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HomeMy WebLinkAboutcoa.lu.co.420 E Main St Galena Plaza.078.2004 ~ ....." c'"..,., . ., '::"'1 erml S ~ _ fie Edt Reca"d NaYIQote Form _ Tob He\> /0..J "~'''''i'aK~~ .-- I soJ>felml. Mail I RO!Iilg 51..... I AleM"" 1 P..c~. pomj Type lasIu ..:.!A.pon Land Use 2004 AddI... 1 Ciyl P..miil;;;~.' Master pormiIl ~ RO<blg Queue lew Projecll ~ Stalu. lpending OOSCl~IGALENA PI.AZI>. CONOOS COOE INTERPRETATION SuImltod ICHRIS 8ENOON 921J.5072 Clock IRu",""", 0... ro r V_onlhcweb? PermllO: 1 32154 ~1\tiiC!icii- 1 ~........ C.-FjaIds I F,,"! I 1 FeeSLIl'lIT'IaI'i! 71 .:=:J Permi " IOO782004.ASLU Aol/Sul.1 Slal.r---3 0_ LaslN....IVANN &ASSOCJATES ~ FislN....1 PIwno 1(970) 925-6958 j;i 0_1. AppicanI? AppicanI .. 'n~' ..._._mn_ . wiN.... ~ FislN....1 ",.n_IIQ.,mQ'K::C~ t"......I-x:;,oa .til :Z;:;-::.:~.-~,_~:'~:~:-~-_~:~~~::~~,:~_:~~--~:,-.=::: ,'~ -~-:-- ~_:_:_~~""~~, .'0':' _ J1ll_ IEnIor Ihc porml do.a~... .. .._ ._ ... _.......__.n.L!:J I A,~r=.,II*~ I! Zip 1 Appl;od 111/1612004 .S!I Appovodl tl lnuod 1 tl Final I .S!I E,,*0.11111112OO5 tl 230 E HOPKINS AVE ASPEN CO 81611 ~ ,"",'., Ilt EI 181 .., ~ . ID " [!) ~II~~~~~~~~E ojl '.."".<". ".." ...' , ',;cc;,.:;;:c,c;;:c,,! JIII- _Ii ! Rocool2of2 . ... THE CITY OF AsPEN City of Aspen Community Development Dept. CASE NUMBER 0078.2004.ASLU PARCEL 10 NUMBER 9999-99-9-99-999 PROJECT ADDRESS 0 PLANNER CHRIS BENDON CASE DESCRIPTION GALENA PLAZA CONDOS CODE INTERPRETATION REPRESENTATIVE CHRIS BENDON 920-5072 DATE OF FINAL ACTION 11/24/20 CLOSED BY Denise Driscoll ,..-..;.., ---. ,,,...... """ ASPEN/PITKIN COUNTY COMMUNITY DEVELOPMENT DEPARTMENT CODE INTERPRETATION JURISDICTION: City of Aspen APPLICABLE CODE SECTION: 27.7l0.l40.D.lO Commercial Core Zone District Floor Area EFFECTIVE DATE: November 5, 2004 WRITTEN BY: Chris Bendon, Long Range Planner APPROVED :' ro 0 0 M~ Date: \ I III /'0 4- ~~;, ~ I Interim Community Development Director SUMMARY: Sunny Vann requested an interpretation of the Land Use Code with respect to a condominiumized parcel ~ the Galena Plaza Condominiums. The condominium plat approved by the City contains a plat note addressing how development rights shall be assigned to each unit of the condominium. The plat note requires the development rights of each unit be derived from the land area of the particular unit, independent of other units and development thereon. Therefore, the development rights associated with Unit 2, Galena Plaza Condominiums, shall be based solely on the land area associated with Unit 2 as depicted on the condominium plat. Development on Unit 1, which has been further divided into Units lA and lB, shall not reduce, or otherwise affect, the development rights of Unit 2. DISCUSSION: I have reviewed your request for a code interpretation regarding Unit #2 of the Galena Plaza Condominiums dated October 25, 2004. I caimot speak to the condominium declaration (recorded February 1994). The City did not have a role in the creation or approval of this document, has no role in enforcing it, and is not inclined to attempt to interpret its meaning. The condominium plat recorded February 1994 created Units I and 2 of the Galena Plaza Condominiums. Plat Note 5 ofthe condominium plat states: "Units 1 and 2 shall be considered as separate parcels of property under the Aspen Land Use Regulations for purposes of the application of the underlying CC, Commercial Core, Zone District's dimensional, parking, and affordable housing requirements." This note appears to require that the development rights for each unit be derived solely from the land area of the particular unit and not the entire property. This note also appears to ,-.. '-' - ......, prevent the development activity on one unit from affecting the development rights of the remaining unit. Unit 1 was subsequently divided into Units lA and IE. The condominium plat creating Units lA and lB (recorded May 1999) only affected the ownership division of Unit I, splitting ownership into Units lA and lB, and did not change the 1994 condominium plat which originally defined Units 1 and 2. Based on the plat note 5 of the 1994 condominium plat, the development rights to be associated with Unit 2 of the Galena Plaza Condominiums are to be derived from the land area of Unit 2 as if it were a separate parcel of land. Also, based on this plat note, development of Units lA Or lB shall not affect the development rights of Unit 2. APPEAL OF DECISION Pursuant to Section 26.306 of the Land Use Code, an interpretation of the Land Use Code made by the Director may be appealed to the Aspen City Council pursuant to Section 26.316. This can be done in conjunction with a land use request before City Councilor as a separate agenda item. - .~ ....., November 10, 2004 . Sunny Vann Vann Associates 230 East Hopkins Avenue Aspen, CO 81611 ASPEN / PITKIN COMMUNITY DEVELOPMENT DEPARTMENT Thomas Smith Austin Peirce Smith 600 East Hopkins Avenue Aspen, CO 81611 Re:,Galena Plaza Code Interpretation Dear Sunny and Thomas: The City received a letter from Thomas Smith regarding the interpretation request submitted by Sunny Vann. Mr. Smith's letter asks that the City delay its interpretation until Mr. Smith has an opportunity to submit a letter to the City regarding this interpretation. Mr. Smith's letter contemplates this letter being submitted by November 12th. The City is required to respond to a request for interpretation within 15 days of its receipt. The deadline for issuing an interpretation on this matter is today, November 10, 2004. In light of Mr. Smith's request to delay the' interpretation, the City will not issue this interpretation until November 12th. Sincerely, ()Wi Chris Bendon, AICP Senior Long-Range Planner City of Aspen 130 SOUTH GALENA STREET . ASPEN, COLORADO 81611-1975 . PHONE 970.920.5090 . FAX 970.920.5439 Printed On Recycled Paper NOV. 8. 2004 12 40 PM AUSTIN PEIRCE SMITH NO. 021 P. 2 ....,.1 AUSTIN, PEIRCE &; SMITH, P.C. Arttlmc'f' At L.aw 600 E. Hopkins Avenue Suite 205 Aspen, Colorado 81611 Ronald D. Austin or COUNSEl. T.lepllonc (970) 925-2600 Facsimile (970) 92$-4720 EmoU Add....... {peim@<Ij>'l><.""" """"'@"P'-pc..:om Frederick F ..Peirce Thomas Fenton Smith* .1\4. Aa.ua.d in I).law"", November 8, 2004 VIA F ACSlMll ,E 920-5439 Mr. Chris Bendon Community Development Department 130 South Gaiena Street Aspen, CO 81611 Re; Galena plaza COlldonrininms Code Interpretation Dear Cbri.s: We. represent the Galena Lofts Condominium Association. On Friday, I received a copy of the October 25. 2004. code intCIJlretation request submitted to you regarding the Galena Plaza . Condominiums by SIlm1Y V llml. This is to infonn you that the Galena Lofts Condominiums owners object to the interpretation regarding FAR which is contained in that letter. On behalf of the HOA, I shall be submitting to. you later this week, a letter identifying the reasons for our objections to the interpretation contained in Mr. Vann's letter. I am respectfully requesting that you defer a decision on this matter until you have received my letter. Thank you for your cooperation. 1f:\PIIQa A-L\<;arQf\llIlortR. Cald1W!ll\Clllla SWIllon L.OdQr 11.08.2004.ctoe NOV. 8. 2004 12 40PM AUSTIN PEIRCE SMITH AUSTIN, PEmCE & SMITH, P.C. AtcomeysAtu- Chris Bendon Letter November 8, 2004 Page 2 TFS/dh cc: Galena Lofts HOA John C. Worceste.r, Esq. SunnyVann ~;\Filcs Aol\Gallllll LOb. ~t1, 15endon ll!ll\el'" 11 ,08~OO4.doe NO. 02 i ~"'." Very truly yours, AUSTIN, PEIRCE & SMITH. P.C. . BYC'jk' Thomas Fenton Smith P. 3 ~ ,,,....- -....i October 25, 2004 ~~c OCr ~VeD Il" 2 G ?[}, ~o~ "'/S,i) '01 ti oc-,{I\t ~l;t~4'1' VANN ASSOCIATES, LLC Planning Consultants HAND DELIVERED Mr. Chris Bendon Community Development Department 130 South Galena Street Aspen. CO 81611 Re: Unit 2, Galena Plaza Condominiums Code Interpretation Dear Chris: Please consider this letter a request for an interpretation of Section 26.710.l40.D.10, External Floor Area Ratio, of the Aspen Land Use Regulations (the "Regulations") as it pertains to the potential expansion or redevelopment of Unit 2 of the Galena Plaza Condominiums. The request is submitted pursuant to Section 26.306.010 of the Regulations by Bankers Professional Building Corporation, the owner of condominium Unit 2. Background Pursuant to Ordinance No. 24, Series of 1993, the City Council granted subdivision exemption approval for the condominiumization of the former Central Bank property which is located at 420 East Main Street in the City of Aspen. The approval permit- ted the division of the property, which consisted of approximately the east one-half of Lot L and all of Lots M, N, 0, P, Q, Rand S, Block 86, of the Aspen Townsite, into two condominium units and a one general common element. No division of the property's existing structures into separate condominium units occurred in connection with the condominiumization approval. In other words, only the land was condomini- umized and not the structures. As the accompanying condominium plat indicates, Unit 1 consisted of approximately the east nineteen feet of Lot Q and all of Lots R and S. Unit 2 consisted of the east one-half of Lot L, all of Lots M. N, 0 and P plus a small portion of Lot Q. The remainder of Lot Q was designated as a general common element. The approved condominium plat was recorded in February of 1994 in Plat Book 33 at Page 89 as Reception No. 367203. Please note that plat note number 5 states that "Units 1 and 2 shall be considered as separate parcels of property under the Aspen land use regulations 230 East Hopkins Ave. . Aspen. Colorado 81611 . 970/925-6958 . Fax 970/920-9310 ~ r.",," "'--' -- Mr. Chris Bendon October 25. 2004 Page 2 for purposes of the application of the underlying CC, Commercial Core. zone district's dimensional. parking and affordable housing requirements ". A condominium declaration for the Galena Plaza Condominiums was also recorded in February of 1994. As the attached copy of the declaration indicates, Article 7, Section 7.3 states that each unit owner has the right "... to create. demolish, alter, make additions to, enlarge, construct or otherwise deal with improvements existing from time to time on or within the boundaries of its Unit to the fullest extent permitted under the land use regulations of the City of Aspen ". This section of the declaration further states in part that "An owner may not apply to the local government for the right to use more density. floor area, signage or other land use component than is allocated... by the applicable law and regulations to such Owner's Unit as if it were a parcel of real estate subdivided and completely independent from the other Unit". The original condominium plat was amended by the owner of Unit I with the approval of the City's Planning Director in May of 1999. Approval by the City Council apparently was not required due to changes in the land use regulations. As the accompanying Condominium Subdivision Exemption Plat for the Galena Plaza Condominiums - Amendment No.1 indicates, Unit I was divided into Unit I-A and Unit I-B. Unit I-A contained a portion of the original Central Bank building while Unit I-B contained a multi-family residential structure. The amended condominium plat is recorded in Book 49 at Page 82 as Reception No. 43147. Again, the plat contains a note (see Plat Note 7) which states that "Units i-A and i-B shall be consid- ered as separate parcels of property under the Aspen Land Use Regulations for purposes of the application of the underlying CC, Commercial Core, zone district's dimensional, parking, and affordable housing requirements ". A supplement to the original condominium declaration was recorded in connection with the amended condominium plat. The extent of the supplement, however, was generally limited to the allocation of Unit l's interest in the general common element between Units I-A and l-B and the reservation of the two new units' right to further subdivision (i.e., condominiumize). The original condominium declaration is otherwise believed to remain in full force and effect. Subsequent Land Use Approvals Subsequent to the recordation of the amended condominium plat and supplemental declaration, approval was apparently obtained for the renovation of the existing multi- family residential structure located on Unit I-B. It is my understanding that the existing structure was renovated with no loss in existing dwelling units or bedrooms and with no increase in floor area. Renovation as opposed to redevelopment was apparently undertaken to avoid triggering the City's Resident Multi-Family Replace- .r '-' 1*'--' '-....I Mr. Chris Bendon October 25, 2004 Page 3 ment Program requirements. Approval was apparently also obtained to condominium- ize the renovated dwelling units and some if not all of the units have since been sold. While I do not know the floor area of the renovated units, it is my understanding that the structure's floor area ratio, if calculated based on the lot area of Unit l-B as provided for on the recorded condominium plat, is less than that which was permitted within the CC zone district at the time of renovation. As the CC zone district's prior 2: 1 maximum floor area ratio was recently increased to 3: I pursuant to Ordinance No. 28a, Series of 2004, the floor area of the renovated residential units would obviously also be less than the maximum permitted under current regulations. With respect to Unit I-A, it is my understanding that approval has been granted for the development of a mixed use commercial/residential building which may contain the Aspen Chamber Resort Association's new visitors center. Ordinance No.4, Series of 2004, approved a total floor area for the project of 9,598 square feet and a floor area ratio of 1.92:1 based on Unit l-A's lot area of approximately 5,005 square feet. This floor area ratio is less than both the CC zone district's former 2: llimita- tion and the new 3: 1 limitation imposed by Ordinance No.4. Code Interpretation Based on the language contained in plat note 5 on the original condominium plat, note 7 on the amended plat, Section 7.3 of the original condominium declaration, and the City's prior approval actions with respect to condominium Unit's I-A and l-B, the owner of Unit 2 requests that the City formally confirm the following as provided for in Section 26.306.0l0.C.3. of the Regulations. 1) That in the event of renovation. expansion andlor redevelopment of the existing structure located on condominium Unit 2, allowable floor area will be computed based on the Unit's lot area as depicted on the original condominium plat and the CC zone district's floor area ratio in effect at building permit application; and 2) That the prior land use approvals granted to Units I-A and l-B did not reduce the allowable floor area permitted on Unit 2 below that which would otherwise be allowed pursuant to paragraph 1), above. In addition, any future approvals granted to Units I-A and I-B by the City will not reduce the allowable floor area on Unit 2. The prior condominiumization approvals effectively subdivided the former Central Bank property into three separate parcels which are referred to as condominium Units I-A, l-B and 2. The condominium plats state that each of the Units is to be treated .,~...~, , -' - .....; Mr. Chris Bendon October 25, 2004 Page 4 as if they were separate parcels of property for regulatory purposes. The condomin- ium declaration contains similar language and the approval history of the structures on Units I-A and I-B is consistent with this approach. Clearly, the intent is that the condominium units be treated the same as subdivided parcels for purposes of deter- mining their development potential under the dimensional requirements of the CC, Commercial Core, zone district. Should you have any questions, or require additional information, please do not hesitate to call. Yours truly. :cwv Enclosures cc: J. Bart Johnson. Esq. John Keleher Page Spracher c: \oldc\bus\city .ltr\1tr47504 .cbI ....... 1"--" '""' -""..,j 367202 8-742 P-49i 02/22/94 03:10P ?5 1 OF ~B SILVIA DAVIS PITKI~ :,U~TY CLERK \ RECaRDER REC DOC 90.00 CONDOMINIUM DECLARATION OF THE GALENA PLAZA CONDOMINIUMS ~ : ~ If "l,j Name of the Corn~on Interest Communi tv: THE GALENA PLAZA CONDOMINIUMS Name of the Association: GALENA PLAZA CONDOMINIUM ASSOCIATION Person executinc t~e Declaration: CaI PROPERTIES, INC. I ..... : I ", ~ -' '~-1 ." . "f_,(l(Jo;\~41 ,\~ 1 I' I /.1'1 LJ?D') In:!:ll1J. Slarkwn, Pryor & P:1Sl'oc. P,C, :675 Brn:HJway. !uilC 2600, Denver, CO 80'20: -- '-' ]67:02 ;-7~: :-199 0:/::/04 "]:~0? pa 2 OF l2 ' , section section section 4.1- 4.2. 4.3. Number of Units Identification of units unit Boundaries . 1 1 1 1 ~ 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 4 4 4 4 4 .~ i \ j it !.f RECITALS ARTICLE 1 SUBllISSION; DEFINED TERJ<iS Section 1.1. Section 1.2. Submission of Real Estate Defined Terms ARTICLE 2 - NAMES; DESCRIPTION OF REAL EST.'<TE section 2.1. Names. (al Common Interest community. (b) Association section 2.2. Real Estate ARTICLE 3 THE ASSOCIATION section section section section section Section section (al (b) Authoritv . 3..::.. powers 3.3. Member Groups 3.4. Executive Board 3.5. Notice to owners 3.6. Waiver of Lien Richt~ 3.7. Deadlock Definition. Breakinc ~ Deadlock. ARTICLE 4 UNITS ~ ..:.. ARTICLE 5 COVENANT FOR COMMON EXPENSE ASSESSMENTS :.-- ~l ~ section 5.1- section 5.2. section 5.3. section 5.4. section 5.5. section 5.6. it1#' ARTICLE 6 MAINTENANCE AND INSURANCE 6 section 6.1. section 6.2. Maintenance Insurance 6 6 1<. I" 'c\ J~ ''''. " \ II~U ()~. ..n In:bnd. Staplctl1o. Pryor & P:L~~'\lL', P.C. 16/5 [JrnaJw:1Y, Suile ~600. Den\'er, CO SC:C~ c " 3I:i:'): - -, ~ ~-. ~~ p..jOil ':':.'::.: 9 ~ :j;: ~ I:J~ . QF ;3 section 9.4. Recordina Data common Ele~~nts Easement,/. Easements for Imorovements. Maintenance and utilities. Encroach~ent Easements. G 7 ~ , 7 7 7 8 ~ 8 8 8 9 9 9 10 10 \) 10 10 l 11 f_ :1 11 11 11 11 12 . \ \;jlIIl (a) Association's Insurance. (b) owners' ~nsurancA. (c) Haivers. Section 6.3. Obliaation to Repair or Replace. section 6.4. Pestoration Ueon condemnation (a) Total Taking. (b\. Partial TaJ<ina. ARTICLE 7 DEVELOPMENT RIGHTS section 7.1. Develoement Riahts Reserved (a) Subdivide units. (b) Re-creatina Unit 2. section 7.2 Termination of Develonment Riahts. section 7.3 Imorovements within a l.lit ARTICLE 8 RESTRICTIONS ON USE section 8.2. Section 8.3. section 8.4. Nuis~nces and Nealiaence: Environmental Conditions structu~al Intearitv Unit 1 Use Restriction Enforcement . section 8.1. ARTICLE 9 EASEMENTS AND LICENSES section 9.1. section 9.2. Sect. ion 9.3. ". 1<1 ''''':II~'W' ,"/I.,"n)'''' lro.::1:lml. S\;q1ktol1, Pryor &. p:lscn..:. p_c, 11 1675 Bro~JW:1Y. Suite 2600, D..:n\'.::r. CO SO:.O~ ~ - . ~/1fO-~" ~~~J' ~)...,.....-<.:~'-, c. ;\.c:' i';~:;'\j \-.' '..~,:~.. ~~ ~ :.t( :~:: 2 IT''''''''SO. - r ,: I'~ IJ :12/1.2/94')]: ..OF ,;'5 ~ Qf 10 -' CONDOtUNIUM DECLARATION OF THE GALE~I,\ PLAZA CONDOMINIUNS ,. THIS DECLARATIOl'i is made as of ffB ., ,\. !99d by CBI Properties, Inc. with an office at 950 Seventeenth Suite 1250, D"env8:t", Colorado, 80202 (IlDeclaranttl). '~, Street RECITALS A. Declarant is the owner of certain real estate in the County of Pitkin, State of Colorado, which is more particularly described on Exhibit A attached as a part hereof, and B. Declarant wishes to create a Condominium Common Interest Community in which portions of the real estate described in Exhlbit A are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate ownersh~? portions. THEREFORE, Declarant states as follows: ARTICLE 1 SUBMISSION; DEFINED TE~1S Section 1.1. Submission of Real Estate. Declarant hereby declares that all of the real estate described in Exhibit A is h~reby made subject to the following easements, restrictions, covenants and conditions which shall run with the real estate and be binding on all parties having any right, title or interest in the real estate or any part thereof, their heirs, legal representatives, successors and assigns, and shall inure to the benefit of each owner thereof. Declarant hereby submits the real estate to the provisions of the Colorado Common Interest Ownership Act, C.R.S. 55 38-33.3-101, et seg., as amended from time to time (the "Act"). In the event the Act is repealed, the Act as existing immediately prior to its repeal shall remain applicable. Section 1.2. Defined Terms. Each capitalized term not otherwise defined in this Declaration or on the Plat of The Galena Plaza Condominiums of record (the "Plat") shall have the meanings specified or used in the Act. '"I~'O).ll"'. IlI/I.W"]'"' In:lallu, SI:lpkllll1, Pryor.\: P:I:il.."llC, P.C, 1675 Bro:luway I Suite 2600, Denver, CO 8020'2 , INITIAL , j \\/\ , " 17, 1 . ~:: " .~l- .. .; ': \ ~i i:~ c . , [ . .. \ ~ .> I I ....-.... ............ '"'" ....e/ ;:.7~1): ?-i4: ?-S';; :2 i9~ O~: 4QP PG: OF l~ ARTICLE 2 NAMES; DESCRIPTION ~F REAL ESTATE (a) Common Interest communitv. The name of the Common Interest community is The Galena plaza Condominiums. section 2.1. Names. (b) Association. The name of the ~ssociation is Galena Plaza condominium Association, an uninco~po~ated association. section 2.2. Real Estate. The Common Interest Community consists or the real estate described o~ Exhibit A (the 'tReal Estate"), is a condominium and is located solely in the County of pitkin, state of Colorado. , I I I I \} ARTICLE 3 THE ASSOCIATION Section 3.1. Authoritv. The business affairs of the condominium shall be managed by the Association. section 3.2. powers. The Association shall have all of the powers, author~ty, duties, rights a~d benefits permitted to an unincorporated association pursuant to the Act. I'hen approval of the members of the Association is required, the AssoClation may only act upon the unanimous consent of its Unit 1 Member Group and it~ Unit 2 Member Group, and neither Member Group acting alone shall have the power to act for or bind the Association. \. I- ~ .~ section 3.3. Member Groups. The Association shall have two (2) member groupS, the Unit 1 Member Group which is attached to Unit 1 and the Unit 2 Member Grou~ which i3 attached to Unit 2. If Unit 1 or Unit 2 is further subdivided into other units as provided in Section 7.1 below, such subdivided units together shall constitute the Unit 1 Member Group or the Unit 2 Member Group, as the case may be. The rights of the members of a Group, the rules as to how such members colle~tively act as a Group, and the portion of the Allocated Interests of the Group (as set forth on Exhibit B) assigned to each of the subdivided units shall be determined in accordance with the terms of the applicable amendment to this Declaration reqUlred by the Act u~on a subdivision of Unit 1 or Unit 2. "ll"":\l~"'" lTlIM'."7UO [rl'l:lIlu, Slapktllll, Prytlf 8:. P:1Sl'()(;, r.c. 2 \675 Brn:lUW;lY. Suit..: ::'600. D.:nvo.:r, co 30:'0: itiJ';v- .........""" ., " ~j '1 "- ~ ......, ~-~~: ~'-5:)2 '.'21:2;04 ')::~I>P ~'G ~ ':i=:S section 3.4. ~xecu~ive Board. Excep~ as otherwise provided in this Declaration or as required by the Act, the Association shall act through its Executive Board. The Executive Board shall consist of two directors. The unit 1 Member Group and the unit 2 Member Group shall each appoint one director. The Executive Board may only act by unanimous decision, subject to the terms set forth in section 3.7 below. ( " Section 3.5. Notice to Owners. Any notice to an Owner of matters affectinq The Galena Plaza Condominiums by the Association or by another owner shall be sufficiently given if such notice is in writing and is delivered personally, by courier or private service delivery or the third busines~ day after deposit in the mails for registered or certified mail, return receipt requested, at the address of record for real property ~ax assessment notices with respect to that Owner's Unit. section 3.6. Waiver of Lien Riaht~. Declarant ~nd each Owner understands and intends, by use of an unincorporated association, that the Association will not have the benefit of lien pri~rities provided in the Act for incorporated associat:i.o:- . Section 3.7. Deadlock. )-:s i , r1r'- : if': . . 'j I j (a) Definition. "Deadlock" shall mean a written statement that there is a "Deadlock!' made by'a member of the Executive Board to the other member of the Executive Board after a formal vote in which member of the Executive Board votes for or against a proposition and the other member votes differently or refuses to vote, concerning (i) the amount of Insurance, (ii) the company to provide the Insurance or the budget therefor, (iii) the required degree of Maintenance, (iv) the manner in which Maintenance will be accomplished, including withcut limitation the company to provide or manage the Maintenance, (v) the budget for Maintenance, or (vi) the re-creation of Unit 2 as provided in Section 7.l(b) below. In all other instances, the failure of the Executive Board to agree shall mean that no decision is made. (b) Breakina a Deadlock. In the ~vent of a Deadlock! the Executivq Board shall take another vote on the proposition. If that vote is not unanimous, then a decision that resolves the Deadlock issue shall be made by a person (the "Arbitrator") ~ppointed for that purpose by the members of the Executive Board, if they can so agree within five (5) business days, or thereafter at the request of either member of the Executive Board, by the then-current president of the Aspen Board of Realtors. Each member of the Executive Board shall submit to the Arbitrator a written proposal to resolve the Deadlock within ten (10) business days after-the appointment of the Arbitrator. The Arbitrator shall have not less than five (5) years' "'I"":\I.""',)'\/I.!"'....'", I n.:blld, $1;1111,,:I,'n, P~Yllr &. P:l.~l"lo.:. P.C. 3 \6i5 Gn1adway. Suit..: '2600, D..::\\'..:r. CO SO:O~ -.:"... -~, ....... J '''' experience in commercial property management, shall not be related to or under common ownership or control with the owner(s) of either the Unit 1 Member Group or the Unit 2 Member Group, shall make a decision in good faith and using reasonable judgment but only by seLecting the entire proposal submitted by one of the Executive Board members, and shall allocate the costs of the proceeding to one Member Group or between them both, as the Arbitrator deems fair and reasonable. If the president of the Aspen Board of Realtors fails or refuses to make such appointment, or if the person so appointed fails or refuses to act, then either member of the Executive Board shall have the right to petition the chief judge of the pitkin County District Court to appoint such person. ARTICLE 4 UNITS section 4.1. Number of Units. The number of Units in the condominium is two (2). The Declarant and each owner reserves and is granted rights to subdivide Units and to adjust Unit boundaries as set forth in section 7.2 below. <<, = Section 4.2. Identif ication of UJ1 its. identification number of each Unit is shown pn the Exhibit B of this Declaration. The Plat and >,0 ~ section 4.3. ~nit Boundaries. The boundaries of each Unit are located as shown on the Plat, subject to adjustment as provided in Section 7.2 below. This condominium has onlv vertical boundaries and does not have horizontal boundaries. ~ ~ .~ .~ ~ o. C ~ = ~ ~ ARTICLE 5 '"' = COVENANT FOR COMMON EXPENSE ASSESSMENTS N ~ ~ section 5.1. Co~mon Exnenses. The only common Expenses of the Association are for (a) Mainten2nce, as defined in section 6.1 beloW, and (b) Insurance, as defined in Section 6.2 beloW. section 5.2. creation of Association Lien and Personal Oblioation ~~ Common Expense Assessments. E8Ch owner, by acceptance of a deed to its Unit, shall be deemed to covenant and agree to pay to the A%Sociation annual common Expense assessments. Such assessments may alsc include late charges, attorney fees and costs of collection charged by the Association. All Common Expense assessments shall be the '" ,,,.,,;\~.\111',.'" //.,,, ""., lrcl:1nd. Slapkl"lI. Pryor ,\=. P;I~<':IIl:. P.C. 4 \675 Br,\:nlway. Suil": ::(iOO. Dl.:lw<.:r. CO SO::O: ., , , .~i ~ ;., ., ~" t , -r ~r ,. 11" , ..~ " '. ~ - '- - '"-" personal obligation of the owner at the time when the a~sessment becomes due, No unit owner shall convey its unit unlesS and uneil all sums due the Association and not assumed by the transferee are currently paid, The Common Expense assessments shall be a continuing lien upon the unit against which each such assessment is made and is subject to the Association's right to foreclose as prnvided by the Act, Acceleration of any installment of ~he annual common Expense assessment shall be in the Associatiol1's sole discretion on a case by case basis. section 5.3. APportionment of Common Expenses. Common Expenses shall be assessed against the Units in accordance with the following allocations: (a) common Expense assessments for Maintenance shall be assessed ninety-nine percent (99%) against the Unit 1 Member Group and one percent (1%) against the unit 2 Member GroUp, each owner by ex~cution of this Declaration hereby irrevocably stipulating, for itself and its successors and assigns, that such proportion reflects the portion of such common Expense benefitting each respective Unit; ~~ (b) Common Expense assessments for Insurance shall be assessed fifty percent (50%) against the Unit 1 Member Group and fifty percent (50%) against the unit 2 Member Group, 'n '!-: " section 5.4. Annual A~sessment ommencement of common Expense Assessments. The common Expense as~essments shall be based upon the Association's advance budget of the cash requirements needed by it to provide Insurance and Maintenance during such assessment year, Tho A~30ciation's budget shall be adopted by the Executive Bo~rd. within thirty (30) cays after such adoption, the Executive Board shall mail, by first class mail, or otherwise deliver a summary cf the budget to all owners and shall set a date for a meeting of the Owners to consider ratification of the budget not less than fourteen (14) nor more than sixty (60) days after mailing or other delivery of the summa~y, Unless at that meeting a majority of the owners reject the budget, the budget is ratifieu, whether or not a quorum is present. If the proposed budget is rejected, the budg8t last ratif ied by the owners must be continued until S\ tlme as the owners ratify a subsequent budget proposed by t' . ~cutive Board. Co~mon Expense assessments may be CO"lec~cd in such installments as determined by the Executive Board. ". " "" .., - [,-:; ,', ~ ," -~ .f: ~ Section 5.5. Special Assessments. A special assessment is any assessment that is not levied pursuant to an approved budget. The Association may levy one or more special assessments only cO provide, with respect to the General common Element, for liability claims or for repair or replacement, to the extent not covered by Insurance, or to provide for "'''''',1'''''''''''/'''''':'.' Irl:lalld. St;Qlklllll. Pr~'M.'\:. 1':\~~'II<':, P.C 5 l{llS nrll:Jdw:IY. SUII... :(,00. D~'I1\"<.:r. co so:o: ~ ! \ I~ I:r \f \~ \ I \~ .-- '. '-:. ~ :i' ~ '" ~ = - ~ ~ ~ .~ ~ = ";' ~ ~ = ~.; ~ = ~ ~ .,. : ':r~,:, ~f; _'~. ~..tJ, .-..~t/~~~~-': . . \ 1 . ~ '_' - . ,,,;~y:~~~;.-:.:..:,~ ./ ~~~'~.... ',,"..~ ,- Y',~r:;.~-fi'...' ,7-f.'.~ ~.:.... ,~_-:.t:"~ '..t. ...~. - " extraordinary Mainter.ance, if the Executive Board so determines. Owners shall have the right to ratify any special assessment using the same procedures set forth above in Section 5.4 as if the special assessment proposal were an annual budget, except to the extent a special assessment is necessary or appropriate for repair or replacement to the extent of an uninsured casualty or loss by conde~nation as provided by the Act (C.R.S. 55 33-33.3~ 107 and 313), 'except as necessary for emergency repairs, or - except as necessary to assess against an Owne~ the expense caused by such Owner's misconduct as deter.nined by the Executive Board. Section 5.6. Effect of Non-?avment of Assessments. Any assessment provided for in this Declaration, or any installment thereof, which is not fully paid within fiftee~ days after the due date thereof shall bear 3. late charg" and interest at the rate (not to exceed twenty-one percent (21%) per annum) determined from time to time by the Executive Board. Further, following ten (10) days notice in writing given to the Owner, the Association may bring an action at law or in equi~y, or both, against any Owner personally obligated to pay such overdue assessment, or installments thereof, may accelerate the due date for payments of all installments remaining for the badget year, and may also proceed to foreclose its lien agairlst such Owner's Unit, provided that the Owner shall have the right, until the date of sale in the foreclosure proceeding, .to cure the delinquency upon payment to the Association'of the amount due, including i~te~~st and costs. An action at ;law a~ in equity by the Association against an Owner to recover a money judgment for unpaid assessments or installments thereof, may be commenced and pursued by the Association without foreclosing, or in any way waiving, the Associations's lien therefor. ARTICLE 6 MAINTENANCE AND INSURANCE Section 6.1. Maintenance. The Association, acting through the Unit 1 Group Member, shall be responsible for the maintenance and repair (including remov~l of snow, leaves and debris, "Haintenance") of the GBneral Common Elements. Section 6.2. Ir:.surance. (a) Association's Insuranc'. The Association shall maintain property insurance on the General Common Elements for not less than the full insurable reolacement cost thereof and commercial general liability inst1Tance in such minimum amounr.s as the Executive Board may establish from time to time, as provided by C.R.S. 5 38-33.3-313 of the Act, the provisions of which are "r.f)()i:\2~ln!>_'l\1Mao;>\1O IrdanJ. St:lrh:ton, Pryor & P:lSCOC, P.C. 1675 BroaJw:lY, Suile 1600, Denver, CO 80101 6 1 I t: r , .~t- :: ~~. to, ~. fill f . , :.- . ~ ~- . I" '*" = ~ = = = ~ ~ = ,..... ',-", ,I incorporated herein by this reference. Each such insurance policy shall be written with an insur~nce company licensed to do the business of insurance in the state of Colorado and shall have a rating of "A" or better as shown in the published rating of AM Best company, _ (b) Owners' Insurance. Each owner shall rnaint~n such property and liability insurance with respect to its Unit as such Owner may establish from time to time. Each owner shall use its best efforts to cause each insurance policy obtained by it to provide that the insurance company waives all right of recovery by way of subroga:ion against other owners and the Association in connection with any damage covered by any policy. (c) Waivers. subject to obtaining the waiver of subrogation endorsement required by the Act, the owners release each other and the Association, and their respective authorized representatives, from any claims for damage to any person or to the Units that are caused by or result from risks insured against under any insurance policies carried by the Owners or the Association and in force at the time of any such damage. \.~ L: I h I}t Ir . ,I :;: section 6,3. Obliqation to Reoair or Reolace. In the event of a casualty with respect to the General Common Elements, the Association shall repair or replace the' improvements as necessary to restore them to their condition before the casualty event. As provided by the Act, the proceeds of the insurance carried by the Association shall be used for such purpose and the Association shall be the trustee to receive the insurance awards and cause the repair or replacement to be accomplished. If the cost of repair or replacement exceeds the amount of insurance proceeds, the amount necessary to effect such restoration as determined by the Executive Board shall be a Common Expense assessed against the Owners according to their Common Expenses allocated interest for Maintenance; provided, however, that the Exe.cutive Board shall reallocate such assessment bet'.een the unit 1 and Unit 2 Member Groups to the extent that the restoration benefits do not benefit both Units substantially proportionately to their allocated interests. Notwithstanding the foregoing, if the casualty was caused by the misconduct of an Owner, the amount needed to effect the restoration after use of the Association's and such Owner's insurance proceeds shall be assessed exclusively against such Owner's unit. r~ . ~ ~ '" ~ .~ ~ = d' ..,. ';;' ,- , = ~ = ~ ;<: section 6.4. Restoration Upon Condemnation. (a) Total Takinq. In the event of a taking of the total Real Estate by eminent domain, each owner shall be entitled to receive the award of such taking for that Owner's Unit, after all mortgages and liens on the unit have been satisfied or otherwise discharged. After acceptance of the award of the :~ j. H(-(}lK\~~1 "~, 11'] M', l"ltK) Ireland. St:lpkton. Pryor & P;lS<.:ll<.:. \-l.C. 7 1675 i3maJway. Suitt: :600, D":nv<.:r. CO ~-:o-:o:: .~ ~ ~ ~ " ~. - ~ ~ ~ ~ o ~ 0;; ~ ..;--: ~ = ~ o ~ ~ .. .," ".t ~.< ..~_.,.... ~~/i_~:;,ji;;-::..~~( ....- ... ,. '0'''' taking by the Owners and their mortgagees and lienholders, the Owners, their mortgagees and lienholders shall be divested of all interest in the units and the Owners shall vacate the units as a result of such taking. ~ ~ = (b) _ Partial Takinq. In the event of a partial taking of the Real E~tate by eminent domain, the owner of any affected unit or its mortgagees or lienholders, as applicable, shall be~ - entitled to receive the award of such taking and after acceptance of the award of the taking by the Owner and its mortgagees and lienholders, the Owner, its mortgagee and lienholders shall be divested of all interest in the Unit or portion of the unit, as applicable, and such Owner shall vacate the unit or said portion thereof as a result of such taking. The remaining portion of the unit shall be resurveyed and, if necessary, the Declaration shall be amended to reflect such taking. If the taking includes all or a portion of the General common Elements then, unless the Owners decide not to rebuild, the remaining General Common Elements shall be restored by the Association using the condemnation proceeds. If the cost of restoration exceeds the amount of condemnation proceeds, the amount necessary to effect such restoration as determined by the Executive Board shall be a Common Expense assessed against the Owners according to their Common Expenses allocated interest for Maintenance; provided, howe'ler, that the Executive Board shall reallocate such assessment between the Unit 1 and Unit 2 Member Groups to the extent that the restoration benefits do not ,benefit both Units substantially proportionately to their allocated interests. ~ I: · r~ l~ r. t I'.... , ARTICLE 7 DEVELOPMENT RIGHTS section 7.1. Development Riqhts Reserved. Declarant hereby reserves to itself (and reserves the right to transfer to Owners from time to time of unit 1 and Unit 2 by execution and recording of an instrument, executed also by such transferee, that makes specific reference to this Declaration), the Development Rights d~scribed in this section 7.1. No assurances are made regarding the boundaries of rea'. estate subject to the Development Rights except as expressly provided below, and no assurances are made regarding the order in which portions of the real estate may be subject to the exercise of Development Rights. No Development Rights exercised as to a portion of real estate must be exercised as to all of the ~~.,L estate or other portions thereof, except as expressly provided below. (a) Subdivide Units. The Declarant shall have the right to subdivide either or both unit 1 and Unit 2; "r {...>r.\]41"~' ," >14~ 11711(1 lrdand. Sl:lpktlln, Pryor & P:lSC[)~. P.c. 8 1675 Broadway, Suitt: 1600. Deriver, CO SalOl ~ ~ = N ~ ~ ~ '" ~ = '!: N N N = ~, = ',' ~ 2' = " .~ " ~ '0 .-. ........ ......,/ ........ provided, however, that the Allocated Intprests shall remain, as between the unit 1 Member Group and the unit 2 Member Group, the same as shown as on Exhibit B attached hereto, and provided that the subdivision procedures of the Act are followed. In the amendment to this Declaration required by the Act upon a subdivisi.on, the subdivider shall hav8 the right to provide that all or designated portions of the subdivided real estate is subject to further subdivision pursuant to this section 7.1(a) ~ . (b) Re-Creatinq unit 2. The Declarant shall have the right, at such time as Unit 1 has been ~o redeveloped as to eliminate the need of the Unit 1 Member Graue for the easements described below in section 9.2 as to a portion of the Common Elements, to re-create Unit 2 by including as part of unit 2 no more than 95% of the land area of the Common 21ements, title to which shall vest in the then owner of Unit 2. Declarant shall have the right, after consultation in good fai.:h witl1 the Owner of unit 1, to designate the portion of the Comn;on Elements that shall vest as part of the title to unit 2, provided, however, that in no event shall more than 95% of the real estate currently defined as Common Elements be added to unit 2, and in no event shall the portion of the Common Elements being added to Unit 2 include property that remains minimally necessary and reasonably adequate for the use or enjoyment of unit 1, incl'lding without limitation for access and/or utility connections thereto. The Allocated Interests in the remaining Common ,Elements sh"ll remain, as between the unit 1 Member Group ~nd the unit 2 Member Group, the same as shown on Exhibit B attached hereto. The procedures for the creation of units and the exercise of Development Rights set forth in the Act shall be followed. The Unit 1 Member Group shall retain the non-exclusive easement set forth below in section 9.2 with respect co such real estate as remains as Common Elements. The Unit 1 Member Group shall, at its sole xpense, promptly repair, to the reasonarle satisfaction of the O...,",er of Unit 2, all damage to Unit 2 resulting from the redevelopment of Unit 1. Any repairs to bricked surfaces shall be with matching brick. I ,.J; " ~ ~r r ~. ,j .i1...oIIIIl ....... . I \" 7.2 Termination of Develoement Riqhts. The rights reserved by Declarant in this Article 7 shall expire ninety-nine (99) years from the date of recording this Declaration unless such rights are (a) extended as allowed by law or (b) reinstated or extended by the Executive Board, subject to whatever terms, conditions and limitations the Executive Board may impose on the subsequent exercise of the rights reserved by Declarant. ., ,. j " 7.3 Imerovements within a Unit. Each Owner has the right, and nothing contained in this Declaration shall restrict the right, to create! demolish, alter, make additions to, enlarge, construct or otherwise deal with improvements existing from time to time on or within the boundaries of its Unit to the ~} "r OO(;I1~1~~.'"1'.19oJ7fJll 1n.:!:lnJ. Sl:lpkl(ln, Pryor &. P:l:-iCIH':, P.C. 9 1675 8ro:l.Jway, Suite ~600. Denver. CO SO~O:! ~ ~ "0 = ::: = ~ ~ = ~. .j - ~ ~, N N 0 .' ~ - ~ ~ E: = N :<: ~ ~ ~- --', ,..,... .......; fullest extent permitted under the land use regulations of the city of Aspen. Such right is not subject to any Obligation to obtain the consent or approval of the other Unit owner or the Executive Board or any committee thereof or created thereby. A Unit includes whatever im~rovemen!,,---ar.e--lo,,~ed uH uL w~t.l,in-tltat_ unrt trom L~mc to ;- i~Arr-nwner may not apply to the local ~ (government for ~he right to use more density, floor area, signage. or other land use component than is allocated (or for which there is an exemption, density bonus or other form of allowance) by the applicable law and regulations to suca owner's Unit as if ~.i a parcel at rea~ estate sUbdYvl:ded ~d complet~nQgpendent from the other Onlt. A?TICLE 8 RESTRICTIONS ON USE section 8.1. Nuisances and Nealiaenc~: Environmental conditions. There shall be no noxious or offensive activities carried on, in or upon any Unit or common Element, and no loud noises or noxious odors shall be permitted anywhere in the condominium. Nothing shall be done in the condominium which may be or become an unreasonable annoyance or a nuisance to any other owner or any occupant of any Unit. The Executive Board shall have the right to determine if any activity/. noise or odor constitutes a nuisance or annoyance; provided, however, that nothing shall prevent any owner from enforcing the provisions of this Article by bringing suit or otherwise. No owner or occupant of any Unit shall permit or cause anything to be done or kept on the condominium which will increase the rate of Insurance or which will result in ~he cancellation of such Insurance. Each owner shall be accountable to the Association and the other owner for the uses and behavior of its tenants or guests. section 8.2. structural Intearitv. Nothing shall be done to any Unit or the Common Elements that will i~pair the structural integrity of any improvements on the other Unit or the Common Elements unless prior written unanimouS authorization is obtained from the Executive Board or frc,j! the other owner, as appropriate. section 8.3. Unit 1. Use Restriction. No retail banking businesS may be condt!cted on Unit 1; provided, however, this restriction shall not prevent Unit 1 from being used for a mortgage brokerage or servicing businesS or for any other lawful purposes not restricted hereby. This restriction shall no longer bind Unit 1 in the event all of Unit 2 shall for a continuous period of one (1) year Gease to be used for retail banking business. "f..Oo(;'1~\U~_11\714U 'YlflO Ireland. Starklon, Pryor & PasCo~, P.C. 10 1675 Br(l~dw:!y, Suit..: :600, Denver. CO SO~O: ^ . , ,. .. I )-: j. , '... ['r 1 ..-- 'J :Jr - ::(~.~' ;..:o._.~ ~....! ..- . - >:.~;,~.. ~~.' ~~:-.~.,' ,",/ ....,",o.~' ..-." ........,; Section 8.4. Enforcement. The Association, any member of the Executive Board and any Owner shall have the right to enforce this Declaration and the rules and regulations of the Association and the right to collect costs and expenses (including without limitation attorneys' fees) incurred in any enforcement action. co ARTICLE 9 EASEMENTS AND LICENSES section 9.1. Recordincr Data. All easements and licenses to which the Condominium is presently subject are recited in Exhibit A. In addition, the Condominium may be subject to other ease~ents or licenses granted by the Declarant pursuant to this Declaration or on the Plat. i I)': :: ~ .Jr ~r , = section 9.2 Common Elements Easement. Each Unit owner has a right and easement of enjoyment in and to the Com~on Elements, which shall be appurtenant to and shall pass with the title to every Unit subject to the provisions contained herein. Every Owner shall have a non-exclusive easement over, under and across the Common Area to use the existing concrete walk, stairways, retaining walls, courtyard, land$caping and utility connections located on the COffimon Elements.; In the event of future construction within a unit, each unit owner shall also have the right, after giving written notice to the members of the Executive Board, to overdig into the Common Elements and temporarily brace any excavation or existing foundations within a unit. After such temporary use, the constructing unit Owner shall, at its sole expense, restore and repair the Common Elements to the condition existing prior to such construction work. By undertaking work witr.in th~ common Ele~ents, the constructing Unit owner agrees to defend, indemnify and hold harmless the othel. Unit and the other unit Owners from and against all claims arising out of or relating to such construction, including without limitation for injury to persons or property and for mechanics' and materialmen's liens. " ,~ = 'D ~ '" = - ~ ~ ,-" ~ .~ ..~ .~ o "( ~ ~ d: section 9.3. Easements for Improvements. Maintenance and utilities. Reciprocal Easements (among all units and Common Elements) are hereby declared to exist over and under the Real Estate and all areas thereof for the existing electric, telephone, water, gas, and sanitary and storm sewer lines and facilities, exhaust, heating and air conditioning facilities, plumbing vent pipes, cable or master television antenna lines, dr::>iIlage facilities, garbage chutes, stairs, walkways, and landscaping, and for the repai=, replacement and maintenance of the same, as needed to service the Real Estate and/or the . ,~ ~ o ~ ~ ~ lor '",r.\]~III".11\714'lln()O In:!:lnu, St;lpkton, Pryor & p;J.scn..:, P.c. II 16i5 Bro:lJway, Suit..;: 2600, D..:n.....;:r, CO SO~02 . ~ ...-., '-....... ,-,.r1I individual units. Each owner has the right, at its sole eXpense and after giving written notice for at least one (1) businesS day to the other owner, to relocate such lines and facilities within its Unit; provided, however, that such relocation shall be accomplished ~ithout interrupting the need of the other owner for the use of such lines or facilities (including the providing of temporary service, if necessary), except as such other owner specifically permits. .~ .. ~ ~, ~, ~ = section 9.4 Encroachment Easements. Each owner has ~n easement over the adjoining unit(s) for the purpose of accommodating any encroachment due to engineering errors, errors in original construction, reconstruction, repair, settlement or shifting or novement of the building, or any other similar cause. There shall be valid easements fo~' the maintenance of said encroachments as long as they shall exist, and the rights and obligations of owners shall not be altered in any way by said encroachment, settlement or shifting; provided, however, that in no event shall a valid easement for encroachment occur due to the willful misconduct of an owner or owners. In the event a structure is partiallY or totally destroyed, and then repaired or rebuilt in substantially the same manner as originallY constructed, the owners agree that minor encroachments over the abutting Unit shall be permitted and that there shall be valie easements for the maintenance of said encroachments so long as they shall exist. c ;;. , .. = ) ~ ~ ~ ~ = J ~ ~ INiTIAL \\,\ ~ ~ IN WITNESS WHEREOF, the Declarant has caused this Declaration to ve exec~ted by Daniel W. Yohannes as president the Declarant, tllis ~ day of ~le"em132r, 1991. 'fEB j99~ of "( ~ - CBI prope~ties, Inc., corp01tibn \\1 \ ~ \\ \. . BY: \~.' '--./ \ \I~; ),\'J\.A..../' Title: \. Presiden.t a colorado IlIl ~ ~ = ~ ~ ~~-,,::::.~:......... ~ '~".~ .'J: "C)~POR.~t(:-}~: ,: _.~,: dfl'!, "".:. S'(,',,'T."v :' ~ - :;. .. J.:l [11;' - ....-;...... .....~.I)NL'/;..:L f/!:i1"I~,,;"E1~ ,;~~:~"'dC>'h ~~ ,/J ! i ! II(.D<.,,:\l~' 1\', Il'll~ll.Q~O" Ird:mJ. StlpktoO, Pryor & P:\SCllC, P.C. \2 1675 BronJway. Suite 1600, Denver. CO SO:;U: ;- : ~;';t - ".' "'~ ",,', .'" .:,~~~~-_:.t~.~~'~" ~ -', ~;;j:lt::l:~:<"",_-_.- --- .~ . ,- "" , ..-1 . STATE OF COLORADO ) )55. ~ CITY AND COUNTY OF DENVER ) INITIAL :fEB 1994 The foreg ~ng ~nstrument was acknowledged before me this ,10 I~ day of . _ ,', by Daniel W. Yohannes as presiden E-""'-- of he Declar'ant, CBI properties, Inc., a colorado corporation. ' My commission expires: 10 ( o'1'!q 7 ~;" ".,.:.' WITNESS my hand and official seal. /:~ ,it " ..... .,' .~. ... '''' [SEAL] .~ ~ 'J ;'1 ,~ I ,...'" ; " ~ . il .' 367202 3-742 ?-5t2 02/12/94 03:~O? ~S tb OF 13 " J "l.IJ<IC\:l~III'"ll\J7MI.O:lIJ<l Irc:1and. Sl;tpkton, Pryor & P3S(;(lI.':. P.C. 13 1675 Broadw:lY. Suite :600. Denver. CO S010: " '. ,.- ,.-- . - " ~.. .,.> , ... ~ EXHIBIT A DESCRIPTION OF LAND Lotm M, N, 0, P, Q, Rand S, and the East 1/2 of Lot L, Block 86,- City and~ownsite of Asp~n, County of pitkin, State of Colorado subject to no recorded easements "~ ' ' I!:"' , L \ F~r ~ -'~. ...... .,'!r " ." ~~ i., \. ;; \ .- I \ 367202 8-712 P-,13 02/22/9\ 03:10? ?5 17 Qf la j ~(.fIlIC\1"lflo:..ll\7HO./,o;'O'} Ireland. Stapleton, Pryor & P:1!:":o~. P.C. 1675 Bro:l.Jw:!.y. Stlil~ 1600. D~nvcr. CO 80101 , " ,.-- . , , "-" .~ EXHIBIT B ALLOCATED INTERESTS ~ Percentage - unit ownership Percentage Percentage - - Membership of Common Share of Share of Group No. Elements Insurance Maintenance 1 1% 50% 99% 2 99% 50% 1% TOTAL 100% 100.0% 100% -----. . :'-1 " "'. ..:it:': 3b72Q2 B-712 P-514 02/22/91 03:IOP "IB ,F IB R(ooc.2""16.111714D,1J:l'OO Ireland. S~plclon. Pryor & Pascoe, P.C. 1675 Bro~dway,