other matters, If any, created, first appearing in the public records or attaching subsequent to the effective dote hereof but prior to the dote the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes due and payable; and any tax, special assessment, charge or lien imposed for water of sewer service, or for any other special taxing district. 7. Reservations and exceptions as contained in the Deed from the City of Aspen providing as follows: that no title shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws and subject to all the conditions, limitations and restrictions contained in Section 2386 of the Revised Statutes of the United States. 8. Those matters as disclosed on the Plat of 925 E. Durant, recorded April 16 ,1982 in Plat Book 13 at Page 29. Exceptions numbered NONE are hereby omitted. The 0r ne"s Policy to be issued, it any, shall contoin the following items in addition to the ones set forth above (1) The Deed of bust, if any, required under S hedule B—Section 1, Item (b). (2� Unpotented min,ng clo-ms; reservations or exceptions in patents or in Acts authorizing issuance thereof; water rights, claims or title to water. Q Any and all unpoid taxes, assessments and unredeemed tax soles. Schedule S—Section 2—Page 1—NoBE-225380 Form 91 -86 V Roc►y W 035 1 -088 -0504 , Lid rs Title Insurance G ation National Headquarters Richmond. Virginia COMMITMENT FOR TITLE INSURANCE LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor, all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall hp Pffnrtivn nnly when the identity of the proposed Insured and th-, amc;unl of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or Policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent IN WITNESS WHEREOF, the Company has caused this Commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws This Commitment is effective as of the date shown in Schedule A as "Effective Dale." i CONDITIONS AND STIPULATIONS _; 1. The term "mortgage," when used herein,rshatl include deed of trust, trust deed, or other security instrument It the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon tothe extent the Company is prejudiced by failure to so disclose such knowledge If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B. or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4 Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment La.w 'S Tithe Iris &rpo,-acion President Attest Secretary h' Is CITY OF ASPEN A14 130 south galena street aspen. Colorado 81611 303- 925 -2020`'- February 18, 1983 N ; .a► BBC investments a,e, 0' C/o Hans B. Cantrup P.O. Box 388 _ SAV' Aspen, Colorado 81612 v s Re: 925 E. Durant/700 S. Galena Joint Project s Dear Mr. Cantrup: "=''�• The above -referenced project is subject to the general provisional of the Aspen Municipal Code, the conditions on the project arising from the City's land -use approval and building permit process and_" a number of documents memorializing those processes. ?hose dkku� vents include a Growth Management Plan (GMP) Allotment Extension) Agreement found at Book 425 Page 231 of the records of Pitkin -4" County, Colorado; a Subdivision Agreement (925 E. Durant) found at Book 425 Page 234 of the records of Pitkin County, Coloradol a P_ Subdivision Agreement (700 S. Galena) found at nook 425 Page 721 of the records of Pitkin County, Colorado; and a Subdivision llatr'_' found in Plat Book 13 Page 33 of the records of Pitkin County, Colorado. The legal description of the land involved in the 925 E. Durant -- portion of the 'oint project is: _-��,� �'' Lots r, G, H and 1, Block 119, City of Aspen,Ans County of Pitkin, State of Colorado The legal description of the land portion of the joint project is: involved in the 700 S. Galena Lot 16 and Parcel B, Block 2,. Anthony Acres Subdivision, k City of Aspen, ;:kt County of Pitkin, State of Colorado. EXHIBIT.B I �4d •-776 Letter to NBC Investments February 18, 1993 Page Two This letter constitutes notice as follows, 1. City of Aspen Building Permit No. 5031 has expired by the ' passage o' time and the failure of the permit holder to comply `' with, inter alia, Section 7-141, Ashen Municipal Cool, as amend ed ' and rele t sect`ons of tote Uniform Building Code, to adopted by,,55 the Aspen Municipal Codes 2. no GMP Allotsent for Loth partiona of the .joint project 74 expired by the pas -'age of time and the failure of the allotment holder to comply with, inter alia, the GMP Allotment extension a Agreement above-referrey to; 3. The ,Subdivider in the Subdivision Agreement for the 700 i. �. Galena portion of the joint project is in material breach of that; Agreement by the passage of time and Stibdivider's failure to oDm- ot cam.-; ply with, inter alia, the provisions of Paragraph 4 of the dubdi-,t}A vision Agreement —round at Book 425 Page 721 of the records of Pit kin County, Colorado.41 Pursuant to your obligations t� Allotment Extension A reement , the rovisireferenced GMP �_; q provisions of the above -referenced Subdivision Aqreements and the relevant provi- sions of the Aspen Municipal Code and Uniform Building Code, �1ov. are further advised to return both of the joint project building sites to grade and return them to a safe and lawful condition. This Notice will he filed for record in thr office of the Pitkin - County Clerk and Recorder. Very truly yours, Mayne . ChapYddtu0;ne, Cit nager M / c : Paul J. City Attorney Sunny Vann, Planning Office Patsy Newbury, Building Department Dan McArthur, Engineering Department Spencer P. Schiffer, Esq., Attorney for NBC Investments Kembers of Cit•• Council APPLICATION TO VACATE SUBDIVISION PLAT APPLICANT: PROPERTY DESCRIPTION: PURPOSE OF APPLICATION: DATED JULY 7. 1987 Spencer F. Schiffer as Trustee for the Unsecured Creditors of Cantrup Bankruptcy Estate Same (See Title Commitment attached hereto as Exhibit "A") Lots F, G, H and I, Block 119, City and Townsite of Aspen, also known as Lot 1, 925 East Durant Subdivision (Street Address: 925 East Durant Avenue, Aspen, Colorado. Vacant lot of approximately 12,000 square feet. To Vacate the Subdivision Plat Recorded on April 16, 1982 in Plat Book 13 at Page 29, Reception No. 240685 REASON: The Plat was prepared, approved, and recorded for "a proposed 12 unit condominium situated on Lots F, G, H and I in Block 119, City and Townsite of Aspen, Colorado ..." by Hans B. Cantrup, then owner. (See Plat) It was apparently prepared and recorded in order to meet certain deadlines imposed by the Municipal Code; however, since it was prepared and filed in connection with the condominium- ization of a project which was abandoned and for which all of the approvals were termi- nated, it is a nullity and should be vacated. BACKGROUND: As part of the confirmed Plan of Reorganiza- tion for the Cantrup Bankruptcy Estate title to the subject property was conveyed to Spencer F. Schiffer to be held in trust for the benefit of the unsecured creditors. Schiffer was authorized to sell the property and has, in fact, executed a contract on behalf of the unsecured creditors which requires as a condition to purchaser's obligation to perform, the vacation of the Plat. The Plat appears as an exception to title in Schedule B of the title commitment attached hereto as Exhibit "A". The Plat had been approved for the condo- miniumization of 12 low income studio units which were the employee housing portion of a companion Cantrup free market project known as 500 South Galena. The construction of the 12 unit project was to be followed by an addi- tional 12 units following the approval of a Residential Bonus Overlay. Although the Plat was approved and recorded in April, 1972, the project was abandoned and the approvals were formally terminated by letter from the City Manager dated February 18, 1983, a copy of which is attached hereto as Exhibit "B". The Applicant respectfully requests that the City Council adopt a resolution confirming termination of the approvals and directing that the City Attorney prepare and record a Notice of Vacation of the Plat. Dated: July 7, 1987 SFS1A/53 Respectful y submitted, Spen e . Schiff r as ustee for h nsecured Credirikors of the Ca rup Bankruptcy Estate -2- • EXHIBIT A RESOLUTION OF THE ASPEN PLANNING AND ZONING COMMISSION GRANTING SPECIAL REVIEW FOR A REDUCTION OF PARKING AND A FLOOR AREA BONUS, A COMMERCIAL GROWTH MANAGEMENT SCORE OF 27.91 POINTS, AND RECOMMENDING A GMQS EXEMPTION TO COUNCIL FOR EMPLOYEE HOUSING MITIGATION FOR THE STAPE LIMITED LIABILITY COMPANY APPLICATION, 702 WEST MAIN STREET (EAST 10 FEET OF LOT R AND ALL OF LOT S, BLOCK 18) ASPEN, COLORADO. Resolution No. 93- _�J WHEREAS, a duly noticed Public Hearing was held by the Aspen Planning and Zoning Commission (hereinafter "Commission") on December 21, 1993 to consider the GMQS Application submitted by Stape Limited Liability Company (herein the applicant); and WHEREAS, there were two GMQS Applications submitted, Cap's Auto Supply and Stape Limited Liability Company, requesting allocations from the 1993 commercial quota in the Office zone district; and WHEREAS, the applicant requested an allocation of 2,423 square feet of net leasable space to development a new office building; and WHEREAS, the applicant also requested special review for a reduction of on -site parking and an increase in floor area; and WHEREAS, the applicant also proposed to provide two on -site affordable dwelling units to mitigate employee generation impacts of the new development; and WHEREAS, pursuant to Section 24-7-404 B., the Commission approved four on -site parking spaces with a payment -in -lieu ($15,000 per space) for five parking spaces that will not be provided on -site; and WHEREAS, pursuant to Section 24-7-404 A., the Commission approved the floor area bonus for an increase from .75:i to .86:1; and WHEREAS, the Commission accepted the Planning Office recommended score of 27.91 points and found that the project exceeded the minimum score thresholds of Section 24-8-106 F.; and WHEREAS, the Commission recommends to City Council a GMQS Exemption approval for the development of two fully deed restricted dwelling units, one one -bedroom category 2 unit and one three -bedroom category 3 unit. NOW, THEREFORE BE IT FINALLY RESOLVED by the Commission that it approves special review for parking and a floor area bonus as represented by the applicant with the following conditions: 1. Prior to the issuance of any building permits the applicant shall make a one-time payment to the Building Department for transfer to the City Finance Department for 5 parking spaces ($75,000). 2. Two of the on -site parking spaces shall be signed and reserved for the on -site dwelling units. 3. All material representation made by the applicant in the application and at the public hearing with the Planning and Zoning commission shall be adhered to and considered conditions of approval, unless amended by other conditions. Prior to issuance of any building permits: 4. The applicant shall receive final approval from the HPC. 5. A tree removal permit shall be reviewed before any trees over 6" in caliper are removed or relocated. 6. Trees that are to be preserved on -site shall be protected by fencing at the drip lines and debris and excavation material shall not be stockpiled against the trees. 7. A storm run-off mitigation plan, consistent with the submitted application, shall be submitted for review to the Engineering Department. 8. A curb, gutter and sidewalk plan shall be submitted to the Engineering Department for review and shall include an accessible ramp on the corner, a five foot wide "sidewalk" area on Sixth Street, and a street light on the corner of the alley. 9. Ice and snow shed protection shall be indicated on the final plans. 10. The applicant shall review detailed plans with the Sanitation District and shall contribute $5000, payable to the ACSD, for collection system improvements. 11. A housing mitigation plan for 4.75 employees must be approved by the City Council and appropriate deed restrictions filed. 12. The applicant shall submit an application for electric service providing load information for review by the Electric Department. NOW, THEREFORE BE IT FURTHER RESOLVED by the Commission that it recommends to Council a GMQS Exemption for the development of two on -site affordable dwelling units with the following conditions: 1. The three -bedroom dwelling unit shall be deed restricted to category 3 and be increased to 1,200 square feet of net liveable space to meet the Housing Office minimum size guidelines. .7 2. The one -bedroom, 615 square foot net liveable dwelling unit, shall be deed restricted to category 2 Housing guidelines. 3. Prior to the issuance of any building permits, the applicant shall record the deed restrictions, with a copy to the Housing Office, restricting the two dwelling units to the Housing Office guidelines. APPROVED by the Commission at their regular meeting on December 21, 1993. ATTEST: na*) 0�9� Jan Oarney, Deputy ity Clerk DATE SIGNED• /r ASPEN PLANNING AND ZONING C ISSION Bruce Kerr, Chairperson DATE SIGNED: �D 9 CITY OF ASPEN 130 south galena street aspen, coloraao 81611 k" 303- 92 S -2020 - � Y February 1e, 1983 `S N to LJ ' : CD BBC Investments a,a, C/o Hans B. Cantrup f T � f P.O. Box 368 = s VC V '+ Aspen, Colorado 91612 m C,n W to Re: 925 E. Durant/700 S. Galena Joint Projects, bear Mr. Cantrupt f.. The above -referenced project is subject to the general provisions of the Aspen Municipal Code, the conditions on the project arising_ from the City's land -use approval and building permit process an a number of documents memorializing those processes. Those doeu!`r" ■ents include a Growth Management Plan (GMP) Allotment Extension Agreement found at Book 425 Page 231 of the records of Pitkin 4.. County, Colorado; a Subdivision Agreement (925 E. Durant) found at Book 425 Page 234 of the records of Pitkin County, Coloradol a'`'- Subdivision Agreement (700 S. Galena) found at Book 425 Page 721 of the records of Pitkin County, Colorado; and a Subdivision Plater' found in Plat Book 13 Page 33 of the records of Pitkin County, Colorado. The legal description of the land involved in the 925 ti. DuraA1 portion of the 'oint project is: Lots P, G, H and I, , Block 119, ; 7r City of Aspen,An County of Pitkin, State of Colorado. _- The legal description of the land involved in the 700 S. Galena.4AI portion of the joint project is: Lot 16 and Parcel B,� Block 2, Anthony Acres Subdivision, City of Aspen, County of Pitkin, State of Colorado. 1 EXHIBIT.B 4 • Letter to NBC Investments February 18, 1983 Page Two 440 • .776 •. r � i This letter constitutes notice as follows:;:. 1. City of Aspen Build:ng Permit No. 5031 has expired by the •` "� passage o! time and the failure of the permit holder to comply with, inter alia, Section 7-141, Aspen Municipal Code, as amendedo.' and re. ant sect:ons of the Uniform Building Code, " adopted the Aspen Municipal Code; ' 2. The GMP Allot Bent for Moth Portions of the joint p.o�Oet lia %� J expired by the pas.tage of time and the failure of the allotment-' holder to comply with, inter alia, the GMP Allotment txtenalon .. Agreement above -referred to; 4, 3. The,Subdivider in the Subdivision Agreement for the 700 S. Galena portion of the joint project is in material breach of that Agreement by the passage of time and Subdivider's failure to cm - ply with, inter alia, the provisions of Paragraph 1 of the •ubdi-. 1 vision Agreement -found at Book 425 Page 721 of the records of tit kin County, Colorado. Pursuant to your obligations pursuant to the above -referenced Wit, Allotment Extension Agreement, the relevant provisions of the above -referenced Subdivision Aqreements and the relevant prOvi- VS sions of the Aspen Municipal Code and Uniform Building Code, you,are further advised to return both of the joint project building : J sites to grade and return them to a safe and lawful condition.. This Notice will he filed for record in th., office of the Pitkin .---' County Clerk and Recorder. Very truly yours, Mayne Chapyddune, Cit nager M / e : Paul J. City Attorney Sunny Vann, Planning office Patsy Newbury, Building Department Dan McArthur, Engineerinq Department Spencer P. Schiffer, Esq., Attorney for HDC Investments Members of Cit" Council N .. —Ile ,u ,nry lode 13 S—ce ul Butmess l Date Invrroe Reposed 5 0.10,ry 8 f ndor�, meM Charge 11CounlY Code 14 Comm,ssron Relem,on ,COMMITMENT: 3(:aseNum,,e, 6Charge 91oralRerenue �,?Prow"t,gpe 1 3 4 5 6 � 7 y 10 12 14 0 0 p 8 2 11 13 M M M M Lawyers Title Insurance Corporation National Headquarters Richmond, Virginia COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date : April 14, 1987 at 8:00 A.M. 2 Policy or policies to be issued' (a) )= ALTA Owner's Policy —Form B -1970 (Rev. 10-17-70 & Rev. 10-17-84) C) ALTA Residential Title Insurance Policy-1979 Proposed insured: TO BE DETERMINED (b) ALTA Loan Policy, 1970 (Rev. 10-17-70 & Rev. 10-17-84) Proposed insured: (c) Proposed insured: Case No. PCT-446-87 Amount S TO BE DETERMINED Amount Amount $ 3. Title to the fee simple estate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: SPENCER SCHIFFER, in trust for the Unsecured Creditors of said Cantrup Estate 4. The land referred to in this Commitment is described as follows: LOTS F, G, H, and I, BLOCK 119, CITY AND TOWNSITE OF ASPEN COUNTY OF PITKIN, STATE OF COLORADO. Pitkin County Title, Inc. 601 E. Hopkins (303)925-1766 Countersigned atiAspen Colorado 81611 Authorized Form No 91-88 (SCH A) 035-1-088-0001 /4 Agent EEXHIBIT A OPrIGMIAL Commitment No. BE-225380 Schedule A —Page 1 This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached. • Pi LauryersTifle, Insurance Corporation National Headquarters Richmond, Virginia SCHEDULE B—Section 1 Requirements The following are the requirements to be complied with. Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to -wit 1. Deed from Spencer Schiffer, in trust for the Unsecured Creditors of said Cantrup Estate vesting fee simple title in parties to be determined. NOTE: The company hereby reserves the right to add additional requirements and/or exceptions as deemed necessary upon naming of the proposes insured. 2. Evidence satisfactory that the Real Estate Transfer Tax as,established by Ordinance No. 20 (series of 1979) has been paid or exempted. 3. Evidence satisfactory that the Right of First Refusal recorded April 3, 1985 in Book 483 at Page 955 has been complied with. n- This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached. Form No 91-88 (B- 1) 035-1-088-0001/4 Schedule B-Section 1 -Page 1 -Commitment No. BE-225380 ORIGINAL Let „rs Title Insurance Cotoration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B—Section 2 Exceptions The policy or policies to be issued will contain exceptions to the following unless the same ore disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. 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 heretofore or hereafter furnished, im- posed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes due and payable; and any tax, special assessment, charge or lien imposed for water of sewer service, or for any other special taxing district. 7. Reservations and exceptions as contained in the Deed from the City of Aspen providing as follows: that no title shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws and subject to all the conditions, limitations and restrictions contained in Section 2386 of the Revised Statutes of the United States. 8. Those matters as disclosed on the Plat of 925 E. Durant, recorded April 16 ,1982 in Plat Book 13 at Page 29. Exceptions numbered NONE are hereby omitted. The Owner's Policy to be issued, if any, shall contain the following items in addition to the ones set forth above: (1) The Deed of Trust, if any, required under Schedule B—Section 1, Item (b). (2) Unpotented mining claims; reservations or exceptions in patents or in Acts authorizing issuance thereof; water rights, claims or title to water. (3) Any and all unpaid taxes, assessments and unredeemed fox sales. Schedule B—Section 2—Page 1—NoBE-225380 Form 91 -88 B2 Rocky Mt 035-1-088-0504 latO_ rs Title Insurance Co ration National Headquarters Richmond. Virginia COMMITMENT FOR TITLE INSURANCE LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent. IN WITNESS WHEREOF, the Company has caused this Commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws. This Commitment is effective as of the date shown in Schedule A as "Effective Date." CONDITIONS AND STIPULATIONS 1 . The term "mortgage," when used herein, shall include deed of trust, trust deed, or other security instrument. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or(b)to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. Lawyers Mlle Ins &-poration President Attest: Secretary. �7_ KRABACHER, SCHIFFER, HILL & EDWARDS P.C. ATTORNEYS AT LAW 201 NORTH MILL STREET ASPEN, COLORADO 81611 TELEPHONE (303) 925-6300 TELECOPIER (303)925-1181 B.JOSEPH KRABACHER SPENCER F. SCHIFFER THOMAS C. HILL BARRY D. EDWARDS July 7, 1987 HAND DELIVERED Mr. Alan Richman Planning Director City of Aspen 130 South Galena Street Aspen, Colorado 81611 RE: 925 East Durant Dear Alan: D JU _ 7 1987 i l� OF COUNSEL JON DAVID SEIGLE Enclosed herewith is an Application to Vacate the Plat for the property referenced above together with a check in the amount of $360.00 representing the requisite fee pursuant to our telephone conversation of yesterday. The property is under contract for sale which calls for a closing on July 31, 1987 provided that we first have City Council approval vacating the Plat. I would very much appreciate it if you could schedule this on the next avail- able City Council agenda and please let me know of the date and time. As I mentioned, Paul Taddune feels §20-21 is applicable here. However, I am not sure how to proceed under that section and have therefore not made reference to it in the application. He did agree that it should be a one-step City Council procedure. Thank you very much. Very truly yours, KRABACHER, SC IFFER, HILL & EDWARDS ZP By: S e er F. Schiffer SFS/ljk Enclosure cc: Paul Taddune, Esq. SFS1A/54 r s ASPEN/PITRIN PLANNING OFFICE 130 S. Galena Street Aspen, CO 81611 (303) 925-2020 Date: Spence SC N , —Pe r Z o i NJO `Tk rJ i ( ( STCeeT ksperl, (ca0l--SD Mo/l --T RE: eaf _0,._r"11LtrT_ Dear S Pe► C(2 This is to inform you that the Planning Office- has completed its preliminary review of the captioned application. We have determined that your application IS NOT complete. Additional items required include: Disclosure of Ownership (one copy only needed) Adjacent Property Owners List/Envelopes/Postage (one copy) Additional copies of entire application Authorization by owner for representative to submit applica- tion Response to list of items (attached/below) demonstrating compliance with the applicable policies and regulations of the Code, or other specific materials A check in the amount of $ A. Your application is complete and we have scheduled it for review by the on We will call you if we need any additional information prior to that date. Several days prior to your hearing, we will call and make available a copy of the memorandum. Please note that it IS NOT your responsibility to post your property with a sign, which we can provide you for a $3.00 fee. B. Your application is incomplete, we have not scheduled it review at this time. When we receive the materials we have requested, we will place you on the next available agenda. If you have any questions, please call the planner assigned to your case. Sincerely, ASPEN/PITRIN PLANNING OFFICE \ 4C c-�_ S L, 'S ..\ �D rr) k -r- 7 h r e e- tn0 ce__ C_o p ,% e 5 CD IP o,- r r l is aTt o r•1 • Aspen/Pit 130 s aspel Spence Schiffer 201 N. Mill Street Aspen, CO 81611 i July 14, 1987 11 JUL 15 f��? ing Of f ice treet 81611 RE: 925 E. Durant Subdivision Exception Dear Spence: . .W � 5 `gb, This letter is in regard to your application that was submitted to the Planning Office. To render this application complete, we need three (3) additional copies of the application for referral purposes. Upon receiving the copies, we will place the item on the agenda. If you have any questions, please do not hesitate to call. Sincerely, Nancy Caeti Administrative Assistant NEC: slf 10 • APPLICATION TO VACATE SUBDIVISION PLAT APPLICANT: OWNER: PROPERTY DESCRIPTION: PURPOSE OF APPLICATION: DATED JULY 7. 1987 Spencer F. Schiffer as Trustee for the Unsecured Creditors of Cantrup Bankruptcy Estate Same (See Title Commitment attached hereto as E xhlblt "A") Lots F; G; H and T; R-100k 119; City and Townsite of Aspen, also known as Lot 1, 925 East Durant Subdivision (Street Address: 925 East Durant Avenue, Aspen, Colorado. Vacant lot of approximately 12,000 square feet. To Vacate the Subdivision Plat Recorded on April 16, 1982 in Plat Book 13 at Page 29, Reception No. 240685 REASON: The Plat was prepared, approved, and recorded for "a proposed 12 unit condominium situated on Lots F, G, H and I in Block 119, City and Townsite of Aspen, Colorado ..." by Hans B. Cantrup, then owner. (See Plat) It was apparently prepared and recorded in order to meet certain deadlines imposed by the Municipal Code; however, since it was prepared and filed in connection with the condominium- ization of a project which was abandoned and for which all of the approvals were termi- nated, it is a nullity and should be vacated. BACKGROUND: As part of the confirmed Plan of Reorganiza- tion for the Cantrup Bankruptcy Estate title to the subject property was conveyed to Spencer F. Schiffer to be held in trust for the benefit of the unsecured creditors. Schiffer was authorized to sell the property and has, in fact, executed a contract on behalf of the unsecured creditors which requires as a condition to purchaser's obligation to perform, the vacation of the Plat. The Plat appears as an exception to title in Schedule B of the title commitment attached hereto as Exhibit "A". The Plat had been approved for the condo- miniumization of 12 low income studio units • • which were the employee housing portion of a companion Cantrup free market project known as 500 South Galena. The construction of the 12 unit project was to be followed by an addi- tional 12 units following the approval of a Residential Bonus Overlay. Although the Plat was approved and recorded in April, 1972, the project was abandoned and the approvals were formally terminated by letter from the City Manager dated February 18, 1983, a copy of which is attached hereto as Exhibit "B" •The Applicant respectfully requests that the City Council adopt a resolution confirming termination of the approvals and directing that the City Attorney prepare and record a Notice of Vacation of the Plat. Dated: July 7, 1987 SFS1A/53 Respectfully submitted, Spencer F. Schiffer as Trustee for the Unsecured Creditors of the Cantrup Bankruptcy Estate -2- MEMORANDUM TO: City Attorney City Engineer FROM: Glenn Horn, Planning Office RE: 925 E. Durant Subdivision Exception DATE: July 20, 1987 Attached for your review and comments is an application submitted by Spence Schiffer on behalf of his client Hans Cantrup request- ing Subdivision Exception to vacate the subdivision plat for a proposed 12 unit condominium situated on Lots F,G,H and I, Block 119, City and Townsite of Aspen. Please review this material and send your comments to the Planning Office no later than July 28, 1987 in order for this office to have adequate time to prepare for its presentation before CC. Thank you. .1.VIVillill I�ILIVI. )r..•ti-h., 6r,no. . V. 12 k 1 . " 1 l 1. ,. 1011� A�Kn.I� 11".96-11 AA I -LV .,. ITV. {;1, " 3 4 6 7 r 10 12 14 0 0 0 a 2 11 13 M M M M Lawyers Title Insurance C�rporation National Headquarters Richmond, Virginia COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1 Effective Date: April 14, 1987 at 8:00 A.H. 2 Policy or policies to be issued (a) ALTA Owner's Policy —Form B. 1970(Rev. 10-17.70 6 Rev. 10-17-84) ❑ ALTA Residential Title Insurance Policy-1979 Proposed insured: TO BE DETERMINED (b) ALTA Loan Policy, 1970 (Rev. 10-17.70 b Rev. 10-17-84) Proposed insured. (c) Proposed insured Case No PCT-446-87 Amount t TO BE DETERMINED Amount 6 Amount S 3 Title to the fee simple estate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: SPENCER SCHIFFER, in trust for the Unsecured Creditors of said Cantrup Estate 4 The land referred to in this Commitment is described as follows LOTS F, G, H, and I, BLOCK 119, CITY AND TOWNSITE OF ASPEN COUNTY OF PITKIN, STATE OF COLORADO. Pltkin County Title, Inc. 601 E. Hopkins (303)925-1766 Countersigned at AS en Col0rad0 81611 Authorized llc r o Agent Four Nc 91-86 (SCH AI e35 1-086 0001 /4 ORIGIrtt.L Commitment No BE-225380 Schedule A —Page 1 This commitment is Invalid unless the Insuring Provisions and Sched- ules A and B are attached Le"Yers Title Insurance Orporation National Headquarters Richmond, Virginia SCHEDULE B—Section 1 Requirements The following are the requirements to be complied with Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record. io-wn 1. Deed froth Spencer Schiffer, in trust for the Unsecured Creditors of said Cantrup Estate vesting fee simple title in parties to be determined. NOTE: The company hereby reserves the right to add additional requirements and/or exceptions as deemed necessary upon naming of the proposes insured. 2. Evidence satisfactory that the Real Estate Transfer Tax as. established by Ordinance No. 20 (series of 1979) has been paid or exempted. 3. Evidence satisfactory that the Right of First Refusal recorded April 3, 1985 in Book 483 at Page 955 has been complied with. This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached F0,m Nc 91-86 (B 1) 035 t-0ea 0001 '4 Schedule B-Section 1-Page 1•Commitment No BE-225380 OR!Gt" ;r Lo'%AM Title Insurance (0 ^jration NATIONAL HEADOUARTERS RICHMOND, VIRGINIA SCHEDULE 5-Section 2 Exceptions The policy or policies to be issued will contain exceptions to the following unless the some are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. 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. A. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, im- posed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes due and payable; and any tax, special assessment, charge or lien imposed for water of sewer service, or for any other special taxing district. 7. Reservations and exceptions as contained in the Deed from the City of Aspen providing as follows: that no title shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws and subject to all the conditions, limitations and restrictions contained in Section 2386 of the Revised Statutes of the United States. 8. Those matters as disclosed on the Plat of 925 E. Durant, recorded April 16 ,1982 in Plat Book 13 at Page 29. Exceptions numbered NONE are hereby omitted. The Ov ner's Policy tc be issued, if any, shall contain the following items in addition to the ones set forth above. (1) The Deed of Trvst, if any, required under Schedule B-Section 1, Item (b) (2' Unpotented mining clo-ms, reservot.ons or except,ons in patents or in Acts authorizing issuance thereof; water rights, claims or title to water. f3, Any and all unpaid taxes, assessments and unredeemed tax soles. Schedule B-Section 2-Page 1-NoBE-225380 Fora 91, -B8 82 Rods M; 035 1 -088 0504 1 t j©t rs Title Insurance Cgioation National Headquarters Richmond. Virginia COMMITMENT FOR TITLE INSURANCE LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A. in favor of the proposed Insured named in Schedule A. as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor, all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shalt be effective only when the identity of the proposed Insured and the arno_int of tho ^^r.0or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment Or by subsequent endorsement. Ttris Commitment is prehminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fa ult of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent IN WITNESS WHEREOF, the Company has caused this Commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws This Commitment is effective as of the date shown in Schedule A as "Effective Date." r CONDITIONS AND STIPULATIONS _i 1. The term "mortgage," when used herein, rshall include deed of trust, trust deed, or other security instrument If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon tothe extent the Company is prejudiced by failure to so disclose such knowledge If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve The Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B. or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment La lws Tittle Ins &-Pomtkm N,10-0- President Attest Secretary