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Home My WebLink AboutLand Use Case.229 W Hallam St.HPC12-94, 229 West Hallam HPC12-94 Pinnington Minor Historic Develop fow 4 P- C 1 L - a CASELOAD SUMMARY SHEET City of Aspen Historic Preservation Committee DATE RECEIVED: 05/12/94 CASE NUMBER: HPC12-94 DATE COMPLETE: PARCEL ID#: 2735-124-35-008 - PROJECT NAME: Pinnington Minor Historic Development Project Address: 229 West Hallam APPLICANT: Roger and Ann Pinnington Applicant Address: 46 Willoughby Rd., Hampstead, London England NW3 1RU REPRESENTATIVE: Scott Lindenau, Studio B Architects Representative Address/Phone: 303 1/2 E. Main St. Aspen, CO 81611 920-9428 TYPE OF APPLICATION: 1 STEP: X 2 STEP: 3 STEP: HPO Insubstantial Amendment or Exemption: HPC Meeting Dates: P&Z Meeting Date: CC Meeting Dates: 1st 2nd REFERRALS: Planning Building Zoning City Engineer Parks Dept. City Attorney DATE REFERRED: INITIALS: DUE: FINAL ROUTING: DATE ROUTED: INITIAL: City Atty City Clerks Office Other: FILE STATUS AND LOCATION: COMMENTS: MEMORANDUM TO: Aspen Historic Preservation Committee FROM: Amy Amidon, Historic Preservation Officer RE: 229 W. Hallam Street, Partial Demolition DATE: May 18, 1994 SUMMARY: The applicant requests HPC approval for partial demolition of the historic residence at 229 W. Hallam Street. This structure was built in 1886, and is a simple Victorian with some modifications. The house was remodeled in the 1960's and the apparent modifications were the construction of a two-story addition at the rear of the building, construction of the wrap around porch, and the addition of shutters. The proposed project involves demolition of the 1960's rear addition, alteration of the existing entryway and construction of a new porch, replacing the shed dormers with gabled dormers, altering or removing existing windows, removing an existing chimney, adding new windows, adding new Victorian details and removing the shutters. Please examine the drawings very carefully, to understand all that is entailed in the proposal. Orignally, there were three houses in a row on this block which were identical; 215 W. Hallam (remodeled in 1990), 229 W. Hallam (the one we are reviewing) and one directly west of 229 W. Hallam, which has been demolished. The houses were of the same dimensions, and from photographs of the two that remain, of the exact same style and detail. Attached to this memo are the Sanborne Fire Insurance Map of Block 50 in 1904 and drawings and photo of 215 W. Hallam (the neighboring house) prior to and after remodeling. (Please note that there is a slight discrepancy between the legal descriptions for the houses shown on this map- the houses are centered on each lot- and the true locations- they straddle lot lines. Staff has no explaination for this, but there is no doubt that these are the correct houses.) APPLICANT: Roger and Ann Pinnington, represented by Studio B Architects. LOCATION: 229 W. Hallam Street, the east 23.63 feet of Lot D and 1 the west 13.54 feet of Lot E, Block 50, City and Townsite of Aspen. PROCEDURE FOR REVIEW: No partial demolition of any structure included in the Inventory of Historic Sites and Structures of the City of Aspen, established pursuant to section 7-709, or any t structure within an "H" Historic Overlay District shall be Ir permitted unless the partial demolition is approved by the HPC \ because it meets the applicable standards of Section 7-602(C). The applicant proposes to demolish 24% of the existing residential structure. This fits within the Land Use Code's definition of partial demolition. HPC's role is to determine whether or not the portions of the building proposed for demolition can be sacrificed without compromising the character of the resource. It is not within the Board's power to review the design of the building addition, other than to offer comments. Standards for Review of Partial Demolition 1. Standard: The partial demolition is required for the renovation, restoration or rehabilitation of the structure. Response: The two story rear addition to the historic building was constructed in the 1960's, and staff finds that it does not have historic significance. The applicant has indicated that the interior circulation is awkward, as this addition is accessed through a second story bathroom in the main house. Staff is in support of the demolition of the rear addition Although it is not HPC's role to review the design of the new addition, Staff finds that,in general, the new addition is compatible to the historic structure in mass, scale, roof forms and materials. The addition is certainly not overlay ornate, but it is more high style than the simple vernacular Victorian house. 2. Standard: The applicant has mitigated, to the greatest extent possible: A. Impacts on the historic importance of the structure or structures located on the parcel. Response: Staff is concerned about the overall changes proposed for the historic portion of the house, through relocation and replacement of windows and doors, through addition of ornamental detail and especially in the changes proposed for the front entry. After researching existing maps and records, Staff has determined that the wraparound porch is not original, but that the entry vestibule is, although it has been altered. Examining photos of the neighboring house, 215 W. Hallam, before its recent remodeling, staff believes that both houses had an entryway with a hipped roof. Furthermore, the existing entry vestibule on 229 W. Hallam has a historic window on the north side and a < historic door on the east side. Given this information, Staff is not in support of the new entrance proposed for this house, finding that it represents a significant change in the character of the historic structure. It is not appropriate to add elements to a historic structure for which there is no evidence or precedent, especially on the most public facade of the building. The committee should examine the "before and after" drawings of the house to the east to see the large difference the new porch makes. The changes proposed for the front of this house are in keeping with Victorian style, and make the house look like many other authentic Victorians througout the West End. However, the group of three houses built on this block were very simple. Staff recommends that additional research be undertaken on the entrance to the building (it is possible that the Aspen Historical Society might have some photos) and that the applicant consider removing the wrap-around porch. At first glance, Staff felt that the shed dormers were not original, because they seemed somewhat out of character with the house. However, the neighboring house formerly had the exact same dormers in the same location, indicating that these are probably original. On the east elevation, the applicant intends to demolish two original doors and an original window (the southernmost door may not be historic, but the location of it is). On the west elevation, it appears that the upperstory windows (historic) are to be replaced and that the first floor window (historic) is to be removed. Staff is not in support of elimination or replacement of any historic windows unless they are absolutely beyond repair. Some new windows may be added for additional light, as can skylights if they are not visible from the public way. The historic chimney to the rear of the original house should also remain in place. B. Impacts on the architectural integrity of the structure or structures located on the parcel. Response: The applicants do indicate that their intention is to restore the historic house and to make any structural improvements necessary. This is definately a positive effort and benefit to the neighborhood. ALTERNATIVES: HPC may consider any of the following alternatives: ~ 1) Approve the Partial Demolition application as submitted. 2) Approve the Partial Demolition application with conditions to be met prior to issuance of a building permit. 3) Table action to allow the applicant further time for restudy (specific recommendations to be offered). 4) Deny Partial Demolition approval finding that the application does not meet the Development Review Standards. RECOMMENDATION: Staff recommends HPC table the application, giving the applicant the following direction: 1) Research the original appearance of the entry vestibule and if there is sufficient evidence, to restore it. 2) Consider removing the wrap-around porch. 3) Retain the shed dormers. 4) Retain the historic doors(2) and windows (1) on the east facade. 5) Retain the historic windows(3) on the west facade. 6) Retain the rear historic chimney. 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Is ::Â· i . 4.,74. 15 3, 1Â· Ell F.;4 - Wsâ€ž.- 11* 2 f. i~j{iii * ~ Â· F k \14 F .k'tâ€¢';4920 1 1 . ES'Ki't; C#,4 1 . r t.u v.14Â·'N' 'Â·.Â·: 1 41+A *44 411, . itlht:-32 F . /t ..rit, P.4, i.4>694:; 1 7 -- . .4/ 1 1... 7 . , - 17 4%> . 36'9 ' 1 1 # 6. ~ 1%444.Â®6.-44:4 4 ; Â»5Â·,>119..a:.10. k 4, I *i r '1<8.ef;tatÂ·k .2:f:-~Aft zarr'f v *f". 'r#7440 5 ...... VON*J. r , Â·1 Â· Â· j *9 0 M: 4.4 4 Â»*lu, ::u.. 4.49 1 IAND USE APPLMATION FORM 1) Project Name Pinnington Residence 2) Project Iocation229 W. Hallam St. Aspen , Co Block 50 Part of lots D and E (indicate street address, lot & blodk number, legal description where appropriate) 3) Present Zoning R- 6 4) Ict Size 3690 Sq. Ft. 5) Applicant's Name, Address & Phone # Roqer and Ann Pinnington 46 Willoughby Rd. Hampstead, London England NW3 1RU 6) Represerrtative's Name, Address & Phone # Scott Lindenau Studio B Architects, 303 1/2 E. Main St Aspen Co. 81611 Ph. 920-9428 7) Type of Application (please check all that apply): Cbnditional Use Ccnceptial SPA - Conceptual Historic Dev. Special Review Final SPA Final Historic Dev. 8040 Greenline Conceptual FUD Minor Historic Dev. Stream Margin Final FUD x Historic Demolition Mountain View Plane Subdivision Historic Designation Corxlaniniumization - Text/Map Amendment GUS Allotment- Lot Split/Lot Line _ (24% Exalption AdjUStIErt 8) Description of Existing Uses (number and type of existing structures; approximate sq. ft.; nmber of bedrocms; any previous approvals granted to the property). Five herirnnm vipt n r i An hnii em in W A q P Anri 1 98 R qq Ft . 9) Description of Developperit Applicatian Demolition of 1968 addition , converting 5 bedroom house to a 3 bedroom house,and adding a conservatory. 10) Have you attached the following? Response to Attadmient 2, Minimim Sulinission Contents Response to Attachment 3, Specific Submission Contents Response to Attachment 4, Review Standards for Your Application SUPPLEMENT TO HISTORIC PRESERVATION DEVELOPMENT APPLICATIONS IMPORTANT Three sets of dean fully labeled drawings must be submitted in a format no larger than 11"x17", OR one dozen sets of blueprints may be submitted in lieu of the 11")CIr format. APPLICANT: Roger and Ann Pinnington 46 Willoughby Rd. Hampstead , London ADDRESS: NWj 1KU ZONE DISTRICT: R-6 LOT SIZE (SQUARE FEET): 3690 Sq.Ft. EXISTING FAR: 1968 Sq.Ft. 2593 Sq.Ft. ALLOWABLE FAR: PROPOSED FARf * ~ 2430 Sq .Ft. EXISTING NET LEASABLE (commercial): NA. PROPOSED NET LEASABLE (commercial): NA. EXISTING % OF SITE COVERAGE: 9 99(, PROPOSED % OF SITE COVERAGE: 65% EXISTING % OF OPEN SPACE (Commercial): NA. NA. PROPOSED % OF OPEN SPACE (Commer.): EXISTING MAXIMUM HEIGHT: PrinciDal Bldg.: 20.5 Ft. / Accessory Blda: PROPOSED MAXIMUM HEIGHT: PrinciDal BIda.: 20.5 Ft. / Accessorv BlÂ®: PROPOSED % OF DEMOLITION: 24% EXISTING NUMBER OF BEDROOMS: 5 PROPOSED NUMBER OF BEDROOMS: EXISTING ON-SITE PARKING SPACES: ON-SITE PARKING SPACES REQUIRED: SETBACKS: EXISTING: ALLOWABLE: PROPOSED: Front: 11.lft. Front: 10 ft. Front: 10 ft Rear: 36ft. Rear: 20 ftÂ· Reac 23.6ft. Side: 1nft. Side: 10 ft. Side: 10 ft. Combined Front/Rear: 47ft Combined FrVRr: 30 ft. Combined Front/Rear: EXISTING NONCONFORMITIES/ ENCROACHMENTS: VARIATIONS REQUESTED (eligible for Landmarks Only: character comoatibility findina must be made bv HPC): FAR: Minimum Distance Between Buildings: SETBACKS: Front: Parking Spaces: Rear: Open Space (Commerdal): Side: Height (Cottage Infill Only): Combined Frt./Rr: Site Coverage (Cottage Infill Only): O D W scott lindenau 3 0 3 1/2 e.main st aspen CO. 81612 303 â€¢ 920 Â· 9428 PROPOSED DEMOLITION,RENOVATION,AND ADDITION TO THE LAURA M. FREEMAN HOUSE. LOCATION: 229 West Hallam St. Aspen Co. Block 50 lots C and D INTENTIONS OF PROPOSED DESIGN SCHEME: Demolition of recent , less substantial modifications to original gabled victorian cottage. Adding to the original structure in a way that is compatible with both existing historic cot- tage,and the character of the surrounding neighborhood. Restoration of existing structure to retrieve and prolong the integrity of the existing historic structure. SITE: Site is flat,landscaped with several large spruce trees. House is located between two similar, if not the same victorian cottages MEANS OF COMPLIANCE: Unlike similar west end historic renovations, this proposed addition dose not dominate in mass or height over the original cottage. Roof pitch is consistent with original roof and is similar to victorian roofs of the west end. Proportions,mass,scale and details are derived from original building as well as surrounding example houses of this period. scott lindenau 3 0 3 1/2 e.main st. aspen CO 81612 303 â€¢ 920 â€¢ 9428 It is our intent to integrate all aspects of the project to enhance the original cottage. In response to item three on attachment three: the soundness of the wood structure appears to be intact and suitable for rehabilitation. the foundation will need to be modified to accommodate the new addition as well as to level the existing structure from years of settling. Floor joist,plates,roof- rafters and beams may need to be replaced or modified as required. IB *d 38101 Ld 9/6.4 1- 1/4, mt- - DA 9-0 9-~* - ~GINfERING (*~- 8/i.9 t *9Â»- A March 4, 1994 Brian Pendleton 303 E. 17th Avenue Suite 1000 Denver, CO 80203 RE. Roger Pinnington Residence, 299 West Hallman Street, Aspen, CO Project No. 94311.01 Dear Brian: On February 1, 1994, High Country Engineering, Inc. personnel observed the general condition of the above noted residence. Our observation was limited to the present condition of the residence, and was limited to the areas easily accessible. In our opinion, the structure appears to be generally sound. We did not observe any signifi- Â¢ j cant drywall cracking which would indicate structural movement in the foundation. If a remodel is considered, a qualified structural engineer should be contacted to evaluate the integrity of the existing structure in detail, and we are available to provide these services, if desired. If you have any questions or need additional information, please call. Sincerely, HIGH COUNIRY ENGINEERING, INC. 0Â©6Â»62 Robert A. Oddo, P.E. Project Manager RAO,rjh 923 Cooper Avenue Â· Glenwood Springs, CO 81601 Telephone: 303-945-8676 Â· FAX: 303-945-2555 TO '3 GISE let 5-02 9HIÂ·333H I Et 13 lalHAD-3 HEI I H 00:ST r66I -t'0-Ele! 1 HISTORIC ARCHITECTURAL BUILDING/STRUCTURE FORM State Site Number: Local Site Number: 229.WH Photo Information: ASP-F-23 Township 10 South Range 85 West Section 12 USGS Quad Name Aspen Year 1960 X 7.5' 15' Building or Structure Name: Laura M. Freeman House Full Street Address: 229 West Hallam Legal Description: * City and Townsite of Aspen City Aspen County Pitkin Historic District or Neighborhood Name: West End Owner: Private/State/Federal Owner's Mailing Address: ARCHITECTURAL DESCRIPTION Building Type: Residential Architectural Style: Victorian cottage Dimensions: L: X W: = Square Feet: Number of Stories: 2 story Building Plan (Footprint, Shape): Modified rectangle Landscaping or Special Setting Features: Mature spruce at rear. center yard Associated Buildings, Features or Objects - Describe Material and Function (map number / name): N/A For the following categories include materials, techniques and styles in the description as appropriate: Roof: Front gable with side hip; wood shingles Walls: Clapboard with wood scalloped shingles at gable end Foundation / Basement: Stone/Concrete Chimney(s): Center red brick with stone cap Windows: One-over-one double hung wood with shutters, decorative crowns. window boxes at window by entry porch Doors: 2 panel 1/2 light over wood panel Porches: Wraps east side under hipped shed on simple posts General Architectural Description: Simple Victorian with front facing qable and side hip and side hipped roof porch. Page 2 of 2 State Site Number Local Site Number 229.WH FUNCTION ARCHITECTURAL HISTORY Current Use: Residential Architect: Unknown Original Use: Residential Builder: Unknown Intermediate Use: Residential Construction Date: 1886 Actual _ Estimate X Assessor Based On: MODIFICATIONS AND/OR ADDITIONS Minor Moderate X Major Moved Date Describe Modifications and Date: Unspecified modifications, 1965 Additions and Date: Rear 2-story addition, 1965 NATIONAL/STATE REGISTER ELIGIBILITY AND CRITERIA Is listed on National Register; State Register Is eligible for National Register; State Register Meets National Register Criteria: A B C D E - Map Kev Local Rating and Landmark Designation ~-~ Significant: Listed on or is eligible for National Register Contributing: Resource has maintained historic or Ll - architectural integrity. 0 Supporting: Original integrity lost due to alterations, however, is "retrievable" with substantial effort. Locally Designated Landmark Justify Assessment: Associated Contexts and Historical Information: The significance of this residential structure is not of those who owned it or lived in it, nor of its architecture. although this structure is representative of Aspen's Mining Era. This structure is of historical importance bv illustrating the family/home environment and lifestyle of the average citizen in Aspen which was then dominated bv the silver mining industry. Other Recording Information Specific References to the Structure/Building: Pitkin County Court- house Records; Sanborn and Sons Insurance Maps Archaeological Potential: * (Y or N) Justify: * Recorded By: * Date: * Affiliation: Aspen Historic Preservation Committee - City of Aspen Project Manager: Roxanne Eflin. Historic Preservation Officer/Planner i -1 - -' Â·Â· i "b;+LTUL, f L.0 nou O, nuL, 1 Utitb I _LEGEND -0- . . -r- >1986 UPD E 1 EZ=liaL-mfug~ 5SPEN. COL not yet designated o designated . 1 / -f - -Lf 1 pREPAIED ar â„¢e ...EN#MTKIN KA/'01,4 ,= ,~- ' not yet designated a EE=RmL_21[=Ital i designated. A \. Â£ 1 . not yet designated 0 . Jl-r 0 Notable Structures designated e Â·. 0 2X , Â· ' Con#Ntinc, Structrres 0 ./13 2 9 - I......I ./.V. V 0 AÂ» - Â· 2.comner=al core 1 . TTORIC DISTâ€¢CTS INJER CONSE,ER4nON 4:hallam lake est bleeker/haÂ«am street - 5.commudly church . 0.....4 I - 6.lift 1 .. : oo .- 1-2 Â·Â· - \ 11,5//TZ] 31[lIEE LIiIR; UL lit:/Ti t...h..tfi k . / . I â€¢ M .1.. -fu -*= --- 3/ 8:3 r-723) V Â¥ \\P.3 V I f Â· v Â· :!E-miiD.imal[!Ell [I:!IiI& 33[11] mTii]1~[i-E-fill Â®Flici :-iiltk~i ~2'0 -$09 / - , Â·G / r-kÂ·. - - -- . I I ... 11 ' N I -1.-I- 4 30 - - : HNEVE DE]t- .14-N| Ii,|i|i;~ igiti.bta] @3 ulb'RM-5 . -- -- .L - - 4.1 -1-- . , - w - -w -7, [T?I[frli 1. mwim [Pg[IF~111,#al Lifg;fE 4~ 1[1211] i -<474 7 4 1 - lllll111: 10-->L . tim~]-[I #Imilk wit:j LU mET]. iiI?Â©il . 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EY!21 i;ijd@111 I Uyul " r-7-10"I Â· 1 - 1. 1.1 ...$ w Ki..1...---' ti, 1' - \ Ill.19 ' â€¢ .-0- 1 010.--I- r:qÂ·:64 I~ .4 Historic Preservation Committee Minutes of May 18, 1994 original building to the rear or to the north which is then in the alley and that the applicant relocate the existing historic studio office away from the sidewalk. I am agreeing with the concept of the addition to the east and agreeing with the concept of a tower. The applicant come up with a good solution to the snow problem on the east side between the two buildings. That the exterior materials be studied because brick might be too over powering over the historic structure, although practically I like it; second by Les. Motion passes 5 - 1. Martha opposed. DISCUSSION: Linda, Donnelley, Les and Scott stated that the brick was not compatible. Martha: Is there anyway that the tower can be free standing? Donnelley: Not with their present program. Roget: Can you go over the six points. Roger: In the motion I dealt with the tower, out building, the stepping, the connection and dealt with moving the main house. The only thing I did not say anything about was the parking. Donnelley: We can give a parking variance if the committee is satisfied with meeting the standards. Les: I have no problem with getting rid of parking. Roger: I do not either. MOTION: Roger made the motion to table the public hearing until June 8th for 303 W. Main Street; second by Les. All in favor, motion carries. Les: Roget, this project is going to work. 229 W. HALLAM STREET - PARTIAL DEMOLITION Amy: On this block there used to be three houses in a row that were identical. I have no problem with the addition but with the treatment of the historic house. I do not think any windows that are historic should be removed. I do not think that the ornate trim should be added and I am concerned about the solution on the entrance porch. Generally porches were only shed porches. The dormers are original and the wrap around porch is.not historic. Scott Lindeneau, architect: Right now it faces north and the snow sheds on the entry. The entry is currently on the side door which we , have determined is not historic either. We would like to change the 16 Historic Preservation Committee Minutes of May 18, 1994 roof due to snow and the columns will be single four by four raised off the concrete. The rear is non-historic. We would like to add dormers that are similar in the same language as the house. We will not move the windows. The conservatory in the back will be added and a deck that faces the vacant lot. Amy: The thing in question is that there is this type of little closed vestibule entrance-way and a hipped roof and that is somewhat represented of what used to be the front of this house. You might want to look at 314 Gillespie Bruce Berger's house which is a different house but it also has an enclosed entrance area. Donnelley: We need to know what has been eliminated. Scott Lindeneau: The fish scale stays. The front entry dormer the spring point is from the corner board as opposed to extending beyond. It will be slightly smaller. We have added a window above the conservatory to the east. On the west elevation we have eliminated the vertical mullions in the lower windows. Donnelley: The east elevation is basically buried against the adjacent house. Roger: There is an existing door on the east elevation and you are taking that out. Amy: All we are reviewing is partial demolition but I consider demolishing historic windows and things like that in the application. Linda: The back of the house had an addition in the 1960's and that is being removed. Donnelley: The main issue is the north east corner, the changes to the entrance as far as demolition and of course removal of the new addition. CLARIFICATIONS Roger: Most probably when that house was built the original house peak had a door and an alcove. At some later date someone put something over the doorway. It is obvious what is there is not original. Amy: On the adjacent house the architects who worked on that project said the roof was part of the structure of the house and that the vestibule below it had been changed too. That is what I am basing my opinion on how the roof should have looked like. Donnelley: You are proposing not restoring the entry as it was original built. You are proposing pulling forward the front door so j you have an air lock. 17 Historic Preservation Committee Minutes of May 18, 1994 Donnelley: I would like to see the entrance different from the house next door so people do not think that they both were original. Amy: I am proposing that he bring it back to the original because that is part of the partial demolition. He is asking to change the entrance and there is a window there now but there is also an historic door. Scott: The problem is how does the roof meet and connect. Roger: To me Scott's proposal is not a major issue because I do not feel it was original looking at the entire configuration. I feel whatever was put there was put there later. A lot of these houses were simple and then things were done to them. Roger: If the porch on the model were flush with the gable face wouldn't that be less overpowering? Amy: That would be less awkward. Scott: It is for the snow conditions and that is very important. The one next door is set back. Donnelley: Scott has improved the entrance because now you can see it from the street. MOTION: Roger made the motion to approve partial demolition to 229 W. Hallam with the following conditions: That the north gable face not be changed in any way except for the removal of the shutters. That the entire historic west side not be changed in anyway except for the addition of a gable on the second floor as shown on the model. That the east side is approved as shown on the model and that the entrance be restudied with Staff and monitor to pull the existing roof in line with the siding of the north face and that all attempts be made to not have the little gable over the entry and that the posts on the wrap around porch be made to the same scale of the traditional posts used in Aspen which is a turned round post, the lower part of which does not exceed three feet and that the upper top be between a foot and eight inches in height so that it is not like the posts on the house next door but more of a traditional victorian; second by Les. All in favor, motion carries. Amy: What about the shed dormers? Roger: In the motion it is OK to add the shed dormer that is indicated on the model. Donnelley: Do you have an objection to the shed dormer? Scott Lindeneau: I feel it is inconsistent with the langpage developed. 18 Historic Preservation Committee Minutes of May 18, 1994 Amy: I am trying to avoid making an example of the house next door. Roger: I have found nothing historic about that dormer. Linda: I feel these are more in keeping with the architecture of the house rather than a shed dormer. Scott will be the monitor. CARIBOU ALLEY - MINOR DEVELOPMENT Harley Baldwin, owner: I thought Alan Richman was out of his mind when he told me that there was this 25% open space. I was in the middle of a project and didn't have time to fight him so I just tried to deal with it. Creating a plaza on the northern face is a very difficult thing and is probably something that shouldn't happen and the requirement for open space has created some of the worst spaces in Aspen. Ever since I started the building I have been trying to make that space work and more warmer and inviting. The thing that is working is the Alley Cafe and it has brought in lots of people. The tables in the summer really work and we have flowers and are doing architectural xmas decorations in the winter to try and make it an inviting space. To create this cafe we need something over it that is unobtrusive. We would also like to find some late 19th century gas lamps and install two at the front of the Caribou Alley and two in the back next to the cafe. The whole idea is to come up with ideas on how to warm up the space. A lot of this is how humans feel in the space not all architecture. We are trying to create a space that people want to be in. Roger: What will the canopy be made of? Harley: Nylon and will be attached but it will be seasonal from Memorial Day to October 15th. Roger: Why did you not proposal some kind of clear canopy? Harley: There would be an FAR problem and it is not allowed. Amy: They are required to have 25% open space and the only reason he can do this at all is because of the ordinance that allowed a trellis at the Cantina. The County and City Staff decided this would be acceptable over the open space as long as it can roll away and open up. The space is to be open from the ground to the sky. Roger: I f eel it should be covered with glass as you can see up to the sky and you are creating dynamic activity in that space. Harley: I f we did that we would have to have doors on the 'front. I did the Alley Cafe nou at all as a business. I thought that space needed it and it has really worked. I also feel it needs that flicker 19 - 1 1 I , The Aspen. (formerly Mollica & Associates, Inc.) Appraisal Real Estate Appraisers & Consultmits Group, Ltd. Gletiwood Office Â· 1015 Grand Avenue Â· Gletiwood Springs, CO 81601 Â· 303/945-7889 Crystal Palace Building Â· 300 E. Hyman Â· Aspen, CO 81611 Â· 303/925-8987 Â· FAX 303/925-5046 AN APPRAISAL OF PINNINGION RESIDENCE Block 50, Part of Lots D and E (229 West Hallam Street) Aspen, Colorado February 28, 1994 Ms. Debbie Fribbs Ute City Mortgage FOR: 400 East Hyman Avenue Aspen, Colorado 81611 The valuation study and Certification which follows are expressly subject to the assumptions, contingencies mid lituiting conditions attached, together with any special litniting conditions specifically discussed in the report. Scott M. Bowie, MAI ~ ..1 1 Elizabeth Krizmanich, SRA ~ Randy Gold, MAI L_las,â€žm J :SRA , The Aspen (formerly Mollica & Associates, Inc.) Appmisal Real Estate Appraisers & Consultants Group, Ltd. Glenwood Office Â· 1015 Grand Aucitue Â· Gleitioood Springs, CO 81601 Â· 3031945-7889 Crystal Palace Building Â· 300 E. Hyman Â· Aspen, CO 81611 Â· 303/925-8987 Â· FAX 3031925-5046 February 28, 1994 Ms. Debbie Fribbs Ute City Mortgage 400 East Hyman Avenue Aspen, Colorado 81611 RE: Appraisal of the Pinnington Residence, Block 50, Part of Lots D and E, (229 West Hallam Street), Aspen, Colorado Dear Debbie: We personally inspected the subject property with the purpose of determining its Market Value as defined by the Office of Thrift Supervision, the Office of the Comptroller of the Currency, and according to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) guidelines. Please note that this valuation is being offered in a form report with narrative addendum summarizing the data considered germane to the analysis of the subject property. The analysis, opinions and conclusions stated in this report were prepared in accordance with the standards and reporting requirements of the Uniform Standards of Professional Appraisal Practice and of the Appraisal Institute. Contained in our files is additional information which may be reviewed if necessary. The subject property has been appraised on an unfurnished basis and our valuation includes real estate sales commission. Our value is based upon a cash or cash-effective transaction. Should the property be listed at or close to our appraised value, we expect it would have a marketing time of approximately 6 to 12 months. Based upon our analysis of the accumulated data, it is our conclusion that the subject property has a Market Value (most probable selling price), "as is," as of February 28, 1994, of: SEVEN HUNDRED TWELVE THOUSAND DOLLARS $712,000 Attached is our report containing the supporting market data and exhibits from which, in part, we have based our opinion. If we can be of any further assistance in the interpretation or application of the findings in this report, please do not hesitate to call. Thank you for this opportunity to be of service. Sincerely, Elizabeth Krizmanich, SRA Associate Appraiser Cert. Genl. Appr. #CGO1313336 fÂ»fil Scott M. Bowie, MAI Elizalwth Krizuumich, FRA ~ Rnmly Gcild, MAI l_ler 'Tul.11 w.,i wn,v, ricolut=N I IAL APPRAISAL REPORT File No. 15612 1 2_Jiga'DescApt~___ city_and Townsite of Aspen Block 50 pt_of_Lots D &E Count'y Pitkin 229 West Hallam Street State CO Zip Code 81611 1 City Aspen / S i Assessors Parcel * _2735-124-35-008 Tax Year 93 R.E. Taxes $ 247_22-26 SpecÂ®AMU_s_Terts $,Egne_- _-| Ill Borrower pinnington Current Owner Becker Occupant . j- _1 Owner ix 1 Tenant Vacant ~ ~ Property Fights appralsed | x | Fee Simple I | Leasehold ~ Project Type ~ | PUD | ~ Condominium (HUDNA only) HOA$ /Mo. 1 ~ ~ -Nfighbgr~odlf- rojELN.ame--- Wes_t_End Map Reference see attached Census Tract not tracted Sale Price $ 712 .0_00_ Date of Sale 02/94 Loan charges/concessions to be paid by seller $ Lender/ellen._._Ute- (Rity Mortgage Address Appraiser Elizabeth Krizmanich, SRA Address 300 East Hyman Avenue Location x Urban Suburban Rural Predominant SinGle lamily housing Present land use % Land use change PRICE AGE Built up .-x. Over 75% 25-75% Under 25% occupancy --- $ (000) (yrs) One Family _.7-0-- ~x~ Not Likely ~ Likely Growth Rate Rapid x Stable Slow -=lt. Owner -450_ Low _NÂ©w_ 2-4 family 10 [_1 In process Property values Increasing _x_ Stable Declining _ Tenant 3M High 100 Multi-family 10 To: Demand/supply ___ Shortage x_ In balance Oversupply _k~ Vacant(O-5%) It-J]pred.kr<49_-lk- Commercial 10 Marketing time Under 3 mos. 3-6 mos. x Over 6 mos. Vacan! Cover 596) 1 -2M 100 Note: Race and the racial composition ol the neighborhood are not considered reliable appraisal factors. N Neighborhood boundaries and characteristics: Highway_82_and_Castle.Creek to the west, Roaring Fork River to the ~ north,__downtown._Aspen_t-o. the__east,_.and._Main_.Street to_the_south. G Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc): H & See_.attached-comments. H 0 0 D Market conditions In the subject neighborhood (Including support for the above conclusions related to the trend of property values, demand/supply, and marketing time such as data on competitive properties for sale In the neighborhood, description of the prevalence of sales and financing concessions, etc.) The West End and West side_o_f Aspen_have always been popular with_permanent.-residents and tourist_ second home buyers._Lower _end homes (under $600,000)_ generally _sell._in._under 6 months, while higher end_homes_take_l_gnger; 6-18 months. The present market_is active,_ although prices__for_homes_Ruch._ai_the_subjec:t have been-_sta-b.le.__No adverse market conditions noted. Loan discounts, interest buydowns and seller concessions are not typical. p Prolectinlormalion for PUDs (lf applicable) -- Is the developer/builder In control of the Home owners'Association (HOA)? L-3 Yes L_-INO ~ Approximate total number of units In the subject project Approximate total number of units for sale In the subject project Describe common elements and recreational lacllitles: Subiect is not in a PUD. Dimensions _Egg.kangular Topography Level Site area 3717_Squa-re-F-eet Corner Lot ~-x | Yes LL]No Size -Typical of area Specific zoning classification and description R_-6 Single._Familv & Duplex _ Shape Adeq/Typical Zoning compliance ~__-~ Legal ~~ Legal nonconforming (Grandiathered use) ~~ Illegal ~~ No zoning Drainage No problems_appa.rent H ghest & best use as Iniproved: Exi Present use E-1 Other use (explain) _ View Average/some mountains Utilities Public Other Offsite Improvements Type Public Private landscaping Mature _. _.~.. _.._.... _-.- 5 . 1 Electricity x Street As phalt_ _..._ _. x Driveway Surface Offstreet parking_. T E Gas x Curb/Gutter Ne a r x Apparent easements Peripheral util. FEMA Special Flood Hazard Area ~-~ Yes ~---*~ No Water X Sidewalk Near x Sanitary sewer x Street lights Near x FEMAZone _Agne X___MapDate 06/87 Storm sewer None Alley__ ___ Asphalt x FEMA Mapno. 09097C0203C Comments (apparent adverse easements, encroachments, special assessments, slide areas, Illegal or legal nonconformIng zoning, use, etc.): _Sub i ect offers__average views north past-_nearb_y_hom-gs_tpward surrounding mountains and average to good .~ views south toward Aspen Mountain that are partially obstructed by trees and homes. (attd) GFNERALDESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No 01 Units 1- Foundation Concrete_ _ _..__ _ Slab Partial Area Sq. Ft. 140. Roof Assume _x No of Stories 2 + -Att.ic_ Exterior Walls painted_Wo-9.d_ Crawl Sonce No % Finished O Ceiling D Type (Det /Att.) Detached Roof Surlace Wood_s-hate___- Basement Yes Ceiling Exp Beams_ Wais Assume 1. ~ Design(Style) Victorian Gutters&Dwnspts. N-ofle Cry.p. Sump Pump Part_ial Walls Concrete__Uk Floor Assume _x C Existing/Proposed Elcisting Window Type Dble/_s.4.gle _ Dampness si-e--attacked Floor ConÂ©r_ete_ None ~ Age (Yis.) 108___ Storm/Screens No Settlement No evidence Outside Entry ._No_o.u.t-1 Unknown r Effective Age (Yrs.) 30 Manufactured House No Intestation No evidence side access Adequacy Fair x ~ _ROOMS _F_oyer_ --1*1 g _ Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft. Basement -_ __ Util . 140 ~ Leve'Of __a_rea 1 1 1 -_1 _ 1_ 1 960 x Level 2 4 1.5 960 M ~1 Finished area above grade contains: 9 Rooms, 5 Bedroom(S): 2.5 *No: 1,920 Square Feet of Gross LIving Afea V SURFACES Mater lals/Cor'Idition HEATING KITCHEN EQUIP. AII IC AMENITIES CAR STORAGE: E ~ Floors Wood/Cpt/Brick-Avg_ Type Rdnt./BB_ Refrigerator x None - Fireplace(s) # WS_ x None ~x_] N Walls Dry/Plaster-Avg._ Fuel Gas Range/Oven x Stairs Patio No x Garage # of cars 5 Trlm/Finish Victoria-DE_Avg__ Copdition.Aps.me A Disposal x Drop Stair X Deck 1 small x Attached Bath Floor Vinyl/'1'ile-.Avg_ COOLING Dishwasher X Scuttle Porch Encl ent x Detached Bath Wainscot Wood -6-vg Central None Fan/Hood x floor x Fence Yes Built-In Doors Solid core Other None Microwave x Heated Pool No Carport Condition Average Washcr/Diyer x Finished Driveway Offst Additional features (special energy efficient Items, etc.): _Migtorjantrim, raised. ceilings.,_fan-L_.Rine_floors, partially Femod.tled kitchen, attic storage, 91 SF utility room with storage, and 77SF deck. CÂ·Â· Condition of the Improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, etc. See attached. 0 M E N T b Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the Immediate vicinity of tile subject property.: -3.ubject._ne-ighbg-r_hood_ is-_awelle-st.@blished residential area. popular with permanent residents and second home buyers. No adverse conditions noted. FÂ·ed:'. Mac Form 70 6Â·93 12 CH PAGE 1 OF 2 fannie Mae form 10048 6-93 114! Aspen Appraisal Groun, lid (303) 925 8987 uN,ruHM RESIDENTIAL APPRAISAL REPORT File No. 15612 ~3'.~ ESTIMATED SITE VALUE .................._- S 575.000 Comments on Cost Approach (such as, source of cost estimate, ~ ~j EST/MATED REPRODUCTION COST-NEW-OF IMPROVEMENTS site value, square foot calculation, and for HUD, VA and FmHA, the g{Â·1 Dwemng 1.920 Sq. Ft @ $ 125.00=S 240.000 estimated remaining economic life of the property): Land Is.IBasement 140 Sq. Ft@ $ 50.00 = 7.000 value estimate based on recent sales of ~F]Attic Stge. Cov Entry - 7,500 single family lots in the City of Aspen, 'A.il Garage/carport _ Sq. Ft@$ O,00 = Please see land sales chart in the ~- Total Estimated Cost New -$ 254.500 addendum. Comparable lots in the West End 1 Y Less 42.9 Physical 20 Functional External vary from a low of $450.000 to over $1 ~.Depreciation 120,601 26,780~ 0 =$ 147,381 million. Depreclated Value of Improvemebts .s 107,119 'As-Is' Value of Sltelmprovements d 15 ,000 ... INDICATED VALUEBY COST APPROACH (697,100) =$ 697.119 Remaining Economic Life: 20 Remaining Physical LIfe: 40 ITEM | SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO.3 229 West Hallam Street COA Blk 58 B Wl/2C COA Blk 16 Lots R&S COA Blk 25 Lots O&P Address West End WriRht-129 W Bleeker Hayes-704 W Hallam St Uhlhorn-616 W Hopkins Proximity to Subject ' 1 Block 5 Blocks West 8 Blocks West Sajes Price $ 712.000 850.000 ; .~~:~~Â· :::Â· ~Â·1$ 626.200 Price/Gross LIv. Area $ 370.83 [0$ 349.16 [01250..00 1 1, 317.76 1~50.07 $ 344.82 [0150Â·002 Data and/or Insp/Broker Broker/PR/MLS Broker/PR/MLS Insp/Brk/PR Verification Sources Public Recrd DOM 18 months DOM - 3 months DOM - 8 months VALUE ADJUSTMENTS ' DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment Sales or Financing Convent'l Cash sale Cash sale Concessions . ~ +3.800 pt comm Date of Sale/Time 02/.94,.,:â€ž............... 09/93 10/93 09/93 Location Good Similar Similar Inferior +25,000 Lease hold/Fee Simple Fee Simple Similar Similar Similar Site 3717SF/Avg 4500SF/Sim 6000SF/Sup -50,000 6000SF/Sim View Average Superior -25,000 Superior -25,000 Inferior +50,000 Design and Appeal Avg/Victorn Avg/Victrn Ave/Victrn Similar Quality of Construction -Average Similar -Ayg: good -12,500 Avg-good -7,500 S Age A108/E30 A106/E15 A104R/E15 A16/E12 A C Condition Fair-Average Average -10,000 Avg-good -25,000 Avg-good -17,500 s Above Grade Total Bdms Baths Total 8dms Baths Total 8dms Baths Total Bdms Balhs c Room Count 9 15 2.5 6 3 3 13 -5,000 10i 3 3 -5.000 5 2 2 +5,000 0 M Gross Living Area 1,920 Sq. Ft. 2,148 Sq. Ft. -11,400 2.675 Sq. Ft. -37,800 1,816 Sq. Ft. +5,200 P Ah Basement & Finished Attic No Basement +5,000 No Basement +5,000 No Basement +5,000 R Rooms Below Grade Basement i Functional Utility Single Fam. Similar Similar Similar Heating/Cooling Adequate Similar Similar Similar Energy Efficient Items Adequate Similar Similar Similar Garage/Carport Offstreet Similar Similar 1 CG -10,000 Porch, Patlo, Deck Deck Similar Similar Similar FIreplaces, etc. Cov entry cÂ· Fence, Pool, etc. Woodstove FP, Jacuzzi -2,500 FP FP, Spa -5,000 Net Ad 1. ( total) +x.-$ 48,900 Fi + x - $ 150,300 -x] n E- $ 54,000 Adjusted Sales Price Â· | 1 of Com pa rable . $ 701,100 | $ 699,700 - .| $ 680,200 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):Please see attached comments ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO.3 Date, Price and Data n/a n/a n/a n/a Source for prior sales within year of appraisal Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: Please see Sales History of the subiect property. INDICATED VALUE BY SALES COMPARISON APPROACH $ 680-715 1 INDICATED VALUEBY INCOME APPROACH (lf Applicable) Estimated Market Rent $ /Mo. x Gross Rent Multiplier . $ n/a This appraisal Is made ~_.2Â£_~ 'as Is' ~ subject to the repairs, alteratlons, Inspections or conditions listed below ~ subject to completion per plans and specifications. Conditions ofAppraisal: Subject has been appraised on an unfurnished basis. Our value estimate includes real estate commisssion and assumes a cash or cash effective transaction. FInal Reconciliation: Please see attached comments. R E G 0 ~ The purpose of this appraisal Is to estimate the market value of the real property that Is the subject of this report, based on the above conditions and the certification, contingent 1..: and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised June,1993 ). L 1 I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF February 28, 1994 A T (WHICH IS THE DAit OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 712,000 o APPRAISER: ~ ~. SUPERVISORY APPRAISER (ONLY IF REQUIRED): N signature Signature ~ Did El Did Not Name Elizabeth Krizmanich, SRA Name Inspect Property Date Report Signed Date Report Signed State Certification # #CG01313375 State CO State Cer[Ificallon # State Or State lIcense # State Or State License # State Freddie Mac Form 10 6 93 12 CHI PAGE 2 OF 2 Fannie Mae Form 10048 6-93 The Aspen Appraisal Group. LId (303) 925-8981 05--0'<r-Â»ZÂ» z /0- File No. 1561 1 ADDITIONAL COMPARABLES Borrower/Client Pinnington ~ Property Address 22 9 West Hallam Street City Aspen County Pitkin State co ZIP Code 81611 ' Lender ITEM ~ SUBJECT ~ COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 229 West Hallam Street Halllam Bk98 Lts16-18 Location Obscured | Address West End Elliot-610 North St West side of town Proximity to Subject 8 Blocks 6 Blocks Sales Price $ 712,000 $ 800,000 $ 640,000 fis Price/Gross Liv. Area $ 370.83 U]$ 299.74 1/1 50.07.-_ $__ _350.49_.1/45-0.00 $ [0;11'11.1,1.1 .... Data and/or Insp/Broker Insp/Brk/PR/MLS Broker/PR/MLS Verificatlon Sources Public Recrd DOM 9months DOM - not listed VALUEADJUSTMENTS DESCRIPTION DESCRIPTION +C ) $ Adius'ment DESCRIPTION +C ) $ Adjustment DESCRIPTION + (-) $ Adiustment Sales or Financing Convent'l Conventional Concessions Unfurnished Date of Sale/Time 02/94 05/93 +32,000 02/94 UC Location Good Similar Inferior +25,000 Leasehold/Fee Simple Fee S imple Similar Similar SIte 3717 SF/Avg 6000SF/Sim 3000SF/Inf +50,000 View Average Superior -50,000 Inferior +50,000 Design and Appeal Avg/Victorn Average Gd/Victorn -15,000 Quality.of Construction 8-verage Similar Avg-Good -7,500 Age A108/E30 A35E/25 A104R/E20 Condition Fair-Averag-e Average______ -12.509 Very Good -37.500 Above Grade lotal Bdmi Baths lotal Bdms Baths lotal Boms Baths Tolal Bdms Balhs Room Count 9 ,5 <2.5 9 ~5:4 -15,000 _Z--1-_3-2_.5 Gross Living Area 1,920 Sq. Ft. 2,669 Sq. ft. -37,500 1,826 Sq. Ft. +4,700 Sq. Ft. Basement & Finished Attic No Basement +5,000 No Basement +5.000 Rooms Below Grade Basement Functional Utility Single Fam. Similar Similar Heating/Cooling Adequate Similar Similar Energy Efficient Items Adequate Similar Similar Garage/Carport Offstreet Similar Similar Porch, Pallo, Deck Deck Similar Similar Flreplaces, etc. Cov entry Fence, Pool, etc. Woodstove FF, Spa -5,000 FP, Jacuzzi -2,500 Net. A*_*tai) 1---,1 + 1- ~ 1 - 1 $ 83,000 x| + - - $ 72,200 n + [-1-l $ Adjusted Sales Price ; - : 717,000 712,200 . .i Date, Price and Data n/a n/a n/a Source for prior sales within year of appraisal The Aspen Appraisal Group, [.Id (303) 925 8987 1 FUNCTION OF THE APPRAISAL: The function of this appraisal is to assist a mortgage lender in making an underwriting decision concerning a loan to be secured by the subject property. SCOPE OF '11-Â·E APPRAISAL: This report is a formal appraisal prepared on the FNMA 1004 form, with explanatory addenda, conforming to the requirements of the Uniform Standards of Professional Appraisal Practice. The methodology employed in arriving at our value conclusion is based upon two of the three traditional approaches to value: the Cost and Sales Comparison Approaches. The Income Approach is not considered relevant in the appraisal of a single family property in our market as income is rarely the primary motivating factor behind purchase. In the course of examining the comparable sales data discussed in our analysis, we have verified the transactions with the seller, buyer, or seller's agent (the real estate broker or salesperson), and have also verified closing information where possible with the records of the Pitkin County Clerk and Recorder's Office. We have personally inspected the exterior of all of our sales and where noted the interior. We have not received an environmental study of the property. The improvements were originally built in the 1880's. They are old enough to include asbestos, but we have no evidence of any such use. Prior to construction of the home, we have no evidence to suggest that the land was used for anything other than residential. However, we note that we have only performed a cursory visual observation of the property. We have not researched the title, interviewed current or prior owners, nor have we done any research beyond that normally associated with the appraisal process unless otherwise stated. The reader should be reminded that these comments are being provided by appraisers who are not trained or qualified to identify potential environmental problems; therefore, it should only be used to assist the users in their own determination of whether or not an environmental professional is required for further study. Since the appraisers are not environmental professionals, they cannot be held liable for the lack of detection or identification of possible environmental problems. The appraisal report must not be considered an environmental assessment of the property, as would be performed by an environmental professional. PROPERTY RIGHTS APFRAISED: 'Ihe property rights appraised in this report are " fee simple, " subj eat to existing easements and mineral rights reservations. We have not considered any other liens, we are not aware of any encroachments, nor are we aware of any easements of record which adversely impact marketability or value. However, we stress that we have not been supplied with a title policy or an improvement survey for the property. It is not uncommon in our market for subsurface rights (mineral rights) to transfer separately from surface rights and for both improved and unimproved lots be sold without mineral rights. 9.his has not been a deterrent to marketability or value. We do not know whether mineral rights are still in the ownership of the subject property. However, if they are not, it should not affect the subject's value. We have valued the subj ect "unfurnished, " but our value estimate includes all items attached to and part of the real estate including carpeting, wallcoverings, drapes, built-in appliances and built-in furnishings. 2 PURPOSE AND DATE OF THIS APPRAISAL: The purpose of this appraisal is to estimate the Market Value of the "fee ownership" of the subject property as of the date o f our inspection, February 28, 1994. Market Value is defined as: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and each acting in what he considers his own best interest; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (SOURCE: Office of Thrift Supervision, Office of the Comptroller of the Currency, and Financial Institutions Reform, Recovery and Enforcement Act of 1989 [FIRREA]). Our appraised value assumes a cash or cash-effective transaction and includes real estate commission. Our most recent sales outlined in the market grid showed marketing times anywhere from 3 months to 18 months. We have found that often older, unremodeled Victorians will take longer than 6 months to sell. Should the property be listed at or close to our appraised value, we would expect it to have a marketing time of approximately 6 to 12 months. LEGAL DESCRIPTION: The subject property is legally described as follows: The East 23.63 feet of Lot D and the West 13.54 feet of Lot E, Block 50, City and Townsite of Aspen, Pitkin County, Colorado. SALES HISTORY OF THE SUBJECr PROPERTY: The subject property last sold in November, 1989 from Wakefield to larry and Susan Becker for $650,000 (Deed Book 608, Page 172). It is currently under contract from the Beckers to Roger Adrian and Marjorie Ann Pinnington. The contract specifically includes the washer, dryer, refrigerator, woodburning stove, chandeliers and built-in microwave. A discussion with the tenant indicates that the washer does not work. The subject property was for approximately 2 years before going under .-32.L 3 contract. It was initially listed for approximately $799,000. The list price was reduced to $755,000 and the property subsequently went under contract. NEIGHBORHOOD COMMENIS: The subject property is located in the West End. The West End is one of Aspen's most prestigious residential neighborhoods, popular for its proximity to central Aspen, its established character and Victorian homes which dominate the area. The subject is approximately 10 blocks northwest of the Hyman Avenue, the focus of commercial Aspen where shopping, entertainment, and the Aspen Mountain ski lifts are located. Churches are either in the West End or within 1 mile of the central oore. The Aspen school system is all located at the Maroon Creek Campus, approximately 1 mile west of the subject. Bus service throughout Aspen and local ski areas is available on Main Street, 3 blocks south of the subject. It connects with Rubey Park Transportation Center and from there to Aspen and Snowmass ski areas and subdivisions. Homes in the West End neighborhood range in value from approximately $450,000 (outdated homes representing mostly land value) to approximately $3,000,000, although the predominant value range is $1,000,000 to $2,000,000. Homes range in age from those newly constructed to 100-year-old vintage Victorians. Pride of ownership in the neighborhood is excellent. This is one of the first developed neighborhoods in Aspen so trees tend to be large and landscaping very good. Despite the fact that lots in the West End are small (typical is 6000 SF for a single family home), the neighborhood is extremely prestigious and desirable. SITE COMMENTS (Cont'd: Landscaping was difficult to inspect due to snow. However, it appears that the yard is attractively landscaped with a fenced yard, lawn, and scattering of very large pine and aspen trees which add to its appeal. According to FEMA Floodplain Map #08097(0203-C dated June, 1987, the subj ect falls in an area rated "X" outside of any designated floodplain. ZONING AND HIGHEST AND BEST USE: The subject property is currently zoned R-6, a City of Aspen zoning category requiring 6000 square feet for a single family home and 9000 square feet for a duplex. The subject, with approximately 3700 square feet, is a legal, non-conforming lot of record. By right it may be improved with a single family home. Current zoning would allow for up to a 2579 square foot home. Real estate is valued in terms of the highest and best use to which it may put. The term highest and best use as used in this appraisal is defined as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Implied in these definitions is that the determination of highest and best use takes into account the contribution of a specific use to the oommunity and community development goals as well as the 1!IM.,5 -Â·' T 4 benefits of that use to individual property owners. Hence, in certain situations the highest and best use of land may be for parks, greenbelts, preservation, conservation, wildlife habitats, and the like. (SOURCE: The Dictionary of Real Estate Appraisal, American Institute of Real Estate Appraisers, Second Edition Copyright 1989) The subject neighborhood is zoned and developed with a variety of uses which include single family, duplex and multi-family structures, offices and secondary retail uses. Homes in the neighborhood vary widely in terms of age, size, quality and price range (generally between $450,000 to $2,000,000) In this analysis, we consider the value of the site as though vacant and improved. The subject is located in a very desirable residential area relatively close to the commercial core. The site is level and easily developable. Current zoning would allow for development of a single family home. If the site were vacant, we feel that the highest and best use would be in the construction of a new single family home which maximizes land value built out to the maximum FAR and one which would be of good quality and good design. We would expect that the finished product would be marketable in the $1,000,000 to $1,200,000 range, typical of other newer homes on lots of this size in the neighborhood. We must also consider the highest and best use of the site as improved. The subject property was built in the 1880's. It has been remodeled and upgraded over the years. It is of average quality and does have some Victorian character. However, it has been used as a rental property and is naw showing signs of deferred maintenance. It has not been well maintained and is in fair to average condition. In addition, the home with approximately 1900 square feet does not take full advantage the allowed FAR. Based upon an analysis of these factors, we feel that the property appeals to a number of different purchasers. Many purchasers would consider demolishing the existing structure and building a new single family home which better maximizes land value. However, as the subject is considered historic, this is not an option. It is very unlikely that the Historic Preservation Committee (HPC) would allow its removal. They would, however, allow the home to be considerably expanded and remodeled. We, therefore, feel that the property would appeal to a purchaser who would keep the existing home with the intent of expanding and remodeling the existing structure into a larger single family home more in line with current zoning regulations. This buyer would give same value to the existing structure as it could provide an interim income stream while plans are being developed and could help offset the cost of tap fees. In any case, we should note that upgrading of the improvements in terms of remodeling or expansion could substantially increase the remaining economic life of the subject property. The reader should be aware that although the home is somewhat small, in fair to average condition, of average quality and has a segmented layout. It is one of the lower priced single family homes in the West End. We do feel its Victorian layout somewhat limits its appeal because the home cannot be removed, but must be worked around. However, there is need for this type of property and it is very marketable "as is. " COMMENTS ON TITE SUBJECT' S REMAINING ECONOMIC LIFE: The subject is in fair to average condition. We expect the improvements to continue to add value to the property for the next 15 to 20 years. - 5 While we have acknowledged that it is difficult to estimate remaining economic life, we feel that the subject has an effective age of 30 to 35 years, resulting in remaining economic life of 15 to 20 years. We should stress the continued upgrading of the improvements in terms of remodeling and/or expansion could substantially increase the remaining economic life of the subject. COST APPROACH COMMENTS (Cont'd): Although the lot is somewhat small, it is in a desirable area of the West End and we have estimated land value in the $575,000 range. Our cost estimates are based on the cost to build average to good quality homes in the Aspen area. These costs vary from approximately $100-$200/SF. Given the simple quality of the subject, we feel that a cost estimate from the lower end of the range is appropriate. The physical depreciation adjustment is based on the age/life method as well as Marshall-Swift Valuation tables. We give the subject a relatively large functional penalty due to its awkward disjointed layout, small size and dated character. Although we admit that this adjustment is somewhat arbitrary, we feel that a functional penalty of approximately 20% is appropriate. IAND 'ID VALIJE RATIO COMMENTS: The subject property has a relatively high land to value ratio of 82%. This is partially due to the underimproved character of the improvements. However, radical downzoning in 1973 and adoption of the Growth Management Quota System in 1976-77 have severely limited the subdivision of new single family building sites. The result has been to drive up the price of already existing sites. Land to value ratios in excess of 50% are commonplace in our market. The subject's high land to value ratio is accentuated because of the underimproved character of the existing structure. Remodeling and expansion would not only lower the subject's land to value ratio but would also extend its remaining economic life. COMMENTS ON THIS SAL.~S COMPARISON APPROACH: We have used five sales in our analysis rather than the traditional three to give the reader a better understanding of the subject's value. A few of our sales require adjustments which exceed normal underwriting guidelines. However, this is not unusual for Aspen as we have very few subdivisions with tract homes. We feel these are the best available and once adjusted provide a good indication of value. We have attempted to use similar small homes which are underimprovements for the site which could also be expanded, remodeled or possibly demolished. Our land value adjustment is a lump sum adjustment under Location and Site/View. This is generally the area which requires the highest level of adjustment. Our gross living area adjustment is less than half the reproduction cost to take into consideration the overall appeal of the improvements. our quality of construction and condition adjustments have been made on a per square foot basis. Our age adjustment has been lumped in with our condition adjustment. Other adjustments have been made as lump sum adjustments based on what we feel the market would be willing to pay as well as on the reproduction cost of these items. Our oldest sale has been adjusted for time. If we look at the land sales chart, specifically Sales 1, 3 and 12, sales and resales showed appreciation anywhere from .01% to 3.4%. Based upon an analysis of this and other data, we have adjusted Sale 4 at .5% per month. 'p , 6 Sales 1 and 2 are recent sales of Victorians in the West End. Sale 1 is 1 block from the subject. The home is located on a slightly larger 4500 square foot north-facing lot. This Victorian is similar in quality, design and appeal although it had been well maintained and sold in average condition. It has a slightly larger layout with special features limited to a fireplace and jacuzzi tub. Sale 2 is 5 blocks west of the subject further removed from town. This home is located on a larger 6000 square foot corner site and land value is much higher. This Victorian had been more extensively remodeled and quality as well as condition were superior. It has a larger, more spacious layout with comparable special features. Once adjusted, these two sales are helpful in our analysis. Sale 3 is on the west side of town but not in the West End as it is on the south side of Main Street. This home sold with partial real estate commission and once we adjust for the commission not paid, this results in an effective price of $630,000. This home is located on a larger 6000 square foot site. However, it is in a less prestigious neighborhood where land values are lower, and we have estimated land for this site in the $500,000 range. This home is similar in appeal but was more extensively remodeled. It is, however, smaller with only a two-bedroom, two-bath layout. Special features are more numerous and include a 1-car garage, fireplace, and spa. Sale 4 is another home in the West End. This is not a Victorian. The home is located on a larger 6000 square foot south-facing lot and land value is higher. This home is of very simple design and quality, although it did sell in superior condition. It is larger with five bedrooms and four baths although special features are also limited. This is our oldest transaction and has been adjusted for time. Sale 5 is a Victorian which is currently under contract. We have obscured its location pending closing. It is located on the west side of town directly on Main Street. This is a much less desirable location as Main Street also serves as busy Highway 82. In addition, the site is smaller with 6000 square feet. However, this Victorian had been more extensively remodeled and quality, appeal and condition are all much more desirable. It is relatively similar in size with special features including a fireplace and jacuzzi tub. Once adjusted, these five sales provide a good range of value for the subject. In addition to the above sales, we have also considered the following transactions: Sale 6: The Hunter Creek Venture home at 330 West Gillespie Street in the West End is currently listed for $650,000 and is under contract for an undisclosed amount. This Victorian is located on a larger 6400 square foot site. It is heavily treed and there may be some limitations on redevelopment of this site. The Victorian contains 10 rooms, three bedrooms and two baths in 2078 square feet and is in fair condition. In addition to the above sales, we have also considered current listings in our analysis. At this time there is a limited supply of alternatives. The Hubbard Residence at 920 East Hyman Avenue is listed for $579,000. This home has a less desirable location on the east side of town. It is on a smaller 3000 square foot lot. The home contains five bedroams and three baths in 2028 square feet. It has a very awkward layout including a guest apartment and same below-grade space. Given this factor, we feel this listing establishes the extreme lower range of value. The Tharpe Residence at 712 West Francis is listed for $750,000. This Victorian is located on a 4500 square foot site. It has .. 7 been partially remodeled but is much smaller with three bedroams and 2-1/2 baths in 1423 square feet. The Kane Residence at 614 West North Street is listed for $795,000. This home is located on a 4050 square foot lot. It is relatively similar in size with four bedrooms and three baths in 2030 square feet. The Schlonick Residence at 111 West Francis is listed for $835,000. This home is located on a larger 6000 square foot site. However, this A-frame is smaller with four bedrooms and 2-1/2 baths in 1624 square feet. Finally, we note the Austin home at 601 West Francis which is listed for $850,000. This home sits on a 4500 square foot corner site. It was built in 1947 and is larger with three bedrooms and two baths in 2256 square feet. These listings have been helpful in establishing a range of value for the subject. FINAL RECONCILIATION: The Cost Approach is a useful guide to value and generally supports the range in value established by the more reliable Sales Comparison Approach. Recent sales in the neighborhood were helpful in determining land value. However, difficulty in determining a functional penalty and accrued depreciation for a home such as the subject tend to undermine this approach. For this reason, we give the Cost Approach secondary emphasis although it is helpful in establishing the upper range of value. We give most weight to the actions of buyers of similar homes as outlined in our five sales in the market grid. These sales reflect a range of value from approximately $680,000 to $715,000. We are aware that the subject is currently under contract for $712,000. Our recent sales of other similar Victorians coupled with a limited supply of alternatives directs us toward the upper end of the range. We therefore select a Market Value (most probable selling price) for the subj ect property on an unfurnished basis "as is, " as o f February 28, 1994, of: SEVEN HUNDRED TWELVE THOUSAND DOLLARS $712,000 Please note that this value assumes a cash or cash-effective transaction and includes real estate commission. Should the property be listed at or close to our indicated value, we feel it would have a marketing time of approximately 6 to 12 months. ..': 129 24 V .4.4 1.- â‚¬% '%11 Jr. Single Family Lot Sales - Aspen Sale Price w/0 Deed Book/Page Sale #Location Size Date Price Improv. Terms Grantor/Grantee - 1 Victoria Square Lot 8 6,000 SF 10/89 $537,500 $502,500 Conv AJJ Ltd./Eller 605/33 1 a Victoria Square Lot 8 6,000 SF 06/90 $635,000 $600,000 Cash Eller/Am. Housing 612/295 1 b Victoria Square Lot 8 6,000 SF 11/92 $650,000 $615,000 Conv Am.Housing/Weinberg 695/643 2 Aspen Blk 35 pt of Lots R&S 3,000 SF 05/92 $390,000 $365,000 Cash Fensterstod/Gallant 679/25 '?4, 3 Aspen Blk 27 Part K&L 6,000 SF 08/92 $1,100,000 $1,000,000 Cash Hudson/Oxley 685/573 3 a Aspen Blk 27 Lots O&P 6,000 SF 02/93 $755,000 $655,000 Cash Burnett/518 W Francis 704/648 4 Aspen Blk 14 Lots N&0 6,000 SF 10/89 $545,000 $520,000 Cash Fleisher/Jococo 604/635 4 a Aspen Blk 14 Lots N&0 6,000 SF 06/92 $650,000 $650,000 Cash Jococo/Alciatore 680/357 5 Aspen Blk 29 Lots K&L 6,000 SF 04/93 $889,500 $875,000 Conv Roach/Whipple & Brewster 708/884 6 Aspen Blk 40 Lots K&L 6,000 SF 01/93 $900,000 $875,000 OWC Ball/Maven 699/947 6 s Aspen Blk 40 Lots K&L 6,000 SF 07/93 $1,100,000 $1,000,000 Terms Maven/McCoy 717/176 7 Aspen Blk 56 Lots H&I 6,000 SF 04/93 $690,000 $690,000 Corrv Greenberg/Sbarbaro 709/118 8 Aspen Blk 46 Lot 2 7,500 SF 04/93 $675,000 $675,000 Conv Eller/Heaven on Earth 709/681 9 Smuggler Lot 1 2.12 ac. 06/93 $593,800 $525,000 OWC Albouy/Cooper-Ieddy 715/323 10 East Cooper Aff. Housing L2 9,583 SF 01/94 $375,000 $472,000 Cash Iacet/Anselmo n/a 11 East Cooper Aff. Housing L5 9,365 SF 11/93 $408,900 $435,000 Conv Lacet/McCormick 730/196 12 Aspen Highlands Filing II L 5 33,977 SF 02/93 $550,000 $550,000 Cash AH Ski Corp/Northcastle 704/128 13 Aspen Highlands Filing I L 10 40,118 SF 07/93 $580,000 $580,000 Cash Amer Physio. Soc/Greenway 717/2 14 Rudolph Lot Split Lot 1 42,907 SF 05/90 $500,000 $525,000 Cash Rudolph/Topelson 617/493 14 a Rudolph Lot Split Lot 1 42,907 SF 05/93 $650,000 $650,000 Cash Topelson/Cheltenham 703/651 i scott lindenau 303 1/2 e.main S t. aspen CO. 81612 303 â€¢ 920 . 9428 May 13, 1994 RE: Pinnington Residence 229 West Hallam St. Aspen, CO 81611 Scott A. Lindenau and the office of Studio B architects are our representatives on this project regarding decision making, HPC review and Building Department Hubmittals. Any correspondence regarding this project should be directed to their office at 3031/2 East Main Street in Aspen, Colorado. Roger Pinnington, Ot# t .271,3 237932.7 0 U i Commitment for Title Insurance Issued By # New York TRW Title Insurance Inc. New York TRW Title lnsurance Inc., a New York Corporation, herein called the company, for a valuable con- sideration, 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 tile 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 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. IN WITNESS WHEREOF New York TRW Title Insurance Inc. has caused this Commitment to be signed as of the effective date of Commitment shown in Schedule A, the Commitment to become valid when countersigned by an authorized signatory. Attest: New York TRW Title Insurance Inc. 440~01*14 PRESIDENT ATTEST 0-2Â»62 SECRETARY couniffille .1 A .1~ Authonzed Â¥Ier or.Agent 1220 ALTA Commitment Form NM6 (10/85 TRW COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: 02/01/94 at 08:30 A.M. Case No. PCT-8730 2. Policy or Policies to be issued: (a) ALTA Owner's Policy-Form B-1970 Amount$ 712,000.00 (Rev. 10/90) Premium$ 1,641.00 Proposed Insured: ROGER ADRIAN PINNINGTON and MARJORIE ANN PINNINGTON (b) ALTA Loan Policy, Amount$ 427,200.00 (Rev. 10-90) Premium$ 50.00 Proposed Insured: TO BE DETERMINED Tax Certificate $20.00 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: LARRY BECKER and SUSAN BECKER 4. The land referred to in this Commitment is described as follows: THE EAST 23.36 FEET OF LOT D, AND THE WEST 13.54 FEET OF LOT 3, BLOCK 50, CITY AND TOWNSITE OF ASPEN. COUNTY OF PITKIN, STATE OF COLORADO. Countersigned at: PITKIN COUNTY TITLE, INC. Schedule A-PG.1 601 E. HOPKINS This Commitment is invalid ASPEN, CO. 81611 unless the Insuring 303-925-1766 Provisions and Schedules Fax 303-925-6527 A and B are attached. TRW 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. Release by the Public Trustee of the, Deed of Trust from : Larry Becker and Susan Becker to the Public Trustee of the County of PITKIN for the use of : Colorado National Mortgage Company to secure : $520,000.00 dated : April 3, 1990 recorded : April 3, 1990 in Book 617 at Page 470 reception no. : 321450 2. Deed from : Larry Becker and Susan Becker TO : Roger Ann Pinnington and Marjorie Ann Pinnington 3. Deed of Trust from : Roger Adrian Pinnington and Marjorie Ann Pinnington to the Public Trustee of the County of Pitkin for the use of : To be determined to secure : $427,200.00 4. Evidence satisfactory to the Company that the Real Estate Transfer Tax as established by Ordinance No. 20 (Series of 1979) and Ordinance No. 13 (Series of 1990) has been paid or exempted. 5. Certificate of nonforeign status executed by the transferor(s). (This instrument is not required to be recorded) 6. Evidence satisfactory to the Company that the Declaration of Sale, Notice to County Assessor as required by H.B. 1288 has been complied with. (This instrument is not required to be recorded, but must be delivered to and retained by the Assessors Office in the County in which the property is situated) 7. Completion of Form DR 1079 regarding the witholding of Colorado Tax on the sale by certain persons, corporations and firms selling Real Property in the State of Colorado. (This instrument is not required to be recorded) . 1 TRW SCHEDULE B SECTION 2 EXCEPTIONS The policy or policies to be issued will contain exceptions to the following unless the same 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, enchroachments, 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, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date 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 or sewer service or for any other special taxing district. 7. Reservations and exceptions as set forth in the Deed from the City of Aspen recorded in Book 59 at Page 118 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". This commitment is invalid unless Schedule B-Section 2 the Insuring Provisions and Schedules Commitment No. PCT-8730 A and B are attached. TRW ADDITIONAL INFORMATION AND DISCLOSURES 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. (2) Water rights, claims or title to water. Pursuant to Insurance Regulation 89-2; NOTE: Each title entity shall notify in writing every prospective insured in an owner's title insurance policy for a single family residence (including a condominim or townhouse unit) (i) of that title entity's general requirements for the deletion of an exception or exclusion to coverage relating to unfiled mechanics or materialmens liens, except when said coverage or insurance is extended to the insured under the terms of the policy. A satisfactory affidavit and agreement indemnifying the Company against unfiled mechanics' and/or Materialmen's Liens executed by the persons indicated in the attached copy of said affidavit must be furnished to the Company. Upon receipt of these items and any others requirements to be specified by the Company upon request, Pre-printed Item Number 4 may be deleted from the Owner's policy when issued. Please contact the Company for further information. Notwithstanding the foregoing, nothing contained in this Paragraph shall be deemed to impose any requirement upon any title insurer to provide mechanics or materialmens lien coverage. NOTE: If the Company conducts the owners' closing under circumstances where it is responsible for the recording or filing of legal documents from said transaction, the Company will be deemed to have provided "Gap Coverage". Pursuant to Senate Bill 91-14 (CRS 10-11- 122); (a) The Subject Real Property may be located in a Special Taxing District; (b) A Certificate of Taxes Due listing each taxing jurisdiction may be obtained form the County treasurer of the County Treasurer's Authorized Agent; (C) Information regarding Special Districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. NOTE: A tax Certificate will be ordered from the County Treasurer by the Company and the costs thereof charged to the proposed insured unless written instruction to the contrary are received by the company prior to the issuance of the Title Policy anticipated by this Commitment. This commitment is invalid unless Schedule B-Section 2 the Insuring Provisions and Schedules Commitment No. PCT-8730 A and B are attached. ---- I ...6 CONDITIONS AND STIPULATIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument, 2. 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 kncwiedge to the Company in writing, the Companv 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. 3. Liabiiity of the Company underthis Commitmentshall beonlytothe 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 createtheestate or interest or mortgagethereon 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 Sthpulations, 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. Anyaction 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. 1220 I . -: ..W ALÂ·':1 '... % . 1. *{8 1~ .Â· Â· P :' 7.-u.,-.Uu-U-â€¢,w-Â·-------------------- . 4/ 1,â‚¬ - 18, <. 3â‚¬ hi .~ 4 ..f. .t} .t Â¥ â‚¬ r~i 4, E a 1 I k' . + j ./1 1 1,9,9,34%. - -Â· - 04Â·'**':5*Z. 4.ZO" .:ElÂ·: . 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