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Land Use Case.1140 Black Birch Dr.A111-00
CASE NUMBER A111 -00 PARCEL ID # 2735 - 013 -07005 CASE NAME 1140 Black Birch Drive Stream Margin Exemption PROJECT ADDRESS 1140 Black Birch Drive PLANNER James Lindt CASE TYPE Stream Margin Exemption OWNER/APPLICANT Bob Schultz REPRESENTATIVE Joede Schoeberlein DATE OF FINAL ACTION 9/12/00 CITY COUNCIL ACTION PZ ACTION ADMEN ACTION Approved BOA ACTION DATE CLOSED 10/20/00 BY J. Lindt MEMORANDUM TO: Julie Ann Woods, Community Development Director FROM: James Lindt, Planning Technician a_ RE: Schultz Stream Margin Exemption -1140 Black Birch Drive DATE: September 12, 2000 SUMMARY: Bob Schultz, owner, has applied for an exemption from the Stream Margin Review to add a second floor dormer to a two story house located at 1140 Black Birch Drive. The addition is on the facade that faces Black Birch Drive and is opposite the facade facing the Roaring Fork River. The dormer addition does not increase the floor area and does not change the footprint of the structure. APPLICANT: Bob Schultz. Represented by Joede Schoeberlein. LOCATION: 1140 Black Birch Drive. ZONING: R -30. Low - Density Residential. REVIEW PROCEDURE: Development that meets the criteria in Exhibit "A" may be approved by the Community Development Director. STAFF COMMENTS: Review criteria and Staff Findings have been included as Exhibit "A." The application has been included as Exhibit `B." 1111111 Ilill HMI IIIII1111 III III �� ����� ���� ���� 447153 09/19/2000 02:38P MEMO O a SILVI 1 of 3 R 15.00 D 0.00 N 0.00 PITKIN COUNTY CO 1 4. During construction, no storage of materials shall occur on the portion of the parcel that is on the riverside of the structure. APPROVAL I hereby approve this Stream Margin Exemption for an addition to the Schultz residence, DI ck Birch Drive, with the above conditions listed 1 -4. rr JCP 1 8 ; ?n:i , date r /8 /cra Ag /UNIPYGEME ra unc, ,. Juliesl Woods, Community Development Director CT( GPASP_M P ACCEPTANCE: 1, as a person being or representing the applicant, do hereby understand and agree to the conditions of this approval and certify the information provided in this application is correct to the best of my knowledge. date 7* I % ZOCC Joede Schoberlein, representing Bob Schultz, owner. V f_ ATTACHMENTS Exhibit A —Staff Comments Exhibit B— Application I I "III 11111 I I I I I I 111111 11111 IIII 111111111 11111 11111111 447153 09/19/2000 02:38P MEMO DAVIS SILVI 2 of 3 R 15.00 0 0.00 N 0.00 PITKIN COUNTY CO y • EXHIBIT A STAFF COMMENTS: Section 26.435.040(B) Exemption. The expansion, remodeling, or reconstruction of an existing development shall be exempt from stream margin review if the following standards are met: 1. The development does not add more than ten (10) percent to the floor area of the existing structure or increase the amount of building area exempt from floor area calculations by more than twenty-five (25) percent. Staff Finding: The proposed addition will not increase the FAR of the structure, nor will it change the footprint of the structure. 2. The development does not require the removal of any tree for which a permit would be required pursuant to Section 13.20. Staff Finding: No trees will be removed. 3. The development is located such that no portion of the expansion, remodeling or reconstruction will be any closer to the high water line than is the existing development. Staff Finding: The addition will not be any closer to the high water line than the existing development because it is on the opposite side of the structure from the river. 4. The development does not fall outside of an approved building envelope if one has been designated through a prior review. Staff Finding: The proposed addition does not fall outside the existing building envelope. 5. The expansion, remodeling or reconstruction will cause no increase to the amount of ground coverage of structures within the Flood Hazard Area. Staff Finding: The expansion is on the second floor and will not increase the ground coverage on the parcel. 6. All exemption are cumulative. Once a development reaches the totals specified in subsection (a) above, a stream margin review must be obtained pursuant to Section 26.435.040. Staff Finding: The proposed exemption will not increase the floor area of the current structure. 111111 III ������ 111111 11111 ���� 111111 ��� 11111 Ilil 447133 09/19/112 023 :0P MEMO DAVIS SILVI 3 of 3 R 18.00 D 0.00 N 0.00 PITKIN COUNTY CO LAND USE APPLICATION EF h `b PROJECT: Name: Schultz Residence Remodel Location: 1140 Black Birch Drive, Lot 14, Black Birch Estates, Aspen, (Indicate street address, lot & block number, legal description where appropriate) APPLICANT: Pitkin County, Colorado Name: Bob' Schultz Address: 1140 Black Birch Drive, Aspen, CO, 81623 Phone #: 970 920 - 4397 REPRESENTATIVE: Name: Joede Schoeberlein Address: 663 Lincoln Avenue, Carbondale, CO, 81623 Phone #: 970 963 -4559 TYPE OF APPLICATION: (please check all that apply): ❑ Conditional Use ❑ Conceptual PUD ❑ Conceptual Historic Devt. ❑ Special Review ❑ Final PUD (& PUD Amendment) ❑ Final Historic Development O Design Review Appeal ❑ • Conceptual SPA ❑ Minor Historic Devt. ❑ GMQS Allotment ❑ Final SPA (& SPA Amendment) p Historic Demolition ❑ GMQS Exemption. ❑ Subdivision ❑ Historic Designation ❑ ESA - 8040 Greenline, Stream ❑ Subdivision Exemption (includes ❑ Small Lodge Conversion/ Margin, Hallam Lake Bluff, condominiumization) Expansion Mountain View Plane ❑ . Lot Split ❑ Temporary Use ❑ Other: ❑ Lot Line Adjustment ❑ Text/Map Amendment EXISTING CONDITIONS: (description of existing buildings, uses, previous approvals, etc.) Existing 2 story, single family home, located in pre - existing subdivision, subject to stream margin review at the time of the original development. PROPOSAL: (description of proposed buildings, uses, modifications, etc.) Project consists of remodel of the master bathroom and closet including the addition of a dormer over the closet to allow the space to all be fyll height. Have you attached the following? FEES DuE: $ ❑ Pre- Application Conference Summary ® Attachment #1, Signed Fee Agreement ❑ Response to Attachment #2, Dimensional Requirements Form © Response to Attachment #3, Minimum Submission Contents © Response to Attachment #4, Specific Submission Contents © Response to Attachment #5, Review Standards for Your Application I V I C 0 R U M A R C H I T E C T U R E C O M M U N I T Y P R O C E S S F A C I L I T A T I O N P R O J E C T M A N A G E M E N T September 5, 2000 RECEIVED SEP 0 2� ^7 ASPEN / PTKIN COMMUNITY DEVELOPMENT Sarah Oates City of Aspen Community Development Department 130 S. Galena Street Aspen, CO 81611 Dear Sarah, The following is a request for exemption from Stream Margin Review for a closet and bathroom remodel, and dormer addition to the existing Schultz residence located at 1140 Black Birch Drive, Lot 14, Black Birch Estates, Aspen, Pitkin County, Colorado. Description of existing conditions: The subject property is currently developed with one single family home built in 1983. The site is adjacent to the Roaring Fork River and has mature landscaping. The applicant proposes to remodel the existing master bathroom and closet, both located on the second floor of the existing structure. The remodel of the master closet included the addition of a new dormer to bring the currently low headroom space to a full eight foot ceiling height. The work is all within the existing buildings footprint, which is well within the site building envelope and does not increase the floor area at all. Approval History: To the best of out knowledge, the property was subdivided about 1982 as Black Birch Estates. We know of no special approvals obtained for the development of this specific parcel. There was a stream margin review conducted as part of the original development of the property. The house was built in 1983. There have been no significant modifications to the house since its original construction. Review Standards: The project qualifies for an exemption from a new stream margin review because it meets the exemption standards as below (from Attachment 5): 1. Area Increase: The modifications to this house do not add any square footage to the existing building and therefore is less than the maximum allowable increases for an exemption. The addition consists of bringing an existing low headroom closet to full height ( +1- 8') without increasing the actual floor area. 2. Tree Removal: The proposed improvements td this property will not cause the removal of any trees whatsoever. Schultz Residence Stream Margin Review Exemption September 6, 2000 Page 2 3. Relation to existing high water mark: The entire work proposed in this project is within the footprint of the existing building and will therefore not result in the building becoming any closer to the existing high water mark, flood plane, etc. 4. Relationship to Building Envelope: The entire work proposed in this project is within the existing building, which is itself well within the building envelope and will therefore not result in any expansion of the building footprint. 5. Relationship to special flood area: The existing building is outside the 100 year flood plane as designated in the U.S. Corps of engineers study of the Roaring Fork, June 1973, Plate 6. The remodeling is all within the existing footprint of the building. The existing building is located within 100 feet of the mean high water line, but is entirely outside the special flood hazard area. Therefore, the project does not increase the amount of ground coverage within the special flood hazard area. The following exhibits are provided as per the Minimum Submission Contents list (Attachment 3): 1. A letter authorizing Joede Schoeberlein to act as a representative for applicant and property owner Robert J. Schultz, 2. Agreement for Payment of City of Aspen Development Application Fees, 3. A title commitment for the property, 4. An 8 1/2 "x11" vicinity map of the parcel, 5. A site improvement survey, 6. A site plan showing the location of the proposed work, 7. A survey from the original stream margin review 1983, and 8. Plans and elevations of proposed work. Please feel free to contact me with any additional questions or comments. Sincerely, , \.t. t t:\■.kN'' Joe. - ` hoeberlem, Architect cc file 663 Lincoln Avenue, Carbondale, CO 81623 970 963 -4559 FAX 970 963 -2037 e -mail cvcforum@sopris.net September 5, 2000 Sarah Oates City of Aspen Community Development Department 130 S. Galena Street Aspen, CO 81611 Dear Sarah, As owner of the property 1140 Black Birch Drive, Aspen, Colorado, I hereby authorize Joede Schoeberlein, 663 Lincoln Avenue, Carbondale, CO 81623, phone number 970 963 -4559, to act as my representative on my behalf, in relation to the development application of said property. Sincerely, e-seer Robert J. Schu 1140 Black Birch Drive Aspen, CO 81611 ASPEN/PIM:IN • COMMUNITY DEVELOPMENT DEPARTMENT Agreement for Payment of Citv of Aspen Development Application Fees CITY OF ASPEN (hereinafter CITY) and (hereinafter APPLICANT) AGREE AS FOLLOWS: I. APPLICANT has submitted to CITY an application for (hereinafter, THE PROJECT). 2. APPLICANT understands and agrees that City of Aspen Ordinance No. 45 (Series of 1999) establishes a fee structure for Land Use applications and the payment of all processing fees is a condition precedent to a determination of application completeness. 3. APPLICANT and CITY agree that because of the size, nature or scope of the proposed project. it is not possible at this time to ascertain the full extent of the costs involved in processing the application. APPLICANT and CITY further agree that it is in the interest of the parties that APPLICANT make payment of an initial deposit and to thereafter permit additional costs to be billed to APPLICANT on a monthly basis. APPLICANT agrees additional costs may accrue following their hearings and/or approvals. APPLICANT agrees he will be benefited by retaining greater cash liquidity and will make additional payments upon notification by the CITY when they are necessary as costs are incurred. CITY agrees it will be benefited through the greater certainty of recovering its full costs to process APPLICANT'S application. 4. CITY and APPLICANT further agree that it is impracticable for CITY staff to complete processing or present sufficient information to the Planning Commission and/or City Council to enable the Planning Commission and/or City Council to make legally required findings for project consideration, unless current billings are paid in full prior to decision. 5. Therefore, APPLICANT agrees that in consideration of the CITY's waiver of its right to collect full fees prior to a determination of application completeness. APPLICANT shall pay an initial deposit in the amount of S which is for _ hours of Community Development staff time. and if actual recorded costs exceed the initial deposit. APPLICANT shall pay additional monthly billings to CITY to reimburse the CITY for the processing of the application mentioned above, including post approval review. Such periodic payments shall be made within 30 days of the billing date. APPLICANT further agrees that failure to pay such accrued costs shall be grounds for suspension of processing, and in no case will building permits be issued until all costs associated with case processing have been paid. CITY OF ASPEN APPLICANT s �,E_ �✓ - By: o rs tj _ ; Julie Ann Woods Community Development Director Date: Mailing Address: //9/, 3 CX 8/4 05' jaA eds. Co eel g: suppo rt \ fo rms agrpayas.doc 12/27/99 SCHULTZ LOAN # (1591 12335r ' RECORD AND RETURN TO: CHASE MANHATTAN PERSONAL FINANCIAL SERVICES, INC. 1900 CORPORATE BLVD., SUITE 110 BOCA RATON, FL 33431 ORDER # 20697 LOAN # 123366 -1 [Space Above Thle line For Recording Data] DEED OF TRUST THIS DEED OF TRUST ( "Security Instrument ") is made on January 13 1994 , among the grantor,ROBERT J . SCHULTZ ( "Borrower "), the Public Trustee diITKIN County ( "Trustee "), and the beneficiary, CHASE MANHATTAN PERSONAL FINANCIAL SERVICES, INC. , which is organized and existing under the laws of Delaware, and whose address is 201 NORTH MILL STREET - #103 ASPEN, CO 81611 Borrower owes Lender the principal sum of One M I l 1 1 on Three Hundred Thousand ("Lender"). Dollars (U.S. S 1,300,000.00 ). his debt is evidenced by Borrower's note dated the same date as this Security Instrument ( "Note "), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on February 1, 2024 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower, in consideration of the debt and the trust herein created, irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in PITKIN County, Colorado: LOT 14, BLACK BIRCH ESTATES SUBDIVISION, COUNTY OF PITKIN, STATE OF COLORADO. which has the address of 1140 BLACK BIRCH DRIVE ASPEN Meal] [CNA Colorado 81611 ( "Property Address "); Rip code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. COLORADO Family-- Fannle Mae /Freddie Mac UNIFORM INSTRUMENT DOTICO Form 3006 9/90 / (page 1 of 4 SCHUI:TZ LOAN (1 (1591 123366 - UNIFORM COVENANTS. Borrower a ._ender covenant and agree as follows: ` 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C3 2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30 -day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security instrument immediately prior to the acquisition. 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note me and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. S. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to DOT2C0 Form 3006 9/90 (page 2 of 4 pages) 'SCHULtZ LOAN N (1591 123366 — the mortgage insurance previously in effect, _ a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in ` effect, from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one - twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a Toss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 11. BorrowerNot Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; John and Several Liability; Cosigners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law;Severablfity. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower'sCopy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower'sRight to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 17. 19. Sale of Note; Change of Loan Servker. The Note or a partial interest in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known as the 'Loan Servicer') that collects monthly payments due under the Note and this Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other information required by applicable law. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law, As used in this paragraph 20, "Hazardous Substances' are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, "Environmental Law' means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. DOT3C0 Form 3006 9/90 / (page 3 of 4 mama SCHULTZ LOAN • (159) 123366,• - NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement In this Security Instrument (but not prior to acceleration under paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result In acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further Inform Borrower of the right to reinstate after acceleration and the right to assert In the foreclosure proceeding the non - existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified In the notice, Lender at its option may require Immediate payment In full of all sums secured by this Security Instrument without further demand and may Invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 21, Including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of an event of default and of Lender's election to cause the Property to be sold. Lender shall mail a copy of the notice to Borrower as provided in paragraph 14. Trustee shall record a copy of the notice in the county in which the Property is located. Trustee shall publish a notice of sale for the time and in the manner provided by applicable law and shall mail copies of the notice of sale in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder for cash at the time and place and under the terms designated in the notice of sale In one or more parcels and in any order Trustee determines. Trustee may postpone sale of any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or Its designee may purchase the Property at any sale. Trustee shall deliver to the purchaser Trustee's certificate describing the Property and the time the purchaser will be entitled to Trustee's deed. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to It. 22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall request that Trustee release this Security Instrument and shall produce for Trustee, duly cancelled, all notes evidencing debts secured by this Security Instrument. Trustee shall release this Security Instrument without further inquiry or liability. Borrower shall pay any recordation costs and the statutory Trustee's fees. 23. Waiver of Homestead. Borrower waives all right of homestead exemption in the Property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] Adjustable Rate Rider n C ondominium Rider ❑ 1-4 Family Rider Graduated Payment Rider n P lanned Unit Development Rider ❑ Biweekly Payment Rider n Balloon Rider n R am Improvement Rider n n Second Home Rider Other(s) [specify] BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: ROBER (SEAL J. SCHULTZ / Borrowe (SEAL) - Borrower (SEAL) - Borrower (SEAL) - Borrower [Space Below Thla Line For Aeknowledgmentl STATE OF COLORADO, P I TK I N County ss: The foregoing instrument was acknowledged before me this 13th day of January 1994 , by ROBERT J. SCHULTZ Witness my hand and official seal. My commission expires: (L ^) p> Notary Public W11/90 DOT4CO Form 3006 9/90 (page 4 of 4 pales) - -MI litiiiIPS- "%Qat Akio& l itlItifib, AL 4A., ‘----- ro • '''''' CISIE.7? il. 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