HomeMy WebLinkAboutlanduse case.ts.825 E Hopkins Ave.TS-1983-1
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MEMORANDUM
TO: Aspen Planning and ~oning 9ommission
FROM: Alice Davis, Planning Office
RE: East Hopkins Timeshare Project - Subdivision Exception
and Conditional Use Review - Public Hearing
DATE: August 16, 1983
Location: 825 East 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 ~Qllftitional
ll~~~pproval (Section 20-3.3) from P&Z and approval
of a subdivision exception review (Section 20-24) .
Condominiumization is not necessary since the units
have already been condominiumized.
Project
Summary:
The East Hopkins Condominiums currently consist
of ~multifamily units with kitchens. Each unit
is to be divided in 52 timeshare weeks. Four of
the 52 weeks (two in the spring and two in the
fall) are reserved for maintenance. The remaining
48 weeks will be sold as two week timeshare packages
(24 total packages to be sold for each unit). Each
two week package will contain one prime week and
one offseason week with the prices adjusted for
seasonal variations and market demand.
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Planning Office
Review: Timeshare SubqivisionException Review
The following isa review of the East Hopkins
Timeshare Project according to the standards and
review criteria in Section 20-24 of the Code.
1.
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Right-To-Use. The proposed timeshare units
will be sold by warranty deed. No prohibited
right-to-use leaseholds will be used.
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 Planning
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. A
C.O. shOuld not be issued for any timeshare
unit until 72 of the 144 packages (50%) are .'
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Marketing and Sales Practices. The marketing
of the East Hopkins Timeshare Project will be
geared toward returnincr Aspen visitors who
have been unwilling to commit to the sizable
resources which are ordinarily necessary to
purchase a second home. Timeshare interests
will be sold as a "two week vacation in Aspen -
f6rever. "
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Memo: East Hopkins Timesha.re Project
Page Two
August 16, 1983
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A local real p~rarp hrnkpra~~ firm, as yet unidentified,
will be the marketing entity for the project. A
local managing agent will also be designated.
Since present Aspen visitors are considered the
most likely purchasers, the sale~ effnrr~ will be
concentrated in the Asp~n area. Denver and Grand
Junction will also receive advertisement coverage
as well as a t-ew nationq]. ski and vacation_maga..in"'~
or newspaper travel sections. Qir~ct mail literature
will be used to explain the timeshare concept to
interested people in these areas. The Multiple
ListingServi"p will also contain detailed information
on the concept .
The entire Asp~n Board of Realtors will be encouraged
to provide rpferrals Qn..a fe~ basis to the local
brokerage firm who will be solely responsible for
operating within applicable real eS.tate laws.
Condominium un.it #2-N will be renovated, refurnished
and unoccupied, a,nd will function as a. model for
the sales program.
No prohibited sales practices (use of public malls
and streets for sales, phone sOlicitations, the
giving of gifts in a deceptive manner) will be
allowed.
The P&Z must review the marketing program to ensure
tha,t the off~ei3.son will be adeauatelj>: marketed. As
established, the purchaser picks the two weeks (one
peak season, one offseason) that he wishes to buy.
This, historically, has creat~il prohlems 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 uncl~ar if there are enouah offseason weeks
to ,packaae with both ~llmm~r and winter we<7ks. It
is recommended that the applicant predetermine the
two week.packa'i7~~; 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.
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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 generated should not be too much greater
than those generated from the project operating
as a traditional condominium.
Parking. The parking requirement in the R-MF
zone is .1 spa"~ p",r hpdrnom for, re.sidential
uses and no requirement for a lodge use since
lodges are not an allowed use in the R-MF
zone. The East Hopkins Condominiums contain
three bedroom units which, as a residential
condominium, requires 18.spa,ces for the six
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Memo: East Hopkins Timeshare Project
Page Three
August 16, 1983
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units. Parking requi.:J::.~m~..!)r'" h""" be~m wni""'d
in the past for condominium approvals as it is
often physically arid 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 r..e..tn in" J J emistiR'9 parking
spaces and. th.e same should already be (at a
minimum) true with timeshare projects.
The applicant for the East Hopkins Condominiums
has agreed to ~~tai~ the six existinq 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 pro~1em
in thi.~.aJ;;ea ClIl.d t-he__moI.e__JntensiY_~__USELQ.;t the
~_\o[i.lJ,__gen"''''a te-.f.urther .s.:ignllican t 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 ueel,s 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
wee.ks perceived by some members of the communi ty
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
association fees which equal $115,038 for the
six unit project, $19,173 for the 24 two week
packages, and $798.84 annually, or~200 quarterly
and $66 Qer month. for each two week pncka~e.
The budget appears to be reasonable, except
that it is unclear which expenditure items go
into the. rese s for interior and exterior
maintenaRGc and ropa-i.r:.lLwh~c are 0 e e
in-an escrow account until needed. The Planning
Office recommends that the expenditures intended
for this reserve fund be identified by the
applicant so it can be evaluated for its
adequacy. If both the Maintenance Reserve and
the.Furniture and Appliance Reserve are to be
escrowed, the identified total of $6,200 per
year to be collected for this purpose should be
satisfactory for major structural repairs
which may be necessary in the future. (The
Furniture and Appliance Reserve has been amended
from $9,000 per year to $5,000 per year while the
Interior Repairs and Maintenance Fund has been
increased from $6,000 to $10,000 per year.)
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Memo: East Hopkins Timeshare Project
Page Four
August 16, 1983
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9.
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 perc~nt of
the fair m"rkp-t 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~03,15QJto be
spent on upgrading. The applicant has met
this requirement by identifying $133,625
alre'ady put into renovations and $l94,l50
proposed for renovations for a total of $327,775
in improvements. The applicant should, however,
document the expenditures already made to
verify the improvements.
Escrow. The ordinance requires that~ll
deposits or downp"yments made in cpnnection
with the purchase of a unit be held in an
. escrow ""count until closing or the issuance
of a certificate of occgpAncy, whichever is
later. The applicant says this <;tccount will
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 cOInmitment 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-
m<;ttely $200 which will cover general operating
and maintenance costs as well as a reserve
fund for major repairs. The quarterly assessment
fee can, ~s proposed. be adiusted by a majority
vOrl" ~~ thQ ~~~rd of Manaqers. The Planning
Office feels that a maiority vOrl" or ~he
Horneowners'Association would be a more appro-
pr~ate,equ~table 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. The . ' .
applicant, at the Planning Office's r~vp~r~~rnQ'Jr~
has now agreed to require ~ JOeL """,,rof the . . '-r )
vQters in the Owners A~s9~~a~io~~2~ree to
any fee change bef?re the change can be instated.
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Reserve. At the time of closing, each time-
share purchaser will contribute a three@\ont~
assessment fee. in advance to the reserve l:und.
The reserve fund will then be increased quarterly
by the regular assessment fees according to
the budget allocations for the reserve fund
(Maintenance Reserve #14, Furniture and Appliance
Reserve # 3) .
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Memo: East Hopkins Timeshare Project
Page Five
August 16, 1983
12. 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 eiqht neople 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
4B petJp!t 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 limitation which cons;.t;rt.Hi:ces a more
, ~es;r"h'e cOlllfgrt l,y:el,possibly six persons,
~rr' as opposed to the highest occupancy allowed by
the building code.
Conditional Use
Review (Sec. 20-3.3)
The primary purpose of requiring a conditional use
review for a timeshare project is so that a public
hearing will be set 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.
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Conditional uses must comply with the zoning
code. This project complies with all require-
mentsof the zoning 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.
1.
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2. The project is required to be consistent- ','i "th
tpe zoning code and with the objectives of t-h~
aRPlicable zone district- Throughout the
timeshare ord1nance review process the Planning
Office felt that timesharing was a hi.gh 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 n~;vQ. tY"ffic and a more fully
utilized year round_.J.l~e..._we still believe tha-t
the R-MF zone is"- not an appropriate zone for
timesharing. The ~se is, however, now allowed
in this zone, therefore we should make sure if
a project is approved, that all possible
negative impacts are mitigated to the degree
possible and practical.
3. The use must be compatible with surrounding
land uses. Compatibility has historically
been reviewed according to three potential
.~mp~9ts - pa~in9; noise and local versus
(to~~~~>or~en ,ation. IParkin~ a~d.noise ~roblems
at the proJec~ may b'Jmore s1gn1f1cant W1 th
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Memo: East Hopkins Timeshare Project
Page Six
August 16, 1983
the new timeshare use, and the operation will
still be oriented toward the tourist populatioIl.
Again, a timeshare use is often incompatible
in a residential zone.
Referral
Comme.n ts:
Engineering had the following comments 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 arty 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 LiceIlse should be presented
to the City, as City, County and State sales taxes
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.
Gary Esary, Assistant City Attorney, has met several
times with the applicant and the Planning Office.
His legal clarifications and requested recommenda-
tions have been incorporated into the attached
conditions of approval recommended by the Planning
Office.
Planning Office
Recommendation:
The Planning Office has a very difficult time
recommending the .approval of the East Hopkins
Condominium Timeshare Project due to the. resulting
negative impacts which will. be felt by the surrounding
mixed residential neighborhood. The parking impacts
from providing only six spaces for a project selling'
144 two-week timeshare interests will be substantial.
At full occupancy the project could generate 48
people. We feel that the increased noise, traffic,
parking and the generally more intensive use .of the
project is inappropriate for a neighborhood which
is predominantly residential.
Throughout the timeshare ordinance process, the
Planning Office was not in favor of allowing time-
sharing in any residential zone including the R-MF
district. P&Z agreed but' Council chose to allow the
use in theR-MF district where short terming currently
exists. The Planning Office feels that this application
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Memo: 'East Hopkins Timeshare Project
Page Seven
August 16, 1983
shows that the impacts .which inevitably rise from
timeSharing are more strongly felt in a residential
neighborhood than in a zone district more appropriate
for the uSe (lodge .or commercial zone) where the
impacts are more routine and often expected. For
these reasons, the Planning Office recommends that
P&Z recommend the denial of the East Hopkins Project.
If P&Z disagrees and wishes to recommend the
approval of this project, it is crucial that all
aspects of the project be closely scrutinized so
that all .possible impacts are mitigated to the
greatest degree possible and practical. The major
areas of concern which need close scrutiny are the
market,ing program, parking, the pre-sales agreement
which requires 72 of 144 packages to be sold prior
to a closing, and the amenity package.
In an effo.rt 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 during this period.
2. The timeshare interests must be sold in two-
week packages with each package containing one
prime week and one offseason week, with the
prices adjusted for seasonal variations and
market demand. The applicant should establish
a calendar identifying the predetermined two-
week packages that will be available so that
these can be reviewed by the Planning Office
prior to City Council review.
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 Condominiums,
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 timeshare use.' No closing is allowed
until 72 of the 144 packages in the project
are sold.
5. No prohibited sales practices, including the
use of public malls and streets for sales,
loc,al phone solicitations, and the giving of
gifts in a deceptive manner will be allowed.
6. As clarified by the applicant, the Budget
expenditures for the Furniture and ~)pliance
reserve ($5,OOO/year) and the Maintenance
Reserve ($1,200/year) must be held in an
e.scrow account and used.only for major interior
and exterior repairs, as is necessary. These
reserve, escrowed monies ($6,200/year) are
mandatory for five years, at which time the
amounts may be amended if such amendment is
approved by 75 percent of the voters in the
bomeowners association.
7. A deposit equal to two month's association
fees must be required at the time of sale.
This money must be put into an escrow account
as the beginning of the required reserve fund.
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Memo: East Hopkins
Page Eight
August 16, 1983
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Timeshare Project
9.
10.
11.
12.
13.
14.
Evidence that all escrow accounts required
have been established must be presented to the
City of Aspen when such accounts are established.
The applicant should document the amenities to
be available in the project to back up a
statement in the application that the lack of
amenities would present no burden on public
facilities. Amenities must be shown on the
plat.
The initial required assessment fees for first
purc~asers must remain within 10 percent of
the fees proposed. Any future increase in the
assessment fees must be approved by 75 percent
of the voters in the homeowners association.
Evidence that the budget covers the cost of
the four maintenance weeks should be documented.
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 ~nsure
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 bya 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.,
15. No more than eight 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:
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 Substantially inadequate. The
applicant must designate the six on-site
parking spaces as limited to the use of
the six specific units.
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Memo: East Hopkins
Page Nine
August 16, 1983
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Timeshare Project
17.
18.
19.
,20.
21.
22.
As recommended by the Finance Department,
evidence must be shown that the Colorado State
Sales Tax License has been acquired since the
project will be subject to City, County and
State sales tax on any short term rental use
of the units.
The real estate transfer tax will apply to all
ini tial anc~ subsequent sales of the proposed
timeshare interests. The applicant will also
be responsible for the required occupation
tax.
The applicant's attorney must submit an opinion
letter verifying that the submitted warranty
deeds represent a complete and accurate repre-
sentation of the current status of the title
to the subject property.
A statement must be included in the new timeshare
condominium documents which says these documents
supercede the. old condominium documents of the
original E. Hopkins Condominiums prior to
timesharing.
The applicant must more specifically define
the seasons in Aspen (ski area opening dates,
etc.) as well as specifically identifying the
dates included in the offseason timeshare
weeks and peak season timeshare weeks.
One deed must be conveyed for each three week
package so that weeks are never sold individually.
23. If a developer rents his portion of unsold
timeshare interests, he must do so in a manner
similar to the short term timeshare uses so
that compatible uses are maintained within the
project.
24. A local brokerage firm will be the project's
marketing entity. This firm must be identified
as soon as possible prior to Council review. Back-
ground information on the firm (resume, history,
etc.) must also be submitted prior to Council
review as, well as a letter stating that the
firm agrees to be the marketing entity and
,. will abide by the project's conditi()ns of
approval.
25. The project must have a local managing agent.
26. An interum Board of Managers must be established
by the developer until the first Board of
Managersi"s established by the homeowners asso-
ciation. The homeowners association must establish
a Board of Managers within 120 days after 75
percent of the timeshare packages are sold.
27. The owners are required to own the common amenities
and common areas such as the hot tub and saunas.
28. The financing for the project must be expressly
subject to all restrictions placed on the project.
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Memo: East Hopkins
Page Ten
August 16, 1983
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Timeshare Project
29.
30.
31.
32.
33.
The disclosure statement, condominium documents,
articles'of incorporation and the by-laws of
the association must all be amended to reflect
the conditions of approval placed on the E.
Hopkins Condominiums through the approval process.
The Planning Office and the Attorney's Office
must both review and approve the final documents
to ensure the changes and clarifications are
accurately made.
Any updating or amending of the approved time-
share documents mUst be approved through the
'City according to the requirements of Section
20-24 of the subdivision regulations.
If the project ultimately becomes involved in
an exchange program, full details (costs,
procedures, other projects involved, confirmation
percentages, etc. ) must be provided to the
purchasers of the timeshare interests.
The declarant and the timeshare owners must
begin to pay the required assessment fees as soon
as a closing is completed for a timeshare interest.
To ensure compliance with the proposed marketing
program, the applicant must post with the City
suitable security as required by Section 20-24 of
the Code. The applicant has agreed to post
$10,000 cash, a $20,000 letter of credit or a
$100,000 surety bond.
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~
EAST HOPKINS CONDOMINIUM ASSOCIATION
Preliminary Budget
FRACTIONAL OWNER'S ANNUAL DUES
1. Individual Unit Electricity
.~.Individual Telephone
/:::~.1
<~ 3) Furni ture & Appliance Reserve
~. Homeowner's Insurance
5. Property Taxes
6. Property Management
7. Housekeeping
8. Interior Repairs & Maintenance
SUB-TOTALS . . . . . . . . . .
9. Magazine & Newspaper
Subscriptions
10. Exchange Membership**
11. Aspen Club Membership**
12. Golf Course Privileges**
:ONDOMINIUM HOMEOWNERS
ASSOCIATION FEES
1. Property Management
2. Insurance
3. Miscellaneous
(Postage, Xeroxing, etc.)
4 .
5.
6 .
7.
8.
9.
10.
11.
12.
13.
~
Natural Gas
Common Electric
Trash Removal
Sewer
Water
Cable T.V.
Plumbing & Heating
Snow Removal
Building Exterior (Incl.
Grounds, Landscaping
Maintenance Reserve
SUB-TOTALS . . . . . . . . . . .
OWNER'S DUES + ASSOCIATION FEES
(Plus TBD* figures)
...-......
Hot Tub)
* To Be Determined
** Optional for each interval owner
PER.WEEK
$ 3.75
2.50
31. 25
3.13
75.00
75.00
106.00
20.83
$ 317.46
TBD*
"
"
"
$
8.75 $
6.94
2 WEEKS
$ 7.50
5.00
62.50
6.26
150.00
150.00
212.00
41. 66
$ 634.92
TBD*
"
..
"
17.50
13.88
6.94
52.08
8.32
5.20
3.82
5.14
9.72
6.94
5.20
17.36
3.48
8.34
$ 163.92
$ 798.84
PER UNIT,
PER YEAR
$ 180.00
120.00
1,500.00
150.00
3,600.00
3,600.00
5,088.00
1,000.00
$ 15,238.00
TBD*
"
"
"
$
420.00 $
333.28
6 UNIT~
PER YEJ
$ 1,080.(
720.(
bY, 0,.00. C
900.0
21,600.G
21,600.0
30,528.0
~,OOO.O
$ 91,428.0
TBD*
"
"
"
2,520.0(
2,OOO.0(
l,OOO.O(
7,500.0(
1,200.0C
750.0C
550.00
740.00
1,400.00
1,000.00
750.00
2,500.00
500.00
1,200.00
$ 23,610.00
$115,038.00
'ote: Above Figures are for a six-unit condominium complex. Forty-eight weeks
will be sold for each unit, probably in sixteen blocks of three weeks, or
twenty-four blocks of two weeks. Four weeks will be reserved (e.g. two
per off-season) for repair, cleaning, and maintenance work. These four
weeks are factored into the above figures, i.e. they are taken from a year
of 48 rather than 52 weeks.
3.47
26.04
4.16
2.60
1. 91
2.57
4.86
3.47
2.60
8.68
1. 74
4.17
$ 81. 96
$ 399.42
166.56
1,249.92
200.00
124.96
91. 68
123.36
233.28
166.56
124.96
416.64
83.36
200.00
$ 3,934.56
$ 19,172.56
~
~
MEMORANDUM
TO:
Alice Dav~s, Planning Office
Jay Hammo~d, City Engineering ~~
July 19, ~983
FROM:
DATE:
RE:
East Hopkfns Condominiums Timeshare Project
-----------------~---------------------------------------
Having reviewed the above timeshare application, and made
a site inspection; the Engineering Department has the
following comment~:
1. The plat submitted with the application is not
adequate, having ~een recorded in 1971. Theapplicant
should be require~ to record an updated plat reflecting
any changes to th~ property including new facilities
planned as amenities. Replatting may also offer the oppurtunity
to renumber the u*its eliminating the north-south designations.
2. The timeshareiowners association should be obligated to
join future improtement districts.
3. It should be ~oted that parking on the site is substantially
inadequate, proviqing six spaces for an eighteen bedroom
structure. The~pplicant should, at a minimum, designate"
the on-site parki~g as limited to the use of specific units.
JH/co
...3
,....,.
~
MEMORANDUM
----------
TO:
FROM:
DATE:
Alice Davis
Sheree Sonfield (
July l5, 1983
RE:
Prospector Lodge i& 825 E. Hopkins, Timeshare Applications
-.-- - - - - - - - - - - - - - - - - - - - -i- - - - - - - - - - - - - - - - - - - - - - _ _ _ _ _ _ _ __ __ _ _ _ _ _ _ __
The Finance Department ~as reviewed the above mentioned applica-
tions and would like toi make the following comments:
A. Prospector Lodge
1. Sales Taxes
a. As a condi~ion of approval, evidence of a Colorado
State Sale~ Tax license should be presented to the
City.
b. City, County & State Sales taxes will be applicable
to any sho~t term rentals of these units. These
taxes shou~d be paid to the State, who is the City's
Sales tax bollection agent.
,
2. Real Estate Trapsfer Tax
a. RETT will kpply to initial and subsequent sales of
these time~hare interests.
B. 825 E. Hopkins
1. Sales Taxes
a. Sales tax follection was not addressed in the
applicatiOlp..
b. As a condition of approval, evidence of a Colorado
State Sale$ Tax license should be presented to the
C. I
~ty. '
c. City, CounJ!:y & State Sales taxes will be applicable
to any sho~t term rentals of these units. These
taxes should be paid to the State, who is the City's
Sales tax Gollection agent.
i
2. Real Estate Tra~sfer Tax
a. RETT will ~pply to initial and subsequent sales of
these timeshare units.
I
3. Bond or Letter gf Credit for upgrade
I
a. The requir~ment for a bond or letter of credit to
insure comBletion of the renovation was not addressed.
/'
-/
-.
,....,.
,-,
Page Two
Alice Davis
July 15, 1983
As appropri~te, a bond or letter of credit whould be
obtainedprtor to final approval.
;
i
b. Neither appliicant addresses the Business License &
Sales Tax L~cnese that requires payment of the Occu-
pation Tax. 'These requirements should be addressed.
SS/kmz
t"'""
.~
PUBLIC NOTICE
RE:
825
Use
Use
,
E. Hopkin~ Condominiums Timeshare Project Conditional
and the Ptospector Lodge Timeshare Project Conditional
,
!
,
NOTICE IS HEREBY GIVEN that a public hearing will be held
before the Aspen Planni~g and Zoning Commission on Tuesday, August 2,
1983 at a meeting whichibegins at 5:00 p.m. in the City Council
Chambers of City Hall, ~30 S. Galena Street, Aspen to consider
conditional use approval for two applications submitted (825 E. Hopkins
Condominiums and the Prqspector Lodge, 301 E. Hyman) for conversion
from their existing status to timeshare projects. For further
information, contact th9 Planning Office, 130 S. Galena Street, Aspen,
925-2020, ext. 227. '
s/Perry Harvey, Chairman
Aspen Planning and Zoning
Commission
Published in the Aspen Tiimes on July 14, 1983.,
City of Aspen account.
~
'1'.
CE~TIFICATE OF MAILING
!
I hereby certify that ~n " ~j'~/ J3 , 19 rR3 a true and
correct copy of the, Notice ~.f ,;ii' "'fog ~9''''iO~ J;,:, . . .
~~ 6rroJd~ ~fd;A/U/ y~ /Jdi~d7
VOb_ ' '. !. .
was deposited into the Unit~d States mails, postage prepaid, and addressed
to the following:
~~L
?J1il/rU7rV ~(CJl7/) )
. Martha Eichelberger .~ ~
~"..~..._~~-_.._,...,- '-~.. -""""--"'-'_~' ___"""C'~"_..' .,.,_,,___,
1.
Unit
2.
3.
4.
5.
6.
7.
Unit
-,
/c1:L
~,
II
'I
C1NO~
>1 !)5 [. -IIoP~1 /lJSs
PITKIN PARTNERS
TIME SHARE APPLICATION
NOTIFICATION LIST
Block 31, Lots A,B--Columbine Condominiums
Columbine Condominium Association
c/o Robert Orr, M.D.
Riverview Associates
#202 - 420 E. Main Street
Aspen, Co 81611
1- Edward M. Jr. /Ho11y Jean Sullivan
Box 1324, Aspen, Co
2- Angus Anderson
Box 557, Aspen, Co
3- Richard H./Susan N. Grice
Box 8996, Aspen, Co
4- Stephen C. LaMar
Box 4766, Aspen, Co
5- Gerald A. Krans
Box 1592, Aspen, Co
Block 31, Lot C-- 811 E. Hopkins (residence)
Robert D. Wells
Aspen View #308
140 N. Midland, Aspen, Co
Block 31, Lots D,E,F-- 819 E. Hopkins (residence)
Raymond W./Jessie J. Bates
Box 472, Aspen, Co
Block 28, Lot S (R&S)-- 728 E. Hopkins (residence)
Donald S./Dorla J. Westerlind
Box 927, Aspen, Co
Block 32, Lots A,B, W. ~ of C-- 901 E. Hopkins
(residence)
Emma Louise Strong
Box 263, Aspen, Co
Block 32, E. ~ of C + all of Lot D-- 905 E. Hopkins
(residence)
John R. Werning
905 E. 'Hopkins, Aspen, Co
Block 32, Lots E,F-- Pioneer Condominiums, 915 E.
Hopkins
Pioneer Condominium Association
c/o A.E.M. Partnership
Box 301, Aspen, Co 81612
1-
GeorgeAnn Waggaman
Box 4604, Aspen, Co
2- AEM Partnership
Box 301, Aspen, Co
3- Joan G. Knapp/William B. Gorence
r)
\ )
8.
Unit
9.
,....,.
~
Box 301, Aspen, Co
4- George J. McGrath/Janet McGrath Jones
Box 301, Aspen, Co
5- Dor-lyn Assoc.
482 Pierce St.
Birmingham, MI 48011
6- Kenneth McIntyre
Box 301, Aspen, Co
7- Andrew/Lena Meleg
Box 301, Aspen, Co
8- William W./Patricia Boyd
Box 301, Aspen, Co
Block 32, Lot G (G,H,I)-- Gavilon Condominiums,
935 E. Hopkins
Gavilon Condominium Association
c/o Jim Martim
Aspen Properties
Box 10502, Aspen, Co
1-
Chris/Lauren Cassatt
Box 3711, Aspen, Co
2- Dorothy A. Kelleher
Box 1, 1215 Riverside Ave.
Aspen, Co
3- Joyce Murray
Box 352, Aspen, Co
4- Phyllis Kenny
935 E. Hopkins, #4
5- Leslie A./Sandra B. Scott
5002 Killerbrew Dr.
Annandale, VI 22003
6- Harvey I. Weiner
Box 9741, Aspen, Co
7- Howard J. Feinberg
Box 600 500
N. Miami Beach, FL 33160
8- Sandra Stuller
Box 2584, Aspen, Co
9- Victor E./Barbara A. Rimes
Box l0502, Aspen, Co
10- Marshall Sclarow, Trustee
Box 1933, Aspen, Co
ll- William H.T. Murray, M.D.
Box 352, Aspen, Co
12- Todd Stadheim
310 Bonnie Brae Blvd.
Denver, CO 80209
Block 32, Lots K,L,M-- 906 E. Hyman Avenue
(4 apartments)
2
-
~
Karen V./Heinz E. Coordes
233 W. Main Street, Aspen, Co
10. Block 32, Lot N-- 920 E. Hyman (residence)
Edward H./Michael P. Hubbard
Box 135, Aspen, Co
11. Block 32, Lot 0-- 940 E. Hyman (residence)
Laurence S./Aubrey K. Searcy
308 Geneseo Road
San Antonio, TX 78209
12. Block 32, Lots P,Q-- Aspen East Condominiums
980 E. Hyman Avenue
Aspen East Condominium Association
c/o Aspen Properties
Box 10502, Aspen, Co
.
or possibly,
Robert G. Stevens
Box 1147, Aspen, Co 81612
Unit
Morton E./Susan Gurrentz
Box V, Aspen, Co
2- Charles R./Jeanne R. Wichman
Box 656
Honolulu, HI 96809
1-
3- Roy B./Elizabeth J. Kern
980 E. Hopkins, #3
4- Carol Loewenstern
#227, 3700 W. Clay Avenue
Houston, TX 77006
5- Jerome/David Michael
501 E. Hyman Avenue
Aspen, Co
13. Block 27, Lots K,L,M,N,O-- Larkspur Condominiums
800 E. Hopkins
Larkspur Condominium Association
c/o Marie Timms
Unit A-2, 800 E. Hopkins
or possibly,
c/o House Care, Inc.
Mason & Morse
Box Q, Aspen, Co
Unit
A-I Judith E. Anderson
Box 910, Aspen, Co
A-2 Avery J./Marie J. Timms
A-2, 800 E. Hopkins
A-3 Bob J. Scarborough
Box 4709, Aspen, Co
A-4 Theodore Haftel/Howard Parkin
873 Emerald Trail
Martinsville, NJ 08836
3
\J
,....,.
-
A-5 Delphinium Assoc.
c/o Lidell, Sap, Etc.
500 Gulf Bldg.
Houston, TX 77002
B-1 Jorge E. Kopper/Victoria E. Orlich
c/o Don Fleisher Co., Inc.
620 E. Hopkins, Aspen, Co
B-2 Dennis E. Nixon/Ricardo E. Longoria
Box 1359
Laredo, TX 78040
B-3 Eugene Siegel
800 E. Hopkins, B-3
B-4 Harold A. Thau
Suite 500, 1234 SUlllIIler St.
Stamford, CT 06905
B-5 Vahe Hovsepian
1871 Mt. Olympus Dr.
Los Angeles, CA 90046
14. Block 27, Lots P,Q,R,S-- Centennial Park
Condominiums, 830 E. Hopkins
Centennial Park Condominium Association
c/o Bayard E. Hovdesven, William W./
Patricia Boyd, Gregory B. Cole
Box 3810, Aspen, Co
Unit 101 Charles E. Hall
Box 10122, Aspen, Co
102 William W./Patricia Boyd
Box 301
Aspen, Co
Thomas J. Nixon
2035 Montrose
Thousand Oaks, CA 91360
20l Ermanno/Alda Masini
830 E. Hopkins, #201
103
,
202 Robert Blauman
31 Warwick Blvd.
Island Park
Long Island, NY 11558
203 Earl M. Harter, Jr.
2800 Youree Dr.
Shreveport, LA 71104
301 Glenn Frey
Suite 900
1880 Century Park East
Los Angeles, CA 90067
302 David S. Wilson
Route 3, Box 90
Moneta, VI 24121
303 Full Moon Ltd.
c/o Laughlin Assoc. ,oInc.
Suite 205, 2527 N. Carson St.
Carson City, NV 89701
4
{'
It-,
\/
-
-,
15. Block 27, w. 45' of West End Street adjacent
to Lot S (residence) 898 E. Hopkins
Walter H. Strong, Trustee
898 E. Hopkins, Aspen, Co
16. Block 27, N. ~ of Bl. 27 (Main Street off of
Original) (residence)
Stephen M. Peterhaus
3415 Briestown Ct.
Walnut Creek, CA 94598
17. Block 26, Lots K,L,M & M/B in West End Street,
Mountain River Manor, 900 E. Hopkins
Mountain River Manor Condominium Association
c/o James Mollica
300 E. Hyman Avenue
Aspen, Co
Unit
1-
Henry A. Hoban
1907 Selby Ave., #5
Los Angeles, CA 90025
2- Jim Mollica
300 E. Hyman Avenue
3- Jim Mollica
300 E. Hyman Avenue
4- Robert E. Carpenter
Box 4136, Aspen, Co
5- H. Wayne/Sidney C. Anderson
3617 Quail Creek Rd.
Oklahoma City, OK 73120
6- Elizabeth Racek
131 Baltic Ave., #11A
Aspen, Co
7- Stephen/Linda M. Connolly
Joseph B. Connolly
900 E. Hopkins, #7
8- Edward Hoban
Box 488, Snowmass Co 81654
9- Jim Mollica
300 E. Hyman Avenue
10- Jim Mollica
300 E. Hyman Avenue
11- Randal Gold
Box 9813, Aspen, Co
l2- Carolyn L. Parker/Linda Richmond/Joan
Dziesvis/Francis Laivhorne
Box 3863, Aspen, Co
13- Barney Oldfield
900 E. Hopkins, #l3
14- Rose O. Hecker
3952 Beard Ave. S.
Minneapolis, MN 55410
15- SCIH Partnership
c/o Genther Wycoff Group
5
\1
,-
~
469 S. Cherry St., Suite 100
Denver, CO 80222
16- Barney Oldfield
900 E. Hopkins, #13
18. Block 26, Lots N,O,P-- Queen Victoria Condominiums
Queen Victoria Condominium Association
c/o Ralph Ashley
Box 3932, Aspen, Co
Unit 01- Ralph C./Ernestine T. Ashley
Box 3932, Aspen, Co
101 Tracy Keenan Wynn
c/o Charles Goldberg
9044 Melrose Avenue, #101
Los Angeles, CA 90069
102 Weissman Enterprises Co.
Box 8421, Aspen, Co
103 Philip E. Diamond
450 Pacific Avenue
San Francisco, CA 94133
104
201
202
2oLf~
W3
...2-6tI
301
302
303
304
Jerry G. Brassfield
Rt. 1, Box 302
Easton, MD 21601
Garth G. Gilpin/James T. Martin
Box 10502, Aspen, Co
Richard Grimes
Box 10306, Aspen, Co
Thomas C. Oken
Box 8068, Aspen, Co
6. eo~ LE{teIY\~
!?ox ~~q4-, Hsfev ,to.
Stanley R./Kandi L. Shaffran
Box 1516, Aspen, Co
P.L.& A., Inc.
2201 N. 85th Ave.
Omaha, NB 68124
Melinda S. Norton
727 N. Highland St.
Arlingotn, VI 22201
Jerry D. Southland/Raymond F. Colony
Box 1428, Aspen, Co
19. Block 35, Lot D (E,F,G)-- 923 E. Hyman (residence)
Frank A./Hazel A. Loushin
Box 582, Aspen, Co
20. Block 35, Lots A,B,C-- Chateau Blanc, 901 E. Hyman
Chateau Blanc Condominium Association
c/o Coates, Reid & Waldron
720 E. Hyman Avenue, Aspen, Co
Unit
1-
Pawnee Plastics, Inc.
1444 S. Tyler Rd.
6
\~
~ ~
Wichita, KS 67209
2- Cosbay Realty Co.
l5 - 10C l30th St.
College Point, NY 11356
3- Robert S./Elizabeth J. Sherman
3jO N. Delaplaine Rd.
j(lvEt-S/Oe/ IL. toD5'ft--
4- Archie M. Frame/Charles I. Skipsey, Jr.
Volcan 205, 1st Floor
Mexico 10, D.F. Mexico
5- John P./Sandra H. Finnegan
84 Rolling Ridge
New Canaan, CT 06890
6- Vincent J. Howard/Maurice Decker
506 N. Union
Tecumseh, MI 49286
7- E.F./S.B. Sutkowski
R.E./J.S. Carver
4755 Grand View Dr.
Peoria, IL 61614
8- James L. Sherman
James R./Judith W. Laughlin
4032 Linden Ave.
Western Springs, IL 60558
,9- Ronald Rushneck, Jr.
Gary/Susan Rushneck
480 S. Broadway
Tarrytown, NY 10591
10- Carlos A./Amelia M. Abel
4905 Hale Parkway
Denver, CO 80220
ll- Dorothy Kelleher
Box 1, Aspen, Co
12- James L. Sherman
James R./Judith W. Laughlin
4032 Linden Ave.
Western Springs, IL 60558
13- Walter/Friederike Stenger
1631 Prince of Wales Dr.
Ottawa, Ontario, Canada 0
14- T. Gerald, Jr./Patricia D. Magner
73 Indian Hill Rd.
Winnetka, 11 60093
15- Alef Corp.
Box 3333, Aspen, Co
2l. Block 104, Lot H (G,H)-- 727 E. Hopkins
(residence)
Daryl Burns
649 S. Monroe Way
Denver, CO 80209
22. Block 104, Lot 1-- 729 E. Hopkins
Jack D./Eloise H. Ilgen
llP
7
,....,.
.,-"
729 E. Hopkins
23. Block 104, Lots R,S (Q,R,S)-- Aspen Athletic
Club Condominiums, 720 E. Hyman Avenue
Aspen Athletic Club Condominium Association
c/o C.D.E.S. Partnership
Box 4949,
Aspen, Co
24. Block 1l0, Lots K,L-- Chatelet Condominiums, 250
Original Street
Chatelet Condominium Association
c/o Neil Bennett
Box 9937, Aspen, Co
or possibly,
Ron Timroth
3014 Deans Drive
Colorado Springs, Co
Unit
A-
Madeline Lief
Box 4062, Aspen, Co
B- 1st Nat'l Bank Grand Junction, Trustee
Box 608
Grand Junction, CO 81501
C- Jeanne C. Roth
224 North Star Street
Dover, Delaware 19901
D- Joseph J. Jenkins
729 Academy St.
Kalamazoo, MI 49007
E- Jack M., Jr./Charlotte S. Walls
Box 29, Aspen, Co
F- Gary/Richard Berger
Box 206
Drake, CO 80515
G- Mary Ann Mitchell
250 S. Original Street, #G
Aspen, Co
25. Block 110, Lots M,N-- 820 E. Hyman Ave.
Joseph W./Barbara J. Popish
Box 563, Aspen, Co
26. Block 31, Lots O,P-- 822 E. Hyman Ave.
J.W. Hammond
16800 Dallas Parkway
Dallas, TX 75248
27. Block Ill, Lots A,B,C,D-- 801 E. Hyman
Elsie J. Snyder
801 E. Hyman Avenue
28. Block Ill, Lots E,F-- Mountain View Condominiums,
819 E. Hyman
Mountain View Condominium Association
c/o Rosemary Krans
8
l \
.
~
~
819 E. Hyman Avenue
Unit
l-
A. Jason Densmore, III
Box 8519, Aspen, Co
2- Patricia M. Seifert
Box 2262, Aspen, Co
3- Michael A./Diane E. Craig
Box 783, Aspen, Co
4- Mary Webster/Lis Sorensen
Box 4052, Aspen, Co
5- Gerald A. Krans
Box 1592, Aspen, Co
6- Gerald A./Annette C. Krans
Box 1592, Aspen, Co
7- Melton/Linda Zale
2536 N. Halsted St.
Chicago, IL 60613
8- Penelope R.M. Simple
3035 Calla Dr.
Santa Cruz, CA 95062
29. Block lll, Lots G,H,I--Hy-West Condominiums
835 E. Hyman Avenue
Hy-West Condominium Association
c/o Kathy DeWolfe
835 E. Hopkins, #C
Aspen, Co
Unit
A-
Sally C. Road
Box 949, Aspen, Co
B- Robert K. Rudman
835 E. Hyman, lIB
C- Daniel G./Kathleen DeWolfe
835 E. Hyman, IIC
D- Michaela Game
Box 3835, Aspen, Co
E- Betty Weiss
#14E, lOO E. Bellevue
Chicago, IL 60611
F- Michael V./Gloria A. Goldman
62 W. Graconda Way
Tuscon, AZ 85704
G- Robert Hewitt
938 Canterbury Siding
Laurel, MD 20810
H- Marsden L./Lavon I: Wilhelms
927 Randolph Ave.
Rifle, Co 81650
I- John/Marjorie M. Hayes
Box 407, Aspen, CO
J-
George H./Betty S. Murphy
1258 Ridgeway Dr.
Sacramento, CA 95813
(6
9
.
~,
K-
Dr. Donald J./Marian
1102 Plummer Circle
Rochester, MN 55901
L- E. Sawyer Smith, Jr.
685 E. Cooper
Aspen, Co
10
,~
G. Erickson
~
~
,-,
AFFIDAVIT REGARDING EMPLOYEE HOUSING
The undersigned, applicant herein for Time Share approval,
being first duly sworn, upon his oath states:
1. All of the Units in the 825 E. Hopkins
Condominiums have been rented short term
as tourist accomodations during the past
18 months, and none has been rented as
employee housing. The rent charged has
considerably exceeded the rents appli-
cable under th Employee Housing Guide-
lines of the City of Aspen.
d~
-
Robert L. Silverman
STATE OF PENNSYLVANIA)
) ss.
COUNTY OF MONTGOMERY )
Subscribed and sworn to before me this 7th day of
July , 1983 by ROBERT L. SILVERMAY-...
Witness my hand and officials,Q~ (
. ,
,
,
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MEMORANDUM
TO: City Attorney
City 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 17(p) of the ordinance.
This applies to the application for conversion to timeshare of the
Prospector Lodge.
,~
,-"
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
P.O. Box 1 047
Glenwood Springs, Colorado 81602
Telephone:
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 .r.1r. 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 in a 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.
.,'
Sincerely, 7 ~
/g"v//L~~.~
Edward E. Pearson P.E.
EEP/llc
,....,.
,-.,
July 5, 1983
Mr. Robert Silverman
Sui te 700-4, Benj amin 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 Asp.en, 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.
l:t:J~~,
Richar~E~ Fulton, M.D.
cc: Ronald D. Austin. Esq.
600 East Hopkins, Suite 205
Aspen, Colorado 81611
L
,....,.
.,..,.",
LAW OFFICES
AUSTIN MCGRATH & JORDAN
600 EAST HOPKINS AVENUE
SUITE 205
RONALD O. AUSTIN
.J. NICHOLAS MCGRATH, .JR.
WILLIAM R. ,JORDAN III
ASPEN, COLO~AOO 81611
AREA CODE 303
TELEPHONE 925-2600
GRAY A. YOUNG
FREDERICK F. PEIRCE June 28, 1983
Ms. Alice Davis
Planning Office
City of Aspen HAND DELIVERED
Re: Timeshare Application - Pitkin Co. Inc.
Dear Ms. Davis:
Enclosed please find three (3) sets of the
Timeshare Application for Pitkin Co. Inc. along with a check
in the amount of $1,475.00 for the application fee.
Mr. Austin has instructed me to deliver this material to you.
If you have any questions or require any further
information, please contact Mr. Austin or myself. Thank you.
Sincerely,
AUSTIN, McGRATH & JORDAN
By
Enclosures
/. ------
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,....,.
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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 minimal changes will be made in the configuration of
amenities except that a hot tub will be added. This will
be reflected on a subsequent site plan once a location is
determined. There are six offstreet 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.
,....,.
,....,.
AFFIDAVIT REGARDING EMPLOYEE HOUSING
The undersigned, applicant herein for Time Share approval,
being first duly sworn, upon his oath states:
1. All of the Units in the 825 E. Hopkins
Condominiums have been rented short term
as tourist accomodations during the past
18 months, and none has been rented as
employee housing. The rent charged has
considerably exceeded the rents appli-
cable under th Employee Housing Guide-
lines of the City of Aspen.
d~
-
Robert L. Silverman
STATE OF PENNSYLVANIA)
) ss.
COUNTY OF MONTGOMERY )
Subscribed and sworn to before me this 7th day of
July , 1983 by ROBERT L. SILVERMA)!.,.
Witness my hand and official s~.1
. ,
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My Commission Expires:
"'<:j"'_...,."n.'~~n "~.' ., ,'~
L1v Cc:nmissron EJ(pill'S I\~' I, ::; 1~3;.
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MEMORANDUM
TO: City Attorney
City 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 17(p) of the ordinance.
This applies to the application for conversion to timeshare of the
prospector Lodge.
,....,.
-',
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
p.o. Box 1047
Glenwood Springs. Colorado 81602
Telephone:
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 r.lr. 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 in a 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.
Sincerely, } c}
/A,af/l~~~
Edward E. Pearson P.E.
EEP/llc
,....,.
,~,
July 5, 1983
Mr. Robert Silverman
Sui~e 700-4, 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.
s/)erelY, .
&L.i~j)~Jr----'~ -J
Richar~E~ Fulton, M.D.
cc: Ronald D. Austin, Esq.
600 East Hopkins, Suite 205
Aspen, Colorado 81611
..'
,....,.
/~
LAW OFFICES
AUSTIN MCGRATH & JORDAN
600 EAST HOPK1NS AVENUE
SUITe: 205
RONALD O. AUSTIN
J. NICHOLAS MCGRATH, JR.
WILLIAM R. ,JOROAN m
AS~EN, COLORADO 81611
AREA COOE 303
TELEPHONE 925-2600
GRAY A. YOUNG
F"REOERICK F. PEIRCE
June 28, 1983
Ms. Alice Davis
Planning Office
City of Aspen
HAND DELIVERED
Re:
Timeshare Application - Pitkin Co. Inc.
Dear Ms. Davis:
Enclosed please find three (3) sets of the
Timeshare Application for Pitkin Co. Inc. along with a check
in the amount of $1,475.00 for the application fee.
Mr. Austin has instructed me to deliver this material to you.
If you have any questions or require any further
information, please contact Mr. Austin or myself. Thank you.
Sincerely,
AUSTIN, McGRATH & JORDAN
By
Enclosures
,.~
C'. .
/'
"
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,....,.
~,
.,
APPLICATION FOR APPROVAL OF TIMESHARE
Conditional Use and Subdivision Pursuant to
Ordinance 52, Series 1982
1. Name oJ 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 minimal changes will be made in the configuration of
amenities except that a hot tub will be added. This will
be reflected on a subsequent site plan once a location is
determined. There are six offstreet 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.
r",
I""'r\
!
'-
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 ti~~shared and management will be by a property
management company, at present anticipated to be Stirling
Hbmes.
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 any
closings or their consent 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 outline .of the 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. Marketin Philoso h - The East Ho kins Condominiums
Our tree e room, two at units wi e
attractive as family vacation second homes. The
marketing plan will be based on the theme "Now you
and your family can own two weeks vacation in
Aspen - forever." The Applicant believes that
present Aspen visitors desiring second homes in
Aspen, but unwilling to commit 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 Applicant is 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.
C. Details of Plan
"
"
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 Exchan~e 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 recording the deed.
closing.
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.
the buyer and must be paid prior
It will be collected at the
ll. Proposed BUdget.
The preliminary budget accompanies this application.
This budget will necessarily have to be refinEl,d and
updated as more info.rmation 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.
.
~
1""1'\
.
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 fund when
and if necessary.
14. Affidavit.
The affidavit of applicant assuring the binding
effect upon successors accompanies this application.
15. Timesharing Standards and 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.
.'
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,....,.
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(I) Upgrading is dealt with elsewhere in this
application.
(J) Downpayrnents 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 elsewhe~e.
(M) The condominium documents or other appropriate
documents shall require compliance with occupancy standards.
16. Disclosure.
The sworn disclosure statement accompanies this
application.
17. Timeshare Project 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. Upgrading 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 ld D.
Attorneys or the Applicant
600 E. Hopk1ns Ave. #205
Aspen, CO 8l61l
(303) 925-2600
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. 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 81612
Attn: Mr. Bill Stirling
Re: 825 East Hopkins Condominiums
Struc:tural Inspec:tion
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
da.te, 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 51/8"xlOl/2" laminated beams spaced 4'-0"
on~nter, 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
suppor.ted by 5 3f8 "x9" laminated beams/spaced 4' -0" on center,
spanning 17'-6". These beams rest on wood bearing walls. A
2 :J,I2" 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,
.~.
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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 installe~ 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.
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.
2. Hall light covers were missing in Units IS and 2N.
3. Bedroom doors stick Upon closing in Units 3N and 35.
Respectfully SUbmitted,
COLLINS ENGINEERS, INC.
~~-.r--, fJ -~ -
Clayton Hayes
Project Engineer
CH/skc
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P.O. Box 1047
Glenwood Springs, Colorado 81602
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
Telephone:
303-945- 1 251
May 2, 1983
Collins Engineers Inc.
0227 Pacific Ave.
Suite 11209
Aspen, CO 81611
Attn: Clayton J. Hayes
Re: Six plex unit - 825 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 fired 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 stored 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.
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Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
P.O. Box 1 04 7 Telephone:
Glenwood Sprin9s, Colorado 81602 303-945-1251
Collins Engineers, Inc.
Page 2
May 2, 1983
IV.
Electrical Syste~
A. The electrical distribution system and
circuit breaker loadcenters are
adequately sized to ~eet 1983 Code
requirements. Each unit has its
own loadcenter and has roo~ 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
e>cterior 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 apoears to have been
done incorrectly 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 wired correctly.
b. Living room switch inoperative.
2. Unit IS
a. Three way switch master bedroom
inoperative.
b. Hall light switch not properly
fastened in switch bo>c.
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.
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Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
P.O. Box 1047 Telephone:
Glenwood Springs, Colorado 81602 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.
S. 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.
lir;lY'
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Edward E.
EEP/ss
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Wtsttrn Colorado Radiologit Assotiatts, P.C.
ALAN A. BASINGER, M.D.
BRUCE A. WARD, M.D.
RICHARD E. FULTON, M.D.
JAMES E. MACLEAN, M.D.
RADIOLOGISTS
HllIcrestPlaza-1938N.1st. _2 . GrandJunctlon.Colorado81501 . Phone: 245-1658
23 March 1983
Mr. Robert L. Silverman
President
Pitkin Co., Inc.
700-4 Benjamin Fox Pavilion
Jenki ntown, Pennsyl vania 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 4ndersigned, owner of Apartment Unit No.3S in the East Hopkins
Condominiums, Aspen, Colorado, hereby acknowledges that he desires
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 permission on 10 days written
notice to you.
Sincerely,
I!,J../l~
Richard E. Fulton
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AFFIDAVIT
.REGARDING UPGRAI>ING OF CONDOMINltJH PROPERTY
, . AT 825 East Hopkins Avenue
The following items represent actual expenditures
made to improve and 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 AND2S
Furniture - Bethune & Moore
(Inc1. interest)
Sales Tax
New linoleum - kitchen and baths
Replace damaged kitchen appliances
Electrical fixture replacement
Painting, plastering, windows, capentry,
formica, cleaning, tile
legal fe~s Time Sharin€, SrEiiBaR.ce
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
B,6M.66-
$ 125,934.66 j(/Ilf-:1~
$ -l44,62S.0{) It 133, 1.,:1.5
The following items are a preliminary budget to
further upgrade 825 East Hopkins Avenue and will be adj~sted
as the need arises:
9,000.00
2,000.00
$ 11,000.00
COMMON AREA
Hot Tub
New laundry machines
$
SUB-TOTAL
" ,
,,-.,,
UNITS IN, 2N, 3N, IS, 25
(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
Improve Fireplaces
State Tax @ 5%
Freight @ 5%
UNIT 3S ($25,630.00 +15,000.00)
MISCELLANEOUS
GRAND TOTAL
,,'
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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=
$ 128,150.00
$ 40,000.00
$ 15,000.00
194,150.00
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. fKIN PAR fNERS SPECIAL PROPER L ! [
-;"
PERIODS ENDED DECEMBER 31, 19B2 AND 1981
I N 0 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
4
STATEMENT OF SOURCE AND USE OF CASH
NOf~S TO FINANCIAL STATEMENTS
5
6-8
.. .. .. .. .. .. .. ..
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Partners
Pitkin Partners Special Properties I
Meado...oroOk, 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 1981, and the related statements of revenues
collected and expenses paid, partners' capital, and source and use of cash
for the periods then ended, in accordance 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 Spec ial Propert ies 1.
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 op1n10n
rega~ding 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, certain revenue and the related assets are recognized when
~eceived 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 financialposi_
tion and results of operations in conformity with generally accepted ac-
counting principles.
Based 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
lA.
~=,:~~o~
February 15, 1983
100 PRESIDENTIAL BOULEVARD. BALA CYNWYD, PENNSYLVANIA 19004 . (215) 839.3422
,~,
- 2 -
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PITKIN PARTNERS SPECIAL PROPERTIES I
ASSETS ANO LIABILITIES ARISING FROM CASH TRANSACTIONS
DECEMBER 31, 1982 AND 1981
ASSETS
PROPERTY AND EQUIPMENT _ AT COST
Less: Accumulated Depreciation
1982 1981
$1,007,748 $900,043
1)7,520 20,950
$ 870,228 $879,093
15,041 5,879
19,523
5,750 7,250
7,680
$ 898,699 $911,745
CASH IN BANK
TREASURY BILLS, AT COST WHICH APPROXIMATES MARKET
PARTNERSHIP ORGANIZATION COSTS - NET OF AMORTIZATION
ADVANCE TO CONDOMINIUM ASSOCIATION
LIABIL I TIES
PURCHASE MONEY MORiGAGE PAYABLE
$ 739,877
$850,000
CAPITALIZED LEASE OBLtGATiON
68,694
$ 808,571
$850,000
PARTNERS' CAPITAL
,,'
GENERAL PAR TNER
..
"
, $ 1,000 $ 1,000
89, 128 60,745
$ 90,128 $ 61,745
$ 898,699 $911,745
REVfEW REPORT
LIMITED PARTNERS
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS'
,....,.
,..,."
- 3 -
PITKIN PARTNERS SPECIAL PROPERTIES I
,
STATEMENT Of REVENUES COLLECTED AND EXPENSES PAID
PERIODS ENDED DECEMBER 31, 1982 AND 1981
RENTAL INCOME
$ 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)
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
8,996
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
$ 8,050
$ 6,000
2,295
250
1,538
1,241
$11,324
($ 3,274)
($11,157)
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- 4 -
PITKIN PARTNERS SPECIAL PROPERTIES [
STATEMENT OF PARTNERS' CAPITAL ARISING FROM CASH TRANSACTIONS
PERIODS ENDED DECEMBER 31, 1982 AND 1981
LIMITED PARTNERS
PARTNERS' CAPITAL CONTRIBUTIONS
NET (LOSS) BEFORE'DEPRECIATION
DEPRECIA TIUN
CAPITAL BALANCE - JANUARY 1
CAPITAL BALANCE - DECEMBER 31
GENERAL PARTNERS
BALANCE - JANUARY 1
CAPITAL CONTRIBUTIONS
BALANCE - DECEMBER 31
· Octobe~ 25, 1981 (inception) to Decembe~ 31, 1981.
SEE NOTES TO FINANC[AL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
19B2
$240,250
( 95,297)
$144,953
116,570
$ 28,383
60,745
$ 89,128
$ 1,000
$ 1,000
*1981
$150,000
( 6B,305)
$ 81,695
20,950
$ 60,745
$60,745
$ 1,000
....
$ 1,000
,-'
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- 5 -
PIfKIN PARfNERS SPECIAL PROPERfIES I
SfAfEMENf OF SOURCE AND USE OF CASH
PERIODS ENDED DECEMBER 31, 1982 AND 1981
CASH PROVIDED:
Limited Partners' Capital Contributions
Geheral Partner's Capital Contributions
Cash Provided by"Partners
Redemption of Treasury Bills
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 Principal:
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 NOfES ro FINANCIAL SfAfEMENfS AND ACCOUNfANfS' REVIEW REPORT
1982 .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
7,6BO
109,000
1,123
$250,611 $145,121
$ 9,162 $ 5,879
5,879
$ 15,041 $ 5,879
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PITKIN PARTNERS SPECIAL PROPERTIES T
NOTES TO FINANCTAL STATEMENTS
PERIODS ENDED DECEMBER 31, 1982 AND 1981
1. SUMMARY OF SIGNTFICANT 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.
B. 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 EQUIPMENT:
Property and equipment a~e summarized below:
ASPEN, COLORADO
5 UNITS
Buildings and Improvements
tUi"nishings .
$ 914,801
92,947
Accumulated Depreciation
$1,007,748
137,520
$ 870,228
..
The properties are owned 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
~
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rn
PITKIN PARTNERS SPECIAL PROPERfIES I
NOTES TO FINANCIAL STATEMENTS _ CONTINUED
PERIODS ENDED DECEMBER 31, 1982 AND 1981
3. PURCHASE MONEY MORTGAGE:
Purchase Money Mortgage _
$739,B77
Payment in full is due on May 1, 1987.
Monthly payments for principal 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
proportionately.
The Partnership is obligated to pay to the holder of 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.
B Limited Partnel"ship Interests of $50,000 each have been purchased.
The Limited Pal"tners 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, totaling
$11,000 per full Limited Partnership Interest.
Distributions 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 their 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 fAXES:
No provision has been made for income taxes since such taxes, if any, are the
liability of the individual partners.
SEE ACCOUNTANTS' REVIEW REPORf
,~
.
- tl -
I'""'l\
PITKIN PARTNERS SPECIAL PROPERTIES I
NOTES TO FINANCIAL STATEMENTS - CONTINUED
PERIODS ENDED DECEMBER 31, 1982 AND 1981
6. MANAGEMENT FEE:
The Corporate 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 (B) $75,000, l'A1ich was paid.
From the inception of the Partnership to December 31, 1982, the annual fee was
$1,709, 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.
According to the Confidential Memorandum dated August 12, 1981, 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. FURNITURE 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-SHARING:
Aspen, Colorado adopted a .time-sharing ordinance in January 1983, 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
incurred. 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
/-
~..,. "
~
,....,.
~
1'1 '''iN LU" INC,
NINE MONTHS ENDED MARCH 31, 19B3
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
J
STA TEMENT Of SOURCE AND USE Of CASH
4
NOTES TO fINANCIAL STAf€MENTS
5-6
* * * *' .. .. * ..
.,'
....
"
.'
,....,.
.~
.'-
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~
CQ~~~
Officers and Directors
Pitkin Co., Inc .
Meadowb~ook, 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 related statements of revenijes collected and expenses paid,
and So.urce and use of cash for the nine months then ended, in acco~dance
with standards established by the American Institute of Certified Public
Accountants. All infonnation 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 stbstantially
less in scope than an examination in accordance with generally accepted
auditing standards, the objective of which is the expression of an oplnlon
regarding the financial statements taken asa whole. Aecordingly, we do not
express such an opinion.
As described in Note lA, the Company's policy is to pr.epare its
financial statements on the basis of cash receipts and disbursements; con-
sequently,certain .revenue and the related assets are i."ecognized when
received rather than when earned, and certain expenses are recognized when
paid rather than when the obligation is incurr~d. Accordingly, the ac-
companying financial statements are not intended to present financial posi-
tion and results of operations inconformity with genei."ally accepted ac-
counting principles.
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 ~o be in conformity w~th the basis of accounting described in N~te
1A.
::L~ ..f ~
Certified Public Accountants
May 17, 1983
10.0. PRESIDENTIAL BOULEVARD. BALA CYNWYD. PENNSYLVANIA 190.0.4 . (215) 839.3422
1"'""\
~,
..'..,
PITKIN CO., INC.
STATEMENT Of ASSETS AND LIABILITIES ARISING fROH CASH TRANSACTIONS
MARCH 31, 1983
. ASSETS
Cash
Castl Equiv.a.lent
Advances to Partnerships
Prepaid Taxes
Investments in Partnerships at Equity _
(Cost $56,000)
LIABILITIES
Advances from Officer
STOCKHOLDERS' EQUITY
Common Stock: lj!! Par; Authorh:ed 100,000 Shares;
Jssued and Outstanding 40,000 Shares;
10,000 Shares in Treasury
Capital in Excess of Par
Retained Earnings
$ 400
111 ,600
16,900
$128,900
5,500
-
Less: Treasury Stock at Cost
SEE NOTES TO fINANCrAL STATEMENTS AND ACCOUNTANTS'REVIEW REPORT
$ 21.830
50.000
51,011
72.5
18,624
$142,190
$ lB,790
$ 18,790
123,400
$142,190
,....,.
~,
- J -
...
PITKIN CO., INC.
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
NINE MONTHS ENDED MARCH 31, 1983
FEE INCOME RECEIVED
OPERATlNGEXPENSES:
Adv!'lrtising
Prafe.ssianal Services
Taxes and Licenses
Insurance
Office Expenses
Telephone
Travel
INCOME fROM OPERATIONS
OTHER INCOME (CHAAGES):
Interest Income
Shat'e of Partnership Losses
INCOME &fQR'E TAX;(S
INCOME TAXES
NETfNCOME
RETAINED'EARNINGS - BEGINNING
RErAINED EARNINGS - ENDING
SEE NOTES TO fINANC[AL SrArEMENrS AND ACCOUNrANTS' REHEW REPORr
$46,670
$ 316
2,300
1,675
1,760
6,799
1,850
10,236
$24,936
$21,734
$ 457
( 19,236)
($18,779)
$ 02,955
720
$ 2,235
14,665
$16,900
,....,.
~
- 4 -
~~
PI TKIN CO., INC.
STATEMENT OF SOURCE AND USE OF CASH
NINE MONTHS ENDED MARCH 31, 1983
CASH PROVIDED:
Net Income
Add: Share of Partnership Loss Not Requiring Use of Cash
Cash P~ovided by Operations
Officer's Loan
Distributions Received from Partnership Investments
Issuance of Capital Slack
Repayments from Partnership
Total Cash Provided
CASH APPLIED:
Purchase and Calls - Limited Partnership Investments:
Pitkin Partners
Pitkin Partners II
Pitkin Partners Special Properties I
Pitkin Partners I I I
Pitkin Pal:'tners V
Pitkin Partnel:'s VI
Pitkin Partners Special Properties II
Advances to Partnerships
Loans Payable
Taxes Payable
Acquisition of Tr-easury stock
fatal Cash Applied
INCRt:ASE -IN CASH
CASH BALANCE - BEGINNING
CASH AND CASH EQUIVALENT _ ENDING
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
$ 2,235
19,236
$ 21,471'
29,100
3,400
100,000
32,714
$1B6,685
$ 500
500
15,000
500
6,500
3,000
2,625
$ 28,625
68,628"
11,238
3,467
5,500
$117,458
$ 69,l27
,,'
2,603
$ 71,830
,....,.
~,
-'"
PITKIN CO., INC.
NOTES TO FINANCIAL STA TEMENTS
NINE MONTHS ENOED MARCH 31, 1983
1. SUMMARY Of SIGNIFICANT ACCOUNTING POLICIES:
A. M~thod of Accounting:
The accounts of the Company ar.e maintained, and the accompanying financial
statements have been pr~par~d, on the cash basis, ~xc~pt that they include a
provision for incom~ tax and adjustm~nts of partn~nhip inv~stm~nts (Not~
18).
B. Investments in Partnet:'ship:
The Company owns one Limited Partn~t:'ship Interest each in Pitkin Partn~rs,
Pitkin Partn~rs II, Pi tkin Partners V, Pitkin Partn~rs VI, and on~-hal f
Limited Partnership Int~rest in Pitkin Partn~rs Special Prop~rti~s I. Th~s~
investm~nts ar~ stat~d at th~ir underlying equity at the end of each partner-
ship year on Oecember 31.
2. TRANSACTIONS WITH RELATED PARTNERSHIPS:
A. Obligations of General Partner:
The Company is liable as General Partner for the debts of this Partnership.
Such debts at:'e limited to recoul'se to the l'eal estate owned by the Partner-
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
related Partnerships.
B. Management fees:
1"-I1e Company is the Corporate Genel'al Partner of Pitkin Partners, Pitkin
Partners II and Pitkin Pat'tnel'S I II, Pitkin Partnel's IV, Pitkin Partn~s V, .
Pitkin Pal"tners VI and Pitkin Partners Special Pi:'operties I, and is entitled
to fees fot:' management of the Partnerships' business.
The unpaid portion of these fees is not included in these Financial state-
ments as incqllle 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
improv,ements and replacements; plus (B) 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 ACCOUNTANrS' REVIEW REPORr
.
.
,....,.
.~
A'
- 6 -
PITKIN CO., INC.
NOTES TO FINANCIAL STArEMENTS _ CONTINUED
NINE MONTHS ENDED MARCH 31,' 1983
2. TRANSACTIONS WITH RELATED PARTNERSHIPS _ CONTINUED:
B. Management 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
EARNED
$ 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 Company will be the Corporate General Partner. The expenses of Pitkin
Investments, Inc. are reimbursed by the Company.
'SEE ACCOUNTANrS' REVIEW REPORT
l;
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1""1\
P[fKINCO., [NC.
SIX MONfHS ENDED DECEMBER 31, 1982 AND 1981
I N D E X
PAGE
ACCOUNTANTS' REPORT
1
FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS:
S TA YEMENT OF ASSETS AND LIABIU TIES ARISING FROM
CASH TRANSACTIONS
2
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
3
STATEMENT OF SOURCE AND USE OF CASH
4
NOTES TO FINANCIAL STAT~MENTS
5-'6
* * * * *' *' * *
..-.........,.... -
~,
,""'1'
n~~
&-
~
Ct'/'~~~
Officers and Directors
Pitkin Co., Inc.
Meadowbrook, Pennsylvania
We have ~eviewed the accompanying statement of assets and liabil-
ities arising from cash transactions of Pitkin Co., Inc. as of December 31,
1982, and the related statements of revenues collected and expenses paid,
and source and use of cash for the six months ended December 31, 19-82 and
1981, 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 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 p['epare its
financial statements on the basis of cash receipts and disbursements; con-.
sequently, certain revenue and the ~elated assets a['erecognized when
r.eceived ['ather than when earned, and cettain expenses are recognized when
paid rather than when the obligation is incurred. Acco'l'dingly, the ac-,
companying financial statements are not intended to present financial posi-
tion and results of opei,"ations in confo'l'mity with generally accepted ac-
counting prinCiples.
Based 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 confonnity with the basis of accounting described in Note
1A.
.'
~c:~~
February 15, 1983
100 PRESIDENTIAL BOULEVARD. BALA CYNWYD. PENNSYLVANIA 19004 . (215) 639.3422
~.
- ~ -
.......,."
PI.TKIN CO., INC.
STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS
DECEMBER 31, 1982
ASSETS
Cash
Advances to Partnerships
$ 2,646
Investments in Partnerships at Equity _
(Cost $35,875)
52,447
4,499
$59,592
LIABILI TIES
Loans Payable
Income Taxes Payable
$ 5,000
1,820
22,790
$29,610
Advances from Officer
STOCKHOLDERS' EQUITY
Common Stock: 1i Par; Authorized 100,000 Shares;
Issued and Outstanding 30,000 Shares;
10,000 Shares in Treasury
Capital in Excess of Par
Retained Earnings
,,'
Less: Treasury Stock at Cost
,,'
$ 300
11,700
23,482
$35,482
5,500
29,982
$59,592
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORt
,....,.
."""".
PITKIN CO., INC.
STATEMENT Of REVENUES COLLECTED AND EXPENSES PAID
SIX MONTHS ENDED DECEMBER 31, 19B2 AND 19B1
fEE INCOME RECEIVED
1982 1981
$ 305 $ 305
( 19,236) ( 11 ,889)
($18,931) ($11,5B4)
$11,717 $43,502
2,900 11,600
$ B,B17 $31,902
14,665
$23,482
$46,670
OPERATING EXPENSES:
Payroll
Payroll Taxes
Professional Serv ices
Expenses Reimbursed - Pitkin Investments, Inc.
Taxes and Licenses
Insurance
Office Expenses
Telephone
Travel
. $ 2,300
1,460
914
2,646
1,273
7,429
$16,022
INCOME fROM OPERATIONS
$30,648
OTHER INCOME (CHARGES):
Interest Income
Share of Partnership Losses
\
iNCOME BE~ORE TA~S
INCOME TAXES
NET INCOME
RETAINED EARNINGS - BEGINNING
RETAINEO EARNINGS - ENDING
SEE NOTES TO fINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
$86,663
$20,000
916
4,074
771
350
5B4
1,371
1,239
2,272
$31,577
$55,OB6
~.
,~
PITKIN CO., INC.
STATEMENT OF SOURCE AND USE OF CASH
SIX MONTHS ENDED DECEMBER 31, 1982
CASH PROVIDED:
Net Income
Add: Share of Partnership Loss Not Requiring Use of Cash
$ 8,817
19,236
Cash Provided by Operations
Officer's Loan
Distr ibutions Received from Partnership Investments
$2B,053
33,100
3,400
Total Cash Provided
$64,553
CASH APPLIED:
Purchase and Calls - Limited Partnership Investments:
Pitkin Partners
Pitkin Partners II
Pitkin Partners Special Properties I
Pitkin Partners III
Pitkin Partners VI
$ 500
500
10,000
500
3,000
Total Cash Applied
$14,500
37,350
6,238
922
5,500
$64,510
Advances to Partnerships
Loans Payable
Taxes Payab Ie
Acquisition of Treasury Stock
INCREASE IN CASH
$
43
CASH BALANCE - BEGINNING
2,603
."
CASH BALANCE - ENDING
$ 2,646
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
~
,"'\
PITKIN CO., INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED DECEMBER 31, 1982 AND 1981
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. MethQd 0 f Accounting:
The accounts of the Company at"e maintained, and the accompanying financial
statements have been pt"epared, on the cash basis, except that they include a
pt"ovision fot" fedet"al income tax fOt" the pet"iods ended Decembet" 31, 1982 and
1981, and adjustments of padnet"ship investments (Note 1B).
B. Investments in Pat"tnet"ship:
The Company owns one Limited Pat"tnership Interest each in Pitkin Pat"tners,
Pitkin Pat"tnet"s II, Pitkin Partnet"s V, Pitkin Partners VI, and one-hal f
Limited Partnership Interest in Pitkin Partners Special Properties 1. These
investments are stated at their underlying equity at the end of each partnet"-
ship yeat" on December 31.
2. TRANSACTIONS WITH RELATED PARTNERSHIPS:
A. Obligations of General Pat"tner:
The Company is liable as teneral Partner for the debts of this Partnership.
Such debts are limited to recourse to the real estate o""ed by the Partner-
ships and other liabilities are not considet"ed to be material to the finan-
cial condition of the Company in the event that any are not paid by the
related Partnerships.
8. Management Fees:
The Company is the Corporate General- Partner of Pitkin Partners, Pitkin
Partners II and Pitkin Pat"tners I II, Pitkin Partnet"s IV, Pitkin Partners V,
Pitkin Partners VI and Pitkin Partners Special Propet"ties I, and is entitled
to fees for management of the Partnet"ships' business.
The unpaid pot"tion of these fees is not included in these financial state-
ments as inctJ.ne and receivables since the statements at"e on a cash basis.
Howevet", the unpaid balance of $6,37~ remains a liability of the eartnerships
to the Company at December 31, 1982.
The fees shall be comprised of an amount equal to (A) an annual fee of 10% of
the net cash flow from the ["ental properties before debt set"vice 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 to be $75,000.
SEE ACCOUNTANTS' REVIEW REPORT
.
r".
I""r\.
PITKIN CO., INC.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIX MONTHS ENDED DECEMBER 31, 1982 AND 1981
2. TRANSACTIONS WITH RELATED PARTNERSHIPS - CONTINUED:
B. Management Fees - Continued:
Fee activity from the inception of the corporation to December 31, 19B2 was:
FEES
EARNED
Pitkin Partners
Pitkin Partners II
Pitkin Partners I II
Pitkin Partners IV
Pitkin Partners V
Pitkin Partners VI
Special Properties I
$ 45,4B4
26,B96
20,5BO
21,588
20,641
6,420
76,709
$218,318
C. Pitkin Investments, Inc.:
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 Company will be the Corporate General Partner. The expenses of Pitkin
Investments, Inc. are reimbursed by the Company.
.,'
SEE ACCOUNTANTS' REVIEW REPORT
~!t-o.
,~
PITKIN CO. INC.
SUIIE 700..
BENJAMIN FOX PA\IIlION
JENKINTOWN. PA 19046
(215) 576-1200
^
"
February 24, 1983
TO ALL LIMITED ~~RTNSRS', PITKIN PARTNERS
PITKIN PARTNERS II
PITKIN PARTNE'RS' III
PITKIN PARTNERS IV
PITKIN PARTNERS V
PITKIN PARTNERS VI
PITKIN PARTNERS SPECIAL PROPERTIES I
Management:
On February 23; 19.83, by a unanimous action r. the skoek,
holders elected James C, Calaway, a,ge sa, BBA: Doctor of
J'urisprudence, University of Texas, as a Director of Pitk.in 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. He is
Chairman and Treasurer of "FRIO Resources" Inc" Director of
Amwar Petroleum Corporation, Director, Gulf Freeway National
Bank, Houston (Southwest.,Bankshares Bank) I. Chai::t'man ofth.e :Board,
H. C. Hwang .and Partners, Architects and Planning Consultants,
Inc. Mr. Calaway has also been active in 1IIany educati:,onal,
cultural and public interest organizations in Texas and elsewhere.
Mr. Calaway has acquired 2000 shares and Southwest Minerals
Inc. has acquired 2000 shares of newly iss1ied 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 11, 1983 to purchase an additional l6.66%.
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 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 arid th.e 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 215-576-1200.
. .... ~ .'
Sincerely,
"
Robert L. Silverman
President
RLS/bb
."
,....,.
~
REFERENCES FOR
Pitkin Co. Inc.
Pitkin Partners Special Properties I
Robert L. Silverman
Harmen S. Spolan, President
Jefferson Bank
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
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..ciltedule D of FORM BD
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(An'swers in response to ITEM 12 of FORM BD.)
NOTE: (a) Complete a separate Schedule o far each nattiral person named in ltemI2(a'. 8 or 9. or any
Schedule tbereunder..except that Schedule 'D need not be furnished for any person who meets both
of the following conditions: (1) he owns lessth8n 10% of any class of equtty securitV of app.ieant
end (21 heir not an officer, director, or person with similar status or functions.
(b) Complete aseparale Schedule o for each person subject to 8ny ection reporledunder hem 10.
(c) StateeUnemesin the order of tast name, Hrstname. futl middle name. If any person legally has only
an Initial. 10 indicate after theJnidat. .
Date as stated on the ele.
ecution page of FORM 80
.CCOv7~; ithedUI.:
f. Full name of applicant elC8ctlyesstated in Item2(al of Form 80:
Pitkin Inve$tments Inc.
It. foil name ofpersonfor'Whomthil SChedufeis beingcompfoted:
IRS Empl. Ident. No.:
IRS Ernpl.
1dent. No. or
Soc.Sec.No~ 204-20-4550
(Number .ndStreet; Citv.St.re. ZIP Code}
937 Dale Road Meadowbrook
(blOat. of .Birth: eel City of Birth:
1/12/29 Phila.
FA 19046
(dl State or Province:
(el Country:
PA
USA
Robert L. Silverman
IU. (a) Residence address of. penon:
IV. .NAMES USED: furnish below. list of aU names individual has been known by or has used including maiden name if applicable. If no
other names usedI'llate HNone:'
Last First Middle
None
V . EOUCA nON: Furnish ,belQW adescription of the education, for the person named in Item II of this Schedule (include name and'ocatio" of fost
high school attended. name end location of any college or university attended. degree received and vear it was reeeivec;U
Central High School
University of Delaware
Phila.
Newark
PA
DE BA
194'1
1950
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VI. BUSINESSBACKGROUNO: Furnish below. complete. consecutive statement.gf aU business expertenee and employment for the past ten
years. List the'last position first. If none, state HNone.... .
Kind of Business
Exact Nature of ,Connection
or .EmPlovment .
BeginninoOate Ending Date
. Mo. Yr. Mo. Yr.
VII. PROCeEDINGS: If any answer to any paragraph of Item 10 is "Ves.. with respect to the person for whom this Schedule isbeingcompl~~ed.
'furnish the fallowing details: Nt A .
Applicable
Part and
Question
ofttem10
Name of Firm and Address
Se:ljf~~pl~'y'ed 'H .
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Siico-tnve$ement CompanY Inc.
Title or Oe$C(iption
of Action
Retail. S'tore$ -.'-Owner
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: -':"':'79
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Retail Jr. De
Store Chain
t. President; Share': {ef", SO
holder
-1'-':-75
Name and Location of Court.
Agency. Jurisdiction or
Self -Regulatory Organization
Nature and Date of and Disposition
of Proceeding
If ;my item on this {1age;s amended, you mu.!! answer;n full all other ,'tems on th# page,and life with.1I completed and ,;gnedcKecut;onpage.
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General Partner will be obligated to present to the Partner-
ship any particular 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 Partnership
(see "Conflicts of Interest"). The foregoing provision ex-
cuses the General Partners from the fiduciary duty (to which
they might otherwise be subject) not to compete with the
Partnership for investment opportunities.
MANAGEMENT
-:J;ae Partnership will be managed by the off.icers
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 both 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 bound 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-
eral Partners will have primary responsibility for 'the initia~
selection, evaluation and negotiation of investments for the
Partnership and will provide all executive, supervisory and
certain.adminstrative services, for the Partnership's o~::a~_______
tions (other than the management of its indi vidual 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 betaken to provide the
most advantageous tax treatment for the Partnership's income.
-
Local property 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. Th<ey'
will not be Affiliates of the General Partners. The Partner-
ship will pay the fees of any such firms and manager, esti-
mated no.t 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-
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The General Partners
PITKIN CO., INC., CORPORATE GENERAL PARTNER: The
Corporat.e General Partner is a Pennsylvania corporation with
offices at Suite 700-4, Benjamin Fox Pavilion, J'enkintown, PA
19046. The stockholders of the Corporate General Partner are
Robert L. Silverman and J. Allen Dougherty, each owning one-
half of the corporation's stock. 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 deathprio:r:to 1992, Mr. Dougherty
will.become voting trustee for all their. shares. Mr. Dougherty
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 Parther.
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, respecti:vely, 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-
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PRIOR PERFORMANCE OF T8E GENERAL PARTNERS
The Corporate General Partner and Associate General
Partner have' sponsored seven other limited partnerships since
July of 1979 with investment objectives similar to those 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
Special Properties I, Pitkin Partners V, and Pitkin Partners
VI.
The seven prior .limited partnerships have raised
$1,396,000 from 58 investors, including limited partnership
interests purchased by the General Partners, 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 .Pi tkin Partners. VI, which was organized in December,
1982) had purchased 34 properties, containing 47 rental units,
as follows:
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-29-
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Location
PITKIN PARTNERS
Glenwood Springs, CO
Washington, D.C.
Stuart, FL
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PITKIN PARTNERS II
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Washington, D.C.
Stuart, FL
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Denver, CO
PITKIN PARTNERS III
Aspen, CO
Washington, D.C.
Tucson, AZ
Stuart, FL
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1 duplex
8-unit apt.
house
4 condomin-
ium apts.
2 duplexes
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1 condomin-
ium apt.
1 duplex
1 triplex
1 condomin-
ium apt.
3 condimin-
ium apts.
1 condomin-
ium apt.
1 condomin-
ium apt.
4 condomin-
ium apts.
1 condomin-
ium apt. '
-30-
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Purchase
Price
Mortgage
Financing
at Date of
Purchase
$ 88,129
278,000
158,439
148,785
$ 54,702
196,000
121,061
116,864
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$6j~; 35-;3. .
$488,627
$ 58,121
61,000
101,166
46,912
200,765
$467,964
$ 48,475
52,000
75,000
31,732
160,155
$367,362
~145,129 $113,83()
43,146 31,911
134,346 99,284
52,907 40,433
$375,528 $285,458
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Locati.on
Purchase
Price
Mortgage
Financing
at Date of
Purcha~e
Type
PITKIN PARTNERS IV
Tucson, AZ
3 town-
houses
3 condomin-
ium apt.
1 condomin-
ium apt.
$156,300
141,750
46,000
$179,700
lSS.p232
60,000
Denver, CO
Ft. Myers, FL
$397,932
$344,050
PITKIN PARTNERS
SPECIAL PROPERTIES I
A~pen, CO
5 condomin-
ium Apts.
$900,043
$850,000
$900,043
$850,000
All of the foregoing 34 propertie~ are residential
properties the aggregate purchase pric~ of which amounted to
2,814,820.62.5% of such aggregate pu.rcha~eprice is invested
in primary home re~idential property and 37 ;'5% i~ inve~ted in'
vacation type ~hort-term rental properties. Approximately 85%
of the aggregate purcha~e price for the 34 properties repre-
~ents investment ill existing properties, and 15% represents
investment in new construction that was purchased upon comple-
tion by the applicable partnership.
.,'
Financing for the foregoing 34 propertie~, aggre-
gating $2,338,'544, was obtained by the respective prior part- ,
-nerships through the issuance or a~sumption of mortgage~
securing the debt. Intere~t rates on these mortgages were:
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Interest R.a.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,lQ8
840,500
4~.000
$2,338,544
8.1%
25.3%
7.3%
12.2%
35.9%
1.9%
100.0%
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-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 payments 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-
nized on July 1, 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 over 20 years with approximately 16 years
remaining, and (ii) a $15,990 purchase money second mortage
from the seller at 12%, amortizing on the basis of a30-year
term with a balloon payment due in 1989. In August, Pitkin
Partners V pUrchasecl.-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 Denver 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-
. .
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approxima,tely $.64,700 each, financed by $52,000 FHA mortgages
for 30 year terms, one with interest at 12% and two at 12~.
Pitkin Partners V expects to settle in January of 1983 on a
two bedroom condominium in North Ft. ~yers, Florida, for a
purchase price of $59,500, with a $47,600 mortgage bearing
interest at 12%, amortizing on the basis of a 30-yearterm
with a balloon payment due in seven years.
All of the prior partnerships have investment ob-
jectives similar to those of the Partnership. Pitkin Part-
ners Special Properties I, however, was organized to acquire
properties located solely in Aspen, .Colorado and therefo1;'e '
did not seek geographical distribution of its properties.
'.
. ,
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 Springs, 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
partnerships 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, results of programs com-
pleted by the General Partners are not available. '
Prospective investors in the Partnership will not
acquire any ownership interest in any prior partnership or
I:'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
implYing or indicating in any manner that
the Partnership 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.
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Officers and Directors
Pitkin.Co., Inc.
Jenkintown; Pennsylvania
.. ~.
, . ,We have reviewed the accompanying statement cifassets and liabil-.
il:ies arising from cash transactions of pitkin Co., Inc. as of June 30, ,
1982, in accordance with standards established by the American Institute 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 personnel
and analytical procedures applied to financial data~ It. is Substantially
less in scope than an examination 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, certain revenue and the related assets are recognized whenre-
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 present financial position
in conformity with generally accepted accounting principles.
Based on our review, we are not aware of any material modifica-
tions that should be made to the accompanying financial statement in order
for it to, be in conformity with the basis of accounting described in Note
1A.
"
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Certified Public Accountants
August 12, 1962
100 PRESIOENTIAL BOULEVARO . BALA CYNWYD. PENNSYLVANIA 19004 . (215)639.3422
, -73-
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- 2 -
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PITKIN co., INC.
STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS
JUNE 30, 1962
ASSETS
,
.
Cash
Advances to Partnerships
Advances to Officer
Investments in Partnerships at Equity _
(-Cost $34,51?)
lIABILITIES
'Loans Payable
Payroll Taxes Payable
Income Taxes Payable
STOCKHOLDERS' EQUITY
Common Stock: 1 <; Par; Authorized 1DO,000 Shat"es;
Issued and Outstanding 30,000 Shares
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
$11,238
780
1,962
$13,980
26,665
$40,645
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PITKIN CO., INC.
NOTES TO FINANCIAL STATEMENT
YEAR ENDED JUNE 30, 1962
1.
SUMMARY OF SIGNIFICANT ACCOUNTING PDLICIES:
A. Method of AccountinQ:
The accounts of the Company are maintained, and the accompanying 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
I
B. ,Investments in Partnership:
, The Company owns one Limited Par{;nership interest each in Pitkin Partners, I
'Pitkin PartnersII'and Pitkin Partners Y, and one-half Limited Partnership'-
interest in Pi {;kin Partners Special" Properties I. These investments are
stated at their underlying equity at the end of each partnership year on De-I:
cember 31. j;
2.
TRANSACTIONS WITH RELATED PARTNERSHIPS:
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A.
Manaqement Fees:
'The Company is the Corporate General Partner of Pitkin Partners, Pitkin
Partners II and Pitkin Partners III, Pitkin Partners IV, Pitkin Partners Y . ,
and Pitkin Partners Special Properties I, and is entitled to fees for manage.1)
ment of the Partnerships' business. - . IJ
The unpa,id portion of these fees i.s not included in this financial statementl"!
as income and receivables since the statement is on a cash basis. However, IJ
the unpaid balance of $12, 914 remains a liabilHy of the Partnerships.to the
Company as at June 30, 1962.
8.
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Obliqations of General Partner:
The Company is liable as Gene-ral Partner for the debts of the PartnerShips. .iifJ
Such debts are limited {;o recourse to the real estate owned by the ,Partner-~l
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. III .
C.
Pitkin Investments, Inc.:
The President and majority shareholder of the Company has formed Pitkin In-Ill
vestments, Inc., which is a registered broker dealer and which sells partner~
ship interests without compen.sation in Limited Partnership in which the It-.
Company will be the Corporate General Partner. The expenses of Pitkin . Sll
Investments, Inc. are reimbursed by the Company. .
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SEE ACCOUNTANTS' REVIEW REPORT
-75-
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.^1'
INTERVAL ESTATE
CONDOMINIUM DECLARATION
FOR
ASPEN EAST HOPKINS Club
AN INTERVAL ESTATE CONDOMINIUM
(A Condominium)
KNOW ALL MEN BY THESE PRESENTS, THAT:
WHEREAS, Pitkin Partners Special Properties I (Ltd.) a
Pennsylvania Limited Partnership, hereinafter called "Declarant,"
is the owner of that real property situated in the County of
Pitkin, State of Colorado, more fully described in Exhibit A
attached hereto and made a part hereof; and
WHEREAS, Declarant desires to establish an Interval
Estate project under the Condominium Ownership Act of the State
of Colorado as amended; and
property
building
WHEREAS, there is currently
improvements consisting of
and other improvements; and
constructed on said real
a six unit condominium
WHEREAS, Declarant does hereby establish a plan for the
ownership in fee simple of the real property interval estates as
hereinafter defined in each of the air space units in the
building improvements and the co-ownership by the individual and
separate owners thereof, as tenants in common, of all of the
remaining property hereinafter defined and referred to as the
General Common Elements;
NOW, THEREFORE, Declarant does hereby publish and
declare that the following terms, covenants. conditions,
easements, restrictions, uses, limitations and obligations shall
be deemed to run with the land, shall be a burden and a benefit
to Declarant, its successors or assigns, and any person or entity
acquiring or owning an interest in the real property and
improvements, and their devisees or assigns.
1. Definitions.
provide otherwise:
1.1 "Interval Estate" means a timeshare estate as
defined in 38-33-110, C.R.S. 1973, as amended, consisting of an
undivided interest in fee simple of not less than one-twenty
fourth (1/24), as tenant-in-common. in the ownership of a
Condominium Unit together with the right to possession and
occupancy of the condominium unit durin~ the Time Period Weeks
defined hereinafter. The sum of the 'Time Period Weeks" and
"Maintenance Weeks" in a Condominium Unit shall equal the total
weeks in a calendar year.
Unless the context shall. expressly
1. 2 "Condominium Unit" means the fee simple
interest and title in and to a unit, together with the undivided
percentage interest in the general COmmon elements appurtenant to
such unit and together with the exclusive right to use any
limited common elements assigned thereto.
1.3 "General Common Elements" means and includes
all portions of the land described in Exhibit A hereto (except
the units), and including the structural components of the
buildings; the balconies and parking spaces; the exterior glass
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and windows; and all other parts of such land and the
improvements thereon necessary or convenient to its existence,
maintenance and safety, which are normally and reasonably in
common use, including the air above such land, all of which shall
be owned, as tenants in common, by the owners of the separate
units, each owner of a unit having an undivided percentage
interest in such general common elements as is provided
hereinafter.
1.4 "Limited Common Elements" means those parts of
the general common elements which are either limited to or
reserved for the exclusive use of the owners of one or more, but
less than all, of the condominium units.
1.5 "Condominium Proj ect" means all of the land
and improvements initially and subsequently submitted by this
Declaration or any supplements or amendments hereto.
1.6 "Common Expenses" means and includes expenses
for maintenance, repair, operation, management and
administration, expenses declared common expenses by the
provisions of this Declaration and the Bylaws of the Association,
and all sums lawfully assessed against the general common
elements by the Board of Managers of the Association.
1.7 "Interval Estate Owners' Association" or
"Association" means, A Nonprofit Colorado corporation, its
successors and assigns, the Articles of Incorporation and Bylaws
of which shall govern the administration of this condominium
property, and the members of which shall be all of the owners of
the Interval Estates.
1.8 "Building" means the building improvements
containing units as shown on the Map or amendments and supple-
ments thereto.
1.9 "Map" or "Supplemental Map" means and includes
the engineering survey, of the land locating thereon all of the
improvements, the floor and elevation plans and any other drawing
or diagrammatic plan depicting a part of or all of the
improvements and land.
1.10 "Board of Managers" me~ns the governing body
of the Association, elected according to the bylaws of the
Association, to carry..out the obligations of the Association.
1.11 "Interval Estate Owner" or "Owner" means any
person or entity vested with legal title to an Interval Estate
during his designated Time Period Weeks.
1.12 "Interval Estate Unit" or "Unit" means a
Condominium Unit which is dedicated to Interval Estate Ownership
pursuant to Paragraph 30 of this Declaration.
1.13 "Maintenance Week" means not less than four
weeks designated by Declarant, by notice duly recorded, as
Maintenance Weeks. Maintenance Weeks shall be appurtenant to the
Interval Estates and the transfer of an Interval Estate shall
transfer to the grantee an interest in the Maintenance Weeks
without further reference thereto; provided, however, that the
Interval Estate Owners' Association shall have a superior and
prior right to use, possess and occupy the Interval Estate Unit
during the Maintenance Weeks in order to service, clean, repair,
maintain and refurbish the Interval Estate Unit and for such
other purposes as the Interval Estate Owners' Association may
deem necessary or desirable.
1.14 "Manager" means a member of the Board of
Managers.
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1.15 "Managing Agent" means a person or firm to
whom the Board of Managers has delegated certain of its
administrative and management functions.
1.16 "Condominium Unit" means an individual air
space Unit which is contained within the perimeter walls, floors,
ceilings, windows and doors of such Unit as shown on the
Condominium Map to be filed,for record in the office of the Clerk
and Recorder of the County of Pitkin, Colorado, together with all
fixtures and improvements therein contained, but not including
any of the structural components of the building, if any, within
a Unit.
1.17 "Condominium Unit Number" means the
designation by number of each Condominium Unit. The condominium
unit number shall be a two part symbol (e.g. 2-N) indicating the
designation of the unit as identified and shown on the map (l-N,
l-S, etc.).
1.18 "Time' Period Number" means the number
designating the Interval Estate weeks owned. The time period
number shall be a two part symbol (e.g. 00-00), indicating as
follows:
calculating
maintenance
through 2002
A. The first numerical designation following the
condominium unit number shall indicate the first
time period week from the time period calendar to
be conveyed in combination with b. below.
B. The second numerical designation following the
condominium unit number shall indicate the second
time period week from the time period calendar to
be conveyed only with a. above.
1.19 "Time Period Calendar" means the method of
the Interval Estate time periods including
weeks. The 20 year calendar for the year 1983
inclusive is constructed on the following basis:
A. Week No. 52 of each calendar year shall be
perpetually that week in each calendar year which
starts on the Saturday before Christmas Day. Week
51 shall be the preceding Saturday and end on the
Saturday before Christmas Day, etc. The calendar
year shall be numbered in reverse (descending)
order.
B. Week No. 1 of the following year shall be,
perpetually that week in each calendar year which
contains January 1st and shall c01IDIlence on the
Saturday before January 1st of each year, or if
January 1st falls on a Saturday, in a given year,
shall c01IDIlence on December 25th of such year, and
continue to the Saturday January 1st of said year.
C. Under this method Week 52 being the Saturday
before Christmas Day of each year, and the calendar
year being numbered in reverse (descending) order
will produce in this 20 years cycle, three 53 week
periods in years 1988, 1994 and 2000.
d. Whereas Weeks 19, 10, 45 and 46 of each
calendar year are being reserved as maintenance
weeks and will not be conveyed, in those years in
which this calendar produces 53 weeks (as in 1988,
1994 and 2000) the week preceding Week No. 20
(numbering in reversed (descending) order) will be
numbered 53 and will be reserved as an additional
maintenance week. In that year the week preceding
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Week 53 will be numbered 20. Thus, in any calendar
year only 48 weeks will be conveyed.
Using this method of designating time period weeks, the
Association shall produce a calendar within two years of the
expiration of this initial 20 year calendar, another 20 year
calendar, and shall record same and distribute same to all owners
of time periods weeks. This calendar shall be produced each 20
years thereafter, but no change in the method in deterlllining the
number of weeks shall take place unless approved by the vote of
100% of all owners of Interval Estates.
1.20 "POssession and Occupancy" means the actual
time for each Interval Estate Owner to be in the unit. It is
calculated as follows:
Time Period Weeks run from noon on the first day to
noon on the last day of the week; provided,
however, that the right of possession shall not
commence until 4:00 p.m. local time on the first
day of the week and shall end at 10:00 a.m. on the
last day of the week and which time of possession
may be amended by the Board of Managers.
2. Condominium Map.
least the following:
The legal description of the land and a survey thereof;
the location of the buildings; the floor and elevation plans; the
location of the units within the buildings, both horizontally and
vertically; the thickness of the common walls between or
separating the units; the location, of any structural components
or supporting elements of a unit located within a building; and
the building and unit designations.
The Map depicts and shows at
The Map shall contain the certificate of a registered
Colorado land surveyor or licensed architect, or both, certifying
that the Map substantially depicts the location and the
horizontal and vertical measurements of the buildings, the units,
the unit designations, the dimensions of the units, the
elevations of the unfinished floors and ceilings as constructed,
the bUilding number or symbol, and that such Map was prepared
subsequent to substantial completio.n of t,he improvements. Any
amendment to the Map shall set forth a like certificate when
appropriate. In, interpreting the Map the existing physical
boundaries of each separate unit as constructed shall be
conclusively presumed to be its boundaries. Declarant reserves
the right to amend the Map, from time to time, to conform the
same according to the actual location of any of the constructed
improvements, and to. establish, vacate and relocate easements,
access road easements and on-site parking areas.
3. Division of Pro ert into Condominium Units. The
real property an J.mprovememts to e constructe t ereon are
hereby divided into the following fee simple estates:
Six separate fee simple estates, each such estate
consisting of one Unit together with an appurtenant
undivided one-sixth interest in and to the General
Common Elements. The General Common Elements shall be
held in common by the Owners thereof. Each Condominium
Unit is described on the Map, which by this reference
is made a part hereof. Each Condominium Unit shall be
identified on the Map by the number as shown thereon.
Declarant hereby submits all six units to the plan of
Interval Estate Ownership set forth in Paragraph 30
hereof.
4. Limited Common Elements. A portion of the general
common elements is reserved for the exclusive use of the
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individual owners of the respective units, and such areas are
referred to as "limited common elements." The limited common
elements so reserved shall be identified on the Map. (Any
balcony or balconies or patio or patios which are accessible only
from within, associated only with and which adjoin a single unit
shall, without further reference thereto, be used in connection
with such unit to the exclusion of the use thereof by the other
owners of the general common elements, except by invitation.) All
of the owners of condominium units in this condominium project
shall have a nonexclusive right in common with all of the other
owners to use of sidewalks, pathways, roads and streets located
within the entire condominium proj ect, if any. No reference
thereto, whether such limited common elements are exclusive or
nonexclusive, need be made in any deed, instrument of conveyance,
or other instrument.
5. Inse arabilit of a Condominium Unit. ~ach unit,
the appurtenant Un ~v~ e ~nterest ~n t e genera common elements
and the appurtenant limited common elements, shall together
comprise one condominium unit, shall be inseparable and may be
conveyed, leased, devised or encumbered only as a condominium
unit and only as according to the Interval Estate Ownership Plan
provided in Paragraph 30 hereof.
6. Ri hts not Reserved b The declarant
specifically oesriot reserve any r~g t to: (i) lease the
General or Limited Common Elements to the Association; (ii) to
accept the lease from the Association for the General or Limited
Common Elements; (iii) to accept franchises or licenses from the
Association for the provision of central television antenna. or
like services; and (iv) to retain the right, by virtue of
continued Association control or otherwise, to veto acts of the
Association or to enter into management agreements or other
contracts which extend beyond the date the Owners obtain majority
control of the Association.
7. Se arate Assessment and Taxation Notice to Assessor.
Declarant sha g ve wr~tten not~ce to t e ssessor 0 t e ounty
of Pitkin, Colorado, of the creation of Interval Estate
condominium ownership in this property, as is provided by law, so
that each Interval Estate's undivided interest shall be deemed a
parcel and subject to separate assessment and taxation. In the
event that for a period of time any taxes or assessments are not
separately assessed to each Interval Estate owner, but are
assessed on the prop'erty as a whole, then each Interval Estate
owner shall pay his proportionate share thereof in accordance
with his percentage ownership of the general common elements.
8. Ownership Title. A condominium unit may be held
and owned by more than one person as joint tenants or as tenants
in common, or in any real property tenancy relationship recog-
nized under the laws of the State of Colorado and the City of
Aspen, Colorado.
The
the
and
the
9. Non-Partitionabilit
general common e emen s s a
owners of the Interval Estates
no owner shall bring any action
general common elements.
Common Elements.
e owne n common y a 0
and shall remain undivided,
for partition or division of
10. The Use of General and Limited Common Elements.Each
owner shall be entitled to exclusive ownership and possession of
his Interval Estate. Each owner may use the general and limited
common elements in 'accordance with the purpose for which they are
intended, without hindering or encroaching upon the lawful rights
of the other owners, subject to such reasonable rules and
regulations as may, from time to time, be established pursuant to
the Bylaws of the Association.
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11. Use and Occupancy; Liens. All Interval Estate
condominium units shall be used and occupied, subject to the
provisions of this Declaration, solely for residential (as
permitted by the City of Aspen or other applicable governmental
bodies) purposes by the owner, by the owner's family or the
owner's guests and tenants.
Declarant states in accordance with the
requirements of the Colorado Condominium Ownership Act, that it
is possible that liens other than mechanic's liens, assessment
liens and taxes liens, may be obtained against the common
elements, including judgment liens and purchase money mortgage
liens.
12. Easements for Encroachments. If any portion of the
general common elements encroaches upon a unit or units, a valid
easement for the encroachment and for the maintenance of same, so
long as it stands, shall and does exist. If any portion of a
uni t, as shown on the map, encroaches upon the general common
elements, or upon an adjoining unit or units, a valid easement
for the encroachment and for the maintenance pf same, so long as
it stands, shall and does exist. In the event that anyone or,
more of the units or buildings or other improvements comprising
part of the general common elements are partially or totally
destroyed and are then rebuilt or reconstructed in substantially
the same location and as a result of such rebuilding any portion
thereof shall encroach as provided in the preceding sentence, a
valid easement for such encroachment shall and does exist. Such
encroachments and easements shall not be considered or determined
to be encumbrances either on the general common elements or on
the units.
13. Termination of Mechanic's Lien Rights and Indemni-
fication. Subsequent to the completion of the improvements
described on the Map, no labor performed or materials furnished
and incorporated in a unit with the consent or at the request of
the unit owner or his agent or his contractor or subcontractor
shall be the basis for filing of a lien against the Interval
Estate Unit of any other unit owner not expressly consenting to
or requesting the same, or against the general common elements.
Each owner shall indemnify and hold harmless each of the other
owners from and against all liability arising from the claim of
any lien against the unit of any other ,owner or against the
general common elements for construction performed or for labor,
materials, services cir'other products incorporated in the owner's
unit at such owner's request. The provisions herein contained
are subj ect to the rights of the Managing Agent or Board of
Managers of the Association as is set forth in paragraph 16.
Notwithstanding the foregoing, any mortgagee of an Interval
Estate Unit who shall become an owner of an Interval Estate Unit
pursuant to lawful foreclosure sale or the taking of a deed in
lieu of foreclosure shall not be under any obligation to
indemnify and hold harmless any other owner against liability for
claims arising prior to the date such mortgagee becomes an owner.
14. Owners' and Association's Responsibility for Unit.
The foregoing provisions notwithstanding, all maintenance, repair
and refurbishment shall be the responsibility of the Association.
An Owner shall do no act nor any work that will impair the
structural soundness or integrity of any improvements or impair
any easement. An Owner shall promptly report any defect or
necessary repair to the Association or Managing Agent and shall
not attempt to repair or alter any item in the Unit except as
reasonably necessary in an emergency situation to prevent further
damage to the Unit.
15. Administration and Management; Managing Agent. The
administration and management of this condominium property shall
be governed by the Articles of Incorporation, this Declaration
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and Bylaws of the Association. An owner of an Interval Estate,
upon becoming an owner, shall be a member of the Association and
shall remain a member for the period of his ownership. The
Association shall be initially governed by a Board of Managers as
is provided in the By-Laws of the Association. The Association
may delegate by written agreement any of its duties, powers and
functions to any person or firm to act as Managing Agent at an
agreed compensation; provided however, that no such delegation
shall relieve the Association or the Board of Managers of their
responsibilities under this Declaration.
16. Powers and Duties of The Association. By the way
of enumeration and without limitation the Association shall have
the following powers and duties:
16.1 Association as Attorney-in-Fact for Owners.
The Association is hereby irrevocably appointed attorney-in-fact
for the Owners separately and collectively, to manage, control
and deal with the interest of such Owner in the General Common
Elements so as to permit the Association to fulfill all of its
duties and obligations hereunder and to exercise all of its
rights hereunder, to deal with the Proj ect upon its destruction
or obsolescence as hereinafter provided and to grant utility and
other easements and rights of way through any portion of the
General Common Elements. The acceptance by any Interval Estate
Owner of any interest in any Interval Estate Unit shall
constitute an appointment of the Association as attorney-in-fact
as provided above and hereinafter. The Association shall be
granted all of the powers necessary to govern, manage, maintain,
repair, administer and regulate the Project and to perform all of
the duties required of it. Notwithstanding the above, unless at
least seventy-five percent (75%) of the first Mortgagees of the
Interval Estate Units (based upon one (1) vote for each first
Mortgage owned or held), and Interval Estate Owners (other than
Declarant) have given their prior written approval, the
Association shall not be empowered or entitled to:
1. by act or omission, seek to abandon or
terminate the Project;
ii. by act or omission seek to abandon, partition,
subdivide, encumber, sell or transfer any of the
General or Limited Common Elements;
~~~. use hazard insurance proceeds from loss to the
improvements for other than repair, replacement or
reconstruction of such improvements; or ,"
iv. Change the pro rata ownership interest or
obligation of any Interval Estate Unit for the
purpose of levying assessments or charges, or
allocating the proceeds of hazard insurance or
condemnation awards, or in order to alter the
percentage of ownership interest of an Interval
Estate Unit in the General Common Elements.
16.2 General Common Elements. The Association
shall provide for the care, operation, management, maintenance,
repair and replacement of the General Common Elements. Without
limiting the generality of the foregoing, said obligations shall
include the keeping of such General Common Elements in good,
clean, attractive and sanitary condition, order and repair;
removing snow and any other materials from such General Common
Elements which might impair access to the Project or the Units;
keeping the Project safe, attractive and desirable; and making
necessary or desirable alterations, additions, betterments or
improvements to or on the General Common Elements.
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16.3 Coordination of Occupancy. The Association
shall coordinate the plans of Interval Estate Owners for moving
their personal effects into and out of the Interval Estate Units
with a view toward scheduling such move so that there will be a
minimum of inconvenience to the Interval Estate Owners.
16.4 Service Requests. The Association shall
maintain business-like relations with Interval Estate Owners
whose service requests shall be received, considered, and
recorded in a systematic fashion in order to show, the action
taken.
16.5 Maintenance. The Association shall cause
each Interval Estate Unit to be maintained in a first class
manner and condition. The Association shall determine the color
scheme, decor and furnishing of each Interval Estate Unit as well
as the proper time for redecoration and replacement thereof.
16.6 Invoice Expenses. The Association shall bill
each Interval Estate Owner for the expense of occupancy of an
Interval Estate Unit during said Interval Estate Owners' Time
Period Weeks, which the Association determines are the individual
expenses of the particular Interval Estate Owner including, but
not limited to: long-distance and other extraordinary telephone
charges; extraordinary repairs or charges for damages to the
Interval Estate Unit, its furniture, furnishings, equipment,
fixtures, appliances and carpeting caused by the Interval Estate
Owner or his guest; firewood; other charges rendered by the
Managing Agent on behalf of the Interval Estate Owner; and
janitorial and maid service.
16.7 Collection of Fees.
collect all assessments.
The Association shall
16.8 Other Association Functions. The Association
may undertake any activity, function or service for the benefit
of or to further the interests of all, some or any Owners of
Units on a self-supporting, special assessment or common
assessment basis. Such activities, functions or services may
include but are not limited to the providing of police or similar
security services and the providing of garbage and trash
collection services.
16.9 Labor and Services. The Association (i) may
obtain and pay for the"services of a Managing Agent to manage its
affairs, or any part thereof to the extent it deems advisable, as
well as such other personnel as the Association shall determine
to be necessary or desirable for the proper operation of the
Project, whether such personnel are furnished or employed
directly by the Association or by any party with whom or with
which it contracts; (ii) may obtain and pay for legal, accounting
and other professional services necessary or desirable in
connection with the operation of the Project or the enforcement
of this Declaration; and (iii) may arrange with others to furnish
lighting, heating, water, trash collection, sewer service and
other common services.
16.10 Property of Association.
A. The association may pay for, acquire and hold
tangible and intangible personal property and may dispose of the
same by sale or otherwise. Subject to the rules and regulations
of the Association, each Owner and each Owner's family and guests
may use such property.
B. Upon termination of Interval Estate ownership
of the Project and dissolution of the Association, if ever, the
beneficial interest in any such property shall be deemed to be
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owned by the then Interval Estate Owners as tenants-in-common in
the same proportion as their respective interests.
16.11 Association 's Ril1;ht to Lease and License
General Common Elements. Subject to the requirements of - th~s
Paragraph 16, the Association shall have the right to lease o,r
license or permit the use of, by less than all Owners or by
non-owners, on either a short-term basis or long-term basis and
with or without charge as the Association may deem desirable, any
portion of the General Common Elements or any Unit owned by the
Association. The rights granted to the Association in this
subparagraph shall only be used in the promotional of the
collective best interests of the Owners.
grant
books
16.12 Mortgagee Inspection. The Association shall
to each first Mortgagee of a Unit the right to examine the
and records of the Association at any reasonable time.
16.13 Rules and Regulations. The Association
shall have the right to adopt such Bylaws and to promulgate such
reasonable rules and regulations as it deems necessary or
desirable to effectuate the intent and to enforce the duties and
obligations set forth in the Declaration and Articles of
Incorporation and Bylaws of the Association.
16.14 Enforcement by Association. The Association
may suspend any Owner's voting rights in the Association or the
right of an Owner to use the General Common Elements during any
period or periods during which such Owner fails to comply with
the Association's rules and regulations, or with any other
obligations of such Owner under this Declaration or the Bylaws of
the Association. The Association may also take judicial action
against any Owner to enforce compliance with such rules,
regulations or other obligations or to obtain damages for
noncompliance to the extent permitted by law.
16.15 Implied Rights. The Association shall have
and may exercise any right or privilege given to it expressly by
this Declaration, or reasonably to be implied from the provisions
of this Declaration, or given or implied by law, or which may be
necessary or desirable to fulfill its duties, obligations, rights
or privileges.
17. Certificate of Identity. There shall be recorded
from time to time a certificate of iaentity which shall include
the addresses of the persons then comprising the management body
(Managers and Officers) together with the identity and address of
the Managing Agent. Such certificate shall be conclusive
evidence of the information contained therein in favor of any
person relying thereon in good faith regardless of the time
elapsed since the date thereof.
18. Reservation for Access for Maintenance, Repair and
Emergencies. The owners shall have the irrevocable right, to be
exercised by the Managing Agent or Board of Managers of the
Association, to have access to each unit from time to time during
reasonable hours under the particular circumstances as may be
necessary for the maintenance, repair or replacement of any of
the general common elements therein or accessible therefrom or
for making emergency repairs therein necessary to prevent damage
to the general common elements or to another unit or units.
Damage to the interior or any part of a unit or units resulting
from the maintenance, repair, emergency repair or replacement of
any of the common elements or as a result of emergency repairs
within another unit at the instance of the Association shall be a
common expense of all of the other owners; provided, however,
that if such damage is the result of the misuse or negligence of
a unit owner, then such owner shall be responsible and liable for
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all of such damage. All damaged improvements shall be restored
to substantially the same condition of such improvements prior to
damage. All maintenance, repairs and replacements as to the
common elements, whether located inside or outside of units
(unless necessitated by the negligence or misuse of a unit owner,
in which case such expense shall be charged to such unit owner),
shall be the common expense of all of the owners.
19. Com liance With Provisions of Declaration Articles
and Bylaws of t e Assoc~at~on. ac owner sa comp y str~ct y
with the provisions of this Declaration, the Articles of
Incorporation and By-Laws of the Association, and the decisions
and resolutions of the Association adopted pursuant thereto as
the same may be lawfully amended from time to time. Failure to
comply with any of the same shall be grounds for an action to
recover sums due, for damages or injunctive relief or both, and
for reimbursement of all costs and attorneys' fees incurred in
connection therewith, which action shall be maintainable by the
Managing Agent or Board of Managers in the name of the
Association in behalf of the owners or, in a proper case by an
aggrieved owner. Each grantee of the Declarant, by the
acceptance of a deed of conveyance, accepts the same subj ect to
all terms, provisions, easements, restrictions, conditions,
covenants, reservations, liens and charges, and the jurisdiction,
rights, and powers created or reserved by this Declaration and
the Articles of Incorporation and Bylaws of the Association and
the provisions of the Colorado Condominium Ownership Act, as at
any time may be amended, and all easements, rights, benefits and
privileges of every character hereby granted, created, reserved
or declared, and all impositions and obligations hereby imposed
shall be deemed and taken to be covenants running with the land,
and shall bind any person having at any time any interest or
estate in said land, and shall inure to the benefit of such
person in like manner as though the provisions of this
Declaration were recited and stipulated at length in each and
every deed of conveyance.
20. Additions, Alterations, and Improvements of General
and Limited Common Elements. '
20.1 Limitation on Expenditures. There shall be
no additions, alterations or improvements by the Board of
Managers or the Managing Agent of or to the general and limited
common elements requiring an expenditure in excess of Five
Thousand Dollars '($5';,000.00) in anyone calendar year without
prior approval of a majority of the owners in writing or as
reflected in the minutes of a regular or special meeting of the
owners. Such limitation shall not be applicable to the replace-
ment, repair, maintenance or obsolescence of any general common
element or common property. An individual unit owner shall do no
alterations, additions, or improvements (for his individual
benefit or for the benefit of his Unit) to the general common
elements or the limited common elements without the approval of
the Board of Managers or the approval of a majority of the owners
in writing or as reflected in the minutes of a regular or special
meeting of the owners. In the event that any such approved
alterations, additions or improvements create encroachments by a
Unit upon the common elements or by the common elements upon a
Unit, a valid easement for such encroachment and for the
maintenance of same, so long as it stands, shall and does exist.
20.2 Cost as Common Expesnes. The cost of any
additions, alterations or improvements to the general and limited
common elements undertaken by the Board of Managers shall be
assessed as common expenses. Any such additions, alterations or
improvements, regardless of by whom undertaken, shall be owned by
the unit owners in the same proportion as their ownership
interest in existing general and limited common elements and
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shall not affect any unit owner in reference to his voting power
in the Ass,ociation.
21. Assessments for Common Expenses.
21.1 Owner's Obligation. All Owners shall be
obligated to pay the estimated pro rata aSsessments ~mposed by
the Board of Managers of the Association to meet the Common
Expenses. The assessments' shall be made pro rata according to
each Interval Estate Owner's undivided interest as
tenant-in-common in the Interval Estate Units. Such assessments
shall be due and payable pursuant to the schedule established by
the Board of Managers.
21.2 Calculation of Assessments. The assessments
made for Common Expenses shall be based upon the cash
requirements deemed to be such aggregate sum as the Board of
Managers of the Association shall from time to time determine is
to be paid by all of the Owners to provide for the payment of all
estimated expenses growing out of or in connection with the
maintenance and operation of the Common Elements and Interval
Estate Units. Such sum shall include but shall not be limited
to: expenses of management; real estate and other taxes and
special assessments; premiums for insurance; telephone;
landscaping and care of grounds; lighting and heating; repairs,
replacement and renovations of Common Elements, and all furniture
and furnishings located in the Interval Estate and used for the
operation thereof, including bUt not limited to furniture,
fixtures, appliances, carpeting, window coverings and utensils;
trash collections; wages; water charges; legal, accounting and
other professional fees; expenses and liabilities incurred by the
Managing Agent or Board of Managers under or by reason of this
Declaration; any deficit remaining from a previous period; the
creation of a reasonable contingency and replacement fund as well
as other costs and expenses relating to the General Common
Elements or incurred in the normal operation of the Project which
is attributable to the operation of the Unit as an Interval
Estate Unit. Declarant shall have no obligation to pay the
estimated Common Expense assessment on Units owned by Declarant
until such time as Declarant turns over control of the
Association to purchasers of Units. Declarant shall, however,
pay to the Association a sum equal to the difference between the
periodic cost of operating and maintaining the Common Elements,
exclusive of reserves, and the amount of common assessments
payable by other Owne~s. The Association may require an Owner,
other than Declarant, upon the acquisition of a Interval Estate ,
either from Declarant or from a previous Owner, to deposit with
the Association up to an amount equal to three (3) time the
amount of the then current assessment for Common Expenses, which
sum shall be used for working capital and/or to establish the
initial replacement reserves. Such deposit shall not relieve an
Owner from making the regular payments of the assessment for
Common Expenses as the same becomes due. Upon transfer of his
Interval Estate , an Owner shall be entitled to a credit from his
transferee for any unused portion thereof.
21.3 Failure to Fix Assessment. The omission or
failure of the Board of Managers to fix the assessment for any
year shall not be deemed a waiver, modification or release of the
Owners from their obligations to pay.
22. Owner's Personal Obli ation for Pa ment of
Assessments. e amount 0 t e common expenses assesse against
each Condominium Unit shall be the personal and individual debt
of the owner thereof. No owner may exempt himself from liability
for his contribution towards the common expenses by waiver of the
use or enjoyment of any of the common elements or by abandonment
of his unit. Both the Board of Managers and Managing Agent shall
have the responsibility to take prompt action to collect any
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unpaid assessment, which remains unpaid more than fifteen (15)
days from the due date for payment thereof. In the event of
default in the payment of the assessment, the unit owner shall be
obligated to pay interest at the rate of eighteen percent (18%)
per annum on the amount of the assessment from the due date
thereof, together with all expenses, including attorney's fees
incurred, together with such late charges as provided by the
Bylaws of the Association. , Suit to recover a money judgment for_
unpaid common expenses shall be maintainable without foreclosing
or waiving the lien securing same. The Board of Managers shall
have the duty, right, power and authority to prohibit the use of
the limited and general common elements by an owner, his guests,
tenants, lessees and invitees .in the event that any assessment
made remains unpaid more than thirty (30) days from the due date
for payment thereof.
23. Assessment Lien. Lien Priority. All unpaid sums
assessed for the share of Common Expenses chargeable to any
Interval Estate shall constitute a lien on such Interval Estate
superior to all other liens and encumbrances, except only for:
i. tax and special assessment liens on the
Unit in favor of any governmental entity; and
~~. all sums unpaid on a first mortgage or
first deed of tr~st of record, including all unpaid
obligatory sums as may be provided by such
encumbrance.
23.1 Notice; Enforcement. To evidence such lien,
the Board of Managers or the Managing Agent shall prepare a
written notice of lien assessment setting forth 'the amOUnt of
such unpaid indebtedness, the name of the Owner of the Interval
Estate Unit and a description of the Interval Estate. Such
notice shall be signed by one member of the Board of Managers or
by one of the officers of the Association or by the Managing
Agent, and shall be recorded in the office of the Clerk and
Recorder of the County of Pitkin, Colorado. Such lien for the
Common Expenses shall attach from the date of the failure of
payment of the assessment. Such lien may be enforced by the
foreclosure of the defaulting Owner's Interval Estate by the
Association in like manner as a mortgage on real property
subsequent to the recording of a notice or claim thereof. In any
such proceedings, the Owner shall be required to pay the costs,
expenses and attorneysJ fees incurred for filing the lien, and,
in the event of foreclosure proceedings, all additional costs,
expenses and reasonable attorneys' fee incurred. ,The Owner of
the Interval Estate being foreclosed shall be req~ired to pay to
the Association the Assessments for Common Expenses for the
Interval Estate during the period of foreclosure, and the
Association shall be entitled to appoint a receiver to collect
the same. The Association shall have the power to bid on the
Interval Estate at foreclosure or other legal sale and to acquire
and hold, lease, mortgage, vote the votes appurtenant to, convey
or otherwise deal with the same.
,A. Default Notice to First Mortgagee. The
Association shall give written notification, upon
request, to any first Mortgagee of any default in
the performance by an individual Owner of any
obligation under the Declaration, or Articles of
Incorporation and Bylaws of the Association which
is not cured within sixty (60) days.
B. Un aid Assessments After Foreclosure. Any
first ortgagee woo ta nst t e to a nterva1
Estate pursuant to foreclosure of the mortgage or
deed of trust, or by a deed in. lieu thereof, will
not be liable for such Interval Estate's unpaid
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assessments which accrue prior to acquisition of
title to such Interval Estate by the Mortgagee.
24. Insurance.
24.1 Policies. The Managing Agent, or if there is
no Managing Agent then the Board of Managers, shall obtain and
maintain at all times to the extent possible fire insurance with
extended coverage in the amount of the aggregate maximum
replacement value of all the Units and al~ personal property
placed in the Units by Declarant or the Association; casualty and
public liability insurance and' insurance covering such other
risks, of a similar or dissimilar nature, as are or shall
hereafter customarily be covered with respect to other timeshare
projects issued by a responsible insurance company or companies
authorized to do business in the State of Colorado. The
insurance shall be carried in blanket policy form naming the
Association the insured, as attorney-in-fact for all of the
Owners, which policy or policies shall identify the interest of
each Interval Estate Owner standard, non-contributory mortgage
clause in favor of each first Mortgagee, and that the policy
cannot be cancelled or substantially modified without thirty
days' prior written notice to the Association, each Owner and
each first Mortgagee. The public liability insurance shall be in
such limits as may from time to time be determined and shall
cover each Owner, each member of the Board of Managers and the
Managing Agent. Such public liability coverage shall also cover
cross liability claims of one insured against another and shall
contain waivers of subrogation. All such policies shall contain
such other provisions deemed necessary and desirable by the Board
of Managers to protect the interest of the Board of Managers to
protect the interest of the Association and all the Owners in the
Project.
24.2 Owner Policies Permitted. Each Owner may
obtain additional insurance at his own expense for his own
benefit provided that all such policies shall contain waivers of
subrogation and provided, further, that the liability of the
carriers issuing insurance to the Association hereunder shall not
be affected or diminished by reason of any such insurance carried
by any Owner. Insurance coverage on personal property belonging
to the Interval Estate Owner shall be the responsibility of the
Owner thereof.
25. Joint Liability for Common Expenses Upon Transfer
of Lodge Unit.
25.1 Grantee's Liability. The grantee of a
Interval Estate, except'a fJ.rst Mortgagee who acquires title by
foreclosure or a deed in lieu of foreclosure, shall be jointly
and severally liable with the grantor for all unpaid assessments
against the latter for his proportionate share of the Common
Expenses up to the time of the grant or conveyance, without
prejudice to the grantee's right to recover from the grantor the
amounts paid by the grantee therefor; provided, however, that
upon payment of a reasonable fee, and upon written request, any
such owner or prospective grantee shall be entitled to a written
statement from the Association setting forth the amount of the
unpaid assessments, if any, with respect to the subject Interval
Estate, the amount of the current assessment for Common Expenses,
the date that such assessment becomes due, which statement shall
be conclusive upon the Association. Unless the request for such
a statement shall be complied with within ten (10) days, then
such requesting grantee shall not be liable for, nor shall the
Interval Estate conveyed be subject to, a lien for any unpaid
assessments against the subject Unit. The provisions contained
in this Article shall not apply upon the initial transfer of the
Interval Estate by Declarant.
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25.2 Mortgagee I s Liability. Upon payment of a
reasonable fee and upon the written request of any Owner or any
mortgagee or prospective mortgagee of a Interval Estate, the
Association shall issue a written statement setting forth the
amount of the unpaid assessments on Common Expenses, if any, with
respect to the subject Unit, the amount of the current assessment
and the date that such assessment becomes due, which statement
shall be conclusive upon the Association in favor of all persons
who rely thereon in good' faith. Unless the request for a
stat~ment of indebtedness shall be complied with within ten (10)
days, all unpaid Common Expenses which become due prior to the
date of making such request shall be subordinate to the lien of
the person requesting such statement.
26. Mortgaging a Condominium Unit - Priority. An owner
shall have. the right from time to time to mortgage or encumber
his interest by deed of trust, mortgage or other security
instrument. A first mortgage shall be one which has first and
paramount priority under applicable law. The owner of an
Interval Estate may create junior mortgages, liens or encum-
brances on the following conditions:
26.1 That any such junior mortgages shall always be
subordinate to all of the terms, conditions, covenants,
restrictions, uses, limitations, obligations, liens for common
expenses and other obligations created by this Declaration, the
Articles of Incorporation and the Bylaws for the Association.
26.2 That the mortgagee under any junior mortgage
shall release, for the purpose of restoration of any improvements
upon the mortgaged premises, all of his right, title and interest
in and to the proceeds under all insurance policies \1pon said
premises by the Association. Such release shall be furnished
forthwith by a junior mortgagee upon written request of one or
more of the members of the Board of Managers of the Association.
27. Damage, Destruction, Obsolescence, or Condemnation.,
27.1 Association as Attorney-in-Fact. This
Declaration does hereby' make mandatory the irrevocable
appointment of an attorney-in-fact to deal with the Project upon
its destruction, repair or obsolescence. Title to any Interval
Estate is declared and expressly made subject to the terms and
condi tions ' hereof, and acceptance by any grantee of a deed or
other instrument of 'conveyance from the Declarant or from any
Owner or grantor shall constitute appointment., of the
attorney-in-fact herein provided. All of the Owners irrevocably
constitute and appoint the Association their true ,and lawful
attorney in their name, place and stead for the purpose of
dealing with the Project upon its destruction or obsolescence as
hereinafter provided. As attorney-in-fact, the Association, by
its President and Secretary of Assistant Secretary, shall have
full and complete authorization, right and power to make, execute
and deliver any contract, deed or any other instrument with
respect to the interest of an Owner which is necessary and
appropriate to exercise the powers herein granted. Repair and
reconstruction of the improvement(s) as used in the succeeding
sections means restoring the improvement(s) ,to substantially the
same condition in which it existed prior to the damage, with each
Unit and the Common Elements having substantially the same
vertical and horizontal boundaries as before. The proceeds of
any insurance collected shall be available to the Association for
the purpose of repair, restoration or replacements unless the
Owners and all first Mortgagees agree not to rebuild in
accordance with the provisions set forth hereinafter.
to
the
the
the
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improvement(s), shall be applied by the Association, as
attorney-in-fact, to such reconstruction, and the improvements(s)
shall be promptly repaired and reconstructed. The Association
shall have full authority, right and power, as attorney-in-fact,
to cause the repair and restoration of the improvement(s).
27.3 Special Assessment. If the insurance
proceeds are. insufficient to repair and reconstruct the
improvement(s), and if such'damage is not more than fifty percent
(50%) of the Project, not including land, such damage or
destruction shall be promptly repaired and reconstructed by the
Association, as attorney-in-fact, using the proceeds of insurance
and the proceeds of an assessment, for any deficiency to be made
against all of the Owners and their Interval Estates. Such
deficiency assessment shall be a Common Expense and assessed pro
rata according to each Owner's percentage interest in the Common
Elements and shall be due and payable within thirty (30) days
after written notice thereof. The Association shall have full
authority, right and power, as attorney-in-fact, to cause the
repair or restoration of the improvements using all of the
insurance proceeds for such purpose notwithstanding the failure
of an Owner to pay the assessment. The assessment provided for
herein shall be a debt of each Owner and a lien on his Interval
Estate and may be enforced and collected as provided herein. In
addition thereto, the Association, as attorney-in-fact, shall
have the absolute right and power to sell the Interval .Estate of
any Owner refusing or failing to pay such deficiency assessment
within the time provided. If not so paid, the Association shall
cause to be recorded a notice that the Interval Estate of the
delinquent Owner shall be sold by the Association, as
attorney-in-fact, pursuant to the provisions of this Article.
The delinquent Owner shall be required to pay to the Association
the costs and expenses for filing the notices, interest on the
amount of the assessment and.all reasonable attorneys' fees. The
proceeds derived from the sale of such Interval Estate shall be
used and disbursed by the Association, as attorney-in-fact, in
the following order:
i. for payment of taxes and special assessment
liens in favor of any assessing entity and customary
expenses of sale;
~~. for payment of the balance of the lien of
any first mortgage;
Hi.
all costs,
Association;
for payment of unpaid Common Expenses and
expenses and fees incurred by the
iv. for
encumbrances in the
priority; and
v. The balance remaining, if any, shall be
paid to the Owner.
payment of junior liens and
order of and to the extent of their
27.4 Reconstruction or Liquidation. If more than
fifty percent (50%) of the Project, hot including land, is
destroyed or damaged, and' if the Owners representing an aggregate
ownership interest of seventy-five percent (75%) or more of the
General Common Elements, do not voluntarily, within one hundred
eighty (180) days thereafter, make provisions for reconstruction,
which plan must have the unanimous approval or consent of every
first Mortgagee, the Association shall forthwith record a notice
setting forth such fact or facts, which shall be executed by the
Association I s President, Secretary or Assistant Secretary, and
the entire remaining Proj ect shall be sold by the Association,
pursuant to the provisions of this paragraph, as attorney-in-fact
for all of the Owners, free and clear of the provisions contained
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in this Declaration, the Map, Articles of Incorporation and
Bylaws of the Association. The insurance settlement proceeds
shall be divided by the Association according to each Owner's
percentage interest in the Common Elements, and such divided
proceeds shall be paid into separate accounts, each such account
representing one of the Lodge Units. Each such account shall be
in the name of the Association, and shall be further identified
by the Interval Estate designation and the name of the Owner.
From each separate account the Association, as attorney-in-fact,
shall forthwith use and disburse the total amount of each of such
accounts, without contribution from one account to another,
toward the partial. or full payment of the lien of any first
mortgage against the Unit represented by such separate account.
Thereafter, each such account shall be supplemented by the
apportioned amount of the proceeds derived from the sale of the
entire Proj ect. Such apportionment shall be based upon each
Owner's percentage interest in the Common Elements. The total
funds of each account shall be used and disbursed, without
contribution from one account to another, by the Association, as
purposes and in the same order as is provided in Paragra~h 27.3.
If the Owners representing an aggregate ownership
interest of seventy-five percent (75%) or more of the Common
Elements adopt a plan for reconstruction, which plan has the
unanimous approval of all first Mortgagees, then all of the
Owners shall be bound by the terms and other provisions of such
plan. Any assessment made in connection with such plan shall be
a Common Expense and paid pro rata according to each Owner's
percentage interest in the Common Elements, and shall be due and
payable as provided by the terms of such plan, but not sooner
than thirty (30) days after written notice thereof. The
Association shall have full authority, ~ight and power, as
attorney-in-fact, to cause the repair or restoration of
improvements using all of the insurance proceeds for such purpose
notwithstanding the failure of an Owner to pay the assessment.
The assessment provided for herein shall be a debt of each Owner
and a lien on his Interval Estate and may be enforced and
collected as is provided herein. In addition thereto, the
Association, as attorney-in-fact, shall have the absolute right
and power to pay such assessment within the time provided, and if
no so paid, the Association shall cause to be recorded a notice
that the Interval Estate of the delinquent Owner shall be sold by
the Association. The delinquent Owner shall be required to pay
to the Association the costs and expenses for filing the notices,
interest at the rate ~f ten percent (10%) per annum on the amount
of the assessment and all reasonable attorneys' fe.es. The
proceeds derived from the sale of such Interval Estate shall be
used and disbursed by the Association, as attorney-in-fact, for
the same purposes and in the same order, as is provided in
Paragraph 27.3.
27.5 Reconstruction of Common Elements. The
Owners representing an aggregate ownership interest of
seventy-five percent (75%) or more of the Common Elements may
agree that the Common Elements are obsolete and adopt a plan for
the renewal and reconstruction, which plan has the unanimous
approval of all first Mortgagees of record at the time of the
adoption of such plan. If a 'plan for the renewal or
reconstruction is adopted, notice of such plan shall be recorded,
and the expense of renewal and reconstruction shall be payable by
all of the Owners as Common Expenses; provided, however, that an
Owner not a party to such a plan for renewal or reconstruction
may give written notice of obj ection to the Association within
fifteen (15) days after the date of adoption of such plan and
demand that such Unit be purchased by the Association for the
fair market value thereof. The Association shall then have
thirty (30) days thereafter within which to cancel such plan. If
such plan is not cancelled, the Interval Estate of the requesting
Owner shall be purchased.
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A. Determination of Price. If such Owner and the
Association can agree on the fair mar~et value thereof, then such
sale shall be consummated within thirty (30 days thereafter. If
the parties are unable to agree, the date when either party
notifies the other ,that he or it is unable to agree with the
other shall be the conunencement date from which all periods of
time mentioned herein shall be measured. Within ten (10) days
following the conunencement date, each party shall nominate in
writing an appraiser and give notice of such nomination to the
other party. If either party fails to make such a nomination,
the appraiser nominated shall, within five (5) days after default
by the other party, appoint and associate with him another
appraiser. If the two designated or selected appraisers are
unable to agree, they shall appoint another appraiser to be
umpire between them, if they can agree on such person. If they
are unable to agree upon such umpire, each appraiser previously
appointed shall nominate two appraisers and from the names of the
four appraisers so nominated one shall be drawn by lot by any
judge of any court of record in Colorado, and the name so drawn
shall be such umpire. The nominations from whom the umpire is to
be drawn by lot shall be submitted within ten (10) days of the
failure of the two appraisers to agree, which, in any event,
shall not be later than twenty (20) days following the
appointment of the second appraiser.
B. Decision Binding. The decision of the
appraisers as to the fair market value, or in the case of their
disagreement, then such decision of the umpire, shall be final
and binding. The expenses and fees of such appraisal shall be
borne equally by the Association and the Owner. The sale shall
be consununated wi thing fifteen (15) days thereafter, and the
Association, as attorney-in-fact, shall disburse such proceeds
for the same purposes and in the same order as is provided in
Paragraph 27.3, except as modified herein.
27.6 Eminent Domain Proceedings. In the event any
part or all of the Common Elements are the subject of an eminent
domain proceeding or the threat thereof, the Board of Managers
shall have the authority to prosecute or to compromise the
proceeding. The Board of Managers shall also determine whether
or not to apply any sums payable with respect to the taking, to
the repair, or replacement thereof. Any sums not so applied
shall be distributed to the Owners according to Paragraph 27.3.
28. ,Revocation or Amendment to Declaration. This
Declaration shall not be revoked tinlessall of the owners and all
of the holders of any recorded first mortgage or deed of trust
covering or affecting any or all of the Units unanimously consent
and agree to such revocation by instrument(s) duly recorded.
This Declaration shall not be amended unless the owners
representing an aggregate ownership interest of seventy-five
percent (75%), or more, of the general common elements, and all
of the holders of any recorded first mortgage or deed of trust
covering or affecting any or all condominium units consent and
agree to such amendment by instrument(s) duly recorded; provided,
however, that the percentage of the undivided interest in the
general common elements appurtenant to each unit, as expressed in
this Declaration (or in any supplements hereto) shall have a
permanent character and shall not be altered, except as otherwise
herein permitted.
29. Restrictive and Affirmative Covenants. Each Owner,
upon purchase ot an Interval Estate Unit, submits to the
restrictions and/or obligations of this Article.
29.1 Use and Occujancy. Each Interval Estate Unit
may be used and occupied for . irst class residential purposes
only; provided, however, Declarant reserves the right to sue one
or more of the Units and the Common Elements as sales offices and
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for marketing purposes during the sales period, which period
shall be deemed to continue until one hundred twenty (120) days
after the date by which title to seventy-five percent (75%) of
all Interval Estate in the Project, as expanded, has been
conveyed, by Declarant to the initial purchasers, or until
August 1, 1988, whichever first occurs.
29.2 Animals. No animals of any kind shall be
raised, bred or kept on the Property, except pursuant to rules
and regulations adopted and amended by the Association; provided,
however, that nothing herein contained shall be construed to
require the Association to permit animals to be reared, bred or
kept in the Project.
29.3 Restricted Modifications. No modification of
the Unit or Common Elements shall be changed in appearance
without the consent of the Board of Managers. No unsightly
object or nuisances shall be erected, placed or permitted to'
remain on the Project, now shall the Project be used in any way
or for any purpose which may endanger the health or unreasonably
disturb the Owners of any Interval Estate Unit or any occupant
thereof. The foregoing covenants shall not apply to the business
activities, signs and billboards or the construction and
maintenance of the improvements by the Declarant, its agents,
contractors or assigns during the construction and sales period,
nor to the Association, its successors and assigns, in
furtherance of its powers and purposes as hereinafter set forth.
29.4
record encumbering
reference.
Restrictions of Record.
the Property' are hereby
Restrictions of
incorporated by
29.5 Nuisances. No nuisances shall be allowed on
the Property, now any use or practice which is the source of
annoyance to residents or which interferes with the peaceful
enjoyment or possession and proper use of the Property by its
residents. All parts of the Property shall be kept in a clean
and sanitary condition, and no rubbish, refuse or garbage shall
be allowed to accumulate nor any fire hazard to exist. No Owner
shall permit any use of his Interval Estate Unit or make use of
the General Common Elements which will unreasonably increase the
rate of insurance upon the Project.
29.6 Prohibited Use. No immoral, improper,
offensive or unlawful' use - shall be permitted or made of the
Property or any part thereof. All valid laws, ordinances and
regulations of all governmental bodies having jurisdiction shall
be observed.
agreements
requirements
Association.
29.7 Leases and Rental Agreements. All rental
for Interval Estate shall be subject to the
of this Declaration and the Bylaws and rules of the
30.
Interval Estate Ownership.
30.1 Plan of Interval Estate Ownership. Declarant
hereby submits all of the Condominium Units in the Project to the
plan of Interval Estate Ownership set forth in this Paragraph.
The provisions of this Paragraph 30 relate to all Condominium
Units and shall govern the ownership of Interval Estates in said
Condominium Units and the rights, duties and obligations of
Interval Estate Owners for so long as a Condominium Unit remains
an Interval Estate Unit. A purchaser may acquire more that one
(1) Interval Estate and thereafter conveyor encumber each
Interval Estate so acquired separately. In no event, however,
shall an Interval Estate Owner conveyor encumber less than one
Interval Estate into lesser interests. The provisions of this
Declaration shall apply to the Interval Estates created
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hereunder; provided, however, in the event of an inconsis tency
between this Paragraph 30 and the remaining provisions of the
Declaration with respect to the ownership of an Interval Estate
and the rights, duties, and obligations of Interval Estate
Owners, then the provisions of this Paragraph 30 shall control.
30.2 Separate Estates. Each Interval Estate shall
constitute an estate in real property separate and distinct from
all other Interval Estates in the Unit and other Units, which
estate may be separately conveyed and encumbered. By acceptance
of a deed to an Interval Estate, each Interval Estate Owner
waives his right to bring a suit for partition except in
accordance with the provisions of this Declaration.
30.3
contract for sale
filing for record
Interval Estate as
Le al Descri tion of an Interval Estate. A
o an Interva Estate wrJ.tten prJ.or to the
of this Declaration may legally describe an
follows:
An undivided interest as tenant-in-common in Unit
, accordJ.ng to the Interval Estate Declaration for
~ Aspen East Hopkins Club, an Interval Estate
Condominium and the Map thereof to be filed for record,
together with the exclusive right to possession and
occupancy of said Unit during Time Period Weeks ___ and
Subsequent to the recording of the Declaration, every
contract for sale, deed, lease, mortgage, trust deed, or other
instrument relating to an Interval Estate will legally describe
the Interval Estate as follows:
An undivided interest as tenant-in-common in Unit
, according to the Interval Estate Declaration for
~ Aspen East Hopkins Club, an Interval Estate
Condominium recorded , 1983, at Reception
No. and the Map thereot recorded on the day
of ----, 19 , together with the exclusive right to
possession anaoccupancy of said Unit during Time
Period Weeks and , commencing -at noon on the
first ---of the-!ime Period Week and ending at
noon on the last day of the Time Period Week.
Every such description shall be good and sufficient for all
purposes to sell; convey, transfer and encumber or otherwise
effect an Interval Estate and all Common elements and limited
COmmon elements and easements appurtenant thereto. Such legal
description shall also convey to the grantee named in the
document an undivided interest in all furniture and furnishings
then located in the Interval Estate Unit and used for the
operation thereof in the same ownership interest as the Interval
Estate Owner's undivided interest as tenant-in-common in the
Interval Estate Unit, as well as any furniture and furnishings
thereafter acquired for the Interval Estate Unit. The transfer
of an interest in an Interval Estate shall transfer to the
grantee ownership of all of the transferor's undivided interest
in such personal property without further reference thereto.
30.4 Acce tance of Plan. of Interval
Ownershi ; Enforcement; J.catJ.on. y acceptance 0
to an nterva state an nterva state Owner agrees to be bound
by the terms and conditions of the Declaratipn" specifically
including, but not limited to, the provJ.sJ.ons of this
Paragraph 30. In addition to the foregoing, in the event any
Interval Estate Owner fails to vacate an Interval Estate Unit
after termination of his Time Period Weeks or otherwise uses or
occupies or prevents another Interval Estate Owner from using or
occupying a Time Period Week, that Interval Estate Owner shall be
deemed to have waived any notices required by law with respect to
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any legal proceedings regarding the removal eviction or ejection;
and shall pay to the Interval Estate Owner entitled to use the
Interval Estate Unit during such wrongful occupancy, as
liquidated damages for the wrongful use of the Interval Estate
Unit, the sum equal to two hundred percent (200%) of the fair
rental value per day for the Interval Estate Unit wrongfully
occupied as determined by the Interval Estate Owners' Association
in its sole discretion for each day, or portion thereof,
including the day of surrender, during which the Interval Estate
Owner wrongfully occupies a unit; plus all costs and reasonable
attorneys' fees involved in the enforcement of this provision
which amount may be collected by the Interval Estate Owners'
Association in the manner provided herein for the collection of
assessments. Further, each Interval Estate Owner waives any
objections to and accepts the right and authority hereby granted
to the Association and its Managing Agent to evict the holdover
Owner without legal process provided that such evictions can be
accomplished without any violence. This shall include the right
to take possession of the Unit, the personal belongings of the
holdover Owner and to change the locks of the Unit if necessary.
Any Interval Estate Owner who suffers or allows a
Mechanic's Lien, Federal tax or other lien to be placed against
his Interval Estate or the entire Condominium Unit shall
indemnify, defend and hold each of the other Interval Estate
Owners harmless from and against all liability or loss arisin?
from the claim of such lien. The Interval Estate Owners
Association shall enforce such indemnity by collecting from the
Interval Estate Owner who suffers or allows such a lien the
amount necessary to discharge the lien and all costs incidental
thereto, including reasonable attorneys' fees. If such amount is
not promptly paid, the Interval Estate Owners' Association may
collect the same in the manner provided herein for the collection
of assessments.
31. Personal Property for Common Use. The
Association, as Attorney-in-fact for all of the Owners, may
acquire and hold for the use and benefit of all of the Owners,
real, tangible and intangible personal property and may dispose
of the same by sale or otherwise. The beneficial interest in any
such property shall be owned by all of the Owners in the same
proportion as their respective interests in the general common
elements, and such interest therein shall not be transferable
except with a transfer of an Interval Estate. A transfer of an
Interval Estate shall transfer to the transferee ownership of the
transferor I s beneficial interes t in such property without any
reference thereto. Each owner may use such property in
accordance with the purpose for which it is intended without
hindering or encroaching upon the lawful rights of the other
owners. The transfer of title to an Interval Estate under
foreclosure shall entitle the purchaser to the beneficial
interest in such personal property associated with the foreclosed
Interval Estate.
32. Re istration of Mailin for
Service of Process. acowner s ~ng
address with the Association, and all notices or demands, except
routine statements and notices, intended to be served upon an
owner shall be sent by certified mail, postage prepaid, addressed
in the name of the owner at such registered mailing address. If
more than one person or entity owns a Unit, the Unit Owner shall
register one address only with the Association and that address
shall be deemed the registered address for all Owners of that
Unit. All notices, demands or other notices intended to be
served upon the Board of Managers of the Association or the
Association shall be sent certified mail, postage prepaid, to the
mailing address of the Association in Pitkin County, Colorado.
Each owner hereby irrevocably appoints the Association as Agent
for service of process.
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33. Period of Condominium Ownership. The separate
condominium estates created by this Declaration and the Map shall
continue until this Declaration is revoked or terminated in the
manner provided ih this Declaration.
34. General Reservations. Declarant reserves the right
to establish easements, reservations, exceptions and exclusions
consistent with the condominium ownership of the condominium
project and for the best interests of the condominium unit owners
and the Association in order to serve the entire condominium
proj ect.
35. General.
35.1 Severability. If any of the provisions of
this Declaration or any paragraph, sentence, clause, phrase or
word, or the application thereof in any circumstance be
invalidated, such invalidity shall not affect the validity of the
remainder of the Declaration, and the application of any such
provision, paragraph. sentence, clause, phrase or word in any
other circumstances shall not be affected thereby.
35.2 Colorado Condominium Ownership Act. The
prov~s~ons of this. Declaration shall be in add~tion to and
supplemental to the' Condominium Ownership Act of the State of
Colorado and to all other provisions of law.
35.3 Gender and Number. Whenever used herein,
unless the context shall otherwise provide, the singular number
shall include the plural, the plural the singular, and the use of
any gender shall include all genders.
Declaration
purpose.
35.4
shall
Liberal Construction. The provisions of this
be liberally construed to effectuate its
IN WITNESS WHEREOF, Declarant has duly executed this
Declaration this ____ day of , 1983.
Declarant:
PITKIN PARTNERS SPECIAL
PROPERTIES I (Ltd.)
By:
Robert L. Silverman
STATE OF COLORADO
COUNTY OF PITKIN
)
) ss.
)
this
The foregoing instrument was acknowledged before me
day of 1983, by Robert L. Silverman.
Witness my hand and official seal.
My commission expires:
Notary Public
600 East Hopkins Ave. #205
Aspen, CO 81611
-21-
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EXHIBIT A
Unit No.
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Interest in Common Elements
IN
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EAST HOPKINS CONDOMINIUM ASSOCIATION
Preliminary Budget
FRACTIONAL OWNER'S ANNUAL DUES
1. Individual Unit Electricity
2. Individual Telephone
~Furniture & Appliance Reserve
4. Homeowner's Insurance
5. Property Taxes
6. Property Management
7. Housekeeping
~ Interior Repairs & Maintenance
SUB-TOTALS . . . . . . . . . .
9, Magazine & Newspaper
Subscriptions
10. Exchange Membership**
11. Aspen Club Membership**
12. Golf Course Privileges**
CONDOMINIUM HOMEOWNERS
ASSOCIATION FEES
1. Property Management
2. Insurance
3. Miscellaneous
(Postage, Xeroxing, etc.)
4.
5.
6 .
7.
8.
9.
10.
11.
-12.
13.
~
Natural Gas
Connnon Electric
Trash Removal
Sewer
Water
Cable T.V.
Plumbing & Heating
Snow Removal
Building Exterior (Incl.
Grounds, Landscaping
Maintenance Reserve
SUB-TOTALS . . . . . . . . . . .
O~VNER'S DUES + ASSOCIATION FEES
(Plus TBD* figures)
...-.....
Hot Tub)
* To Be Determined
** Optional for each interval owner
PER WEEK
$ 3.75
2.50
31. 25
3.13
75.00
75.00
106.00
20.83
$ 317.46
TBD*
"
"
"
$
8.75
6.94
2 WEEKS
$ 7.50
5.00
62.50
6.26
150.00
150.00
212.00
41.66
$ 634.92
TBD*
"
"
"
$
17.50 $
13.88
PER UNIT,
PER YEAR
$ 180.00
120.00
1,500.00
150.00
3,600.00
3,600.00
5,088.00
1,000.00
$ 15,238.00
TBD*
"
"
"
420.00 $
333.28
166.56
1,249.92
200.00
124.96
91. 68
123.36
233.28
166.56
124.96
416.64
83.36
200.00
$ 3,934.56
$ 19,172.56
6 UNITS
PER YEA
$ 1,080.0
720.0'
Y:\/Nf'o : 0'
900.01
21,600.01
21,600.01
30,528.01
1&,000.01
$ 91,428.01
TBD*
"
"
"
2,520.0(
2,OOO.0(
l,OOO.OC
7,500.0C
l,200.0C
750.0C
550.0C
740.0C
l,400.0C
1,000.00
750.00
2,500.00
500.00
1,200.00
$ 23,610.00
$115,038.00
'ote: Above Figures are for a six-unit condominium complex. Forty-eight weeks
will be sold for each unit, probably in sixteen blocks of three weeks, or
twenty-four blocks of two weeks. Four weeks will be reserved (e.g. two
per off-season) for repair, cleaning, and maintenance work. These four
weeks are factored into the above figures, i.e. they are taken from a year
of 48 rather than 52 weeks.
3.47
26.04
4.16
2.60
1. 91
2.57
4.86
3.47
2.60
8.68
1. 74
4.17
$ 81. 96
$ 399.42
6.94
52.08
8.32
5.20
3.82
5.14
9.72
6.94
5.20
17.36
3.48
8.34
$ 163.92
$ 798.84