HomeMy WebLinkAboutAltair Vail Covenants . �. � _ . . . „� . . �
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.^.cn�s��ry ccilected shai.l be available to the Associati.oa 'for the purcose
o: repaiz ; restozation , zecoastruction and replare�:ent nnleas the:
ownera , Lessoz and a12 '.irsL mortgagees agzee r.ot. to zeb�ild i:�
�vr� r. age accordance with the provisions set forth hezeinafter .
� a�octory
i1rg in;,•�: - 10 . 2 ?testora �ion o� the Projeet .
c� s farnish-
,:i �y of him 19 . 2 . 1 In§u.^ance Pzoceeds Suf'icient,. Irs t?se e•rent of 8am-
i ! icj ob- age or clestn:et on ue to �re oz ot er isastez , ihe insura:.ce
libh or ad- Dzoceeds , ii aufficient to restere' '!:e i�nzoceatentta ) , shaS2 :be
: recnvexy apolied `ozthvlith bq t'te T•ssociarion , as attorr.ey- in- faet , to
� : he ex- snch restoratfon , and the improvemenLSs) shal2 he pza�ptYy re-
�ation by paized and zecor.strueted . '*he r?ssoci$: ion sf3all nave _�31 aitt�-
s oEficers , ritp , right and go�:er , as attorney-i:r.-.fact, to cause fra repair
�s ar.d their and restoratioa of the i�grovement ( s ) . Assessa;ents :oz ca�ccn
expenses shall not be abated during the period of *_as:rra:.ce ad- �
justner,ts and. renair and recoastsvction . Ia ad�itioa , 'the Asso-
. i . ?xcept ciation shzSl comply erith :he reguirersesits of the Cozcta�iai�
�eceive ia - Lease .
•ecovazies
insurance 2G . 2 . 2 Irsur�nce Proceeds Snsuf£iFient - Essess:ae^t . If tke.
1 be �p- insurance �roceeds aze insu ici�nt tc repa_z an resto-e !te ia-
,y nrovSd - pzoverent ( s } , scct, danage or des:roic:ion s_haFl �e �zacntly re�air-
or oersons ed and restored bv the P.ssociation , as 'attoriieg-in-facr, Lsiag the
�ly entitled proceeds o: insuL"a^ce and the praceeds of a speciai assessaE� t to
�zoportton be �cade agai.^.st a21 a£ the awners a.zd thei = concaminiva azi�s . T!:e
�zea;.s . F, ssociation shall eomp'Iy with �he reqvirec:ents of :he Candcr,�ini�:'
?�ase . Such deficieacy assessier.: s:ialb be a co�n ex?er.se a.^.d '�� �
�ciation shall be 6ased on. fhe appurtenani gezcer.tage undicide2 i��eres� i:Y
incain the qeneral co:snon eleaents assigr.ed to tI^.e. coadn.�iniim uaii of eaci;
wlty i�- ou.�ner ,, and s!iall be due and payaDle wzthin t� frty ca}•s a `ze: w:it -
fidelity tce notice thereof . ihe Association shall have fnll acthozity ,
Assacia- zight aaz:d gower , as zttorr.ey- ia-Eact , to canse �}:e repair , re?lace-
,plopees a.eni oi _estoratioc of the irprov�en*_ ( sy usiaa zZl of �he ir.suzar_cp
gzoceeds foz ,siich piurpose nots�iths�aadinq the fai2ura o° a� oc.z:sz
to pap the assesssaent . ^he assess�eat procic�d for hezein sha12
Be a deht of each ournez aad lien on his cor.demiai �.*a init aad .ras
L+e enforced and collected as is nrovided '_n .�ticle 7 . In a�di-
zion .thereto , the Assaciation ,, as. attanep-ia-�act , sha�.T h�t•e che
absolnte right �and �poFrer Lo sell che ea=:do�iaiu� o.:i't o� aay or.�tse :
refusing or failing to pay such de € icie^.cy assessrent wi :iiia the
ion does t'une pzovided , and. if not sa paid , :he :associatica shail causa to
ertozney- be. zeeozde8. a noric� t2tat the condas�iaitim uai� of ihe .ielingue�:
destruc- owner shall be sold by the Assoc.iation, as attorney-i^- Oaci , Qur-
nits , build- suant to tlxe provisions oE this F�zticie 10 . i,ssess+erits :ar eo;a-
e:�ald es - �ion expenses sha13 not be abated. during the peciod of insuzance ,ad-
ressly ,made jastment and zepai.r and zecoastruction . Tke 3elinaceak o•r.�ez s�aii
nce by any be reqaired .to pay to ,the Associai{or. the cos:9 aad exneases :or
thc Declar- filing ttie notices , _ interest at tYe rate of tweZce nercent oer annwT,
] essee of a on the. amcunt. of the assessment a.^.ai a21 reasoaah2e at:or::e}�' s fees
torrtey-in- incurred by the 9ssociaEion . The oroceeds 3erived fra^� ihe sa2e
'nsffitutc and oL such conSomini+� ucic sha11 be used and c3isbursed bv tte nssu-
in ;.heir cia�ion , a=_ attozney-in-faci , in the :followinq orderc � '
tu: condo- .
rnir.after (a) roz paycieaE of taxes ar.d snecial assessmenGS 2iens in
, [+�esider.t favor oF any assessiag entity and the custamar� expense
nutl:orized ' o.` sale ;
iZdLi011 ,
r� , assign- (b) For nayment ,of unpaid rent to I:essor ; ��
_ � of a coa-
zo exerc : se (e) For oapc�ent of the hala�ce of the. lien of any :izst mort -
_ c7:e in- gage ;
:JS `OZ1AQ
S :� :abich Od) For Pa.p�srent of urtpaid ca�on expenses ar.d all cos:s , ax-
e g�ueral penses anc fees ir.cuzzed by the Associat.ianb:
' - •:t? rti- '
��c�eds (e) For pnys,ent of iunfo= itens and encumbrances in Lh� araar
of an8 Eo the extent to their prioriity; aad
! f) The hainnce ser�afning , if any , shail �e paid to the cor.-
�acinfam unit av�e= .
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10 . 3 D� e �u�Q yflst- £ive Year Periad .
. • aa�a9e or destrnctini, ue to are oz ot er ' 1A ehe event of
Cor.d�inq�erl°d °�t Preceeding the :date =saster duzing the last
Leases expire , and if such a °n "'hich the tem 6f the
.. o �icent oE the total reppaceaent' cast of elleofsthetcondom�nium ym_
. • . provements �re than sixty .
of the general �o�o�eZet • the owners of sevent '
. t*e a�a4ed imnrov ments may' eleet not to iepercent , oz more , ,
tidn 6 . 5 op ' �ents , and ta that event the pair or rebuild
the Condom#.niwn Lease shall control . provisions oP sec-
the I.essos .and the fsgo�iation by its President rr snch instance ,
. r°�°ra a aotice settinq forttt such facts and theaentir= reta I
- � ahall be. free and clear of all rY shail
� tion aiid Diap and the prO°iszons contafned in thee ecla}a- _ �
Cond�ni� y�ases . i �
ARTi=11
OPTFON _ Tp pp��E I
' li . l tion ConWined _ ' �
� made Lo ttte � Condominitna �I,ease . Reference is �
� crants an eptioa to�ns � SectYan
P�hase ° t e Gon omin2um I,�ase which �
, (to each Lessee) accor31ng to the. te�
," ' ��i�r Provisions thereof . Further reference ' �
Lease prpviding, in effect IS �ade t� t}ie Coa- � ;
of the leasehold �4e18 ln • that all and not less than all
- ' sor ' s fee interest tbe nroject must elect to
effectiqe. � order fbr the exercise of such purchase Les-
option to be
11 • Z Exercise of _Oetidn . Followina recei t .
� ° tice ( to be aiven ur n �
eise date fto � `�t�e�ath of P of Lessor s qa_ � �
exercised not earlierJtl�an Ju�ll� of, opEion exer=
t�n !9arch 31 , 2023 ) ; each 2easehold owner Y 1 , 2022 , nor Iater
^ thel� to purchase �y ae�sit �i� desiring to exercise the �
purchase price foi his cani3 �e �sociation 15
for the year endin °�nit�. �it (25 t • Percent of
� the AssociaLien g ���er 31 . 2022) . �es the total rent
ahall be deposfted � y �Z such ftmds received by
termination of the exercise of tke option to �
og Directcrs SPecial accouaL pendirig de-
. of the Association shall call e P���ase , ghe go�a I
��rg (owners) tb be held not earliez �ecial
' . later ttian Jul than Jdly 1, 0211°g ot the
Y 1 . 2022 , for '
aad for the pn=ppse oP adopti geapu��� �f in£oimin � emberst '
purchase . This P ea to exezcise g a31 m � i
� � a��g the �ecial meeting ma the option to
pe fOd � t� �a endin Y be ��ourned from time to
on whlch the oneion t� 4 on [�arch 3I , 2023 t�e ,
written notice p�chase may be exercised .b ' the last date
w ti�ereof .
, - adopt such plaa , which In �e event the leasehold 9iving Lessor '
ePproval of al2 of suchpl� � if aa°pted, must °�ers do n�t
Flssociation shall be =et�ss�s , �y depoaite8��dsnheld b�°ous (
rned forthwith to the depositors Y �e (
1•I . 3 EfPect of .Exercise of �e�of . �
to .purchase is exercise tion . In the event the o
pleted , vcpn the recozdin� � p°r� aBa is consumme�a Ption
. condominitm uait , incla 9 of the fleeds of convey �d com-
fee simple . ( ii) ehe e �g the rea2 oropertY , shalleb� fiJ each
Declaration and an PAlicable terms and othe= °�ed in. �
main in full forceY Suonlementg p, rovfsions of the �
�d effeot �d �"endae�ta thereto shal'1 re_
anY ad8ittonal ins �Tithout the necessy,t '
miniuA �it o tr�°t or obtainin Y of recargin '
deed of tru twaer or their aiort484eesg and �onsont of the condog
be an encimLran�a a ( iii ) anX mort a
, � ��dmninium an3t and the leasehold 9 3e or
rank as that vhich ea �Ple cond ) then; .ahall �
�wn6ered the condomin�ium� unit of the same I
, nnit and leasehold .
�� I
1LSS�..Sgl�Nq� g� I
I2 ..1 Cc,,.,,--•on psseasaent Res ERVF.S
qaise an ovaez o � � �°e . T:�e 7i.qs�fatfon shall re_ .
arant to deposit aad maintain with _
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•,: �1r �, i� z}_ *_he Associa: ,a❑ thsee cimes Lhe amount o: the curzen±
'�"� ° - ia :zn- �iahbY �a�.aoa assessment without int�rest , which svm shalia e �
. or R,ore , y, _he 8ssoci'aeion as a zeserVe to be usea for �ayaQnt. o '
rebu _ ] {; �e coinmon assessment and for wvr'r. ina capital . Such an a8vaace
r, r�� y,,,. _ pa.y�ent shal � not relieve art awaer froa :nakiag the regalar �ay-
: n5rance , nents of the monthly co.�vnon assessment as the same come due_
=" =Y �call The owr.er s!iall be entitled 'co a credit �ram his assignee :oz any
re� i ;e.s unused portion thereof ¢paz �e�inetion of his ovnetshia, apc� ;he
: ;�r_ ar3 _ assignee shall be obTigaee3 to estab2ish and' mainiaia such «eserv>_
immediately upon assuminq o•�.+nership of the lease�oid intezest .
1.2 • Z Rer.t nssessment �eserve , The Assoc ±atiori shali recvize
ea.^h owner othez thsn the Dee ara.�t to deposit a�d t?�ezezfter main-
ltain witr tf,e Association an amount equal to twelve ccr:�Z� �rih-
y , rerf installments far his condominiva urit , wF.ich st�a st:a �"I be
heFd bp the ?ssociation as a reserve (heieir.after "ier.t s�ser,e - �
:e is to be used for payi�q the monthly rent instal2cent -fo: that coado_
�se ;uhicr r..iniiva uni � iar.d no other ) .under .he coaditioas estat,L:shed ir. Sec-
:�:u te �s tion .10 _ 5 0 € the Condoainicca I,ease . Sech advance
' �ne ��n _ rent resezve. sh.all .not relieve an o�waer froa r�akfr.aa�en=nto ^*te
=��:� a17 aor.thly •zentaZ instalL�er.ts psyable :c-Lesso; as t,*:e saw,e _5ca.aer°
se ies - due . Yhe ownea shall 5e edtitled to a czedit .or anc u^,csee�_ .2Z=
- to 5e reserve fram his assignee' vvon the sale b° kis� leasehold a«:sership ,
and .he assignee shall 6e obligated to main.air. s::ch resezve unaii
assw^�ing o:.�rshg� ap �e 2ease�o2� iateiest . i,ye rssac:a:3o� .s:�a�I
' s no- be oliliga.ted to maintaln the rent reservzs ia a separate accouni :a_
e,;er.- dicating the custodia2 nature ihereof �Q ,
+Z Iater therefzom shall belon to the : `nY ir=�rest or piPld
'1-�° the tion as the siun deposited t,+�eLe�ers �hereof . n �r,e s�.�Q. �ro�o:-
nt of
"al rent I2 . 3 �neza2 . The interest oi' each
: vec 9}• funds cannat �h—�thdrawn Qwrtez :r. t.;e reser.�e
��g de- and shall be deemed so har-+e bee^. tiy�s_
ferzed. wi ,h the assigivaent o _f a condaainiwa. �i� evez thonah np:
- ?oard ex�iessly c¢entioned ,or describe@ ia aay coatract., assigc�e�z o; '
of �.h� lease or other insirnment . The acspciation sha11 �i;:�a_n g�e_
:d not quate booY. s and records of each . sueh reserve fund , acd s:�ali
ibers `.ain such, baEar.cas arsd amounts Lherein as zeguire2 ., �• • �in-
tu 12 and b ^ the arovisions o8 the Condonini;� � nls ' 'Zni��e
cime , } Lease .
� cate
asor A�-Ir�.F �_Z_
not
� as EXPAri'SZ01T Or PP.QTPCT
.he .
'eo° . 13 . T Reservation of Ri ht to E and . DecYara.zf reserves t�e
right to expan t. rs oro� ect, to iac u e a.+: addition22 bui2di :ig er
ion buildings_. 5uch buildings , if coristructed , srall be located on
a7- ofher real prooerty owned by peclazaiit adjoining Lhe rea3 pr�peT�y . I
°.� 13 . 2 ,Sua lemental Declaratior 'and Sun lemen .al Condomi;ii;ca
:ti� :iao . Such expans on nay e . accomp is .e
� - :�eclarant acSupp2'ement to this Declatetiion cortaini'�grarl Sa1 de-
ig scription_ o . the site or sites far a nev� huilding or bui?dingg ,
tocether soith a suoolemental Condomini�un 4ap containing the sar,ie
: information with reseect to the new building or baildings, as re-
�i ? buisuccessivels1e z . 2 " The exoansion may be accoa4olished in stages
� up�lements . .
i .
13 . 3 E ansion of Definitions : In the eventi of such expan-
sion, the derinitlons use n : ls Oecla:ration autonatically ehall
�e expanded to encompass and refer to the
. All Leases of 'candominium units after suchpepazjSqQn s� `'�panded .
tive ta tians�er riqhts in 'the sh� ll be effec-
form of desrription set forth in artic1e62eqP2ndwd�r,bi�e=enceshto
the suildinq s}�sbo1 , suoplementaZ. ,Declaration and the suppiemental
Condomini�un Hap .
13 . q .Declaratior. 0 erative . E!ccept as is ot3iezwise pravid-
ed in such Supp .e�ent , a iuonal2y suhmlLted improvements shell
t
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be sabject to al2 ttie tez-is anc conditions of Ehis DEClaration ,
and ;he condoninium ' �
units therein sha2l 6e subject to leasehold
condaminimr, ecvnershin wiih all ttie inciderats pertalr.ir.g thereto
as specified thereia , uaon the filing for record of the supple- �
_ s.ental Condoceini�; Map anc� svpplemer.tai Condominiv� Declazation . !
- [.ntwiL'�standiag a�y provision to the contrary contaiaed ia this
' Declacation , the follou;inq nrovisions shall q�e� :
(a ) ihe n.�a�vieea intereats in the general coa.mon eler�ents
of the condo:qinium units identi'ied in Exhibit 2 shaTl not be
altered . For coavenience , such condominiu� un ; �s aze referred
, to as the Comp2ex A , an@ any additionally su6mi.tted icp�ovements
are referzed to as additianal camplexes .
. . (3) jh? a„mers of CORdO1D]:1iiIt� units in Cosplex A sha1l nox
��4Lire any iptezes: in the general co�pr, elei¢ents of addi:ional
connlexes , ccor shall the owners of con3ominiwzs units in �y zd� i -
tional conplex ecquire any ir,tarest in the qeneral cp�p;� e�,,�.� �s
of C�nlex A , er.cept tha*_ t!:e owne :s in anp comolex sha1Z ha.e a
aor.-excnutheenrosectrt � 'n coc�m'°r °'ith all o-.,mezs of conuo�iniu� ,
units i � to, use those
• n=_nts within 'the Parts of the general ce�enr. e�_-
project Zhat are intended for ttie co.:i. on vse o :
; all anmers , such as , but rot litaited Co , swi�ing aool � If a�Y �
wei3sways and d:iveways ,
" fc) Except foz insurance preaciums , :he assesstaents shaTl tre �
a000rtior.e6 zmnng �1 0 � the condoninium. unit aw�npss ir �e � Zarr,-
` ed project , as previde�' in Article 7 .
(d) The lnsurance coveraqe .referred ta .'in Azti �Ie 9 shal2 ,
, to .tice extent nossit�le , be in the form of a si.nqje p��ic�, . ;�,a
the extent possible , that coztion of the premi � 8t�=ibuta5le to
the condominiuci units within eaeh separ2te co�plex sfia11 be pai�
�_ by tY.e owners of the candominium ui�its wi thin each separate cpm-
plex acrnrdinq to the assigzed �divided interest in the aeneral
, eaacnon e2e^ients appu:tenant to each condoaiai� unit tiierein .
� ' ° � . � (el A cDadominim� unit orve= sha3
in the insurance settle�eat 1 `-7e entitled to sHare (oaly)
pzoceeds which are attributable to the
c�molea �r'ithin i.hich his coniio:rti,nit� �it is 2"ocated , and snch share
of such. proceeds shail be based upei t'te �ndiviLed interest in and
' to .ihe genezal eom�non elerieats apourfenant io .his anit .
� f] R21 of the condomi�q� ;�it o*,mers in the entise project
shal2 ae members of the Association . Each owner shall be entitled
to cast at any Association �remper meetinq votes eauai to the ooin.s
; assiyned to his unit ,
�
� . 13 . 5 Sese:vation . Dec2azant reserves ( i ) the riaht to coa:-
' suuct a sw nq p� , pa=king saaces and other cor,mQ� gacilities
� l�rov��tsfor se b i�pzoved oo:-tion of the propertf describ-
� i-^• Exhibit 2 y a2I o€ the owners in
3eC� • �d l-ii ) the riaht of use of � �e �anded pro -
, ioeate� bn the pz portions p� the oarkin5 spaces t
oPe=ty descriFzed: i.n Fr�yibit 1 by owr.ers ia the ex-
�ar:de3 croject . Nptwithstane�inq ynythinq to the contrary contaia- o
ed herein , De�lar�t shall have na ob2igatioa to consiruct a �
�ing p�2 -
SW3,Ip- !
AI?TICLE 19
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l�S=E`g ti
19 . 1 Dur3tion of Declaration . Eaeh provisioa eonteined i�
th±s Decla}at or. �v ic is sub�ect to the Zaurs or ru2es soyzetg�es
re .erred ta rta .the rvl �
i�4 unreasonable � $5aiast oerpetuities or the zule ' '
`,i� aa a; � estr�ints an a2ienation sha12 caniin�e andhrelt
�� ' `�s� �d effeci for the '
, f o ?t..at�a,d tfart'ic Zf Rellyurvivor ofgP.anald�H . t?�acdoala � yeo� �
V . -� ,7
�rsaas a; . aad t�e ncra 2iciag childrea of said ; I
provia�d . hh ch�ver fir�clara .. aa3 i5 ter-.:.iaat�d as hereinaftez
� � �S • hIt ot��= oravisiens coaeained i
,
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ir. this �eclaration stial2 continue and reaaain in fu12 fozce ar.d
effect a�til ro�@�ri � ��zsAip of the project end this Dec�a_
ratioa aze terminated oz revcked as hereinufter gr�x �e� .
Z+ - Z Revocatioa or Amendmer.t . Except as is otherwise pro-
vided , t.his Dec arat on s a . r:ot 6e revoked unless all o : �e
� � o•aners . Ehe Lessor anZ a21 of the hOidezs of .any zecorded most-
, • gage ar deed of Lrust eoverinq pr affecting any cr all of the
�•^•do�ir. iw� •L^. I �g in the projeet cor.sent and agzee to g�y Ze�_
• catica ay ins�r�nt (si duly recorded . This Declazation sha22
o noc be amendea yniess the oaaers zeareseatir.g � yy�regate ova -
s o , ecrship interest of sixty pezceat , or more , of the q�;,e_a1 �a�� �
elez�eats in the coado.,-iiniu� �
' holcezs o € recozded fizst acrigages � orhdee�ssof tArusi�coaser.he�� °
°, agree to such zmen�ent by ��su;u�entis) c*�y recon:ed : provided .
� hoaecez , C.yat L'ae uadivided ir.teresGS in t1�e q��e_a ! ce...,�� ele-
, �ents anaurtenant to each dnit shall hare a Fer+...anest c*�a:acter
ezd shall aot be aZterec* withont the consent o° y� 2 ��e �.-� it Q..r�-
� orsdeeBeoLessor . �c� aIl of .tke tiolciers cf aa.p =e.cazdec j�.�,,Qa�e I
' - trvst as er_p;essed 3n an �
' � corded . �e.^.ded DeeZazai:oa d•_Ip - r�- �
14 . 3 cezti .iea:e of identitv , il�e a.ssaciaiiea sfsa? E , s�
• time to time . _ecor a. Ceru �cate �f Zdea�iLy , vhir.h sets or:._
, the �ai3ir.q ad3ress of the p,ssacia_ioa , �e nA�s op �.:�s thQ�
= c6c�pzising the. Aaer3 .of Birec:ors , togetSez wit:� t;�e :�-,�: �v ar.d
' address o° the :•Iaaaaing Aven" i£ ar.p �rere te . 5�=.�: Gest:f?cate
snall be corelstsive evideace :4teze�g _a yavoz o= 3�v �z�� .eig-
ir.g :hereon ia. qood faith zeqardless of ciae e; z .
• date thereof . The f ' - ?sed s�ce �e
� �.rst such Cer��. fieate s�,2i be r�-y.�� � =se
Assoctatian i�aedia.telr su�seque.^.t bo :recoz�i.ay t;is De�lazaiia;i_ '
3 �?y of each_ such Certificate eha2l L�e Eymis4e� =o :�e :,essez
and to each kna,ra �o_►tgacee of a eondn^i��m azi,
14 . "4 �e istraLion of. .MailiaS AB�ss. r�c� o�� s�_
register hi. �.,�q aay.ess a;
, as required b S e Pssoeiatioa . o� sncs �or3
y Lhe Fssoeiaiien , aa� :sm:iees er 2�+an2s �exded � 'I
, , to �e served .upon an o+c�er s*all be ���t hy �;jl . ��tage p�.
; o paid ,. a8dtessed ir. the nam� og �e �e_ at sssch registe:eL a�_
Hness . eme
i�
. 2; . 5 Effect o_° :Pmvisians of Dec2aratiaa . �� ��is�:
of this .Dec arat
takiaa to comP2Y oithaeac� a���` • c'�' � • O°���ar.t a�d Lzt?�•-
necessa P�isioa o. this lTer2aratien , a,3r7 �Y
ry exceniion oz resercatioa or gzaat of Iesse_':a13 , estata ,
riqtt or interest to effectuate any prcvisia3 of r.his Dec2aratiaa
shall :
29 . 5 . 1 ee deetaed ir.corpozated ia e�eh 2ense; nssi4�ent �oz 4
other instr�nent by whicl: ar.y riqht , t?tle oz iacezesL iz ��.he P�
ject or ia at:y eor.dar,.iniun unit is created , crhethez or aat .set
� forth or zeferred td 2n Sy2ch instrnr„ent .
14 . 5 . 2 Hy virtue of acceptance of aag ziqh= � �it2e; oz i�;�r_
' est in Lhe. project or in any. condoaini�a uni , b}• an, os;,e_ , � deea-
ed accepted', rat_ fied , adopted and declazed as a ,r,ezsanal erEenaae
aE sLCh awner, yrs� , as a persana ! eover.aat , shali L� p_n�yng a� �
sueh 2easehaid owner and such owuer ' s tieirs , oetsonnl rep�srata-
�ive5 , s�ccessors and assiqne , na3 sha21 Le aeemed a Ferx�nal cove_ � �
nanc co, w•ith and for �he bene.'it of the Associa:ion ��t not to ,
yrith or for Lhe beneFit of ar.y othez otener ,
1 � • � - 3 $e deeiFed a real corenant hy Declazant , fnr i.tso.if .
i ; s ssccessors and assicns , and aiso aa equicable sernitede , ry�_
��:g, in each case , as e 6urden xi [h and �an t�Q ti[ie to the
� a=oject and eACh eondQminiu� w�it and , s3 � real �a:-anynt an3 also
as sr. eauitable servitade � shall ho dee«,¢d a cover.ant and SQlyj _
:�de for t*Q benefit of the project an8 each eender;ix;iu�; �it ,
- _ i
i
I
1
�� y..;. T
, .
- .
- - - _ , o o . - -
n
„ .
;
14 • 5 • 4 Pe deemed a co4enant , obligation and restrietion se-
cared by a lien in favor of the Association , burdening aad encw:�-
- a '�r `,`+�, fhe title to 'the oroject and each condominium unit in favor o I
� of the Association : �
I4 . 6 EnParcec�ant and Remedies . Each provision of this Dec- '
laratzon wit reseect to a 'ease old owner or 'the cm:doninium unit '
- of such owner sfiaTl be enforceable by the .ASSOCiation by a oroceed - I
ir.q for a. prphi6itive ,or mandatoz}• injunction or by a 'sdit or action
to recover damages „ or , in •the discretion- of the. ASSOCiation; for so a
; loag as any owner .ails to comoly with any sv_ch prov3sions , by ex- �
, cl�sion of such dwner and such owner ' s quests from use °
eraZ coimnoa elements . If. court oroceedings are institutedain con - °
nection with the rights o: enforcement and remedies provided in �
this Declaration_ , the prevaili^g party sfiall be entitled to rec6v- S
_ er its costs and ezpenses �in connection therewith , ineludfnq rea-
, _ � soaabie attozney ' s fees .
o;
' 14 . 7 ?rioiities_ of Association Lien for Common E�coenses : �'
^he owiie: o � a con ominiuia un t ,may create a � unlor mprtgage ( j �- a'
nsor to Che lien, deed of trust or other encumbrance of a fiist '{
, naztqaaee ) , liens or encwabraaces on his intezest in a condo�in-
t ` icm c:nit : proviced , however tha*_ ci
or enctunbra�ces sha22 a2ways be s�rdinate � oi�e�rtaaaes , Ziers
• , � mo:int liea of t:ie. nssociaticn for co�on expenses aad�alla�� �$
' ' tems , corcitior.s , covenanrs , restrictions , uses , 1'i.mifatienstaa6
, obligations uader this Declaration , Association IL.ticles of _Taeor_
porat_or, anc Ry-Laws. and -9
, cnnbraneer ( s ) sfiall ielease�V o=a ' fuzther , tl�2t sach. jaai:oz en- �=
�' � i�provements upon ��e enc�mbere@ con��dems}ni� �it°�il�of liisnrichs , 3
' , title ar.d ir.teiest in and to the proceeds uadez a12 i�suzanre �ii _
, cies �aoa said premises 3y the, Association .. Snch release ska12 he
, a zurnisned forths:it5 b a '�
� „ the i:ssociation , y »1Or �OLtgagee npon vzitien reruest of ° `'-�-'
� and if sueh iequest i § not grantea � guch ielease '"
m.ay tie executed �bp t!ie ,ASSOCiation as attoraey-in=fact' foz .such jQ-
' z�ior �ortgaqee . I
, . ��
the Kssociationtet. ej8oazitc : Di=e�or�s�oCltne AssociatiDecl�,=a= , o- �
.. ar:v o_°iicer , ageat or employee o.' an of the s ' Gk�
� co the association or any owner for ny actionap for2anvefai�ze I
� tc act with resoect to any matter so long as sueh person or entity
.� kas not guilty of; fravd C4i
. gzoss neyiigence or bad faith in tating �'- _
such actioa .or failing to act . �
^F.e .�_ssociafiba sha21 indemniEy . Decl.araat , each membet of the � I
_°oarc of nirectozs of thE �A5sOC2dtiOn and. 'an � _ �
' �Jeciarar. E or �he P_"ssacietion aqainst any loss or�i�eat ofalass as � Q ` y
a resylt of znycclair, or. leqa3 croceeding relatinq to the perfor- � I
� � ' mance or ronper �ornance of any act concerning the activities of �e
�ssocia:ion ; p_�qided , however., that with respect to Lhe sabjeet ���
�' r�at.er of the claita ar le al 5 :3'
, c 'sai;a is nade or Iegal p;oceedinqeis�directedawa3 hotinst wh�n tne
, fraud , yross nerligence or ,bad ,faith in such performaneelozynon-
; � aerformence .. thii
,
=`5e =•^•demaificatian authori"zed by this Article 14 . 8 shall in-
� c2uce Fay�ent of ( i ) reasonable attorney ' s fees or othez exgenses
' p i :cizrred in seLtling aay claim oz threatened action oz incurred in
� ° . ar.y fina3ly adjudicated lega3 proceedinq ; end ( ii) e�cpenses incurred
�, � =� �ze rero:✓al of any liens affecting afiy properEy of the indemnitee . I
p . Znden�i,_ ication 'sha12 he u�ade from assets of ttte �Association . � �
r:o owner shall be gersonaTly liable to any indemniiee . � and �TA3
,
� c; .�
T'�is Ar� ic2e 19 . 8 shall iaure to the 6enefit of the Declaranb, '
the Association , the c��ers of the Boazd of Directozs of the Asso-
caa `_�z , *_}2e encloyees and agents of Declarant and the Association ; �aV
' � �?d th°:r �respective hears , eicecutors, adir,inistrators , successors Vent
a�E _`s:gr.s .
. , .
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19 . 9 �eserva [ion to Fseociatior . 'Declaranf ►�erves to L.�e I
, F�sseciatio.*. the ric . � to 'estab rs. . 'util'ity easec.encs and othe _- easa-
ments consister. t with the. canda�,ni � Use ef the ce�deaizisui paoject ;
pravide3 , however , that wrztten cansent of th� o �
tained : - I.essor is �
_ tzst ab-
, „, � ,
IS . IO EfFect of _ pzovis <_ F r, t
. coce�a�ts and DrOV1 �' °T'S '�' t••e C�ndoainiiun Lease . T?�e � `
� �ions of t. A �COa �h1m yease sr.r,exe heseto
„ as Exhibit 3 reauiz:ino perfomaace bv the Associa : ion on behalf �'
of =ach Lessee 'ara 'by �e i.adividual 2'
owner are inco easeho2d condaaiai_ct unit �
rporated in tF:is ,DFclaraticn and �ade': , L�
of as if fully �.sec fozth hereia . Yeit!�er the Fssoci'atpon ��peSa.
inCividual L�ssee. shai ! he liable foz the rer.t c ° an_ (ot,�e.� �S_ � ,
�see_. � � , �
,
14 . 13 Resezvation . 6"^ Ceclazant . Durin �h� o � �
. optnent ar.d lezsir.g o_ the condominitu� q oeriod o.� devel -
�nts for com„^wn expenses. sha2 � be base lus ` the �ontfiip ,assess-
� acfual e Po� fhe aao,nt o£ the
xpelses incurred , k:ich s�al? :be ailocated equita�Zy �1Q
a11 of the owner"s ,. and sY:ail uot inclade an g �
cies, ressves oz sinking fgnds . Y �ount or co� ti:r.gea- �
14 . 12 Genera2_ �
24 . 12 . I *,essor ' s su2niss ' or. of the reai` � !
° Aents to conda^.ir.iva �se s:.aZ ;; Pmpeztv a^.d iWpro;e_. _
' • i o: be constraed ta cons.i �u±e s.�- �
missio.^, of its fee interes: to the deed oP crusi o: aarga.ge aca.i;,st
a ?ea"seho3d iaserest .
i4 • 1z • Z This �eclarat_en sha21 be biading ;.-pp� ��� s::al ? ±�_
ure co :he ber.efit of the Declarant , the t�ssn�a�_Q:� a.� e3Z� �,,,_,�e. �
' ° aad .Le hezrs, �ersor.a2 representatives , snccessors a:d assiczs of
eacP, o � the.*� ,
14 . 13 . 3 I �validity or unenfocceabiTity of aay �zoi•is o^. of
:his Declaratioz ia w!�o2e oz in part shall not' a�fe�i the alid.ty
, or en;forceability of ��y o�eZ p:ovisian or �y cai : d and e.force-
0
abT-e. ear*_ of a . provision of this t?eclarat: on .
14 . 12 _ 4 The captions and headinqs in L�is: instnzze:t 2re ��.
conver.ienee only .and shal'1 not be coasidered ir. ,consuu: :.y $�S �_Q_
yision. of t?tis Declaratioa.. I
� ' J
14 . 12 ,5 Failuze to er.4orce an�•. �o;;fsior.s of tiis Oec2a:a-
tioa shall r.ot bpezate as a waiver pf an}• si:eh pravigioZ o_ o _ 8:y �
other. grovisioa .of .:�is Oeclaraiion. � " i '
I
24:. 12 . 6 '*he 'prQ¢isions of this Oec2aratien sha12 be ia aadi -
tion to and snpaleraental to che Condoaiaiuca, pr,-ne�s+�l� :,c� of the
S �ate of Colorado .
� o
I`t tvI2T7ES5 'Ia`�EREOF , Deelarant . has e�ceeuted tIlis Decla:atia�
this. day. of 1973 . �
l =• r: _. , f�� U �s �i S �' �
. �
ALTAI:.R VAIL �}JOYYT V'%!�-it}�,E
o i' � � S��,` �' ��}
' $y �i� �Il � V � A ;1�- � t�,
C ar es _ :sba f , Soznt er.turer
STATE �F COLORppp �
Ci�y and County of Denver) Sg .
The fo;edoir.g instrument was acknawledged be .'ore :ae ihis �„ -
day af r.��, E. � � 19 7:3 , by Charles Gezsbnc.y , „oy ;; �
GenGUrer . ' r
� , . . ,
� �'. :_ . .iditr.ess my �.and and o : ficial. seal .
, ',
. - , ':
. . - :1y Conaission expires: . �r S- �J �
: ; ,- ^
, : C : ,� � ,, ,r. c ,
, " C"�r� {,. '' �. S .� � 7 . � :,� f� r;;�,�
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• . �. i` , . YOLdZ17 -P i� � �
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n
_ 1 ` _ a
_ � EkH�IBZT I. �
= A tract of land beiag all of Lot q .and that portion of 3:ot 5 ,
I
8iock 7 , Highorn Subdivision Third Addition Amended PTat as i
filed in the office of the Clerk and Recorder, Eagle Coiuity , �
CoIorado , beiiig moie particularlp described as follows:
� _
, �eginning at the Northeasterly corner of Lot 5 ;
. t:�ence \ 53°18 ' 30 " H along the Northerly 2ine of Lot 5 , a dis-
_ � tar.ce o£ 40 . 00 feet ;
thence S 36 ° 41 ' 39 " W a distance of 58 . 00 feeti
ther.ce' V 53 ° 1B •'30 " ta a distance oF 67.. 00 feet ;
t.�:e.^.ce S 36 °4Z ' 3D " W a distance af 66 . BS feet to a point oa the
Southezly line of said Lot 5 ;
� ,� ; thence 2B . 96 feet aTOng the Southerly baundaty af said Lot 5 along
� . a. curve to the Teft having a central aiiqle of 00" 35 ' 45 " , a, ,radius
of. 2 , 784 . 97 feee and a chord which be'azs 5 53 ° 00 ' 3B ° E 2B .96 feet
r: distianf ;
thence S 53 ° 18 '. 30 " E a distance of 78 . 04 feet to the Sontheastez-
"' ly corner oF said I,ot. 5 ; - i
� thence _ *I 36° 41 ' 30 " E� along the cwmnon boundary line of Lots 4 and �
' � , � . 5 , a disfance of 125 . 00 feet to the, �
6ounEy,, Colorado : Pai-nt of beginni.nq, Eagle f
'_ , I
,
� E2I8ZHIT 2 '
� . _
( 1,PPyrtenant
- • Ondivicied Points.
Znterest fVotin
. Gnit Buildinc g � CO�O�
, � . . - . - . (Pe=centaae) SXPeases . , .
�'• , 101 3 _ 39 ,
. � 102 A 3 . 39 3 . 39
I03 A; 3 . 39 3 . 39 . i
- IQ9 A 3 . 39 3 .`39 �
' ' 105 g ' 3 . 39 I
106 .:A 3 : 39 3 - 39 ' �
'107 A 3..,`39 3 ..39 , .
i � I08 p 3 :39 '
i + ° . � � _ 109 - A � 3 .-00 , �3 . 39�.
310 ;p 3_ 40
LIl y� ' 3 . 40 . 3. 40
; ' T12 ' p, 3 . 40 . 3 . 40 < r
' 201 3 . 40 3 . 4Q .
A n
;t _ 202 A 4 . 96 � 4 . 94 �
4 .99
203 A 4 . 94 � 4 . 9q s
204 A � , 3 . 94 '
;205 A 4 . 94. Q :9e_
406 A -0 . 44 9 . 94
! _ 207 A 4 . 94 4 • 94, ,
208 p 4 .94
209 p 4 . 94 4 .94
�i 2I0 . A 4 ..94 4 . 94
4: 94
211 ' A 4 . 94 4 :94
2I2. A 9 . 94 4 . 44 '
4 . 44
, ?`OTAL . . . . . 100 . OQ
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^ . • COtr'DOMZNIUAf LEASF.
�
(Aitair t�ail, inn )
�
:c ' j
�t? t5 IND3NTl•9E OF LEASE , made this day cf , I
� l �:sg 197 , by and betwcen
: I15
��=�� � Lessor : A1 [ air Va11 .7oint Ventnre
^ �- Lessees:
ar.d
;.essees ' Address : .
hereiaaf.er referre to as. Lessee . - - - �
• � YiITi+ESSF.THc , ,
_ ;
^hat Lessoz , in considezation of ihe rerst herei ^a :cez zesen�- '
, ed anc'. of che co4enar.tc. , agreements,, ;escrictions and obliqatiaas
aa� hezein s� t `orth .o be kent, performed and ohserved !rf Lessee , ^ere-
_ b}• deriises and leases �,ir..o L�ssee , an8 Lessee 'accepts anc rer.:s :
P.n un�livided nercenta.ge interes:. in ar.d �o
the zeal prooezty cesczibed ii� Exhihi: 1 � �
an� said leacehold interest shall be a aeneral cor.anon eleraen� a.^.d
shall rrmain annurtenant to and inaeearable _'roca :
• Condoniniun �ini .' , 1�i2ding A , Alta: r Va : l I �� , �
accordinq *_o the rtap' t�iereof : iled �or record. and �
• Co�3omiaicm DeciaxaLion for nitair Vail Ian reco.ded ' �
• � in c�ook , ?age , §uhjec� .o ttie terms ,
,
covenants , � �conditicns , ease�en �s�, restrictions , cses , .
l�itations aad otrligations set � forth in saic] Declara- �
' ;i�n , Ezqle Cou� ty., Colorado
Lesso : =esezdes ch� r. in�t to lease the remaining leasehold intezesL �
irs the subject real proner[y hy separate Leases as pravidec' in sa :d `
• oeclaratior. , each sueh i.ease leasing an undivide3 rerceataae intez-
e§ t ( in and to the subject real pzogerty to Lessees of condominium i
u^i �s in P.ltair 'v'aiI ] ar. ) ,equal to the anpurter.aat undivii9ed. iatez-
est assigned tq a condos.ini�n "nr.it fn F.xhibit . 2 of th� Coa3oninii:.�
Dec2aration for Altair. ttail lr.r. ihereinafeez ".Dec2a:atfon ') .
TO HAVE F.::D TO• HOLD � the satete unto Lessee `.or a tem cor.cnenc- ' .
inc at nooa on the day of _ , 1 ? 7 , and
endir.g at r.eon or. t .e�_� day of Decer ez, . _ , ;:nless zerr.. in-
ated as pmvided hereinafter . .
' .4:iL� L£SSEE :3EREBY COVFNAAi'r'S t�'I`H I,ESSOR i1S 90i.LOYIS :
I .. Rant and. Reserves .
�
. �
' 1 . 1 'Lesaee , for and. in consideraEion of said demise , cove-
aa� cs and ,agraes to pay rent at a rcor.thly =ate of S
in adcance on the first day of' eaeh ard every aonth uric.T n'3
tern . i.he foregoing rate s`�all be adjusted for iacre�ises in �!�c
Cor.stz-�er ?ric< ir.�ex in L'�e nanner providec� fn F.x:� ihit 2 annexed
heze:o .
; ,
, . i .
I� � E"dHY 8F i 3 --------� , _ � . .
�- - — - — — — -_._
__ _.._ - -' - - -- - - - - - - - _ __
. _ _ _ _
,� .� . ..
„ •:
•, .
`- - . , -
. . �
` ' . i
� 1 . 2 If this i,ease cam[rtences on a day oiher than the first �
' ' day of a month , the first r�onth ' s zent shall be prozaced . , �'
I . 3 Pa ent of rent a°'
Ym by Lessee , payable to Lessaz , shall be 5y
'i mad� , :uichout notice oi demand , at the of. � ice of the a_ssociafion or!
or. ar be .°. ore the Eizst da.y of each month , and £he Association shall ha:
remit the same to [,esso; oa or hefore the tentfi day of cach r�onth . - so�
1 .'C Raferenca is made to the provisivns of Article 12 . 2 of co1
the Declaration . �:oncurrently with the ,execution of this Lease , � sht
. Lesaee shall depoait with Pltair Vail Inn hssociation ( hereinafter ��'
" "ASSOeiation ° 1 nni! thoreafter maintain with the Associafioa an fe :
amount equal to twelve current monthly rent installments (adjusted 1�P '
aceording to °xhit,it 2 ) , which sum ehall be held by+ the Aeaociation, s�,
a3 a resarve to be used by Lessor or by a holder of ,a first mortaage in
or deed of trust on the' leaeehold interest, eon8ominium unit and im- r ;�E
'! � • provemer.ts of Le»see (hereinafter °mort�agee" ) for payment to Les- pa}
'� ' sor of the eurrent .inonthly rent i'nstaliment faz ttie sbbject crem- ��:
ises under the conditions �royided he 'reinafter . Such advanee pay- �,.,
ment shall not relieve the Lessee ( i ) ' from making and paying the 3,i
reqular monthly rent inatallm?nt due to Lessor or ( ii) to maintain t :�
:he fufi rent reser.ve as provided herein .
rea
1 . 5 Nothing 3n this Lease shall cause Lesaor i'n any way to �'�
be construed as a aztner a �r�
� ' p , join£ ventyzer , or aesocia'ted ia any :or
� e way with the Lessee in [he operation of said premises,, or subject
Lessor to any obligation , loss , charge or expense connected with '
' or azising from the operation :or use of eaid premises or any part
, thereof . LE is uniierstood and agreed that this Lease shall he a are
net Lease with resnect to, Lessor , and that all tazes , assessaents, 5��
insuzan�e , utilities and oCher operating coste and t6e cost of a11 ccn
repairs , remodeTing, renovations , alterations and impzovements and ��
all other direct coats , cha=ges and exoen§es of any kind whaiso= �
ever respecting the demised premises shall he borne Dy Lessee and i
not by Lessoz so that the rent return to Lessor &hall not be ze- ia"
duced , offset or diminished dizectly or indirectly L•+y any cost oi °xc
' charge , nor subject •to susoensicn or termination foz any cause . S�r
. , � �`..ylA.
�
a $i2�1
2 . Taxes and P.ssessinents . cov
• ttte.
2 . 1 Lessee ahall pay all real estate taxes , special improve- lie
' � ` : ment ar.d other assessments (ordinary and ex£raori9lria;p) , and" all ot!i
: othez Laxes (except Lessor ' s net income taxea ) ,. dvties , cha;ges , �.es
fees ar.d p,ayment� imposed by any govetnmenta3 or public authority oi )�
which shall 'he imposed , asse'ssed oz levied upon oi which arise in �fl
' connection with the use , occupancy' or nossession of the demised cas
� " premises , th9: eondominium imerovements oi any part thereof , whether t��
, � assessed aqainst Lesaor o= Lessee , duriaq the tezm of thia Lease , -
� all of wh3ch are herein called " taxes "�. In each case ,, Lfsssee ahall ` ar°
' deliver to Lessor within 30 days after the last day upon ahich ihe '
sazne may be paid wi.thout penaltp . or interest , a receipt showiag the �
payment thereof , :3 ,
' I
' 2 . 2 •Taices for the year during whieh this Lease cmnmences I
• and for the tax year in vhich the. term ahall expire shall be ap- Pro
portioned accordina to the numbei of daye during dhich each party �e '-I
shall ae in possession :during snch tax geare , whether or ,not the ��m
same muy De liene at the beqinning or end of the Lease term . This ?�av
,'' ' provision shall not limit Lesaor ' s right to zecover from Lessee pro- I
' , ratod amonnts for taxea for the year in which this, :Lease is ter- ,
minated in the event of earlier termination of this Leaee. by rea- �d
son oP Lessee ' s default . ;�
• I
2 . 3 Leasee may contest any taxes by appmp "riate proceedings j
- coc¢rtenced promptly at Lessee ' s expense . Ieesee shall , tiefore in- 4 • ',
atitutfng any saeh conteat , qive I,easor aritten notice of ita in-
tention to do so . LQSSOC ,aqrees to cooperate reasonably with
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►.essee and to execute am� documer.ts or pleadings iaasonabl.y re-
�:: irad :far guch purFose within a reasonable cime ofter reqarssteA
by I,eseee ; hut T.essor s`iali not be obliqated to ineur anp expen�@p
� � nt linhilicy in eannectior. therewith , and Lessee ehall. hold I,casar
'�` hnr�loeae nqainet any loss that may tr. sufFezad by [,csnmpr by tpm-
� � ' aan. of nny conteu � ty .Leisce . i,aaeer. may defer payineat a£ the
contn�stcsd taxe� nendir.g such eontost , only ( iJ if oueh cleEerocnt
ahaU not joopercfixa �r, nubjaee Iasaor ' s intorest� in the gseni �os
(ar [hn i;nGnsea � AP othar leeechold tanante fn caamon) to foz-
cr Ycl �ure or if ( f. i ) C�gesec ahali. uaon requost 8aposic eiqnoy x4th
� �.Qaso: in an umount eniinx . to tho psym�nt ao def�rred pla�e � eoti-
a+atad n�neltiee en[i i.nieroat the=eon . Twsovsor may , y�n reaaosf-
� O7 cble notieo to I;en�ea , pay suct� conteoted items fror3 s;+ f8 depoait
' '�9� in caoe the erotection oP tho psemiaea or ef Loesor ' o intereet
'�`� th�zein ahnll , in the roadonah2e juQqnont oY Leesor , zequize auch
y � pnymont . t4hen a13 conteeEed taxes ahall '.uve beaa gaiC or can-
� ce2led ,. all r�oniea so doposited tv sccu=e the sasce and aot eppi�
F by Lessor to the payreent thereof �ha31 ke r,epaid to Lesaee wiYhout
intoresst . : n lieu of any such degoait , Leasee s�ay , at Lessee ' s eler- '
�'n tioa , furnish a 5ond in a Fozm, in an amount , and with a surety �
reaQOnab2� satiafaetory to Lessor os equivaleat security accent-
able co :,n8sor . .�:].1 refun@s af taxee ,and a9seas�ente sha21 be
_ , the propezEy of Lcssee to the estent they mav be based on pagr
:IP_RtS made by iessee , any bala^ce. `beiag� Lessor°�s� pzoperty .
? . 4 I £ any taxes shall 'be levied ,and assessed aqaiast the
` premises ahiefi axe oayable or .may be pafa in ins;.allments , `Lessee
sha11 be required to pay o,-rly snch ir.ata2lcaents thereof' a's be-� -
� i cone �ue and eaya�le duzinc ,the term of this tease., as che same
d beeoi�e due and ,payable . '
2 .:5 if at ar�y tiipe duriag the term of t'�is F.ease , uadez zhe
laus .of r_oTorado or any' poiitieal subdivision tkezeof , a tax' oz
exeise on reats ar a7ry oth_r tax , 2sowevez desczibed (excQpt yes-
sor '•s net ir.come taxes) , is levied oz essessPd against Lessoz o�
:he rent (o anv ppttion thezeof) payable Rereunder , as a direct
substitute ia whole or in. eart foz zeal pzaperty taues . Lessee
covenanta (bst . onlv to Ehe esteat that it ean he ascertair.e� thhat
there has been such a substitution and that Lessee has been ze-
_ liaved fros the paymeat of the resl property taxns :aLic� voL2d
` otEser.rise have beea asszssed upon the 8ecsiseZ pre�ises , a.zd which �
7.essee 4vuid 'nave been required io pay under snbsectsa� 2 . 1 heze-
of ) to nay and i3ischarge saeh tax or excise on ren:s or or :Defore
the last day �gon. which the same aze due and payab3e : In any sueh '
casP Lessea shali, to Ehe extent that sach cight er.ists ucder ac-
: olicable la�• , have the r.ight ta eonteet anp such' tax or excise oz
r the amount or basis thereof bn tfie same tAxms and conditiens as
L1. are eaatained in subsection J. . 3 hereof , I
'g 3 . Charqes foi Peibiic UtfLities Cnrmaon r'.xpenses and othez ¢haraes .
3 . 1 Lessee shall contzact in Lessee ' s own nazie for, and sball
pzompt.ly pay aTl chardea f,or gas , electrical nowez ; water ,. ser:er ,
te2enhoae anfl othei uCilita• servzcca delivered to oz used upoa said
c7emised prer.ises dorir.q the term hetein specifiAd . :.ossee shali
� have the riqht �o Fvlfill such obliqations ehzough ehe Associatioa.
� 3 . 2 Lessee shall pap to the Associa[ian all eomma^.. e.�nenaes
nnd assr. ssments attri�utaSle to I.sasee ' s condominium unit as is
! nzovided in the Declaratioa .
4 . i�aintenance and Repair.
" 4 . 1 Lessoz shall have no duty of �aintennncc or repair vith
re'spect to any i,mpmvec�ents eonstructed on the c�emisad nzemleea .
Lessea shal ? 'keep and maSntaia ehe aubiect nre�aiaes. and general
co�on elemants of the condomininm pzojectin constant r.aod order
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, and renair in .the same cond'ition as when iniEial'ly constzucted , I
, ordinary rrear 8nd tear .excepted . All repairs made by Leasee shall
, be at least equal in quality tb the ori'ginal imProvements .
a • 2 Lessee shall keep the sidewalks , curbs , parking and other
general common e�e�ents ( hhe subject premises bein �
_ clean , free from litter , ru5bish and debris 8na in�aa �'Art Ehereofj
,,; repair , ( ii} maintain Ehe trees , sh'rubs ,and grass in a�od state of �
, of repair, neatly triru�ed , (iii ) keep the sidewa`2ks goad state
access walks on or which service the ;premises reasonably nassable at
' , paths and othei
, all tines ae weather. conditions will perni; t. I;essee shall have the.
cight to fulfill the obliqations provided in this ArticTe 4 throagk
° ' � the As"sociation :
� P =
' � . 5 . Insuzance .
' ; ' 5 . 1 Lesseo shall ,have the =ight Eo fnifill the folloving ob-
' , ligationa through Ehe nssociatioa : I�
hereof , obtain .and maintatn in full fo"rceeandaeffectrin9 �e te� '
• , liability and o£her insazance as � casualiy ,
2aratian . provide8 in Article� :9 of the nec-
' S • z �All insurance• requized to :be carried
shall be carried in favor of Lessor ' �aez �28 s����'
"..� . � t v
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e inEe " ana Le
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es ee
ts ma , as
hold intereat : 'RenevaZsrofaall �e their rp�sp�_
� �n5a4ee of Lessee 's lease-
with snch evidence of P°Zicies at any tiae in force , �
, q�ztgagee toqether withaam eZt� ficate or�copies oft�8sor aii@
„ from tine Eo time at 1'east 3� days l,epor� �e e PQ12cies
, Lessor shall have the ziqht to iaspect �8 � �iration £hereof . •
cies reonired to be maintair_ed. °PY all insnzanee poli_
i
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5 . 3 Lessee sha21 not violate or pe*+�; } � ye, Qiolated ar� �
o� the conditions or provisions of any of said polic±es, an� yes-
' see sha13 Y i
perforn; add satisfy the reqQir�nts of the ca�¢penies ' �
o-iiiting sqch polici'es .
=i4h15 • 4, Zf' Lessee fails to secure aad, m�intain t2� y�nZ�Ce I
forr{o hereundez , Lesaor fs hereby autYiorized and given the
togetheicw thsinterest atefhenrateHOf� �e p�i� there- ,
annum 8s additiOnaT rent to �1�'e PetCenL per �
uni'ts in �2 oF the Lessees oY condqminit� �
tion ) , andhthep oportionmentethe of ehaliined 'ia Lha peclara- �
methoi3 of apportionmant of assessments be based upon the �
� � . 3 of the Declaration . 88 set forfh irt Article I �
. , 1 � ' S . 5 All casualtY insurance proceeds atiall be I
; Association as .atto=ney- in-Eact ar .t�stee , Paya.ble to the
ises or any pazt hereoE §hall he destro ed b In the event the prez_
{ ' the prpceeds of .all insurance re y Y fize or other casualty , �
iinmediately availa5le to and usedllbred_ under. fhie seetion sAa21 he �
�I • , inq and repairinq the impr�vements intaccordaacetwithgthezprovia .
sions of ArticTe '10 of fhe neclaretioa , and all of tRe teims
nants and other proaisions therein contained are e
and iacorporated herein . cove- �
� � �Y this reference . xPressly adopted �
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6 . Damaae , Destiuction and Restoration , I
�
t 6 •.� In the event damaqe to or desErucLion of
or any p�t thereof , 'by any cause whatever Lessee hel3r�i8es
, . � cayse the Assoeiation to �
� occnrrence gi°e ' �o Lessor rom t notice of gi� or
, aiid Lessee shall cause th p P such
pzoceed with all due dil e. Aasociation to
zebu ' igence to . Promptl
ild re Y I
so as to make the Pair, restoie , replace or . -
, the original improvements . pr��6e8 at least equal in guality to �
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:'C'' ��. :I'UC . E'C� � 6 . 2 jF . :,
C'7 r,°sace s4a11 plans for repairing , replacing oz rebuildinq the
damaged oz destroyed prer�ises shall .not have been p=esented Go
' �"��nts - Lessor within 90 ,days efter the date of any sucF loes , da:aaqe oz
destzuction , oz if such wozk shalY not , have been diligently ear-
' '*:k;.�g and o�her ried out and completed within 9 months after a
� par, e ehereoP_ ) sor ,aad appzoved b PProval by the Les-
<'i ^ oad sCSte of Y aIl aopl•icable goveznmental agencies or 12
months after the date of such Toss; damaqe or destruction , ehich-
n �' , �QC' Fiate, evez time is lonqer , •Leasor shail have the right to terminate this
� °�' � hg �ad oeher Lease .and. the teim tiereof by giving to Lessee rtot Zess thaa 60 �$yg �
1IIh:� Y ��ssable at �riften notice oB such intenLion . Notwfthstandiag the fore
� sA� 1 ? !�ace Lhe Lessor shall :aot tereiiaate this T,ease for Lessee ' s or the Associa-
: czcl� ; r�:ough tioa�s failure to com le 5oina ,
this subsection if 'the Associationaore* Within the time specified in
tial funds, on actual constiuction , in hichecase LessQeeanz�he�s-
� sociation shall have an additional period of 5 months to cor,iplete
the necessary repaiis; or i ° such failure is direct2y attributable
to governmental delay , ia which case Lessee and the Association
foilowinq Q(� shall have a .reasonable ti.me to co�plete the iepairs .
r �g the term
*_:^,e casualty , 6 . 3 Except as grovided in subsection 6 . 2 and 6 .'S hereof ,
° of the nec- this Lease shall not. teiininate by reason nf the destrneti
damage in whole or in oart of the °� °r
im tenantability of the i.mprQ��eII�� �naet�°rre'tz=eserved ineth:s
tN.= s section Lease as �rell as all othez char es
)elr resaec- paid by Lessee in .accordafice urith theytele hereunder 'shall, be
:e ' s lease- ditions of this Lease withoui abatement � � covenaats aad cer.-
L� farce , . dimieution or reBnction _
Less�r and 6 . 4 Al2 wprk to be :nez:ormed uader the �
e nolicies tian 6 sh�il pe' ca'rsied oqt in the following ��nesions o. sec-
i�� thereof .
neurance poli - E • 4 , 1 Any worg whicH involvae strur_tural a2t_ " +
to or change in fhe exLerior c'esign op� ,� � �y�,o rab_ens
of rcore than $25 , 000 . 00 shal'1 t�e ner;orn�d accordir.gn� p��ssand.
�2ate@ any specifications prepazec' k+y a licensed architect anc a
's , aad Les- Les"soi . such approval shall not be unreasonably wiihtel@,�e�3
coa:oanies shall be deemed givea i : such piass and $ . •
approved in writing witlia 30 day§ fro� theirfa$Le1ons are no: �s_-
Lessvr . sabmissio� p
.nsurance �
' ven the 5 . 4 . 2 A1'1
s the :e- 6e obtained be'fore commencementathereof818 reauired bp la�u s�all
nt per
ominium 6 . 4 . 3 � All such mork ahall be cariied out in accordaace
Declara- with apelicable statutes , ordiaanaes and the valfd requirem�� � of
�r. che a11 .bu'ilding departsner�ts , zoning twarc3s and' other ,
Article ies and offi:cial's . 4ocernmental �-
6 . 4 . 9. If Lhe estiaWted cos: of any eonstruction vork
ible to the shall be more than .sZ5 , 000 . 00 , a true coa
rnt the prezi- contract or contracEs ander whieh y °f �e constzucticn
�Eher rasualty , be delivered'. to I,esaor , o-�hich �ontract shalllexpressidoae shall
o:� s'�all be that tho contractor shall furaish Lessor with a satisfac oi}•asnra-
r rebui.ld- ty bond or equivalent security acceptable to Lessor guaranteeir.g
?�e provi- tAaa any construction wi12 he completed free of all Iiens oz in
rerms , cove- the alternative thab the contractor and all o£ its 'subcon:ractors
sly adopted waive any and al�l rights to a lien a.gainat the
Preaii ses .
6 . 4 . 5 If after the execution :of ihis Lease any mecAa: -
ic ' s or ofher lien or order for the payment of nonep sha;l he filed
aqaipst .the premises or anp improyement thereon , or against 4essor
(ahether or not such. lien or order is vaiid or enfozceable as sucti) ,
�=emises Lessee shall cause the ,ASaociaiion to pay the anount necessary to
give or caase the same to be cancel'led and 3ischarged of record withia 30
sucti days after the date of filing or be bonded by a title or' suzetp
, ar,ptly company 'reasonably acceptable ta
ce or a manner reasonably. acceptabl'e toLLessor) �in�the e�entSLessee ar
li ;y to the Association elects to contest the validity thereof , ar.d ��s_
see shull haye the right , at no .expense to Lessor,, to contest all.
such 2iens. and ordezs . I,essee or Lhe �ASSOCiation shall indemnify
_ -S-
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, and save hatm2ess Lessor 'from aad against any and a21 costa ex- �
pensea , claims , losses oz damaqea , incladinq reasunable counsel I
fees , resa7zinq thezeErcun . Lassoi shall havn_ the right tp give I '
, notice that its intezests shali not be suhject to any mechanic ' s f
] Sen in th? rnanner set foifh in sect3on 86-3-5' of the 1963 Colo-
rado P,evised. Statutes , ae amended . �
6, 5 in the event of damaae oz 8ensznction due to fire or other n
� disastaz during the five �
year peziod next precee8ing the Qete on t
whfeh the cerm of Lhis U:ase expfsae , and if such' damaqe is not
more chari sixty pezcent of the totaT =eplacemcant coet of all of
• � ' - th° condomini �ii improvements in tkiis oroject , the Legsees of seventy
� percent , oz moze , 'of t1iP general eeaanon � lementa may elecf not tu S
- ', repair or rebuild the damaqed. improvements, and in that event , .uppn �
• „ , the givinq of written natice of auch election to Lessor , Lessee i
i , and the Association shall not be required $o rebuiTd , repair or '
. ; restoze the imnrovements, and this I,ease stiell antomaticaTly ter-
^ � �inate ; arovided, hoarever, that Lessee and the . Aneociation> at their
sole cost and expense , within 120 days after� the event of such d'am-
aae or destzuction , shall he reguirecl to demolish any existing stiuc-
ture and deliver Ehe premises and the zeal ro ert " ya � '
being defined in th.e Declaration) free of� wrecYageY excavations and �
the surfa`ae graded , free aad clear of all liens ; provided , fnrthei ,
that all rent , taxes and assessments and ofher chazgee shall. be ap-
, po;tioned and paid kiy Lessee to fhe date of .the wzitten notice of !
said election not to repair or =ebuild .
,
° Za the event the Lease is'. terminated as provided in snbsec-
tion 6 . 5,, the. insuzance proceeds shall be apportioned. betoceen Les-
, sor and Lessee. M. multiolving the total ampunt of� the insurance �
- proceeds by a fraction , the mm�erator of whieh shall be. ttie un-
expired portion of the Lease term (years and months calenlate3 � J
to the first dag of the month fbllowing wcitten notice of elec-
tion not to rebuild) , and the denominatoz of w3ich shall be 99
years , and the resulting sum shall be apporEioned among and paid
to all of the Lesseeg in thi.s condomini'i� project accozding to
each Lessee'' s appnrtenant undivided intezest in the general com-•
raon elements . ?7;e balance shaTl be the property of the Leaser , I
I
6 . 6 All salvage resulting from any aemolition or alteration
hereun3e= Shall lielong to i,essee; ptovidec� Lessee is not in de-
fault tmder this Lease : Snch .saivage may 6e sold or otherwise
disposed of by the Lessee �dithout obligation fo Lesaor ,
. 7 , Ehd of Term; Surrender b Lessee and Condition of Premises .
� • 1 " �+remises " as used in this section inclu8e§ the appurte- �
nant candominimn unit , �n the last day of the term or on the earli-
er termination of this; Lease , 'Lessee shall peaceahly and quietly
leave , surzender and 8elivez u the � I
all alterations , chan es P P=@A�Bes , broom-clean., includinq !
3 , ,additions and impzovements which have been
' made �n the premises in tNe condition in which [,�asee is reauired ��
to mainLain the :same . i
.
7 • 2 Lossee ,shall by said date remove from the piemises a11 4
, ?ersonal nropeity helonqing to I;essee, repair all damage: caused �'
in such. retaoval and res}ore the i i
to the installation of' an such p �$eS to their condition prior �:
� moved shall conclusively � deemei2 torhave beenp bandoned and�may-
be appzopriated , sold , stored, destzoyed or otherwise diaposed of
hY Lessor withont notice to ,Lessee or any person and aithout ob-
ligation to account therefor; p��ided ; howevez , that ia the event
j of bhe rernination of this Lease other than by expfration of- its
term. sablessees sl�all have thixty days thereaffer to rcmoye theii
1 Property .
, j.
? . 3 A1Z alEezatfons , additions and
� the premises bp 2ssse� or �y a�er �°P�nte placed upon � �
t�res fas that term is defined ��u�$At ' a$ �s1 � �Y fix-
stallatlon , be�� p�n of � �' �Iorado lav) e!� 11 , upon in_ ' i ,
;,ease . Premfses For tfee purpcses of this
,
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� `. � ' s 8 . U�e ard Compliance with Law •
• :o).r_- � - �
B : 1 T�:e premises and any iApzove�aents conszzuctec thereon
iuust be used and oceupied strietly' as a resideatia3 conCOS»:aitms
cr athez ur.it , and. Lessee cover.ants aad agreBS to use the condo�nium unit
:+ o.-, :or iesidential ocunoses only .
� cot
oc 8 .2 Lessee sha12 , at Lessee ' s cwn' cost and expense , cmapl:�!
se •�ency xitF. all ozesent anr future la.rs , zules , requirements , ozders , d:-
ot to zeciians , orc' inances and regulatioas o£ the uniied States cf F�e: i -
. upon ca os o: the state, cou=sty and city qbvernmAnts , ar o£ any ot.t:er
sce municipal , goverru�ental or lawful ant*ority vhatsoever , incluZing
' or tlie covenAats contair.ed .in the Declaratioa . All of the foiegoin5
ter- shall be referred io hereinafter as " requirements " .
- ! t .heir
:3 cam- 8 .:3 Lessee s:^.all zmmediate2y ,_ uoon the diseovezy of any st:ch
« struc- violatio� af a reauirersent , take all necessary steps , legal ar.d
ronerty ^ eauitable , to cnainel the discontinuance thereof .aad to oi:st and
ias and re.;wve an'y §ublessees , occupan.s oz other, persons auilty oi aie::
�:ther , violation.: Lessee shaLl indemni `.y and save hasmless Lessoz `_ rom `
be ap- and against ar.y and , all liahilities and penalcies iacuzred by zea-
e of son of any violation of t�is seetion . Lessee shall pay all costs
and e�cpenses, including seasonable co:ussel £ees , that may in ,a:y
manaer arise out of the failure of Lessee to co:sply wiih t':e pro-
ec- yisions of �his section . ls used in t2tis sectfon , �he wzd "nz�u-
I:es - ises" skall inelude' any building thezeon , •he stzeets , siZevalks ,
=e alleys and curbs adjacent ttiereto , an3 cights of way an8 aopiute-
3 - aar.ees of the suhjecL premises . Lessee shail have fhe right i�i=h-
out in any xay, linitir.g ':.essee ' s. responsihility arid. liabilicy here-
' undez) to ful ` i13 its ob?iqations un2er trtis subseetion Lhroua.*. tRe F ^,:
� Essoeiation . �
rid -
� 8 . 4 :,essee may cantest in good fait..`� , by appropriaie groceed--
�"- i inqs conducted, proaptly at' i,essee ' s ovm. expense , the va3idity or
- enforcement of any reguire.:,ent �nd :aa"y de_°ez compYiance there�+rith
�rovided that ( i} such noa-compliance shall r.ot consticute a eziae
ion or misdeiaeanor oa the �azt of the Lessor , ( iil Lessee .skaTl dili -
' genf _ly prosecute such eontest to fiaal d_tezminatioa 3y the cenzc .
� depaztment oz qocerrimerstal authozity or hody haviAS : inal juris-
ciction., arid ( iii ) if so zequested , Lessee st�ll .uraish to Les-
sor a suzety bond issued by' a bonding comgany appzv�sed by "i.easor
or equi:•alen[ security aceeptable to Lessor in an a�+our.�_ equal. to
150 peicent of t!ie cost af ,such eoaipliaace as esLir,�ated by Lessor ;
indemnifping I.es�os againsi the cost t;iereof and a ? 1 L' ability in
���- connection. therewith . Lessor 'agrees to coopexatz reasonably aith
�iarli- Lessee, and' to er.ecute e+ithin 30 deys after rece3pt alI docwnerts
�Y ana pleadings zeasonahly required for the purpose oz sue2� con.est ,
;ndiag pzovided Lessee shall discharqe any expense or liability oP the
I , b�en Lessor in �connect'ion thezewith . Lessee ' s rigflts ur.de= thi�s seb-
- ired section may be eaercised chrough tAe Aesoeiatinn .
.
1 4 , incidents of Condominiun Ownershi . Lessee shall at a11, Licaes
i dnriag sa tezm _ e eea:e to e e owner of Lhe leasehold estate
? t and tl:e subject coadominium untt faz all purposes as provided in
«- tEe Declaration , an8 Lessee shall have all righ`.s , prisileges , deciee
°}' and obligations as ocaner , ineludinq w.ithout li.mitatiQa ciembership
> '` and i•ote in altait Gail Assoc 'satian;- pro�ided , however , thaE any
' vote: or action by I.essee with zeapect to amenda�ent of the Aec-
�n = laratien or any otheL rsattez as to which requires the appraval of
� I.essor shall be eEfective only upon such approval or consent in
- - writir.g .
^ 10 . Leasehold �SOrtqages and Encu�aD=aneea .
10 . 1 '.Lessee shall hace tFee riqht at all times duzing the tean
of this Lease and vithont the consent ot Lzssor to enctml�er this
Lease , Ais leasehold iaterest in ihe Ieased prrlaises and the appur-
2enant condo�iaim anit Dy �rtgage , deed of trust , condil.ionai or .
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uncoaditional assignment , secuz.ity aqreement or other instrtuaent of
, Sypothecation ( ,np af whi'ch being referred fo 'herein as "moztqage " ) ,
but any suc?� encw�nbranc? or mortgaqe shall not create a lien nn the �
fee of the leasec condominitnn . 'The right to eac�ber includes the
, riaht to assign or svbTease the snbject piemises to a mortgagee as �
- � additionai secnrity , orovided that the moz.Egagee , £n the evenf of
� default tiy I;essee in the papaienf •of rent to Lessor or o:her sturts.
, reqnired Lo be paid ,under the terms of. this Leasg , shall oay over y
, to Iessor any rent eoilected unde{ sucli snbleases up 'to all amoiw ts
• due or ,his Lease . A mortgage may ;describe .the leasehold interest ,,
� the condominimn uait and a11 othei a`ppuztenances thereta accordinq
� `.o the, �e�eription seE forth in ,Article '2 : 4 :2 of Ehe Declaration :
� �0 . 2 *JO agreement betwe@n Le"ssor azcd i,essee amending or ter-
- miriatinq. this :Lease sliall be effective. without the ooritten consent
� Chereto of a mortqaqee holding a fizst mortgage in effeet at the
� �
. time of such agreement. �
� ' i'
. ' ' !.0 . 3 .A mortgagee shall furnish to Lessor wr;£ten notice of ft"s
encumbrance to,gether r:ith a true copy of the recorded encambrance ,
, o ' 'Cptin. the event of anp defadlt or breacli. hereunder on the pait of the
Lessee; Lessor shalY giva �vz3ttea notice to a inor:tgaqee setting forth
the particu2ai§ thereof : The 'folTowinq coqenants and provisioas con-
• tained in this pazaqraph 10 .3 .shall be applicable to all mortqagees
eacept a mortqagee whn is a ,national oi state coameercial &ank , .fed- -
erai oi state .savings and loan 'assoeiation , life insurance compan�
� or othez Tendi
, ng institutiori, Leseoi shal`1 not be eatitled to exer-
� ` , cise any of the remedies qranteil to Lessor un8er this Lease oz other=
� wise �available at lay to redress sach default or breach ( ir.clndinq
'' the te�ination, of� this Lease) iintil the expiration �of .forty-five days ' "
fr� tha giving df such notice to a moztgagee , and thereaftez , upon
the exoiration of such forty-f ive day peziod, onTy if $urfng svcfi
period mortgagee has not cured such default or hreach if the same
could be cared bp' the payeceat of rental to Lessor or of some otcher �
sums, required to be paid ,unaer fhe ternfs of this Lease , or if tfie � I
same could not be cured by sych a .payment or payments of monep , qnly
if dnring such �forty-five day period a moitqaqee has co�nenced pro- �
ceedings for the foieclosure and sale bf Lessee ' s leasehold interest
, fn the subject "piemises , or such mprtcaqee ' s interest therein undez I
- its mortqace . where the m�nqaqee has so co�enced g=oceedings for °
foreelosuie and sale under its mertgage , so long as mortgagee dili-
� gently cursues such proceedings to completion and during the penden-
cy thereoE keeps aad peiforms all of the covenants , conditions and
provisions of this Lease . includiag the payments of rent pzoyided
herein to be kept and per£ormed by Lessee , Lessor shall continue to
refrair, frotn exercising any such remedies granted oi avai3able to
, Lessor tmtil such time as the leasehold estate of: i,essee in the, sub-
ject nzemises or such .mortgagee ' s interest. therein ahall 6e sold upon,
foreclospre pursuant to sueh mortgaqe or be released ar reeonveyed �
from the Iien thereof .
E 10_ 4 The coveaants and provisions contafned in paragraphs
I0 . 4 . 1 , 10 . C. 2 and 10 . 0. 3 shall be applicahle to a mo=tqagee urho
is a natfanal' or state bank , federa3 oz state saviags and loan as-
' soeiation , life insurance campany or other Iending inatitution (here-
inaftez zeferred ta as ° first mortgaqee •j. a�d to rio other mortqagee ,
I � and Lessbi covenanis aad agrees as foilrnve: i
'y 10 . 4 . 1 Upon a default oz breach hereunder on the I
t1�e Lessee other than uppn u depgu2t in tAe Part of - '
default or breaeh shall aot affect the �mo=tgage�ertcumbrance �ofuah
fizst r�oztgagee ; proviaed � how���� �� LeS�r shall be entitled
� eo exercise any of tihe remedies q=��a to Lessor or otFierwise avail- t
� ahle at Iam to zedress auch defanit oz �reaeh (iacluding the ter-
� nination of thia Lease) . In .fhe event af snch t��nation o: the I
: 'I�ease by I,essor �otjies than upoa a defaalt 3a the payment of rent) , �,
sach termination s�all aot tereiirate or � �Y weY. affect the f3rat f
emrtgag,ee ' s lien on t�e leasekold or tan conda�fniwn uait = :prooid- ti
ed , e�ez . �� ye�pr 9�512 �a eatiLled tio make - and oay the mort- I
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� =9a�� •' ) , gage insta2lr�ents due to a first mo=tqagee a^.d to re- lease the grea-
.�:, cr, the ises and apisarte�ar.t condcmini�n anit to a, transferee vkto , in Ch,e
�"'= � �•^•^ opi�ion of ' the first rmrtgagee , l is qualified to ass�ne sai� aort-
. • 'T=4�� 1s yaae 3oan o.^. such tems as provided in the aortaage loan ir.str..^..ents .
:•r_n � of
' � : �a_s 10 . 4, 2 L:�on a de:ault hy Lessee i'n :he payaeaE of zent ,
� ��Y �'�er Lessor shall not be entitled io' eaercise any of the zecedies qrant-
I, axur.; s ed to Lessor un�es t� 'zs tPase az which aze availa:��e a: las.� to ze-
_ -,ezest , azess sveh defauit { incIuding the tennir.atior. of tl:is .Lease ) uati2
_cer.dinq the esmiiation of ninetp days f_rata tRe qivinq of wzitten notice to
ret'_or. . such fizst mortgaqee hy iQSSOr setting Cor�� the partica2ars t:tere-
• of , ar.d• therea:ter„ vpon tf:e e�iration of such ainety day oeriod ,
tl: �e=-. only if duiing such ninety day �peziod a �izst mortaagee hes aot
:o^:senc cured such default , o= if duri:�g svch ninety day geziad a 'irs:
2= t�°- ciortaagee Feas co�nenced proeeedings for the _'oreclosure an�' sale
of such -Lessee ' s ieasehold _interest fa the aubjeet grenises e= surh
first moi[gagee ''s .interesE t5eeefa under iks a:cztaage . w?:ere thQ
lce c � its f 'a;st nortqaaee t�as cm.mnenced pzoeeedznqs foz fozecloeure azid saie
a�ra.^.ce ., �dez its cmrtqage , so long as 'it diligently putsees ss:c6 pzoceed-
� rt ° -` ��E ings to comoletion , Lessor sha�2 continue te re£zziz . :am e�ce^cis-
= ` i14 �orth inq any such remec2ies g:ar:ted or a�a�lable to ?,essaz .or. a per:od
:siozs cor. - of not nore. than r..elve monthslfraa the 'date o� cc.�encebent of tae
ir:gzgees pzoceedinqs �or foreclosure; otovided , hoveuer., L*.zt c:-�u.: t,^.e .za:s-
��k , ied - fe; by mortgagee of the leasehold inLaresc prior Lo tF.e eagiratian
caTaaay of .the tu�elve month .pe�iod psovided ':ezefa , the traasfe7s s3aZ1 Se
I ta exer- reqtiired' to make a�d pay the reat iastallmenLS ..
o: _other-
cludin5 A first mortqaqee s::all be entitled to rely �,�oa 3esear • s � _
y-five daye w=itten notice aad the partieuiara .hezeo: furnis�ed ta £irs: �azt- �
e= � L'Po= gagee ( that Lessee is in defanit in the papment o.` ze=t3 . IF�na i.'+ie
c ;;:ch giviAg of .such notice , Lessoz shaTl 'uznis'.: to a Eizst rwrtgagee aa
° e same execuEed indemnitp agreaaent 3oldinq and saviaa tEe firs_ cartcage�
e other Y�nnless :foz loss or da�age , iac2udiny first Aoztaacee ' s reasar.able
? ` tne attorney ' s fees azising out ofiafid resulti�g :ron any c_a� , actipa
-ey , only or defease asserte8 by Lessee aqainst °irst �rtgacee .7:eraia a :i.za1
:ee? oro- order of rnurt .havir.g jnzisdictioa assesses da�aqes agai:�st fi_st
iaterest moitgadee in favor of I:essee and that t2ie basis therefor is t.*.e fact
ln under that the in£ormation furnished � ce fizst aortaa ee b Lessor Li'aet
lnqs for Lessee ia in default in the papsaenf of rent) uas false or iaco:rect _
�g dili- � �
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� pendea- 10 , 4 . 3 Noiwithstandfng any �zovision to• c:ie con;rar= coa-
ias and �tainec.' in 'tris Lease , a mortga � ee., �:ho is a natior.al or siate bonk ,
'��'i �Pa fe�eral oz state sav 'znqs and loan association , life insezance �o-s-
inue to pany or other le.nding iastitvtion who has coz�enced proceed= .zys �or
'I� �O foreclosure and sale aad_ wha dfligently oursues such groceedi.^.as to
tihe sub- ecmpietion , shall not Ce requi ed to make and pay the rert irs�ail-
sold upon ments to Lessor �.�til the expica.ior. o� the t�:el "ve r.canch period as
s•.�eyed is provided in pazaqrap}i 20 . G . 2 , aoz sha21 snch mortgaaee be recn3r-
ed to naintain the reserve fund rrith the Association ; provided , �ov-
ever, that upon transfer of such mortqaqee ' S ±aterest in che s:�bject
Rys preaises ( the corsent of Lesso't to s�ch trans`er sha21 not he. :e�uir-
"'r° ed) , the transferee shall he zequired to 3aposit and �ttierea:ter maia-
i:r. as- �a� the :resezve fnnd vith tkeiASSOCfiatio� and to make and pay the
�^ fhere- :rent insta:llments .
r�gaqee ,
30 . 5 (?�n a default by Lessee �in the paymer.t of t2:e zent , aad
upen Lessor ' s vritten .ncrtice t�ereof to ( i ) a nortoagee mho has givea
:a : z of vriften notice of its mortgace� to Lesso= , as Frovided ia paragiapl:
su�h 10 . 3 and ( ii) to the Assxiat'icn , Lessoi sha12 be eniitled to pa�-
'=� a sent of the renc . monthly , fzom tne F.znt Fteserye ( the aaount ecua3
. :. ieL to twelve current mnnthly rentl installments established aad :�ar.-
le acail - tained as provlded 3� Article I12 . 2 of the Dee2araEion) .
�e r-
�-L`= 10 . 6 Upon Lhe transfer of E.essee ' s leasehold fnterest in tlse
- 'y �'� • subject premises ar a nsortgagee ' s interest thereia by foreclosure
F� r� � sale puisuaat to a cortqaqe , ar in ihe event of an�• assio:�er.t in
`r '-`' Yieu of sush foszclosure , L2seEtranaferee shall aeqnire svc�a lease-
` ''s' r�' �old iaterest without ttse coasent of Lesso= acid shall twve a cea-
sa�able tiix :o comaeace the eoatinnntion of che cure of any c.4en
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. esistinq' default ar breach which is not curable bp the pa
gaymeats of mnney to Lessoz cr to � otheis as requt're8 under�the terms
of this Lease_ Should the �efaulE or tireacli of Lessee be or include
an attachment ,. exec�ition or other ' jndicial levy upen the Lessee ' s
leasetiold interest in the subiect premises , oi an assiqn�ent of sach
leasehold interest for the direct ,or indirect benefit of the credi-
tors of Lessee:, or the judicial appointmeat of a reeeiver or eimi= I
y �' � laz officer fo take possession therecf, or the filin of a
r � by, foz or again§t Leasee ander any chaptei of the Federal B nkzitptcy
, ' P.ct or anp such event or events bfjdefadlt o= breach,. except Ehe `
, nonpa�ent of renE , Bhall. be deemea cured by fhe transfer of the
leasefiold inteze`st . in the event .of any confl3ct between the pro-
, vfaions of this pai8qraph •10 . 6 andjthe: p=ovisions 'of paray=8ph5
10 , 4'. 1 , 10'. 4 . 2 and 10 . 4 . 3 , the. provisions of y � �
10 , 4 . Z an� 10: 4 .3 aha12 contzol �8 Paragraph ,10 . 4 .1 ,. ,
• ' � Prevail' .
� •10 ..� 3F any traiesferee acqni=inq the ,leasehold: intezest tn
the sabject p=�se5 af a foreclosuze sale p���t Eo its mprt_
�° ., `�� °L �2' ?�y of a° :assfSnmeifti in ilfea ,of such foreclosure be a
national 'or state .6ar� , g�eral or ;state' sa�ribgs and loan asso� i
' , aiation, Iife ���Ce .��Y oz othei letiding institution, such, I
tran§ feree sha21 have the riqht to ass� fhis l;ease 'and be 6O�a
,, by the. coveaants , conditions and prpvisions hereof until such t1mP
� as it may snbsequently .tzaaefer �such leasefiold interests as so ac-
, � quired, at which time it shall be tker�ag�r ,�lieved from aay �a
all liabi'lity with respeet they-eto . � Sn "the alternatioe , sncti ira*a _
,_ feree shali have the right to demand of and receive from. Lessor a
new Lease of the subject premises at the same rental and �P� the ,
�. saace covenaats , coaditiona and provisions as are �ta�d y� this
Lease , and fbi a term equal> to ihe uaexpired tetm hereof; and upon
� ' execntioa of such a new' Lease ��� S�j� �riies , thi;s yease s$all
be and liecrome terminated : pronided . �hovever, that vpea a su6seqiient
iransPer of such tranaferee ' s leasetiold iaferest , it s2ia11 be there-
after relieved from �y ., �� all 2iabiility with respect thereto .
1� • $ The snrrendei of this yeyse ,by Lessee or the terntiaation
� ' vithout ,thesorri�t�sroasentli not affect the riqbta ot any ��qay�e
thereto oP 'each moKqagee holdinq a �pn_
gaqe in effect at the t3me of gyrrp�ag=_ o= term��tion , and, in the
' inteiest iri ��ron� or terininatfon , each mortqaqee ' s secuzity
in fuli force p �� 8���=� � or termineted sha13 cwitinue
� effect in aceo:'dance vith the te�s
corse�itioxis aad .agreeaents of �e �� • roneaants ,
cpzed tt(ereby : � 4age and the :obliqation.s se- I
10 . 9 . The bankznptcy . receiversiup or inaolveacy of Lessor
shall itot obligate .anp aiprtyayee to .pay any •mnney to cure or ter- �
aiaaie sueh event or occnrzp�ce, and �no mortqaqee sriall be ;z2q�r_ �
ed to do aAY �re than is reqnired o# a mort '
of tt�is Lease . 9agee under the teims n
10 .'20 Lessor shall Cave the rigd[, to enc .
s��e� eremises or Lessaz ' s inierest in; 'tAis I�ase at �p��he
provided that any .such enc[unbrance or c�nve �
nate to t6is Lease and sRall not Yance. shall be anberdi-
� the riqhts of others affect . tEe val 'idity thereef aor �'
thezeunder . I
� 10 . 12 In the event of enY. conflict betveen the I �
�s .sectioa 10 rand proviaions of. ' i
� Proviaiarts rnatainyedProvisioa elsexhere set forth in this .Lease , ,
�i2 _ in this section 10 shall eontivl and pr�-
I,
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11. 1 3f duriaq the te� � �fa ?,ease taere r I
ing of all or aay part of the leased si¢p e� shal2 ,be a tak- �
. terest thereia. �ider tke Faarar of eaiaent do�ain, by conde mation �
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� proceed'ings or atien;�ise , or any transfer thereof made fn avoid-
anee or under threat of an , euercfse of t?�e pawEr af �n�zt 8o:r.�n ,
the rights and obligationslof the Lessor and Lsssee x'_ ;.h zegp��t
to thia Lease„ Ehe leased subject premises , and a:� avard oz cvr�-
n� guymene o.c pensation resul,tinq therefeom shall :be as fa .
. �cnder Che terms gzovide8 �orei:. ,
'^- bc cr include 11 . 2 A " total takin
�hc Lessee ' s subject premises or the takinggof so�uchtchareoffaa coepr�y� �or��
.. =� 39^�tenL of �sucr spbs£antiaily� ii�pair the use thereof �
: af clie credi - through Leseeej . A "pa=tial ta'r.ing° s�h�118m��gaataF; '1�g ���r_
�iver oz si:d3 - tion of che subject leased Qzamises ahich 8oes not cer.stitcte a
t of a aetition total taY.ing as :herQin 8efiaed .
dAral Baajcruptey
. ,� ���pt the 11 . 3 V
sfer of t,he. Pon the oecn=relce of a total takin4, the 3easehnld
�•een tho ��_ iaterest. 'of the Lesaee .fr, arid to t�e leased sabjec�t oremisey �a�
cease and: terminate as of t�e date of aurh ta��.�q � y��a �8sz �
caraqraehs Lessee thereupon sha.11 be released £rom all fartl�e: 2_ab!if .y ..-�a�
h 10 . 4 . i , ihis Lease . Al2 rer. tals ar_d o Lhei
Leasor �herevnder shali be paid `h�es Fayable, lsp Lessee Lo
That portion of the award ar� � �e� � �o t.he ,18te a� ���� .
.r. tezesc in p=opert ����a�� a�ibutable co aad �_
t. its zc�n_ �e real y ( la.�sd) sha12 !�e
zto erty of the i.essoz . � t �➢�le to aad he =.�Se sole
,escra ,he a damagea aitributable co .,`��rtioa o_ t2se a�caz� os ��
_ oa: asso- a--c for the �e���a� �
tioried betsreer. Lessor and Lessee _ �rave..�aU s.'zz3's be a�-•�z_
tu [ ian , sucii. oE. snch award or ca � II°i '�y1L5 �e taxal a��,t
nd be hound sha12 be c_*_e uae 1ZeaP��tion by�a fzaetiaa . the nwzeza`ar e: vlic?s
il: sucG time ?�P � Perior. o. t�e F.esse ��-a fgeass a-:c ��s
caLculated eo the first day a: itie cpnih fo2_awiaa `
t_ as so ac- inq) aad the den ° ti:e c'ate � tas-
from any and oaiaator of �'Sieh sha12 be 99 pears , a:d tlee x+e- '
s�:tt.iag si� �.hall he a�percicaed awong aad ga�d ta al2 of �ae Z,ea-
� , such t=ans- sees irc th =8 r�n ',
r' Lessor a �iniu� pzofect acco=d,iag � eath Les__;. ' s a�-
` - .. . id iioon the tenant und� ci8ed iatezest g.� L� q�Eral e�r�py ��.;�.. ,y,
1 :ned in this sociatfon s�all act as �trnsie ' €or :he da `"� �-
rf , aad upon �ssees ari8 L'ieir iaoztyagees as t�e;r � �e:.-tert i*e_-eQF f� :�e
Galance shaZl �e the o�p�� IQf ,� ��s_s eay a��:. •�
,s Lease s2ia11
I', ,a subsequenc
( al.l be there- age oF2the asr�d�or o��rr�� of a 9anfal isk3z�g , that perce.^t-
*iiereto . for �'� improv -o �°easatior. aad" dacagas attriDeWb2e to .�ad
Lesaee in e."�.nts shall be �aF?Q�ticaed 6e�.eeen it:e 38ssoz a��
t°- rr;i:aation Lessee zad ai same raa.Z.er as is Psacided fa Seciia-. E3_ 3 . T�e
�nymorEgaaee F ather Lessees sRal2 restare tp� �_.�a ;���
ildinq a mort- nents ead general eoa.aor el � �
e.'unts o: �.x` 0 ?=oj9Ci :G good en..-+d�tco�
and , �n the an�' �Y �mesidmeat Le the �c2arac3on cause the xeraisir.g �p� ot•�e
i :security �1O°eDen��6 �� be reeoagtitBEEd g� 8 II�, �= g�ndeL' `q�r:�y
. cantinue property regiae ac�r8ia5 to she iatereais ia :�p ge:era� co�cr.
P1�n�YtLessor�stia5 . end such .asa�r.ded reaiae :sAaEi be :iss: aP-
+ovenants ,
tieas se- roved b
I -
L,essor 12 . Indemni . Lessee wf21 i�eya.,i _y� � �pid � ssor '.iaa�less
i� �e�requir.- a4afns�a4e . cPersonala n�ads �for loss or �maage, .£neladiny p�� ,
erGy d ,
in connection r•it*. the use oraoccuzO�gf� �8�' dZ1S'�S �e of or
� ;r,e cerras ject condominium naft or the �'�"' ef �Ze preaist•s ar t,�e s�xb-
peison cEainin b rona°r`i°'i � p�pj@ct bY Lessee or a,-ep
5 Y . through nr i�ger �ssee , or any arci8eat or
��•�y the therein , sord condxcinium unit os anv auisaace y3�7e or sn?fered
:}� tic�e , ar.y €ailure by i,ass�e to keep said cpa,�nipi� iy�it
in a safe condition , or. any othcr 3iabiiity n+�t�„er Qn accounL
Q° fsubordi- of said con8aminivm urtit for such losa or damaqe a=fsi;;g out of or
a°r in connection wtth an I
y common elements of the con8o�niy� P�3�� ,
and. vill reimburse Lessor foz iCe costs and ,expenscas , inelvding
isians of reasonaSie attorney '.a fees incurred in connect�on with tt� de:ense
�hlg �as�,� of any sach claims ;
.and pre- _
I •
13 . Lessor ' s Coats and F, ensea �
�"� a co� s an e �asee will .paY to Lessor on
i.ncurred b �eneQg including reneonable attoznep ' s feea
, Y �seoz in enforcinq �ny of the covenar. es herein con-
ta}.ned , in remedying any breach 2�y I,essee o,f said covenants , in
recoverircg poesesaioa of the Qubject leasehold
a tak- tenant .condominium un; =
„y :.r.- . in colleetfa Piecti.ses ar.d aPP�r-
''-�r,aticn 4 anY 8elinqueni rent , taxea
i _
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and o.ther rharqes hereunder oayahle by L�sseA I
with any li_tiaatior. fo�her than coademnation proceedings ) commenc-
, .oi in connection
e�' '�'r �r against �essee to a•�hich Lessor withcnt any faulE on it "s
part shall be made. a D� rt}'_,
� 14,. A"s�_,�eSt and Sublectinb . Lessee shall� haue th'e right to
- assign or su��t thls r,e— a��wiGhout I.essor ' s cori§ent , by �it-
ten instrument in .recordable form containing the written under-
taking of ttie transferee to perform all' oliligations . of Lessee
hereunder and Ehe covenants and obliqations contained in the De�_
laration , PssociaEi:on Ariicles of Incorporation and By-�ws y�d
�ules and Regulatians . A triie copy of eacG assignment and $y�
- Iease shall }�e furnished' ta Lessor , the Association and mortgagee ,
, and go assignment or su5lease shall be otheriise valid . The ay -.
_ signor shall be ana sha12 zeaiain liab2e for the pay�nt of tk=
rent •=eserved and the aerfo I
, made in this � �nce of the covenants and
�ase • �n�- the assiqnee , by acceptance of ihe aessi�_ i
�n � . aarees ,to make the papments and perfora� all of t5e covenants
and aareenents -in thqs Lease , �e � '
of Inco;rooration , B Claration . P.ssoci3tlon
- �ation uothin y Laws and Rules and Requlatione of ��cles i
� • e strued. to g herein contained i,n this , the 1lssoci-
Prevent or limiE assi seetia� 14 sgell be c�=
see ' s. interest to a morEqagee �g�out by op�8tian of - �sy of �S_
corisent of the Lessor.. -
is . �o Abatement . Fxcent as othexwise y-pe�ificailp ;ptovided here-
• in , t ere s a . no abat �y �
Lessor for an �nt �r �dnetion of any rent
y reason . paYable to
- 16 . Insnection aad P,i ht of En .
Lessor .s- -ar,ents to er.tez ' ��e $�11 pezmi,t
r uait at all reason P= ses and app�tpa�t u'•sso= oz
oerfo�n 5 �le houis for the PurFase of � �dO�ni� i
, g obli ations of I,essee 'heseunder which g��l� the same;
refuses to pe=form; or showing the sama tp �saee ae
�'�.as? Lessor ' s interest. theieim. Persons v2shin glects or
� section . .shall .not in_ c=ease , �e P�visioas �a q to pur_
Lessor s obligations .cui3ez�,es � �is
i and tlie riqht and aatho=ity herebY reserved doea Lease ,
*_hes�r �y resoor.sibi2ity gay �e ie air � �°DOSQ �pn �
q P=emises: the. 'tondoniaiu�q �yt P . care oz superviSioa Of
nent or aFF�'tenaace .. - O1 �Y bnilding . service , eqyip- a .
17 . Cu:iet Eniovm�ne .
� i
- 1� - 1 Lessor covenants ihat , iF and so lonq as I,essee �
ihe rert and othe "r charqes reserved. by this Lease and
� tke oblzgations og Pays
Lessee hereunder. Lessee shal ! PepgO�jpyall
the premises , subject, hoaever .. .to the terms of thisil,ease_ , , i '
' 1 � • 2 I:essoz covena�ts and waz=ants that 'it has fuIl pp�z
� . and 1awEU1 authoritp to enter into this Lease ; that- no ot}ser
y ' , son has any iiqht of possession.: or an
or adverse to ;those of , Y 'O�e= ri �eL- j
sequenc to the @ate of hi8ee hereunder; ghts PT1°r in time t
that if at any time y�_
voluntarily enc �aSe� �9sor ehall by any instrument
mnbea its fee interest in the pre�8e3 II�
is hereby, reserved , such instrtiment shall conEain a
forceable rec . which right
, oqnition of Lessee! 3 legaiiy en-
chat. Lessor o,ill on request .and pr�'O! �terest hereunder , and
� instaumeats of f at Lessee' s exQense deliver sucA
�l�nt which milltcontainuno exr_eincludin a �
constzuction or developiaent y g title insurance com'-
ptioas for liens resulting prom,
� paY �he pZe�l �° f�r �Y poli Y Lessoa; provided that liessee stialT
' see ' s riijEits ar�a leasehold interest�y � neceasary tb confirm Les-
hereuader ,, I
18 . Def_ a�. ! :
18 . 1 t,e'$see shaL be. in defaulf unde=: the terma, of
if at any time rivrinq� t5e tem � �
� i of this Lease this Lease . . � ' , +
- = ��4ardless of the pen- '
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?; "m°"-- dency af any baaY. rupccy , bankruptcy zeozqanization ,. receivezsh :p ,
' - � insolvency or other proceedinas in laa, in eauity qr hefa:e any ac' -
ministrative tr:bur.al which has' or might have ihe effect o£ pzeqent-
ing ��gee ;ro� comnlyir.g with the 'tesms of fhis Lease) i_° Lessee
shall : (�) fail to :nake payment• of art� installment af rent wher. due
=� to I.essor ( tw?ssor agrees to waiive any defavlt whicfi Lessee proves
"' was foz eaycient lost zn the UniEed Statas rc,ail•) ; or ( ii ) `ail to
�Fr' nake paynent of any other sums hezeia speci : ied to be
` when due to Lessoz o; otfiers , as the case may be , ar_d such gai�Zeee
���' to pap sha12 contiaue f.or a neriod of 10 days there
�nO ten noti8e thereof iias been iven b r aftez after wz9t-
' ub- to keep $� force the � De orgamoun �Y- essar. to Lessee; or ( i ? i ) fail
yu5� , (iv) fail , w; t5in 30 days after wzitteainooicec£hereo� hasubeen � �r
' as '- given &y Lessor Eo Lessee to, cure a.�}r defaIIli of i,�ssee in the o5-
ie servance of per£ormanc
�pnts e of any of Lo_ssee ' s 'o.ther eover.a�ts , agree-
cients or ohli'gations hereur.de: (exceptisrg as to fai3uze *_a ,oay le�r
csign - or any other sums as. ather+aise
eQar"6 or (v,) be ad7udicated a 6anxzuoizovide� in (i ) yr�d ( ii ) kezeia ;
'ticles os insolvenL ; or fvi ) have a �_
soci- ceiver appoiisted. .or all or snbstantiaSly al`1 of Lessee �,s business
or ,assets an' the around of Lessee�' s insblvency ; or (vii) hat•e a
`Or ' trvstee appoiated for Lessee- aftei a eecition tias *�eer. filed foz
�es- Lessee'' s 'reorqanization un@er the 8antcrypt�r Ac, o_° the �inited
States , as amended ; or (,vii? ) cialce an assigncient :;o= �!.� �;�fit
of I,e;ssee ' s ez'editors ; or ( ix) abandoa or vacate t:�e preazses �ith-
ont ehe prior written coasent of i,essori or lY) eause, suf:er az
F°re` permit aay cjbver.m;en:al a en
:le to wise exercise any �irecs cbntzol �ove=athe :orzmfseslorkany �r�eZ
ments_ thereoa , an@ in the case of an '
the dissoSution of same wiLhin fen days�ch ° lockup ' fa�l ta cavse ; , �
i
r �= 18 • Z tiotti,it�ts �ar.dir.g anything in si�sectioxi 1
-�° �r�y. Lessee s`sall hace a reasonable tine to ccre anp ae_°aultersae:
sa�ne ; ( ii) or Ci3i ) thereof :f ( i ) such default is cacsed 3 .,
`s oi of the .coador�iniwa assaciation estahlis.*.s�3. puzsuaat �c t.he Jzelara-
"tir' tion to tirr.ely oz ,pregerly abply imne s
'`_his sociatiom and �' Pal�' � �SSee to st_�:h 85_
,P , . fii ) Lessee can satisfactorilv dem�strat� to Les-
sor Lkat' it has atteme,ted t'a falfill i'ts ob;3gations FeneundQZ by
i�f payments to sucli cond'oa,inium assoeiatioa .
_ ''�ip- 18 . 3 The eords " cnre " or " wred" .
used in th4s Lease are 'heiebg defined as theaccrre�t%nco_�a `.de�-
faalt'°, or. situation creating a default , iA the per'p�ynCZ pf �,�e
, cooenants undei thi5 Lease : within the ,respeciive geriods set :�r�
in Lhis .Lease. durinq which ssich default may be eured , excepL• �hat
as to any .defaulc uridez suJ�se�tifln 18 . 2 { j�� ,hezeof �,-h2ch pv iis.
' nature canaot be cured wfthin the perzods of t.i�e set o
i11- section , the t'ine for cuzing any such defau3i shali 5e �e�:;�ectfoz
such ppzipa 8s may be required to cuze such def8uli Dy the ezeKise
of reasor.able diligence arid disnatch . The occnrzeaces @eSZZib� i;
18 . 1 (i ) throngA. fx) a.re hereia caTl'ed "defaults " .
�- 18 .'4 •¢n che event of Lessee ' s default hezeunder , Lessor, sltall
e have ttie ri.qht at Lessor ' s option , at any time thereaf:Ler and while
snch 'defan2ts shall cos,biaue , ted (i ) .te�inate Lhis Lease ynd all
of fhe Lessee ' s, riqhts here�mder by aiving vzitten ,:notice oP elec- I
ht tion to terminate to the Lessea , which notice shall specify �e date
oE such terniinationi. fii ) without resiaminq possessioa oE the nrep- �
ises or terminat.ing t5is Lease , to sae for and recoae ; aIl zer..ts and.
other sums , fncludina damages , at any time and fro� time tp t {� ac-
� cruing hereunder ;, ( iii ) .wifhovt te.rminating th.is Lease , but subject
'- to the prdvisions heneinafter set forth in thi
the premises and ( subjeet tn the r3qhts of thesothereholdersofni�r
s- tereats in the corr,�amos elements of the project ) ake
£he lzased premises , 'the a ' Po85essian of
arovements , make alterationsutoethetimprbVP��n� consistp,ntlwith
the existiog canstruction and use of' the premises in euch c¢a�ner
_ as to Lessor nay seeA d'esirahle or advisaLle , and relet the pzem-
ises , the condomii�iurs �ft and the impraveffints thereon or aay part
i` Ehereof for the whole or aa
!�- Y Part of the reccainder of ihe I,ease te=m.
_ _
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( . •
• 1 ir. I.essor ' s namc; or as agent of Lessee, and collect- the rentals
o arisi_^.a �herefroi� , anc? ou.t of any rents so callec [ed or receivod
. f.essor s�a12 first �.3}• to Stself the ex4ense and cost c� f' repos ,essSng
the oremises , condoririum unit and improvements thc�Fea� , ar.9 aecond ,
pay to itself an}� r_ost or exp�nae. snstaired in securir:�3 �y n�.� Le3_
° aee oz bessees , ar.3 rhtrd , pay to .ony mo=zaa9�e or ber.e£iciary un8ei
, a �eec� of trust u on the mo
P premises , condomir.ium anit and 'the icaprove-
c.er. ts tf:e;eon a12 nortqage inde6tednoss ss the sam� �hall becos.e due ,
and four :h , pay to ieself any balance remnininq on account of the 1 _a- �
bilit}. bf Lessee to Lessor for zent . Le§sor shall not , without the
�.zitter. co.^.sent of Lessee ' s mor:gaqee , clianqe the use of Lhe pzemises
or conc�;niniiir.i unit or vndertaxe major struetural aZteratior.e or re-
° ' ° ^�odeiing of. the prenises . If' the rent so collected by Lessor after
� :he pay�cienta aforesai8 is nat sufficient to pai to Lessor a sum eq�ai
to the rent due kereuncter , together with taxes and insazance prem-
� : ivas a.^.d the cost of ar.y repairs , chanqes , alterations or additions
� - in or to the aremises or the improvemedts thereon and all c�ortqage
, de5t an@ oihe. charges :payable by i.essee hereur:c�er, the balance of
. the defic? ency _sha1l he paid by Lessee• on the dates he:einabove set
' ° °orth .for oa�r�ent of rent . Lessee• aqrees to be and zemain liable
� ` i, `oz any such deficiency anr2 the liabi2ity :of Lessee shall remaiq,
. wt:eche'r- or not Lhere he a relettinc , Zn the e4ent I,essor shall re- �
� possess *_he demised prenises and tha appiiitenant ,condomini. um cuiit ,. ,
i. 'xch ar .•ichout termir.ation of :this Lease , Lessee hezeby waives all
right to tecover or regain possessiori of the demised premises and
, �PFLrtenant eondominiur,i u�it to save fbrfeiture of possess3or. oz of
' i5is 'Lesse , by payaient o _° rent due or by at5er performaaee of the �
, cover.ants and conditidr. s hereof .,
,�
18 . 5 Ucon termination of this Lease in the manner aforesaid `
bY-.Lessor , all riqhts granted I,esaee• hereunder 'shall cease and de-
termine , and Lessee nereny covenants, Eo yi.eld ap and surrender
peaceably and quietly to Lessor tlie premises , anpnrtenznt coada,ia_
i� vn'it aad all impiovemeats , £ixtures anc2 equipmeat Iocated t�ere-
aa fexcept such fixtazes and equipment which are the subject of a
• purahase u�oney sec�azity interest) , whlch said eremises ; imprpvea;ents ,
fixtures and equipment shall thereupon and thereafter. be and belonq
to Lessor free and cl.ear of any ;cTaim whatsoever of Lessee , and Les-
seE further agrees to execute and de2iver to Lessor such instr�ent
or fnst=t;iaents as shall be required by Lessor as will prooerly evi-
�ence ter�ai:natior. of 7.essee �,s riahts hereunder or its interest there-
, � irt • in the event. Of terrtunatYon of this � �Lease� as provided in tliis
section , L�ssor shall have the, right to zepassess the premises , fhe
condortir.iu� unit and aZl improvements and equipment located there-
on , either withovt process of law oz througfi any form or suit or nro-
ceeding as well as the right to sue foi and recover alI zants herein
r2served for the balance of term , ar;d a13 other .siuns. acccued up ta
the ti��e of such termination , includinq damages arising out of a�y
, � breach on the gai_ of Lessee . '
18 .,6 I,essee expressly waives any domand for possession of the
premises , the apnurtenaat condomini�n unit and the improvements , fix-
cuzes and equionen � , or an� demand for oayment o£ rent heieunder , or
aay .^.otice of intention of Lessor to tesminate this Lease o= to re-
' ; ' enter said premises , other than the notices hereinahove provided for
'-n ehis section , and Lessee: exaressly waives any other notice or de-
-� , :.ar.d pzescribed by the statutes of the State of Colorado or :aay other
appiie�ble . law, ared Lessee agrees that sarvice oP the notiees pzo-
vided or hereir, r,iay ye made as herefnafter set forth .
�� ' 1B • 7 The default of any other Leasee in this pre� ect �der
Lha terxas , coyenants , ohligations , conditions and provisioas of
•the Qec?aration or of his F,ease shall in no 47d]� pr@� y(�jte os eri-
�'33A�= �`�e remaining I,•�ases or ehe ownera thereof or their mcrt_
� ' qaaees . Th=_ cullectfve failure of all of th¢ yeeaees to perform
ar:y of the terr,s , �ov�ants aad conditioas of the Declaration to
be col2ectivelp perpon.,� �Y fham �h�ugh the Aasociatien ahall
ccnstitute a cIefease on tqe oazt of an individual condomini wn j,e3 _
se2 . sa lono as he shnli ixse his best eEfosts to eause :such. cove -:
°8?:t . �o�tdi>_ian aad provision to �e �rfornfed on his part and has
?a= d his s2aare o: all asses�ents te 't�e Association ..
. - ,
_ ___. - �__ _ _ _ �t- . _ . - — -
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, 19 • Rrbitration . ihe parties aaree to su}mit� any con-zoversy oY
di.s�uce as to w .ether Lessee is ia default under the prooisions
i; _ ;:._ nf section IB . I ( iii) , .� Z�� or (x) hereof to arbitratior. in aen_ �
� „ � v° t , Colbrado , accbzu� in to the ruYes and ' 4
: s _ can .,a;bitration .lssoeiation f P=actices of the Amezi _
� t� time to time in force . The par_ �
i,; : ti_ s acree that Lhe articrator shall be 6ound yy ,any decisions of
� _ Eh= co�r.mittee which may be ielnted to t2:e subject of' azbitzatior. .
�,.� is subnissior. and aqree�aent b azbitra'te shail �
�ti .
tis- enforceable . Azbitratioa ma � sQecifically
oart if Y Proaeed in the absence of eithez
ec. T Y notice of the proceedznqs has beeq: aiven to svc!: party ,
_ �_ � he oazties agzee to ab: de by � 1 awards
e_ _ angs-. Such airards sfjaSl he final aiid }�: �ndered in such proceed-
r excent and �in the nanner nd�ng on all part�es to the
13i , A�e =ds may ,include - bat Provided by aenlicable rules and statutes .
ments , aaards deczeeina oreclosure o dehattelamort�a esnand awa�ds
decrECing zescission of contzacts . All awazds ma c • y � ud9
S one or more courts , sfate or fecteral , havin g g
Y be iled vir�2;
pazty against c,•hom such .awaids are, renderedgaz his�nrtion over fhe
_ see .shall not be �consi�ered in defaalt herennder dpzinc
deacy of arbitration ��y �s
proceedings relatinq to snch default1e Costs
of arbitration and the winning party ' s . attorney ' s fees sha21 6e
. borne tiy the l'osinq party:
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20 . Waivers . • -
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3 � . 1 Pto receipt of a�onies �y Z.essot from Lessee after tFie ;
termination or cancellation hereof i'n ang lawful man,�er shall re- �
instate , continue or ex.end the ter� herebf , or affect any notice I �
thereiofore aiven to i.essee , or crperate as a, vaivez of the right
of Lessor to enforce the �tP '
other charges then due arpthe�_reafterffalliar dueitior.al reat oz
Waivzr of the iight oP Lessor to recover possessionZOf tgete as a
- Prec�.ises , appurtenant coniiamiai�m �yt �g Z�rov�ents 'b d� sed
suit ,. aciion , proeeedinq o= r�edy as a. waivez of any otfierPrriqht
, pr remedy of 'LessoZ� if being aqreed that after the service of no-
tice to terminate or :cancel this Lea'se and the expiZatioL of tIIe
. Eirse therein specified if Ehe defav2t has not been cured in the
ceedings� orroffany other remeea�nt of su3t , taction oz s�a�, Pra_
i_ judgnent for the F . or. after a inaL order , varrant or.
possession of tt�e premises , eondomiaie� �it aad
improvemen.s , Lesso; •may demand ,. receiqe. .and .collect aay monies_ t!�en
due , or thereafter becocung dt�e , oz exercise any other :ig2it oz rp,�_
edy without ia any manner affectfng guch r.otice', ,proceeding ,, sut,
_ action , order ; warzant or judgment'. - All monies so coilected shaii
be considered payc5ents on account for the nse and oceupation of fhe
oiemises aftez :ermination or at the election of Lessor , on a�ro�L
of Lessee ' s liabili £y hereunder_ po. acceptance of the };eys to the
condominiiurs unit o= the oreraises , or .any aimilar act , by I,essar� or
any ageat 'a= empiepee , durinq the term zereof , shalI be coasidezed
an accegta:�ce of' surrendei of the prenises end condacnini� uait and
. inprovem=nts or oP I,essee ' s leasehold iaterest and oDligatiors un-
less Lessor sfiall conser.t thereto in srriting .
ZQ,2 The receipt of renf by 7,esso= � wi�j ;knoorledge' of any �_
fault, shall not constitate a waiver og azyp p�yisions o'f �this Lease .
20 . ,3 No failure of Lessor to enforce the pro�isions of this
Lease .upon any defauTt by I,esgee shail 'be construed as creating 8 I
custn� of deferring payment or, as mQdifying in any way the teims
of •,his Lease or as a uraiver oF Lessee ' s right to tere�inate this
Lease as herein providea , or othervise to enforce the provisiona
hereaf foi anY subsequent ctefault .
�� 4 The w�°ras �re-enter" � "re-entry• as ¢sed in this
Lease steall not he coafined to their technfcal meaniny gt law ,
21 . Att_o�nt. '
. _, 21 . 1 If Lessee 3efauiis un3er t� te�s of chia F,ease and I,ee_
sor elects to tezr„i,nate this Lease in aecazdaace vith sectioa 18 �
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� hereof , siibleases , if then in existence , shall continue �vith the � ,
same .`brce and effect as if the Iessar hereunder and t �e subles-
aee h?d entered snto a Lease £oi a term, equal to the ur.expized i
term o _` the sublease as' o£ the termination of this Lease , and sub- i
jecr. co the sane terris , covenants and eoriditions as coztained in
• , such subleases ; pravided , however , tliat fhe rate of the monEhly
rer.tai shall not be lecs than the rate estatilished under this Lease
and :or sycY: additionaF amonnts in order to make 'and pay the Asso-
ciation assessments for common expenses , other obliqations under !
� the Declaration artd the� cbligatiens of Lessee as provided in this I
� ' Lease . , I -
21 . 2 From and after tlie termination of' this Lease , if the�
'•' sublessees right o _f possession shall be preserved as set foith in �
• su6section 21 . 1 hereof , the snbleasee shall fullp and compTetely
' attorn 'to izssor so as to establ3eh direct p;ivity of estate be-
tween Lessoi and sublessee , and Lessor will accept such attorn- �
' ment . �
_ i
22c interest_Gpon Arrears . Every installment of �rent acciuing �
under this Lease shal , i it is not pa3d when due , 6ear intezest � ,
from sain date until the same shall 6° paid, at a rate of 128 per �
yea"r . All other sim�s becoming dne oz paya6le to I.essor undez this �� ;
Lease or on acconnt of any default by Lessee in perfo`zinanee ,oz ob- �
� servance or any of the coveiiants of this Lease, shall similarly
c beai interest at such rata from the respective dates when the same -
should �have Leen paid to Leasor. All sums adoanced or paid by Les- � '
soz under tl:e piovisions of this Lease shall become due and oayable
o vith the iastailment of zent next becoming due after the date of �
such advance or paymenf . . I
0 4
23 . Option to P.urchase . i
23 . 1 Sub�ect to the piovisions wniained 'fn. this' Section 23 , ;
Lessoi hereby qzants to Le§see, his heirs , dev 'asees , personal rep- j
resentatives , successors and assiqns , an opbion to purchase the fee I
; simple iaterest .in the .subject premises as of Decembez 31 , 2023 , pro- i
vided Lessee is nbt in. default hereiinder . Lessor shall qive notice
of the option exercise date to the Aesociation 8uriag the monih of I
Jnne in the year 2031 . Such� optiob shall be esercised by r.essee �
- � chzough the 'nssociation by giving written notice thereof to Lessor �
not earliez than July l , 2022 , nor lates ttian 'March 31 , 2023 .
23 . 2 Sach option. to purchase muet be exezcised by all and aot �
less thaa all of #he Lesaees of undivifled intereats in :+nd to the
, � zeal prope;ty descrihe8 in Enhibit 1 ; othezwise, such option shall
, • , expire , and this Lease shall contirue until ��the end of the Lease
term . I
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23 ..3 The purchase price shail be based upon a stmi equai to �
15 times the si�nual rent for the year 2D2Z . Closinqs ( transfet �i
of tiEle and payment) shall ,comnence in July , 2023 , and to the exr I
, tent possi}ile , in numeriaal order of the condominium uaits . Each ,
such transaetion shall he elosed in escrow without cost or expense
' to Lesspi pen8ing closing of ali and not leas than aIl of the puz-
chases . ,
23 .A Upon� the exercise of the option to purchase , writtea I
notice thereoE. shall be given to Leseor by the Assocfatioa as pro-
vide8 in Seetion 23 . 1 accampanied by fifteen ( lSj pescent of the
purchsse price ffar the entire subject premisesi , and wifhin 30 �
c3ays thereafler a specifically enforceable contract shall 'he enter- I
ed iato mith :each leaBehold o�mer for the sale and purchase�f the
undivided fee siaple iaterest fa the snDjeet premises. . �
23 . 5 If after thee exercise of the optSon .all of the Lesaees �
do not cons�ate the purchase of ttse entfre leased premises on or
hePom Deceaber 31 , 2023 , the rigGt to anrchase shall expire , and !°
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thQ L^soar shall retain ehe :payineats nade as Tiquidated damages �
�out oL vhich Lessor shall pay the reasonable escrow chazqes , if
apy , orovided in part�graoh 23 . 3 ) , and this Lease shall contiaue, � !
un �i2 the er.d of the 'f,eare. tem .
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24 . .3otices . A21 noeiees , demando and commuisications hereundet �
ahall�served or qiven by certifiefl mail , return zeeeipt re- '
quested , anci if intended foz Lesaor-, shall be addressed to Les-
� se : .at 1022 Guarar. ty Bank eu.iTding , Denver , Colnzado 80262 , or
at s¢th othor aBdress as mny be requeated by Leasor in ariting ,
ar.d if iniended for i;eseee shall be a8dressed to Lessee at Les-
seo ' s address' as designaeed on gage, oae of this Lease . Notiees �
to a mortqagee shall be 'sent no its o.°Pice . Notiees to a trustee,,
assigaee .oc snbtenar.t shall be mailed to its or their respective
? ase YIIOt.T uddies�es . My notice 'given hereunder by mail shall
be deemed deliyered rihen depoaited in a t�nited states genezal . or
braac� post c : fice, certified mail with return reeeipt requeated,
` and' enclosed ir. a nrepaid envelope ; addresaed as above . if certi- �
fied ma11 With. ieturr, receipt zecjuested is discontieaed , a com-
parable mailinq service shall be used . �
25 . Entire e,azeemer.t . This Lease contains the. entire aareement
betN�eer, the partias and shall not be medified in any mannez escept
by an instz�.anont ir. writing executed by the parties or tl:e.fr, re-
soective scccessors in . interest . ,
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' 26 . Section Headinas . The section hea8ings and table of cozctents
, � are iac �x e erein only as a: matter af ponvenience; and they shall ��
in ao aay define , limit or desc=ibe the .scupe or inteat of Uiis
Lease oz ir. any way affect the interpretation re=eof.
29. : Colorado Law . Thzs 'Lease shall be execvted in dun3icate and
� one execute copy shall be recorded in the' real property records
of the Countq of` Eeg2e , Colorado , and shall in all zesgects be
go�:erned by and construed un�ei the 'lavs of Colorado'.
28 . Ger.ezal .. Thai whenever used .herein , unless �he context sha21
. otherwise provide, the singular n�ber shall include the pinzal ,
the claral the singuZar, and the use of any geader ahall include
all gendeis . '
2 ?'. Hinding Effect . Except as othezwi§e gzo4ided herein ,• thc
terms , covenants and conditions containe� im this Lease shall .bind
aad inuze to fhe benefit of Lessor and Lessee end their respeetive �
heir.s , suceessors and assigns .
i
IN kiT&'E55 4r'ffEREOP , Lessor and Leasee have duly execc:ed Chia
Lease �he day and pear first above written . _ ,
LESSOR •
ALTAIR VAIL JOINT VEpJTUgE' ' �
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