Loading...
HomeMy WebLinkAboutcoa.lu.su.Centennial Park.1975 . , > > x ,~~' . ^ l f~~. Regular Meeting Aspen -C ity Council August25, 1975. Kistler told Council he had beentold by: thegla nni.ng~o7 f.ice that FSOla ica's appraisal.. would be satisfactory. }!e had not reccivedthe appraisal until 4:30this afternoon. Kistl er.said if Mo Ylica's appraisal is satisfac tory ,`he will waive t he appeal to P &`7,. Mayor Standlcy said-the City Councilcannot pass afinal. subd i:visionapprova Y ~ ~-p wit hour the determination ofthe dedication. hfa yor.Stand ley added that theCity ' Counci 1. has neverdeterm fined a dedication _f ee. . o .: Councilwoman: Pedersen movedtotable finalaubdivisioriapproval ; seconded by. Councilman .. '~ ":~De Gregori o-.. All -in. favor,motion carried. PARKCIRCLE - Final Subdivision Approval Ha1Clark of theplanningoffice told Council this subdivision is located on Lot 2 wil lcontain 12 one-bedroom units, and is zoned R/NF. Clarktold of Sunny Park, . Council this project obtained an e>;emg£ion frommandatory PUD.from the P & 7„ and approval of the subdi.v ision plat. The planning office recommendsapproval subject ~ ' ~ to'the satisfaction of the city engineer.; completion of the subdivision improvement agreement;marketing'of units pursuant with an agreement negotiated with the City/ ~ ~ County. Housing. Authority. Mayor Standley openedthepublichearing.. Coun ciaman De Gregorio askedif the cash ,`payment inlieu of ,land dedication hadbeeri. figured .. Jenkins, developer of this ~ project, .said thecash piaymentcould be figured on what he paidfor the landon the regularfonnu la. Clank saidthe dedica ti.on had not been figured out,but`hc did not ~ ! . expect a problem. Jenkins saidthe value of ahe land is established because. he,bought ^ - it only three monthsago. ; , ; ` Brian GOodheim, Housing Officer, told Council he had had nothing but cooperation from Jenkins in this project. Goodheimstated he was all forthe. project. Jenkins said . he had designed this project to accomplish the objectives hehad heard in P & Z.and ~ Council. He feels this kind of housing is needed. .Mayor Standley cldsed the .public. hearing. Coun Gilman De Gregori o: moved to approve-the ~f final subdivision platwith theconditions I . ... listedby theplanni.n9 office andthe land dedca ti.on fee; seconded by Councilwoman ... Pedersen. ~ All in favor, motion carried.. } ' _ PENNIAL P~ Final Subdivision'Approval N p f Mayor Standley .opened the public hearing. Hal Clark told.Council this is9. one-bedroom condominiums unitslocated on 12,OO.Osquare.£eet east of. the. Larkspur condominiums. I ~ ~ / } ..This project received stream marg i.n review. approval. Theplanning officerecommends ~ . ... approval of the project withthestipulations of theciay engineer; also limitation of occupancy to six monthsorgreater. Clark erg laiaed to Council there wovld be an extra i ~. ~: sheet on the final:-plat toshowthe configuration ofthe'.units. :Earlier Council had objected. to the conf figuration of theseuniasbecaus eof conversion possibilities to ..two-bedroom. Clark said the projectdevelopex' had. basically agreedtopay. t)ie.appraised 4 'value for the ded ication. Bayard Hovdesven. said he had no. problem with thestipulations .. although he had not anticipatedthe .six month clause . '! ~ ! There were no further comments. .Mayor Standley closed the public hearing. Ij ~ - _.. .Councilman De Gregorio asked thepri.ce o£the units as contemplated .for sale.. HOVdesven ry . answered about $45, 000. CouncilmanBehrendt-moved to apgrove the final subdivision plat basedon the cond i.t ions _. of theplanning office and the agreement to pay the subdivision ~dedicati:oh fee seconded ; by Councilman .Parry.. All in. favor, motion carried. I ~ GAUDINO DUPLEX - Exemption from Subdivision ~ _... b ' ' I CiayAttorney Stuller had submitted a. memorandum to Councilexp laini ng the request foY ~ exemption. .John Kelleytold Council thi.sexemption in noway changed .any use.. " `Councilwoman-Pedersenmovedto grant theexemgtion; secondedby Councilman Parry.All infavor, motion carried. - ORDINANCE. #51,SERIES OF-1975,. Monies fortheMeadowood Pipeline - ~ , ' Mayor Standley .opened the .public hearing,. CityManager Diahoney told CouncilHenry .Pedersen was working on theproj ec t. Afahoney a lso said that thisis all the money he :wanted for the Meadowoodproject.. .Mayor.S tandley closed the public hearing .•. ' - Councilwoman Johnston moved to read Ordinance #51, ~Se;ies of. 1975; secondedby. COVncilman Parry. All in favor, motion Carried.:. is ' ~ ORDINANCE #51 (Series of 1975) II ANOFiDINANCE AI'P ROFRI ATING'1'1fE AMOUNT O[' ONE TIIOUSAN D FIyE 1IUNDfiliD ($1, ?00.. 00) DOi~[ .!~:; t~l;' F'I,V'~'I;Of`IiI n'IIiD LJA'I'}:1: PLhN'1' 1NVI'i5Tbl1..N'1' 1'1..1:: 1'O RTII P: I21IG'I'OIt~1'l ON OF. Tlll: h1r'~Ii00N-idiiAUOWOOU PlfEL.tNL•" EAiL,MEN'1` was read by the-City. Clark i ~f Councilwoman Johnston movedto adopt Ordinance #51,. Series of_1975, on secondreadincj i secondedby Councilman Parry. Roll Call vote; COunci.lmembers John;rton, aye; Parry,. aye; ~~ Wis}iart, aye; Behrendt, ayc;'De Gregorio, aye;-Pedersen,`abstain; Mayor Standlcy , aye. 'I Motion carried. ~ ,....:.. v. , '~+>~A??, agues,' _. "~ tx;~ _ f _-~. ,~ rfi_?ra.£',°(: "'~..., >?:u _„~..5" d`erSi`.~,.e? .a`i.: _ ,. ..., , ..~, n-• Stream D4argin Review Clary. noted that Centennial.Park Condominiums were within Centennial Park, 100 feet of the water way but were actually 18 to 20 feet above .the water. Collins noted that in-the past, they had had as part of the stipulations hat the owner be respons5.ble ~/ - -for flooding. destruction costs. w.. Motion E3unt moved to a pprove the stream margin request with the restrictions of: that the river banl: remain undisturbed, that there be no fill on. the river bank, and that whatever .changes the. owner makes 'to 'improve the parking situation be reviewed by the Planning Office. Goodheim seconded. All in favor, mtoion carried: County. Referral:, Clark noted this was within the. one mile radius of the city -Cheek Subdivision and as a courtesy, the County P & Z sends it to them for any 'comments, He noted the zoni.g was R-30. No negative comments made. :'Open Space .land - Ted Armstrong of the Parks Department was present and explair. _dedication ed that he had worked out-the original open space /land. dedication for, subdivisions format as a way of providing for. the needs of the park system. Jenkins suggested having 'a Park District proposal because he felt that the old system. is punitive. Otte questioned if they. didn't halve enough . .parks already and felt there were other ways of getting money such as'user's fees,. direct taxation or dedication fees. Armstrong: said that teams sports doubled from last year ,and they have '15 parks in existence: Dobie felt that there is the same impact on the City for a small development a$ a . larger one but the latter has to come before them. Kane suggested putting it on a building permit. basis with Otte saying they cduld just charge the new ones being taken out. - Goodheim, as an employee for the Housing. Authority, presented his plan which would act as an incentive for owners,'(.through `lower costs in condominimizing, .etc.) to pass-on those lower -costs to local s. who '.wish to purchase units. The owner would. have to agree to go through the Housing Authority. It was noted that this wou]:d help the Housi.ng.Authority quite a bit but not solve the whole problem, Jenkins:felt that a building permit system might be more equitable. Armstrong suggested a committee get together to work 'out a system. .Dunaway reminded members'of the defeated land transfer tax.- which would have solved the problem. Qtte noted that the extra costs going into the finai administrative costs could be a solution a1so._ Otte, Goodheim and Jenkins were to get together on this. ': ..Otte moved to adjourn with Collins seconding. All in favor,. meeting adjourned at 7:06 p.m: • Members scheduled a joint study session with :the County P & to work on the Smuggler Mountain pIari'to be .next tuesday, 5:00 p.m. Susan B. Smith, Deputy City. Clerk ' ,~, *~, ASPEN/PITKIN PLANNING DEPARTMENT 130 South Galena Street Aspen, Colorado 81611, MEMORANDUM T0: Aspen .City Council FROM: Planning Staff (HC) RE: Centennial Park Subdivision Final Pleat DATE: August 20, 1925 This is a request for Final Plat approval for Centennial :Park Condominiums. The property is zoned R-MF;"consists of 12-,000 square feet; and has received preliminary plat subdivision from the Planning & Zoning Commission for nine (9} one-bedroom condominium units. The'interior'design has. been revised (per City Council direction) to eliminate two-bedroom conversion possibilities. The project received stream margin review approval from the Planning & Zoning Commission on August 19, 1975. The recommendation of the planning office is, to grant Final Subdivision Plat approval conditioned upon the'following: 1. Satisfaction of below li ted items as described by Dave E11is, City Engineer, fow inclusion in the Subdivision Improvement Agreement: a. commitment to join and to waive right of protest for any futGre improvement districts including the subject property formed for the purpose of constructing street :improvements, drainage im- provements, or buried electrical improvements, b. commitment to pay for the construction, or to reimburse the city for construction, of street improvements when the city deems these improve- ments necessary should an improvement .district not be created, c. the commitments im items (a ), and {b) would not. include improvements installed during the initial construction, i.e. - curb, gutter, and sidewalk, and :. ,,,,, MEMORANDUM City Council Centennial :Park Subdivision.. August 20, 1975 Rage Two d. cash payment in lieu of land dedication; land dedication would 'be 0.02925 acre (1274.1 sq.ft.). 2. Completion of a Final Subdivision Improvement Agreement satisfactory to the City Attorney-and'City Engineer. 3. bnits should be Timited to long term occupancy only, i.e., of greater than six,(b) months duration.. MEMO TO: HAL CLARK FROM: DAVE ELLTS DATE: AUGUST 15, 1975 RE: Centennial Park'SUbdivision Agreement The subdivision agreement should include the following items: 1) commitment. to join and to waive right of protest for any. future improvement districts including the subject .property formed for the purpose of constructing street improvements, drainage improvements, or buried electrical improvements. 2) commitment to pay for the construction, or to reimburse the city for construction, of street :improvements when the city deems these improvements necessary should an improvement district not be created. 3) the commitments in items (1) and (2) would not include improvements installed during the initial .construction, i,e, - curb, gutter,. and sidewalk.. 4} cash payment in lieu of land dedication: land dedication would be -0,02925 acre (1274,1 squaie'feet). cc: Sandy Stuller' Bayard tSovdesven ~, ,~, ASPEN/PITKIN PLANNING DEPARTMENT 130 South Galena Street Aspen, Colorado _ 81611 MEMORANDUM T0: Aspen PTanning & Zoning Commission FROM: Planning-Office.(HC) RE: Stream Margin Review, Centennial Park Condominiums DATE: August 14, 1975 This is an application #or stream margin review for Centennial Park Condor~iniums. The. .property is zoned R/MF; consists of l.'C„000 square feet ;and has received preliminary plat subdivision approval for nine (9) one bedroom condominium units. The condominium development as shown. on the plat is 18 feet above the high water line of the Roaring- Fork. After a site .inspection of the property, we find that disturbance of the stream bank will be negtible due to the ateeping of the river bank and setback of the building; for the. ban k. We recommend approval of the request conditional upon the applicants guarantee of .the foilowing; 1. The riverbank area remain undisturbed except for possible additional vegetation by the applicants. 2. No fill be deposited on the river bank from the excavation of :the building site. ~~~~aveal f1'~6 /9 i ~~r- b y Oa Z 9 t !.' ~i • ~ .RECORD OF PROCEEDINGS 700 Leaves _T < ......... _ ~_ • Regular Meeting Planning and Zoning Commission August 5, 1975 Meeting was called to order by Chairman Jenkins at 5:10 p.m. with members Roger Ftunt, 24ike Otte, Patrick Dobie, Brian Goodheim, Danny Abbott and Chick Collins. Also present were Hal Clark, Greg Colc and IIi11 Kane of the Planning Office. Old Business Clark asked that, Centennial Park, which had been tabled previously by them, be acted on now. council had given Centennial their conceptual approval based on a redesign of the units to_elimiraate the charcc of .the "door game" being played. Motion .Otte moved to rorisider preliminary plat approval for t he Centennial Park Condominiums. Goodheim seconded. 1111 in favor, motion carried. Part. Land Attorney IIruce l:istler requested that it be tabled. Dedication Fee Exemption Lloyd Parks, long time resident of the 700 t•lest t[opkins building, noted that he had'been asked to come to ask them to elirtinate thq • dedication fee since the price has doubled on unit he is purchasing, ...Motion Hunt moved to table the request at the app'licant's request.- : Goodheim seconded. All in favor, motion carried. < Jenkins asY.ed that they get together with ^.oodheim on Housing at their next meeting. .Subdivision John Kelley represented the Gaudino duplex which technically didn`t exemption need the exemption but was asking for it because of financing. Flembers felt L-hat they were bock to the same problem over dedication fees which were unequal. Motion Collins moved toapprovc the request forexemption for the Gaudino duplex. Goodheim seconded.. • Goodheim said that it didn't seem fair because th~sc people didn't have to make a plat and yet wer0 exempt from dedication fees, {also. Since members were undecided about how to handle the problem, Goodheim withdraw his second and the rnption died. C1arY, felt that a letter Yrom the City At:•torney explaining the situation would help Kelley with the banY.ezs. Motion Hunt moved to table the Gaudino duplex exemption. Abbott seconded. ' A21 in favor, motion carried. Trail Access Francis t~7hitahcr and Katy Smith, of Grassroots :V, prc•::ented a video-taped program featuring biY.ere; ridin+7 Chro+u7h all<•ys in the west end and ala:o from the: canter of town to 7th stn+•.~t liunt felt it nett scary to determine who has the. right of way anai r:u+r~Josted. posting sign: mince the bikos will havo to yield. t•fhit.+k<•r' noted that Choy had thought to paint crasawalk:: in line with th.•'allrys With yield sign:: for th0 c.trr.. Good hoin+ mont.ron,~d anot!,.•r t>o ::>.blt: ' so]utibn Of .ctil-de-;:acs. tt+•r..bcprs felt that lt. could c.+cn:o potential accidents havintl the bikes-qo Chrou<ih tho .trc•ot t0 th.• .+11tys. City Attorney` Stul2cr noted that .t ho Mcxicl T'raf f rc Cod+•, .which the City has adoptr8,:prohibits thi; unc o£ roadway:: for ::t:rur.r. Jcnkinr aumrnarizc•,i Lhatit was therc:;ponsibilS.ty of the (+r•d.-scrr~.uy and cyclist to 1>rOtcct their overt ::.ifcty. fie felt it might h+~lp with the. theft and pilfir.age in the houscr: along the alley. ssikcwaya John 1'aul);ncr, along with Gro<7 Cole, prrosontrd the idea for bike lanes in the downtown area. Cole r,otod that t~hc i'lannir,g Office wan more in favor of 'n "st>oke^. uy:rtom then a "hub", ttoraLers folt it would c<urse t+roblems with loa:a Of parking, t,onsit>le aa:eittonfs on the pa;cscnger side of ttu: parked car:; and. that biY.os would yo .»1_ ~, -~ .. ~.~- .. ,~, y ~_~ CITY .; CAF: A S P E N aspen,cna~:ra:i~~o,ststt box v MEMORANDUM T0: Aspen City Council FROM: Planning Staff (HG)s~ RE: Centennial Park DATE: July 23, 1975 This request for conceptual subdivision was tabled by the Council on July 14,1975, primarily duet to concerns of the Council in regard to the interior design of the condominium which facilitated conversion of the dining room area into a second bedroom. The Council advised the applicant to redesign the interior space of the units. The pro- ject itself is a nine (9) one-bedroom unit complex to be located on four (4) City lots (12,000 square feet) due east of the Larkspur Condominiums on East Hopkins. The comments of the Planning Staff are as follows: i. Mr. Hovdesven has submitted a revised design for the interior layout of the individual units (plan attached to memo) which integrates the dining and kitchen areas. You will. note the entrance through the living area; array of kitchen facilities along the west wall; and pass through arrangement over the sinks. While it is possible to convert initially any structure into a two-bedroom unit, we feel the opportunity to do so for these units has been effectively eliminated. 2. Since the property is located within 100'feet of the Roaring Fork, Stream Margin Review will be required. 3. Given the significant alterations of the interior. design, the planning office recommends Conceptual Subdivision approval be granted. 0 I 3 I R i .fYt, ~J'.+ w ~~ r '7 r LTD. ~{GAL B$T-S.T E. f/AY~CHf~IPiCER Of El1J L0!; A.:?;1 '!~T:ST August 8, 1975 City Planning & Gonin? Cornrrissior. T3ox ~::>pen, CC ?1611 Subject: Stre~~m F•iargin i3.eview, Centennial Part. C and grain i um s Gentlemen: Thy attached request for streatt, margin review indicates that the top of the Dank where our huildir.~; will be situated will rae approximwtely 18 feet above the stan9ard project flood plain. Tha building as indicated on the plans vr111 be set Lack from tk;e top of the ban1: approximatelg 10 feet. There vrill be no removal of a:ny foliage sr tree;; from the edhe of the :;anl: ~znd Y.here tcili be ne ezcr.^,~.~,.tian c^.using roc1: or debris to be deposite:? cn tl;e bzn': or dov:n tows:r^as the river. ,al of this material .will be excnv.ated and 'Hauled aw-3.y or placed in .front. of the Uullding fnr .land- scaping~ purpar>ea, i-:e believe tk~ere will be no dis~urb.:.nce rrha~.soever of the current river ck:ar~ael. or river Tani:, Your approval of this. s;:res* aaarF;in review Ss tl;erefcre re.7uester? ~._ `.~ ~~ r.~v~' 2'c Co ]JeaF-._oper Centenr~~i<>.~, r' i- Condotniniu;r.s t~tt. EYH/rp I _, .~~hap;i, ('.OtOfedO WeiS~! I;C ad ~ : nir F ka)SC rd u1 A~J•ISG iq rn:' ~ Irr.~,.RRiM;c. wterized propefty wtectiort s? - q~ '.-, 13..5 - .w '~ .- - a ~ _ '~• ~ ..aG awanne .: .~ .IYA/. ~ ...! ..a. ~... n _.... y n -._. ,~ .. - ~ - / l CC II ~. ~~ 1 ;y - -RECORD Qf PROCEEDINGS 100 Leaves 32egular Meeting Planning and Zoning Commission July 15, 1975 "` ==Meeting was called to order-by Roger. Hunt with members. Jack Jenkins, Chick Co11i+i~ Arian Goo dheim and Danny Abbott. Qtte had been excused. Also present was Bill _ 3zane and Hal Clark o£ the Planning: Office. Hunt moved to nominate Jenkins as the acting Chairman for the - meeting with>.Collins seconding,., :All in favor,_motion carried."' approval o£ Hunt moved to approve the minutes of fhe June 19 meeting with Minutes - Collins seconding. All in .favor,, motion carried. Kane noted that Council wanted to set a meeting ..with them on the Rio Grande recreational;;uses.. The meeting would be next-.:- Konday (July 21) at 5:Q0 p.m. Jenkins asked that the secretary make sure everyone was notified. _>~ew Business Kane noted that the`, Aspen Institute's Wes Millan was at the - _meeting to present members with. the Institute's master plan_ , He reminded members that this was a SPA and they had been working _ -to get-together with P & Z on a plan. Mr. Millan gave members a draft of the plan and asked that it be put on their agenda as soon as possible. Kane noted that he had advised"Millan to wait - '' -~ until-the P &`Z was up to full strength again. Jenkins questioned whether it could be handled at a regular meeting or a study ' session. Kane felt that it should be dealt with at a regular ' meeting. _32esolutions Jenkins noted that they had two Resolutions to work on: Resoiutior, ~7 commending Spencer SchiffeY and Resolution T8 commending -Bryan Johnson for their work-on the P & Z. - =22otion 'Hunt moved to adopt Resolutions #7 & 3, series of 1975. Collins - -. seconded. All in favor, motion .carried. - entennial Kane noted that at the last night's Council meeting, they had not . ark' _ gotten Subdivision approval .because of a questionable floor plan. Council had felt that they might be trying to play the "door game" since with a-break in the living room, they could be made into two bedroom units. Kane felt that theg should tai~le conceptual -. subdivision pending reassurance' hat the floor olan is changed_ - Jenkins opened the public hearing and Adolph 2diklich presented a letter from an adjacent ,property owner at A-2 Larkspur who felt that unless ample parking is supplied, they should riot be ailowed _ approval. Jenkins noted for the new members that there was no way this project could pass until it meets all the requirements of the zoning code. _Jenkins questioned whether the-project couldn't get their approval until Council approved with Kane __ _ noting that it could be done but is expensive for the developer. - - -Collins asked-why the plans had gone before Council first with Jenkins saying that they had skipped the preliminary plans. The system is designed fo get the impressions of Council and P- & Z.' Kane said that an issue raise9at the preliminary time should be that the owners should covenant to one.uedroom. He felt it wasn't appropriate to have the 'Building Inspector responsible for the units. Collins said that Council must have looked at the - conceptual with Jenkins questioning what Council's .feelings had ' been. Kane said. that after looking at the plans,. it appeared - that the•-dining area was so constructed that if they constructed a break, it could be another bedroom. Bayard Hovdeson, sepres- enting the developers, stated that they were in the process of getting the plane redesigned. Jenkins explained to the members that the recent zoning code had changed to a bedroom density approach so if they have-6,000 sq ft of space, it could hold six studios, five two-bedrooms, or two three-bedrooms.. He ,emphasized that when the door game is played, it was not within the "spirit" of the code. -1- . ~. S .. :. y 6-, ~ ~ -: ~. P &-Z 7-15-75 emotion ': :. Collins moved to table the application until-they receive from - ' ` Council a set o£'informati:on that is acceptable to them and ,also 'P & Zrwould li:ke,_~-0 see preliminary drawings instead of the final ones.'Hunt seconded. All in favor,~motion'carried. - Jenkins closed the public-hearing.. X00 West Hopkins Mojo explained that this was the=`exiating Madsen :apartments on 6th &'Hopkins, The letters of reference are in,order and the - engineering department has no comments on it. He stressed that "ct ,__,:.._ `this. was an already existing building... Council had been concerned- about the parking,. that the present curb cuts remain and that 'there be no gaff-street parking. ,The Planning Office also had concerns that there be a retention of parking"and a six months covenant on the units, He said that they"had reservations about the curb cut but that Council felt this was a residential area. Thelot across is vacant but could eventually be built on. It <x~~•_ was also noted that. annexation was complete at this time. Jenkins said he .objected when they. wanted to create a continuous curb aut because they only gain one parking space. Goodheim asked if - there were l space. per unit with Jenkins noting it was an existing building and wouldn't have to conform with the present. code on the parking. Jenkins opened the public hearing, and there being no comments, closed, it. -_~IOtion Hunt moved to grant the preliminary subdivision with no engineering `limitations and a six months covenant on the leases. Collins seconded.. All in .favor,-motion carried. _ '?ark Circle Jenkins asked that it be noted he had stepped down as temporary chairman to give his presentation. Hunt was made acting chairman. Jenkins said this was hot 12, Park Circle North-and there would be 12 one-bedroom units.' There was adequate parking'on the ratio- J J of one space per bedroom. It is.zoned.F2/MF.wth density by right of one bedroom for 1250 sq ft. It would be three stories and they have satisfied all the requirements. Engineering has asked for power and communications on the lot which he l:as,complied with.. He showed them a floor plan with a possible change in that the 'staircase may. come .up a different way. The-living room would be on the view side with rectangular o:indows i.n the bedroom. Mojo' wanted to point out .that this was a good contrast from Centennial - Park.snce_on the plat it shows clearly th at the unit "couldn't be ' :changed to add another bedroom.' Colhs still questioned. the - - •contiguous parcels ence both sides are mandatory PGD, and if - one stands alone all must stand .alone. Dobie arrives. _ - I4ojo explained that the project can stand on its own without other parcels and Jenkins only has to retain ownership of one of the units. He said he would like to see the units handled through the Housing Authority. Jenkins said it.waS his intention, regard- - less of the. Authority, to covenant six months cr more leases. Mojo said that there would be a trail easement 'of ZO feet which - would be worked out with engineering and Jenkins explained that ' ~'" is had. been dropped temporarily but he would covenant an undefinite piece of land. Hunt. opened the public hearing. There being no comments, he closed the hearing. :._='lotion Goodhe.im moved to approve the preliminary plat conditional upon a six months lease and 10 feet trail access. Dobie seconded. All in favor, motion carried, Jenkins xesus~ed his position as acting chairman and noted that. they would .change the. agenda around-to hear the 80/40 :review, then', Aspen. Savings, and finally Callahan and Clarendon. 'BO/40 Greenl ine ASOjo noted that according to the code, any property that comes ::_3tevi.ew - within 50 yards of the 80/40 line has to be reviewed by P & 7.. The -~ibberd Iiibberd duplex would be at the. base o£ the Sth Ave. condominiums. .~ Goodheim questioned whether the slope wasn't too much for. water •and sewer with. Mojo stating. that Dave Ellis says. the iaatcr pressure _2_ , -S..' ~~~~ , _ + .^r ~ r w ~ ,fit, ~eg .' ~. ~~ z MEMORANDUM TO: Planning Office FROM: Dave Ellis \~ RE: Centennial Park/Condominiums - Preliminary Subdivision Plat Review DATE: July 10, 1975 In addition to the corrections and additions shown on the attached plat, these are the following comments: 1. No on-site storm run-off detention has been provided, 2. The grading and excavation limits are required, Protection of the dense foliage along the river in the alley is critical. 3. Stream margin review by the Planning and Zoning Commission will be required. It seems reasonable to include this within the subdivision review, 4. An electrical transformer easement may be required on the northwest corner of the lot, ~. _ J ~~~, ~y ., C ITY:~~ ~, '.a:F ; ~.S P E N aspen ,c~~;~'a~id'~'~a~sn box v ~.. MEMORANDUM TO: Aspen City Council FROM: Planning Staff RE: Centennial Park Condos DATE: June 18, 1975 This is a request to subdivide and build a nine (9) one-bedroom unit complex.. The property is located-.due east of the Larkspur Condominium project on East Hopkins. The units are 900 square feet in size. Atypical floor plan is attached. The Planning and Zoning Commission gave conceptual subdivision approval on June 3, 1975. The Planning Office concerns are that adequate parking be provided and that effective measures be enacted to present the conversion of the "dining room" into a second bedroom. ~;;, ~" GI asp• CENTENNIAL PARK CONDOS f'^s PEN h~ Following Agencies received mail-outsrsent June 9, 1975: Aspen Fire District #i - Mountain Bell Rocky Mountain Gas „__... e/ Holy Cross Electric Aspen School District #1 GJ taTb 1"=- ---- ~CGT2p / Return expected by June 29, 1975 SUBDIVISION PLAN CHECK FORM Mailing Date: June 9, 1975 Subdivision:. Centennial Park Condos Preliminary Plat P & Z Hearing:. July 1, 1975 To: Aspen Metro Sanitatioh According to the procedure set forth in the City of.Aspem Subdivision Regulations, the enclosed plat constitutes a subdivision and must be processed in accordance with said. Regulation. . This form with attached copy of the plat is provided so that each utility company and public agency may inspect the plat ahd the site, making comments, concerning the placement of easements, etc., and where necessary sketching reconmiended alterations on a copy of the plat: This form and the accompanying copy of the plat must be returned to the City of Aspen Planning and Zoning Commission no later than June 29, 1975 No response will be interpreted as approval without comments. REMARKS;. The Aspen Metro Sanitation District is concerned with the placement of street curbs and gutter, due to the alignment of the Hopkins Street sewer line. The builder should be aware that any necessary repair to sewer lines the owners of said sub- division would be liable for replacing curbs or sidewalks. Signature of .Agency *~` - SUBDIVISION PLAN LHECK FORM Mailing Date: June 9,'1975 Subdivision: Centennial Park .Condos Preliminary Plat- P & Z Hearing: July 1, 1975 To: Water Department According to the procedure set forth in the City of Aspen Subdivision Regulations, the. enclosed .plat constitutes a subdivision and must be processed in accordance with said Regulation. This form with attached copy.. of the. plat is provided so that each utility company and public agency may ,inspect the plat. and. the site, making comments, concerning the placement of easements, etc., and where necessary sketching recommended alterations on a copy of the. plat. This form and the accompanying copy of the plat must be returned to the City of Aspen Planning .and Zoning Commission no later than June 29, 1975 . No response wi17 be interpreted as aporoval_without comments. REMARKS: ~~ S n ture of Agency U~~ y~„pI • SUBDIVISION PLAN CHECK'FORM Mailing Date: June 9, 1975 Subdivision: Centennial Park Condos Preliminary.Plat P & Z Hearing: July 1, 1975 To: El ectric.Department According to the procedure set forth in the City of Aspen Subdivision Regulations, the enclosed plat constitutes a subdivision ahd must be processed in-accordance with said Regulation. ?his farm with attached. copy of the plat is provided so that each utility. company and public agency may inspect the plat and the site, making comments, concerning the placement of easements, etc., and where necessary sketching recorranended alterations on a copy of the plat. This form and the accompanying copy of the p~atr~ust be returned to .the City of Aspen Planning and Zoning Commission no later than June 29, 1975 No response will be interpreted as approval without comments. REMARKS: - '~'~ b s G~~~~®~•~---~G s,`~ ~ ;f~~ ~. 0 ~ 4" Signature of Agency __ 'Recorded At 3:34 PM Septe'"~""`zr 22,.1975 Reception n0 ~ `~t"~~Qrj ,Julie Hare Recorder •• ~• ~ n 6~30Kci~ I'A:::~~1) {~. 1` SUBDIVISION IMPROVEMENTS AGREEMENT THIS AGREEMENT, made and entered into this ~ day of ~~~~,,~~~ 1975, by and between. BAYARD Y. HOVDESVEN, WILLIAM W. BOYD, PATRICIA BOYD, and GREGORY B. COLE (Subdividers) • and THE CITY OF ASPEN, COLORADO, a municipal corporation {City),. W I T N E S S E T H WHEREAS,:Subdividers hold record title to a parcelof land situate n~the City of .Aspen, County of;Ptkin, State of-Col.o- rado, to wit: Lots P, Q, Rand S and Lots, 7,8, and 9; Block 27, EAST ASPEN ADDITION; and WHEREAS, Subdividers have submitted to City foreapprov- al', execution and recording a subdivision .plat of the above- described property,-such subdivision to be known and designated as "Centennial-Park. Subdivision"; and WHEREAS, the City has fully considered such subdivisicn. plat, the proposed development and the improvement of the subject` property shown thereon, and is willing to approve, execute and accept said plat for recordation upon the agreement of Subdividers to the matters hereinafter described, which matters are deemed necessary to protect; promote and enhance-the. gublic welfare.; and WHEREAS,. Subdividers and the City wish to reduce .said agreement to writing. NOW, THEREFORE, in consideration of the premises, the ~~ I~mutual covenants herein contained, and the approval, execution and acceptance of said subdivision plat by the City for recording, a ;;.the parties hereto hereby ;agree as follows: n i L Subdividers covenant and .agree to and. with the City ;~ that they will affirmatively, consent to and join in the formation °of any special improvement district, encompassing all or any part ~, ,i i • it '-. ,.. i' ~ _ _ ~~ ~I ooo~a;, ~;, r~ ' `~~~ B ~, i l~ i i) of Centennial Park Subdivision, that may hereafter be proposed or ~! formed for the construction of street improvements, drainage im- provements or buried electrical improvements. Subdividers hereby I~i waive and further covenant and agree to waive any right of pro- f ~. test-against. the formation of any such district. 2. In the event that the City, at any time or from. time to time, shall construct or" install any street improvements, which improvements service or improve a general area including the lands"within the Centennial Park Subdivision, Subdividers agree upon demand, to pay or reimburse the City for that portion - { of the actual cost of such improvements which is properly alto- ~~ cable to the Centennial Park Subdivision, provided,_however, that ji the City shall be entitled to such payment or reimbursement only ,' jI~ if such improvements are constructed or installed over an area 1' which includes at least the following described minimum area,' to-wit- Both sides of East Hopkins for the entire. length of the city block within which the Centennial Park Subdivision is situated. ~ Subject always to the minimum area requirement set forth above, the City shall have the right to construct or install ~~ ~ such improvements in phases or :increments, e. g. curbs and gutters in one year and sidewalks in a subsequent year, and Subdivider n shall pay or reimburse the City for each successive phase or in- ;: crement. Provided, however, that improvements installed during I, the initial construction, i.e. curb, gutter and sidewalk, shall L not be charged to Subdividers. 3. The covenants.. and agreements of the Subdividers j ;~ ~ herein shall be deemed covenants that run raith the land, shall ~I '~ ' p ~I ,~ ~i f. - 2 - ;;. ", ~ ~, saoya~~ ~~r.::.;~~ burden the land included within the Centennial Park Subdivision, .Land shall bind. and be specifically enforceable against all sub- . Sequent owners thereof, including. Subdividers, their heirs, per- ~ sonal representatives, successors in interest and assigns. 4. City acknowledges receipt from Subdividers of the. sum of $9,927.8.3 as fu1T satisfaction ,and discharge of Subdividers' obligations under the.applicable subdivision ordinance to pay cash. in lieu of the conveyance of land. to the City .for public use purposes. 5. The parties mutually understand and agree that the condominium units to be constructed on the subject property are intended to be owned and occupied by long-term residents of the area.,. In order to insure that the aforesaid purpose is fulfilled, pwners and Subdividersagree that no unit shall be leased for a period of less than six months, that acceptance of this prohibition - is a condition for subdivision approval, and, that each and every.. instrument by which title to one of said units is conveyed shall - contain the following covenant: By his purchase and recording of the instant deed, purchaser agrees that the condominium unit conveyed hereby shall never. be leased for a period of less than six (6) successive months. This restriction... shall constitute a covenant running with the title to the subject unit and be enforceable by the City of Aspen. Owners and Subdividers further agree that an identical leasing restriction will be incorporated in the. Condominium Declara- ,Dion so as to provide 'record notice of uch limitation. I 6. Upon execution of this Agreement. by all parties here-` ~o, City agrees to approve and execute the final plat of Centennial ~+ark Subdivision. and accept the same for recording in the real ~~ ~ Iroperty records of Pitkin County, Colorado, upon payment of re- ~ording fees and costs to City by Subdividers. i I ii _ 3 - ,I t i f jl ' S°~ i • ~ IN WITNES WHEREOF, the parties_hereto have executed- th' A reement as f th ay and year first above written. ~ y d Y. o,d ven iam W. Boyd l gory Cole ,Patricia Boyd CIT F A .', ~ r ~~ ~. •r. ~ Mayor c • 1 ATTE ST~~ `' , /J } ~: f 1 N t ~ /Y~~~~.A' + f City Cl,' k ~. • ,;; STATE OF COLORADO ) )ss. COUNTY OF PITKIN -The foregoing was acknowledged before me this ~~day of ~~~2~~~e~~ie/ 1975, by Bayard Y. Hovdesven, William W. Boyd,' Patricia Boyd, and, Gregory B. Cole. Witness. my'hand. and official seal. •~ •,,, oy~`' .'J My commission. expires: ~~~~'~' ,~~ '°'` .J ~~ " F N ta~li~ _ ~ , ~ ? ~ +~ 4~r o' b ~ STATE OF COLORADO ) "'<r~`~a,~~~5 ~ ` COUNTY OF PITKIN ) ~~ ii ~ The foregoing was ack~~nowledge/d before me this ~ day- I~ o£~~ '_'®~/~c/ 1975, b~ ~ .cwh~ >7f", as Mayor ~' ~~ '~'n`~"~~;y~ ~ ~~~~~~~ as City Clerk of` the City of .Aspen.. ~~ `~~ ~~Witness my hand and official seal. ='.; `'~ ~~f~lM~( 3e ~~ ru - ', I,,~„.~,~ ~ ~f-`My;commission expires: /7 /y'7~1" ~ ~3~~~' ~,`_~ -: I~~~ .._ U~` `~ otary Pu 1 c ~i nn ~ ~~ f'~ - 4 - ~ 4 ~. SUBDIVISIDN PLAN CHECK FORM Mailing Date r June 9, 1975 Subdivision: Centennial Park Condos. Preliminary Plat P & Z Hearing: July 1,..1975 To: Ashen fire Dist. #1 According to the procedure set forth .in the City of Aspen Subdivision Regulations, the enclosed plat constitutes a subdivision and must be processed in accordance with said Regulation. This form with attached ccpy of the plat i provided so that each utility company and public agency may .inspect .the plat and the site, making comments, concerning the placement of easements, etc., and where necessary sketching recommended alterations on a copy. of the plat. This form antl the accompanying copy of the plat must be returned to the City of Aspen Planning and Zoning Commission no later than June 29, 1975 No response will be interpreted as approval without comments. REMARKS:/j~ ~,~a ~-~,p ~/~z,-~r~~~ <-/T~~-a Signature of~A/g//en C ~~ SUBDIllISTON`PLAN CHECK FORM Mailing Date: June g. 1975 Subdivision: Centennial Park Condos Preliminary Plat P & Z Hearing: July 1, 1975. To: Rocky Mountain Gas Co. According to the procedure set forth in the City of Aspen Subdivision Regulations, the enclosed plat constitutes a subdivision and must be processed in accordance with said.Regulation. This farm with attached copy of the plat is provided so-that each utility company and public agency may inspect the plat and the .site, making comments, concerning the. placement of easements, etc., and where necessary sketching recommended alterations on a copy of the plat. .This form and the accompanying. copy of the plat must be returned to the City of Aspen Planning and Zoning Commission na later than June 29, 1g75 . No response wi71 be interpreted as approval without comments. REMARK~Sj: ~ti~J ~ _,.-~z® /,.Z,~::Q,L.P~,,,, ..7 ~.~e.~e C~ ~ - Sign re of A ~~ ~~`-~ G~J- __ __ 'CENTENNIAL PARK CONDOMINIUMS ADJACENT OWNERSHIP LIST 1. LARKSPUR - A-1>Lark6pur Associates B-1 Larkspur-Associates Box 15000- Box. 1$000 Aspen, C0 81611 Aspen, C0 81611 A-2 Avery J. Timms and B-2 Adolph Mlklich and Marie J, Timms Grace L. Miklich Box 4363 Box 1127 Aspen, CO 81611 Aspen, CO 81611- A-3 Hudson Bernard and B-3 C. Tyre11 Garth, Jr. Janice Bernard ' Box 3558 Box 3314 Aspen, CO 81611' Aspen, CO $1611 A-4 Belton. Fleischer and B-4 Larkspur Associates Elizabeth Fleischer Box 15000 Box:1'5000 Aspen,'CO 81611 Aspen, CO 81611 A-5 David M, Fleischer B-5 .David C.'Mason ': 'Box 1729 Box 591 Aspen., CO :'_81611 Aspen, CO 81611 2.` William L. Luther Walter H. Strong, Trustee Box 1142 Aspen,' C0 81611 3. John and Emma. L. Strong Box. 263 Aspen, CO 81611 4, Paula E. Nielson ,Box 4442 Aspen, CO 81611 5, EAST HOPKINS CONDOMINIUMS - 5 units 1 Unit= Barbara and Terry Young Box .1859 . Aspen, CO 81611 4 Units-Alan J. Goldstein 571:Lyell Avenue Rochester, NY 14606 6. Raymond and Jesse Bates Box 472 Aspen, C0 81611 7. :' Evan H. Gu11 and Elizabeth Guenard +,Box 16128 Aspen,'CO'81611 8. . Dr. Robert Ori Box 1577 Aspen, C0'81611 May 29, 1975 ~` _.___ ~. ~ - t~,c:.cclri€~. ~~~ ~~~n~.;1.,~~., r,N; ~o0 1 ~~«,.rt~ ,._., 12c°r~u l ar < c ti.nr7 Pl anninq t~_ /un~i nc; Ccr„ Zt ~_ i<~n Jun`e _3 , 1975 - o:as called to h3c~eti.rzc; order. ai: 5:00 p,m. ~~ii3-.h ,ucsrrbers S},>encer ShiFfcr I3a:yau _ Jghiaor~, l:gder llurrt., t J acl'; J'<~n];.i.ns; Chicl;. Collins, I~iile Utti~, and 7)at.r.ick Do;.ii_e prc~sc:zrl:. Iaso prr.scrft w~~~ic~ )'anp N,bjo, City/Cc?ur;i:y I,~laruzer fiane, and John Stanford bf the Planni ng Off:i.c~. ' Approval of Minutes There werci rZO minutes subr.,.i_tted from the Srx~rial Meeting of May 14, 1975. Change of Agenda Schifffer moved that the projects be completed first, se.:oi-zded by hunt. All in' favor., motion carried. Centennial Park Mojo explai.n~d to nembers that a Conceptual. Subdivision Concomintum,>/Conccp- Presentation ,.s similar to the Uld Urdi.nance 19, tual. Subdivision Conceptual Picsentatioizs where just a rough sketch plan gives a devc.l.ol?e.r an idaa whetha.r. he should go ahead. This conceptual_ subdivi~,-ior. is a request for sul:~d~vision on 9 lots. of lot 27, zoning is I2I.-P which would allow 9 onea ]bedroom condominiums. Bayard H.averstein explained that the project wi.l1 be beside the Larkspur Condominiums on East Iiopkins. where will be' 9 ozie bedrooms, 3 stories hi"gh, thr"ce aparrtments in a r"ow, the apartments will. be bacY, oii the r.i_ver, and • is ~. lots, 12,00 sq. ft. The pouulation ~,,i.ll be based - onthe City Code w.,lich ~°cad 1.3 people times 9 units,.. or 11.7 poop]"e. Mojo explained ghat the p'rupose of Conceptu Subdivision is to address the issuea of c%ezis:i.t:y impart in the~area suitability of the land. for development; preL-t basic preliminary issues. flaverstein mentioned that tl7ei.r objcci:ivo is to h~nve long rancre perrnancrt residents such as himself anal thc~ other peoula who ar_e involved'in the planning process of: the project. Schiffer questioned the suitability of land for subdivi.si_on. Mojo caxplaiziecl that the l.a_nd is flat and it is already plotted lots and.. block: • within the City. Schiffer-asked i.f Ilaverstein had caraplie with all. the new requi.remen.ts as far as the scale, sketch plan., et.c. Diojo repl.i.ed that the subnti_ssiom, had been completed as f:ar as the new reguJ.ations. The next step cai11 be the prelimi"nary puhJ.i.c hear,izig. The Cozrsnission doesn't concern themselves cai.th tkie final plat the Planning Departmen£ and the Lingineeri.ng llepartment co3tce.rns themselves caith the finalplat; they concern ' themselves with the conceptual starie and after this conceptual state it goes to Council forcorrceptual approv before it continues on into preliminary, Schiffer qu2sti_oned that :because there were rio plans submitted and wanted to ]snow if a one bedroori turned into a to/o bedroom what would happen. Mojo explained that in thc~ Regulations there is no clause stating that no point iri time approval of one stage is a guarantee of approval of any other stages. At trite preliminary. Subdivision tltere will. be a complete set of drawin<1s. -~b3otion Jolnzson moved to rnake `a recormnendation .for approvl~3 to City Council, seconded by Utt.e. All in favor,.motion ca:r.ried.. ' Margaret 2deadows- b3ojo expl.aincd that. the Planni.ngand 'honing. Cozrimi.ssion Final Subdivision _ granted diem an extension for submi.ssi.on of the final ply . around early .April. The location of Margaret Meadows is Mi.d].nnd Park and u.iglxaay 82 in the east section of ca;L-o± pnr. of .town. The propo<>al i.~ to aplit PSeailow~~ prop~.rty Into two lota;; oiu, conC~,r.ni.ny a duplex cind one cont..urri.nc ai: tlzi.e po.inC :a triplr.a. One. of tlzc preliminary pl:.~l: approvals wns tro go to LPie 1'ioard of AdjucFincnt conctiz:n.i:eta i/ ._ , - _ _. "', CITY OF ASPEN ~, FINANCE DEPARTMENT CASHIER'S RECEIPT ..69497 No. . ^ Traffic Ticket ^ Tow Ticket ^ Liquor$ Beer lic, ^ Liquor Occupation Tax ^ Bicycle License ~ ^ Sales Tax License ------ 4 ^ Contractor License ^ Business License ^ Court Fines ^ Spec. St. Assess. ^ Dog License ^ Maps, Codes 8 Zoning ^ Dog Impound Fee ^ Zerox Copies /7 b. ^ Other ~1.t4.~.~ ~- ~+G7+-'~L--~j~ct~rX ~{-+ti J . , v ' <'%% - RECEIVES n i ° ~' - •-' +Y 2f -75 28968 ~$r~?~16G.~u i oF; P-6'G,%rti'~ `j~i71-c~.~.t.~e-a--- t z .. e ... 's ,. I 7 ' ji 0 f ~ ~r ~~ . o ~~-~ > .. ~ `>•' ~~ ~ ~ ~ ~ ~~ ' a 1 ~?~F ' T.ES ~ ~. '~ ~ ~\\\\ t ~ 'l~ ~ ). 1. / f p, (. i 3 `!, Y ;, _, , ~~ ~~ ~` ~~i . ~~ l)>3 '. ei P1 . /~~` 4' •~ I ~. ~, V Pa,F, . P .' J Q'!~ ~ ~W. p " f ,~ , i Z{ v . ~ i ~ ~ a K ~~ ~.~.~, ~ 1 .: }`;' / ~ ~ _i t ~t~.~ .:. ~~ ~ h " ,~ -~ . . ~~, ~ ,1, :, ~; p = ; ~ r1 1 ~~ L t ` ~ ~,`. /' J~ ~Si r ayv . IA' ~0 + y ~ ,"~. ,. ._. ~ ~ ti` ~~~ i ~ ~L` V (~~ ~ r 9 ,, :~ ~; ate{ ., ~,~ ` 1 ,~: ,~ ' 1, `t c, 7~ ~* ~ Fy 'Y r ~~, /Vn LC ~ ~6 . , / 1 v; { \ 1 Y~. ~ 11 F ~ ` wW ~. i .. 1 ~ 1 a t ~ ~~~ i ~T flia i ~ ,, 'r ' `"- ~ ~-' i ,1, __ , 1. .. . ,. - _~ ~- I y ~ .T_ ~. Yi .. ae. {~~ ~l }' ~Qr ` _.._ p _. .. 'tee _. - i w U / ^ f S ~ .~.. _. a '-otf ~ (Ji ri.s w ~ a.~ ~ i taa I' ` i/ I y // ~ I i ~ y b ~ 'r ,,, ~ - ! 3a ._ _ __ ~. r .. }~._. + . ~ . ~ f ~ _ _ j ~, _ ~ V,/ L V s _ ___ i ~ ~ ~ Q - Ir} ~' tJ 3i1 7 J S ~ , `s 4C .,a- n '/ . 3 °A,i~ ~--~~~ V~ / . h ~ lT ~'„' ~ ~~ h~. i- Ty^ 1( 1. __ _.J ~ O O A ~i~ ~ O `.`` ~. t ` _. _. _ 1 r ti, j rJJr D_IG C N~ mow :J ' N V J .. ~, ., . I a r \tl ` _ 1 ., .may. ,' ,_ _ ~ r- -,,,,: ,: J ~ - .~~ . _ ;. .. \111 .° ': ., .. . _, 1n~ ~ , I . . ,. r . 5 _ _ ~- . ~ i ~• ny i ~ ~, ~` d ° ~ ova,` ` bo c g ~ v i. ~ h ~'~ .~ ~ ~ W s ~o G i --- ----~~ ~. ~- lR ~ . ',. ~~77'iel fJi/ ~v.6"oS~"li ~~°''6~~0/".+~67~/T' ~: _ ;, ~/Cn~~ ' /~~ ~ - C~ .30X /Oo ~oT-~ ji F i ~~~: ~~ ~, ~ c~r.~~c>I/~~'.' ..3 ~r ~~~Y '~s~. 3 drain ~~~' i ~, ;. ,~ - _: ~i f ~. . A 1i ':l ! j e J 1 1. '' I i ~~ '' ; ' 1 ~ I P i -,I ` ~ ~"'e 1 LLFn :mN .ItJ-I,~T-14~A. _ .'.. . T~~n~~m~rac~~ot~~ ~~sur~~~~ ~®~p~ny '. GXfOidiT ~ Please addresscorrespnnden<e.fo the office checked below: ~ ^ ~. ^ i of ~ - MONTANEROS BUILDING UNIT A 600 EAST MAIN STREET 507 LINCOLN STREET BOX 1700 BOX 2230 BOX 280 VAIL, COLORADO 81657 ASPEN, COLORADO 81611 STEAMBOAT SPRINGS, COLORADO 80477 ' ~ (303) 4765922 1303) 9254766 (303) 879-1611 .~ AMOUNT PREMIUM r , .OWNER g 93.500.00 g 322.60 MORTGAGE $ $ ' ~ ~ ADDiTIONALCHARGES $ . ~ COST OF TAX CERTIFICATE $ 5.00 ~ ~ SURVEY COSTS $ TOTALS $327.60 Your Reference Robert C. Snihht CC's To: No. 46,001,283-2 C ~. (t :E 't ;~- , ,~ .Sheet 1 of 4 COMMITMENT TO INSURE ,. Transamerica Title Insurance Company, a California corporation, herein called the Company, for a 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 bf Schedules A and B and to the conditions and stipula- tions shown on the inside of the cover. $Y - AVTNOAIZED EI VRE The effective date of this commitment is May 15, ,1975 at 8:00 M. At which time fee title was vested in: ROBERT C, KNICHT,and FRANCES I. KNIGHT, in Joint. Tenancy. SCHEDULE A 1. Policies to be issued: (A) Owners': ' BAYARD Y. HOVDESVEN, GREGORY B, COLE, ., .I ~ No.~~OG`"2ag C ~--> Sheet2~of~ ' : SCHEDULE A- Continued f 2. Covering the Land in the State of Colorado, County of Pitkin Described as: LOTS P, q, R, and S, BLOCK 27 ' EAST ASPEN ADDITION w~ ' ~ k• _..__. .. _._. _. No. 46,001.,283 C Sheet 3 of 4 SCIIEllULE A-Continued ` AEQUIRI'sNENTS e . 3. The foIlovving are the requirements to be complied with prior to the issuance of said policy or policies. Any other instrument recorded subsequent to the date hereof may appear as an exception under Schedule B of the policy tote issued. Unless otherwisenoted, all documents must be recorded in the office of clerk °~ and recorder of the. county in which said property is located. A. Deed from Robert O, Knight and Frances I. Kftight to Bayard Y. 'R, Hovdesven, Gregory B. Cole, Patricia Boyd and William W. Bogd. -g A: B. Deed of Trust Yrom Bayard Y. Hovdesven, Gregory B. Cole, Patricia ' ' Boyd and William W. Boyd to the Public Trustee of Pitkin County •I for the use of Robert C. Knight and Frances I. Knight, to secure I! ~ $66,358.00. 1 __ t ~ . ' . ' ., ~ ~'1 No. 46.00].283 C f'! Sheet 4 of 4 SCHEDULE B THE POLICY OR POLICIES TO BF. ISSUED HEREUNDER WILL NOT INSURE AGAINST: "'~i 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, ar claims of easements, not shown t,y the public records. 3. Discreik1ncies, conflicts in boundary lines, shortage in area,encroachments, and anyfgcts 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 publicrecm•ds. i ~ 5. Taxes due and Payable; and any tax, special assessments, charge or lien imposed for water or sewer ~~ service, or for any other special taxingdistrict. '~ 6. Rights of way for ditches and canals constructed by the authority of the United States, as reserved by Patent recorded August 29, 'i 1955 in Book 185 at Page. 69. i:. y :i ~ 7, Any and all mineral rights to subject proporty as reserved in Deeds ; 'i recorded in Book 90 at Page 101 Book 90 at Page ]5] and Book 90 at P eke ~~ ' < 177... I ,, I ~.~~~, ~ ' ~ ~ 't ~. ~~.. `~ ~CENTENNIAL FAHK CONDOMINIUMS' ~- r.-+' _ The Centennial Park Condominiums comprise 9 one-bedroom units approximating 900 sq.ft. .each and are located five-blocks from - the Little Nell ski liftin Aspen. Enclosed is a maq of Aspen showing the location of the four lots we have under contract effective May 17, 1975• Other than myself, ' Patricia and William Boyd .are one third partners in the land along with Gregory Cole, all of Aspen. Our contract to purchase the land 3s included herein.. Location The location of our condominiums is one of the best possible locations in Aspen. We anticipate these units to be occupied _ primarily by long-term or permanent residents. .The building will back on the fioaring Fork River. and the site is relatively high and has an excellent 360° view. The street dead ends 2 blocks to the east, Bu i ld in,q I have enclosed a site plan showing the location of the building on the lot. .Note that the building is set back approximately 42 feet from the side;aalk consequently affording lots of privacy and landscaping in the front. The bottom floor units will be 3 feet below grade in front and_in the back at the riverside they will be at grade so that ttie patio area wi1L slope toward the river. The reason .f or the 3 feet below grade in the front is to eliminate the need to have two exits from the third floor apartments. '. ,In order to accomplish the two exits we would need to put an outside walkway. allong the length of the third floor consequently. reducing privacy and increasing costs. The first .floor units, however, wit-l--have-the best er.posure to the r-iver and will be very attractive i.n the front due to the extensive landscaping/ Floor Plan ' i ; The floor `plans are included herein and all nine units will be the same. The objective 1s to have the living room open through the kitchen and the dining €iea so that the apartment will have -a spacious effect and will be open .throughout from front to rear to maximize river views and mountain views. The bedroom is quite reasonable in size being approximately 116"x14'.; The third-floor units will have slanted roofs sod lots of glass and will have a clear story the entire north-south length of the building. The slanted roof will enhance the overall appear- ance of the structure and eliminates the box-].lke effect which otherwise would be evident. There. will be a deck on both the front and rear of the building as I have indicated on the site plan. The first and second level units also have floor to .ceiling glass across the entire width of the i.iving-room. . .,r°rr.. .... ., 3, Y~ ,y ..;r; .:. .,..:, ~.~., L';i~ ~~xa~Yerc , n+~^..:. *r.,F;-Ta;~. ~. ._-__._,. •,_. T~,~_~~ ~ ~, ,~--. d-CENTENNIAL PA$K F JOMINIUMS -Page 2 Costs r r - Ea.ch unit is`projected to cost X45,425 as indicated on the 1 enclosed cost sheet. It is now estimated, however, that because ~f of the flying roofs on the third floor units they will cost. X1,500 more than the fist and second floor units. ~,~ We estimate that the appraisal of each unit from the detailed engineering drawing's will approximate at`?.east ~~r55,400. Consequently, an 80~ loan would result in obtaining,financing - equal to about '44,000 which is approximately equal to the total ...projected cost of the unit. Therefore, it is anticipated that at the completion of construction and the closing on an estimated X44,000 loan, the six investors C~ $J':9,000 each will have Approxl- mateTY X7,575 returned. to them, i.e., 9,000 original investment "53,000 + 44,000 (80% loan)` - less 4- ,42> projected total cost = 53,000 = 7,575 'Some buyers, however, may wish to put .~~5,000 down and have a mortgage of approximately ;"40,000 which over 30 years. at Sao would amount to a monthly payment of fC336.35.. Estimated condom'_nium dues a:t „,40 a month (shown on another enclosed sheet) plus'estimated taxes rof x;30 a month would result in a total monthly payment of x"406.35. We believe that at a very. minimum the apartments would rent on a year's lease at X40,0 to ~450,a month. or f you rented them long term during the winter -they could rent ~or up to ~%-650 a month. Persons renting on a year's lease migit desire to arx~nge for the .t©nant to move out for selected weeks that the owner may wish. to use the apartment. Financing /~/ As indicated on the cost sheet the three individuals purchasing the land will be investing ~2,00'O each towards paying off the land while the remaining six partners will be required to invest X9,000 initially, We have talked to the bank and believe, that a .total of X60,000 will be more than sufficient to obtain a construction loan large enough to pay off the balance of the X33.500 land cost. Before we can obtain the construction loan, however, we must have nine buyers who.are qualified to obttlin a X40,000 to X45,000 long. term loan commitment. We will then take these nine long .term .loan commLtements,which will be based on an MAI appraisal of the engineering dxawings of the condominium project9and pres nt them to either a savings institution, or a commercial bank ~o obtain the construction loan. I have already discussed this financing procedure in detail with several banks all of which hav~ indicated they would be interested in making a construction loa as soon as we had pre-sold the units. p CENTENNIAL. PARK CONDOMINIUMS i . ~, ESTIMATED MONTHLY CONDOMINIUM DUES Nino Units. "Sanitation/Sewer $ 60 Common Electric 40 "Stairwells, Exits, Parking,Lights Trash Collection 35 Cleaning, Maintenance, Snow Removal, Lawn Mow 45 ` Water 3p Insurance, Fire and Liability on Overall Building 50 Does not include interior apartment furnishings. Management - Collect dues, pay bills, hire 45 maintenance people Capital and Fixed Asset Repair Reserve 55 TOTAL ~ 360 PER UNIT ~ 40 5/30/5 .... m,._ : -., ,,.., ,,. ,~, _ .. ,, ~ . ,, ~*, ,~-., k Es timated Costs s 3 9 1-Bedroom Units . Total Architecture & Construction Costs 9 units x 900 sq.ft. x X33.00 sq.ft, ~ 276,300 Land Cost (12,000 sq. ft:; 4 Lots) 93500 Land Dedication (SOS of Total Land Cost- 9,350 City Hequirerent) Tap.On Fees -Water and Sewer 8,000 Landscape and Excavation 5,000 Legal - 2,000 .Improvement Survey 800- - Building Permits 800 MAI Appralsal of Plans 700 Subtotal ~ 387.450 Points on Construction Loan# (3 x 9327.450) - 810 _- ,subtotal 9> 397..260 .Interest on Construction Loan frog x 20337,260) x 4 mos.)' 5,570 Contingency. 6.000 TOTAL ~ 408,830 Cost. Per .Unit 45.425 Projected Appraised Vsil.ue~# 55,400 Projected Sales Value - Winter 75/76 57.500-60,000 # Construction Loan is X387,450 less ~6O,000 to be - raised by 9 participants in project - 6 at ~"9,DOO and 3 at ~"2, 000. #~Estimated based on comparable condo appraised valu e in Aspen of X61,50 sq.ft. Larkspur next door is X56.00 sq.ft, based on sold and unsold units each 1440 sq,ft.i Gavilon lai;e^Y, sale r3own street is X65.00 sq,ft.; Southpolnt nearer Mountain is ~y62,O O sq.ft,; Original Curve. Condos high sale X67.00 sq. ft,,.average x,62,00 sq.ft.; queen Victoria Condos latest sale X64,00 sq.ft. F?iverview Condos, May 28, 1975 X68,00 sq.ft. B.Y.H. u~ .. ... ., . - - r ll`t i" Jig Recorder CONDOMINIUM DECLARATION gORKJ1J ~~~~537 FOR CENTi•:NNIAh PARK CONDOMINIUMS THI5 ULCLARATION made this ,I Stday ofJ~}S, 1976 by Bayard Y. Ilovdesven, William ;9. Boyd, Patricia Boyd and Gregory B. Cole, .. WI'tNESSETH: I. DP:FINITIONS. 1.1 Association: "Association" or"Association of Unit Owners" means the Association formed as a Colorado not-for- profit- corporation bearing t}:e name of this condominium project. The Certif:i sate of Incorporation and By-Laws of the Association ' shall govern the administration of this condominium property. The members of the Association shall be all of the .owners of the condomi.ni.um units. 1.2 Board of Managers: "Board of Managers" means the Hoard of Directors of the Condominium Association, and the terms "Board of Managers" and "Board of Directors" and "Managers" and "Uirectors" shall and may be used interchangeably in this Declara- tiun and the By-i.aws, to refer to the "Board of nirectors" of Centennial Park Condominium Association, Inc. 1.3 Building: "Building" means any building constructed on the real property w},ich ,contains units. 1.9 Common Elements. "Common Elements" means all of the project except all units. 1.5 Common Expenses: "Conwon Expenses" means and includes expenses for maintenar:ce, repair, operation, management and administrati or.. It includes expenses declared common expenses by the provisions of this declaration and the Hy-laws of the Asso- ciation as well as sums lawfully assessed against the general common elements by the Board of Managers of the Association. 1.6 Condominium Unit: "Condominium Unit" means the fee simple in Y.erest and title in and to a unit together with the undivided .interes L- in the general common elements and the appurtenant limited common elements (expressed as a fractia't of the en ;:ire ownership interest in *_he common elements). 1.7 llec larant: "Decl.a ran t" means Bayard Y. licvdesven, Wiz. ].ism W: 13uyd, Pairici. a_. II~:,yd and Gregory B. Ce3e together tai th ti'~c it successors and assigns. ~ eooK313 rnc~53~ 1.8 General Common llements; "General Common Elements" means all common elements except limited common elements. 1.9 Limited Common Elements: "Limited Common Elements" means any common elements designated horein for the exclusive use by owners of particular condominium units. Structural separations between units or the space which would be occupied by such structural separations may become limited common ele- ments for the exclusive use oP the owner or owners of the unite on either side thereof as provided in paragraph 3.2, "Right to Combine Units", Any balconies, porches, patios, or automobile parking spaces which are identified on the condominium map with the same number or other designation by which a unit is identified shall be limited common elements for the exclusive use of the owner of the unit bearing the same number or designa- tion. Balconies, porches, patios, or automobile parking spaces which are not so identified shall be general common elements. 1.10 Map: "Map" means and includes "Condominium Map" or "Supplemental Map" and shall be that instrument reflecting the engineering survey of the land which depicts and locates thereon all of the improvements, the floor and elevation plans, .and any other drawings or diagrammatic plans depicting a part of or all of the improvements and lands. 1,11 Mortgage: "Mortgage" means any mortgage, deed of trust, or other security instrument by which a condominium unit or any part thereof is encumbered. 1.12 Mortgagee; "Mortgagee" means any person named as the mortgagee or beneficiary under a deed of trust or mortgage under which the interest of any owner is encumbered, or any successor to the interest of such person under such deed of trust or mortgage, 1.13 Owner: "Owner" means any person or entity, including Declarant, at any time owning a condominium unit, The term "Gwre r" shall not refer to any mortgagee unless such mortgagee has acquired title pursuant to foreclosure or any -~ proceeding in !.icu of foreclosure. _~_ soorc 313 rote 539 ' 1.14 Project; "Project" means the real property and all buildings and other improvements erected upon the real property, 1.15 Unit: ,~ an individual air space unit consisting of enclosed rooms occupying part of a building and b e if any, along the perimeter boundaries of the air space as said boundaries are shown on the condominium map iNliCay E+menta rn on-=- - - - d. Notwithstanding the fact that they may be within the boundaries of such air space, the following are not Hart of a unit insofar as they are necessary for the support or full use and enjoyment of another unit: a, Dearing walls. b, Beams, c, Girders. d. Columns. e. Floors. f. Ceilings, g. Roofs (except the interior surfaces thereof). h, Foundations. i, Space heating or tooling equipment and water heating or cooling equipment, if any, j. Tanks, k, Pumps, 1. Pipes. m. Vents. n. Ducts. o. Shafts, p. Flues, q. Chutes, r, Conduits, s. Wires and other utility insta).lations, except the outlets thereof when located within the unit, 'fhe interior surfaces of a window or door means the points at which such surfaces are locates when such windows or - 3 - a~aK313 rncE540 doors are closod, II. INTENTION AND PURPOSE, 2,1 Declaration: Declarant declares that the project and every part thereof is held and shall be held, conveyed, devised, leased, rooted, encumbered, used, occupies and improved and otherwise affected in any manne r~subject to the provisions of this declaration, Each and all of the provisions of this declaration are hereby declared to be in furtherance of the general plan and scheme of condominium ownership referred to heroin and are further declared to be for the benefit of the project and every part thereof and for the benefit of each owner, 2.2 Applicable Law: The applicable law of the condo- minium project is established under the Condominium Ownership Act of tho State of Colorado. 2.3 Plan for Ownership: Declarant hereby does establish a plan for the ownership in fee simple of the rea ]. property estates consisting of the area or space contained in each of tho air apace units in the building improvements and the co-ownership by the individual and separate owners thereof as tenants-in- common of all the remaining property, which property is referred to as the general common elements. 2,4 Covenants Running with the Land: All provisions of this condominium declaration shall be deemed to run with the land as covenants or as equitable servitudes as the case may be. These covenants shall be a burden and a benefit to declarant, its successors and assigns, and any person acquiring or owning an interest in the real property and improvements, their grantees, successors, heirs, executors, administrators, devisees or assigns, III. NATURE AND INCIDENTS OF COND061INIUM OWNERSHIP. 3.1 Estates of an Owner: The project is divided hereby into condominium units. Each such unit consists of a fee - 4 - eooK313 rnee541 - - simple interest in a unit and an undivided fee simple interest in the common elements in accordance with the attached Exhibit "A", which interest is hereby declared to be appurtenant to such unit, Subject to the limitations contained in this declaration, any owner shall have the nonexclusive right to use and enjoy the general common elements. As as 'owner he shall have the exclusive right to use and enjoy any limited common elements which may be designated Yor such exclusive use. 3,2 Ri~ht to Combine Units; With the written consent of declarant or the written consent of the Board of Managers if declarant owns less than one third of~the units, two or more units may be utilized by the owner or owners thereof as if they were one unit: To the extent permitted in the written consent any walls, floors or other structural separation between any two such units, or any space which would be occupied by such structural separations but for the utilization of the two unite as one unit may, for so long as the two units are utilized as one unit, be utilized by the owner or owners of the adjoining units as limited common elements, except to the extent that any such structural separations are necessary or contain facilities necessary for the support, use or enjoyment of other parts of the project, At any time, upon the request of the owner of one oY such adjoining, combined units any opening - between the two units which, but for joint utilization of the two units, would have been occupied by a structural separation, shall be closed. Such closure shall be at the equal expense of the owners of each of the two units affected and the ~ structural separations between the two units shall thereupon become general common elements. 3,3 Title: Title to a condominium unit may be held or owned by any entity and in any manner in which title to any other real property may be held or owned in the State of Colorado. 3,4 Inseparability; No portion of a condominium unit may be separated from any other portion thereof during the period BOOK~],3 PA6E5~ of condominium ownership prescribed herein. Each unit and the undivided interest in the common elements appurtenant to such unit shall always be conveyed, devised, encumbered, and otherwise affected only as a complete condominium unit. Every gift, devise, bequest, transfer, encumbrance, conveyance ~or other disposition of a condominium unit or. any part thereof shall be construed to be a gift, devise, bequest, transfer, en- cumbrance or conveyance respectively of the entire condominium unit together with all appurtenant rights created by law or by this declaration, 3,5 Partition not Permitted: The common elements shall be ownedin common by all the owners of condominium units and no owner may bring any action for partition thereof, 3,6 Map: The map may be filed for record in whole or in parts or sections, from time to time, as the stages of construction of the units and other improvements are substantially completed. Each section of the map filed subsequent to the first or initially Piled map shall be termed a supplement to such map and the numerical sequence of such supplements shall be shown thereon. The map or any part or section thereof depicting units shall not be filed for record until the building in which the units are located has been substantially completed in order to permit the location thereof, both horizontally and vertically. Each such map shall be filed for record prior to the conveyance of a condominium unit to a purch8ser. Each such map shall depict and show at least the following: The legal description of the land and a survey thereof; the location of the building(s); the floor and elevation plans; the location oY the unit within the building, both horizontally and vertically; the thickness of the common walls between or separating the units; the location of any struc- turel components or supporting elements of a building located within a unit; and the unit designations and the building symbol. - 6 - aoon313 rnct543 The map shall contain the certificate of a registered professional engineer or licensed architect, or both, certifying that the map substantially depicts the location and the horizontal and vertical measurements of the building, the units, the unit designations, the dimensions of the unite, the elevations of the unfinished floors and ceilings as constructed, the building symbol, and that such map was prepared subsequent to sub- stantial completion of the improvements. Each supplemental and/or any amendment shall set forth a like certificate when appropriate. In interpreting the map the existing physical boundaries of each separate unit as constructed shall be conclusively presumed to be its boundaries. Declarant reserves the right to amend the map, from time to time, to conform the same according to the actual location of any of the constructed improvements and to establish, vacate and relocate easements, access road easements and on-site parking areas. 3.7 Ad Valorem Taxation: Declarant shall give written notice to the Assessor of Pitkin County of the creation of condominium ownership in this property as provided by law so that each unit and the undivided interest in the general common elements appurtenant thereto shall be deemed a parcel and subject to separate assessment and taxation. No forfeiture or sale of any condominium unit for delinquent taxes, assessments or other governmental charges shall divest or in any way affect the title to any other condominium unit. 3.6 Use and Occuaancv: The unite shall 'be used and occupied by the owner, his family and their guests, his business invitees and his tenants and their guests The Managing Agent may maintain. an office in one of the units in the condominium project for the purpose of managing the condominium units within this condominium project. - 7 - aooK313 rnce54~ 3.9 Owner's Rights with Respect to Interiors: Bach owner shall have the exclusive right to paint, repaint, tile,, wax, paper or otherwise refinish and decorate the interior surfaces of the walls, ceilings, floorsand doors forming the boundaries of his unit and all walls, ceilings, floors and doors within such boundaries. 3.10 Easement for Access to Condominium Units: Each condominium unit shall have access to a public street by an access easement shown on the condominium uap. In the event declarant or the association provides a suitable substitute easement at any time in the future, each owner, by acceptance of a convey- ance of a condominium unit, agrees for himself and his successors in interest to reconvey to declarant upon thirty (30) days' notice by declarant all of such owner's right, title and interest in the original easement or easements; provided, however, that in any event such notice shall have been given, if at al.l., on or before December 31, 1966, and the reconveyance shall have been executed and delivered, if at all, on or before July 31, 1987. Each mortgagee, by acceptance of a mortgage on a condominium unit, agrees for himself and his successors in interest to release the original easement or easements from such mortgage upon like notice and subject to like proviso, upon receipt of proper instruments subjecting the suitable aub- atitute easement to the lien of the mortgage, provided that the mortgage shall have the same priority with respect to the aubstitu to easement as it had with respect to the original ease- ment or easements. 3.11 Easements for Encroachments: If any portion of the general common elements encroaches upon a unit or units, a valid easement for the encroachment and for the maintenance of same, so long as it stands, shall and does .exist. If any portion - 8 - soon313 rnct545 of a miit encroaches upon the general common elements, or upon an adjoining unit or units, a valid easement for the encroachment and for the maintenance of snme, so long as it stands, shall and does exist, Such encroachments and easements shall not be considered or determined to be encumbrances either on the general common elements or on the units for purposes of marketability of title. 3,12 Easements of Access for Repair, Maintenance and Emergencies: The owners shall have the irrevocable right, to be exercised by the Managing Agent or Board oP Managers of the Association, to have access to each unit from time to time during reasonable hours as may be necessary for the maintenance, repair or replacement of any of the general common elements therein or accessible therefrom, or for making emergency repairs therein necessary to prevent damage to the general common elements or to another unit, Damage to the interior or any part of a unit resulting from the maintenance, reps lr, emergency repair or replacement of any of the general common elements or as a result of emergency repairs within another unit, at the instance of the Association, shall be a common expense of all of the owners; provided, however, that if such damage is the result of the misuse or negligence of a unit owner, then such unit owner shall be responsible and liable for all of such damage, All damaged improvements shall be restored substantially to the same condition in which they existed prior to the damage, All maintenance, repairs and replacements as to the general common elements, whether located inslde or outside of units (unless necessitated by the negligence or misuse of a unit owner, in which case such expense shall be charged to such unit owner), shall be the common expense of all of the owners. 3,13 Owner's Right to Ingress and Egress and Support; Each owner shall have the right to ingress and egress over, upon and across the common elements necessary for access to his unit, and to any limited common elements designated for use in connection with his unit, and shall have the right to the horizontal and lateral support oP his unit, and such rights - 9 soon 313 rncc 546 shall be appurtenant to and pass with the title to each con- dominium unit. 3.19 Association's Riqht to Use of Common Elements: The Association shall have a nonexclusive easement to make such use of the common elements as may be necessary or appropriate to perform the duties and functions which it is obligated or permitted to perform pursuant to this declaration, including the right to construct and maintain in the general common elements maintenance and storage facilities for use by the Association, and to assign particular storage facilities for use by the owners of particular unite. 3.15 Easements Deemed Created: Easements of Conveyances of condominium units hereafter made, whether by declarant or otherwise, shall be construed to grant and reserve such reciprocal easements as are provided forherein, even though no specific reference to such easements appears in any such conveyance. 4.1 Method of Description: Every contract for the sale of a condominium unit and every other instrument affecting title to a condominium unit may describe that condominium unit by a number shown on the condominium map with the appropriate reference to the condominium map and to this declaration as each appear on the records of the county Clerk and Recorder of Pitkin County, Colorado, in the following fashion: according to the Maprthereof Lfiled for DrDecordMin the office of the Clerk and Recorder of Pitkin County, Colorado in Book ,~ of Maps at Page I .2. and according to the Condominium Declaration thereof recorded in Book 31 3 at Page _ 5 3 7 of such records. Such description will be construed to describe the unit, together with the appurtenant undivided interest in the common elements, ~ and to incorporate all the rights incident to ownership of a condominium unit and all the limitations on such ownership as described in this declaration. - 10 - sooK313 rncE547 9.2 Certificate of Identity; There shall be recorded from time to time a certificate of identity and the addresses of the persons then comprising the management body (Managers and Officers) together with the identity and nddresa of the Managing Agent, if any, Such certificate shall be conclusive evidence thereof in favor of any person relying thereon in good faith regardless of time elapsed since date thereof, The first such certificate shall be recorded on or before ninety (90) days after recording this declaration, V, USE OF CONDOMINIUM UNITS, . 5,1 Owner's Maintenance Responsibility; For purposes of maintenance, repair, alteration and remodeling, ha-dna oa t.. «~... m~, (such as, but not limited to plaster, gypsum dry wall, paneling, wallpaper, paint, wall and floor the and floorings, but not including the sub-floorin B) makin~i w The owner shall not be deemed to own lines, pipes, wires, conduits or systems (which for brevity are herein and hereafter referred to as utilities) running though his unit which serve one or more other units except as a tenadt-in-common with the other owners, Such utilities shall not be disturbed or relocated by an owner without written consent and approval of the Hoard of Managers, Such right to repair, alter and remofel is coupled with the obligation 'to replace spy finishing or other materials removed with similar or other types or kinds of materials, An owner shall maintain and keep in repair the interior of his own unit, including the fixtures thereof, ~~~~va.,r i * in renair h +~. An owner shall do no act nor any work that will impair the structural soundness or integrity of the building or impair the structural soundness or integrity of the building or impair nny easement or hereditament, An owner shall also keep _ 11 - ' aoorc313 rn~e548 ' the balcony aroa appurtenant to hie unit in a clean and sanitary condition. All other maintenance or repairs to any limited common elements, except as caused or permitted by the owner's negligence, misuse or noglect thereof shall be a common expense of all. of tho owners. 5.2 Mechanics' Liens: No~labor performed or materials furnished for use in connection with any unit with the consent or at the request of an owner or his agent or subcontractor shall create any right to file a statement of mochanic's lien against the unit of any other owner not expressly consenting to or requesting the same or against any interest in the common elements except as to the undivided interest therein appurtenant to the unit of the owner for whom such labor shall have been performed and such materials shall have been furnished. Each owner shall indemnify and hold harmless each of the other owners from and against liability or loss arising from the claim of any lien against the condominium unit, or any part thereof, of any other owner for labor performed or for materials furnished in work on the first owner's unit. At the written request of any owner the Association shall enforce such indemnity by collecting from the owner of the unit on which the labor was performed and materials furnished the amount necessary to discharge any such lien, including all costs incidental thereto, and obtaining a discharge of the lien. Such collection shall be made by a special assessment. 5.3 Use of Common Elements; There shall be no obstruction of the common elements, nor shall anything be kept or stored on any part of the common elements without the prior written consent of the Association, except as epecif ically provided herein. Nothing shall be altered on, constructed in, or removed from the common elements except upon the prior written consent of the Association. 5.4 Proh3.bition of Damage and Certain Activities: Nothing shall be done or kept in any unit or in the common elements or any part thereof which would result in the cancellation - 12 - nuurcJlJ PAGE~4y of the insurance on the project or any part thereof or increase the rate of the insurance on the project or any part thereof over what the Association, but for such activity, would pay, without the prior written consent of the Association. Nothing shall be done or kept in any unit or in the common elements or any part thereof which gould be in violation of any statute, rule, ordinance, regulation, permit or other validly imposed requirement oP any governmental body, No damage to or waste of the common elements or any .part thereof shall be committed by any owner or any invitee of any owner, and each owner shall indemnify and hold the Association and the other owners harmless against all loss resulting Prom any such damage or waste caused by him or his invitees; provided, however, that any invitee of the declarant shall not under any circumstances pe deemed to be an invitee of any other owner. No noxious, destructive or offensive activity shall be carried on in any unit or in the common elements of any part thereof, nor shall anything be done therein which may be or may become an annoyance or nuisance to any other owner or to any person at any time lawfully residing in the project, 5.5 Animals: The Association may by rules and regulations prohibit or limit the raising, breeding, or keeping oP animals in any unit or on the common elements or any part thereof. 5.6 Aules and Regulations: No owner shall violate the rules and regulations for the use of the units and of the common elements as adopted from time to time by the Association, 5.7 Maintenance oP Interiors: Each owner shall keep the interior of his unit including, without limitation, interior walls, windows, glass, ceilings, floors and permanent fixtures and appurtenances thereto in a clean, sanitary and attractive condition, and good state of repair, 5,8 Structural Alterations: No structural alterations to any unit shall be made, and no plumbing, electrical or similar work within the common elements shall be done by any owner without - 13 - aooK313 rncc550 the prior written consent of tho Association. YI. OWNERS' ASSOCIATION. 6,1 Membership; Every owner ~s hall be entitled and required to be a member of the Association, If title to a condominium unit is held by more than one person, the membership related to that condominium unit shall be shared by all such persons in tho seine proportionate interests and by the same type of tenancy in which the title to the condominium unit is held. An owner shall be entitled to one membership for each condominium unit owned by him, Each such membership shall be appurtenant to tho condominium unit upon which it is based and shall be appurtenant to the condominium unit upon which it ie based and shall be transferred automatically by conveyance of that condominium unit. No person or entity other than an owner may be a member of. the Association, and a membership in the Association may not bo transferred except in connection with the transfer of a condominium unit; provided, however, that the rights of membership may be assignod to a mortgagee as further security for a loan secured by a lien on a condominium unit, 8,2 Votin_~ S; The rights of all members of the Association shall be identical except with respect to voting, Tlie number of votes to which each membership is entitled she 1.1 be the numerator of the fraction representing that member's undivided interest in the common elements. 6,3 Transfer: fixcept as otherwise expressly stated herein, any of the rights, lnteres to and obligations of the Association set forth herein or reserved herein may be trans- ferred or assignod to any other person or entity; provided, however, that no such transfer or assignment shall relieve the Association of any of the obligations set forth herein, Any such transfer or assignment shall not revoke or change any of the rights or obligations of nay owners as set forth herein, - 14 - aoorc313 eacc551 VII. CERTAIN RIGHTS AND OBLIGATIONS OF THE ASSOCIATION.. i, 7.1 The Common Elements: The Association, subject to the ~igh is of the owners set forth in this declaration, shall be respon- sib1~ for and have the exclusive management and control of the common elements and all improvements thereon (including furnishings and equipment related thereto), and shall keep the same in good` clean, attractive and sanitary condition, order and repair; provided, however, that each owner of a condominium unit shall keep the limited common elements designated for use in connection with his unit, except the automobile parking space and structure, in a good, clean, sanitary and attractive con- dition. The Association shall be responsible for the maintenance and repair of exterior surfaces of the buildings, including, withqut limitation, the painting of the same as often as necessary, the replacement of trim and caulking, the mainten- ance'and repair of roofs; the maintenance and repair of other common elements, including utility lines and all other improve- ments) or material located within or used in connection with the common elements; and the maintenance and repair of parkiing spaces and structures constituting part of the general or limited common elements. The Association shal l~ cleaq and maintain in a high-quality manner any meeting rooms, storaige rooms, toilets, and elevators constituting part of the general common elements. The specification of rights and duties of the Association with respect to particular common elements as se't forth in this section and other sections of this -15- sooK313 rncc552 declaration shall not be construed to limit its rights and duties with respect to other common elements as set forth in the f firs ii sentence in this paragraph. 7.2 Additions, Alterations and Improvements of General and I:i.mited Common Elements: There shall be no add it ions, alterations or improvements of or to the general and limited common elements by the Association requiring an expenditure in exces's of Five Hundred 0500,00) Dollars per unit in any one calendar year without prior approval oY a majority of the owners, and sY~ch expenditure( shall~be a common expense, Such ' limiti tion shall.not be applicable to~the replacement, repair, or~obsolescence of any general or limited common or common personal property, 7.3 Assessment for Common Expenses: All owners shall be obligated to pay the assessments, either estimated or /.. actual, imposed by the Board of Managers of the Association to meet t he common expenses. The assessments shall be made accoriing to each owner's percentage or fractional interest in and tq the general common elements. The limited common elements shall be maintained as general common elements and owners having exclusive use thereof shall not be subject to any special charges or assessments fos the repair or maintenance thereof. Assessments for the es- timated common expenses shall be due in advance on the first day of each calendar quarter or more frequently as may be determined by the Board of Managers or the Managing.Agent. The Mahagine Agent or the Board of Managers shall prepare and dei fiver or mail to each owner a statement for the estima}ed or actual common expenses. In the event the ownership oP a condominium unit, title to which is derived from declarant, commences on a day other Than the first day of the assessment period, the assess~ent for that period shall be prorated. The assessments - 16 - BOOK~SI~S Pr,OC~~7i3 made shall be based upon the cash requirements deemed to be suc>1 aggregate sum as the Managing Agent, or iP there is no Managing Agent, then the Board of Managers of the Association, eha 17. from time to time determine is to be paid by all of the condominium unit owners, including declarant, to provide Por t he payment of all estimated expenses growing out of or connFeted with the maintenance, repair, operation, additions, alterations and improvements of and to the general common elements, which sum may include, but shall not be limited to, expenses of management; taxes and special assessments until aepadately assessed; premiums for fire insurance with extended cove age and vandalism and malin9.,,~a m~e..ha~. _ _ ~it~ --, Ae~yo~y ment attached issued in the amount of the maximum re±+l ane.~eo+w wIM~ valu f all oY_the condominium units (including all Pixtures, -V' ~ inter i and partitio decorated and finished surfs ~ y, / '"~ J ~~ of e •imeter walls, floors and ceilings, doors, windows, and ~~~(} other elements or materials comprising a part of the units cacua ty and ,may and other insurance premiums; lands aping and care of grounds; common lighting and heating; repai s and renovations; trash and garbage collections ; wages ; commo water and sewer charges; legal and accounting Pees; manag ment and rental fees; expenses and liabilities incurred by th Managing Agent or Board of Managers on behalf of the unit o wners under or by reason of this declaration and the By- Laws o the Association; for any deficit remaining Yrom a ~, previo ~s period; the creation of a reasonable contingency, reserv e, working capital and sinking funds as well as other costs nd expenses relating to the general common elements, The om ission or failure of the Board of Managers to fix the ass essment for any period shall not be deemed a waiver, mod ifi~1 !ration or a rolease oT the owners Yrom their obligation to pay the same, The Association may require each owner to deposit s and maintain with the Association an amount equal to one qua rterly estimated assessment for use as working capital, I - 17 - aoon313 rnct554 7.4, Owner's Personal Obl i.gation Yor Pa yinent of Assessments: The amount of the common expenses assessed agai Est each condominium unit shall be the personal and in- dividual debt oP the owner the roof, No owner may exempt himself from I~il iability for his contribution towards the common expenses by wa'i ver of the use or enjoyment of eny of the common elements or Uy abandonment of his unit, Both Lhe Board of Managers and the Managing Agent shall have the responsibility to take prompt action to collect any unpaid assessment which remains unpaid more than fifteen (15) days from the due date for payment thereof, In the event oP default in the payment of the assess- ment,~~ithe unit. owner shall be obligated to pay interest at the rate of twelve (12%) per cent per annum on the amount of thg assessment from due date thereof, together with all expenses, including attorney's fees, incurred together with such date charges as provided by the By-Laws of the Association. Suit to recover a money ,judgment for ur. pa id common expenses ehalll~be maintainable without foreclosing or waiving the lien securing same. 7.5 Assessment Lien: All some assessed but unpaid for t¢e share of common expenses chargeable to any condominium .unit ihall constitute a lien on such unit superior to all other liens and encumbrances, except only for tax and special assessment liens on the unit in favor of any assessing unit, and all slums unpaid on a first mortgage or first deed of trust of reiord, including all unpaid obligatory sums as.may bo provi ed by such encumbrance, To evidence such lien the Board of Managers or the Managing Agent shall prepare a written notic of lien assessment setting forth the amount of such unpaid indebtedness, the amount of the accrued interest and late charges thereon, the name of the owner of the condominium I unit and a description of the condominium unit.- Such a notice shall lobo signed by one of the Board of Managers or by ono of the off icgrs of the Association or by the Managing Agent and shall 'ibe recorded i.n the o1'iice of. the Clerk and Recorder of th~ County referred to in Exhibit "B". Such lien shall 18 __ oaonJlJ rnc[J00 attach Yrom the due dato of the assessment, Such lien may bo enforced by the foreclosure of the defaulting ownor's condominium unit by the Association in like manner as a mortgage on real property upon the recording of a notice or claim thereof, In any such proceedings the owner shallbe required to pay the costs, expenses and attorney's fees ,incurred for filing the lien, and in the event of foreclosure proceedings, all additional costa, all expenses and attorney's fees incurred for Piling the lien, and in the event of foreclosure proceedings, all additional costa, all expenses and reasonable attorney's fees incurred but not less than the amount recommended by the Bar Association of said County. according to the then current published and recommended fee schedule for foreclosure proceedings (for foreclosure proceedings through Court). The owner of the .condominium unit being foreclosed shall be required to pay to the Association the monthly assessment for the condominium unit during the period of foreclosure, and the Association shall be entitled to a receiver to collect the same, The Association shall have the power to bid on the condominium unit at foreclosure or other legal sale and to acquire and hold, lease, mortgage, vote the votes appurtenant to, convey or otherwise deal with the same. Any encumbrancer holding a lien on a condominium unit may pay, but shall not be required to pay, any unpaid common expenses payable with respect to such unit, and upon such payment such encumbrancer shall have a lien on such unit for the amounts paid of the same rank as the lien of his encumbrance without the necessity of having to record a notice or claim of such lien. Upon request of a mortgagee, the Association shall report to the mortgagee of a condominium unit any unpaid assessments remaining unpaid for longer than twenty-five (25) days after the same are due, .provided, however, that a mortgagee shall have furnished to the Managing Agent or to the Board of Managers notice of such encumbrance, - 19 - aooK313 rna556 7.6 Liability for Common Expense Upon Trnnsfer of Condominium Unit is Joint: Upon payment to the Managing Agent, or if there is no Managing Agent, then to the B~ rd of Managers of the Association, of a reasonable fee not to exceed Twenty-Five ($25.00) Dollars,'and upon the written request of any owner or any mortgagee or prospective mortgagee of a condominium unit, the Association, by its Managing Agent, or iP there is no Managing Agent, then by the Financial officer of the Association, shall issue a written statement setting forth the amount of the unpaid common expenses, iP any, with respect to the subject unit, the amount of the current monthly assessment and the date that such assessment becomes due, credit for any advanced payments oY common assessments, Por prepaid items, such as insurance premiums, but not including accumulated amounts for reserves or sinking funds, if any, which stateme rt shall be conclusive upon the Association in favor of all persons who rely thereon in good faith. Unless such request for a statement of indebtedness shall be complied with within ten (10) days, all unpaid common expenses which become due prior to the date of making such request shall be subordinate to the rights of the person requesting such statement. The grantee of a oo ndominium unit shall be jointly and severally liable `' with the grantor for all unpaid assessments against the latter for the unpaid common assessments up to the time of the grant or conveyance without prejudice to the grantee's right to recover from the grantor the amounts paid by the grantee therefore; provided, however, that upon payment of a reasonable fee not to exceed Twenty-Five ($25.00) Dollars, as is provided hereinabove, and upon written request, any such prospective grantee shall be entitled to a statement from the Managing Agent, or 1Y there is no Managing Agent, then from the Board of Managers ofthe Association, setting forth the amount of the unpaid assessments, if any, with respect to the subject condominium unit, the amount of the current monthly assessment, the date that such assessment becomes due, and credits for any - 20- B~oK313 ~~~E557 advanced payments of common assessments, prepaid items, such as insurance premiums, which statement shall be conclusive upon the Association, Unless such request for such a statement shall be complied with within ten (10) days after such request, then such requesting grantee shall not be liable 4or, nor shall the unit conveyed be subject to a lien for any unpaid assessments against the subject unit, The provisions set forth in this paragraph shall not apply to the initial sales and conveyances of the condominium units made by declarant, and such sales shall be free from all common expenses to the date of conveyance made or to a date as agreed upon by declarant and declarant's grantee. 7.7 Personal Property for Common Use: The Association may acquire and hold for the use and benefit of all of the owners 'tangible and intangible ,personal property and may dispose of the same by sale or otherwise, and the beneficial interest in any such property shall be deemed to be owned by the owners in the same proportion as their respective interests in the common elements. Such interest shall not be transferable except with the transfer of a condominium unit. A transfer of a condominium unit shall transfer to the transferee ownership .of the transferor's beneficial interest in such property without any reference thereto. Each owner may use such property in accordance with the purpose for which it is intended without hindering or encroaching upon the lawful rights of other owners. The transfer of title to a condominium unit under foreclosure shall entitle the purchaser to the interest in such personal property associated with the foreclosed con- . dominium unit, 7,8 Rules and Regulations: The Association may make y~- reasonable rules and regulations governing the use of the units and of the common elements, which rules and regulations shall be consistent with the rights and duties established in this declaration, Such rules and regulations may include, without limitation: (1) Regulations with respect to use of any automobile - 21 _ eoon313 rnc1558 parking spaces which constitute general common elements, and (2) Assignment of particular portions of storage areas within the common elements Por exclusive use byowners of particular condominium units. The Association may suspend any owner's voting rights in the Association during any period or periods during which such owner fails to comply with such rules and regulations, or with any other obligations of such owner under this declaration. The Association may also take judicial action against any owner to enforce. compliance with such rules, regulations or other obligations or to obtain damages for noncompliance, all to the extent permitted by law. 7.9 Implied Rights: The Association may exercise any other right or privilege given to it expressly by this declaration or by law, and every other right or privilege reasonably to be implied from the existence oP any right or privilege given to it herein or reasonably necessary to effectuate any such right or privilege. 7.10 Miscellaneous Services: The Association may obtain and pay for the services of any person or entity to manage its affairs, or any part thereof, to the extent it deems advisable, as well as such other personnel as the Association shall determine to be necessary or desirable for the proper operation of the project, whether such personnel are furnished or employed directly by the Association or by any person or entity with whom or which it contracts. The Association may obtain and pay for legal and accounting services necessary or desirable in connection with the operation of the project or the enforcement oP this declaration. The Association may arrange with others to furnish lighting, heating, water, trash collection, sewer service and other common services to each unit. 7.11 Personal Liability of Purchaser for Assessments: A p~n•chaser of a condominium unit shall be jointly and severally - 22 - aoon313 rna559 liable with the seller for all unpaid assessments against the- condominium unit up to the time of the grant or conveyance, without pre,j udice to the purchaser's right to x•e cover from the seller the amount paid by the purchaser for such assessments. VII. ASSOCIATION AS ATTORNEY-IN-PACT, 8.1 Appointment of Association as Attorney-in-Fact; This declaration does hereby make mandatory the irrevocable appointment of an attorney-in-fact to deal with the property upon its destruction, for repair, reconstruction or obsolescence. Title to any condominium unit is declared and expressly made subj ect to the terms and conditions hereof, and acceptance by any grantee of a deed or other instrument of conveyance from the declarant or from any owner or grantor shall constitute appointment of the attorney-in-Pact herein provided. All of the owners irrevocably constitute and appoint the Association their true and lawful attorney in their name, place and stead for the purpose of dealing with the property upon its destruction or obsolescence as is hereinafter provided. 8.2 Authorityof Attorney-in-Fact: Aa attorney-in- fact, the Association, by its President and Secretary or Assistant Secretary, shall have full and complete authorization, i right and power to make, execute and deliver any contract, deed or any other instrument with respect to the interest of a condominium unit owner which are necessary and appropriate to exercise the powers herein granted. Repair and reconstruction of the improvement(s) as used in the succeeding paragraphs means restoring the improvements (s) to substantially the same condition in which they existed prior to the damage, with each unit and the general and limited common elements having substantially the same vertical and horizontal boundaries as before. The proceeds of any insurance collected shall be available to the Association for the purpose of repair, restoration, reconstruction or replacements unless the owners and all first mortgagees agree not to rebuilt in accordance with the provisions set forth hereinafter. - 23 - ooon313 rnci560 (a) In the event oP damage or destruction due to fire or other disaster, the insurance proceeds, if sufficient to reconstruct the improvement(s), shall be applied by the Association, as attorney-in-fact, to such reconstruction, and the improvement(s) shall be promptly repaired and reconstructed. The Association shall have full authority, right and power, as attorney-ln-fact, to cause the repair and restoration of the improvements. (b) If the insurance proceeds are insufficient to repair and reconstruct the lmprovement (s), and iT =~•^'^ a°°~°aa s not more than xt 60 er cent of all of the condominium its the whole property), not including land, sue amage `.~ or destruction shall be promptly repaired and reconstructed by a the Association, as attorney-in-fact, using the proceeds of insurance and the proceeds of an assessment to be made against all of the owners and their condominium units. Such deficiency assessment shall be a common expense and made pro rata according to each owner's percentage interest in the general common elements and shall be due and payable within thirty (30) days after written notice thereof. The Association shall have full authority, right and power, as attorney-in-fact, to cause the repair or restoration of the improvement(s) using all of the insurance proceeds for such purpose notwithstanding the failure of an owner to pay the assessment. The assessment provided for herein shall be a debt of each owner and a lien on his condominium unit and may be enforced and coli~ected as is provided in paragraph 7.5. In addition thereto, the Association, as attorney-in-Pact, shall have the absolute right and power to sell the condominium unit of any owner refusing or failing to pay such deficiency assessment within the time provided, and if not so paid, the Association shall cause to be recorded a notice that the condominium unit of the delinquent owner shall be sold by the Association, as attorney-in-fact, pursuant to the provisions of this paragraph. pq _ eooK313 rnct 561 Tho delinquent owner shall be required to pay to the Association the costs and expenses Por filing the notices, interest at the rate of twelve'(12) percent per annum on the amount of the assessment and all reasonable attorney's fees. The proceeds derived from the sale of such condominium unit shall be used and disbursed by the Association, as attorney-in-fact, in the following order: (1) For payment of taxes and special assessment liens in favor oP any assessing entity and the customary expense oY sale; (2) For payment of the balance of the lien of any first mortgage; '(3) For payment of unpaid common expenses and all coats, expenses and fees incurred by the Association; (4) For payment of junior liens and encumbrances in the order of and to the extent of their priority; and (5) The balance remaining, if any, shall be paid to the condominium unit owner. (c) If the insurance proceeds are insufficient to repair and reconstruct the damaged improvement(s), and if such damage is more than sixty (60%) per cent of all of the condominium units (the whole property), not including land, and if the owners representing an aggregate ownership interest oY fifty-one (51%) per cent or more of the general common elements do not voluntarily, within one hundred (100) days thereafter, make provisions for reconstruction, which plan must have the unanimous approval or consent of every first mortgagee, the Association shall forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by theAssociation's President and Secretary or Assistant, the entire remaining premises shall be so1.d by the Association pursuant to the provisions of this paragraph, as attorney-in-Tact for all of the owners, free and clear of the provisions contained in this declaration, the map and the Dy-Laws, The insurance settlement proceeds - 25- sooK313 PncE562 shall be collected by the Association, and such proceeds shall be divided by the Association according to each owner's percentage interest in the general common elements, and such dividend proceeds shall be paid into separate accounts, each such account representing one of the condominium units. 'Each such account shall be in the name of the Association, and shall be further identified by the condominium unit designation and the name of the owner. From each separate account the Association, ae attorney-in-fact, shall forthwith use and disburse the total amount (of each) of such accounts, without contribution from one account to another, toward the partial or full payment of the lien of any first mortgage against the condominium unit re- presented by such separate account,Each such account shall be supplemented by the apportioned amount of the proceeds ob- tained from the sale of the entire property, Such apportionment shall be based upon each condominium unit owner's percentage interest in the general common elements. The total funds of each account shall be used and disbursed, without contribution from one account to another, by the Association, as attorney- in-fact, for the same purposes and in the same order as is provided in subparagraph (b) (1) through (5) of this paragraph. 8,3 Plan for Reconstruction: If the owners representing an aggregate ownership interest of fifty-one (51~) per cent, or more, of the general common elements adopt a plan for reconstruction, which plan has the unanimous approval of all first mortgagees, then all of the owners shall be found by the terms and other provisions of such plan', Any assessment made in connection with such plan shall be a commou expense and made pro rata according to each owner's percentage interest in the general common elements and shall be due and payable as provided by the terms of such plan, but not sooner than thirty (3U) days after written notice thereof. The Association shall have full authority, right and power, as attorney-in-fact, to cause the repair or restoration of improvements using all of the insurance proceeds for such - 26 - aooK 313 rnce 563 purpose notwithstanding the failure of an owner to pay the assessment, The assessment provided for herein shall be a debt of each owner and a lien on his condoninium unit and may be enforced and collected as is provided for assessment liens, In addition thereto, the Association, as attorney-in- fact, shall have the absolute right and power to sell the condominium unit of any owner refusing or failing to pay such assessment within the time provided, and if not so paid, the' Association shall cause to be rem rded a notice that the con- dominium unit of the delinquent owner shall be sold by the Association. The delinquent owner stall be required to pay to the Association the costs and expenses for filing the notices, interest at the rate oP twelve (12) percent per annum on the amount of the assessment and all reasonable attorney's fees, The proceeds derived from the sale of such condominium unit shall be sued and disbursed by the Association, as attorney-in-fact, for the same purposes and in the same order as is provided in subparagraph (b) (1) through (5) of paragraph 8,2. 8,4 Renewal and Reconstruction; 'f he owners repre- senting an aggregate ownership interest of eighty (SO%) per cent, or more, of the general common~eleme nts may agree that the general common elements are obsolete and adopt a plan for the renewal and reconstruction, which plan has the unanimous approval of all first mortgagees of record at the time of the adoption of such plan, If a plan Yor the renewal or re- construction is adopted, notice of such plan shall be recorded, and the expense of renewal and reconstruction shall be payable by all of the owners as common expenses; provided, however, that an ownernot a party to such a plan for renewal or reconstruction may give written notice to the Association within fifteen (15) days after the date of adoption of such plan that such unit shall be purchased by the Association for 27 _ soon 313 rncE 564 the Tair market value thereof. The Association shall then have thirty (30) days (thereafter) within which to cancel such plan. If such plan is not cancelled, the condominium unit of the requesting owner shall bo purchased according to the following procedures. If such owner and the Association can agree on the fair market value thereof, then such sale shall be consummated within thirty (30) days thereafter. If the parties are unable to agree, the date when either party notifies the other that he or it is unable to agree with the other shall be the "commencement date" from which all periods oP time mentioned herein shall be measured. Within ten (10) days following the commencement date, each party shall nominate , in writing (and give notice of such nomination to the other party) an appraiser. If either party fails to make such a nomination, the appraiser nominated shall, within five (5) days after default by the other party, appoint and associate with him another appraiser. If the two designated or selected appraisers are unable to agree, they shall appoint another appriaser to be umpire between them, if they can agree on such person, If they are unable to agree upon such umpire, each appraiser previously appointed shall nominate two appraisers, and from the names of the four appraisers so nominated one shall be drawn by lot by any ,)udge of any court of record in Colorado, and the name so drawn shall be such umpire, The nominations from whom the umpire is to be drawn by lot shall be submitted within ten (10) days of the failure of the appraisers to agree, which, in any event, shall not be later than twenty (2) days following the appointment of the second appraiser. Tho decision of the appraisers as to the fair market value, or in the case of their disagreement, then such decision of the umpire, shall be final and binding. The expenses and fees of such appraisers shall be borne equally by the Association and the owner. The sale shall be consummated within fifteen (15) days thereafter, and the Association, as attorney-in-Pact, shall disburse such proceeds for the same purposes and in the snme order as is provided in suhparagraph (b) (1) through (5) - 28 _ eooK313 rnc(565 of paragraph S,2 except as modified heroin, 8.5 Sale of Obsolete Units: The owners representing an aggregate ownership interest of eighty-Pave (85%) per cent, or more, of the general common elements may agree that the condominium units are obsolete and that the same should be sold, Such plan must have the unanimous approval of every first mortgagee, In such instance,.the Aasociation shall Yorthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Association's President and Secretary or Assistant Secretary, the entire premises shall be sold by the Aasociation, as attorney-in- fact for all oP the owners, Yree and clear oP the provisions contained this-declaration, the map and the By-Laws. The sales proceeds shall be apportioned between theowners on the basis of each owner's percentage interest in the general common elements, and such apportioned proceeds shall be paid into separate accounts, each such account representing one condominium unit. Each such account sha 1.1 be in the name of the Association, and shall be further identified by the condom- inium unit designation and the name of the owner, From each separate account the Association, as attorney-in-fact, shall use and disburse the total amount (of each) oP such accounts, without contribution from one account to another, for the same purposes in the same order as is provided in subparagraph (b) (1) through (5) of paragraph 8.2, 8.6 Personal Property for Common Use; The Association, as attorney-in-fact for all of the owners, may acqulre and hold for the use and benefit of all of the condominium unit owners, real, tangible and intangible personal property and may dispose of the same by sale or otherwise, The beneficial interest in any such property shall be owned by all oP the condominium unit owners in the same proportion as their respective interests in the general common elements, and such interest therein shall not be transferable except with a conveyance of a condominium unit. A conveyance of a _ 2g _ eooK313 rncE566 condominium unit shall transfer to the grantee ownership of the grantor's beneficial interest in such property without any reference thereto in the deed. fiach owner may use such property in accordance with the purpose for which it is intended without hindering or encroaching upon the ]avf ul rights of th'e other owners. The transfer of title to a bondominium unit under foreclosure aha 11 entitle the purchaser to the beneficial interest in such personal property associated with the fore- closed condominium unit. ~Illili~l~!" Jt ~ 9.1 Types of Insurance; The Association, where appli- cable, shall obtain and keep 1n full force and effect at all times the following insurance coverage provided by companies duly authorized to do business in Colorado. The provisions of this article shall not be construed to limit the power or authority oT the Association to obtain and maintain insurance coverage, in addition to any insurance coverage required hereunder, 1n such amounts and in such forms as the Association may deem appropriate from time to time. (a) Casualty Insurance; The Association shall obtain insurance on the project in such amounts as shall provide for full replacement thereof in the event of damage or destruction from the casualty against which such insurance is obtained, all in the manner in which a corporation owning similar multiple G`~y ~ family residential buildings in the vicinity of the project would, in the exercise of prudent business judgment, obtaih~ such insur- ance. Such_insuranro ~nan ;nclude_.4 re and extended coveraaa vandalism and malicious mischief. war risk insurance if available appropriate by the Association, and such risks a appropriate to provide insurance protection. The Association may comply with the above requirements by the purchase of blanket coverage and provisions as in the Association's opinion are consistent with good business - 30 - eooK313 rnce567 practice, (b) Public Liability and Property Damage Insurance• The Association shall purchase liability coverage in such amounts and in such forms ae it 1 rllf~ l~ NY ~ deems advisable to provide ade uate rotection, Coverage 'x"1'71 shall nc ude, without limitation, liability for personal D~yG _injuries, operation of automobiles on behalf of the Association, and activities in connection with the ownership, operation, maintenance and other use of the project. ' (c) and Employer's Lia bil.ity Insurance: The Association shall purchase workmen's compensation and employer's liability insurance and all other similar insurance in respect to employees of the Association ~,~1 (d) Fisura ace: The Association shall purchase, in such amounts and in such Yorms as it shall deem ~~ appro~ coverage against dishonesty of employees, destruction or disappearance of money or securities, and forgery. (e) Other: The Association may obtain insurance against such other risks, of a similar or dissimilar nature, as it shall deem appropriate with respect to the project, in- cluding any personal property oY the Association located thereon. 8.2 Personal Property Casualty Insurance; The Association ect to obtain insurance on the personal prop rtv and f+rnishings initially placed- in wners b declarant upon commletion ~f_ construction of the project in s++~!+ =mounts as shall nrovlde_ for the full replacement thereof in the~vent of damage or destruction from casualty against which such insurance is obtained. - ~i 9.3 Form; Casualty insurance shall be carried in a form or forms naming the Association the insured, as trustee for the owners and for declarant, whether or not it is an owner, - 31 - aoorc313 ~n~E56$ which policy or policies shall specify the interest of each condominium unit owner (owner's name, unit number, the appurtenant undivided interest 1n the common elements), and which policy or policies shall provide a standard, non- contributory mortgagee clause in favor of each first mortgagee which from time to time shall give notice to the Association of such first mortgage. Each policy also shall provide that it a by either the insured or the insurance company: prior written notice is first given to each owner, to declarant and to each first mortgagee. The Association shall furnish to each owner a true copy of such policy together with a certificate idontif ying the interest of the owner. All policies of insurance shall provide that the insurance thereunder shall be invalidated or suspended only in respect to the interest of any particular owner guilty of breach of warranty, act, omission, negligence or noncompliance with any provision of such policy, including payment of the insurance premium applicable to that owner's interest, or who permits or fail sto prevent the happening of any event, whether occurring before or after a loss, which under the provisions of such policy would otherwise invalidate or suspend the entire policy. All policies of insurance shall provide further that the insurance under any such policy, as to the interest of all other insured owners not guilty of any such act or omission, shall not be invalidated or suspended and shall remain in full force and effect. Public liability and property damage insurance shall name the Association the insured, as trustee for the owners and for declarant, whether or not is is an owner, and shall protect each owner and declarant against liability for acts of the Association in connection with the ownership, operation, maintenance or other use of the project. ~.^ Insurance coverage on the furnishings initially placed in the unit by declarant, except to 32 _ s3on313 ~'~~~569 tho extent that the Association pursuant to paragraph 9.2 hereof elects to arrange for casualty insurance, and, regardless of the Association's election, insurance coverage against loss from t~•a rr ,.^ _„ _-----.,, ^^..^,. _a... sn,, <^....^..^^e coverage on items of personal ^^t^ ^~^°^a '^ "^ ^^'-~- by owner, and casualty and public liability insurance coverage within each individua +ait a ~ r^^ °^t'•i *i as ~~ ts° ^ not acting by the Association, with respect to the common elements shall be the responsibility of the respective owners. 9.5 Insurance Proceeds: The Association shall receive the proceeds of any casualty insurance payments received under policies obtained and maintained pursuant to this article, To the extent that reconstruction is required herein, the proceeds shall be used for such purpose. To the extent that reconstruction is not required herein and there is a determination that the project shall not be rebuilt, the proceeds shall be distributed in the same manner herein provided in the event of sale oT obsolete units. 9.6 Owner's Own Insurance: Notwithstanding the provisions hereof, each owner may obtain insurance at his own expense providing coverage upon his condominium unit, his personal property, for his personal liability, and covering such other risks as he may deem appropriate, but each such policy shall provide that it does-not diminish the insurance carrier's coverage for liability arising under insurance policies which the Association obtains pursuant to •t his article. All such insurance of the owner's condominium unit shall waive the insurance company's right of subrogation against the Association, the other owners, and the servants, agents, guests of any of them, if such insurance can be obtained in the normal practice without additional premium charge for the waiver of rights of subrogation. X. CONDEMNATION. 10.1 Consequences of Condemnation: If atany time or times during the continuance of the condominium ownership - 33 - eoon313 ree(570 pursuant to thin declaration, all or any part of tho project shill be taken or condemned by any public authority or sold or of he rwiae disposed of in lieu of or in avoidance thereof, the following provisions shall apply. 10.2 Proceeds: All compensation, dame gea,or other proceeds therefrom, the sum of which. is hereinafter called the "Condemnation Award", shall be payable to the Association. 10.3 Comple t_ a TTaking: In the event that the entlre project is taken or condemned, or sold or otherwise disposed of in lieu of or in avoidance thereof, the condominium owner- ship pursuant thereto shall terminate: The condemnation award shall be xpport toned among the owners in proportion of the respective amounts originally paid to declarant for the purchase oP the condominium unite, exclusive of the amounts paid for personal property, provided that if a etandartl different from the value of the project as a whole is employed to measure the condemnation award Pn the negotiation, judicial decree, or otherwise, then in determining auchahnres the same standard shall be employetl to the extent it is relevant and applicable. On the basis of the principle set forth in the lest preceding paragraph, the Association shall ae soon as practicable determine the share of the condemnation award to which eacn owner is entitled. Such she rea shall be paid Snto separate accounts and disbursed as soon as practicable in the same manner pro- vided in paragraph 8.5 of this declaration. 10.4 Partial Taking: In the event that less than the entire project is taken or condemned, the condominium owner- ship hereuntler shall not terminate. Bach owner shall be entitled to a share of the condemnx tlon award to be determined in the following manner: As soon as practicable the Assoc iatlon shall, reasonnble and in goad Ya it h, allocate the cundemnation award between compensation, tlamages, or other proceeds, and shall apPOrtion the amounts so allocated among the owners as follows: (a) the totnl amount all.oca tad to taking of or injury - 34 - BOOK313 PhGEJ~i to tho common elements shall be apportioned among owners in proportion to their respective undivided interests in the common elements, (b) the total amount allocated to severance damages shall be apportioned to those condominium units which were not taken or condemned, (c) the respective amounts allocated to the taking of or in,)ury to a particular unit and/or improvements as owner has made within his own unit shall be apportioned to the particular unit involved, and (d) the total amount allocated to consequential damages and any other takings or in,j uries shall be apportioned as the Association Bete rin ined to be equitable in the circumstances. If an allocation of the condemnation award is already established in negotiation, ,judicial decree, or otherwise, then in allocating the Condemnation award the Association shall employ such allocation to the extent it is relevant and applicable. Dis- tribution of apportioned proceeds shall be made by checks payable ,jointly to the respective owners and their respective mortgagees. 10.5 Reorganization: In the event a partial taking results in the taking of a complete unit, the owner thereof automatically shall cease to be a member of the Association, Thereafter the Association shall realJ.ocate the ownership, voting rights, and assessment ratio determined in accordance with tnis declaration according to the same principles employed in this declaration at its inception and shall submit such reallocation to the owners of remaining units for amendment of this declaration, 10,6 Reconstructlon and Repair; Any reconstruction and repair necessitated by condemnation shall be governed by the procedures specified herein in cases of casualty damage or destruction, XI, E6ISCELLANEOUS. 11,1 Amendment or Revocation: This declaration shall not be revoked nor shall any of the provisions herein be amended - 35- aouK313 ~'nct5 ~2 unless the owners representing an aggregate ownership interest of eighty-five(8 b~) per cent 'or more oY the condominium units, as reflected on the real estate records of Pitkin County, Colorado, and all oP the holders of any mortgage appearing in such records and covering or affecting ~a ny or all of the condominium units consent and agree to such re- vocation or amendment by instruments duly recorded. 11.2 Duration: Tho w ndeominium ownership created by this declaration and the condominium map shall continue until this declaration is revoked or terminated in the manner provided in paragraphs herein dealing with obsolescence, condemnation or revocation. 11.3 Mortgaging a Condomin3.um Unit - Priority: An owner shall have the right from time to time to mortgage or oncumber his interest by deed of trust, mortgage or other security instrument. A first mortgage shall be one which has first and paramount priority under applicable law. The owner of a condominium unit may create junior mortgages, liens or encumbrances on the following conditions; (1) that any such junior mortgages shall always be subordinate to all of the terms, conditions, covenants, restrictions, uses, limitations, obligations, lien for common expenses, and other obligationa created by this declaration, the Certificate of Incorpox•a tion and-the By-Laws of the Association; (2) that the mortgagee under any junior mortgage shall release, Por the purpose of restoration of any improvements upon the mortgaged .premises-, all of his right, title and interest in and to the proceeds under all insurance policies upon said premised by the Associa- tion. Such release shall be Yurnished forthwith by a junlor mortgagee upon written request of one or more of the members of the Board of Managers of the Association, and it such request is not granted, such release may be executed by the Association as attorney-in-fact for such junior mortgagee. 11.4 Compliance with Provisions oz Declaration, By-Laws of the Association: Each owner shall comply strictly with the - 36 - sooK3~3 rnce573 ._ provisions of this declaration, the Certificate of Incorporation and By-Laws of the Association, and the decisions and reso- lutions of the Association adopted pursuant thereto as the same may be lawfully amended from time to time, Failure to comply with any of the same shall be grounds for an action~to recover sums duo, for damages or injunctive relief or both, and for reimbursement of all attorney's fees incurred in connection therewith, which action shall be maintainable by the Managine Agent or Board of Managers in the name of the Association on behalf of the owners or, in a proper case, by an aggrieved owner, 11.5 Registration of Mailing Address: Each owner shall register his mailing address with the Association and all notices or demands intended to be served upon any owner shall be sent by either registered or certified mail, postage prepaid, addressed in the name of the owner at such registered mailing address. All notices or demands intended to be served upon the Association shall be given by registered or certified mail, postage prepaid, to the address oP the Association as designated in the By-Laws of the Association, All notices or demands to be served on mortgagees pursuant hereto shall be sent by ~e ither registered or certified mnil, postage prepaid, addressed in the name of the mortgagee at such address as the mortgagee may have furnished to the Association in writing. Unless the mortgagee furnishes the Association such address, the mortgagee shall be entitled to receive none of the ~AOticea provided for in this declaration, Any ngtice referred to in this paragraph shall be deemed given when deposited in the United States mail in the form provided for in this paragraph. 11,6 Transfer of Declarant's ]tights: Any right or any interest reserved hereby to the declarant may be transferred or assigned by the declarant, either separately or with one or more oP su cli rights or interests, to any person or entity, 11.7 Owner's Obligations Continue: All obligations of the owner under and by virtue of the provisions contained in - 37 - eoon313 ~~ece574 W this declaration shall continue, notwithstanding that he may have leased or rented said interest as provided herein,. but the owner of a condominium unit shall have no obligation for expenses or other obligations accruing after he conveys such condominium unit. 11.8 Number and Gender: .Whenever used herein, unless the context shall otherwise provide, the singular number shall include the plural, the plural the singular, and the Use of any gender shall include all genders. 11.9 Severability: If any of the provisions of this declaration or any paragraph, sentence, clause, phrase or word or the application thereof in any circumstance be invalidated, such invalidity shall not affect the validity of the remainder of the declaration, and the application of any such provision, paragraph, sentence, clause, pt se or word in any other circum- stances shall not be affected th..~eby. 11.10 Statute: The provisions of this declaration shall be in addition and supplemental to the Condominium Owner- ship Act of the State of Colorado and to all other orovisions of law. This declaration is executed the day and year first above written. STATE OF COLORADO ) ss. COUNTY OF PITKIN ) ~I The foregoing instrument was. acknowledged before me this p'~~ day,of J N N Q , 1976, by BAYARD Y. BOVDESVEN, WILLIAM~~,{~*.- BOY~'1 ,, PATRICIA BOYD~ and GREGORY B. COLE. ..1 ',.........., 7y',, t fit0~t}~s ~riy., hand and official seal. ' ~ may. _ Y _ `. 3 ~. >: p ;~ ::, `. ~.. ~'.. ~ 1~~ iy C `'~I "'~~ ~;:` ~ ary Pub is ,~~ 17,1180 ,,,,,, ~My commission expires. ~'°z,,: -38- Patricia Boy `Gr ory B. o e ~_ ~.' aoon313 ancE57~ EXHIBIT "B" Legal Description Lot 1, CENTPNNIAL PARY. SUBDIVISION, County of Pitkin, State of Colorado. ';. '., ~;ir;., ,~ ~~ -~ '>o, S ~`, ~ i~~ ~; i~~, ;, ~~ r ~ ~' g~oK3~3 ~ncE5~7~ this declaration shall continue, notwithstanding that he may have leased or rented said interest as provided herein,, but the owner of a condominium unit shall have no obligation for expenses or other obligations accruing after he conveys such condominium unit. 11.8 Number and Gender: .Whenever used herein, unless the context shall otherwise provide, the singular number shall include the plural, the plural the singular, and the rise of any gender shall include all genders. 11.9 Severability: If any of the provisions of this declaration or any paragraph, sentence, clause, phrase or word or the application thereof in any circumstance be invalidated, such invalidity shall not affect the validity of the remainder of the declaration, and the; application of any such provision, paragraph, sentence, clause, phrase or word in any other circum- stances shall not be affected thereby. 11.10 Statute: The provisions of this declaration shall be in addition and supplemental to the Condominium Owner- ship Act of the State of Colorado and to all other provisions of law. This declaration is executed the day and year first above written. STATE OF COLORADO ) ss. COUNTY OF PITKIN ) .~ ~ >> ary Public ~~ X980 '~~~ My commission expires:~~ .~ The foregoing instrument was acknowledged before me this p~~ day ,of J Ig v~ 2 1976, by BAYARD Y. HOVDESVEN, WILLIAt~I'~;~. 'BOYVD,, PATRICIA BOYD~and GREGORY B. COLE. ~' e•~i~•'.. ?, 'Z+;zt~•s~sc.~ny.3land and official seal. ~f: '7 :~ r n` •.~ 1 Patricia Boy r gory B. o e - a .... ,. ..~~ ... v~y~~.~uvla ai, J.J/J ~ ~. ~ /~ ~ •.. 8 • t iut.LC~I11U11 /w _.. ! ! ~Y ,:_~j .~U LJ,U l1~lllU 1.C CUCU9C ,.1 ~ !_ BGG~~lC~ rr• ..,:~ti SUBDIVISION IMPROVEh1ENT5 AGREEh1ENT TEiIS AGREEi•IENT, made and entered into this _~ day• of ~~~~~~,,,.,;~ , 1975, by and between BAYARD Y. HOVDESVEN, WILLIAI3 W. IlOYD, PATRICIA BOYD, and GREGORY B. COLE (Subdividers) and THE CITX OF ASPEN, COLORADp, a municipal corporation (City), • w I T N E s s E T H WIIEREAS, Subdividers hold record title to a parcel of land situate in~the City of Aspen, County o£ Pitkin, State of Colo- ~' . rado, to wit: Lots P, Q, R and S and Lots'7,8, and 9; Block 27, EAST ASPEN ADDITION; and ~ •• WHEREAS, Subdividers have submitted to City for approv- •al, execution and recording a subdivision plat of the above- described property, such subdivision to be known and designated as "Centennial Park Subdivision"; and {~'IIEREAS, the City has fully considered such subdivision plat, the proposed development and the improvement oi; the subject property shown thereon; and is willing to approve, execute and accept said plat for recordation upon the agreement of Subdividers to the matters hereinafter described, which matters are deemed necessary to protect, promote and enhance the public welfare; and WFIEREAS, Subdividers and 'the City wish to reduce said agreement to writing. ' NOLV, TIIEREFORE, in consideration of the premises, the 'mutual covenants herein contained, and the approval, execution and (acceptance of said subdivision plat by the Cil-y for recording, Ithe parties hereto hereby agree as follo;•!s: • 1. Subdividers covenant and agree to and with the City !I ~ithat they t•iill afLirmaCively consenC to and join in the formation i ~ Hof any special improvement district, encompassing all or any part ~~ t I j; I a .. ~~ /~ i~ Y -, ~I ~~ ~~ t i 'o :: i! !I (t } j. BGG:tsO~ P;•: ?i7~1 ++I of Centennial Part. Subdivision, that may hereaL•ter be proposed or I.formed for the construction of street improvements, drainage im- provements or buried electrical improvements. Subdividers hereby waive and further covenant and agree. to waive any right of pro- test against the formation of any such district. 2. In the event that the City, at any time or from time to time, shall construct or`install any street improvements, which improvements service or improve a general area including the lands within the Centennial Park~Subdivision, Subdividers. agree upon demand, to pay or reimburse the City for that portion of the actual cost of such improvements which is properly allo- cable to the Centennial Park Subdivision, provided, hoorever, that the City shall be entitled to such payment or reimbursement only if such improvements are constructed or installed over an area which includes at, least the ' following described minimum urea, to-wit: . Both sides of East Hopkins for the entire length of the city block ~vitliin cahich the Centennial Park Subdivision ,is situated. • Subject always to the minimum area requirement set forth above, the City shall have the right•to construct or install. such improvements in phases or increments, e.g. curbs and gutters . I in one year and sidetralks in a subsequent year, and Subdivider ~~ shall pay or reimburse the City for each successive phase or in- I? i~ crement. Provided, however, that improvements installed during I '~; the initial construction, i.e. curb, gutter and sidewali:; 5ha11. I`j not be charged to Subdividers. t'I !~ 3. 7.'he covenants and agreements of the Subdividers ,.,, ~'j herein shall be deemed covenants that run with the land, sh all { I! ~II ~~ `~ - - i 2 t~ .~ Y ~ ~ c. ~. • Iburden the land incluclea witlri.n the Centennial Park Subdivision, and shall bind and be specifically enforceable against all sub- sequent owners thereof, incL.iding Subdividers, their heirs, per- -~ sonal representatives, successors in interest and assigns. 9. City acknowledges receipt from Subdividers of the sum of $9,927.83 as full saL-isfaction and discharge of Subdividers' obligations under the applicable subdivision ordinance to pay cash in lieu of the conveyance of lava to the City for public use purposes. '~ 5. The parties mutually understand and agree that the condominium units to be constructed on the subject property are intended to be owned and occupied by long-term residents of the area. In order to insure that the aforesaid purpose is fulfilled, Owners and Subdividersayree ~.. that accepl-ance of this prohibition • is a condition for subdivision approval, and that each and every 'nstrument by which title to one of said units is conveyed shall ontain the following covenant: • ~, IIy }iis purchase and recording of the instant deed, purchaser agrees that the condominium unit conveyed u. ~'«'rs~''®`~®•°~~~~a This restriction shall constitute a covenant running with the title to the subject unit and be enforceable by the City of Aspen.~~ Owns_rsand Subdi.vidersfurther agree that an identical leasing restriction c•rill be incorporated in the Condominium Declares= ~. i-ion so as to provide record notice of such limitation. II ~• Upon execution oL this Agreement b • ~. y all parties here •;~o, CiL•y agrees to approve and execute the final plat of Centennial •~arl: Subdivision and accept the same for recording i.n the real .i ~rop~~rty records of P.itkin County, Colorado, upon payment of re- .'cording fees and costs to City by Subaividers, j, ~ ~ ~I . ,t~ ,.. if.~,, ~~ 3 - i i •:~ .I BGG~~if.~,~i P,•:. ?vi9 - .., IN WITNES L•[FIEF2EOF, the parties hereto have executed th' A reement as f th day and year first above written. B:Y d o•d •ven ~ "' ~ am W. Boy ~ , /' ~ garY ole G ~~.~ :.J ~?' ' . '~ .9,, ~.:,.~, ,• / , ~~ ~~ ,' :~: ~ ~ ~~~ ,, '~~ . „~l ~,;~.,, • ` "' ~~ . ' •~ '~ COUNTY OF PITKIN )ss. The foregoing was acknowledged before me this ~~da Y of ~ ~„o~,Z~~t/ , 1875, by Bayard Y. flovdesven, William W. Boyd, Patricia Boyd, and Gregory B, Cole. - . ;,:: .. i Witness my hand and official seal. ~'~,~ . ,.. My commission expires : 0"3 -/ ~/- 7 •~,~ "~~ ~~ ~~"~ 'v : ,, ~' ,f., ATTEST': °' ` ~ ~ ~~ ~ : .~.. , }a. ., .City, G, grk ESTATE OF COLORADO ) Notary p _ ... __~ JJ 'la'..li;~ .~ STATE OP COLORADO ) , ~~ • '~o ~• : •~4 ~, .... ~. COUNTY OF PITKIN ) .~~~~"'""""~~~~• _ ~ ,. The foregoing :vas acknowledged before me this ~ day °f ~~~ ~/r-/ 1975, . ~- 7'/. ' b~~ ~-~~ rr~, as [dayor n • II ~ ~~/ .~~ ,~: ~~--~-" ,' ~/„- .~~ as City Clerk of the Cit • • •. y of Aspen. ,'~••,.:' -. ,:•Witness my hand and official seal. '••':•~~' ~' ,'My commission expires: . ~~. ~ 'Notary Public _~_