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Home My WebLink AboutGlen Lyon Office Building Covenants EAGLE COUNTX, CO 200906990 TEAY, J SIMUNTON P�s:, ZG�o`o�:soa� Q4/17/2009 DECLARATXON O�'1t�STRICTIVE COVENANTS � THIS DEC�ON OF RESTRICTNE COVENANTS(this"DeclaraEiod')is made as of the � day of � , 2009, by Glen Lyon Office Building, a Colorado general gartn�ers�,ip ("Declarant"), for the benefit of Coldstream Condaminium Association,a Colorado nonprofit corporation (the"Association"). REGTTALS: �. Declarant owns that certain parcel of land described as Lot 54, Glezt Lyon Subdivision {"Lot 54"}. Declarant may redevelop and construct improvtments on �at 54 that include business, prafessional office, and/or residentia! uses, or any combination thereof, as permitted by the zoning regufations af the Tawn of Vail and the Pmtective Covena�ts of Glen Lyon Subdivision recorde�in the Records on April 4, 197$,in,Book 268 at Page 698,as amended(the"Covenants")(the"Improvements"). 2. In consideraiion for fhe Associafion having consented to amend the Co�ena�ts to permit residential use on�.ot 54(in addition to business and professional o�ice),Declarant hereby covez�ants to limit the Improvements as set forth herein. NOW THEREFORE, Declarant does hereby publish and declare that the foliowing teTTns, covenants, conditions, restrictions,uses, reservations, limitations and obligations st�all be deemed to run with the �anc� described herein, shall be a burden on L.ot 54 and a benefit to the Associarion. These restrictive covenants are for the benefit of tl�e Associatipn o�y, and na rights or bene�ts slzall inure to any third party(incfurling individual ovvn�rs of condomimum units wit�►in ihe Coldstream project)and no cause of actian shall exist in any third party to ez�force the ierms or ennditions of this Declaration. 1. Use of I,ot 54. Declarant covenants that the Improvements to be constructed on Lat S�F shall not exceed a total of 56,U00 net square feet of affice and/or residential space (not including parking, circulation, comman area or ather similar areas), as described below. In addition, Declazant cove�ts that the Tmgz'ovements to be constructed on Lot 54 shaI2 not exceed a total of 70,0{10 gross square feet of office andlor residential space(including circuIation and common areas,buk excluding parking areas): {a) Maximum Leaseab�e Off'ice Space. The maximurn a�nount of net Leaseable floor area for use as b�siness and professional office space contained within the Impravements shall be 1l,[}00 square feet. Notwithstanding the foregoing, in the event ihat less than 45,Q00 syuare feet of GRF'A is appraved and const�rucied as part of the Improvements as provided in subsection i{b) below, a conrespondi�ng amount of business and professional office space shaIl be addecl to the 11,000 square foot maximum described laerein. (b) Maximu�n Gross Residentia�Floor Area. The�naxiznum aznou.nt of gross residential floor area„{"G1tFA", as defined by�e Vail Tovvn Code) cantained within the Improvennents shai� be 45,Q00 square fe�t{exetuding on-site employee housing, which is not incI¢ded in GRFA as defined by ihe Vait Town Code). I�fiotwithstanding the foregoing, in the event khat iess than 11,000 square feet of net leaseable business and professional office space is approved anid constructed as part of the Improvements as provided in subsection 1(a) above, a corresponding amaunt of GAFA shall be addad to the 45,4Q0 square foot maximum tlescribed herein. (c) Maximum Hei¢ht. The maximum height of the ImprovemeRts to be iocated on L,c�t 54 shall not exceed the"maximum building heights"applicable to the vaz�ious sections of Lot 54 as set forth in the Elevation Profile attached�ae�reto as Exhibit A-L and incorporated herein by reference,will comply with Town af VaiI requurennents applicable to I,ot 54 and wit� not seek or accept a variance to height limits for the irnprovements. HUS_RE121538b3.1 200906954 1 of 5 2. Architectural Character. Declaraut agrees that the architecturat character of the Impro�ements shown on the plar�s subrnitted to the Town of Vail for approwal shall be consistent with the architecturat character of the Irxaprovements shown on the pia�ns submitted to the Associaiion in cannection witt�, the approval of this Declaration (character images prepared by Resort Design Associates dated March 2G, 2p07, Project No. 23316) and may cf3ange such architectural character only if requested by the Tovcm of Vail. 3. Covenants Running With Lot 54. The ferms and conditions contained in this Dec9aratian shall run with Lot 54 aud shall inure solely to ihe benefit of the Association, and be binding on each owner of F.ot 54 aud its respective successors and assigns. 4. Modifcation. This Declaration and t�e rights and obligations hereby imposed may mot be modified, arttended, changed, cancelled or termin.ated in any manner without the express written consent of Declarant and the Association by action of its board of directors. 5. Partia2 Invaliditv. If any clause or provisian of this Declaration is determined to be invalid, illegal or unenforeeable, the remainder of this Declaration shall not be affected thereby, and in lieu of such pro�ision,there shal[be added as a part of this Declaration a clause or provision as similar in terms to such invalid, illegal or uz�enforceable cIause or provision as inay be �assibla and be valid, legal and enforceable. 6. Goaerning Law. This Declaration shal,l be governed by the laws of the State of Colorado. [REMAINDER OF PAGE INTENTIONALLY LEF'T'BLANK] [SIGNATURE PAGE FOLLOWSj BUS_RE12I53853.1 200906990 2 of 5 rN'WITNESS WHEREOF,the DecIarant has executed this Declaration as of the date first above written. DECLARANT: GLEN LYON OFFFCE BUILDING, a Colorado general partnership By: ADN, Inc., a Colorado corporation, its general paRner By: Andrew D.Norris,President STAT�OF COLORADO } )ss. C4UN'�'Y OF EAGLE ) The foregoing instrument was aclmowledged before me this�`�ciay o `� 2009, by Andrew D.Norris,President of ADN,Tnc.,a Colorado corporation,as general partn r of Glen Lyon Office Building,a Colorado general partnership. WITNESS my hand and af�icisl ea My commission expires: [SEAL] Notary Public S. KELLER-GREEN NOTARY PUBLIC StATE O�COE.ORADO ..�.....�.-. 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