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HomeMy WebLinkAboutLanduse Case.CO.520 Riverside Ave.27A-88 { CASELOAD SUMMARY SHEET City of Aspen DATE RECEIVED: fl DATE COMPLETE: O P = >C ID D CAS' NO. . a- 1, f � STAFF MEMBER: - �� PROJECT NAME: ' .. _J 1. 11 // 01 . ; . �/ , , • � Project Address ' L APPLICANT: _A I i I Ce0 1. i/ l I Applicant Addres : ,r SOMS 4V &$yy q _ REPRESENTATIVE:d till AAA l Representative Fdress /Phone :i PAID: vrr4 NO AMOUNT: 6 c �D 1 ) TYPE OF APPLICATION: 1 STEP: 2 STEP: 2) IF 1 STEP APPLICATION GOES TO: ( PAZ CC . PueirIQ HEARING DATE: ZS' VESTED RIGHTS: YES NO _ 3) PUBLICflEARING ,fig BEFORE: P &H C N/A DATE REFERRED: INITIALS: REFRRRALs: _y___ City Attorney Mtn. Bell City Engineer Parks Dept. Rocky Mtn NatcG Housing Dir. Holy Cross State te Hwy Deep Gas Aspen Water Fire Marshall State Hwy t(GW) City Electric Fire Chief State Hwy ns pt(G,7) Boar pect Envir. Hlth. Roaring Fork ingnFok Aspen Consol. TransitEne RoE Fo S.D.- Energy Center Other FINAL ROUTING: DATE ROUTED: -Aer INITIAL:�� City Atty ✓ City Engineer / -- Bldq. Dept. Other: FILE STATUS AND LOCATION:! ✓a j- V a um 569 9 w n� CD < W -+ > N cn m < oin cn e m 4a m CD DECLARATION OF COVENANTS, RESTRICTIONS AND { CONDITIONS FOR 520 AND 530 S. RIVERSIDE CONDOMINIUMS ?' F SEMPER FI, a Colorado Partnership ( "Covenantor "), for itself, its successors, administrators and assigns, in consideration of the granting of an exception from the full subdivision process for the purpose of condominiumization of the following- described property, hereby covenants with the City of Aspen, Pitkin County, Colorado, to restrict such property, and hereby does restrict such property, as follows: 1. Covenantor is the owner of the following described property (the "Property ") together with the improvements thereon situated in the City of Aspen, County of Pitkin State of Colorado: See Exhibit attached hereto and incorporated herein by this reference. Hereafter, Unit A and Unit B, 520 and 530 S. Riverside Avenue Condominiums. 2. The existing two units comprising the 520 and 530 S. Riverside Avenue Condominiums, when the same are offered for rental, shall be and are hereby restricted to six (6) month minimum leases with no more than two (2) shorter tenancies per calendar year, all as defined in the Aspen Municipal Code, as amended; and, further, when both units are offered for sale, they shall be and are hereby subject to the requirements of Sections 20- 22(a), Aspen Municipal Code, as amended. 3. In the event that any municipal improvement or improvements of a kind contemplated in Section 20 -16 of the Municipal Code of the City of Aspen, as amended, become the sold judgment or discretion of the City Council of the City of Aspen, necessary or desirable to the area of 520 and 530 S. Riverside Avenue Condominiums, Covenantor will make no objection to any special assessment or special tax or proceeding therefor on the basis that the Property is adequately served by existing improvements and /or on the basis that the premises will not be served of benefited by the improvement or improvements proposed, Covenantor further agrees to join, upon the City's demand therefor, any improvement district formed for construction of such improvements (including, without limitation, drainage, underground utilities, paving, curbs, gutters, sidewalks, street lights, etc.) in the area of the 520 and 530 S. Riverside Avenue Condominiums. 4. The covenants herein may be changed, modified or amended by the recording of a written instrument signed by the record owners of the Property and the Mayor of the City of Aspen pursuant to a vote n • BOOR 569 PAGE 5. The covenants herein contained shall run with the land shall be binding upon all parties having any right, title or interest in the Property or any part thereof, and their heirs, representatives, successors and assigns, for the period of the life of the longest -lived member of the presently- constituted Aspen City Council plus twenty -one (21) years, or for a period of fifty (50) years from the date these covenants are recorded, whichever is less. 6. None of the covenants contained herein shall be released or waived in any respect during the period they are binding without the prior consent of the City of Aspen reflected by resolution of the City Council for the City of Aspen. 7. In any legal proceeding to enforce the provisions of these covenants, restrictions and conditions, the prevailing party shall be entitled to recover its costs and fees therein, including its reasonable attorney fees and expert witness fees. ,., IN WITNESS W13ERJ, this Declaration has been duly executed this W day of ��) /j , 1988. SEMPER FI, (SEAL) A • •rado P. tn-.ship ATTEST: By: /`` ` / red Crowley, Presides Secretary STATE OF COLORADO ) ss. COUNTY OF PITKIN ) SUBSCRIBED AND SWORN to before me by Fred Crowley as President and as Secretary of SEMPER a Colorado partnership, this afi'• - day of !T /`,'�_`�� 1988. WITNESS my hand and official seal. J! My commission expires: MY Commission expires 9Mmit i _? 1 1 ti N ar Public Of ��'� eons 569 P.TiE931 DESCRIPTION A TRACT OF LAND SITUATED IN THE NE 1/4 OF SECTION 18, TOWNSHIP 10 SOUTH, RANGE 84 WEST OF THE 6TH P. M., CITY OF ASPEN, COLORADO. SAID TRACT BEING PART OF THE ABANDONED RAILROAD RIGH -OF -WAY, LOTS 19 - 22, BLOCK 24, RIVERSIDE ADDITION AND OTHER LANDS ALL OF WHICH ARE MORE FULLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHENCE A 1954 BRASS CAP SET FOR CORNER NO. 5 OF Ms 3905 am BEARS N 69 ° 28'40" W 194.00 FEET, THENCE S 00 ° 14'00" W 218.15 FEET; THENCE N 89 ° 46'00" W 100.00 FEET; THENCE N 82 ° 48'53" W 50.37 FEET; THENCE N 00 ° 14'00" E 130.83 FEET; THENCE 170.86 FEET ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 793.53 FEET THE CHORD OF WHICH BEARS N 61 ° 47'57" E 170.53 FEET TO THE POINT OF BEGINNING, CONTAINING 25,957 SQUARE FEET, MORE OR LESS. W so o BOON 569 PAGE 926 a W N U7 QC lI1 OQ c r- C rJ O V tq2 01 N"2 co 1- = STATEMENT OF EXCEPTION FROM THE FULL - SUBDIVISION PROCESS FOR THE PURPOSE OF CONDOMINIUMIZATION FOR 520 AND 530 S. RIVERSIDE AVENUE CONDOMINIUMS WHEREAS, SEMPER FI, a Colorado Partnership (hereinafter "Applicant ") is the owner of a parcel of real property in the City of Aspen, Pitkin County, Colorado described as follows: See Exhibit attached hereto and incorporated herein by this reference. WHEREAS, the foregoing described real property contains an approved duplex unit; and WHEREAS, Applicant has requested an exception from the full subdivision process for the purpose of condominiumizing the existing duplex on the subject property to be known as the 520 and 530 S. Riverside Avenue Condominiums; and WHEREAS, the City Council determined at its regular meeting held Monday, July 25, 1988, that such exception was appropriate and granted the same, subject however, to certain conditions as set forth below: NOW, THEREFORE, the City Council of Aspen, Colorado, does hereby determine that the application for exception from the full subdivision process for the purpose of condominiumization of the above - described property is proper and hereby grants an exception from the full subdivision process for such condominiumization. PROVIDED, HOWEVER, that the foregoing exception is expressly conditioned upon (1) the Applicant's recording with the Pitkin County Clerk and Recorder, contemporaneously herewith, that certain "Declaration of Covenants, Restrictions, and Conditions for 520 and 530 S. Riverside Avenue Condominiums dated July 25, 1988, (2) the Applicant's strict compliance with the provisions contained herein and all representations set forth in the application submitted and binding conditions of approval on this matter set by the Planning and Zoning Commission and /or the City Council, for itself, its successors and assigns, and (3) the plat depicting 520 and 530 S. Riverside Avenue Condominiums be approved by the Planning Office and filed with the Pitkin County Clerk and Recorder's office prior to the sale of any unit. Dated this 0 2 day of 411 1988. William L. Stir ing, May..r MEMORANDUM TO: FILE /520 and 530 Riverside Condominium FROM: Cindy Houben, Planner RE: 520 and 530•Riverside Condominiumization DATE: 7/26/88 On July 25,1988 the City Council approved the condominiumization of the Semper Fi duplex /520 and 530 Riverside Ave., with the following conditions: 1. the applicant shall submit a condominium plat to the Engineering Dept. in accordance with the Code requirements. 2. The applicants shall agree to join any future inprovements district if one is formed for the area. ch.sff MEMORANDUM TO: Aspen City Council THRU: Robert S. Anderson, Jr., City Managerieg FROM: Cindy Houben, Planning Office A RE: 520 & 530 Riverside Ave. /Semper Fi Duplex Condominiumization DATE: July 25, 1988 SUMMARY: The Planning Office recommends approval of the Condominiumization of the Semper Fi duplex with the conditions as listed in the recommended motion. APPLICANTS: Semper Fi, a limited partnership. LOCATION: 520 and 530 South Riverside Ave. DESCRIPTION OF THE PROPOSAL: The applicants are requesting to condominiumize an existing duplex. The application was submitted pursuant to the new Land Use Code, however, the applicant had previously conducted a pre - application conference with the Planning Office under the old Land Use Code. Therefore, the applicant is requesting waiver of the affordable housing impact fee. REFERRAL COMMENTS: 1) Engineering: In a memorandum dated July 20, 1988, Jay hammond of the Engineering Department made the following comments: The Engineering Department requires platting sufficient to meet the Final Plat and Condominium requirements of the Code. In addition, Mr. Hammond points out that based on a further review of the rights of way, easements and utilities the Engineering Department may require appropriate dedications. Mr. Hammond's memorandum points out that the information provided is inadequate for final review. Earlier in the summer the Planning Office was made aware that there was a backlog of work in the local surveying community and that it was a problem for individuals doing condominiumizations to get plats to the Planning Office in a timely manner. Therefore, we have been accepting improvements surveys from the applicants until such time a final condominium document is submitted. This has been acceptable to the Engineering Department, however, the applicants must realize that if the Improvements Survey submitted does not address issues such as the ones addressed above by Mr. Hammond then these must be taken care of at the time the applicant submits the final condominium plat. The Engineering Department does not have a problem with making the receipt of an adequate final condominimum Plat a condition of approval. STAFF COMMENTS: 1. The application for condominiumization was submitted under the new Code since the new Code was already in place at the time the applicant filed the application with the Planning Office. The applicant had conducted a pre - application conference with the Planning Office in early February, however, and was unaware of the possibility that the new Code requirements would include an affordable housing fee. — Section 1- 104B.5 of the new Code allows a person who submits a development application after the effective date of the new Code to petition Council to hear the application pursuant to the old Code when "the terms of the new Code are unduly harsh or create impractical or unnecessary hardship." jJ 2. Construction of the Semper Fi duplex was completed in 1988. The duplex was constructed on a parcel of land which had been vacant for over 30 years. The parcel has been owned by one of the residents of the Semper Fi duplex since 1902. Therefore, the applicants contend that pursuant to the old Code, no displacement of employees will occur with the creation of this condominiumization, and no deed - restriction or impact fee is required. The old Code spoke to the displacement issue, whereas, the new Code does not. The new Code attaches an affordable housing fee to condominiumization, based on the determination that condominiumized units are more likely to be occupied by tourists or second home owners, and that this market requires higher levels of services than do resident units. The way in which the new Code allows for the condominiumization of resident units is to have a deed - restriction placed on the unit which is occupied by an employee. If a deed restriction is placed on a unit, no affordable housing impact fee is paid for that unit. An alternative which is not clearly stated in the Code but which staff feels is consistent with the regulation is to place a deed restriction on a unit while a resident employee owns and occupies the unit. This deed restriction would be lifted at such time as the unit is sold on the free market and an affordable housing impact fee is paid. 2 3. The applicants agree to the 6 month minimum lease restriction. In summary, the application meets all of the requirements of Section 7 -1008 of the Code regarding condominiumization, with the exception that the applicants are requesting a full waiver from the affordable Housing impact fee. The Council should consider the applicant's petition to be heard under the terms of the old Code, taking into consideration whether the uncertainty as to the effective date and content of the new Code at the time of the February pre - application conference relieves the applicants of their obligation to pay the fee. The Planning Office recommends a compromise in which the applicants deed restrict the units to occupancy by an employee of the community until such time as they are sold in the free market. At that time the affordable housing impact fee should be paid. RECOMMENDATION: The Planning Office recommends approval of the Semper Fi condominiumization with the conditions as listed in the recommended City council motion. RECOMMENDED MOTION: The Aspen City Council grants approval of the Semper Fi condominiumization with the following conditions: e nits shall be deed - restricted to occupancy by an ems oyee of the community, in accordance with the Housing Au ority guidelines. This deed restriction shall be • by the applicant in coordination with the Housing Author'.ty and shall be filed and recorded prior to Final Appro . of the condominiumization. This deed restriction be lifted at such time an affordable housing impact - -e 's paid for the units. (fi The applicants shall submit a condominium plat to the Engineering Dept. in accordance with the code requirements. CH.SEMPERFI 3 APPLICATION FOR SUBDIVISION EXEMPTION FOR SEMPER FI DUPLEX 1 This application is a request for subdivision exemption for the duplex located at 520 and 530 South Riverside Ave., Aspen, Colorado. The application is being made following the guidelines of Section 7 -1008 of the Revised City Code dated April 25, 1988. The duplex is a recently completed structure in the Riverside Addition of East Aspen, more accurately described by the attached plat maps. Under the above Section of the City Code condominium - ization permits separate ownership of each unit and common ownership of certain designated common areas. The property is controlled by a declaration of covenants and restrictions and a condominium map which identifies the areas of separate and of common ownership. Please refer to attached condomin- ium map. Condominiumization simply changes the form of ownership and does not change the use or physical character- istics of the building or property. Since the result of the proposed condominiumization would only change the structure of ownership and would result in no violation of the city regulations, granting of this exception would not be detrimental to the public welfare or to other properties in the area. Responses to applicable Sections of the City Code referred to above. 1. Section 7 -1008, A -1 -a. The duplex structure is a new building and presently occupied by the owners of each unit. Therefore this Section does not apply. 2. Section 7 -1008, A -1 -b. The owners of both units agree to the six month minimum lease requirement with no more than two shorter tenancies per year. 3. Section 7 -1008, A -1 -c. Affordable housing impact fee. We are requesting partial relief from strict compliance with the fee schedule for two reasons. First, the subject duplex was built on property that has been vacant for over 30 years. Prior to that it was a single family residence, owned by my partner and his family since 1902, which was destroyed by fire. Therefore, it was not displacing employees, but adding to the housing stock. The 2 applications and permits were all made and received in May through July of 1987 at which time no mention of any housing impact fees were made. All other fees applicable were paid at that time and work progressed on the duplex until January, 1988, at which time the structure was substantially complete and ready to occupy with the exception of minor adjustments; i.e. finishing paved parking surface, landscaping, exterior lighting, carpet and cosmetics. A condominium plat was prepared by Alpine Surveys in November of 1987 in preparation for a condominiumization application in January or February of 1988. Some time in late February I had a meeting with Cindy Houben at the planning office to discuss what to do to prepare for the actual filing of a condominiumization and lot line adjustment application. At that time there was thought being given to applying to move the property line for the purpose of making the next door lot larger and better. Since that time, due to complications, the idea of adjusting the property lines has been dropped from consideration. During this conversation no mention of a pending impact fee was discussed and I found out later that it was because Cindy was not aware that it was being considered. We even discussed the fact that under the new code re -write the procedures may become less complicated and easier to deal with. At that time I said, "Thank you ", and told her I was in no rush at this time and would return later. A few days later Cindy was kind and considerate enough to send me a memo outlining the procedures of costs necessary to complete my applications. Still nothing about the proposed impact fees. In summary, what I am trying to point out is that the application before you should not be subject to the housing impact fees adopted on April 25, 1988. Therefore, we respectfully request waiver of the impact fees on the duplex. Thank you for your consideration of these somewhat confusing facts and time lines. An additional copy of this letter is being given to Jim Adamski of the Joint Housing Authority for review and comment. Section 7 -1008, A -1 -D. Building inspection required. One side has been fully inspected and passed on final inspection and is waiting for a Certificate of Occupancy to be mailed. The other side is complete and awaiting an inspection, and a Certificate of Occupancy will accompany this application. 3 MEMORANDUM TO: City Attorney City Engineer FROM: Cindy M. Houben, Planning Office RE: 520 -530 Riverside Condominiumization DATE: June 24, 1988 Attached for your review and comments is an application submitted by Semper Fi Partnership requesting Subdivision Exemption approval for condominiumization of the duplex located at 520 -530 South Riverside Avenue. Please review this material and return your comments no later than July 13, 1988 in order for this office to have adequate time to prepare for its presentation before City Council. Thank you. ASPEN /PITRIN PLANNING OFFICE 130 S. Galena Street Aspen, OD 81611 (303) / 925 - 202 Date: 4, /c4//e7a 5 7? 0_ S i4 /6/c RE: 5a.`^ eat C', Ca“c�e.a Dear Ff'e. - This is to inform you that the Planning Office has completed its preliminary review of the captioned application. We have determined that your application IS NOT complete. Additional items required include: Disclosure of Ownership (one copy only needed) Adjacent Property Owners List /Envelopes /Postage (one copy) Additional copies of entire application Authorization by owner for representative to submit applica- tion Response to list of items (attached /below) demonstrating compliance with the applicable policies and regulations of the Code, or other specific materials A check in the amount of $ A. Your application, is complete and we have scheduled it for review by the C•at Co on 3'-& 2 -3 We will call you if we need &v .1L any additional information prior to that date_ Several days prior to your hearing, we will call and make available a copy of the memorandum.. Please note that it IS NOT your responsibility to post your property with a sign, which we can provide you for a $3.00 fee. B. Your application is incomplete, we have not scheduled it review at this time. When we receive the materials we have requested, we will place you on the next available agenda. If you have any questions, please call C "" 1 e ' , the planner assigned to your case. Sincerely, ASPEN /PITRIN PLANNING OFFICE *4 F Re�: e S.,.q_)t Cork of- 1-Ale \^S4CA4C4 MA-9. .... .4- • CASELOAD SUMMARY SHEET City of Aspen DATE RECEIVED: ti J-20 /88 DATE COMPLETE: C D 7 NO. p - STAFF MEMBER: C r �.n PROJECT NAME: ,1 J11[)i g! / („rn /�()�'�JJIJ,iti it Project Address APPLICANT: hi 1 1_1) �1 1.1� 1!.j..,. tttJf7 Applicant Address : tatati VAIRflg(q REPRESENTATIVE ' I /Q (Q �( A Representative dress /Phone : PAID: %r4 NO AMOUNT: 'J7o20. 00 S/4?. 80 1) TYPE OF APPLICATION: 1 STEP: y( 2 STEP: 2) IF 1 STEP APPLICATION GOES TO: P &Z /- CC Puerile HEARING DATE: 2 ‘ 1 1 2 -5 - VESTED RIGHTS: YES NO 3) PUBLIC HEARING IS BEFORE: P &Z CC N/A DATE REFERRED: INITIALS: REFERRALS: City Attorney Mtn. Bell School District X City Engineer Parks Dept. Rocky Mtn Nat Gas Housing Dir. Holy Cross State Hwy Dept(GW) Aspen Water Fire Marshall State Hwy Dept(GJ) City Electric Fire Chief Bldg:Zon /Inspect Envir. Hlth. Roaring Fork Roaring Fork . Aspen Consol. Transit Energy Center S.D. Other FINAL ROUTING: DATE ROUTED: INITIAL: City Atty City Engineer Bldg. Dept. Other: FILE STATUS AND LOCATION: rananin frjuyers]JtIe Insurance 'Operation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective date: 05/20/88 AT 8:00 A.M. Case No. PCT- 2152 -C2 2. Policy or policies to be issued: (a)ALTA Owner's Policy -Form B -1970 Amount $ 545,000.00 (Rev. 10 -17 -70 & 10 -17 -84 & 12/87) Premium $ 1,235.75 PROPOSED INSURED: SETH WERNER (b)ALTA Loan Policy, Amount $ 472,500.00 (REV. 10 -17 -70 & 10 -17 -84 & 12/87) Premium $ 50.00 PROPOSED INSURED: BANKERS MORTGAGE CORPORATION, IT'S SUCCESSORS AND /OR ASSIGNS (c)Alta Loan Construction Policy, 1975 Amount $ (Rev. 10- 17 -84) Premium $ PROPOSED INSURED: Tax Cert. $ 5.00 3. Title to the FEE SIMPLE estate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: SEMPER FI, A COLORADO LIMITED PARTNERSHIP 4. The land referred to in this Commitment is described as follows: CONDOMINIUM UNIT , SEMPER FI CONDOMINIUMS, according to the Condominium Map thereof recorded , 1988 in Plat Book at Page , and as defined and described in the Condominium Declaration recorded in Book at Page . COUNTY OF PITKIN, STATE OF COLORADO Countersigned at: PITKIN COUNTY TITLE, INC. Schedule A -PG.1 601 E. HOPKINS This Commitment is invalid ASPEN, CO. 81611 unless the Insuring 303 - 925 -1766 Provisions and Schedules A and B are attached. Authorized officer or agent Form 100 Litho in U.S.A. 1114 1 III 1111 11 1( I III 1 III Mir 1 III 1 I It III( 1 {. 1111 1114 1 I It 1 III I lit 1111 1 111 1111 111. 11 I Jjuyers[1t1e Insurance €rporation NATIONALHEADOUARTERS RICHMOND, VIRGINIA SCHEDULE B- SECTION 1 REQUIREMENTS The following are the requirements to be complied with: ITEM (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. ITEM (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record to -wit: 1. Release by the Public Trustee of; Deed of Trust from : ALFRED J. CROWLEY and THOMAS E. TWEED To the Public Trustee of the County of Pitkin For the use of : PITKIN COUNTY BANK AND TRUST COMPANY To secure : $225,000.00 Dated : AUGUST 7, 1987 Recorded : AUGUST 25, 1987 IN BOOK 544 AT PAGE 476 Reception No. : 292246 2. Release by the Public Trustee of; Deed of Trust from : SEMPER FI, A COLORADO LIMITED PARTNERSHIP To the Public Trustee of the County of Pitkin For the use of : PITKIN COUNTY BANK AND TRUST COMPANY To secure : $125,000.00 Dated : DECEMBER 3, 1987 Recorded : FEBRUARY 11, 1988 IN BOOK 556 AT PAGE 841 Reception No. : 297361 3. Deed from : FRED CROWLEY To : SEMPER FI, A COLORADO LIMITED PARTNERSHIP NOTE: This requirement is necessary because Fred Crowley acquired title by deed recorded in Book 538 at Page 618, and has not conveyed his interest to Semper Fi. 4. Deed from : SEMFER FI, A COLORADO LIMITED PARTNERSHIP To : SETH WERNER 5. Evidence satisfactory to the Company that the Real Estate Transfer Tax as established by Ordinance No. 20 (Series of 1979) has been paid or exempted. 6. Good and Sufficient Condominium Map, and Condominium Declaration setting forth the Semper Fi Condominiums. 7. Certificate of Nonforeign Status of Transferor signed by Transferor. CONTINUED Form 100 Litho in U.S.A. Jjuyers1Jt Insurance €rporation NATIONAL HEADOUARTERS RICHMOND, VIRGINIA 8. Deed of Trust :SETH WERNER To the Public Trustee of the County of Pitkin For the use of : BANKERS MORTGAGE CORPORATION To secure : $472,500.00 This commitment is invalid unless Schedule B- Section 1 PG.2 the Insuring Provisions and Schedules Commitment No.PCT -2152 A and B are attached. Form 100 Litho in U.S.A. Iip 1111 IN IN IIh I Hi 1n( [II[ I H III( I I( IHi 1of I Ilk Ilk IIl II( Ilk Ilk I ( Jwyers]Jt Insurance Corporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B- SECTION 2 EXCEPTIONS The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes due and payable; and any tax, special assessments, charge or lien imposed for water or sewer service, or for any other special taxing district. 7. Reservations and exceptions as contained in United States Patent recorded June 17, 1949 in Book 175 at Page 246 as follows: "That the premises hereby conveyed may be entered by the proprietor of any vein or lode of quarts or other rock in place bearing gold, silver, cinnabar, lead, tin, copper, or other valuable deposits, for the purpose of extracting and removing the ore from such vein or lode, should the same, or any part thereof, be found to penetrate, intersect, pass through, or dip into the mining ground or premises." 8. Terms, conditions, obligations and provisions of Easement for Encroachment Purposes as set forth in instrument recorded June 9, 1979 in Book 370 at Page 227. 9. Encroachment of the Buckwheat Apartments as shown on Surveys by Survey Engineers dated March 21, 1970 , Gerard H. Pesman, L.S. No. 2376, and by Alpine Surveys, Inc., dated May 29, 1987 by Daniel F. McKenzie, L.S. No. 20151 10. Power Pole and Lines as shown on Surveys by Survey Engineers dated March 21, 1970, Gerard H. Pesman, L.S. No. 2376 and by Alpine Surveys Inc., dated May 29, 1987 by Daniel F. McKenzie, L.S. No. 20151. continued Form 100 Litho in U.S.A. • J,wyers itle Insurance Crporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA 11. Rights of Way, Easements and other matters as shown and contained on Condominium Map of Semper Pi Condominiums recorded in Plat Book , at Page 12. Terms, conditions, obligations and provisions of Condominium Declaration as set forth in instrument recorded , 1988 in Book at Page This commitment is invalid unless Schedule B- Section 2 PG.2 the Insuring Provisions and Schedules Commitment No. PCT -2152 A and B are attached. Form 100 Litho in U.S.A. J Juyers1JtIe Insurance o(jrporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B- SECTION 2 CONTINUED Exceptions numbered none are hereby omitted. The Owner's Policy to be issued, if any, shall contain the following items in addition to the ones set forth above: (1) The Deed of Trust, if any, required under Schedule B- Section 1. (2) Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing issuance thereof; water rights, claims or title to water. This commitment is invalid unless Schedule B- Section 2 the Insuring Provisions and Schedules Commitment No.PCT -2152 A and B are attached. Form 100 Litho in U.S.A. immuminac Ijuyers Insurance @rporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA ENDORSEMENT SCHEDULE FOR MORTGAGE /OWNERS POLICY The following Endorsements will be issued in connection with the Mortgage /Owners Policy to be issued hereunder. FORM 100 $ 20.00 FORM 100.29 110.80 FORM 110.7 20.00 FORM 115.1 110.80 FORM 8.1 N/C EXCEPTIONS NUMBERED 1,2,3 & 4 WILL BE DELETED FROM THE MORTGAGE /OWNERS POLICY. NOTE: Mechanic's Lien Indemnity agreement executed by the Seller and Borrower must be delivered to and approved by the Company for deletion of Printed Exception No. 4. NOTE: Current survey, certified by a Registered Colorado Land Surveyor must be delivered to and approved by the Company for deletion of Printed Exception No. 3. * *NOT REQUIRED ** This commitment is invalid unless Schedule A- Section 1 the Insuring Provisions and Schedules Commitment No. PCT -2152 A and B are attached. Form 100 Litho in U.S.A. IIR I 1 1 H. 1 II: 110. 1 I1I 1IL 1 II' 1 I11 1 I11 1 . I I: 1IP 1 1 I 11: III: 1 I 1 I1: I I11 I II' III: 1 U 1 III 1 N X111 11b 1111 ILt Jwyers Insurance eporation NATIONAL HEADQUARTERS RICHMOND. VIRGINIA COMMITMENT FOR TITLE INSURANCE LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent. IN WITNESS WHEREOF, the Company has caused this Commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws. This Commitment is effective as of the date shown in Schedule A as "Effective Date." CONDITIONS AND STIPULATIONS 1. The term "mortgage," when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or(b)to eliminate exceptions shown in Schedule 8, or (c) to acquire or create the estate or interest or mortgage thereon covered by this - Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. Iesuyers ThIe Grporafion �(4t e. a4&r M President Attest: Secretary.