HomeMy WebLinkAboutSolaris Crossroads DIA �L'��SSRi;APS I�E�J�.L��1�ZEidT �CI�EE��El\TT
'ff:IS C;�OSSROADS DEVELGYMEI�]"1� AGREEMEN'1' (this "Agreement") is r�e
ePfective as of Lne 25`�' day of July, 2006, by �nd 'oe�ween fne TOWN OF �IAIL, a m�n:ci��al
cotpe_ation dt�ly orgznized and cxisting ui_dcr and by virtue of the 1av�s of the State ef Celo�ac?o
(the "Town"), �n� CROSSRf�.��S EAST ONE, LLC, a Co1o�a�o limited liability co:�pany
("Crossroa s�
„
Ri;CITaLS:
A. Crossrouds ii1_cnds to redevelop cerYain real property in the Town of Vzil, corr�monly kro��an
as Crossroads at Vai1, v�h�ch is locatcd in S�ecial Developmcnt Disir3it No. 39, leaally
des�ribed en Exhibit A altached hereto and incoiporaied herein by reference {?r�
"Pr�ol�erty,>).
B. '1 he "fcvan, t�«ough its �pprop�ia±e bcards znd reviewing agencies, inclu�z g its Planniig �nd
Lnviroi�men'�l Coinmissic�, h�s �aproved N.ans to a11ow ior the red�velopmenti of ;he
Property purs�ant to Tov✓n oi Vail Oidinance No . 5, 2005 (the "CrossYOU� ProjecP').
C. Yursuant to Yh,e Cirossro�ds �pprovals, hereina*Cer defined, and to further mitigate tl�e im�act
of the Ci�ossroads Project, Crossroads has agrced to pravide certain �,ublic oynefits �nd
improvemcnts as mm'e sp�c:fically described ar.d defincd herein.
NO'JI, 'I�HE'_ZP'flRE, in c��nsideration of Pne abovc premises and ��e muhial cov�nants
and agrcemcnts set foiflz bei•eir, the parties agree as follows:
1 . I��fercr�es *o thc Cr�ssr�a�'s �pp��ova1_s. The "Crossroads Approvals" shall xefer ta ti�ose
plans, spccificaiions and agreem�,nts approv�d by tne Town far ti�e Crossroads Prc,ject. "�hi
"Tinal Plans" include Yhe pl�ns a��roved as part of Town of Vail Orc_nance No.5, Sei�es
2005, plans �pp�ovcd by £_ne "1�c�Nn' s Design Review Board (the "DRB"), and cons?r;c�ion
plans appro�ed in conuec�ion wi*b any building permit.
2. 2P.� ��ir'd Improver��nis-1' i�ocation of R�sponsibiliiv. The parties rere'oy �gree iha� if
Crossroads �i�t�ii�s a build?i�g peimit and commences constructien of the Crossreads �ra;�ct,
Crossroa�ls shall be resp�nsible �or ±he following improvements as more specifically svi :orth
'r,elow (the "Re�z;ir�ed Imprflaem2nts"):
a. Pa�blic 'mprovem��nts: Purs;;ar�t to the Crossroads Approvals, Cress:�oads is res��r�si�'e
Por desigr�ing, installing a�d censtiruciing (as applica'ol�) ihe following im�ravesserts, zs
depic.ed cn t�e ltinal Yi_ans (the "Public Improverfents") :
i . New l�eated vaver sidewalks along the souYh sic'a of So�th Fxoniage RoG�?, �1;�
north side of �;ast t�lieadow Drive, and £ne west sidc o�P Vilage Ccnter Roa�.
ii . New curbs anrl �utters a!ong Scuth Frontage �c�d, East Meadow P�xive, `•,'Ji;1o�a
Bricl ;oc Road and �Iiilage Center Road.
iii. !� new raised median in South Frontage Roaci wifn new lancscape �:at�r;;ls a�w
�i�1��iL'1��� iQvi;l�1G��
iv. Street lightin�, zs approved by the i`_2,3, on Scatn Fron+.�age l:oad, ��st I��ead3w
Lrivc, WiIlow �3ridge Roara and Vill�ge Center Road.
v, rtorm dr�inage ��prevements adjacen4 to t�e Prcperty znd a13ng South Fror.�age
[�c3ad, Fast I�nea'ac�a I�rive, Willow Bridge Road and Village Center Ro�cl to
a�equatcly conv�vy storm-water rur.off.
vi. I'<eaonst��uction of �Iillage Center =�oad, including the ins±allation of '_�eat tubin�
for coni�ectio� by fi:e '1'own to a Town h€a1 soarcc, the cc�nection to the '_n�at
so�3rce, a11 costs of providing the hea+ source, t:;e >nair��cnanc� of the h�at sc,;rce
an� hcat tuoing, costs allocated ior heating Viilage C�nter Road, lancs��pe
,
IT1d.iBSi21S� CO?'iS`LCllii_Gri Of 3 Utllli)/ G3i��Lt1: �i'ellCll S�/S�8TY1� S�'i8�1 jl��:tll7g, CD"fi�TP�:C
unit pave?s zri� t'._e requi�ed su'osurfacc support systvm. Crossrozcs si�=' oe
resp;,nsible for `_:eatirsg Village Centei• Roa� `ior ihe life of S�ccial Devzi�;m�ent
Disirict No . 39, Cross^o�ds (the "SDD").
vii. Recc.:strnction oi Ezst Meadow Driva and �}Jillow 5ridg'� Road, inc?�di-g �nv
insrallation of ���a; tubirg Yo be made availa?�'e to ihe 1 o;�rn fcr future cor��ction
by the lbwn to a Tovm ianded heat so�arce (not yet de:ermired), 1�wscKp�
rnaterials and pl�n`�.s, constrncti�n oP ntiii�y concuit trench syster_�, sirevt
liy�ting, conc�•et� unit pavers and tre required subsurPace support system.
viii. Crosssoads shal_ be r�sponsible for tne heat ar.d srowmelt Faoiliiies, inclncis� Y;.e
heat plant an� heAr distribution system, required for the sidewallcs alottg the s�ttri
side of South Fronta�e Rcad, ihe nertn side of Iiast Nie2�ow Drive and t�e ,�est
sidc o'f Village :ent�r Road, the rlaza (�s hereinaiter dafin�d), oiher wsli�a�zys
wit'n;n tne Frope�i� �oti�daries, and the oi3go_ng operation Gnd maint�nanLP of
such facilities. P,�ob�✓iihs��anding the faregoing, C.oss;o�ds may ins±ali znd
operate thc hea*. �lar_t �nd he�t d?stri�utian syst�m u� loca�ions satis�ctor� to
Cross*oads, ir, i`s orcin�y busir.ess judgment, in such area(s) as are spe.t;i�ed or.
t��c }�=�iai Plans.
ix. CrossroGds shcii �� rvsponsibla for irrigating a:d ,°naintainir_g all landsc�pe areas
ar.d p'dn� maYeri�ls aaitnin the pu�l:c right-of-v,�ay located dir�ctly zdj�cert to +he
easter;�-most ;ortion of ihe Prcpert�y, as dep:cted on tne Final l'1ans.
b. Othsr Pega�ired Imprcverr:ents: Purs�,ar_t to and in accordanoe with the Cr3ssr�ads
Apprcvals, Crossroa�s is a':so responsible for p°ovidir.g, cor:sYrr:c:ing, operating and
main�air.i�g (as applicrb:e) thc foll•�wing i'rriprove�ents :
i. 1'uhlic Plaza: �'hc Cressreads Pro;ect inclnd�s a p'_aza of G�proxi,-n�±ely 24,130
sq. ft. (the "Plrzn"). Onca co�struciion of �he Crossroads 2rc�j�ot is cc��p'w��, as
evidenced by ih�, issuanyc oi a ±emporar;� c�rificaie o� oc�ixp���cy, and �ar�',eot to
the ac�diiional t�rms and conditions contained herein, Crossroads or its d�si�-ee
shall ?sansfe?•, assi�n or otherwise convey to tl_e Town (or a Town-cont��ulle;�
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ge_r_er�l-iriprcv�r_?ent d?stricT) tr�e aathori� to o�rerate the Plaza for the �ub:ic
benei�?, as more specif cally �les�ri�ed in Section 3 bslow,
ii. Ice Rin/c: '1'he Plaza wiIl include an icc rink (the "Ice Rir1�') during the Sk�_
Season, as hereinafter defincd. �
n. B�rring any ciimatic anonlalics, Crossroads shall operaYe z�e Ice Rink dcr:ng
Ordinziy Operating Hours, as defined 'oelow, throughoat the Ski Se�so�.
�aah year, t�e "Ski Season" shall commer.ce the S�turday befor�
lhanksgiving and r�:n urril Pne last day o'P operation of the Vai1 Mountaiu ski
li�?s. "Ordinary C)perating F,'ou.rs" shall mean those hours of oper�tion
doservcd 'oy similarly situated skating facIlities in the ardinary conrse of
business.
�3. T1_se general publi;; sha11 have acecss to thc Ice Rink iree of chharge, sabject to
such eeasonGble rules and regulations as Crossroads may �etcrmir,e from tiime
to time.
C . Crossro�ds shall install, r�aintain and operate rcfi-igeraricn equip�:ent
adcquate tc maint�in a suitable ice suifacc th.onghcut tl-:e S1ci Sazsen wif�cUt
the use or sunscreens or suns'_=aties; provided, howeve�, that the Plaza may
include—su��ec: to PRB approval—sunscreens or su�s':ades fox zesi^s`sic
reasons nnrel�4ed to fne q�;a=ity of the ice s�rface. "fhe refrigera�icn
ec�uipment, sunscrecns and/or sunshades, if any, snall be as depicted on the
Pii�al Plans.
D. Subject to l�crce Majeure Dela;�s, as defincd 'oelov�, Crossrozds sha;l
commenec Ice Rink operations no laier than 6 months af��°r the issua�oe or a
temporaiy cer•tii catie of occupancy for tt:e Crossrozds ProjPct.
C. Crossroads s?�.all operate the Ice Rink in good faith for the iife of the SDD,
F. During tn� S'_-u Se�son, Crossroads shall operate a cor.cession facili�y to ra.t
ice skates at commercially reasonable rates.
iii . 1'ublzc drt: C,�ossre�us shall provide at least $ 11 million in public aa-t to b�
locaied on Crossroads �roject sita (tha "Public ArP'). The Public Art rec�.aited
hercunder mast be (A) approv�d by the Town Council upon recom�erdatcn
fi'orn tlte Art in Pubiic Places Boa:d, snch apprcval not to be urreas:��al�iq
c�e'ayed or ��ithhe'.d, and (B) located in plain-sight, open area(s) o'Pthe Cressroads
Projcct to ens�:?'a Pnat it may be viewed and anjoyed by the p�iolic. Applic�t�ons
for approval by the Town shall oc accomnanizd by a �arrative arc7 �a:su��
descripi�on o�F the artwark, a scr,�ciule for installation, an itcmiz�d 'oudget, the
ariist' s resume and a maintanar_Le plan. All Public Art shall Le installed 1*�iii�in i
ycar after the issa.�ance of a tem�o�ary c�rtifica�e of occLipanoy for the Crossroads
Yroject and rem�in in place ior tre lifc of the SDD; prov>'ded howevaN, thzt
Ci�ossroads :r.ay, witn thhe Town' s prior wr?Y�en a�proeal, xe�ove and replzce a?1
or any porfion oi the Public Art. Notwithsiancaang thc foT�egoing, if, zfter meeting
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its $ 1 . 1 million o'�L'g�tion h�reunder, C.ossroads elects to install aduit:or.al
artworlc in cr�n �re�s oi Crossro�s Prc; ect, such �rbr�otk s�w;l not b� su'oject t�
t�e provisions ar £r_is paragraph. Further, notwit��star_dir,g anyth;s?g to t_��
conttary cont�ined 1-icrein, all artv✓ork eu the Property, including, ��ithou�.
limitalion, tne P��blic Art, shall bv the exclus:ve property oi Crossreads.
iv. Loadi;�g I3erth: The Crossroa.ds °roject shall include a fivP-berth loadirg and
delivcry facility as depivted on tha Final Plzns (the "I,oading �erth"). Crossroa�s
a�rees to ma;ce the �,oading I3erth availzble, free of charga, for use by srea
businesses as pa.-± of the Town's dispersed loa�ir.g and delivery pregram.
Cr�ssroads an�3 £ne Town shall jointly esta'olish reasona'ole rules and rzgal�t�ons
gove�ning th� use of t�,e Loading Berh in order to acco��_modate Crossroa�s
loading ar_d del?��ery rcvds and prevent Crossroads from bearing any �;ndue risk
associated U�ith ���lic use of thw facility. Crossroads agrces to provide access to
lhe Loading t?crfn from the Plaza Level via elevator or other conveyarce, as
chcwn on the Final P:ans.
v. 13us Yyoiting Area: "i'he public rmay use the portion of thc �o!iihwest cerner of t:_e
Plcza and the sr�:�s atij�cent £nerPto (as shown on the Final Y1ans), as a w�ti.�g
a�ea for Che Town' s i�-town shuttle (the "Bus YVai!zngArea").
vi . Reslrooms: lha Cressroa3s Project includcs public restroom faoilities on i�.e
Plaza i,evel and thv �arage Level, as depicted on fre Fina! Plans (�he "P;��lic
Festroorns"). The Public Restrcoms shall be o�en, available and re��il;�
accessible to :ha general public from 6a_m until 2am each day a,�d s���l! be
appropriaYcly signcd to fzc�litate public use. Crossroads shall be responsi'o,e ioi
op�rz4ion and rriainter:ance of the Public Restrooms.
vii . I3�wling Alley and Movie 'lheate�: 'I'he Crossroads Prcject ircludes a space t�at
will �c develop�d as a three-screen inovie theater (the "Movie 'lhea�er") �nd a
sp�ce that will ae deveioped as a ten-lane bowling alley (the "Bowling Al,1ey";.
1'i?e improver2en�s n�cessary for the operar�on of tne lYfovie Tneater and Bo:.:_n�
lilley will bv cor�pi�ted prior to the issuar.ce of a terr_,�rary cei?iEca,`e of
oc�upancy Por tac r�sidential co..iponent of the Crossroads frojccl, or any pvrtion
t��er�of. Cressroa�s sn�ll opera_a the Novic Theater and Bo�Nling Alley i� �o:�d
fai'�h for lhe life of th�, SDD and in material conformity wit, standards gen€rz:ly
�t�d m�dinaril�+ o'o�erd�d by recoguized first-class operators of simi�ar iaoifit�es in
the Denvcr metrapoli"ian area.
A. Change of U�e--Crossroads. Ciossroads shall provide not less than 90 rays '
netice to ikie Town of it�s intvnt to discontinue operating the 3owling E>lley o.
P�Iovic The�te,. Additionall;�, �ny chang� of use (p2rmi�Pd or conditior,a_) o?•
deliberate �?scon`.in��nce of A�ovie Theat�e or BowlLng �11ey operatior_s for
more thar� 90 consecutivc days or fox 100 days out oi any � 80-day perio� shal
rec�uire Crossroads to octain a major amen�rrent to the ST�D authorizing sncn
c.,ange of use ar �iscontinnance. Any preposed ch�r.gP of us� m�ast prt�vid�
`�ublic c?meniZy" in the same sense as the Bowling [111ey and Movia �Theat�r
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provide pubiic a:renities.
B. If Crossroads has not in good faith submitted a request for an amendrue�:� to
the SDD, reaso�ably accepta'ole to the Town, within �b nlcnths aSter
Crossroads' del:�Prate discontir.uance of lYlovie Thea*,se or Bowling A'ley
o�erations, Croesroa�s sha11 pay to the Town: $5,000 par G'�y for each day t-�at
thc 13owling Alley, or other Town-approved pnblic a:nenity, is not opera:ed in
thc I3owling-A11ey space; and $2,000 pet� day, per 3creen (nerein�fter
defined), for each day thal the lvlov;e Thcater, any Screen �ontained tnere�n or
other "fo��n-app_�oved public a��renitq, as applica'ole, is r.ot operated in 'the
Movie-Thea`er spacc. 'I'he Tovm may adjusti the foregoing amounts 'fro� tima
to time 'oy :nulti;,lying each by the cumulative inereases in the Consumer
Pr�ce lndex, ta�ir_g the year in which the Bowling Alley and Movie l��ezter
arc gran�ed ien;porary certifica�es of occupancy as the base year. "Scre2n"
shall mean any of the three A�Tovie Theater screens �epicted on the Final ?:ans.
C. In addition to the foregoing, Crossroads shall o�erate ti:e Movie Th��te� and
F3cwling A1_l�y year-round, in good faiPn, for thc life of the SDD and sH,nll nct,
in any event, sus�end operations Yo avoid the economic consequences of pcor
attendanec rluring seasonal 1u11s in local tonrism. If Crossrc?ds ceases
operaiions in viol�tion of this pa��agrapn for more than 30 consecu5ve du�s cr
for 40 days out of any 60-day period, Crossroads snall pay to the Tovan t'r_e
amounts set iortn immcdiaYely above for each day that the relevanS
operation(s) ren.ain closed.
D. In lieu of the payments outlined a'oove, the To�.am hereby expressly reset�aes
tac right tc purs�:s any other reir�edies available aY law or in equity, incluuing,
without limitation, s�ecific performarce.
c. Offsifie ImpYOVements: 1 hc Required ?mprovements sha11 be as descr:bed in tne
Crossrozds Approvals and depicted on Iinal °lans. To the exfent Crossroa�s ras
ongoing ebligations wits� respect to the Required Imp:ovements ti�at are to be located
within p�operties owned 'oy the Toum (the "Offsite Improvemenls"), tho Town sha11 gr�ni
Cross.�oa�' s a perpetual easement allowing Crossroads to :u1fi11 such obligations, as mo;�
speciiically sct fortn oelow. All Offsite Improv�ments shail be c�nsh�cted usL�g th�.
same s�eiiiicaricns, design and materials utilized by the Town for eimilar work. Th�
llRB shall rcview all pians antl specifications for Pne Offsite Improvements. Thv Town
shall inspect and approve all work associated with the Offsite Imp:o��ements.
i. Construction a�d 1✓'aintenance Easement: The Town ncreby grants and deelares,
for tn� bcnefit of Cro�sroads and its designees irom time to timc, a non-excl�;sive
easement (the "Const-ruction and Mc�intena-rice Easemenl") ior tne eonstruction
zn� installaticn (as a�plicable) oi' ti^_ose por.�ions of the Offsite Improvements that
arc to be located within properties owned by the Town. Those oarties are frrther
�t:tho��ized ta erter those properties and un.aiertake ti:erein an� relat�d cons�rec�ion
wa�r��nty work er su�sequent repai_rs or maintcnar.ce for wh:ch Crossroads may
ot�-ie,wisc be c'o?igated and which perizin to tine O�Pfsite Imp:ovements thai r�?�:ain
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in plzcc irorn rr�e to time, with Crossre�es' cbl�ga��ons in ti�is r€gzaa be?r�g
co?:d??�on�d en ��e efiectiveness ef this �ntloriz�tion or other a��thflri��'?cr_
�rovided by the "fown a;lowing for timely entry.
d. E'rrployee Housing: Crossroads sha11 provi�e the Tewn deed restricted emp,e�ee
housing sufficicnt to accomm�date 12 ecaupants by execuiir.g apprcpriate restr�c�?vz
covcnau:(s) cn form{sj �ro�aided by f.�e Town. Any dwelling unit(s) restricEed sr�1_i
conPorm to lhe following floor area requirement�s: a one-bedroom unit shall corta:n at
lcast 550 sq. ft. of floor a�ea and accommo�ate no more than 2 occupznts; a two-bvdroem
unit sha:l contain at least $50 s�. ft. of floor area and accorn�odate no more t^a� 3
occup�n#s; a threc-becLoom unit shall coniain at least 1 ,350 sq. ft. of floor tiea anc
accemm�da��e no mo_•� thzn �4 occnpants; and a fo3ar-bedroom unit srall contain at iea�i
1 ,500 s�. ft. of floor �ea and a�commodate ro more that 5 occupan`ss. The 'lo�an may
approvc :ninor vari�ti,ns in floor area w�en t�e overall intent oi tbe floor �ea
rcquirernents is being rnet. llny deed restriction s:�all be for propertq lecated v�i`�'r;n the
1'owr. Sn�;h dee�l res'�i�ron(s) sha11 be execut�d and provided to tbe Tow� for re�ctd:ng
and resTrietcd uuit{s} shall �e aaail�ole for occupar,cy prior to tha issu�nce of a Cem����ry
ccitificate o1' occupancy for thc Crossroz�s Prajcct or any phase faereo£ P�s:y �eau
resh�ioted employee housing unit shsll comply with tl,�e standards and prooedures
establisl�ed by ihe Town Zoning Regulations.
e. Trqffic Ir,�y�cl Pees: Crossrozds ackr=owledges and agrees that the Crossroads Fro;ect
may generare 68 aWdih�oi,a1 P�f peak ncur tri�s and agrees to pay the Town z tra:n�
impaci fee of $5,500 ��r PM peak rour gen�rated Crip, for a tothl of $�' 42,000 (�h�
"Traf�ic I,npoct Fee"). The p�-�ies further �cknowledge and agree tnat tne obligalion to
pay thc "Traffic Inl�act Fee shall be a co�.3 tion of the issuance of a building perm:t for
thc Cross��oaas Yroject; p�ovided however, that pa�m�ent of the fee s�ail not be re9u�sed
�util the iss�zance of a temporary certificate of occupancy for the Crossro�u's FrejecL,
Crossro�d, agrees that tnis Traff c Impact Fec ilas bcen fairly and properiy calculated to
offset dse i?n�acts c�ea:ed 'oy tce Crossroads Proj�ct. Thhe pzrties farther acknev���dge
and agrcc that the 7'ralfic Impact �ee shall be used by the Town work;ng cooperaii�✓ely
with CDO'I' for improverner_t to the Soutn Prentage Roaci to accomr�:odata a fu�::re �arn-
around or otre� warranted improvement.
f. Opera[ing Covenanl. Tha Ciossroads Project inclt�des the development of resiaer.tial
condominiums, rctail a�.cl commercial space.
i . "i he resi�ential *aorticn oP the Crossro2ds Project includes a Iobb�, fro?1t desk and
conci•vrge fa�ilities. Crossroads znd the Town shall enter into an O�er�*_irg
Covenant Agroerrient requiring Crossreads to operate the !ebby, front dvs'.t and
con�icr�e faciliues ;the "Loboy Amenities") in mat�rial conforini� wi+.;: Lh�
star,lards gerer�ily �nd ordin�rily r�aintained 'oy any reco�-�:zed first-class hotel
operaior for the life of the SDD.
ii . Thc Pro,jcct ircluties commercial and ret�il space on the Plaza Level an�
Prorrenade Level as depicted on the Fi?�al Plans. Thc Operzting Coven�r_t
Agreement shall reCUire ihe retnil and com:ncrcial space, including, �aiihout
t27094 3 6
limitation, the P,iov;e ""1'�eater �nd Bov�ling Alley, to be owned and o�er�t�d �s a
uniiicd con�.��rc?al enterprise (" U,�ifed CemmeNriol L�nterpr�se ) fol the 1?f� of
t�e s��.
g. Condcmin�ium Covenav�ts, Cen�clitions and Restrictions: Priar to the approval of the =i;�a1
plat and ccndominium rnap fox the Crossroads Project, the Tova:: shall review and
approvc the Condomi;�inm Covenants, Conditions and Restrictions (ine "CC&1� 's") ior
the Crossr<�ads Project, Crossroads sra11 be required to ineinde in CC�R's, or other
appropriate condorrii:�;�;m dcc�;ment(s), provisions allowing pablic activires and eaents
on oi abouf ihe Plaza in conformance with provisions of this Agreetne�t.
h. Parking N'anagement. Before applying for a 'ouilding permit for the Crossroads Proj�ot,
Crossroads must submit and ±he Town Council must approve a parking managementi pl�n
{thc "Pur;sing Managerrent Ilon") which sets forth, in sufficient detzil, £ne proposed use,
eperation an�l managc�r_ent of tr�e parlsing facility planned in connection with tre
Cr�ssronds Pro,je�;t (�he "Par;cing 1%acility"). Tne Town Comicil sha11 �ppro��e the
Parlung Managcraenl Flan so long as it is reasonably calculated to (i) maximize trie use
an� oce�apancy of ths Far.cing Pacility and (ii) ensure that spaces rat used by ovmers of
residential condominium units or 'oy cemmar�ial tenants or owners are avaii�ble to L'ne
gcneral ��:biic to Yhe greates� extent possi'ole. Sucn approval shall not be unreasonacly
witnheld cr delayed.
i. Imj�r•ovements to Veil Jillege Ir�n P'nase 3 Property � Purs�:ant to the Site �'�ian,
Cz•ossr�zds sliall provi�e the follovaing improvements to the Vai1 Village Inn Phzse 3
property, if, and cnly :1; allowed by the Vai] Village I�n Phase 3 Condon'sj�'suar_
Association (the "Asa�oci�tion"). If the Association does not' agree to the improvetren_s
as pro�csed by Crossro€ds and the easerrient documenta�:on require� by Crossrot:s to
cvidence sa;ne, fhcn CrossrLads is heraby relieved of any requirement to provi�le said
in.provemcnts. Crossro�ds proposes to iund, install, and construct (as applica�'e) the
foilowii�g improvaments :
i . Four (4) larae evergreen trees (20' in height) will either be relocated or �lar_�,�
i?ew i?� the a�ea indicated on tihe Final Plans, snbject to di+_�ection on the exa�ti
location provided by the Association. Continued maintenanac of these trees saull
bc the responsibiiity of the Association;
ii. A private poc'_�ct pzrlc is to be created in the area shown on the site plan partia'�1�
located on t�e property of the Association and pzrlially on the Crossr�ads
prcpe�ry. 't,h� par?< tivill con2ain landscape arca, walkv�ays, benches, ard p?a�:
raaterials incl;�di�g tr�es as proposed by Crossroacls. Cross_oads wiil f7�r_a the
co�struclion cf th�se improvemen�s. The individual pro��,rty owners �ai'_1 be
respensiule f�r cor,tinced maintAnance of the improvemen�s. Bach prcperty
ownei will ma;ntain fhe improverr.ents within nis/k:er property, and
iii. �'1-�c stairs li�dicat��i on _he site plan wiil be converted to an ADA acecssioie r��
thut extends onto t're pr�o�erty of the Association. Crossroads wi11 f�u:.� th°
construction oi these improvements, but continned :��intenance of the
127094 3 �
improvemen�s will oe tr�e responsibility of tne individual pro�erty owners. Eacl-,
prcp�,rty ownLr �rill mainain the i��:provem�nts wir,hin his(her pmp�t�ty,
j . Crossro�ds shall dedicatc a non-cxclusive public access easement on t��e west si�e of tha
Crossroads Project con �ecting i'.ne Vail Village Inn Phase 3 to EasC P�:eadow I�rive znd
thc Plaza, as depicted on thc I'iral Plans.
3 . S�ccial T��� ng Districis ard PnL1ic Finance. The parties intend tha� tha constracticn, �.se,
opeeation and maintenance of the Publ?c Improvements And certa:n other Req��'.ed
Improvemeets will be governed by and financed through the creation of one or more
inet;opolitan dist�iicts, esi�blished pursuant to C.R. S . § 32-1 -101 et seg. (f�e "Sneciai Di��Yicr
Act"), and a single general-imp?•ovement district, esta'olished pursuanC to C.R.S . § 31 -25-10i
el .rey., as mcre specifically dcscribed and defined below (collectively, the "Special Taxing
Districts") . '1'he parties believe that this structurc wi1L• (a) properly allocate the v�ious
rights and r�spoi_sibilities associatcd with the construction, use, operation and mainiena�-�ce
oC the Requs-Ld lmproveinen�s; {b) ieinforce the public charaotex of the Plaza by p:acing its
managemen't in t�e hands o; pub'_ic, quasi-governmentai entities, (c) grant the 'Ibwn aut�eriiy
to control tl-ie �se of the Plaza and ihe operation and maintenance of ca;`ain other Requi_Ld
Improvements; and (d) pra�ride a reliable, enduting financing mechanism to ensu_e the long-
tcrm vitality of tlic Required Improvements. For purposes of this Soetion 3, rcferences to tc�
"Required Improvements" s'_nall mean only those Requircd Improvements t'aat qua'iry iar
public finai�cing tmder Colorado law. In consideration of the foregoing, the parties zg:ee as
Lollows:
a. Thc Tos�n vaill permit and p:ovide reqnisite appxovals for the forma`ion of noY more tb�n
two u�etrc�olitan districts proposed by Crossroads, whose boundaries will be coextersiv�
wiih ihc i't'operty li=r_its (the "Metropolitan Districts"). Thc se�vice plan for the
IvIctropoli±An Dishicts {t'_ne "Service Plan") will authorize the Metropoiitan D:sfiricts to
undertalcc ihe construoticn, financing, operation and mai�t�nance of the R�c�uired
In�provetriants, or applioable portions tihereof. In additicn, the Service Plan will lim:t tPe
Mciropolit�an Districts' powers to: (i) constructing the Required Improvements; (ii)
operaiiug ai,d maintaining all i2equired Improvements not operated and maintair�vd by
the GID (hereinafter defin�d), as more specifically set forth below; (iii) sec;�ring
iinancing neccssary to periorm sueh functions througn the irnpositien of property taxes
and devei_opment fees; and (iv) taking snch ether actions and exercising such other
powers, consistent vailt= the Special Dis77ct AcL, as are nccessary far or incidenial te the
performancc of the Metmpo;itan llisTricts' duties as outlined in the Service Plan.
b. Conv�r�ent with a.sd subject to the feimation of the Metrepolitan Distrcts 'for thy
pui�peses con'einplated here:;nder, Crossroads v�i11 execute a petition for the farmation of
a single gc�era]-im�irover�ent districC, whose boundaries wi!1 be coextensive witl-i the
Proncrty limits (the "GIT"). The GID vrill be antnorized to underake, pursuanY to ar
intergove�nmental agreesnent with the Metro�olitau Districts {ths "iGA"), the
man�gemcnt, operat�on anu rmaintenance of cartvn Reynired I�r�;�ovements znd tne
financing rcquired in conrection therewitn. The IGA will expressly limit the GID' s
powers to: (i) conhollina £nc use of the Plaia•, (ii) operating antl maintaining certain
127094 3 8
Rcc�uired Imp�ovemen.s; a.�d (iii) seculing financing necessary to pe�io,�:: sacn
fUIlCl1vL'S.
c. Subject :o the ofhcr provisions of this Section 3, the 1yletropol�tan �is_ricts w:ll de�egat�,
assign or atherwisc convey to the GT>D the authority to control t'�e �se of tr,e :�aza,
pursuant to t,.e te�ms oi' the IGA, for the life of the SDD. 5uch aut''�ority si_all ine_ude,
witliout limit�tion, the �owcr to plan, prog�am, schedulc, administer and regul��:, al?
�ublic and special cveni�a cor�ducted on ihe Plaza and otnerwisa usc and run thc P1aza ior
the public benciit; provide�; h�wever, Yhat all Plaza uses including, without limitatio�,
public and spccial events, m�ast be consistenY with ordinary uses for similar public Y�'_<s
wilhin ti-ie Town. AlY''�o�:gh the Town-run GID wi11 have the autl=o�•i�,� Yo con:rol the �;se
of the P1aza, within the ;�ra?nete�-s of tne IGA, the PJ�etropolitan Dist�icts wiil retain tue
respo7sibi:ity 1ar r��irYaining t'.ne Plaza in material confor_manee �vith the star_:.�rds
generally and ordinzsiyo u�served by any recogniced first-class hctel o�erator (ihe
"(�per^ut�ng Star�rzur�'). If ti:e �Ietropolitan District fails to maintain ±ne Plaza cons:stv:�t
with t'r.e Cperating S�rd�d, th� 1VIetropelitan District sha?1 deleg�t�, assign or ot..�-�rise
convey to 1Le GID the ani'r_ority to maintain the Plaza for tnc life of fnc S1�D; provide�.
huwe��er, tnat the GID sl-iall 'oe required io main:ain the Plaza in compliance vaith the
Operatir_g Siandard, Pr,_e IGA ar.d any other agreement{s) or insYrusr:ert(s) bezring en �he
operatien 2nd maintenance of tl�e Plaza.
d. In addition tc the forec�oing, Yhe parties agee that tne following provisions shail gove:n
thc nse and o�eration oi tha F1aza:
i. The public sball havP free and �;nrestricted access to tihe Flaza, exce�t d;�ring
public and sp�cial events approved 'oy tne GID.
ii. No spccial evanLs sh�ll conclude aiter ll :00pm without the �_icr wrii�en oons�nt
of Cressrcads and tne NLtropolitan Districts.
iii. Crossroads shall nav� the right to schcdule and cond�ct 15 spee:al events each
ca'endar yeai•; pNOVi�'ed however, that Crossroads s'.na11 be raq�air�d to sc�e�n!:,
zi_d ccndnet sucn speciai events in accordance vrith the GID' s procedti::es in a==ect
frcm tiine to tin?e.
;v. �l:e party cond�:cting il-�P s�ecial event shal? be respensible for all cosis assoaiz#�t1
wiih t�e speo�al ev�n�, including the cost of cicaring the Plaza consis*.ent �,�ith the
Oper�tir.g S±an�Grd �nd restorir_g tne P?azz to the condirion Ynat existed �r�or to
the occurrcr_ce of t;�e sp�cial eveni. To the extent thzt the pariy �onduc:ina th�
sp�cial evenl cannot complete such cleanup ar_d restoration ;�_ior to 11 :Cupm o�
P�e night of thc s�eciai event, such pa�ty s'r.all complete thP r�mairing c'eArua
and restoratier, `�et,veen %:GGam and 10:00<m on the following morning.
v. t1i1 s�ecial events shall be cor.�ucted in saach a mzaLner as to a11ow fre� ard
um�estricted a�oess to the comme:cial establishments adjac�n± to the Plaza a: a;l
times.
127094 3 9
4. 43on�Zinn ��o-� �°ublic impro3��ments. The parties hereby acirnowie�ge an� agree that, ex�ent
�S Jlj1v?'�lJ;S(� �X�1'�.sS�;� C��V1G�U� r�T�l?l, ll0 G�it1I1��?'£S 0� OGCA�i��?Gj', te;,���'.'��V 0;
perrr,anea�t, will �e issued for i:�e Crossroads Project until Crossroads has: (a) ce�pleted t;:e
Required iinprcvements �s set iorth in Secticn 2 above; ar (b) posted or caused to be post�d
security 9"or the remaining :nccmplete iiens with thc Tovm ('oy iet�,r of credit oi• o£ae,
reasenably acce�tablc fin��cial d�vice), in an amount equal to 125% of the projeoter
con,Lruction costs of those renla,ning items.
5 . Sched��lo for Pcrformance. Czossroads agrees to commence Vertical Construc�cn, as
hereinaftcr deiined, not latyr than 3 years following final non-appealabl� app:oval of Tewn
of �Jail O�dinanae No. 5, Series 2006. " Uertical Construction" shatl r:ean above gro;�r•_d
censtruclion of the frarne or at lezst one elevator cora.
6. CPrt;iiLate of Comp1_iarce. It is agreed that, �pon co�pletion of any of the Reci�aired
irnproverncr,ts contemplz+ad by fnis Agreemeni and the expiration of thc warranty pericu (as
defircd b�lcw), the Toa�n sh�il, apon the rcquest of the party responsib�:e far the p� �'a'cula�
Rcquired Ir��t;rovement(s), execute a certiP�cate staiing that such improve�r:en.(s) have been
const�uctod in eemplianae vrith *bis Agreement. Said ecrtificate sha11 not be unreascr_zol;�
w:tl�held if the ��e.luesting party has completed tnc improvements in a good and wor'cm�li.ce
�nanner, corsistent with the Piral Plans.
7. ��larranty. Crossroads shal �N�rrant any and all Ofsite Irnprovemen±s for which it is
responsible hcreaildcr for a �eriod of 2 yeais from the date of su'osta^tial co�pleL�ivn, as
evid�nced by the issuarce oi a temporary certifieate of occu�ancy ("Subs'�rtzai
Completaon"), Specii:caliy, Crossroacls sha11 warranC Pnat any and all oifsite phys:cal
improverner.ts rvquired by �1-.is !'�gre�m;nt wh:ch are conveyed, dedicated or othexwise uone
for the bes ciit of the pn'olic s'_n�ll be free fiom any cefects in nlaterials ar_d workmansnup, a:d
free fi'om any sc�;wity ini'er�si, moretaiy lien or othcr encum'orance fo: a period of two 2
ycars Crora the date of Substant��i Completion.
8 . 7,iabilitv of S���cessors. Tl-�e p?°o aisions hcreof touch and concern and run with the owr.�_•sl-ua
cf lhe 1'roperiy. IIov�ever, Cressroac'�s' rights and doligations as set fot-t: in this A�re�ment,
ir_clnding, �,n�ithout limiraiio�, Crossraads' responsioilitias with respect to the Requi:e�
Improvernents (the "Development Obligations"), shall be assignable as set foii;'� below:
a. Subject to and in accoruance with the provisions of Section 3 abeve, Crossroads =1✓ii1
assign to {he Iv�et3•o�,clit�n L�istricts the anthority to conshuct, opera�e and maint2_n the
Required iinprovements, or �ligib':o pextions thereof, to the extent Y=e sa�me qnalify fo:
public financing under Co;orado law.
b. In addition tc tl:e Pc�egcina, Crossroads may assign the operation an� maintenanve af a:�y
Requirctl I'mproven�ents ihat �?o not qu�iify for puolic finaacing ti�naer Colorado la�a
(inoluding, by way of example, the Lobby Amenities and the Parldng Faciiity) to any
owners' association foi7r.ed in connection with the Crossroads Proje�t.
c. Tixcept as etheiwise sei fo�ih in this Section 8, Crossroads may assign the �evilop�er=t
Obligations, or relavant porCions thereof, to any successor owner in thc Cress.ouds
127094 3 1 �
t'roj ect.
d. If Cr�ssroads assigns �n� of the Development Obligations purs�:ant tio this S�ction 8,
Cross�•oads will havc no furtller liability for a�ny of £nose Developmant Obligati:ons tha�
are so ass�gr�ed.
e. "1'he Town agrecs to 000pe,•at� reas�nably and diliaently in furnisnirg rcco,daule re,eases
and tert�inatio��s of tais Agreement, or far discrete port:ons of the requi:etr=ents
he�eunder, wricn the ralevant requixemants nave becn s�tisfied ar assigued.
f. Subject �e the ioregoing �rovisions, (i) ihis Ag_eement shall be 'oindir_g upon a.nd ir�.a:e to
Yhe bcnePit of Crossroads and its successors and assigns, and (iij referer-_ces in this
!'>g��eemeni to "Crossroads" shall be consirued to include its successe_s and assigrs from
time to time.
g. Notwithstant��ng anyth'.ng to thc contrasy contained herein, the ��ovie T'nea.er and
I3owl;ng AI1ey shall be o=,�ned and operated as part of thc Uniform Comir_ercia!
Enlerprise far the lite of tre SDD. Ownership of and res�ansib:lity for the Ulevie
Thcatcr and I3owling Al ey, inclu�ing a11 obligarions in Scction 2.b.vii above, may criy
b.� transferred to a purcn�scr who acqu�res the Unified Commercial Enterprisv ir. its
entireiy.
9. Vestcd Rights. l;xccpY to fne exier�t thai Cro�sroads must satisfy t'ne rcqu�rements oi Sectio:�
5 a'oovc, Crossrcacs and t'_�e Town agree that the Crossrozds Proj�cY Approvals and this
l�g��ceinr. �lti coliectiveiy ce�stitat'e an approved "site-s�ecific developmenC plan" ior Y'rP
Property ar_d the Crossroads P:oject un�ler ibe Vested Rights Laws (as dcfi�ed be':ow).
Pursuant ti:areto, tne Town a,n,�ees that Crossxoads, and its successo:s in interest in the
cwnership of the 1'roperty, or any portion thereof, will bc entitled ard have the rig;3? t�o
unc�ciiaie and complete d�va.opment of the °roperty and the Cross^oads Pro; ect in
accordancc with the Crossroads Proje�± Anprovals, as the same may be iuclher �rriendad cr
sup�,lernentad in conne�tien with the devclopment prxcss by a.�ditio-��1 de��elopmvn2 ar_�
cons±ivvction �l�ns, platting or etnerv�ise. This right to so develop snall cons�it�.:te a ves�e�
property r�ght �nu'er C.R. S . § 24=58- 101, et seg. (the " T/ested Rights AcP';, ana/or Town Ce�e
§ 12- 19- 1, ef seg. (cc iec?iv�l; the " Vested Rights Law.r"), znd tnis Au�re�mvnt shall
constitule a de��elcpme�t agtee?nent witr�in u':e meaning of thc Ves.ed Rights P_ct. 'a"n�,
Sollowing 1�_guage is he.eby decmed incorpar�ted into each of the Crossro�s � Pro; ect
�pprovals (a .d ar,ier.drnLr.ts and supplcm�nts tnereto) as v�ell as tnis A��eement "A�pmva]
oi this plan triay creaie a ves�ed pro��erty righti pursuant to Colorado Revis�d Statntas ti.iv 2�,
arlicle 58, as amendad. "
10 . Reii�burs�ment of Costs. C*ossroads shall reimburse the Town for its zeasonable attio+_�ne;�s'
i�ees and ccnsuitant expe�ses ���st, cm�rent ar.d fuiure) in connection iaitn tne revie;� an�
considcraYion o� thc Crossro�as 'roject zaid the proposed Special Taxing I�istricts. Fa�:ne-�t
shall be dne witi�in 30 �aays of Crossroads' oi receipt of itemizcd inveices detailing s�cn
expenses.
127094 3 � 1
11 . Lien �i�d �ecur:ty I;�'eresi. i"e Town shall !�ave a vzlid lien and se�ti�ly inte,est upen t;�e
rc�l p'r�;p�,��iy e^�o�i:pass�rg L;; Unii��d Commerci�? Ente�-p�ise for �11 snms of �ri���e �
b�com?ng duc hereunder as a r�sult of Crossreads' failure to operate the Movie Theater �.�!u
Bowling Aliey in co;:for.=na�:v� vaiti'� the provisions of this Agreement. Such lien and se�urity
intcrest tr_ay bc foreclosed in the manner and form prescribed by law (and tne Tcv�n s:��ll
have all :he rigLts of a secured party under Coloxado 1_aw); provided, however, that _h°
I'own' s lien and secuiity irt�rest s�all 'oe sabject �d suoordinate to the _ights of any lerider
advancing funds or tu-�derwriter securing financing in connecuon with Crossroads Project.
12. Notices; �usiriess Days. �1ny nc�ice required or pesmi�ted under tne ter_ms of this Agr�e:�e.t
shali be :u writing, may �e given by the pa�•ties hereto or suoh parti�s' reapectiye i���=
ccunsel, and shall be deeried g�ven znd recaived (a) when hanci delivered to the inie^��d
recipicni, by whgtevcr r�e��s; (b) 3 business days after ti:e s�me is dep�sit;d in the U::itea
Staies mails, wiY:'� adeeaats, postage prepaid, and sent by re�iste_�ed o3 certif'ied ma:l, v,�ith
reYurn recci�t requesied; (c) 1 ��.asiness day afker the sa;ne is da;osit�d with an occrni�:t'
coGrier seivice of natiqt:�l or i�tcrn�tional reputation having a delivery arca er.compassi�_�
tho address of the inYende� rvcipient, with the delivery ck'iarges prepaid; cr (d) w'r�en rece�ved
via facsiniiie on t;�e ir_tendcd re�ipienYs f��simile iacilities aocessed by �he applica�i�
tcicphone namber set fortli b�low (providet�' snch fresimile delivcry and ��eceipt is canfi_��ed
on the Pacsiniils facilities o` the �?oticing party). Any not:ce unccr clause (a), ('o) or {c) �bove
shall bc delivered or maile�, as tine case may be, to the app'roprizte address set for�n 'belo�v:
If io :;rassr� aas: with copi2s to:
Cross,cads ?�'ast One, LLC Crossroads East One, LLC
Attn:l'eter �riobel Attn: Jor:atha�n Boord, Esq.
7 43 E. Nleadow I�rive 143 E. Meadow Dri��e
Vail, CO £ 1557 Vail, CO $ 1557
�ax Iilo. : (970) 479-7511 Fax No. : (970) 479-7511
Phonc: (970) 479-7556 Phone: (970) 479-75b'o
and
Garfield � Hecht, P.C.
Attn: Reed «v'ei1y, Esq.
Avon Town Square, Unit 1 C4
C070 Benchmark Road
P.O. Box 5450
A��on, Coiorado 81620
Fax No. : (970) 949- 1310
Phone: (970) 949-1495
127094 3 12
I€' ea the '�'�;v;� c� ?Iasi: with a copy to:
lown of Vail Town of Vail
Atiention: 'Town Manager A�tention: 'I'own Attorney
75 S . Prontage Road 75 S . I'rontage Road
i/ail, C.olor�do 81557 Vai1, Colorado 81657
Fax No. : (970) 4�79-2157 Fax No. : (970) 479-2157
�a:;h party may change iis addresses and/or fax numbers for notices pursuant to a wri_ten
noiicc giv�n i., accorda:ce wiYh fhe terms hexeo£ As used 'nerein, the ierm "business :lay"
shall ��ean any day other t�an a Saturday, a Sunday, or a legal holiday for �vhicn U. S. �ail
service is net provided. ��Iher_vver any date or the e�piration of any peziod specified un�er
this Agreement ialls on a day other tnan a ousiness tlay, then such da±e or period srali be
deeined extended to ihe n�xi sticceeding busirtess day theteafter.
13 . Severabili . ln the event any pxovision ef this Agreement is held to be illegal, in��Alid or
uner_forceable un�er any present ar fature laws, the legality, validity and enforcezbility of the
re-maining pr�visions in tl'iis Elgreement shai_1 not be afiected there'oy, and in lieu of the
affected prcvision th�re sivall bc deemed a;ded to this AgreemenY a substihatc provis�on that
is legal, valid �ud enfer�eablc and that is as similar as possiblc in content to t}:e affe��ed
provision. It is ger.erally inic°.ded by the partias that this Agreement and its sep�a±e
pi�ovisions be cnfarceabla to the fullest exient per�nitte� 'oy Iaw.
14. C'ieneial =�i�clain2er. N��Nitbsia;�ding anyihing to the contraiy conrained cerein, thie
Agi�cemenT sl-,all net be �;cnsh��ed to t�equire eiCner party to talce any zction con±rary to an �
laws, rales, regulations, or ;estrictions affec5ng the property (collec_i��ely, the "PropeNty
Restriclions"). If any of fih� o�ligaYions ag:eed to hercander are found to :riolate ti7e Fr�_e'ti;
Restrictioils, the patties agree to take snch actions as asc necessary to remedy the violatior(s)
so th�t the Cr�ossroads Project can proceed in Gcco�dance wiCh the Final �;�ns, the Crossraads
Approvals, and the provisions of this Agreerr�ent.
l 5 . �xhibits. !�ll Exhibits ta :his E�' areement wnich are rafcrenced by U.e provisions hereoi as
bein� attache� hereto are ���med incorporzted herein by ihis raference and made a part
l�creof.
16. Entire A�rcesnent. This Agreement and the otner contracts or agreiments specifically
rcferred *o he�ein represent the entirc agreement betwecn fne partics hereto wiih res�ect to
the subj•vcY matter hereof, ancl all prior or extrinsic agreements, understand:ngs or
negoLiations shall be dccmed rr�erged rerein.
17. :Zules of Co�sh..ction. 'fi:e headiugs appcasing in this Agreeinent aa�e for pur��s�s oi
conveiaicace ar_d referenoa and zre not in any ser.se to be construed as modi:yi^g the
}�arU�raphs in wkicn they a�p�zr. Eacu party hereto zclrnowledg�s Yhat it has had fi:ll and
fau o}�pertUnity to review, st�ake comment upon, and r.zgotiate the tert�s and provisions of
this A��eement, a�id ii therc arise any ambiguiries in tne provisions �ereof or any other
circumstances which n��essiia_c ju�ioial intierpretztion of such provisions, Yhe parties
mutually agree that Yne p_�o=�isio�s shall not be eonst;ued against the drai�:ng party, ar.� �*rzive
12709h 3 13
ary rule of law wnich v�ea1_� oYhe��vise reqnire int�_Yretation or ccr-_st�;ction against �-.�
]?'_1C"r'�S'� Ol ill� �iil��i:;1g r'�.'1'!�!1, ����7�IlG�S r�?vill t0 t'R€ S1:cgU�r�i Sil�il 1'.?�',1�� lr.� p��T��, 2?'i�1
to ihe pli:ral shai! inclu�e the singular, and any reference to any one acn�er shall be d��ed
to include and be applicable to ali genders. The titics of the p�rag:�;�hs in this .�gree ien: are
for convcnivnce of referenca o:�ly and are not iniended in any way to define, lir,.it or
�rescribc the scope or inten± oi this Agreement.
18 . P;ffecti-ve I�`ate. The effecr;ve date of this Agrcement s�a11 be the �zte upon which Yl�is
l�.greemont has l�ean cxecui�d znd delivered by Crossroads and so cxecuted by tne To>n�
1�/lanager.
19 . `vVaive3's an�1 9�e�dmP^ts. No provision of this Agreem�nt may be vraived to any ex�ent
unlLss and cxcP�t to Yhv extent the waiver is spveificaily set forth in a v,�riLLen ins�rL:ment
executed by tre party to be bound th�raby. No modification or amendment ta =his
l�g_�ceinent s;zll havc any forec er effact unless embodied in an a�endatory or oE'_�r
agrecment execnted by all parties hereto.
?0. Gavecn?n�; i,a�a and Versue. This Agreem�nt shail be govex•ned 'o� and ccnstr�ed in
accoi�da�ive with Yhc la�NS of the St�te of Colorado, and Eagle Covnty, Color�do snal] be the
vcnue for any dispute arising �:n�er this Agreen:ent.
'L1 . P.d�itjon�l Assisances. '�he pariies agree to reasonably cooperate to execute any addit�o�al
doc;:inents ar_d to taice any ad�i±ional acrion as may be reasonably necessary to carry o�t thv
purposes of this Ag•eernent.
22. l�Io Third Party �cneficiar�a. No ihird pat�iy is intended to or sha11 be z bereficia;y of th_is
Agrcement, nor shall any such Yhird party have any rignis to enforcc tc.is Ag_�e-nent in any
respvct.
?.3 . Coun±ci�at•ts. This Agreet��nt may be execcted in counterpa'rts, each of which shali
constitute an original, and uanich together shall oonstitute onc and ts�e sami agreeriient.
24. I�vcardi�°�. Tnis Ag�eeme:,1 shall be recorCed in the real property records for Eaale Co';�s'�ty,
Colorado.
25 . No Jcint Vcntua•e or Paa�trersh:p. No form oi joint ver_tu.e or partnership exists beh,n�een the
Towu an� the �_her parti�s :Pre*o and notsing contained in this Agreem�:_t shall Le cons�rue�
zs inaking the "I'cwn and ihe ciher parties to fnis Agreement jeint venturers or parfners.
26. Attorne-✓s ' I ees. In tha cvent any legal proaeeding ar:ses out of Yne s�bj :,ct matter of this
I�greement anZ is prosec��_�tl to final jn�otnent, tne prevailing part� snall be entitled Yo
recovcr fram the ot�ler ali oi t��?e prevailing pa�ty' s costs and exoenses inccrred in co:�ection
tnerewith, incluring rezsenable attorneys' fees (and the prasiding co�:ri v✓i11 be bcu�d to
makc tnis a�✓�rd).
27. Force P1�Gjcure. In the evcrat of dclays � from causes beyand fne reascn�blc conttol ei
Crossroa:.s (such as, acYs of God, strikes, work stopp�oes, unzvuilab:lity of or ce'ay ir.
rcceiving labor or materials, defaults by con�actors or su'ocontractors, unus�al we�tl.e:
127094 3 14
ccnditions, or fire or otl��r casualty) (each, a "Force N'ajeure Delay"), then the timv for
Cross.oa�s ' r�eY�-vr�zlz�� or sat:sfaction of ��iy con�itions under this �gre.err!ynt wi;l be
extended :o�� a period or perio�s of time eo,ual to the ]e�gth oi eacn Force Majanre D�,1�;�, oa
�-iy longcr period or pericds as rnay bc reasonably necessary or appropriate to accommoda�e
the effect of tl-ic Porce A1�ajeure Lclay.
28 . [�vice,r,t�nce o` Easer.�ent �iedications. In con?_ection with the Crossroads Project, tuc Town �
ha, rcocivec or will reccive v�rious easement grants, made expressly as d°dicatic�?s and Lo 'oe
recordcd in t2e real prope�iy r�ccrds for Eaglc County, Color�do (inL "Xecor^ds"), 1`-om
Crossroads {ti�e "Pu. �lic Eas�ments"). The '1'own hereoy agrees tl�at effective upon exe�u�on
and delivcry by The Town �Iarager, or upon the final writtcn confirrriation of The Town
AJ`anager, ihe Tcwn accepis tne pu'olic dedicaiion under tnc grani of ea�h Pu'olic Eas�mvnt,
for the public's nsc.
�i3al�n:v of ��e� :r±?entea��=1y l�ft b'��'_�]
127C9h 3 15
1_N 1�IITNESS WIIFRLOF, th� 'Town and Crossroads 'rAave ma�c this �gzeement as of �h�
day, �,�onth and year first abo✓e w,iT.en.
T�v�rP�T:
TOWN OF VAIL, a municipal c�rporation d�;ly
� argar.ized and existing oy virtue of the laws of ��e
������ 9��, State of Colorado
a�, ,���
� p
a o �
0
� �lV o t`+
d 4�,�� k �
9 �[�jf � �
/j
� . '�:! � �' � 1 ,✓� l.d �./� [iL -� 3 z '
� �y y. �
��Ono ooe �' 2.TIIe: '1 �.. — —�-
��� oo��ou
����� . 1'itle: Town vIanager
`i-��-c���
/�TI )� `.
i �
.,
� .
/' ( lP =l'r A,���'tFtFC�L,z _ . —
] ,o�elci Donaldson, Town Clerk
STA'il� OF COLORAI�O )
U ) ss:
covN�i Y or _i(�,�'�_ )
_,
�� �v-
Thc i�oregoing instruir�ent was acknowledg�d before ine fnisc� �? day of
� �k� , , 2�0�, by < :�e�ti � �Y ' :� . ��.5 � as Town Ma'r�a�er
of thc, P rri� T Vail, a municipa: corpo.ation duly organi�ed and existing by virtue of the laws of
the Statc of Colarado.
l�Jitn�ss my hand and official s�al .
1VIy cot�smission exp res: ( , .LY''! r' `�ti j ��
�° ,
� i%
���� ��� � � �L
0000�oa�o �� �'� �,
� .
;� ,� o o� � �J \,f./'t-�i_ � . ���'�§�=��1,�`_ ___ . __
,/ r
�R1-L[:� � N�ary Publ;c
i��'.ALDS�N g
o�ey
� ° Q�' . ��ign�tGr� bl���i� ca�#in�° o� fa31a=r�i�� �ag�]
`�C �, ( r �i CO�-O
��?'`�s��_� .
127094 3 l6
���S3C0��� :
Crossroads Past One, LLC, a Colorado
limited liaoilitiy compas�y
� � � ����;���
By: � /�
Nanie: �e�`�° �' I�Z K'n�,�e �
�
� Title: � � ° ir� ��t �'
STA1'l Oi COLORADO )
; ) ss :
COUNTY OP ��_ )
1'he forcgoing instrament wa ack zowledged be��jr,,e e this �`� day of
�1A�_ _, 200�, by --I������ 0�1 _ as
oP Crossroads East One, LLC, a Co:orado l;mited
lial�ility compvry.
�Aiiuess my hand and offcial seal .
My commiss?on expires : � ( �
.,t�'S"�'�;'��'�a$$ r
4'- ��
'' �'� �a�`�� `°���''� 1�'otary ublic \ �
v.cc. : Y
V
`?, '�.'si'•, r'i9 k� �., 4g° ' ��
"., ,�p., :��?�a`
.. .��... . e
"''�ia����i�°.�e�j°"'t
fVry Commissfnn �xpfres qd/91lGO�Y
127094 3 17
������� �
�:����, r��������:�ra
�p�vcia3 Develop�^cnt Gistrict No. 39, C�'ossroads, is ast�blished For devYlopment on tv�o
parccls oP land, ]egail� �escribed as Lot P and A Ya:t of Tract C, Biock SD, Vai] Viil�ge
Piiing I , which co.,—:prise a to'al of 715, 129 square faet (2.b43 zeres) in The �Iail V=l:age
arca of Yl:e Town of VaiL Sa�d parcels ;nay be referred to as "SDD ��o. 39". S;ec:al
lleveicpmenY Distr;ct No. 39 shall be rcflecYed as such cn the Oificial Zaning Mzp of t��L
I'owr: of Vail. The undvrlying zoning for Special Development DisYriet No. 39,
Crossroads, snall be Commercial Service Centcr (CSC) District.
127094 3 A- 1