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HomeMy WebLinkAboutlanduse case.ts.825 E Hopkins Ave.TS-1983-2 ,..-'. '~ , ... ..~ " ,,-..,, ,-' MEMORANDUM TO: Aspen City Council FROM: Alice Davis, Planning Office Im: Review of the New Timeshare Regulations - Work Session DATE: August 17, 1983 1;;L:?0 APPROVED AS TO FORM: The Planning and Zoning Commission and the former City Council spent, a great deal of time formulating an ordinance which thoroughly regulates and restricts timesharing so that only quality projects would be approved in Aspen. The first two applications for timesharing are now. under consideration, therefore, this memo is an attempt to familiarize you (or refresh your memory) with the conept of timesharing and the major issues involved in our regulations. The Concept Timesharing involves the division of an accommodation into several different interests so that the different interests can be sold or leased for use on an annual basis. A timesharing interest, from a legal and regulatory standpoint, is usually sold on a 'fee ownership' or 'right-to-use' basis. Fee ownership is where a buyer acquires ownership in a particular unit and a corresponding exclusive occupancy right for a specified annually occurring period of 'time, ranging from a week to several months.. Right-to-use is where a buyer acquires an occupancy right fora specified annual periOd of time, in a specified unit or class of accommodations, sometimes involving more than one location but acquires no ownership in the property. The major advantages of timesharing are that it encourages people to come to Aspen during the traditional off seasonperiods, filling in the voids between the summer and winter seasons; timesharing brings in more tourist dollars year round; it provides a more affordable ownership alternative fOr second home pur<::hasers and for regular return visitors and as adopted, the timeshare regulations requires the substantial upgrading of existing. lodges converting to a timeshare use. Timeshare Regulations Section 20-24 of the Code, Timesharing, allows timesharing in all lodge districts (L-l, L-2, L-3), the CC and CL zone districts and the R-MF zone in structures where short terming is currently allowed. The regulations establish' the following major areas of review: 1. Marketing Program. Due to problems experienced in other areas with high pressure sales programs for timeshare units, Aspen's regulations prohibit the use of public malls and streets for sales, local phone solicitations and the giving of gifts ina deceptive manner. An applicant must provide complete information on his proposed sales program so that the City can prohibit any practices which may be undesirable, .unethical or too high pressure oriented. Background information on the developer, the marketing entity, and the project manag.er must be submitted for review to illustrate the timeshare experience, the success, and reputation of those involved in a proposed project. 2. Off Season PaCkaging. Since one of timesharing's major advantages is the increased. visitation to Aspen in the off season, applic.ants are reqq.ired to adequately package and market the off season timeshare weeks with peak season weeks. , ,-.., ,-.., Memo: Timeshare Regulations Page Two August 16, 1983 3. Fee Ownership. No right-to-use leases are allowed since these types of timeshare interests have historically created the most problems in other areas as they often are not covered by real estate laws which provide substantial consumer protections. Only fee ownership interests are allowed. 4. Disclosure Statement. This document is a City submission requirement which the developer must provide to any potential ~ purchaser. The statement' s purpose is to ensure the u tmos t )Pd1xh'!1I{iI,~ consumer protection possible by requiring the developer to 'I ' disclose background information on the developer and marketing entity, specific details on the timeshare project, estimated costs, fees, taxes, 'downpayments and deposits, a right of rescission period, information on exchange programs, the season- ality found in this area and any occupancy limitations placed on the project and other similar disclosures. 5. Upgrading. A minimum of 30 percent of the fair market value ofa project must be put into upgrading any structure converting to a timeshare use. Any :f.mprovementsrecently completed can be documented to have this amount partially or fully waived. This provision provides a major community benefit achieved through timesharing - the renovation of existing lodges in Aspen. 6. Reserve Funds. A reServe account is required to ensure that a project will be satisfactorily maintained throughout the life of the project. Money in this account is to be escrowed and used only for this purpose. 7.' Maintenance. Four weeks a year is required to be reserved each year for maintenance purposes only. Summary This memorandum is intended to provide background information so that the two current applications can be appropriately reviewed. At this work session the Planning Office will summarize the two proposed projects and address the major issues involved with each. Attached is a copy of a detailed. review of .the Prospector and East Hopkins Condominium proposals. The written review is very detailed - we plan to cover only the major issues in our discussion at the work session and hope that if you have any other areas of concern, you will bring them forward. ,-.., .- MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: East Hopkins Timeshare project - Subdivision Exception and Conditional Use Review - Public Hearing (to DATE: August)(, 1983 Location: 825 Eas~ Hopkins. Zoning: R-MF. Applicant's Request: The applicant is requesting the approval of a timeshare project at the East Hopkins Condominiums. The timeshare approval process requires a conditional use approval (Section 20-3.3) fromP&Z and approval of a subdivision exception review {Section 20-24) . Condominiumization is not necessary since the units have already been condominiumized. Project Summary: ~ J Planning Review: The following is a review of the East Hopkins Timeshare Project according to the standards and review criteria in Section 20-24 of the Code. 1. Right-To-Use. The proposed timeshare units will be sold by warranty deed. No prohibited right-to-use leaseholds will be used. v Integration. The project will ultimately be 100 percent timeshared even though the existing owners want to reserve the right to rent the unsold units until they are sold. The Pli;lnning Office feels that an owner should be able to rent his condominium up until renovation occurs, then the units should remain' vacant until a C.O. is issued for the timeshare use. f!ii tal! liRit. il~.~l:1e:.sti.!l... A C..O. should not be issued for any timeshare unit until 7z...of theJ~J)ackages{50%) are sold. "- 3. Marketing and ,Sales Practices. The marketing of the East Hopkins Timeshare Project will be geared toward returning Aspen visitors who have been unwilling to commit to the sizable resources which are ordinarily necessary to purchase a second home. Timeshare interestS -I will be sold as a "two week vacation in As'el!z>,h _ forever.. II I\,,- 2. / / ,,-., .'-' >f:.()1; vd- , ,,,.~--fied) ~\(l~ u(\! (ji:JJ \ \ . -10.(\ ~~d l I'Ll. ;teY' ~A lO~ uJ\,0,fO' 0V Memo: East Hopkins Page Two August 2, 1983 Timeshare Project /'l ------ / / (r- '1~ n,-':'J u,J.;,. A local real estate ~okerage fir~~wi be the marketing entity for the project.. Sinc.e pre"ient Aspen visitors are considered the mos't .fi'o~I!~'tal purchasers, the sales efforts will be concentrated in the Aspen area. Denver and Grand Junction will also receive advertisement coverage as well as a few national ski and vacation magazines or newspaper travel sections. Direct mail literature ~ ~~~e~~~~~~~,e~plain t~e ti~eshare concep~c+o T~e Mu!t~ple L~st~ng Serv~ce w~ll also conta~n detailed information on the concept. <D c The entire Aspen Board of Realtors will be '. " encouraged to Erovide referrals on a fee basis -Ie> it1.e. lOCb.\ ~~e.-8fl(\..~l!8~"':Le~, Re'it ..J H lil~ who will be solely responsible for operating within application real estate laws. Condominium unit #2-N will be renovated, refurnished and unoccupied, and will function as a model for the sales program. No prohibited sales practices (use of public malls and stree~s ~~~a_~~ phone solicitatibns, the giving of gi~~ -'W~ll be allowed. J The P&Z must review the marketing program to ensure that the off~eason will be adequately marketed. As established, the purchaser picks the two weeks (one peak season, one off- season) that he wishes to buy. This, historically, has created problems in that the more desirable weeks are chosen first and sales are very difficult for the remaining weeks. Summer packages are not as desirable as winter packages. It is unclear if there are enough offseason weeks to package wi th both .summer and winter weeks. It is recommended that the applicant predetermine the two week packages; then the purchaser can buy the packages which best meets his needs. This creates packages of similar value and helps to prevent unwanted, unsellable . packages'. ~H:: ~la..LJ..LJ.":"H'j GfficQ2.1s6E!ues tiOIJ.5 r.."het.fl<:.r 01: uvL a ]3srS9R 19 - tlcc.k.s.3Lol:11a _ varlor ...U Il__LllfJ..v!U'yt;:QJ.. Co )c.ax. Wo feol th9 ~Jech:o p..ta-r,-,l.Lc:t.:':H~d, shuulJ LlC" r':"xcJ ,Au a. , L~..II.J.":JL. L...i..u 1-"lO::J.-'- ~t\lit.1 c.~--tLis R3f: -(:l:1e~lfl to 13LiR~ muoh le~s ctia.3a L":"o [QI..,;L.ivu alUvu'::::fLim.t:::bl.LCLJ..t:: VWUt::.J.. ~. '1 4. Amenities. The timeshare regulations require a timeshare project's amenities to be sufficient so as to not create a burden on public facilities. The only amenity mentioned in this application is one hot tub for the complex. Even though the amenities are minimal, the number of people -~, f'o'\.VtJo,... generated should notbe.greater than those generated from the project operating as a tra- ditional condominium. ,5. Parking. The parking requirement in the R-MF zone is I space per bedroom for residential uses and no requirement for a lodge use,5it\lt.!> loO-q~S GllIe ~The East Hopkins Condominiums contain three bedroom units which, as a residential condominium, ro\-' C<t\. 4.I.l.o-v~ o~ ",,-.-fh.L l!--ml" 'Woe., ,-" ,,-., Memo: East Hopkins Timeshare project Page Three August 2, 1983 requires 18 spaces for the six units. Parking requirements have been waived in the past for condominium approvals as it is often physically and economically difficult or impossible to provide the necessary spaces. The Planning Office feels that this precedent may be carried over to timesharing, but only after a review determines that it would be an unreasonable hardship to provide the required spaces. Condominiums have, however, always been required to retain all existing parking spaces and the same should already be (at a minimum) true with timeshare projects. The applicant for the East Hopkins Condominiums has agreed to retain the six existing parking spaces. At a minimum, the applicant should be required to designate one on-site space to each unit. The Planning Office feels that the applicant should determine if any more spaces could possibly be provided on-site by reworking the site plan. parking is already a problem in this area and the more intensive use of the site will generate further significant impacts on this. residential neighborhood. With a maximum occupancy of eight people per unit, 48 people for the complex, six parking spaces is inadequate. 6. Maintenance. The applicant is reserving the required four weeks per year for maintenance - two weeks in the spring and two weeks in the fall. When there is a 53rd week, it too shall be reserved for maintenance. These maintenance weeks should be restricted for maintenance only, with no rental or other uses allowed. This prevents the tendency to rent the units whenever possible and hold off on maintenance until rentals are not available. Also, one specified intention of the required maintenance weeks perceived by some members of the community is to provide a down period when the units are not used so intensively and the negative impacts are not felt by the surrounding neighborhood. 7. Budget. The applicant's proposed budget includes the owner's annual dues and homeowner associa- tion fees which equal $115,038 for the six unit project, $19,173 for the 24 two wee~p~~k~~~~~th and $798.84 annually, or $200 quarterlYI\1"or each two week package. The budget appears to be reasonable, except that it is unclear which eXJ;>enditure items go into the reserve funds for interior and exterior maintenance and repairs which are to be held in an escrOlN account until needed. The Planning Office recommends that the expenditures intended for this reserve fund be identified by the applicant so it ca~. ~LA be ,evaluated fO.f.,jM",;t8-.fl+':'~1hf~~'f! ,.J~ ~'~. ,,"Sil 1X7rT\. ~ ,Ma1ntenance R~~ec~.~~~Rtg~g~ to be escrowed, the identified .l;.iililil per ye~ to be .collected ' for this purpose ~O?~ ~~~ .~F~~~ to be satisfactory for major structural repairs which may be necessary in the ,future. L--n-e.. furNiuue. +. Al'eUClI\ce ~l.€. \-cc, 'c>€.<4\ o.me.r.&-ecL -tfom. ~ '\..cttl fer If:. €P.r -to l\S.CiOl> r:r 't~r w\r.\t-e.. --!he.. J:t1i€.~o.-- l<e{>tJ.-ln -t J\I\Ai rd~<.e. O=Vr<1l Nus \veer-.. (f\.cre.cx.sed fro<<\. t Gt ~ @ -b ~ IO,a::b), r-. ,'-' Memo: East Hopkins Timeshare Project Page Four August 2, 1983 It appears that the budget covers the 48 timeshare weeks to be sold, therefore the cost of the four maintenance weeks are assumed to be factored into these figures. The applicant should verify this.. 8. Conversions. The Code requires 30 percent of the fair market value of a timeshare property to be put into upgrading and renovation. The East Hopkins Condominiums are appraised at $1,010,500 for the six unit complex. 30 percent of this figure requires $303,150 to be spent on upgrading. The applican.t has met this requirement by identifying $133,625 already put into renovations and $194,150 proposed for renovations for a total of $327,775 in improve- ments. The applicant should, however, document the expenditures already made to veTy-the improvements. ,U~~ 9. Escrow. The ordinance requires that all deposits or downpayments made in connection with the purchase of a unit be held in an escrow account until clOsing or the issuance of a certificate of occupancy, whichever is later. The applicant says this account will ' , I 1" '1"" be held by the title insurance company who will issue insurance for the units. Such an arrangement is acceptable, since a neutral third party is required. A condition would be the commitment to this arrangement as well as verification to the City that the escrow account has actually been established. 10. Management/Assessment Fees. The applicant has proposed a quarterly assessment fee of approxi- mately $200 which will cover general operating and maintenance costs as. well as a reserve fund for major repairs. The quarterly assessment fee can, as proposed, be adjusted by a majority vote of the Board of Managers. The Planning Office feels that a majority vote or the Homeowners Association would be a more appro- priate, equitable method for adjusting fees. High and rapidly increasing maintenance and assessment fees have been a common dissatis- faction among past timeshare owners, therefore it is important to give the entire association a vote in how the ;fees are adjusted. Ik "'-ffli'C.C<Ilt,cd-- -k. 1'.0.5 ~-tl Nt'>~!"t~ -b ~l~ ,5% <>f- ~I!.. ~f' 'I'-&e,... 11. ~':~~v~l1''r tlle~tYm: 6f~clos'i~e. iw t1ltre~~.~~ share purchaser will contribute a month assessment fee in advance to the reserve fund. The reserve fund will then be increased quarterly by the regular assessment fees according to ~\~ ~.h the budget allocations for the reserve fund_' '~ ~U!.*l4\ ~~-ttPt..-1- .(rp\(ance..~:;.3;t: i..... uu(.;1t::ClJ..,'wb~,:,L.l.HE19R~'i-l:""t'<i i,'Ecms iu L!J.e bUgg9t ~r~ E896 lRt9 th~ ~~~~J..v~a~~uunt ~o be ese:E's":'JS9. TI.L";'::S :::ihull.ld L~spec~tl.ea su _.;. e- ~~:!:~?rj:;f.i~~:i~;~:f~I~G~" Memo: East Hopkins Page Five August 2, 1983 .-,., ,......., Timeshare Project 12. Conditional Use Review (Sec. 20-3.3) Occupancy Standards. The East Hopkins units are approximately 1,200 square feet with three bedrooms each. The applicant submits that current occupancy standards specify that no more than eight people can occupy a unit at one time. Section 20-24 requires that the occupancy levels be in compliance with appli- cable building code requirements throughout the life of the project. However, if all six units were at capacity at a given time, the density and neighborhood impact would be unde- sirable since occupancy by eight people in a three bedroom/two bath unit is an intense usage of the property. The Planning Office would recommend that the applicant propose an occupancy limi ta Hon which cons ti tutes a'jl rrore.. de~; ra-bte -] " ... comfort level, possibly six persons, as opposed to the highest occupancy allowed by the building code. The primary, purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be s<:t since one is not normally required in a two step subdivision exception process. . Section 20-3.3 establishes three suitability require- ments, discussed below, to be used in evaluating a conditional use. 1. .Condi tional uses mus.t comply with the zoning code. This project complies with all require- ments of the zoninq code except possibly the 18 space parking requirement. Even though this requirement is often waived for condominiumi- zations (a use similar to timesharing), having only the proposed six spaces could create significant negative neighborhood impacts. 2. The project is required to be consistent with the zoning code and with.the objectives of the applicabll" zone district. Throughout the timesha~~~iew process the Planning Office felt that timesharing was a high impact, intensive use which was inappropriate in a residential district such as the R-MF Zone district. Due to the increased impacts resulting from parking, noise, traffic and a more fully utilized year round use, we still believe that theR-MF zone is not an appropriate zone for timesharing. The use is, however, now allowed in' this. zone, therefore w.e should make sure t? eL 1'r-t1je(+ I~ "Pf"'"utdJol\.4l; all possible negative impacts are mi tigatedto the degree possible and practical~ J 3. The use must be compatible with surrounding land uses. Compatibility has historically been reviewed according to three potential impacts - parking, noise and local versus tourist orientation. Parking and noise problems at the project ~ be more significant with ~ r--.. -- Memo: East Hopkins Timeshare Project Page Six August 2, 1983 the new timeshare use, and the operation will sti.ll be oriented toward the tourist population. Again, a timeshare use is .often incompatible in a residential zone. . Referral Comments: Engineering had the following c~mments on this application: a. The plat submitted with the application is not adequate, having been recorded in 1971. The applicant should be required to record an updated plat reflecting any changes to the property including new facilities planned as amenities. Replatting may also offer the opportunity to renumber the units eliminating the north/south designations. b. The timeshare owners association should be obligated to join future improvement districts. c. It should be noted that parking on the site is substantially inadequate. The applicant should, at a minimum, designate the six on- site parking spaces as limited to the use of six specific units. The Finance Department stated that evidence of a Colorado State Sales Tax License should be presented to the City, as City, County and State sales t~xes will be applicable to any short term rentals of these units. Also, the real estate transfer tax will apply to the initial and subsequent sales of these timeshare interests. The applicants must also pay the occupation tax required from persons with a business license or sales tax license. The Building Department gave no comments on the application. Th!.~"'.t.teY"I..G} "3 err.:........... . ":~L__..' ~ 1 : Ls: ~@ qf Cocwq m<e.-t ~ ~a.r11A.5;>f~+: Cl-tt{ ,/rttomey /.-1:(<; se..Lfral {.j,me.~ LLJiih ---tk ~U~t-+ U~ ~CQ{wI'l~<l- PLoU'\(\.tVV( O$'tt ntS ... f'e1.tc.bied 1l"e.CDU)i\.~ o..-tibn 5 hQite 'o~ \ ruo f"fO~ lr\'{;O & o..-tkuhetl , ~1'-tfOil.S ... <>I- oq)f'e7U~t ('emli'\~E'c('pLl-(-fe. PLQhr\.l~ (J--f-h.'ce... W"""'''~~ ,.-... ,-.., Memo: East Hopkins Timeshare Project Page Eight August 2, 1983 J v 1 h'l~ g s d, ~~ .~ ecoce.s io be. solPL prior- -p Cl dos,''1I 1.:'Jh.1',*,- re<:Lu ll\f<~ ,)... 0+ l4 tl "'1M~'-fy f<>.L~. In an effort to tie up these and other areas of concern, the Planning Office has developed the following list of conditions: 1. Four weeks out of each year (two in the spring and two in the fall) are to be reserved for maintenance only. No other use, including rental, is allowed)(iJ.udl~ -&is ~Ia", 2. The timeshare interests must be sold in two-week paCkages with each package containing one prime week. and one off~eason week, with the. prices adjusted for seasonal variations and market demand. The applicants~guld'M establis,h a calendar identifying tlfe-;'t~o~week packages that will be available so that these can be reviewed by the Planning Office prior to City Council. review. Ti m9saare:. l?ac]",u'::1~o shotllclL\:.,i:)ulJ.. vl~a :fiveo };?:a.sie r(.OCCtl.l..:ng .--:1 t ',tL(!..3am.<:. L';',uu::: '~VtCLY 'y~d.L c.o oPl:'O.3c.d Lo, a floQL.i.u'::j . ~Y::51:em wlu:;::J..'= Hew weehi:l a..I..(.., clLo~\!n- eG1.\".oh yc....J.: BY e-:;,roh, ....imp~:h~rjO .......~ncJ::.o.. 3. Timeshared interests will be sold by warranty deed only; no prohibited right-to-use leaseholds will be allowed. 4. Owners of the existing East Hopkins Condominium~ prior to timesharing}may continue to rent these units until the required renovation occurs, then the units should remain vacant until a certificate of occupancy is issued for the ~ O~~\ timeshare~ '(Ji'i t .: - q',....~~.; "'... N01~~~~6;!fjT ~, a flet SQ ;C!~11ea, fo~ any' L.:..m.....aLar9"'....i-e. 'eu..Lil 1r of the f.;:f packages in -II\~a~~ci:~i b are sold. No prohibited sales practices, including the use of public malls and streets for sales, 10(..".1 phone solicitations, and the giving of gifts;<,1'\ "'- will be allowed. 5. d.e.~I\Jt iNN\Y ~ 1b) As do.ri-t-tl2d by --tk ~The-se.. re:en,;€..., e.s::rouEd 'Ffo iX.efticant--, --f-tI~ Buct~ ;r rY10nles (!~')[j)1 t.pr) Me. Qj(fenotrt-ure.s {C(" ifQ fo('~ ~ Mto0{ --<Or fiue- ~5, .r- AepLIAAce f-E,se,U!! (JJ.. 5,f1X)/'1r" ~: (VIafl whlch .-tl me.. --tht. Met -the.- ('(\.oJn.-le.nance ~'< :: cd-- oct m~y be.. o..m-endBi (j(-:JaJ/yr':) 1llU:;~ be- heJp( cn ~o~u~ ~ L') .J.>_ 1M\. €..sc.row O-Lc.ourtt- ... v~ 1- \ b 15"'10 of-' \~ In'll[ -fOr vnajo. il'\-teFtort- _c o...~Fo~ ~ hClf\'e.. ~0 ~-k.rtor ""''''''Irs a5 'l~ . s:,' l..J01els _.1(;- ',-- I OS,;odUL'~':()/'\' 7 (j... . A deposit equal to tw fees must be required . .__ _~_-- This money must be PU1:'--rnT6-anescrow account as. the beginning of the required reserve fund. Memo: East Hopkins Page Nine August 2, 1983 J I ~ 9. ,-.., .,-" Timeshare Project Evidence that all escrow accounts required have been established must be presented to the City of Aspen when such accounts are established. 10. The applicant should document the amenities to be available in the project to back up a statement in the application that the lack of al\lenities would present no burden on pub).ic facilities. 4~H~7 ~ l>e. st--owY'\ 0"- -tM.. 'f'Lco;&. 11. The initial required assessment fees for first purchasers must remain within 10 percent of the fees proposed. Any future increase in the assess.ment fees must be approved by 7S-percent of the voters in the homeowners association. 12. Evidence that the budget covers the cost of the four maintenance weeks should be documented. 13. 30 percent of the fair market value of the East Hopkins Project must be put into upgrading and renovation. Evidence that expenditures have already been made toward this renovation have actually been put into the project must be documented by the applicant. Any future upgrading must also be documented to ensure that it is completed. All deposits and downpayments related to the timeshare project must be put into an escrow account until closing or the issuance of a certificate of occupancy, whichever is later. The account must be held by a title insurance company or another neutral third party. Evidence that the escrow account has actually been established must be presented to the City Planning Office. e.iaht- No more than ~ persons should occupy a timeshare unit at anyone time in order to maintain an optimum comfort level in the unit. 16. The applicant must adhere to the recommendations of the Engineering Department including the following: 14. 15. a. The plat submitted is inadequate, since it was recorded in 1971. The applicant should be required to record an updated plat reflecting any changes to the property including new facilities, such as amenities. Replatting may also offer the opportunity to renumber the units, eliminating the north/south designations. b. The timeshare owners association should be obligated to join any future improvement districts. c. It should be noted that parking on the site is substa~iallY inadequate. The applicant l!L~ .. _L T " '-, designate the six on-site parking spaces as limited to the use .of the six specific units. ,'-'" /-'. Memo: East H k' op lns Timeshare proJ'ect Page Ten August 2, 1983 17. As recommended by th ' evidence must be sh e Flnance Department, State Sales Tax L' Qwn that the COlorado , lcense has been ' Slnce the project will b ,acqulred County and State sales t:xsUbJect to City, rental use of the u 't on any short term nl s. 18. to all ed '~:--._--'-_._--'- @ rh~ &.(lpll'Canfs "''''IlV' Ie.-fler ~ . d..~,> (1 r.,,...~ ~ -I< e @ A ~ ",v#- i:le.- ittc.lvcAe,c{ /1'( -eM.. rew. CCJ{!do""nlo/H dPcul/f.drk :lie ./eI , uJh1th stJJfS ~ a{JculI\~ suptrtedei. condom/ilIum doculY/!!.tt6 . o-t -Ik orlfjif'llf ~, -Ito(t.i;1.5 ci'JrOOninium.j pr-t'or -to '/:J1Yl'f!.sI--OI.n'nq, ~e-~,,'€.. h\usf wbMif CV\ '#q+ 1:I1e- sobrr,iflg}, /.Ud( r,.ell fy IdL ",",~vr-~ .-t, ~ -6+ ~"~f'T-' +11I1l1hl.-<- @) 1b1e..- 4.ff1t'CM>-i- fYVlrl- .. mOre.. .;;FecT.{lCCi.{{<j d!2fiN!.. -N. ~(b ,"- ~~ Cst! areA bpmir'ltf dait2sJ:k) ':$ II _.1~ . "'{/IdeA ' we q~ ~l-{-f cPo.lLt ideJd.i-fyt'fIj --fie.. dc.q-e:J"'" ,,, -th'L CJtf-- ~5bf\ ~ +;Iflt5~ uhif.s;. + fMt- s82 ~IL --6 ~are... idd 5 , f4II/Iff e-,~01\e.. -th.('{:t d..~ wed.. GOLd Musf be WVlue.<{rg;{ -br eg.(~ ft<<.t Cl((.e.. .v 1W.d- a&f-s t?te it'(1..1 u r'tA-u6tL4! ' 11 Q..l.)er @ MA.vto'lJ!.r .v ~CJ .Jill co"'"' pat! bit A. toca.\ l'Y'O.f'~i Il~ V'€rr/-'j l'fl-tue5fs f...-e.. tI1-lJ~i- r).o fu in. tI<. I s'''''ila.. --b --ff.t.- "0-Pr-t- 1:er/VL +Irre.;~ .-f;'v-+ ~ ":#' ( /iJI - " () J . 5e-5 1lo-'t.lYIAil1:!c<-ul.eoC. ""it-h.'" ~ p<<'J-ed', bro.k.~e. -(~rVR W'IU be.. ine frq{oectS ~m-d'y ,. "th,s -f! ~ r6T\. IJY\US+ be icl:errH-fied CD qt,,:> por-b-"n. 0+ lInxic;{ @ I-f- Q d-eue..l(J{1fr t; ~Mte.. 1"""\ ,-." ., LAW OFFICES AUSTIN MCGRATH & JORDAN 600 EAST HOPKINS AVENUE SUITE 205 RONALD D. AUSTIN ..1. NICHOLAS MCGRATH, JR. WILLIAM R. JORDAN fir ASPEN, COLORADO SI611 GRAY A. YOUNG FREDERICK 1"". PEIRCE AREA CODE 303 TELEPHONE 925-2600 August 11, 1983 ---------- MEMORANDUM TO: MATTER: City of Aspen Planning and Zoning Commission Application for Approval of Timeshare. Applicant Pitkin CO., Inc., a Pennsylvania Corporation. Parking Requirements and the Planning Office Recommendation Concerning the RMF Zone and this project in particular. SUBJECT: Office in feel that Because of the position taken by the Planning its recommendation of denial of our project, we a written response is called for. 1. Character of the nei hborhood and RMF Zone. While the neigh or 00 surroun ~ng East Hop ~ns Avenue is in the RMF Zone, by far the vast majority of structures in the area are multi-family rather than single-family residences. In fact, the majority of the structures in the neighborhood are short term rental multi-family structures. While there has been considerable discussion about the question of whether or not the use as timesharing has a different impact than short term condominium rentals, we believe that there is no significant change in the use, and perhaps the use by timesharing has fewer impacts in the long run. Nonetheless, both are designed for short term occupancy. Our proposed timesharing of the 825 East Hopkins Condominium Project thus is totally in character with the neighborhood. We have attached two separate items to this memorandum, the first being a parking survey and map (Exhibit A) and the second being a review of parking exemption requests in the Planning and Zoning Commission files for condominiums (Exhibit B). Referring to Exhibit A, you will note that we had it prepared principally to address the parking issue; however, it also serves to reflect the type of structures r-- .,~ AUSTIN MCGRATH & JORDAN Memorandum - Planning & Zoning August 11, 1983 Page 2 in the neighborhood as well. If you examine the left hand column, you will note the type of structure and if you examine the right hand column, you will note the number of bedrooms and parking spaces in each. We think this exhibit speaks for itself and clearly makes the point that this is a multi-family neighborhood. 2. Parking issue. It should first be noted that this project is an existing condominium consisting of six units at the present time. The institution of timesharing will not change the fact that it is a condominium; it will simply vary the form of ownership. The City of Aspen has on several occasions exempted condominiums in the RMF Zone from the stringent parking requirements provided in the code. Some of the exemptions granted are set forth in Exhibit B to this memorandum. A review of Exhibit A will clearly show that there simply has not been a requirement of one parking space per bedroom in the RMF Zone in this particular neighborhood. The fact that our present project has six parking spaces (one for each unit) reflects this very situation. It strikes us that it would be extremely unfair and discriminatory to impose an artificial parking requirement on our project simply because we are attempting to change the form of condominium ownership to timeshare. We are unable to construct more parking spaces and therefore, to impose this requirement would be to deny the project because of the hardship factor not created by the applicant that there is simply no space available for additional parking. We are willing to designate one parking space per unit as is suggested by the engineering department. 3. Character of our proposed project. We are certain that our project will appeal to families and not to single people, primarily because each unit has three bedrooms and because it is a small project. Our marketing will be directed at families and this is the type of project we hope to end up with. For this reason, we do not feel that we will have the situation very often of more than one car per unit in use anyway. Additionally, the location is close enough to Aspen Mountain and the bus routes so that automobiles will be unnecessary. We intend to stress this factor in our marketing. , r-, -. AUSTIN MCGRATH & JORDAN Memorandum - Planning & Zoning August 11, 1983 Page 3 While the Planning Office might feel that timesharing is inappropriate in this type of project, we fail to see any good reasons for that position. We think when you review this project thoroughly, you will see that it is an excellent opportunity for the City of Aspen to see timesharing work in different types of projects and it will establish a good basis for the evaluation of the very concept of timesharing itself. Thank you for your consideration. AUSTIN, McGRATH & JORDAN cc: Alice Davis Gary Esary, Esq. Location Larkspur Condos 800 E. Hopkins Centennial Park Condos 830 E. Hopkins 898 E. Hopkins (residence) Mtn. River Manor 900 E. Hopkins Queen Victoria Condos 926 E. Hopkins 926 E. Hopkins (residence) Valley-Hi Apts. 1012 E. Hopkins (residence) 1016 E. Hopkins Riverview Condos 1020/1024/1028 E. Hopkins Columbine Condos 801 E. Hopkins 811 + 819 E. Hopkins (residences) .- - EXHIBIT "A" TO MEMORANDU}I RE: TIMESHARE APPLICATION ISSUES UNIT/PARKING SURVEY OF NEIGHBORHOOD No. of Units Bedrooms 10 30 10 10 unk. 16 16 13 30? unk. 24 unk. unk. 2 unk. 27 unk. 5 5 unk. Parking; Spaces 10 10 2 10 10 2 approx. 21 6 (looks like might share with 1016 E. Hopkins) o (unless shares with 1012 E. Hopkins) 30 5 2 -- .~ ~ -- Location No. of Units Bedrooms Parking Spaces Mtn. View Condos 819 E. Hyman 8 8 approx. 8 Hy-West Condos 835 E. Hyman 12 at least 18 approx. 12 Chateau Blanc 901 E. Hyman 15 27 12 923 E. Hyman (residence) unk. 2 .." ,., Applicant Name Endeavor Lodge 905 E.Hopkins Eagle's Nest/ Green Family 105 W. Hyman Edelweiss Lodge 201 E. Hopkins Corks crew/ Ed Baker 118/120 E. Hyman "'"" -, EXHIBIT "B" TO MEMORANDill1 RE: TIMESHARE APPLICATION ISSUES PARKING EXEMPTIONS Zone Connnent L-3 Requested a GMP exemption for 3 new employee units and a parking exemption for those units. Was approved. The lodge has 5 parking spaces for 11 total bedrooms. RMF Requested conversion of existing space into 2 employee units in form of duplex and parking exemption from having to provide 4 additional parking spaces. Final approval consisted of having to provide only 2 additional parking spaces. L-3 Lodge Condominiumization plus request for parking exemption for the one employee unit. The parking exemption was approved subject to 10 requirements, including that the existing 6 parking spaces must be retained and precluded from being used for scoring points in a future GMP competition. RMF Exemption from GMP competition for 2 employee units in garden level of duplex. Issue pertained to allowing "stacked" parking. Although initially denied the request for parking exemption, 2 addi- tional parking spaces were eventually constructed and approval was granted. ,-.., ,-, MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: Prospector Lodge Timeshare Project DATE: August 9, 1983 Attached for your review is the resolution recommending the approval of the Prospector Lodge Timeshare Project. If you concur with the resolution, Perry can sign it, and the Planning Office will take it to Council on August 22, 1983. c C-- 0.JorL ses510(\ -- -- LAW OFFICES AUSTIN MCGRATH & JORDAN 600 PrAST HOPKINS AVENUE: SUITE: 205 RONALD O. AUSTIN .J. NICHOLAS MCGRATH, .JR. WILLIAM R. ..JORDAN m ASPEN, COLORADO 81611 AREA CODE 303 TELEF'HONE 925-2600 GRAY A. VOUNG FREOER'CK F, "",RCE July 25, 1983 Ms. Alice Davis Pitkin County Planning Office 130 S. Galena Street Aspen, CO 81611 HAND DELIVERED Re: Pitkin Partners' Timeshare Application Dear Ms. Davis: Enclosed please find four signed copies each of the signature page for the Affidavit Regarding Upgrading of Condominium Property and the Amendment to Sworn Disclosure Statement. Please file these with your copies of the application. Sincerely, AUSTIN, McGRATH & JORDAN By ~~A-~ t~l,J~ JVIarj ~e c u tze Sec tary to Ronald Austin .~ 1""\ AFFIDAVIT REGARDING UPGRADING OF CONDOMItlIUl1 PROPERTY AT 825 E_ast Hopkins Avenue Signature Page 7#/ CA. __ Robert L. Silverman STATE OF COLORADO ) ) SS. COUNTY OF PITKIN ) ,j Subscribed and sworn to before me this ~ day of , 1983 by ROBERT L, SILVERHAN. 'U ~ /C \ Iii tnes s my hand and officia 1 seal. Ny Comrr:ission expires: Mv Commi..;^q expiRls februal,19, 1985 ',' , . ',', / / / /LC1A.'1f/ \ Yf' .Ai.., y ~ ' Notary(lPu lie ) Addresk of Notary: . .< ,~; -) )>~ (~~'.rPJ -.,'/ I ,'j,-<,_'-( ,;,,' A ,';. ...; ,..", )(~l f ( ,-.., ~ AMENDMENT TO SWORN DISCLOSURE STATEMENT OF PITKIN CO., INC. The undersigned, Robert L. Silverman, on behalf of the appli~ant herein, being first duly sworn, states: Paragraph 2, Marketing Entity, of the Sworn Disclosure Statement is amended as follows: The marketing entity shall consist of a cooperative arrangement between Pitkin Co., Inc. and a realty firm with a broker in Aspen, Colorado. The actual arrangements have not been concluded at this time, but the marketing plan will remain the same. ~erman---- __ STATE OF COLORADO ) ) ss. ) COUNTY OF PITKIN Subscribed tUO~, ' Wi ness my d and sworn to before me this ~ day of 1983 by ROBERT L. SILVERMAN. hand and official seal. My Commission expires: My CollllllISSion expires February 19. 1985 fk(~,fitl~ ~ ~ l, ~1: Notar Pu l~c Addr:,: of NO~rY' &~~ ~ ~ ~ . ~) .' ~IJ ~~ /l I""" , :!' r CITY/COUNTY f!'L.AMHINCI OffK'JII: 130 S. GAL.ENA ASIl:>EN. C':'L"''-','-DO SHill CITY/COUNTY PLAlliNINGl OFFICE. 1 SO S. GALENA ASPEN,COLORADO 61611 .,i ,,:,,;...;:,~ i. ._1 ..'~J_,_ '~~;k.; :~. t"'U"'dIj~O) .. $ENc9Itn _ './ , "OT OELNfq;>~LEV AS ADD:' '-;:11) UNABLE Te, ' ...._.--_.~._--~,..._..- ..---:.-'--- ^ ~, ,,'':- ~"'w.._ ..-'1'"';:., u ~ ~. A - "" >, ~ , \,l--c:) " ., -,. "t', "';;.~'"-'_.- ~~~~~ ~l ~.a..'II~ Columbine Condominium Assoc. c/o Robert Orr, M.D. Riverview Associates 420 E. Main Street #202 Aspen, Colorado 81611 Donald and DorIa Westerlind Box 927 Aspen, Colorado 81612 / ; " ,-.., ,-.., APPLICATION FOR APPROVAL OF TIMESHARE Conditional Use and Subdivision Pursuant to Ordinance 52; Series 1982 1. Name of the Applicant. Pitkin Co. Inc., a Pennsylvania Corporation is the applicant. Pitkin Co. Inc. is a general partner of Pitkin Partners Special Properties I (Ltd.) a Pennsylvania Limited Partnership, the owner of the property. The address of both is Suite 700-4, Benjamin Fox Pavilion, Jenkintown, PA 19046. 2. General Description of the Project. This is a six unit condominium known as East Hopkins Condominiums and will be a conversion into timeshare units. The location is 825 East Hopkins Avenue. 3. Proof of Ownership. Copies of deeds accompany this application. Five units 'are owned by Pitkin Partners Special Properties I (Ltd. ) a Pennsylvania Limited Partnership. One unit is owned by Richard Fulton and is under contract of purchase by Pitkin Co. Inc. Mr. Fulton has also consented to the filing of this application. 4. Site Plan. The East Hopkins Condominium site plan and condo- minium map accompany this application. It is anticipated that J:ninilllal changes will be made in the configuration of amenities except that a hot>tllbwillbe added. This will be reflected on a subsequent site plan once a location is determined. There are s,ix o,ffstreet parking spaces and the landscaping includes lawn, etc. 5. Vicinity Map. We have submitted a vicinity map with this applica- tion which we believe provides the necessary information regarding surrounding uses, zoning and owners. " ,-.., . ,-.., 6. Employee Housing. This project presently has no employee housing because the small size of it calls for all services to be provided by offsite personnel. This will continue if it is till)l'!shared and management will be by a property management company, at preSent anticipated to be Stirling Homes. . 7. Consent to Timesharing. Since this is a condominium, all owners have con- sented to amend the Declaration to allow timesharing. Either all mortgages will be paid off prior to allY c1osingsor their CClnsent to timesharing will be obtained. At this early stage in the application pro- cess, we must be flexible until a definite determination is made. 8. Marketing Plan. The general out~ine ,of tIle marketing plan is set forth below. We will be updating, revising and improving the plan as we proceed through the process, and as a, marketing entity is determined. A. l1arketin Philoso, h -The East HO. kins Condominiums Ourt reeroom, two at units wi e attractive a.s family vacation second homes. . The marketing plan will be based on the theme "Now you and ;your family can own two weeks vacation in As,pen- forever. It The Applicant believes that present Aspen. visitors desiring second homes, in Aspen, but unwilling to cOllD!lit the sizable resources necessary to purchase a family vacation property will be the natural buyers for two weeks fee simple ownership in the East Hopkins Condominiums. B . Marketing ; Organization. The"'Applicantis presently seeking proposals from several well-known Aspen real estate brokers, recognizing the deep concerns expressed by the City Council, and mutually shared by the Applicant, as to the marketing utilized in offering this new concept to the public. Only local, well-established, professional real estate brokerage firms will be considered. Selection shall be completed on or "....., ,-.., around July 15, 1983, and this application shall be amended to provide the full information required by the City Council. Details of Plan C. . Each condominium unit will be divided into 24 two week intervals in each calendar year. Two spring and two fall maintenance weeks have been set aside, except that due to a 53 week year occurring from time to time, week 53 has been set aside as an additional spring maintenance week in those years. Each condominium unit will have 24 prime weeks and 24 off-season weeks. Weeks 52 and 1 will be sold as a unit to a single buyer. All other buyers will choose one week of the 24 prime weeks which he will match to one of the 24 off season weeks to be conveyed by deed. Weeks will be priced according to seasonal variations, adjusted by market demand. Thus, each buyer may choose those weeks which meet his family's vacation scheduling requirements. Marketing will commence in late '83-early '84. Each potential buyer will receive a calendar designating significant dates in 1983 and 1984. It is antic- ipated that the homeowners association will continue the practice annually. D. Advertising Applicant believes that present Aspen vacation visitors are the major source of buyers, thus the majority of sales effort shall be expended in the Aspen media. Denver and Grand Junction will receive additional coverages, as well as possibly national ski and vacation magazines or newspaper travel sections. Direct mail pieces will be utilized explaining the concept and providing answers to questions that a typical buyer might ask. The Multiple Listing Service shall contain detailed information concerning the concept. E. Sales Methods It is anticipated that the entire Aspen Board of Realtors will be encouraged to provide referrals on a fee basis to the selected marketing organization. All selling will be done only by designated representatives of the marketing organization, who ,-.., ,-.., shall be solely responsible to conduct the sales to the public in accordance with applicable laws. Training of sales personnel and closing of the transactions shall be the responsibility of the marketing organization. Condominium unit #2-N shall , be renovated and refurnished by Bethune & Moore as a" sample apartment prior to the commencement of sales. It shall be unoccupied as a rental unit until marketing has been substantially completed. F. Vacation Exchange Privileges Applicant has been in contact with several exchange' companies seeking to enroll the East Hopkins Condominiums in their international vacation exchange program. No final selection has yet been made. Applicant will provide each buyer free membership in the selected exchange program for at least one year after closing of his transaction. Continuation of membership beyond that time will be the option and expense of each buyer. 9. Real Estate Transfer Tax. This tax is paid by to recordi.ng the deed. closing. the buyer and must be paid prior It will be collected at the 10. Upgrading. This is a conversion project and upgrading and improvements are dealt with later in this application. However, applicant hereby makes assurances that all upgrading and improvements represented have been or will be made. 11. Proposed Budget. The preliminary budget accompanies this application. This budget will necessarily have to be refined and updated as more information is available. 12. Management/Assessment Fees. These fees and assessments will be collected at least quarterly in advance and will be held in a separate trust account by the managing agent and statements shall be issued to owners at least annually showing all pertinent accounting information. -- . ^ 13. Reserve Fund. The reserve fund will be established at the closing by each purchaser of a timeshare unit contributing a two month assessment in advance to the reserve fund according to the figures on the proposed budget. The reserve fund will be added to by the assessments according to the budget. The condominium documents will authorize the owner's association to increase or decrease the fUn~ when and if necessary. 14. Affidavit. The affidavit of applicant assuring the binding effect upon successors accompanies this application. 15. Timesharing Standards an~ Review Criteria. (A) These units will be sold by warranty deeds. (b) All of the units will be timeshared, however unsold units may be rented by the applicant until sold. (C) The marketing and sales plan will be carried out with the utmost care and professional concern. None of the prohibited practices will be utilized. (D) The packaging of weeks will be done in a manner that will adequately market the off-season. (E) The amenities shall present no additional burden on public facilities. (F) The parking that exists is six offstreet spaces for six units. This is sufficient parking for the use intended. (G) Only 48 weeks maximum will be sold. Two weeks in the spring and two weeks in the fall will be reserved for maintenance, and for those years in".which a 53rd week occurs, it shall be a maintenance week! (H) The budget will be continually refined and upgraded until the closing after which the' condominium association shall assume responsibility therefor. -. . A. (I) Upgrading is dealt with elsewhere in this application. (J) Downpayments and deposits will be held in an independent escrow account most likely by the title insurance company who will issue insurance for the units. (K) The management and assessment fees shall be the subject of review by the condominium association (timeshare owners) and they shall have the right to review, change and administer all aspects thereof. (L) Reserve funds are dealt with elsewhere. (M) The condominium documents or other appropriate documents shall require compliance with occupancy standards. 16. Disclosure. The sworn disclosure statement accompanies this application. 17. Timesha,re Pro'; ect Instruments. The timeshare project instruments, including amend- ments to the Condominium Declaration, By-Laws and the like, are being prepared consistent with the City Ordinance and state law. They will be presented for approval as they are completed. 18. ~pgrading Affidavit. We ,have attached an affidavit concerning improvements that have been made and improvements to be made. Also attached is an appraisal. We will ask that credit be given toward the 30% requirement for the improvements already made and that additional improvements be evaluated with those already made in determining compliance with this requirement. ,,' .. Respectfully submitted, By , n 1 D. Attorneys or the Applicant 600 E. Hopk~ns Ave. #205 Aspen, CO 81611 (303) 925-2600 /"", ,-.., Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS p,o, Box 1047 G lenwood Springs, Colorado 81602 Teiephone: 303.945-1251 July 7, 1983 Collins Engineering 0227 Pacific Avenue, Suite 209 Aspen, Colorado 81611 ATTN: Clayton J. Hayes RE: Six-Plex Unit - 825 East Hopkins, Aspen, Colorado , Dear Hr. Hayes: Following is additional information concerning the projected re- maining life of the heating system and electrical system of the six-plex unit as 825 East Hopkins, Aspen. Please make reference to our letter of May 2, 1983 for additional background information. I. Heating System The boiler is an American Standard cast iron boiler. The average service life of an atmospheric burner/cast iron boiler is 20 to 25 years. This can be extended by main- taining a clean system, flushing the boiler periodically and chemically treating the water in the system. The main reason for a cast iron boiler to fail is the cracking of the cast iron caused by "hot spots" in the castings. These hot spots are caused by a buildup of mineral deposits resulting in poor heat transfer to the water. The existing boiler has surpassed its economic life. There are hot water heating systems available which have a much higher efficiency than the existing system. Installation of a new, properly designed system would result ina substantial return on investment. / II. Electric System The existing electrical system will last for the remaining life span of the building providing the occupancy remains as residential. sinc,;~elY, /7 ;/) ?A,af~G~~~ Edward E. Pearson P.E. EEP/llc / / f"", r." MEMORANDUM I iI I t I TO: City Attorney Ii Ci ty Engineer Building Department City Finance PLANNER: Alice Davis RE: East Hopkins Condominiums Timeshare Project DATE: July 7, 1983 Attached is an, application to convert a six unit condominium known as the East Hopkins Condominiums into timeshare units. The location of the six units is 825 East Hopkins. Please review the materials and return your comments to the Planning Office by July 18 so that we may prepare for its scheduled August 2 City P&Z presentation. Thank you. Note to the Finance Department: The review information pertinent to Finance is located on Page 9(k) and page l7(p) of the ordinance. This applies to the application for conversion to timeshare of the Prospector Lodge. (""\ ,-.., July 5, 1983 Mr. Robert Silverman Suite 7~0-4, Benjamin Fox Jenkintown, Pennsylvania, Pavilion 19046 Dear Bob: This letter is to acknowledge the fact that I do continue to support your application for a time sharing permit for the East Hopkins Condominiums in Aspen, Colorado. As owner of unit 3-S, East Hopkins Condominium, I give you my full support to persue the time sharing application before the City Council and any other governmental entity that is appropriate. Sincerely, 461.:~~~ 1 cc: Ronald D. Austin, Esq. 600 East Hopkins, Suite 205 Aspen, Colorado 81611 " " '~ .r;- H' S;PR,fON . .ilfd/.. dl1<<~ I Pllftpd/: · ~-=~:::-..~ ":;~.~::~~::_~iL~:::~~;-,_.~~J1'1l: ,-,tf' l.,.r t:',,<.,Jf--"'s~/r=-- Mvs".. -- IfitJ...t . rn;ll.~ u. , PI a fJ-.1 d Week $('f'\S d,,) r==~'tIlJ/JL /}:;. 1:;.) we.::,,- Number .-.----- ,"--J~~_. 1 ------ '-n,CJ'dr) 2 I ''L-cJ17f) 3 , 1Z-cll1V 4 I I , , I ! {;/ "-/ ~ , . , "': l-Is:P~ I-r.fT ~ <.le~ .llber 1983 ~ Jan. 1 . Jan. 8 Jan. 8 . 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I --:,-.-. i I , ,/ '- o 7/ i , 574-.- -; i !~">~~'I ''''~=''"~~'~~., ',,' '^, , ~ ,-" I'f<U.Auto bl CHE:CkI::o- av A,PPROVED In f/V cf I. . - "-"T"' ! ; , " __.1.. ; , -....- , 2 c./ttJ 17 dlflJ 17tJ1/D 17cfUD , ; 17d7nJ 9 17{/'fjf) 10 11 17UtItJ (7M 12 II 13 14 15 16 I7c1dO ( Ltl'f/D 7clUO '}tnIO ?d1/O '7 cJU7) 17 18 19 20 5 10 21 IOCJUJ , 22 I (/l!7IO 23 /lJdlID 24 NdTIb 25 '('({/fb 26 I ycRlO 27 (<{rM 28 II 29 30 31 32 ( '(Ud6 , ''(tIUD , ('(dUI> [/V(;rAJ I I i niJVD 33 : ( (/lI1JO 34 , 1(}7IlID 35 . : rId(///() 36 I ((}(/11) 37 -... I 'ld/!tJO 38 ! 1(!1/TlI39 I ItI/nlJ 40 luun 41 f.(/7JI) 42 f(//R) 43 I..]rtr/I) 44 I I 45 4 47 48 :1 ~~ icrvv ! (~~: '_.. _ll......... ~-- r-trg.u.tc::.;. 49 50 51 52 1ge~ ec. 31 . Ja an; 7 ~ Jan. an. 14 . J.. an, 21 . Jar 5 6 7 8 an~ 28 .. Fe! eb, 4 ' Feb, eb,ll. Fel eb. 18. Fe!. eb. 25 . Mal Mat, 3 . Mar, Mar. 10 . MOl Mar, 17. MOl II Mat. 24 . Mar Mar. 31 . ApI. pro 7.Apr., pt. 14 . Apr pt. 21 - Apr. pr, 28 ' M" \-laY5-May, \1ay 12 - Ma, 4ay 19 . Ma, 4ay 26 - Jun, 'une 2 .. Junt- une 9 . Jun:: 'une 16 a Jur. lune 23 . JUT;. 'une 30 - Jul J luly 7. July 1 July 14 - Jul, July 21 . July July 28 . Aug Aug, 4 - Aug, , Aug. 11 . Aug, Aug, 18 - Aug Aug, 25. Sep Sep. 1 . Sep, " Sep, 8 . Sep. , Sep. 15. Sep, , Sep, 22 . Sep Sep. 29. Oct. Ocl.6 .Ocl. I! Oct. 13. Oct. ; Oct. 20 . Oct. , Oct. 27. Nov, :Oec. 1 . Dee, B 'Occ, 8. Dec. ; Dec. 15 . Dee, Dec, 2,2 . Dee ,-.., ..-- . COLLINS .ENGINEERS,INC. 0227 Pacific Avenue Suite 209 Aspen, Colorado May 3, 1983 8161I 303-925-2089 Stirling Homes 600 E. Main Street Aspen, Colorado 81~12 Attn: Mr. Bill Stirling Re: 625 East Hopkins Condominiums Structural Inspection Gentlemen: As per your request, Collins Engineers, Inc. has conducted a structural review of the six units of the above noted condominium development. The two 3-level wood framed buildings have partial basements with concrete foundations and are connected at each level by open walkways. The buildings were constructed in 1971. A site inspection was conducted on April 21, 1983 by Clayton Hayes of this office to determine the existing condition of the structure. The inspection covered only those structural elements which were readily visible,and this report does not respond to hidden or concealed elements due to the cost and disruption of exposing them. Calculations were performed on the exposed main framing members to confirm their load capacity. On the same date, a review of the electrical and mechanical systems were cOnducted by Pearson and Associates, of Glenwood Springs. Please ,refer to the attached report for information on those systems. Roof framing typically consists of 2"x6" nominal wood decking supported by 51/s"xI01/2" laminated beams spaced 4'-0" on center, spanning 17'-6". These beams rest on wood bearing walls. This framing is capable of supporting approximately 75 psf of live {snow) loads, which meets the current local building code requirement. Floor framing consists of 2"x6" nominal wood decking supported:'by 5 1;6 "x9" laminated beams spaced 4' -0" on center, spanning~7'-~". These beams rest On wood bearing walls. A 2 lf2" thick concrete overlayment covers the floor deCking. This framing is capable of supporting superimposed dead loads and 40 psf of live load, as required by local and generally accepted bUilding codes. The exterior walkways share similar construction and are capable of supporting the required 100 psf of live load. Generally, the timber structural framing noted above was found to be in very good condition, with no signs of checking, -" ,-.., --- 825 East Hopkins Condominiums May 3, 1983 Page 2 twisting or excessive deflection. No signs of movement or settlement were found in any of the units. The concrete basement Walls were found to be intact and with no cracks or other signs of settlement. The concrete slab making up the basement floor showed no signs of moisture or more than normal shrinkage cracking. The concrete block retaining walls at various exterior locations were found to be Sound and in good condition, except for being wet from water draining from the roofs. Water draining from the roofs onto the exterior walkways has caused spalling of the concrete topping, and excessive weathering of the Wood edging. This water has also caused settlement of the patio slab outside of Unit 2S. It is recommended that rOof gutters and downspouts be installed to divert the water away from the bUildings. The interior of all units were generally found to be in very good condition. The following minor deficiencies were noted: 1. Signs of water, possibly from the roof or exterior wall, were found on the floor at the southeast corner of Unit 2S. 2. Hall light covers were missing in Units IS and 2N. 3. Bedroom doors stick upon closing in Units 3N and 3S. 4. The sliding doors to the deck do not operate properly, Some fireplace briCks are loose, and the wallboard by the front door needs repair in Unit 3S. 5. The exterior walkway wood edging needs to be weather sealed, and the Wood around the outside lights need painting. With the exception of the above noted defiCiencies, we found the general condition of the bUildings to be quite good. If you have any questions regarding these matters,;' or if we may be of further service to you, please contact us. Respectfully submitted, COLLINS ENGINEERS, INC. CH/skc ~~.~, j1 - - Clayton Hayes Project Engineer ~, ,-, Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS .' ,. '- P.Q, Box 1047 Glenwood Springs, Colorado 81602 Telephone; 303-945-1251 May 2, 1983 Collins Engineers Inc. 0227 Pacific Ave. Sui te 1f2{) 9 Aspen, CO 81611 Attn: Clayton J. Hayes Re: Six plex unit - 625 E. HOpkins, Aspen, CO Dear l>1r. Hayes: Pearson & Associates performed a mechanical and electrical inspection of the six plex unit at 825 E. Hopkins on ThurSday, April 20, 1983. FOllowing are the results of that inspection: I. General Condition A. The general condition of the plumbing, heating and electrical was very good. The building has been well maintained and the mechanical systems all function properly. II. Heating System A. The bUilding's heating system is an American Standard boiler, natural gas fi,red with an input of 1,000 M.B.H. and an output of 800 M.B.H. The boiler is used for both building heat and domestic hot water. The domestic hot water is s'tored in a 120 gallon storage tank and circulated through- out the building with a small cirCUlating pump. B. The building is divided into a total of 13 heating zOnes, two for each unit and one for the basement area. III. Plumbing System .. A. The plumbing fixtures have been well maintained and all function properly. ,,' ,......" Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS p,o, Box 1047 Telephone: Glenwood Springs, Colorado 81602 303.g45.1251 ~\ Collins Engineers, Inc. Page 2 May 2, 1963 IV. Electrical System A. The electrical distribution system and circuit breaker loadcenters are adequately sized to meet 1983 Code requirements. Each unit has its own loadcenter and has room for expansion, if additional tenant requirements are needed. B. All 120 volt convenience outlets were checked for grounding and found to be grounded and properly wired. The outlets in the bathrooms and those on the exterior of the building are not protected against ground fault. Ground fault protection was not a Code requirement at the time the units were built. C. The wiring of many of the light switches to switch outlets appears to have been done incorrec,tly during construction or the wiring was changed to make certain lighting circuits inoperative. FOllowing are electrical items that were noted in each of the units. 1. Unit IN a. Three way switch in master bedroom not wir€d correctly. b. Living rOOm switch inoperative. 2. Unit lS a. Three way switch master bedroom inoperative. b. Hall light switch not properly fastened_,in swi tch box. c. Living rOom switch inoperative. d. Hall light glass reflector missing. 3. Unit 2N a. Three way in bedroom #3 (small bedroom end of hall) inoperative. b. Hall light glass reflector missing. I"'" 1""\ . "- Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS P,O, Box 1 04 7 Telephone: Glenwood Springs, Colorado a1602 303.945'1251 Collins Engineers, Inc. Page 3 May 2, 1983 4. Unit 2S a. The three way switches in master bedroom were Changed to single pole. The circuit does not work. b. Bedroom #2 (center bedroom) same as master bedroom. 5. Unit 3S a. Fan motor in master bath does not operate properly. 6. Unit 3N a. Three way in master bedroom not working. b. Living room switch inoperative. v. Summary A. Except for minor wiring problems of the light switches, the overall mechanical and electrical system is in excellent condition. Edward E. o pe~~ EEP/ss ,,' ,-.., ,-.., Wtsttrn Colorado Radiologi( Assodatts, P.C. Al.AN A. BASINGER, M;O. BRUCE A. WARD, M.D. RICHARD E. FUl. TON, M.D. JAMES E. MACLEAN, M.D. RADIOLOGISTS Hlllcr..tPlaze-1938N. tat,. .2 . GrendJunctJon.Colorado81501 . Phone: 245'1658 23 March 1983 Mr. Robert L. Silverman Pres ident Pitkin Co., Inc. 7~0-4 Benjamin Fox Pavilion Jenkintown, Pennsylvania 19046 City Council and Aspen Planning and Zoning Commission City of Aspen Aspen, Colorado Re: Apartment No. 3S East Hopkins Condominiums Aspen, Colorado Gentlemen: The undersigned, owner of Apartment Unit No.3S in the East Hopkins Condomi ni urns, Asp,en, Co lorado, hereby acknowledges tha t he des ires to join in the filing of an application, on or before March 25, 1983, pursuant to Ordinance No. 52, Amending Chapter 20 of the Municipal Code of the City of Aspen, Colorado, to obtain time- Sharing approval for all of the apartment units in the East Hopkins Condominiums. It is my understanding that I will incur no cost for this under- taking and that I may terminate this pennission on 10 days written notice to you. Sincerely, l!J..I1-~ Richard E. Fulton .,q. . 1""'\ "- ,-.., AFFIDAVIT ,R.EGAaDING UPGRADING OF CONDOMINIUU PROPERTY > AT 825 East Hopkins Avenue The following items representa,ctual expenditures made to improve a.nd upgrade the property: IMPROVEMENTS TO COMMON AREAS Exterior siding, staining, painting New roof - North bUilding Landscapping, drives, signs Exterior carpentry, laundry, storage and exterior electrical SUB-TOTAL IMPROVEMENTS TO IN, 2N, 3N, IS AND 2S Furniture - Bethune & Moore (Incl. interest) Sales Tax New linoleum - kitchen and baths Replace damaged kitchen appliances Electrical fi:l!:ture replacement Painting, plastering, windows, capentry, formica, cleaning, tile Legal fees - Time Sharing Ordinance SUB-TOTAL TOTAL $ 4,956.00 5,960.00 6,575.00 1,200.00 $ 18,691.00 $ 83,132.00 3,604.00 2,314.00 2,478.00 870.00 22,536.00 11,000.00 $ 125,934.00 $ 144,625.00 The following items are a preliminary budget to further upgrade 825 East Hopkins Avenue and will be adjusted as the need arises: 9,000.00 2,000.00 $ 11,000.00 COMMON AREA Hot Tub New laundry machines $ SUB-TOTAL . ~ UNlTS IN, 2N, 3N, IS, 2S (Per Bethune & Moore) New carpet to be laid on existing carpet $ Additional furnishings - living room and dining room New kitchen appliances, cabinets, and accessories Upgrading bedrooms Upgrading bathrooms Wallpaper Accessories lmprove Fireplaces State Tax @ 5% Freight @ 5% UNlT 3S ($25,630.00 +15,000.00) MlSCELLANEOUS GRAND TOTAL ,-.., 3,600.00 7,700.00 6,000.00 1,300.00 700.00 1,000.00 2,500.00 500.00 $ 23,300.00 1,165.00 1,165.00 $ 25,630.00X5= $ 128,J:50.00 $ 40,000.00 $ 15,000.00 194,150.00 .... " . -. " . ,-.." AFFIDAVIT REGAIIDING UPGRADING OF CONDOMINIUM PROPER.TY AT 825 East Hopkins Avenue Si.p;nature Pa.p;e Robert L. Silverman STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) Subscribed and sworn to before me this _ day of , 1983 by ROBERT L. SILVERMAN. Witness my hand and official seal. My Commission expires: Notary Public Address of Notary: ,-' .. "," " ~..- . " ,-, ,-.., AFFIDAVIT OF APPLICANT PITKIN CO. INC. A PENNSYLVANIA CORPORATION Robert L. Silverman is the sole officer and is co-director and a 33 1/3% shareholder with 66 2/3% voting rights of Pitkin Co. Inc., a Pennsylvania Corporation, the general partner of Pitkin Partners Special Properties I Ltd., a Pennsylvania limited partnership. On behalf of the applicant, and with the full authority of the limited partnership, the undersigned hereby states that the information, documentation and facts contained in the application to the City of Aspen for timeshare approval of properties known as East Hopkins Condominiums, are true and accurate and that all requirements of the application section of Ordinance Number 52 Series of 1982, Section 1 (D) procedure, shall be and are binding upon all successors and assigns of the applicant. The undersigned, being first duly sworn, upon his ,,' oath states that the foregoing information set forth in this affidavit are true and correct to the best of his knowledge and belief. Robert L. Silverman \ ,JIfA"\ ,-.., STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) Subscribed and sworn to before me this day of , 1983 by ROBERT L. SILVERMAN.---- Witness my hand and official seal. My Commission expires: Notary Public Address of Notary: /'*'., ("'-" REFERENCES FOR Pitkin Co. Inc. Pitkin Partners Special Properties I Robert L. Silverman Harmen S. Spolan, President J,effersonBank 31 S. 18th Street Philadelphia,PA 19103 (215) 564-5040 Samuel P. Miles, 3rd Assistant Treasurer Industrial Valley Bank 17th & Market Streets Philadelphia, PA 19103 (215) 496-4212 Michael J. Rotko, Esquire 1800 Penn Mutual Tower 510 Walnut Street Philadelphia, PA 19106 (215) 922-5056 Charles E. Humphrey, Esquire Kirkland & Ellis 1225 17th Street, 28th Floor Denver, CO 80202 (303) 291-3000 Abe Fuchs 172 Kenny Court Santa Cruz, CA 95065 Martin R. Warshaw 2279 Mershon Drive Ann Arbor, MI 48103 (313) 769-1563 James C. Calaway 1220 Americana Bldg. 811 Dallas Street Houston, TX 77002 (713) 654-8960 " Lawrence G. Spielvogel, Wyncote House Wyncote, PA 19095 (215) 887-5600 P.E. William G. Stirling Stirling Homes 600 E. Main Street Aspen. CO 81611 (303) 925-5757 1""\ t'lll<.!N LU., tNL. 1""\ ,. NINE MONTHS ENDED MARCH 31, 1983 INDEX PAGE ~ ACCOUNTANTS' REPORT 1 FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS: STATEMENT OF ASSETS AND LIA8ILITIES ARISING FROM CASH TRANSACTIONS 2 STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID 3 5TAT-EMENT OF SOURCE AND USE OFCA5H 4 NOTES TO FlNANCiAL ~5TAf-EMENTS 5-6 ** * . . .. * * ,,' ,-.., ,-.., ~ 0- ~ cv~~~ Officers and Oirectors Pitkin Co., Inc. Meadowbrook, Pennsylvania We have reviewed -the aCcompanying statement of assets and liabil- ities ariSing from cash transactions of Pitkin Co,., Inc. as of March 31, 1983, and the rela-t-ed s~atements of reventJes collected and expenses paid, and so~rce and use of cash for the nine months then ended, in accordance with standards established by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Pitkin Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an op~n~on regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note 1A, -the Company's policy is to prepare its financial s'tatetll,ents on the basis of cash receipts and disbursements; con- seqt.lently, cectainrevenue and the related assets are recognized when received ~ather than when earned, and certain expenses are recognized when paid rat~ than when -the obli9ation is incurred. Accordingly, the ac- companying financial statements are not intended to present financial posi- tion and results of operations in-conformity with genera1J.y accepted ac- coonting prfncipl-es. Based on our review, we are not aware of any material modifica- tions that should be made to the accompanying financial statements in order "for them to be in conformity with the basis of accounting described in No.te ,; 1A. :r..~ ..f ~ Certified Public Accountants May 17, 1983 100 PRESIDENTIAL BOULEVARO . BA:'A CYNWYD. PENNSYLVANIA 19004 . (215)839'3422 ~ r'\ ,-.., PITKIN CO., INC. STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS MARCH 31, 1983 ASSETS Cash Cash Equivalent Advances to Partne.ships Prepaid Taxes Investments in Partnerships at Equity _ (Cost $56,000) LIABILITIES Advanc,es f-rom Officer 5 TOCKHOLOERS' EQU I TY Common stock: 1ti! Par; Authorized 100,000 ShlH'es; Issued and Outstanding 40,000 Shares; 10,000 Shares in Treasury Capital in Excess of Par Retained Earnings $ 400 111,600 16,900 Less: Treasu.y Stock at Cost $128,900 5,500 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT $ 21,830 50,000 51,011 725 18,624 $142,190 $ 18,790 $ 18,790 123,400 $142,190 . ,-.." - ~ - ,,-.., PITKIN CO., INC. STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID NINE MONTHS ENDED MARCH 31, 1983 fEE INCOME RECEIVEO OPERATING EXPENSES: Advertising Professional Services . Taxes and licenses Insurance Office Expenses Telephone Travel INC~ME FROM OPERATIONS OTHER INCOME (CHARGES): Interest Income Share of Partnership Losses INCOME BEfORE fAXtS INCOME fAXES NET INCOME RETAINED' EARNINGS - BEGINNING RHAINED EARNINGS - ENDING SEE NOTES TO FINANCIAL 5TATEI-lENTS AND ACCOUNTANTS' REVIEW REPORT $46,670 $ 316 2,300 1,675 1,760 6,799 1,850 10,236 $24,936 $21,734 $ 457 ( 19,236) ($18,779) $ 2,955 720 , $ 2,235 " 14,665 $16,900 ~ - 4 - ,-.., PI TKIN CO., lNC. STATEMENT OF SOURCE AND USE OF CASH NINE MONTHS ENDED MARCH 31, 1983 CASH PROV WED: Ne,t Income Acle!: Share of Partnership Loss Not Requiring Use of Cash Cash Provided by Oparations Officer's Loan Distributions Received from Partnership Investments Issuance of capital Stock Repayments from Partnership Total Cash Provided $ 2,235 19,236 $ 21,471. 29,100 3,400 100,000 32,714 $186,685 CASH APPLIED: Pu~chase and Calls - Limited Partnership Investments: Pitkin Partners Pitkin Partners II Pitkin Partners Special Properties I Pitkin Partnet>s II I Pitkin Partners V Pitkin Partners VI Pitkin Partners Special Properties I I $ 500 , 500 15,000 500 6,500 3,000 2,625 Advances to Pa~tnerships LOans Payable Taxes Payable Acquisition of Treasury stock Total Cash Applied $ 28,625 68,628' 11,238 3,467 5,500 $117,458 INCREASE IN CASH $ 69,227 " CASH BALANCE - BEGlNNING 2,603 CASH AND CASH EQUIVALENT _ ENDING $ 71 ,830 SEE NOTES TO FlNANClAL STATEMENTS AND ACCOUNTANTS' REVlEW REPORT ,- ,-.., PITKIN CO., INC. NOTES TO fINANCIAL STATEMENTS NINE MONTHS ENDED MARCH 31, 1983 1. SUMMARY Of SIGNIFICANT ACCOUNTING POLICIES: A. Method of Accounting: The accounts of the Company are maintained, and the acCompanying financial statements have been prepared, on the cash basis, except that they include a prOvision for income tax and adjustments of partnership investments (Note 18). B. InVestments in Partnership: The 'Company owns one Limited Partner$hip Interest each in Pitkin Partners, Pitkin Partners II, Pitkin Partners V, Pitkin Partners VI, and one-half limited Partnership Interest in Pitkin Partners Special Properties I. These investments are stated at their underlying equity at the end of each partner- ship year on December 31. 2. TRANSACT:IONS WITH RELATED PARTNERSHIPS: A. Obligations of General Partner: The Company is liable as General Partner for the debts of this Partnership. Such debts are limited to recourse to the real estate Ol\fled by the Padner- ships and other liabilities are not considered to be material to the finan- cial condition of the Company in the event that any are not paid by the celated Partnerships. B. Management fees: The Company is the Co-rporate General Partner of Pitkin Partners, Pitkin Pa<<ners II and Pitkin Partners I II, Pitkin Partners IV, Pitkin Partners V, , Pitkin Partners VI and Pitkin Partners Special Properties I, and is entitled to fe,es for management of the Partnerships' business. The unpaid portion of these fees is not included in these financial state- ments as income and receivables since the statements are on a cash basis. The fees shall be comprised of an amount equal to (A) an annual fee of 10% of the net cash flow from the rental properties before debt service and capital improvements and replacements; plus (8) 5% of the total acquisition cost of any property acquired for the PartnerShips, except for Pitkin Partners Special Properties I from whom the fee is $75,000. SEE ACCOUNTANTS' REVIEW REPORT . r-. - 6 - ,-.., PITKIN CO.. INC. NOTES TO FINANCIAL STAfEMENTS _ CONTINUED NINE MONTHS ENDED MARCH 31,' 1963 2. TRANSACTIONS WITH RELATED PARTNERSHIPS _ CONTINUED: 8.MClnClg~ment Fees - Continued: fee activity from the inception of the corporation to March 31, 1983 was: Pitkin Partners, Pitkin Partners II Pitkin Partners III Pitkin Partners IV Pitkin Partners V Pitkin Partners VI Special Properties I fEES EARNEO $ 45,484 26,896 20,580 21,588 20,641 6,420 76,709 , C. Pitkin Investments., Inc.: $218,318 The president and majority sharehOlder of the Company has formed Pitkin Investments, Inc., which is a registered broker/dealer and which sells partnership interests without compensation in limited Partnerships in which the CompClnY will be the Corporate General Partner. The expenses of Pitkin Investmen,ts, Inc . are reimbursed by the Company . 'SEE ACCOUNTANfS' REVIEW REPORT kv .. 0,', ":'1 .....,. , " <~" . ".', ~: -'f.. -, ' ....'~. "....;...,... ~:;.,.. ~ '.~ ~"';... ~:>:~. '"~. . , "~;! ,,'tit. . ~, ~KIN PARTNERS SPECIAL PROPERT[~[ PERIODS ENDED DECEMBER 31, 1982 AND 19B1 I N D E X PAGE ACCOUNTANTS' REPORT 1 FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS: STATEMENT OF ASSETS AND LIA8ILITIES ARISING FROM CASH TRANSACTIONS 2 STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID 3 STATEMENT OF PARTNERS' CAPITAL ARISING FROM CASH TRANSACTIONS STATEMENT OF SOURCE AND USE OF CASH NOTES TO FINANCIAL STATEMENTS 4 5 6-6 .. * .. * .. .. * * .... " ,-.., ,-.., Q~ & ~ CQ'~~~ Partners Pitkin Partners Special Propetties I Meadowbrook, Pennsylvania We have reviewed the accompanying statements of assets and liabil- ities arising from cash transactions of Pitkin Partners Special Properties I as of December 31, 1982 and 1961, and the related statements of revenues collected and expenses paid, partners' capital, and source and use of cash for the periods then ended, in accotdance with standards established by the American Institute of Certified Public Accountants. All information includ- ed in these financial statements is the representation of the management of Pitkin Partners Special Properties I. A review consists principally of inquuLes of company personnel and analytical procedutes applied to financial data. It is substantially less in scope than an examination in accotdance with generally accepted auditing standards, the objecUveof which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note lA, the Company's policy is to prepare its financial statements on the basis of cash receipts and disbursements; con- sequently, certain revenue and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying financial statements are not intended to present financial posi- tion and results of operations in conformity with generally accepted ac- counting prinCiples. 8ased on our reviews, we are not aware of any material modifica- tions -that should be made to ,,the accompanying financial statements in order for them to be in conformity'with,,'the basis of accounting described in Note 1A. ~~~ Februaty 15, 1983 100 PRESrOENTIAL BOULEVARD. BALA CYNWYO, PENNSYLVANIA 19004 . (215) 839,3422 I"""'-. ~ 2 - I"""'-. PITKIN PARTNERS SPECIAL PROPERTIES I ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS DECEM8ER 31, 1982 AND 1961 ASSETS PROPERTY AND EQUIPMENT _ AT COST Less: Accumulated Depreciation 1982 1981 $1,007,748 $900,043 137,520 20,950 . $ 670,228 $879,093 CASH IN BANK 15,041 5,679 TREASURY BILLS, AT COST WHICH APPROXIMATES MARKET 19,523 PARTNERSHIP ORGANIZATION COSTS - NET OF AMORTIZATION 5,750 7,250 GENERAL PARTNER " . $ 1,000 $ 1,000 69, 128 60,745 $ 90,128 $ 61,745 $ 896,699 $911,745 REVIEW REPORT LIMITED PARTNERS SEE NOfES TO FINANCIAL SfATEMENTS AND ACCOUNTANTS' ,-.., - 3 - .-, PITKIN PARTNERS SPECIAL PROPERTIES I STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID PERIODS ENDED DECEMBER 31, 1962 AND 1981 $ 26,273 1982 *1981 ($ 10,000) ($65,000) ( 745) 6,149 194 ( 225) ( 7,616) ($ 12,212) ($65,031) ($ 95,297) ($68,305 ) 116,570 20,950 ($211,867) ($89,255) RENTAL INCOME EXPENSES - OTHER THAN DEPRECIATION: Mortgage Interest Office Expense Amortization, Organization Costs Rental Operating Expenses Travel Real Estate Taxes Accounting Legal Interest - Capital Lease $ 78,115 1,312 1,500 6,996 687 5,179 1,500 10,550 1,519 $109,358 NET (LOSS) FROM RENTAL OPERATIONS - BEFORE DEPRECIATION ($ 83,085) OTHER INCOME (CHARGES): Management Acquisition Fee - General Partner Management Fee - General Partner Interest Income Property Acquisition Costs - Deductible Expenses Incurred to Obtain Time-Sharing NET (LOSS) BeFORE DEPRECIATION DEPRECIATION NET (LOSS) ORDINARY (LOSS) PER $50,000 LIMITED PARTNERSHIP INTEREST ($ 26,483) * October 25, 1981 (inception) to December 31, 1981. SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT $ 6,050 $ 6,000 2,295 250 1,538 1,241 $11,324 ($ 3,274) ($11,157) $ 1,000 $ 1,000 ,,' " $ 1,000 $ 1,000 ~ ~ - 4 - PITKIN PARTNERS SPECIAL PROPER rrES ! STATEMENT OF PARTNERS' CAPITAL ARIS!NG FROM CASH TRANSACTIONS PER roDS ENDED DECEMBER 31, 1982 AND 1981 LIMITED PARTNERS PARTNERS' CAPITAL CONTRIBUTIONS 1982 $240,250 NET (LOSS) 8EFORE DEPRECIATION ( 95,297) $144,953 DEPRECIATION 116,570 $ 26,363 CAPITAL BALANCE - JANUARY 1 60,745 CAPITAL BALANCE - DECEMBER 31 $ 89,126 GENERAL PARTNERS BALANCE - JANUARY 1 CAPITAL CONTRIBUTIONS BALANCE - DECEMBER 31 · October 25, 1981 (inception) to December 31, 1981. SEE NOTES TO FINANC!AL STATEMENTS AND ACCOUNTANTS' REV!EW REPORT .1981 $150,000 ( 66,305) $ 61,695 20,950 $ 60,745 $ 60,745 r>, - 5 - ,-.., PITKIN PARTNERS SPECIAL PROPERTIES I STATEMENT Of SOURCE AND USE Of CASH PERIODS ENDED DECEMBER 31, 1962 AND 1961 CASH PROVIDED: limited Partners' Capital Contributions General Partner' sCapital Contributions Cash Provided by"Partners Redemption of Treasury 8ills Total Cash Provided CASH APPLIED: Net (Loss) Less: Depreciation and Amortization Cash Used in Operations Purchase of Property and Equipment _ Net of Mortgages Issued or Assumed Purchase of Treasury Bills Payment of Organization Costs Advance to Condominium Association Payments of Mortgage Pt'incipal: first Mortgage (in full) Purchase Money Mortgage INCR€ASE IN CASH BALANCE CASH BALANCE - BEGINNING CASH BALANCE - ENDING * October 25, 1981 (inception) to December 31, 1981. SEE NOTES TO fINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT 1962 *1981 $240,250 $150,000 1,000 $240,250 $151,000 19,523 $259,773 $151,000 ($211,867) ($ 89,255) 118,070 21,200 $ 93,797 $ 68,055 39,011 50,043 19,523 7,500 7,680 109,000 1,123 $250,611 $145,121 $ 9,162 $ 5,879 5,879 $ 15,041 $ 5,879 ~ - 0 - ,-.., PITKIN PARTNERS SPECIAL PROPERTIES I NOTES TO FINANCIAL STATEMENfS PERIODS ENDED DECEMBER 31, 1982 AND 1981 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Method of Accounting: The accounts of the Company are maintained, and the accompanying financial statements have been prepared, on the cash basis, except that they include provision for depreciation of property and equipment and interest (points) and organization costs. 8. Organization: The Partnership was organized on October 25, 1981 as a Limited Partnership under the laws of Pennsylvania. C. Property and Equipment and Depreciation: Property and equipment are stated at cost. Depreciation is provided by use of Accelerated Cost Recovery System of the Internal Revenue Code. D. Partnership Organization Costs: Professional fees, duplicating and other costs relating to the organization of the Partnership are amortized over five years. 2. PROPERTY AND EQUIPMENf: Property and equipment are summarized below: ASPEN, COLORADO 5 UNITS Buildings and Improvements Furnishings $ 914,801 92,947 $1,007,748 137,520 $ 870,226 Accumulated Depreciation fhe properties are o""1ed by the Partnership. collateral for the Purchase Money Mortgage. properties. The properties are pledged as This lien is limited to the SEE ACCOUNTANTS' REVIEW REPORT . I'""'- PITKIN PARTNERS SPECIAL PROPERTIES [ - / - ,-.., NOTES TO FINANCIAL STATEMENTS _ CONTINUED PERIOOS ENOEO DECEMBER 31, 1982 AND 1981 3. PURCHASE MONEY MORTGAGE: Purchase Money Mortgage _ Payment in full is due on May 1, 1967. $739,B77 Monthly payments for pr incipal and interest (14%) are $8,779. The Partnership is obliged to seek to refinance the Purchase Money Mortgage each April 1 during its 5 year term, but such refinancing is limited to 14% interest, 30 year amortization, 10 year term and 2 point placement fee. If properties have been sold in the interim, the amount of refinancing is to be reduced pt'oportionately. The Partnership is obligated to pay to the holder 0 f the Purchase Money Mortgage certain amounts on account of principal from the proceeds of the sale of any of the individual properties during the term of the Mortgage. 4. PARTNERS' ACCOUNTS: The Associate General Partner has contributed $1,000 to the Partnership. 6 Limited Partnership Interests of $50,000 each have been purchased. The Limited Partners are subject to call by the Corporate General Partner to furnish additional funds for debt service and expenses of $6,600 maximum on July 1, 1983 and thereafter, and an additional $4,400 after January 1, 1984, total ing $11,000 per full Limited Partnership Interest. Distt'ibutions of available cash are to be made to the Limited Partners until they have recovered all of their capital contributions and calls, plus a 5% annual credit on theit' capital contributed. Thereafter, available cash shall be distributed as follows: Limited Partners Corporate General Partner Associate'General Partners 75% 24% 1% " Certain of the Limited Partners are members of the Partnership's law firm which received $16,050 for legal fees and reimbursement of expenses. 5. INCOME TAXES: No provision has been made for income taxes since such taxes, if any, are the liability of the individual partners. SEE ACCOUNTANTS' REVIEW REPORT . t""'\ - tI - ,-,' PITKIN PARTNERS SPECIAL PROPERTIES I NOTES TO FINANCIAL STATEMENTS _ CONTINUED PERIODS ENDED DECEM6ER 31, 1982 AND 1981 6. MANAGEMENT FEE: The Co~porate General Partner shall be entitled to an annual fee for management of the Partnership's business. The fee shall be comprised of an amount equal to (A) an annual fee of 10% of the net cash flow from the rental properties before debt service and capital improve- ments and replacements; plus (8) $75,000, which was paid. From the inception of the Partnership to December 31, 1982, the annual fee was $1,7D9, of which $964 is unpaid and not included in these financial statements since they are on the cash basis, but remain a liability of the Partnership. AccQi'ding to the Confidential Memorandum dated August 12, 1961, no assurance can be given as to the deductibility of these fees for federal income tax purposes if they are ultimately determined to have been paid to a partner in its capacity as a partner rather than for services rendered. 7 . FURN I TURE LEASES: Leases for furniture costing $70,779 are in effect . These leases are collateral for a second mortgage. The leases, including interest, are to be paid over a 60- month period beginning December 1, 1982. When the leases have been paid in full, the Partnership will own the furniture. The total lease cost will be $95,503, including interest. Monthly payments are $3,604 for 24 months, then $250 for 36 months. 8. TIME-'SHAR ING: Aspen, Coloi'ado adopted a time-sharing ordinance in January 1963, which includes the property owned by the Partnership. In order to obtain this ordinance the Partnership expended $7,616 in 1982 and additional expenditures have been incuri'ed. Furthermore, the General Partner intends to obtain the right under this ordinance to qualify the Partnership's property for time-sharing. .... " SEE ACCOUNTANTS' REVIEW REPORT j /" ~ i""'" General Partner will be obligated to present to the Partner- ship any partieular investment opportunity which comes to its or his attention even if such opportunity is of a character which might be suitable for investment by the Partnershi.p (see "Conflicts of Interest"). The foregoing provision ex- cuses the General Partners from the fiduciary duty (to whic:h they mi~ht otherwise be subject) not to compete with the Partnership for investment opportunities. MANAGEMENT -'J:he Partnership will be managed by the officers and directors of the Corporate Gene,ral Partner and by the Associate General Partner. 'The investors as limited partners will ,have no right to participate in the management of the Partnership or to change the management of the Partnership; except where hoth of the General Partners are unable to serve, in which, case the limited partners may as a group elect or appoint new general partners for the Partnership. The Gen- eral Partners are not b'ound to remain general partners, but they may not transfer their interests as General Partners except to another General Partner. The General Partners will generally have responsbil- ity for all aspects of the Partnership's operations. The Gen- e~al Partners will have primary responsibility for 'the initial selection, evaluation and negotiation of investments for the Partne~ship and will provide all executive, supervisory and certain,adminstrative Services, for the Partnership's o~=:a~_______, ' , tions (other than the management of its individual pro~, ' ties). Such services will include overall responsibility for ' determining how and by whom the properties should be managed, whether and when, and on what terms, any property should be sold or refinanced, and what steps can be taken "to provide the most advantageous tax treatment for the Partnership's income. " Local .pI:'operty management firms and/or an On-site resident manager will be retained in order to provide day-to- day management and rental functions for the properties . They" will not be Affiliates of the General Partners. The Partner- ship will pay the fees of any such firms and manager, esti- mated not to exceed 10% of gross rents. The books and records of the Partnership will be maintained by the Corporate General Partner, subject to re- view by independent public accountants. -27- I"'"'" , ,-.., The General Partners PITKIN CO., INC., C.ORPORATE GENERAL PAR.TNER: Tp.e Corporate General ~artner is a Pennsylvania corporation with offices at Suite 700-4, Benjamin Fox Pavilion, .Jenkintown, PA 19046. The stockholders of the Corporate General Partner are R.obert L. Silverman and J. Allen Doughe,rty" each owning one- half of the' corporation's s,tock. Pursuant to a voting trust agreement, the voting of all of their stock in the corporation will be controlled by Mr. Silverman, as voting trustee, until the earlier of 1992 or the death of Mr. Silverman. In the ,'event of Mr. Silverman's death prior. to 1992, Mr. Dougherty will become voting trustee for all their. shares. Mr. DQugherty is a partner in a law firm which is engaged by the General Partners to perform legal services for them and for Pitkin Investments, Inc. The Corporate General Partner is also a general partner of Pitkin Partners, Pitkin Partners II, Pitkin Part- ners III, Pitkin Partners IV, Pitkin Partners V, Pitkin Part- ners VI, and Pitkin Partners Special Properties I, limited partnerships engaged in real estate investing, and it per- forms similar management services for such partnerships as those to ,be rendered for the Partnership. Robert L. Silverman is the sole officer and direc- tor of the Corporate General Partner. The June 30, 1982 balance sheet (unaudited) of the Corporate General Partner is set forth at the end of this Memorandum. ROBERT L. SILVERMAN, ASSOCIATE GENERAL PARTNER (Age 53) : President and Director, Pitkin Co., Inc, (since July, 1979); Associate General Partner, Pitkin Partners, Pitkin Partners II, Pitkin Partners III, Pitkin Partners IV, Pitkin V, Pitkin Partners VI and Pitkin Partners Special Properties I, limited partnerships organized in July, 1979, March, 1980, April, 1981, November, 1981, July, 1982, December, 1982, and ""October, 1981~ respectively, each of which is engaged in real ' estate investing. Active investor and manager of properties in Aspen, Colorado and elsewhere, individually and, since 1974, in management of family~owned commercial real estate. Sole shareholder, director and President of Pitkin Investments, Inc., a corporation organized by Mr. Silverman in 1980 pri- marily to sell securities of partnerships and other entities sponsored by him. Owner and operator of two retail women's ready to wear shops in the Philadelphia area from July, 1976 to July, 1979. -28- OJ! . ~ 'E'D . c g . - - ~ l en 5: z .:-! 0 g,i ;:: Au <( ... .;.I E: 0 at 5= vi ..J :.. -<:( g,: z_ ~ ~ g; ~ is 5 '_:I> . e'D W ";:i I- 5 ~ ::> ..... t: o.! .... .... '" C (f) -; ~,.2 Z ~ t :0 )0 ~ _ 0 'Q 2 ~ r e D - ~ ;::.~ 00:::: a ..... c::;;: C : :::'(1) 0;01- c c. 0 1!;;.2: <(. :]tu.. E ....; u.. !~:SO ;s g ." en )O"2Z :ig;o , ,e U :: in ' E ~,~'~ ~;e~ ~:.:O .~.,S,.~.a: '~, -t.~O. ; :.~~. .g, .~. !'.Z' . ......w. ~.~ ,:~;; :E .;:.: s'w S c~ 1:1- " .s: ':t<C c .:! ; f- ~.f ~,~ ic.!I!- :: .. t: :E ~5 ~ ...J e-= a<( "'j~Z 2,...20 -='Q.t;:: ;;ejiz g g 'i ~ ':S;Z SsS- :! ! '0 ::a ... ... ~ s ! ... . - n ...<irledule 0 of FORM 80 .,-.." OFFICIAL USE tf/it.li>./::::;~; :?tfit:]#~i~~J:::~::'~ fl~.ti;,::Y;,1~~li~IJ~l'~~,f.!' Date 8S stated on the ex" ecution page of FORM eo occomv7:;i;7edUI0: IRS Empl. Ident. No.: 12<1_ 204-20-4550 , (e' Country: USA IV. NNAes USED: Furnish below a Uft of all names individual has been known .bV or has used ineluding maiden nameifapplicabfe. Ifno " other names usedf'ltateHNone.H Last First Middle Central High School University of Delaware Phila. Newark PA DE B.A 194'7 1950 (Answers in response to ITEM 12 of FORM BD.) NOTE: (a) Complete a separate Schedula 0 for each natura' person namecHnltems 2(a'.80r 9, or any Schedule thereunder. except that Schedule 0 need not be furnished for any person whomeeu both of the foltowing conditions: (1 J he owns less than 10% of any class of equity security of applicant and(2J haisnot an officer. director. or person with similar status or functions. (bJ Complete a separate Schedule 0 for each person subject to any action reported under hem 10. (e. State all names in the oroerof last name, first name, full middle name.. If any person legally has onty ananitial,ro.indicate after the initial. . I. Full nemeof applicantel(8ctly asitated in Item 2(a) of Form eo': , Pitkin Investments Inc. u. Fuflname of person for whom,this'Scheduleisbei'ng completed: , , ' IRS Empl. Ident. No. or Sac. Sec. No.: v. C:OUcATI0N:Fumish below a description oftheeducation for the 'person named in Item It of this Schedule Cindtide name andlocati,on ofltlst high sehooJ 8ttended, name end location of any college or university attended. degree received and year it Was receivedJ Robert L. Silve=an Ul. IlIl Resid......dd'ess of penon: (Number Ind Street, City, Store, ZIP Code} VI. BUStNESS BACKGROUND: Furnish below a camplett.consecutive statement,of aU business experience and employment for the pMtten yean.Un the18st position first. If none. state "None." 937 Dale Road Meadowbrook PA 19046 8egJnninolJiate .. 'Mo. Yr.,. Ending Date Mo. Yr. , " : ,~:; },~9 "(" 75 (bl Oo.eof Birth: leI City of Birth: Cd) State or Province: :3,.. 76 .:=u:.~..' 50 , , VII.. PRoceEOINGS: Jf any 8tm.'I/'et' to any paragraph of (tem 10 is "Ves"with respe(:tto the perronf'or whom this Schedule is being C9mpleted. ' furnish the following details: Nt A " ~ Z '" <( :: 1/12/29 Phila. PA Applicable Part and Question of It ern 10 Title or Description afAction Name and Location of Court. Agency. JUf'isdiction or Self.Regulatory Organization Nature and Oate of and Disposition of Proceeding . I If any item on this page is amended. you mun anWN!r in (ulla/( other items on this page and me with II completed and signed cx.eeu1'ion page. I None , ". ' Name of Ftrmand Addt"eS$ , Kind of Business " , . ", ': RetaiL Stores Exact Nature of Connection or Employment ,..' :', ,:,Owner, ' Sel.f~!lJIl~l~y.~~ ' " , : ~ ..,. 5i1<:o'ID.velibiiene CompanY Inc~ , Retail Jr. Deit. Store Chain .... President; Share': 1.'0-': holder r-- PITKIN CO. INC. 5UIIE 700.. BENJAMIN FOX PAVILION JENKINIOWN. PA 19046 (215) 576.1200 ~ February 24; l.g83 TO ALL LIMITED I?~RTNEiRS', PITKIN PARTNERS PITKIN PARTNERS II PITKI'N PA'RTNERS II-! PITKIN PARTNERS IV PITKIN PARTNERS V PITKIN PARTNERS vr PITKIN PARTNERS SPECIAL PROPERTIES I Management: On February 23; 19,83, by a unanimous action, the g,tock, holders elected James C, Calaway, age sa, BBA: Doctor of .Jurisprudence, University of Texas, as a Director of PitJdn Co, Inc. Mr. Calaway is founder and President of Southwest Minerals Inc. Since 1955 the company; based :!:nKouston, Texas, has been active in oil and gas exploration in several states. He is Chairman and Treasurer ef 'FRIO Resources" Inc" Db,ector of Amwar Petrol.eum CorpoJ!ation, D:!:rectOJ!,Gulf 'Freeway National. Bank, Kc;>uston (Southwest.,BankshareSBank); Chairman of the Board, H. C. Hwang and Partners, Architects and Planning Consultants,' , Inc. Mr. Calaway has also been active, in many educational., ' cultural and public interest organizations :!:n Texas and elsewher,e. Mr. Calaway has acquired 2000 shares and Southwest Minerals Inc. has acquiJ!ed 2000 shares of newly issued common stock of the company. Mr. Calaway controls the stock of Southwest Minerals Inc, and as a result of this transaction will control 16.66% of the voting stock of Pitkin Co. Inc. In addition the <company has granted 'Mr. Calaway andlor Southwest Minerals Inc. an option for 120 days after February 11, 1983 to purchase an additional 16.66%. of the yoting stock of the company. If sa:!:d option is exercised, Mr. Calaway will own 33.3% of the common s.tock of Pitkin, ,5:!o. Inc. Mr. Calaway has been an active real estate investor in a number of limited partnerships over the past 5 years, including each of the limited partnerships sponsored by this company. His election to the Board ,of Directors brings to this company and the partner~ l"" ,,......,, Page 2 ships additional perspective and jUdgments formed by successful entrepreneurial management over time and strengthens the financial base of the company. Should you have any questions concerning this notice or any other aspects of your partnership's activities, please call me at 215-576-1200. . -".'." Sincerely, :i .. ,. Robert L. Silverman President RLS/bb ,,' t""\ ,-.., PRIOR PERFORMANCE OF THE GENERAL PAR.TNER.S The Corporate General Partner and Associate General Partner have!;ponsore.d !;even other limited partnership!; !;ince July of 1979 with inve!;tment objectives similar to tho!;e of the Partnership. The seven prior limited partnerships, all privately formed, are Pitkin Partners, Pitkin Partners II, Pitkin Partners III, Pitkin Partners IV, Pitkin Partners Sp,ecialE'r<:>perties I, Pitkin Partners V, and Pitkin Partner!; VI. The seven prior ,limited partner!;hips have,raised $1,396,000 from 58 investor!;, including limited partnership interests purchased by the General Partner!;, ,but excluding cash calls made pursuant to the partnership agreements. At JUne 30, 1982, the prior limited partnerships (excluding Pitkin Partners V, which was organized on July 1, 1982, and Pitkin Partners VI, which was organized in December, 1982) had purchased 34 properties, containing 47 rental units, as follows: ......... -29- ';..~.;;i'~l,~_:.;_...,;:. :.' '.~ '.::.,. .~ - ..: .. ~.'" i ~ ~, , .... ~. '. . i ,. f""'\ Location PITKIN PARTNERS Glenwood Springs, CO Washington,O.c. Stuart, FL . .-':"r::::",'~'.:.::...~":~.'. . . '.. . ~-~"~ .,,_.,::,,",,-,.., . .-: . . .~:,;3::~.~ ~ ........ ......... - " PITKIN PARTNERS II Washington, D.C. Stuart, FL Denver, CO PITKIN PARTNERS III TyPe 1 duplex 8-unit apt. house 4 condomin- ium apts. 2 duplexes , ....,.. .to.: 1 condomin- ium apt. 1 duplex 1 triplex 1 condomin- ium apt. 3 condimin- ium apts. Aspen, CO 1 condomin- ium apt. Washington, D.C. 1 condomin- ium apt. Tucson, AZ 4 condomin- ium apts. Stuart, FL 1 condomin- ium apt. -30- ,~ Purchase Price Mortgage Financing at Date of Purchase $ 88,129 278,000 158,439 148,785 , $673;35'3' $ 54,702 196,000 121,061 ll6,864 $488,627 $ 58,121 61,000 101,166 46,912 200,765 $4S7,964 $ 48,475 52,000 7S, OOQ 31,732 160,lS5 $367,362 $145,129 $ll3,830 43,146 31,911 134,346 99,284 52,907 40,433 $375,528 $285,458 .f"",., 1""\ Location Type Purchase Price Mortgage Financing at Date of Purchase PITKIN PARTNERS IV Tucson, AZ 3 town- houses 3 condomin- ium apt. lcondomin- ium apt. $179,700 158-..232 60,000 $156,300 141,750 46,000 Denver, CO Ft. Myers, FL $397,932 $344,050 PITKIN PARTNERS SPECIAL PROPERTIES I Aspen, CO 5 condomin- ium Apts. $900,04;3 $850,000 $900,043 $850,000 ~' ~;,' ~. 11', All of the foregoing 34 properties are residential properties the aggregate purchase price of which amounted to 2,814,820. 62.5% of such a.qgregate purchase price is investe<;i, in primary home -residential property and 37. S% is invested in vacation type short-term -r.ental properties. Approximately 85% of the aggregate PUl:'chase price for the 34 properties repre- sents investment in existing properties, and 15% represents investment in new construction that ,was purchased upon comple- tion by the applicable partnership. Financing for the f~~egoing 34 properties, aggre- gating $2,338,5.44, was obtained by the respective prior part- 'nerships through the issuance or assumption of mortgages securing the debt. Interest rates' on these mortgages were: '-31- I. f. , i ._...8.......~. . ,,-.......:.. " ,< r-, ,"'""', Interest Ra.te Principal of Mortgages at Dates of Purchase Percent of" All Mortgages 4.7% 4.6% 7-7.9% 8-8.9% 9-9.9% 10-10.9% 11-11. 9% 12-12.9% 13-13.9% 14-14.9% 15-15.5% $ 109,000 107,792 o 187,804 590,550 171,790 285,108 840,500 46,000 $2,338,544 8.1% 25.3% 7.3% 12.2% 35.9% 1.9% 100.0% ..-.:... 'Certain of these mortgages, amounting to $285,500 (at dates of purchase) were issued with variable interest rates which will be adjusted up or down at specific times over the term of the mortgage. In addition, certain of the mortgages require balloon payment.s due, in the aggregate, as follows: 1982 - $109,000 (paid 4/1/82) 1983 - $ 43,000 1984 - none 1985 - $ 80,817 1986 - $ 8,156 1987 - $833,173 The remainder of the mortgages amortize over their fixed terms, ranging from 11 to 30 years. With respect to ,Pitkin Partners V, which was orga- nieed on July I, 1982: In July, Pitkin Partners V purchased a condominium apartment in North Ft. Myers, Florida for $75,000, financed by (i) the assumption of a $42,790 first mortgage at 9-1/4%, amortizing oyer 20 years with approximately 16 years remaining, and (11) a $15,990 purchase money second mortage from the seller at 12%, amortizing on the bas.is of a 30-year term with a balloon payment due in 1989. In AUgust, Pitkin Partners V purchased a three bedroom single family home in a suburb of Denver,' Colorado for $70,500, financed by the assump- tion of a $52,500 first mortgage at 11-1/2%, amortizing over 30 years with approximately 28 years remaining. An additional four bedroom single family home was purchased in a Denyer suburb in late 1982, for a purchase price of $67,500, subject to a $47,333 FHA mortgage at 9% with approximately 27 years remain- ing. Also in late 1982, three townhouses in Tucson, Arizona were purchased for Pitkin Partners V, at purchase prices of -32- .",--'. ...----.--.-..,.........--- """" ,~ approximatel.y $64,700 each, financ.ed by $52,000 FHA mortgages for 30 year terms, one with interest at 12% and two at 12~. Pitkin P!lrtners V expects to settle in January of 1983 on a two bedroom condominium in North Ft. Myers, Florida, for a ,purchase price of $59,500, with a $47,600 mortgage bearing interest at 12%, amortizing on the basis of a 30-year'term with a balloon payment due in seven years. All of the prior partnerships have investment ob- jectiyes similar to those of the Partnership. Pitkin Part- ners Special Properties I, however, was organiz.ed to acquire properties lOcated solely in Aspen, Colorado and therefore did not seek geographical ,distribution of its propez;-ties. The prior performance tables that follow, Tables I through IV, contain information as of June 30, 1982. At that time, three properties owned by the prior partnerships have been sold, as indicated in Table IV. Since June 30, 1982, two additional properties have been sold: Pitkin Partners sold its duplex in Glenwood Sprin~s, Colorado for $110,000, and Pitkin Partners II sold one of its condominium apartments in Denver for $95,000. All sales of properties by the prior partn.erships have been for cash. Additionally, since June 30, 1982, Pitkin Partners V has Purchased six properties, as men- tioned above. The accompanying tables do not reflect these post-June 30, 1982 sales or purchases. Since none of the prior partnerships has sold or disposed of all of ~ts proPerties, result.s of programs com- pleted by the General Partners are not aYailable. Prospective investors in the Partnership will not acquire any ownership interest in any prior partnership or ~eal estate to which the following tables relate. The fOllowing information is given solely to enable prospective investors to better evaluate the experience of the General Partners. Because of changes in prices of real property, interests rates, and various other factors, investors should not construe the inclusion of the follOWing tables in this Memorandum as implYinq or indicating in any manner that the Pal:'tnership will make investments com- parable to those reflected in the tables with respect to location, distributable or disbursable cash, Federal income tax deductions available to investors or other factors. -33- " 1 I I f I I f] """" ,"'""', . n~ & ~ cu~~~ Officers and Directors Pitkin.Co., Inc. Jenkintown; Pennsylvania , . We have reviewed the accompanying statement of assets and Habil-. Hies arising from cash transactions of pitkin Co., Inc. as of June '30, , 1982, in accordance with standards established by the American Instit.ute of Certified Public Accountants. All information included in this financial statement is the representation of the management of Pitkin Co., Inc. A review consists principally of inquiries of company personn,el and analytical procedures applied to financial data~ It is substantially less in scope than an examina.tion in accor.dance with generally accepted aud- iting standards, the objective of which is the expression of an opinion re- garding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note 1A, the Company's policy is to prepare its financial statements on the basis of cash receipts and disbursements; con- sequently, c.ertain r.evenue and the related assets are recognized when re- ceived rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying financial 'statement is not intended to pr.esent financial position in conformity with generally accepted accounting principles. Based on our review, we are not aware of any material modi fica- tionsthat should be made to the accompanying financial statement in order for it to be inconfomi:ty with the basis of accounting described in Note 1A. ,.' I~fC~ Certified Public Accountants August 12, 1982 100 PRESIDENTIAL BOULEVARD. BALA CYNWYO. PENNSYLVANIA 19004 . (215)839.3422 -73- .~ ., , ~ .. LII .' , , t lJI , ~, ~ ~ iJJ f.I tII r ~ r- tJII. ~ .r- 't III i III ( r- r., , r- " , ~ I; nt tit f" r-, , - 2 - "'""', STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS JUNE 30, 1982 PITKIN CO., INC. ASSETS , Cash Advances to Partnerships Advances to Officer Investments in Partnerships at Equity _ (Cost $34,515) . " Loans Payable Payroll Taxes Payable Income Taxes Payable LIABILITIES STOCKHOLDERS' EQUITY Common 5tock: 1 ~ Par; Authori...:ed 100,000 Shares; Issued and Outstanding 30,000 Shar'es Capital in Excess of Par Retained Earnings .... .- SEE NOTES TO FINANCIAL STATEMENT AND ACCOUNTANTS' REVIEW REPORT -74- $ 300 11,700 14,665 $ 2,603 15,.097 10,310 , 12,635 $40,645 $11,23B 7BO 1,962 $13,980 26,665 $40,645 . , 1. I""" .""""" - 3 - PITKIN CO., INC. NOTES TO FINANCIAL STATEMENT YEAR ENDED JUNE 30, 1982 1 I j SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Method of AccountinQ: The accounts of the Company are maintained, and the accOCllpanyirig financial statement has been prepared, on the cash basis, except that they include a provision for federal income tax for the year ended June 30, 1982 and adjust- ments of partnership investments (Note 1B). j B. ,Investments in Partnership: :r.he Co~panyowns one Limited Partnership interest each in Pitkin Partners, I 'Pitkin Partners' II' and Pitkin Partners 'Y, and one-half limited Partnership" interest in Pitkin Partners Special Properties I. These investments are stated at their underlying equity at the end of each partnership year on De-[' cember 31. I 2. TRANSACTIONS WITH RELATED PARTNERSHIPS: It A. Management Fees: ~ The Company is the Corporate General Partner of Pitkin Partners, Pitkin Partners II and Pitkin Partners III, Pitkin Partners IY, Pitkin Partners V . and Pitkin Partners Special Properties I, and is entitled to fees for managetl ment of the Partnerships' business. ' IJ The unpaid portion of these. fees is not included in thi.s financial statementl"l as income and receivables since the statement is on a cash basis. However, IJ the unpaid balance of $12.914 remains a liability of the Partnerships to the Company as at June 30, 1982. B. . lIJ Obligations of General Partner: The Company is liable as General Partner for the debts of the Partnerships. iin Such debts are limited to recourse to the real estate owned by the Partner-g"J ships. Any other liabilities are not considered to be material to the finan- cial condition of the Company in the event that any are not paid by the ~,. related Partnerships. IU C. Pitkin Investments, Inc.: The President and majority shareholder of the Company has formed Pitkin In-II) vestments, Inc., which is a registered broker dealer and which sells partner:- ship interests without c:ompensation in Limited Partnership in which the Ih' Company will be the Corporate General Partner. The expenses of Pitkin ell Investments, Inc. are reimbursed by the Company. IJ IJ SEE ACCOUNTANTS' REVIEW REPORT -75- ...- ,~ r-, James J. MolUca&ASSOGliltes"n~ Real Estate Appraisers and Consultants Scott M, Bowie. R.M. Randy Gold Bill Whaley Associate Appraisers AN APPRAISAL OF SILVERMAN UNIT EAST HOPKINS CONDOS UNIT 2S ASPEN. CO 81611 March 10. 1983 '. ,,,-.,, FOR: Mr. Robert L. Silverman c/o Bill Sterling Sterline Homes 600 East Hyman Avenue Aspen. CO 81611 .......--. The valuetion study end Certification which follows ere expressly subject to !,be essumptions. contingencies end limiting conditions at. tachad. togathar wi!,b any special limiting conditions speclfically dis- CWlsad In !,be raport. iJ^1A \ II . James J. Mollica. M.A.I. Apprabet-Conaultt;r" Crystal Palace Buildinge 300 East Hyman Avenue. Aspen, Colorado 81611 . 3031925.8987 r"" ,-,. James J, MolllcR& AggOclates,ln~ Real Estate Appraisers and Consul1anls Aspen, Colorado Cryn.IPal.ce Building. 300 elU Hyman AvenlJe. Aspen. Colorado 81611 .303/925.8987 March 10, 1983 Mr. Robert L. Silverman c/o Bill S~erling S~erl1ng Homes 600 Eas~ Main S~ree~ Aspen, CO 81611 RE: An Appraisal of ~he Silverman Uni~, Eas~ Hopkins Condominiums Uni~ ~S, Aspen, CO 81611 Mr. Silverman: In accordance wi~h your reques~, we have ga~hered and analyzed applicable marke~ da~a for ~he purpose of es~ima~ing ~he subjec~'s Market Value (most probable selling price) as of March 10, 1983. Please note that this valuat:i.on is being offered in a form report summar:i.zing all the data considered germane to the valuation of the subject property. Contained in our files is additional information which may be reviewed if necessary. We also note that the SUbject property has been appraised on an unfurnished basis. We are appraising all of the units in ~he subject complex. Unit ~S has been selected as one of.the models and is examined in detail in the body of this report. We use this appraisal to also value Units IS, IN and 2N located on the first and second floors of the subject complex. We have been asked to appraise the subject units on a cash basis. It is also our understanding that real estate commission may not be applicable in regards ~o ~he function of this report. For ~his reason, we have also included a value for ~he subject units without real es~ate commission. Our conclusio.n of the value of ~he above foul' units, as of March 10, 1983, on a cash basis, is as follows: Unit ~-South: Unit 2-North: Unit 1-North: Unit 1-South: Total: -- $180,000 175,000 165,000 Hlo;.O,oo $685,000 We no~e that all our comparable sales and our final value estimate include 6% real estate commission, that typical in our area. Should ~he function of this repor~ dictate tha~ real estate commission is not applicable, we suggest it be deducted as follows: Value of ~he Subject Units With Commission: Less 6% Commission: Rounded: $685,000 (41,100) 643,900 $640;.000 Value of the Subject Units Without Commission: Scon M. Bowie, R.M. Randy Gold, R,M. Associate Appraisers 11 James J. Mollica, M.A,I. Apprals.r.Consult.nt ,",: """" .'-" Attached is our report containing the supporting market data and exhibits from which, in part, we have based our opinion. If we can be of any further assistance in the interpretation or application of the findings in this report, please do not hesitate to call. Thank you for this opportunity to be of service. Sincerely, ~~ ~ Scott M. Bowie, R.M. Associate Appraiser '. -..... , Bor,row., Robert VnltNo. 25 ClIv Aspen Actual Real Estat. TUt., S N/A !""". APPRAISAL. REhlRT - INDIVIDUAL L. SilVerman ACldr." R?li'last HO:Dkin~ Avenue Cou.n.v Pitkin (yr,.)' S,l... Price sN1A . Oth.r Sa,le'ConC."ion, 1"""'\ ~CONDOMIN.IUM OR OPUO UNIT I'll' No. 097 M.. RaI,'.n..see atta Proj'ct. ""me/Ph,se No.l;1! ~t' Rt'lp'lri :';~ r.nntinmi ni Umq 5"" C,g ZI.C... 81611 Prope,ty Rlgh.ts ADP"lted (19 Fe. . 0' Leasehold Census Tnct Lo'n Chuges to be P,ldby S.U., S J. Lender/Cllent Ocg,p,nt LOc.ation ~Utb'n ~'SUbur,b'n BuiH UD [lover 75lW. 025'4 to 75% Growth R,le [JJ:FUlly Developed OR'Pld OStUdY Property V,lues Olncuasing (J'SlItUe D.mand/SuPPly OShollag. ~ In B,I,n<< M,rk.Hng Time o Under .3 Mos. 04-6 Mos. Presenll...anCl usejJl% 1 F,mity ..l2.....2-. F,rnUy..a'4A'Dts. ~'4Condo - % CommerCi,lo..-...;.... '4 Indun,J,t _ % V'Unt Ch,ng. in Present L.nd Vse DNol Likely O,Llkelyl IKJ T,klng Pl.ce' 'From ~in,glQ f$lmilyo mil1ri_f$lmily A'DPealtOM,rk.t Predomln,nlOccuNnCY KJo,wn.r GTen,nt _ '4 V.cant Con(lom~nium: Pric. Range S l50 oon to S 4Q:t) rnnOPredomina:nl S 2'50 r 000 PUbliC Transport'tion Age ~ YIS~ to~yr,.Ptldomin.nt ~ yrs. EmPloyment Center, Single F.rnlly: Price Range s150. one to. S ~,nnr t?OOp,.ctomin'ant , ,.c;n. nnn NeighbOfho.Od ShoDPlng Ag. , ~ yrs. to.$!![ Yrs. Pledomln"u..9.!L.- yrs. Gr'mmitr SCho.ols Descrlbl Dotentiitl for addition,1 COftdo/PUOunIU In nearby ,r,ea Res trict ions. F'reeway Access [posed by the Growth Mana,gement Plan will limit development in th.. "..-1 APPfllserSC,o,tt Bowie. OFNMA l'013A required Ltndtl's .Address R 1}f . Instrucuons to APpufs.er OFHL,;MC 465 Addendum A ItQuired o 'FHLM.C 4.:65 Add.ndum 8 "QUheCl] ~RUf'l o Under 25'4 OSIOW DoecUning o OversuPPly (] Over 6 MGs. NEIGHBORHOOD RATING ......... Go.Od AYI. Fair PoOr 129 0 0 0 129 0 0 0 [2g 0 0 0 Q9 0 0 0 [2g 0 0 0 [2g 0 0 0 [2g 0 0 0 0 [2g 0 0 Q!l 0 0 0 AdeQu,eyof Shoppln, . . . . . . EmPloyment OpPorlunltles '" Rectlalion'l F'cilitles ....... AdeQU,CY of Utilities: ...... Properly Comp'tib~llty. . . . . . . ProteCUon from Oetrlm.nt'l Condo Police ,nd Fire ProtlcUon . . . . t Genern Appearance of ProDerUe, . ROO," Sizes ,nd L'yout . . . . . AdeQu,cy of CIOllls.ndSlo'''Ot Kit. EquiD., C'blneU& WOtksp'Ct FlOOrs OH"dWOOd I~lC'fDetovernlV 0 Plumbing-AdeQU'Cy,nd.Condltlon Inl. W,lIs ~ Dryw'll 0 Pl.ster 0 Eleetrlc.liI-AdeQuitey ,nd Condition Trim/Finish Deoo.ct (IDAvera,. OF...r OPo.or Ad.a,u,ey o.f Soundproofino .... B'th I="IOo.r DC.r,mlC m Vin,yl W,lntcot: (IDeeramic 0 AdeQu,CY o.f Insul'Hon. . . . . . . . Windows (tYPe): ~i nr 1 p n~ne !2QStorm Sun [XJSere.nt 0 Combo 1,.0c:.atio.nWl<<hin PrOjeclol View " Kitchin Equip: (29 Refrig. [IDRitnvelOv.n fIlF,n/HOoct OWashtf DOry., Over'lIlrivablllty .......... o In"'com 119 0".0'" 119 C'..w..... OMl<'ow,,, OComOlcto. A...., .n. M.......lIltv '" . . I-I'EAT: TyoeHW'RR Fuel t:::$l1:: COnd." Ayp",~f':P' Est.l:ffecllve Ag.. ... . .Q,IR CONO: oClntril OOtherNon,e QgAdeQul1e O'ln,d'Qu.te P'c.L gl!, lalnlna r:t'^ rnkl Ue ::JE.,tnsneltcnCl Housing Ouign 0'5,0111 O.,ionlundscaD. OSol.r Sp'ce Heat/Air Condo OSo'.r Hot W,ter :J F.o. C.m... 0 ElooJM.c.. G.. Fo.n. ,,,,'Uon OAoto. S.t.'ck T...mo".. 0 C.'..fT".', G I.... Wln.ow. 0 C.o.klW..I..,,,,,. INSULATION (st,t. R.F'ctor I' known,1 (XJW'IIS_ [XIC'lIIno_ (XI'Floor _ (XI ROO,f/AltiC OWltet Huter If reh'b prOPOsed.d.o PI,n, ,nd sO'n provide fOr IdeQu't. .n.rOY con,erv'lIont NIA If no, ,tI'ch ClescrlpUon 0.' modlflCltlOft n..aed.. ~NERGYEFFICIENCV APPEARS:OHI9h [XJAdIQU,t. O...ow Energy Audit DYes ('lIaen. Iflvitll'ble' [ENO' ~OMMENTS uceciitlfU~u'''"unClion.IOf pnYSIUlln'CI.Quadel. mOCJe,'nIIUJon 01 ,ecab$nUded. elcoi,St'lhj P--r't hAS bp.:en recen tl V -remodeled. Carllet'in2 and oaint(both interior and exterior) are new.. ~ath ..i I.. ..lsn NOle:FHLMC/FNMA do not corisidatrut Of ther.ci.. compOSilio.nof,the neighborhood 10 be I.liable appraisal factO'rs. 00...... "0," I.ct~... "'0"01. 0' onl..ora.,.. '''.cUn. m.......m.v f.... .o."c ."", "noo... no.". ,'.w. mkt,.... ~O.o"Uon "ZO .. f1n.ncl., '."ItVI The sub, e(:t is located three blocks from Aspen's commercial "or.. where _L _L entertainment and sho.ncin2 are avail ,,1.1.. Bus i',.nm "..",. ..1... f. ... " '1\ ~ot Clm,n.'ono (It PUC) Common Condo . NIA S,,'Ft. 0 Co.n.. ~ot '''OJ.., O.n.lty W..n C.m.,...... P'.nn.a/..lL..un.to/Ac" Zonln. C....IfI..Uon RMF - Residential Mul'til.-Fam1.1y P"..nt Im..o..m.nts 1XJ.0 0.0 no. .0n'OIm.o zoning ".ul.lIon,. Hlgh.stand eesl Use: :[lPreuntU,eOOth.r' (SD'Cily, PUblic Other (dlscrlbe) OFF~St'TEf'MPROVe:MEN'TS Project In9res'/EO,.u "deQu.licy) EI.c:. an St".t Access: K:)PUbIiC O.Pr1'v'te TODo. 1.~vQ 1 GIS l[J Surface, ARpb"lt Sile/Sh,pe 'R_-_~,..t'ilIngI11.A1" _ ~ypi,.,ql w..., liD M.ln"...n... <<::IPU.hC0 "'I..t. V'.w Am.nllV Gnnr'l ("l1m lijPuth units S.n.S'w" /iD , IlOs..,," S'.W" [lCO'./Cu".. C..,n'''/F'oo. Con.,llon. N" F1 nn.l b..,..,.tl o..n.....oon. EI.c. .. T.,.lXJS'..walk _llD 5".., ~i.." I, ..oo..ty loeet,d In. HUC ,..."1;,,, Soecl,' Ftood H...,d A"., IS! NoD v. COMMENTS (Inc'o.'n. .n..mm.nto. .nc'o~c.m.n" O......n con.lt.on.lln-l.. '1': h.." ..v..,...~" tn g-<>nd vi ew" ",,11th t.ow"rd . ~s .. ' Tlnn,. ..unft_in_a - of 2arden anartments I !Xl Exl.lln. A...ox. V'" Bo'lt 1922- O,'.'n.. u.. "1'''. I,.n"r'ln" .ROJECT RATING Goo. A... F... .00' I 0 Con.o O.UC OiCon...... fll ~ ) ~O..lIon . . . . . . ..:(:) 0 0 0 ,TVoE 0"'0.0... 0........ Con"'ocUon G.n....A......nc.. .. " '" .. 0 QI 0 0 '.ROJECT 0 EI....o. [lW"k'U. No. 01 Sto..... ~ A.,.nll.'n.. R.c,..t10n...F.clII".. 0 Q,QI 0 o Row 0' Town "'ou.. 00'." ....cllV) C.nmV (un."... ...., ...... 0 QI 0 0 !Xl ""m..V R"'..n.. /iDs.con. "'om. 01 R'c...llon.. Unit Mix ............... 0 CiI 0 0 If Com.'.t... No. P..... 1 No. Un." 6 No. 501.] Qu.II.V 0' Con.... (m..". ~ fl.l.hj 0 [] 0 0 If Incom...... ...nn.. No. ...... No. Un". No. 501. Con."'on 0' Ex....o. . . . . .. 0 [] 0 0 UnU"n SU.I'c, ....., Total 6 Com."......2.- SOI.--!...-- R.n...L- Con."Ion 0' In'",o. .... '" 1]1 0 0 0 A...ox. No. Unlt"OI 5.'0, SU.I.c''''Ol'c, None"""'suo;.ct ..... A..... '0 Milk.. . . . . . . . .. 0 1]1 0 0 Exterior wall Cp-d:tr - pl,v Roof CO"'lring B'Uilt~.~ Security Fe-ittures I'l.one EI""Oll N.. -L A.',u,cV .. COn.ltion Soon..,oolln., V..lI.., FairlaveraRe "'o,'zon.., Fairlaverajle "'kin., Tot.. No. s..c., 6 R..'o 1 S....O/Unlt TV.' parkin.S! lot NO.5..... fo, Gu... Pllkl':. street OesCllbe common ""e menU or recrntiO'nll.f.liCUiU..B,asement a):'ea"n.as laundry rOom and owner st:o,ra~e AIO .nv Commo. ...m.nu. IOC. '.cllIU..., ....,n........o Own... Au..., No " v.,. ZlllC' ....n.om .....'.'n. ,.n,.,. ,.,m. .n. O.lIon.. iU Ex""n. U "'0.0... U u.... C.n...; FI.o, No, -L Unit ~;"." A... ll~ (tJ B...m.ntCOmmOn,. F'nl.... -:.L.);) (tJ ...kln.'o. Unll, No.-1- TV.' space Il9A..,.n.. Down.. Con..n..nc..o Unll rear of cOlllplex Room ~". FoV" ~I. C'n ""~ "... 'F.m" R'e ~n..V 01.., UNIT RATING' G~~ AO"'. 'FO.'lr Poor Suement Condjtion of Improvemen.ts .... t..a' '0 KJ 0 o KJ 0 o KJ 0 o KJ 0 o lD 0 o KJ 0 o KJ 0 o KJ 0 0100 o 10 0 0 8 '0 10 V". 40 '0 4;-: ..., DIU'nce Actenor Co.nvenlence IN"",. []I 0 0 ,"I blh Q!l 0 0 ~ b11. []I 0 0 lr. mil.. Qll 0 0 NIA [] 0 IS o o o o o Good " lsLUvel 2nl:LLe-vel 1 are 1 ",";t 2 !cent al o o o o o o o o o o " ~ ""1.1 ) II 0, 29,801 A.'~ I TI ,t P... GRAP.HSO F'S09:J~CT PROPE RTv 4F\!O ST = ~ ~ TSCEI\1E lCf.n..A 11:'_. ,,,"'...,,.,,,,.,... Vrut Chaf~ $ Utlli'iesinclud~ in unhcharge: 150 ,..., . 12 . $ ,-a00 o None ~H"1: 'V',I$1.59 0, AilCo.nd, ISQ, Ft.lyuf o~'e afe.). GfDund kentClf Iny) "N/ A o EI-ac:triCity Glajs :[)W.I., ~ Sewer None Iy,. "^"~",k No.t. .ny fns. o.th'fth,n regular CondolPVO char"es. ior use Off'ciliti., To. "rGperly maim.in the projeet ,nd o'-o.v-id. th'services'A1lci~t.a. th.bucge1u)oelf5: 0 High ~ Ad~u'te Co.m",red to. oth" cOmottitive.oro.j.cu o.f "Imit., Qu.Utv .ndd..i"n. sUbi.c,t uni-t cha,ge app..II: 0 High :[lR.lSon.bl. M,n.gem.n, Grou,,: I2J Owne'sAssocinlon OOevel;:)"e, KJ M.nlgem.nt Ag;.nt (iOeMltyJ Sterlin2 Homes Ou'hty of Man.gem'nt ,nd iu .nI01'c.",."t 0..1 Rules and Reglllnlons ,ppurs: 0 Su"erID' ~Good 0 Ad~u.te 0 In'deQuate Soeci.1 Of unus.ullch.r'Cltrinlnin th. Condo/PU:DDo.C4m,nu 0.1 Otherwi.. known to the .ppr,J..r. that would .ff.ct m.rketabiUlYUf non,. so. state) --llil.n.ELk''''',~ Cornm,n" NOTE: FMLMC Oo.iSn.Otf.Quifllflecon I,pDr.oach int"e IPpr.ii.1 Ofco.nClo.mlnlum 0.1 PUO unJls. Cost ApproaCh Ito be used OnlV fal delached. semi-del;ched, and loWn hause units}: Aep,oOuctio.", Con N.w Less Deo'eciatien: Physical S Oep,eClillea Villue OllmprClvemenu;. Aaes L.na ViI'ue (it .eilr.eI'lQIO, ShUW only ICI-S;f:h.OIC v'lue'-.uac" ca-ICUli:llonl) Sa, Ft,,, " per Sa. Ft, '" Economic $ FunchoO\al$ $ C N/A PrU"'l. snil'c 0.1 Vilue Of Amcnlhll S lelilllnO.Ulees Vilue: 0 FEE SIMPLE 0 LEASEHOLD $ Cemmen" ,eva'dtng enun.te of deprecilll;on .nd va.lue Of I.ndand am.nity ,,'Ckillje The Cost AD'groach is not able in the aooraisal of a sinl>le condominium unit lOi'at"rl wi"h~" N/A , c9Msider@d aQolic- r""" ",. I) o 1".deQuate o Low Th. '..""", wh.n.v" .o..'...,.h"o.. .n.'V" two '."'."'"'' ..,.. ,'.'" w.."in th. 'o""ct .,.j..., "ow,v'" wh.n .......""'. onlt'n .n.w., n.w'V conve'ted P'o.ject, " IUntwocompa,.bles I-ho.u1dbt selecudfrom Dut$lde the subject pro,CCt, In the fonowing analysis. th.complfabl. ShDUld alw.ys 'be .adjusted to the subject ""nit and 1'10.1. vlcevar..~ UI"ign,flc_.n,featur'Of thecempa"bl. is su"edeftO the subjectunlt~ . minus C-) adjustmant should ba ",..ele to. tha co.mpa'.ble; "such a"a.tur,o' the compa,.bl. is Inf"io, to the sUb,ect, 'C),lus (+) .djunmantshDUldbamaCla to. thecompar.bl.. ITEM Aaa'en.Unlt No.. P'olect Na-me $1,0.. imitv to. SUb,. S"es Price PrlcelLiving A 'ea Oao.SDu,rce O.te.Df Sale ano Time Adjust",.nt lecatio.n Site/V,ew Design and Appeal Ou."'y elConstr, Age Cond.tlon Sub;lCt, Propefty Eas't' Hopkins 112S LIST ONI.YTHO.SE/TEM.S THAT REQUIRE ADJUSTMENT COMPAR"a'LE N:(t'1~ COMPARABLE NO.2 Queen Victoria //304 Villas of Aspen 1t33 $ N/A $ N/A --'(I: InsDection OESCRIf'T10N near --......... .,/':$ ........ --"':$ Broker DESCRIPTION :Adj~~t~~nt :'..n~ . :-10 000 :-0- '-0- :-0- :-0- o . :-0- : _" nnn .- :"'0- :-0- :~o- , . . :-0- o , . :-0- 8 000 lQ'LOOO . COMf'ARA8LE NO~ 3 Concept 600 11206 Inferior 2 BR condo Similar Limited Undenround Similar . J, ,~ Similar Similar Similar Similar Seller finan. ,gjP'usOMinu$: $ -, ~: ~:s l60.000 . 163 .E- . . . +2 000 :+25 000 .-0- :-0';" :- 3 000 . o :-0- :_ ~ nnn :~O- :"'0- ' . :-0- . " :-0- . . . o :-0- 22,000 187 000 .........'.......'.'...0...",'.".......,..,.,.""""".", , , $ SEE ATTACHE H, "".'"...','.."...... ,."..,,'"".".,'...'..,. ~"..."...".., e..no",;. ....k.. R.n. ._,...., . G.... R.nt "0'''0''''_' $ N/ A Thil ''',or'ls.IIS m'd'~".s IS". 0 sub"Cl io. the ,.pa"s. .Heration,. arco.ndltion' listed belOw. 0 tUb-lect IOC-O:n'lDJehon l)elDI.n,.no ,geclt.jc.allo'ns. Com",enu and Cenditions af Appr.iSl' Living A'... Reom Tetal 'afms' hths To.tal :"S<rms : Sa.h, : Counl.ndTota. C\ . ~ ,,", 6.; '\\ :, : Gros, LIVlnlJ A'ea 11 ":lc;, ~ SQ. h;Qi67' SQ, 't.;4-7 .nnn S"e""ent& Slmt. I Common bsmt. i : >.no..... R.o",. h ;;~nd....1s.t,QX~ InfD,.., :+? 000 !l:unCt.an'l UI.llty 13 BR condo . Sim:ilar :-0- AH Cond~hen,"g .1 None ..~~==-,., Simil~'~ :-b- s..,... --1..h.llem~11J;.~.~.Limited :-0_ 'Pol-I,'....ng F .C.hhes . : Space' '. Undertlround :-3.000 Cununen E Icmcnlsl No ccnnmon '. : :f~:,~t:=;e.t'on ~ rec. t Similar : -0- ,;,,, .,l , >.T. ;," ,I. :_0_ '~e Asussment '.Aver~~_._" :Slm1:1att..... :"':0- c....on..alFoo ; Fee 'I Similar : -0- s";;:a7~~;-~l I ~. o..~_, I None ~ Sauna ;-3,000 O,he' 'e,g. I"e : II . O"C". kItchen Average ;;Si1J\ilar : ~o.- eaUoD , '.mo.delo"g' 'j . ---j; "bO,OOO cash/tta"e, Sille' or F....."c.ng , v- .' . . ......'1 C.nces...n. ' N/A l:ba1.owc 12% 5 .;rs..,.O- Net Adl. (tollll I \_~::JP.u,,~If'U' :s 2.000 Il!Id'C'."d V.lu. I --....... __.... t ~ l "50.'0<1 i.~ i,.- -....:$ 17~.nOO Comments 0." Milrket Oat.. An,IYSll _See attached. Ftn.1 R.co.nciliatien : AdiJiigant :Ad.~~t~~"t lip. q :-0_ Ill/Po? :"'0_ :+?O OM s.:I" :"n_ S. w. I a~ -good -u- SO\ltnIS1mlla'l" :"0- Townhouse :-5.000 Similar ~O- Similar :-0- Similar :"0- 1972 :-0- 1972 :-0- AVf!, I." ,,l :+5.000 Similar :"0- Total :B.rml :Sl1hs : Tout : 8.rms : B.th, . .-oy-'o c;, : _ 3 ilk: ~ l ? I 1170 Sa, h, :-0- IQllO SQ,1t,:.r6 000 i8~R~i ~;~h Similar Similar Limited SnaC!L ~ mile 175 000 :--.... ..........:$ tv ______ "-.....: $ Broker O'ESCR'If'TION 181 1/l!1 r;:"",l South/aVl>. Avera"" wrage 1972 ..Ga",l 101M ~im~lr North similar TOD floor Similar ._ 1973 ~._H :-p"'"! :~O- '-5.000 :"'0- :'...0.... :.;.,;0';" COnstructlo.n W..r'.n.ly U Ves W No Nam' elw'"anty ."'ogr.m W.rrantY,COve'JgeE.Pir.. This'.Dp,a.UI is bneduDon the above reQulreme"". the certific.tion. Centing.nl'~d limihngconditians. a"d Mar"et V.lua d.linitlo" the..,. itated in K...! r"'LMC Fo,m 439 IRev. 10,'lBI/FNMA Form 1004B IRev, 101l811iled whh Client .19_ (i] e.ttac:hed I ESTIMATE THE MARKET VALLI.E. AS,DEFINED.OF SU8JECTPROPERTV AS OF .' March 10. . u~ to be, SEE ATTACHED A'op,..,.",l . .:.;.s:', './'"S..,. A evil...... Apo'a.,., I.t 'Ppltc.blll ~/;O .' .fi::7 ;- O.a W O.a Not PI\v.icaIlV In'PIClPro.i,."y Oaa Rf'aor: S'oJ".O n__ _-::::.LL~ ._, ,19 Illvl"SE 'N~""o,~ to" '.'C " ~._ 46!1 9 NO . Similar v""I"u" Similar Similar Similar Similar Cash txPluS _MIOUs :' ><1$ See att",.}",,,. 9/80 ' ~ ~ NEIGHBORHQOD COMMENT~ (cQnti nued): subjeot property servioes Aspen and the area's ski resorts. central Aspen and the ski slopes makes the neighborhood very Aspen residents and tourists. Proximity to popular with COST APPROACH QOMMEN~S (cqntinued): complex due to inherent difficulties in deriving unit land cost, reproduotion cost and aocrued depre.ciation. COMMENT~ ON MARKET DATA: The three sales represent transaotions of reasonably similar two- and three-bedroom units in and near central Aspen. Sale 1 is located aoross the street from the subjec.t in a relatively similar complex. The unit also contains three bedrooms and two baths and is looated on the top floor. The privacy of this. top-floor location is considered Superior to the subject's middle-floor location. Views are oonsidered reasonably oomparable to the sUbject's. Terms of the sale were $60,000 cash with a trade and the owner carrying the balanoe for 5 years at 12~. We note that there are currently two Queen Victoria units available on the market for $200,000 each. '. Sale 2 is located in a oomplex near the west boundary of the City or Aspen. Its location away from the oentral core is significantly inrerior to the subject's. The unit itself is of townhouse design, considered slightly superior to the subjeot's garden middle-level design. The unit contains three bedrooms and 1-1/2 baths on the first and second levels, with a finished basement of 585 square feet finished as one-bedroom and one bath. The complex was built in 1972, and the units are comparable in quality to the subject. We also note the sale of Villa of Aspen Unit 28 in Deoember, 1982 for $207,000. This is a slightly smaller two-bedroom/1-1/2 bath unit with a finished basement. This sale would tend to direct us near the upper end of the range for Unit 2S. Sale 3 is situated in the Conoept 600 bUilding approximately three blocks from the subject. The unit itself has only two bedrooms and two baths, necessitating a large upward adjustment for the subject's superior layout. The oomplex is comparable in quality and the unit similar in oondition to the subject. We note that seller financing was involved in this transaction. There are currently two three-bedroom Concept 600 \1nitsavallable at $200,000 and $225,000. In our opinion, these units represent market competition for the subject complex,! and their range of listed pr:l.ces should help establish an upper parameter for .t;h.e, subject. We also note the sale of two Chateau Roaring Fork three-bedroom/two bath units. Unit 30 sold in August, 1982 for $260,000! and Unit 39 1.s under contract for $215,000 (cash). Both units are looated on the toP flo,or of the complex and contain apprOXimatelY 1150 square feet, three bedrooms and two baths. Unit 30 overlooks the river, and views are Significantly superior to those of Unit 39. We also note that the seller of Unit 39 was nearing foreclosure and needed an immediate sale. For this reas.on, the sale price is regarded as the lower range applicable for these units. The Chateau Roaring Fork complex 1.s superior in quality, amenities and overall appeal to the subject complex! and this range of value for three-bedroom units must be regarded as the extreme upper range applicable for the subject. Our sales reflect a range of value for Unit 2-South from apprOXimately $170.000 to $190,000. In our opinion, the subject's desirable south-facing views would direct us nearer the upper end of this range, or say $180,000 to $190,000. On a cash basis, we feel that the lower end of this "mini-range" of apprOXimatelY $180,000 is applicable. .--. .--. We have also been requested to value the remainder of the units in the complex. Unit 2-North is nearly identical to the sUbject, although it faces north and does not have the subject's south views toward Aspen Mountain and sun exposure. However, views are average north toward Red Mountain. In our opinion, the middle portion of the range established for Unit 2S is applicable for Unit 2N, or say $175,000 to $180,000. On a cash baSis, we would select the lower end of this range, or say $175,000. Units 1-North and 1-South are situated in the garden level of the complex. Effectively, they have very limited views and their location partially below grade is less desirable than higher I,lnits in the complex. For this reason, we feel a range of value is applicable from the lowest end of the range and slightly below the lowest end indicated by our comparable sales for Unit 2S. Consequently, it is our opinion that Units 1S and 1N have a value range from approximately $165,000 to $170,000. On a cash basis, we would select the lowest end of this range, or say $165,000 for each unit. Summarizing, the following are our value conclusions, on a cash baSis, for the subject units analzyed in this report as of March 10, 1983: Uni t 1-North: Unit 1-South: Uni t 2...North: Unit 2-South: $165,000 165,000 175,000 180.000 Total: $685,000 ... ~~. - - -- I I I I I I 1_____ Patio ,area for lS unit (IN Slightly smaller) 1"""\ 1"""\ SKETCH OF SUBJECT 18 ---.------ --2S patio ,area 1 --- - - - - - -- 13 --------- --2N, 3N deck a.e 33~ . Bedroom Living room 23 Bath Kitchen B!'; Bedroom . Bath Bedroom ,.'........ l8 f 8 x 13 a l8,x '6 , '.... 43~ Typical Unit Layout Taxes: lS = $724.50 25 = $744.88 1N = $724.50 2N = $731. 50 3N: $765.86 Not to scale; dimensions are approximate; for descriptive purposes only. r-, PHOTOGRAPHS OF SUBJECT ,..-, ,; ~~,. "..t ,- ... . . f: }O; .~ -.#!, ..- . ' Subject complex looking south \ \ I '~ -.......""1 Subject complex looking ~est 1 View south from Unit 2S ~ ,'-' - ..- " View looking north from Unit 2N '. .-.....,......-- r; ':. .~ "\" I \ . _.i , ',1 View west along !Iopkins,Avenue ,,- .' -"""'-" --.-~- ;:. . 'i ~. Neighborhood typieal eomplexes PARK . ' ,o~.q Irc, 11 .<1C(f: ~u ""OL~NO , . , , , ~DE~D!I : '" a: S:I ~ ~ <["';1 ,S3:~ ~rRING ......... .~ 11 il "J ~ I' i a----~-_h/.ET 4 HUNTER i 0 ---.. e O~ O~ B @ i ~ ~ GALENA a:: ~ o Ow 006D$[m~ lDu ~ MILL...;:): //~ MoLli] DO D~ ,~. ~ ~.~f @ ~ ~ ~~~~~/~ [ DO D~ DO ;O~~a:Q ~ 1@ bJ ~~! .~~ .~. dITo@ EJmOO~llli i DD ODM'D~~~r@D"D@"'" ~ h ~. DO DO dDTD~ WO!DQ ~ e:2 dO DO DO [J[n~ ~DI m % \Ju DU1JD DO qORDB ~O! DO~OD~DU~OO~OB~DG '~~I ~,...,r1::c,ngnl r-',<nn..JD~",'nn ~ nno.l s\ i'U !'~u'~: :, ::! ::u: I~ ',a:U:UI~ ,.i Ig ,%\J ....:' Li~ U Lw.l i . SIXTH l'i .'-1 rn .-, :;0, n nn nniL · lJU L-.:cJ U .~ u uU: ! C--n : ~.;VENn,; ~"[t:]'O'r=-' ..' : tJ ~u u EJ [j, , , EIGHTH -----'.-/in nn In If ~,... r. ,F~ ~ ~~ '/ RED '~1 .1!" ((o.\~fi;.((o. ~o((o.'" 1--((0.\""1;, ((0.0 0..01l .;. ~;;'O"'D 'I-'Q. "0 ;;. 't,. . ,.J1 qiJ "" lr .~ ~ 11 U z= w;: .. :r: ~i < - W ..J ::i ~ ,. oS> " \~.:.\ - , ' . , ,-- .~ QUALIFICATIONS OF APPRAISER Scott M. Bowie, R.M. PROFESSIONAL AFFILIATIONS: Residential Member, (R.M.) American Institute of Real Estate Appraisers M.A. I. Candidate, American Institute of Real Estate Appraisers Licensed Real Estate Broker in the State of Colorado Member of Aspen and Colorado Boards of Realtors Member of National Association of Board of Realtors EDUCATION: Harvard University, BA, 1971. Phi Beta Kappa, Magna Cum L~ude University of Colorado Continuing Education Division: Real Estate Law Real Estate Finance American Institute of Real Estate Appraisers: Course I-A, Principals Course VIII, Residential Course 1-B, Capitalization Techniques Course 2, Urban Properties BACKGROUND AND EXPERIENCE: Associate Appraiser: James J. Mollica & Associates, August 1976 - present Colorado Real Estate Broker:'1974 - present Condominium PropertY,ManagE!lllent: Durant Condominiums, Aspen, Colorado, 1971-1976 MAJOR CLIENTS SERVED: , Aspen Industrial Bank Aspen Savings & Loan Association Bank of Aspen City of Aspen County of Pitkin Empire Savings & Loan Association First National Bank of Aspen First Western Mortgage Corporation Majestic Savings & Loan TYPES OF PROPERTY APPRAISED: Single Family Residential Condominium Vacant Land Commercial FUNCTIONS OF APPRAISALS: Acquisition Condemnation Estate Planning Insurance Listings Mortgage Partition Sales Tax Planning ----.. STATEMENT OF CERTIFICATION: The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAIs and RMs who meet the ninimam standards of this progran are awarded periodic educational certification. I am certified under this program through December 31, 1983. Jnmes J. Mollica t AssotllllfS.IOC Real Estate Appraisers. and Consultants , '. . .A ,-, . < . DEFINITION OF MARKET VALUE: The highest price in terms of money which a properly will brill8 in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulu.s, Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (I) buyer and seller are typically motivated; (2) ,both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) finanCing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special finanCing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appra.isalTerminology," published 1975.) CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION: The Appraiser certifies and agrees that: I. .The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2, The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the partici. pants to the sale, The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3, The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knOWledge and belief, all statemen.ts and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under. signed affecting the analyses, opinions, and conclusion~ contained in the report). 5, This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated, 6, All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser." No change of any item in the appraisal report shall be made by anYOl1e other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change, CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject to the fOllOWing conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report, I. The Appraiser assumes no responsibility for maHers of a legal nature affecting the property appraised or the title there. to, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2, Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop. erty. The Appraiser has made no survey of the property. 3, The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made therefor. 4, Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization, The separate valuations for land and bUilding must not be used in conjunction with any other appraisal and are invalid if so used, 5, The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or, structures, which would render it more or less valuable, The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors, 6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and cQrre.ct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. 8. Neither all, nor any part of the conteni"of the report, or copy thereof (including conclusions as to the property value, the identity of the Appraiser, professional designations,reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shan be used for any pUrposes by anyone but the client specified in the repQrt, the borrower if appraisal fee paid by same,the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federallY approved' financial institution, any department, agency, or instrumel1tality of the Ul1ited States or any state or the District of Columbia, without the previous wriHel1 COl1Sel1t of the Appraiser; 110r shan it be cOl1veyed by al1yone to the public thrOUgh advertising, public relatiol1s, l1ews, sales, or other media, without the wriHel1 COl1sel1t al1d approval of the Appraiser. 9. On all appraisals, subject to satisfactory completiOI1, repairs, or alteratiol1S, the appraisal report al1d value cOl1clusiol1 are contil1gent upon completiol1of the improvemel1ts il1 a workmal1like mal1l1er. ., ..'. Date:.. '., .-:J/rpls.3. I"HLMC: I"ORM U' REV. 10/71 A 'r() &..~,. &-- ~ pptalses......"......... . .............. . I"'NMA "ORM 100... RKY. 10/7. '" ,.,::- .~ ,~ ....-, , !'IIKIN \...U,IN\..., SUllf 700.4 BENJAMIN FOX PAVILION JENKINTOWN. PA 19046 (215) 516,1200 'February 24, 1983 TO ALL LIMITED PARTNERS, PITKIN PARTNERS PITKIN PARTNERS II PITKIN PARTNERS III PITKIN PARTNERS IV PITKIN PARTNERS V PITKIN PARTNERS VI PITKIN PARTNERS SPECIAL PROPERTIES I Management: On February 2~, 1983, by a unanimous action, the stock, holders elected James C, Calaway, age 50, BBA: Doctor of Jurisprudence, University of Texas, as a Director of Pitkin Co, Inc. Mr. Calaway is founder and President of Southwest Minerals Inc. Since 1955 the company, based in Houston, Texas, has been active in oil and gas exploration in several states. lie is Chairman and Treasurer of FRIO Resources, Inc., Director of Amwar Petroleum Corporation, Director, Gulf Freeway National Bank, Houston (Southwest Bankshares Bank), Chairman of the Board, H. C. Hwang and Partners, Architects and Planning Consultants, Inc. Mr. Calaway has also been active in many educational, cultural and public intel:'est organizations in Texas and elsewhere. Mr. Calaway has acquired 2UOO shares and Southwest Minerals Inc. has acquired 2UOO shares of newly issued common stock of the company. Mr. Calaway controls the stock of Southwest Minerals Inc, and as a result of this transaction will control 16.66% of the voting stock of Pitkin Co. Inc. In addition the company has granted Mr. Calaway and/or Southwest Minerals Inc. an option for 120 days after February ll, 1983 to purchase an additional 16.66%, of the voting stock of the company. If said option is exercised, Mr. Calaway will own 33.3% of the Common s,tock of Pitkin Co. Inc. Mr. Calaway has been an active rear estate investor in a number of limited partnerships over the past 5 years, including each of the limited partnershIps sponsored by this company. lIis election to the Board of Directors brings to this company and the partner- '- .. /~ ,'-' Page 2 ships additional perspective and judgments formed by successful entrepreneurial management over time and strengthens the financial base of the company. Should you have any questions concerning this notice or any other aspects of your partnership's activities, please call me at 21S-576-l200. Sincerely, Robert L. Silverman President RLS/bb ,,' .... ,1981 'i I hot'.'.cn ALAN J. GOL DSTE I N I ~ : G', I [',;; Vr ofth. i LORETTA B.l.lmER Coo ~ COU:lt)' of llonroe and Stat<' of N. Y. "fthcfi.,": I",rt, .,,,1 i J'ITKIH CTY. REC.ORDER ,... 'Pitkin Partners Special Properties I, a Pennsylvania Limite :-:-: ':':;' who..lcK.I.dd.,...i. c/o J. Allen Dougherty, / Partnership i ;,;:'Esq., Schnader, Harrison, Sega~ & Lewi~, 1719 Packard Bld~. .~tR c::~, ofth. Count)'of Phl1adelphla ,,,,diltotl'of I _. oil{ Penna. ,ofthes..ond r.Tt: (" i,:'*...Philadelphia, PA 19102 . ... \\'ITNESSETIJ, Thalthe said pKJ't. y nftlw tir~t I'art, (('f ane! in ('{lrl~j{lcr3thn 0:. (' Ten Dollars ($10.00) and other good and valuable consideration-------n-~)t}{,{*R_i;_ ,', :\' to the sOlid porTty oCtile fint.}mrt in hand p.,itl).)' !'<lid flur! oiti.l' :O:~~(.oll;J.part. t.lw tt'('('il't Wht'fC'ufi$ : ~:. ~~" }H~reh).c(.jJlfe!Os('d :anl.!nckno\\'ledJ:~d. h.. S J..:'I'UJltt.tJ. bl\n~ainf'd. ~l.oi,l olntl {'o'I;l n':;~(l. at'.',! h:.. t ht!H' 1.r...~ltnt\O c.J~S O~. . 2'rant. bnrJ::ain, sell. conY,")' urad confirm, Wltd tilt' "aid pan Hi t j'". H'(";f1d 1.lt.:'L htoir:;. :,nd n!$iJ,:ns tor. " ~" ever, :tll the foUowin~ descrihed lot 01' )lun:el of):tlHI, situli.lt..lrilll: ;::;01 t'\':I:;: in the ',..: _ ;!.Ji, Count). or Pitkin nndSht~orr.ol~lr:HJo.towit: ,....,,!l " r:' l." ~. " '-'0 1. ~ -- "' .h,'c:urdt1~. .._. n(>\'t.'pti~. .tl... w_f:"'od.. . , :"i '.if . ',"::.=.:.. ::.~. i',':L~ '- , ~8d ..~ ~ ~1., '-\ .. r~t'l,'('r:i.. r. TIII~ lJEEH, M.d. this day"( 5th October 2 4', 0 3 4 0 3 01 PM 18Z i: ii I: I' i. " " !; j ~ H i,1 ,: I: II Ii II :. Ii 1: " i: I' I' t: " Unit 3 North, EAST HOPKINS CONDOMINIUMS, according to the Condominium Declaration recorded in Book 253 at SUBJECT TO: reservations and exceptions as contained in United States common to the City and Townsite of Aspen; and Condominium Declaration Hopkins Condominiums recorded in Book 253 at Page 267. Page 267, Patents for Eas t .i,,,t ;;~.. loi ....: ~ . \' FH " ; " :'.1 ' " i: " " . ~7 also known as street and number \. _ ~"h~'~'::::':'_'''' TOGETHER with all and singular the hereditamenh nnd appurtenances thereto beloniiini:'orln an)'wbuo apiler. tainin~, and the reversion and rp\'ersions, remainder and rClllnindt'rs. renh. iS$uE'S and profits thereof. and aU tll(' e~tate, riJ:ht, title, intereJt. claim and demand whatsoe\'cr of thE' $nid part y o(th€- fir!l-tpl\rt. eithrr in In\\' 01' "quit)'. 0(, in and to-theabove bargained pr(>n1j~(!s. with the hcn'ditall1(>nts and nPfl~lrlenanc(>$. TO HAVE AND TOllOl.D the said premisc.>s auo\" bnl'~l\ined and described w!th tit... nrlmrten:lnrto,. unto tlw said purt 01 tht" second part, heirlC and nni~nl' (ore\'('r. .-\nd the :mid part y of the fir:tt purl, (Clr h ime1 f, hisheirs. exerutorf. and r.dmini~tl'l\ton~. du es C'on.-rlnnt, eranl. bar):'uin, and U~rf'P to nnd with tilt.' ~aid part of the ~econd part. hc.>ir~ antll\~~iJ:ns. tl1M at tht' timl': ot till" l'u:lol.'ulinS:Ilnd dcli\'('r)' o(thest' Jlre~cnts. he is wcUseizedofthe pJ'C'mhws nlJ()\'e c"onvt')'E'd, a~ 0:" ~tlud.!l-un'. perfetto ;absulute nrHI inde(eal'ible estate of inheritnnce. in 1I\\\', in lee simple. nnd ha S 1:1'1{.d riJ:ht; tull JloweJ' :UltJ aut horit). to grant, b~lrgajn';$eU and con\'e)' the samt" in IlH\nnel' untl form :lS; a(urw..lid. and ,hat the Jlanlfo :tfl,1 (rc.>e- and c-1t'nr (rom all furmer and other ~rants. h~\I'gain~, sales.. Hens., huw:;, a~s('$l'n\(>nu. an.) (.:-.t'umbranrt.":' f.f whutt'\'E'r kind o( natur.,o.VOI'. except taxes for the current year and burdens of special assessment districts. Ii ~'--, nnd th(. uhn\'ebt\-r~:alned premi~es in tlw'quiN and peaC"eablc IUl~!'l.'~::.iunortlw :Ootid part o(:hf> ~l'('ond 1)01I.t. hcin and Mssign~ "J:s,inst 311 nnll r\'pr)' llerSOn OT IWrI'On~ luw(ull:-' d:dmiuJr or t6 claimthl' \\'hl,)!(' ','r an)' pont tht'r~'of.lhc ~aid I)nrt y ottlw fint J'01rt shall nile.! \\'UtWAHRA:,,\T A~l) FORF.YJ-:n HE fr.:o.:n. J~ \\Tr;\ESS WJlERE(H". thel':lid lIill't yorthr (il.~t pal't,lws h~J't'7Ilr:t'1 Jlet .hiS h:Uhl and st'.II the dny nnd ,'car fir~t aucl\'t' wI'iUt'n. ".: j , ./ / "'_... ' . / /' / /~ (/ ," , ---- ( (: .",..,,~-, , " ..'. '.' ./ .. '"", / -",-'''-' . "--.... .,... ~ L -".......... ... ~t. ".4"1 an ,1: 'GOI aslelil --- ,... I. .AI.. ~/' ... ,: , i it ;, ~ ! w _ ..... ___.___.__._.....~ .. .....(~f;.U.. i I ,__,(ilf:,11.1 ". ,,- S':ATE ::~~:~~:~:~:~~;~:r~:H 'J 1,(' (Hr('~oinJ: in~t l'IHlu.'nt WK1'I ,,,'kllflwlt-dJ!c,,d IwCurt. nu' t hi:;. I!' 81 ,hr Alan J. Goldstein. ~1~' t'Olll1tlilt~ionl'Xllil't'" ..')-?l...a.....t '-A'" d t ". (_j' I ~I ,1(/ . \\'It nt':'~u).' ~\anj :,tI.d'b.(!if'iall'll'ul. ., / ", / . / }'1 ,i.. i ~. ... . J . . '.:. // '. '-( ./.../:"(','-<.~ / / /.,,':u l,lCl,(..C-f.,', .._ ' /. r . .' ~.t....,t",hll.. " . ., ',j.;... .' ........ .' .'-:-;;' ' :' .... ~...',' ." \ .,,: I \ 5th " ,I,,~ "f October, '"f' . , .. " <, ~ .", ,/..:> .... ~.'.~ \\.AHHASTY(lr;..:U.-w....., 1';'..1o'0_,,1I!.. l.....'rd_ lh~;i!....ll',".h.:..,..; 1'., . l'.~.. _, C'.':'.,...~., 11_:,' ,19 81 'I ~ between ALAN J. GOLDSTEIN I " \:: ! ~. i ..... "...... ortlu.; o Count)' or r'lonroe .andSt,te"r N.Y. o(lh,:r",.t!,,,':t,,,," P;~kin '. - Partners Special Propertles I, a Pennsylvama l1mlted Parit- ,; ~'nership, c/o J, Allen Dougherty, Esq" Schnader, Harrison'I' 'QE Segal & Lewis, 1719 Packard B~dg, Phi~adelphia, PA 19102 I ., Co.' orthe County or Phlladelphla andState"r. .. l;,~ L Penna. ,orthes.eondpart: n::. ~: :'.'~~' ...I'.....~ ~ ," j.:J : !"'....:. ..:!: : () r.~ l~t'('ol'lh:d lIt ..... H(,'('('pliu~. "':"-:_' l.'" '[ E~:r;~; J ' i.. .__..... .f.."., ._lh:cor:Jt'r. ; ,~. ','" /Hf") f,d.~ ~'~'Jf."; lI't: :,.....~. \! TillS Dn:u, M,,,It.thi.5th .. i.. October day of 2' 4: 0 3 3 9 " LORETTA BANllER PITKIH CTY, RECORDER An 3 01 PM '8l WITSESSETII. That the said part y of the fint rart. ror and in considt'raticlfl cd Ten Dollars ($10.00) and other good and valuable consideration---------_~~~~~~~~ to the said p;\rty of the firstllnrt in hallcllll:a.id h>' ,"uid purl fI( th,., !'~<:und IH\rt. the reC'~ipt whu('nf i:l hereh)' confessed ;mdacknowledged, ha S R'rantcd. har2'.linr.d. sc,ld and cOI1",,(,::t:d. :tr,ct t,>. these prt'sent~ dfes grant, hnr2'nin, st'U, ('onv~>' and confirm, untlt th" :;aid part or th~ ~l;'('I.I'.d part, ht:irs nnd Uli!,jJ::t1S f'1r. c\"t'r, nil the followins: deNcribed lot ol'l1nrCl't of laud, :::itu:ttl', 1~'inJ! ant) h!:'in:: III t ht' County or Pi tkin nnd State o(Coloi'ado,luwit: i; " " Unit 2 North, EAST HOPKINS CONDOMINIU~lS, according to the Condominium Declaration recorded in Book 253 at Pftge 267, SUBJECT TO reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267, ! " I, II !! ", "''''''''1'0; ",. .t:H! ,,,;.:t,C,:':tll,iM r~~ , i: :i II I: 'j , i I I I I 1 Ii I' I' ,I I, ii " i: ir I, Ii il Ii Ii Ii I, II , l; ;, !! I: i; I, Ii il ;; , , ~ '"'\.", J ;"~'(j'~, also known as street and number ,"_' r; ~ ..,.........../K.,J?..."0.,......... .. " .' I TOGETHER with all and sinJrular the hereditamertt$ and apJl':lrtenance~'thereto beJon~in~. or in Iln~""ise apper. taining, and the reversion and reversicms, remainder,and'remainders, rents; i~sues and prfl(its thereoC, and all the efitate. ri~ht, title. intere~t., claim and demnnd whatsoe,'er 0( the said part y ot the tiut purt. f'ither in law or equit}., ot. in Rnd to the above bargained premises, wit hthe hereditament!ll; Rnd appurtenanfl"ll, TO HAVE ANn TOUOLD the said premises abo,'e bnrJ:~lined and descriu~tI with then}JJlurt~nnnl.'~$. unto thf' said part of the llecond part, heir~ and as:::iJ.:'lls (ore,'er. And thp. :l\:lid part y of the tir:c.t pUI.t. for himdf,hi s heirs. ~Xp.c:utOTfI and;:dmini~trators, do covenant. J::rant, har~aln,and a~ree to nnt! with the said part or the serond part, - heirs and assi~n:s:, t hut at the timp oC the E'nnnlinS! Gnd deli""r>' oCthese presents, he is, well s,cizcdofthe premiseI-; abo,~e cl'm"'e~'ed, n~ or J,:ood, !ll;Ure, perfe\'t, absolute and inde(easihle estateotinheritunce, in I"w,in fee simple, and ha S J:ood I'il!ht. full power and authorit). to ~rant. bars:ain, sell and rOIl"e)' the sume in manner nnd (OI'lU a~ aforctlaill. Hnd ih:n thp ~:unp 3.Yt.' free and clt'ar (rom all (or mer and ot.her JP:rants. bar~4ins, snles,lit'nl', tn);(.'$, assessment:;. nnd t>nC'umurancE'll (tf whate,'er kind of natu..eso",'er. except taxes for the current year and burdens of special assessment districts. -', Rnd the nho,'e bar~ninedllrel11i5esin the quiet and peaceable Pos$cssion ort he iOnid part of the 'cC'ond ~1a1't. heirs and assigns Ml!ninst all and eyel'j' perllOon or pel'lH~ns lawfull)'daiminS! or todnim the whole ~r an)' part thereor,th. said party oflhe (i..st part 'haUa,nd will II'AR RA~T A;o.;n FORE\'ER PEFE;o.;U, IN WITNESl; WIIERl::Of',th. said part y orthe (irsl pa..t~\a'S h.r..~l\tO'~'iS .hand and tleal the (ht), and )'car tir~t abc)\'t' wrilt,"'Il. /" - /f '.;/ .a~ __~ / A-t-;': "'1I./:A/"'o., " ~laiiT--[iildS efn-:'-~- ,- __,_._~l;E,II,1 ____'___m ---,,- -- ------,---,-,-.-. -, I -----.-,. .~../ .__.._-~_..._._______,t~f.:AL~ / ......-.-.-"-./ .' .' _.,,;-..(~.!-:.~1.1 !: ----. '--ST,~~F.Of' c()t;6R~I,Q:~:~,-}~}' '~~~ Count). or P::R:k+n/}':I;I!.l<,L- TIlt' furt'KoiuJ:: inliltrumt'nt Waf; Rl'kno,\'h,'d~...d bdon' nH' t hi!'! I~ 81 ,Ioy Alan J. Goldstein ~1>'l'(lmlUi~siunl.'X'ltil'l.g "'J?~'t.J., .'kl , \\'It lW$~ In)' h:lIHI ~n(1 (,r'ficial ,.1.';", ?; I ../ ,.... ' .,'; ~' '" . . \':\~. // ,,--.,' 'i.e'L, " ..': ,.., ,0' '0... ...l... ',..._ ....... ..,__y._" ~"l"'r. I"'J~IJI'. '. .\n)' ur October.',,' 5th .: " " .' . 1~'\ .~ ,) ~, /?\..~. ('/:.:A.~.'),,-:--. f,op) No, t13'2 W AHHA:S'fV u..:r::n.-}'l;lr rhol..,rr':soMt n......nt_ IJnct!l;lrd 1\.I.li.hlnR ("", I\~...". (c.l.;ir..d.. 1: ~:I .lD81 . l . , " LOh"cn ALAN J. GOLDSTEIN : ~ I ~ I n~ I :';~ ~. Countyo( 14onroe andStatco( N.y,O(t.~':t1",r;"<t"nrt,an'l i pr(l<~eEJl: ~~~~~~;R '" C2:Pitkin Partners Special Properties I, a Pennsylvania Limi~ed :- ",:, ::Partnership, c/o J: Allen Dougherty, Esq.. Schnader, Harr~- ~ I 3 CO PM fBZ ,.:,~son. Segal & Lewis, l719 Packard Bldg,. Philadelphia, PA ~91O~rR ' .. <;;;:.. o(the Count)'o( Philadelphia and State of "', ".:: Penna -,o(thesecond ,,"rt: :j 1'.I:~ . .- r'.' : , , , , ' , ;:\i. '~,. ;........<<.: '". ~: .. U.J t-- ; i !i '.. :.) ::5 ;! 1~"I"t:'Jl'(~ Hcc"p~i')l. ,I. I,'.:I'I('~.. . . . . ~ . .... ..': . ...~ ~ 41"'..., ',t'. '"l tll',.;:' o~;~ :'!. "~ l~~'\.,d~'r. '. TillS Ill':~:IJ, M:ute thi" October 5th doy of 2 4: 0 3 3 8 WITNESSETH. 'rhnt the 1;uid part y orthe firM part, for and in consideratiun (,: Ten Dollars ($10.00) and other good and valuable consideration----------~~~~~ to the $aid part y orthefil'J;t part inhand pnidby said IJ:trl or thoi:' sE.-Cond pi\rt. tht' rC(,E'ipt .....In.reor b ht'reh>' confessed and t\('kn.n.....lt!(!gt>d. hu grnntt.c.J. hnrJ.n~inp.c1.l'uld and ('t.Tl\",;'rMI. o!'".rl b)' thf":o;.~ ,'Ti'l'ent!O do es grant. lJl'lrgnin. sell. con v!;>)' ami confirm, unto the said part nf tht= ~t'('\md part. .win and :u~i~ns (or, e....er. all the folJowing des('ribed lot or pUI'l:el of land. :;ituat '...I;..inI: nod b~ing in the County of Pi tki n untlStntc of Colurado. to wit: I' " l; Ii Unit 1 North, EAST HOPKINS CONDOI.iJNIU~IS, according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. \I,A:, ',O""""'T'"J FEE ul.i;.;,Lnt:, ,",i,) '- Ii \' .. ~",. ,'" .I',-:/~ , .. j \ ~ ............1.6..:..:2..9........... . " ~ ...~~ ') :.:.. i......~. I i I I i i I abo known as street and number TOGETHER witb anand singular tbe hereditaments and appurtennncett thereto belonllin~. or in an)'wi~e npp~r. taining, nnd the reversion Ilnd rp\'crsions, remai'nder and remaind~rs. rents. iSSlli'S nnd prf\(jU thereo(. and all Uw e~late, ri~ht, title. interel't. claim and demand whatsoe\'er (If thesuid part Y (.( tilt:- first part. either in Inw or equity. of. in and tojhe abo\pe bargained premises. with thehen'dit:lInents anrl apptlrt<,nanct':o. TO HAVE AND TO UOLDthe said premises abo\'e bar~ained and describt'ti with th~ npP\lrtt-nunC't"$, unto the said part of the second part, hein and a:$t=i~IHi r(lre\'er, And thl!' ~aid part Y of tht- (ir~tt Jmrt. for himelf ,his heirs. executon. and ndmini~trntor:;. do es CO\'Cll:lnt, )!rant. unr~ain, Rnd il.$!rl!t" to ;lncl .....iththE' snid part of the second part, htoi"$( and ussj~n~. thut at tllt' timt' 01' thE' t'n~ealinJ! afhi dE'1t\.t"r)' orthe~e Jlre~cnts. he is we'1l seized ofthe premises abo\:e ('on\'('~'t'd. ll.!lo ui ~uod. $I.I1'e. perret.t. nhsolutt' llntl inde(ea~ilile estate ot inhcritn,nce, in law, in fee simple. nndhn S S!t'od I'i$!ht, fuli pO\\l'r ar.d authtlrit~' to grant, bnr~ain. senand cOIn-e)' the same in manUel' nnd (01'01 as n(ol'esaid. and i.hat th~ :onmp a1'\.' (I'~e and C'll'ar Crom all formE'r and other,grants, bn"JE'ains. sales. liens. taxes. tlsscs~m('nts and (oncumbranC'H 0( whau\'pr kind o( nature soever. except taxes for the current year and burdens of special assessment districts. I I II :1 " I ~ ; i: II 'I I, I' ,! -., and the- above hars:ained premi~e~ in the quiet and peuC'(>able PO~s('s~ion ort hi.' :HliJ I'art ofthe !=eC'ond part. heirs and nss'iJrnsng:'\ilut aU and ~\'er)'))er$on or Ilt'1':o:ons lawCull)' c1aimini! or to claim :he wholl.' c..r :).n~' rart thcreo(, the said party orth,. fir<t part <hnll nnd will \\'A1HIA~T A~U fORE\"F.n IlEn:~(), IN WITNESS \\'IIEREOF. tho snid pari y orthe fi".t "a.I"I)l~ h""",;!'!o ct.. h.iS h.and :tnt! "t.'21 the da)' ;and )'~al' fil.:;t abo\'t" writtl'n. ,.."../ _ // J;I"';: / ~' I 't1~: /1 C/L.,,-,: -.!,,' ,-,-:z:"L~I:f~:,===-,_fSEAI.) Alan J, oldstein I I i I -(/---. .." _..... ____.,8F.AI.\ . ' i: " '" __.._.,,':.._.:;EAI.. '.' "._.._,..-s~i:~~~~':~n;:!~1~:: Thl' rurese-oiu): iH~trunH.~lltwn~ 8('kl\nwh'd):l.d h"rul'l.- lilt. 1 hi:-; l~ 31 .hy Alan J. Goldstein. ~1~' t'ommis~i(ln t'Xllil'C'!>l '.. 114L"......:J........ 3", lilt). u{ Octobe'r. .' : " 5th .: '.. '.::.:"..' , ~ :t.... . . ,... ...... .I!) JI . \\'Iltw:,:: my IUUHJ ;uutl,)((1t"i"lr~l~;li:. .~,. ..... /) , -::..., (' . ,f. .' /3'.J~-O':'A,"/..<', ......,//t..~~...L~:c,,_....... , </ / ~,.11"'\ 1'.,1,1,,' i.' iC'~!;P~:;:\": H ~:~::I "':-::'71"::'" '( ~ : '.1.~! " St). 11:12 WAItR.\:-iTY 111-;1-:0._....., J~t"'kl.l'UftM('K...vrd_ Ih..M...,II'"t.l..I.i:.t< (.". I\""'n. ('..l.'No.~" II ~ Z' ) --1 '- ~ ,.0 )~ ~ ,.,1,.. " '" . , '<:,-~ .~'- ' Ld. ')' .:C :. ':l' I, I I' .::.. :'..1 :- f.... .. t:","\:dc"~ Hr\"'nl.iol,-' '; ..; ').j. J;~,i , : ~:~.~::.....!/~: ....:0.1. I,\';t".!, .... ,,~ t~tC('f'ly~; r: I'.' . TIlI~ 1 It: r 1>. ~lod..lhi, 5th day of October .1931 , . i I hctwn'I> ALAN J. GOLDSTE HI I I I ofthe j Count\" of ~lonroe ","l Slute of N. Y. .(thcfi"t P"rt, on,' Pi tki n Partne'rs Special Properties I, a Pennsylvania Limited Par~- nership, c/o J. Allen Dougherty, Esq., Schnader, Harrisohi, Segal & Lewis, 1719 Packard Bldg., Philadelphia, PA 191021 of the County 01 Philadelphia "nd!:',",c,,( i Penna. .,(the ~i('condpnrt: '2 4: 0 3 3 7 LORETT A BAHl/ER PITKIH CTY. RECORDER ArK 3 00 ~M 'BZ Wll'~F.SSETH. Thul the !{.dd )HU.t Y o(t hl! flf::t ,'art. (('If and in l'llnsilh..nn i;,'l~ (',;" Ten Dollars ($10.00) alld other good and valuable consideration-h----1lO1:1::,t'Jr~ to lht' ~aid Ilarty ()( the nr~l lIart in hRnd paiti h:-" ~~dd part of t!~.. .~\"(,'r.,"jJ part. the rt'l'ei;1t wherE"(\( j" li"'\'ch~,. ('Oil res~.:d nne! ncknowl,..dsrcd, ha knlnted. 1,.tnCilinpu. sul,1 Ull" l"on\.~:..t..d. ;!'iotl by t ht'!'e Jlre~('nt:i (!,)es grant. t'~Il')!kjn, IU~lI, CUll V'")' :In.:1 cOhrirtu. unto th~ lOuid part of th(' !'l'l:.;t!ri part, heir:t and :I:u,i$:'u,; fol'- en'r, n!lth~ followinJ.Cde~t"riht:d lot ur plu't..'t:1 of lanu, ~ituate.lying hlHI hdnl! In the Count). <If Pi tki n and State f)fCo)ol'ado. to wit: Unit 2 South, EAST HOPKINS CONDOMINIUMS, according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration 'for East Hopkins Condominiums recorded in Book ,253 at Page 267. ~rAif ~j~ti:;:;f.1,iR'r' FEr : .' '. '; ~'~'.." .' .. ...... i I I , I I i i I, 1 also known as street and.number 4i. .............Lf..:.:'::!..fd............. TOGETHER with all and singular the hereditamentsanu ll)lIlul.tt.>narices thereto belon2"inJZ. or in an)'wi:\t' nppt:r. taininJt, and the revenionand r.t-versions. remainder and remaindt!rs, rents, i~Hles and prAfiu .thereof, and all the estate. right, title. interest. elaim and demand whatsoe\'er of lht' snid part Y of the first par~, either in law or equit)., of. in and to !he above bargninod premi$es. with the hC'l'('dit aments ant! apr~lrtt"nanct',.. TO HAVE '\~-D TO nOLD the said premises above bal'JCkil'ied and descriLed with the aJ'lpurtenance" unto thE' said part of the second part. heir~ and as~hcns forp\'er. And the said part of the fir$t part, for him sel f, hi Shein, executul'P. and e-dministrntors; doeS Co\'enant. ~rant, bar,2'ain. and a){rt'e to nntl with the said part o(the llccond part. h,'irs Rnd Rs~iKn~, that :\t the timE- of th~ l'nlJt>:\linf,.! and d~li\'t>r)' ofthesl" prescnts. he is well aseized of the premises nbu\:e l'on\.t')'ed. 8$ of J:uod. !ture, perfect. nb~olute and indefea~ihle l'state of inheritance. in Jaw. in fee simple, and ha S ~oodri"ht, full pO\lo'tr :lnd authorit). to grant, bargain, seU and (on\'(')-' the same in manner and form nJ'. dort'said. and lhat the ,amp art' ft ee anti clt'nr from all former and other grants~ hnrgains.sales.lien$. taxl"!;. assessmt'nts and encumb-rance$ of whatever kind of nature soecer" except taxes for the current year and burdens of special assessll)ent districts. ! i: ; I I: i: j' I: ........... I " I and tht.> nbo\'t' lJars:ained llremisuin the quit't and peact'able' poss('ssjon oft hi' ~aid part oft he fccund part, heirs nnd assigns a)t:linlSt aU andt'\'el')'I)t.'TSon 01' p('I.Jotons law(ull)' ('Inimin~ (.IJ' to claim the wholt' C\r nn)' 11ltrt thf'l.t'(tf. th~ said part y ofthc fir~t vart ~hall nlJ.d-'\\11l~VAJ~RA:o\T A:o\D FOREVER J)EFE~n. JS \\'ITZ'r;S~ \\'IU:Rl':OF', till' snid Ilurl y , ofth" ril'Jotl 1>1\:4't n.is' l"'r:l~lt7)"1~:jnd "nd oe.1 the d"y Dnd )'elll' li.,.t au,",'" "Tllten, ...,:?'z )rA./L~, _ .- , ;6., ~.&-_,_-.~..I~}:'U., -A an J~astein ' ----'-1- ". --.-.-_.,_..__....Il'EAI.. ...., .......::, .'_______..._.. .lSEAl.. ~"ATE 01-' (;()I~Q.~.",(,f J~ } os, Count)'of P.:i::tk::i'fl77Ul.~ Till' fon'J.:oinJe in~trunll"nt wu~ arknuwl(.'(IJ:cd ht'foJ'l' Ill'! this 1~81 ,h!' Alan J. Goldstein. ~l)' t'llllln\ilO~ion I'xpirt.jol ..'7?~.,.It..r:---1".., StJ .I"p,r October, 'I 5th ", I " ,. '.. ., '. ~. . . '.) .. .... '. .)' )l , HI i(..:f . WIt th',$!C m)' h~lllllt~,t:6{fiC"ial NI..~I: 'I . ". '" ..' I.,," , '. L I.' : ,. , ;",,-<,--'> AN' '" /)? /~t.t~&-:, '.:, ,:, .". '... .::;;' 7 ~,:,,'~I'..loIl" li'::- ... .. ',."'.',~::.{;-,,, ;O.>::'Jti!:<.: ;". G.1UDiO ........,.\' ..' ;~. .. , .~.~ Q! ::.'.'Il~t;. I ..\ . ,.' . .. , .' '." . . . ~ ,~. . '. .'. I. ", }\\'. \l1'! W AHk,\;"'TY O'F.~:!).-,,'u, l'hl,i"II',.,.h!, }(.oc"\...I_ Hndf",d l'llh!i"l,i",( (.... 0.......,'. ("..~.,...J" 11. :!' ')",.' LORETTABAHHER 6\-:: of the P' m-l<lll en. RECORDER ", Iv ,. County of Monroe andStateof N. y,. orth. fi.." I""'t.ond 1 :Z ::Pa~tners Special Properties I, a Pennsylvania limi~ed Par ner- ,- ~,'Shlp, c/o J. Allen'Dougherty, Esq., S chnader"Harnson, I ArR o ,:Segal & lewis, 1719 Packard Bldg., Philadelphia, PA 19102 ;::::; orthe County of Philadelphia "nd Stoteof ,1 ~ !. P ~ ~:enna. Qfthe set'ond part~ st, . . ,. WITNESSETH. That tht' said part Y oCt he first part, fut' alld in (,fltl!'ideri\tion of !'~ Ten Dollars ($10.00) and other good and valuable consideration----------~~~R~ to the said party o(the first part in hand pnid by !Iollid part of the ~econd JHtrL the receipt 'o\'hereof is hHCb)' confessed and acknowledged. haS 5:rHnted, harKaillf'd. :o;old ~nll cOIl\"e~..ed. uriCI1),.. the~... prpsents do es graul. bargain. self. co,n\'e)' urad conCil'm, unto the );uid purt uf till;> sccond f)'art.. bt.!TS ant! ~!=!:i$:'ns for. eVt"r, .\11 the .followinlt described lot or pUl'ee! of litoli. situate,lrillg and being in thE" County of Pi tk i n llnd State orColor.do.to wit: . , ,~( ! --.i:~: .........~' '~' .;.; "::j:::j ',,- t' ! : \ ~....; ,: --. j-..;- i. -'-, ",," I' :.)...ili : , Ht.c.'urdC'dI"""Loo:""__ . _._,__o'('lo('k..._... r..L. ~!,~!P.~i:O~!.l %'.lu. .__. ,:",.,:~,:",~~._.u:,.~_:_._~. '\"'./" ''''I1J<U " --.: "',,~-:IU '.,' .,-., ._._.l~N'(>:,,:h,'~._,. _. /' . . "'. .. ...:,~ .' /,;;;- THIS DEED. Made this 5th , HJ81 2' lr. 0 3 3 6 day of October bt..tween ALAN J. GOLDSTEIN 3 00 PH'S? Unit 1 South, EAST HOPKINS CONDOMINIUMS according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. 'T'T, n.r....\..JT.rr roo ;" .11.. _ ",U,:U;',tl ;~.l' It r .... .', .....'... ,! abo known as street and number. " ..n.............L.G..:5..~_.... TOGETHER with an and singular the hereditaments and appurtenances'thereto belor-gintz". or in anywiJe apper. tainini:", and the reversion and r~ver~ions, remainder and remainders, rl'nts. j.ssues nnd prnf:ts thereor, and aU the estate, right, title, interest, claim nnd demand whatsoever of thp said part Y or the fint part, (lither in h\\l.' or equit)" 0(, in and to-the above bargained premises, wit h th~ hereditament!' and appllrt(,IU\i\('e~, TO HAVE AND TO HOLD the said premises above barJ,:ained ~\ndde~crihed w:th thto appurtenancu. unto the said part of the second part, heirs and assil{n~ forever. And th~ said party of the (jut part. (or himsel f )hiShein, executortt, and administrators, does ('o\.ennnt. J,!nmt. bargain. and a~ree to and with th(' said part or the second part, lll"irs nnd,a~siJ.':".n!'. thut at tilt' timt- or t he L~n5l-"aHng and deli"CT)' of these presents. he is well seized ofthe prcmist,~ abo,'" cOIl,.e>'('d. a~ (lJ ~uud. ~ure. perfLO"'l..;\b.:tolut" and inde(c:>a!'ihle estate of inheritance. in law. in fee simple. and ha S J:(Iod ri~ht. (uT! powcor and autl:flrity to grant. bargain, sell and eon\'e).the JBme in manner and (orm a~ aforesnid. and i. hat t he sam,. are fl'er nnd ('It.'ar (rom all (ormt.'r and other grants, bar~ainsl sales, liens. taxes. asse~sm('nts nnr! f'n('umbrancu of whatt'\"t'-I' kir'ht of nature,oever. except taxes for the current year and burdens of special assessment districts. .....~...:. , i " il I, 1: and the above bar$:ain~d pl.emises in the quiet and peaceahle Jlos!,e!'~i(ln ortht, said part ort he "l.~('ond l'3).t. heirs and assigns n~~linst all andt'ver>'penton or 1)('1"80n~ l<lwrull>' claim in)! or to daim ~ he wholt' ('Ir an)' part tli.....of, the .oid part y or the first 1'''''' .hnll an~,~ill II'ARRA:-;T A:-;O r-ORE\'ER IlErE:-;J>, IN WITNESS WHEREO}....lhc said pnrt Y of the rin;l pnrt 1;x.S:'. ?\l'un~\, ~~vhi Shand "no seal the day and )'.1\1' fi".t aoo\'. written, / .,,_ /)f; ( /:;. ". I / Z/~1 ~{~//.l.-6.~ (~r., '-in al1-J:--G6:r-6s"mn-L-;:,'."".~,-- .'--~<..,' ,I .. ....-4'..... -- ,---, '-,--- ___u.1SEALI l/ I' " I: i " :i Ii I' 1 I: ---- ---.--;; A'~n; O~~~fri.~I';~~0:?1;~1~,~7(r ~~~. Count)' of Poi:tIci:n-llZt7t...-tj TIlt' rllrt'5:0illJ,: in~lrunwnt wa~ ;1('knowlt..dKl.d bdol"l' rUt. 1 hil-t 1981 ,1>)' Alan J. Goldstein. M,\' "OlIUnil-t:.:ion t.'xpit'(.'$ '/}'L-ct--'\.-r:: '-- .3'.::.' -_, .......:._.l.'JSF.Al.1 ..' .~ ' "!;: '. '. .. , . " -;.. t ..... ":0: . . ; ,;, .. ').. Iln)' uf Octo~,e-'~t ..~. _ ' ~ '~! =,: -.:. '. .' i .,.. ,::;) .1P J j . WiuU':=:o: m~-ll:Lnlt.ahd offinal ,:.,..:.1..... ~ /2 'J' ),) {:' " "(, -,::;. '.. ,,;~- " J/",,'-,-<,-,A,."L-<....<-<--.. , ,:?';:"':a.~'("'"!:.c; ..,'_ ~L".._..""", ,/ > / ~'ot,...~\ 1....,,'" . ( /' " - ' ~. ': I.:;' \ : ..~: . 4 \.., .... 5th . , I' .5:.3 l'\u. ~1:'2 WAIUt,\NTY 1);:tJI,-r.., 1'''n'''arUI')o1(' ll.oNlnl_ IIht!!,."II'uh:..I,,:',: ('''' r...."..,. 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