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Home My WebLink AboutPEC110037 �I�r�r�ir�� r�� Er��ir��r�r��r��I ��r�r�i��r� ��TI��I F�F�1�1 � - � � � ��rtrr7�r�t �f ��r�r��r�i�� :��I��r��r�� # �.� �� Fr�r�t�� F�� i I� ��I�r�� 1�.�� I: ��.��.�1�� f��; ��,��.�� 1�1.��1'-'i C�wEL��i_�- �� .��I��f�l Project Name: FIRST CHAIR SUBDIVISION PEC Number: PEC110037 Project Description: MINOR SUBDIVISION FOR FIRST CHAIR Participants: OWNER VAIL CORP 05/31/2011 PO BOX 7 VAI L CO 81658 APPLICANT MAURIELLO PLANNING GROUP, LL 05/31/2011 Phone: 970-748-0920 PO BOX 1127 AVO N CO 81620 License: C000001697 Project Address: 600 W LIONSHEAD CIR VAIL Location: FIRST CHAIR Legal Description: Lot: 1 Block: 1 Subdivision: VAIL LIONSHEAD FIL 3 Parcel Number: 2101-063-0800-4 Comments: BOARD/STAFF ACTION Motion By: Kurz Action: APPROVED Second By: Pratt Vote: 6-0-0 Date of Approval: 06/28/2011 Conditions: Cond: 8 (PLAN): No changes to these plans may be made without the written consent of Town of Vail staff and/or the appropriate review committee(s). Cond: 300 (PLAN): PEC approval shall not be not become valid for 20 days following the date of a p p rova I. Planner: PEC Fee Paid: $650.00 '�;K`5,.,,'• *w �,'�,-, Department of Community DevcfoE��ent '�` � '��.�,'�,'� '' `� ' :�;�, , 75 South Frontagc Ftoad '�`�; ., , , ; � '""� �" Vail. ColoraUo�.�1657 , � s� �, ' �� '`"" '•Te(- 970•47y-2128 3. �. {,.-..,� .. . , k �.;�. : g: ;r� � ; h � � � �; �� :w� Fax 91.�-479-2�3�� 6�'�'�'l� s•_ � *�. .,,•,..f ' VVe4: vwr�ne.vailgov.com '� : �.�.,,� �� .k t. �-� : �,..r�;. � . �""'"'�� Devei4pn��.?rit Review G�rocdinator � T'�'i4' M$R k : � � ,. 4 �Y ' t, i� 4 .. �� i��7Aq� /,r- .; .�.0 ,..�.•,: .,,i'mr,�' �� '��'��`�i��'if�,��. ' " . . , .._ . , �; �.y.n:.:L.dt_ ti.�w,. _ , .s... 1... . . - �.d. Minor �ubdivision Review Application for Review by the Planning and Environmental �Commission G2fll.'(01 Il1f�J�RldtlOrt: 'l�,�• d;;O Cd�i:st' I`� f0' d tc_::U_:�!�tJ `.l.,J��jl'v��l' f1Gf.':'lll,f t;1c?�I '.��J� 1 } 1��_5 Ir;, _•:,Y .0 ' �r:: , .._:, f��,' `t �i�,� , �y ��E�SN'a�ff.'4't Of fOuL� (�'�hF'E'X'2t1510i�1 G� ��•�U(�'LCIOci felf='I�ItltS df1C� flOi c1C��ocl��:':`�'c,1�c:C�'tfl�.� f•i::�Vit:r'�,:'� ,;:�tl_•1't�` Cf�it' r Ticl!f.J.'i,)r I�fiEi {73'c.?)4r i]i�J�Jlrilsig (�rC,j?t?'t'j. "f�IlilUr SUfJt"�iVi5i�:riti•� .��C1P�i(lf';I,; '�I Sr"•:.-.�� '1.< < � D-�Lr�- � � � '•_ i h - •, � . . . r� , r� •zk� r r.�, ni_ r, . . JOf15� �/i3i� TCriVf' �...Ut��, S,ld�� (ar3 t'XE'R;,.0 fl'Of�l ��C�GIiCf11E'I'1tS .�a�e'3kNCj �l� �(t:�IfClifldl^j' �..�fi �.I.OfH;?U .S d. ��). �o..�,d`5. �if_d�.�i: ;-�e Src,�on l:i-�: '-t,no;Su::•r.i vis�ar?s, Va;l 1o;^rr� CodL for n��re cleta;i�d iniurn�ati�n. Vail "(ow^.�;� Cod� �.�:ri :;� t�.,.�•.c o• �`i:'_TO:`Jfl�':ltir�l5�t±? il �.._1:.�.� __''.�.<<��i'.. �!li?�)(O�llS:_':� (.)�0,?t�i R�td'y' i1�SC> ;'r'::C�UR�� othi_r ��;'f��-�.; O"t'�)� 1��;:'��.(l 5 �:t':l:;:U. - . _ t`�_ C '.t;r r��i�.. Rod-'d �lntl?CNTnry;n CC�'�,r,c�'. Fee: 5�54 Description of the Request: ti��nor subp.vision for Fir�I Ch��r Physicai Address: oOC� ��1'. Lionshead Circl� Parce! Number 21G1_Q63-080G�_ ^ 'C�n��;_t Ea�le Cc�. ns��ssor �,t �i70 �78 .��-1�, i:;r � r�� r�:�.} Property Ow�ier. `1ai1 ��raor�iiior., Fixed Assets Dept. Mailing Addr-ess: j�Q �nterlc�cker� Crescent Suite 1000 &oomfieic;. CO 8C't171 + ,, Phone: Q7G.75�.4�4� —._ _--.__ __. _.,�_� ......._.__...� _ Owner's Siynature /r"" ' /' �;`-�' ` f� ''�'��,4'�. --.._ __.._— __ .......__. ____ , . - Primary ContactJ O�vner Representative: ��'�nei��I'+anniny Gruup ..y_-_'_ -__....._._ ._�_.`..,...... ...._."..... ,..... ....._..._'____ t�lailing Address; p0 So:Y: '1?27 i�ti-on CO3tF�7 Phone; �70.7a�.0�J'20 riam+ntc�i�:�mpc�vail corn E-Mail: __ _ __•=--�___,--- _...._._._,__�_ Fax: __. ----__--_ _- -- _ _ __ _.__... ._ ---- , For O(fice Usc Only. ;�<�Sh ('C Jisa;' N1C Lt.�, i CC . �71N la nutl-� - p1�3,3�� i.'i.�-�.t. = . ---_.i �_,.. E�,::i �9�J� — {�::.c:eiv�u Fr,:�rt� ��ISavt. 1�.e�v� __ � r•i�eur,a Uar.�•: l.a'o?.7_�l� _.___ _ ____. FEC r;o. -P£C 11_C�3-1 __ _ ' p,,;,r��. __.. . _- -- F'r�jt:ct fi�,`.�i�l_08•0.7.71 I P��uFr�0�3�__ I!_.^,ri:nti .__ _ __-- L<lJic: USr' _ _ _ _ ..�!LijCut'ff!' ftf i�:.t: �'''0005+.11: Lf_)�.:. . .. � f.�i!i]i'F:: � :713?I;��,vi�I:II'�. .JCt,t.� ��'15.AQ.G��....!"!JI%1P J__.... . i .. . U ... ___.....____ ' ,. i i�, ,I:, I'. *********************************+**+**********************************+******************** TOWN OF VAIL, COLORADO Statement *************�******************************************�*********************************** Statement Number: R110000570 Amount: $650.00 05/31/201111:22 AM Payment Method:Credit Crd Init: SAB Notation: VISA - ALLISON KENT ----------------------------------------------------------------------------- Permit No: PEC110037 Type: PEC - Minor Subdivision Parcel No: 2101-063-0800-4 Site Address: 600 W LIONSHEAD CIR VAIL Location: FIRST CHAIR Total Fees: $650.00 This Payment: $650.00 Total ALL Pmts: $650. 00 Balance: $0. 00 *************+*************************************s**************************************** ACCOUNT ITEM LIST: Account Code Description Current Pmts -------------------- ------------------------------ ------------ PV 00100003112500 PEC APPLICATION FEES 650.00 ----------------------------------------------------------------------------- TOWN OF UpIL COM QEU 15 S FROHTR6E RD. URIL� CO 81651 978-419-2324 TERMINAL I.D.� 2882 MERCHAHT q; UISA �t#t#tttt�tik1146�k SALE BATCH: BBB216 INU:000004 AUTH:063300 MAV 31� 11 10: 15 TOTAL �650.00 CUSTOIfR COP4 ��} �� ■ � � ' ■ i � APPLICATION FORA MINOR SUBDIVISION SUBMITTED: MAY 31, 2011 � u � ,-�� . �L.:�: �.�. ti , � Mauriello Planning Group PEAK LAN�CONSiJLTANTS,INC. FIRST CHAIR SUBDIVISION MAY 31, 2011 I. Introduction The Vail Corporation, represented by Mauriello Planning Group is requesting a minor subdivision to allow for the North Day Lot parcel to be divided into two lots. The subdivision will create one parcel presently developed with the First Chair employe housing project (Lot z) and the second parcel presently developed with parking (Lot �). The site will continue to be treated as one lot for development purposes (a note is included on the plat to this effect.) The subdivision allows for the First Chair Employee Housing Project to be a stand-alone parcel to be transferred to the First Chair Housing Trust for taxation purposes. The Vail Corporation will retain ownership of the remainder of the property when the First Chair project is transferred to the Trust. The Vail Corporation is the sole member of First Chair Housing Trust LLC,the trustee of the First Chair Housing Trust. Lot � is .34o acres or�4,80� sf and Lot z is .75o acres or 3z,67o sf. An access easement through Lot � will be platted with this subdivision and a corresponding access easement will be recorded contemporaneously with this subdivision, maintaining adequate legal access to Lot z. II. History of the Project First Chair employee housing project was approved by the Planning and Environmental Commission February g, zoog, and upheld on a call-up by the Town Council on March 3, zoog. The project was a -- fulfillment of the employee -_ - : -- � : ; � -- -:__: _: _ housing requirement of the - ' -� __ „�.,�.�. Arrabelle, which required a total - =_- -=_ . of �zo beds, though �z4 beds _-: _._ _�: -_ _..., �_._;:>`> �``;; were constructed. The project '�� - � - includes a total of 3z deed- - �°'°� . ;_� .� -_ - � � � � restricted employee housing ��_,�� '� "`� _ �' � � ; units, with z8 four-bedroom � �' ,�"'_ = ` -: : ' : units, and 4 three-bedroom units. r^: ' _g_ a�-� � �- ` Along with the approval of the �i '� _ _ °�°-�,� Major Exterior Alteration, a •�• �� parking reduction was granted � for the project, reducing the _ '�' "-- L2.t parking requirement t0 1.2rj CURRENTAPPROVEDSITEPLAN�DRB10-0448� spaces per unit, for a total requirement of 4o parking spaces for the employee housing units. At the time of the approval, an additional g parking spaces were approved. These spaces were designated as skier drop-off spaces, and along with these spaces, various site improvements were included to serve this use. In the fall of zo�o, the Town of Vail approached The Vail Corporation with the request to eliminate the skier drop-off spaces from the site, in exchange for $7z5,000, with the Town then allocating those skier drop-off spaces to the Lionshead Parking Structure. The final design of the project replaced the skier drop-off with a zg space surface parking lot. These zg spaces are then applied towards the Lionshead Redevelopment Master Plan policy of "no net loss of parking" of the �05 parking spaces that were eliminated with 2 FIRST CHAIR SUBDIVISION MAY 31, 2011 construction of the First Chair Project. First Chair is substantially complete and a temporary certificate of occupancy has been issued for the project. III. Minor Subdivision Request The minor subdivision request is to allow the site to be platted into Lot� (.34o acres)and Lot z (.750 acres), First Chair Subdivision. This allows for the property of the First Chair employee housing project (Lot z) to be transferred into the First Chair Housing Trust for taxation purposes, while ownership of the remaining lot (Lot �) will remain in The Vail Corporation when Lot z is transferred to the Trust. The First Chair Subdivision lots will still be treated as one lot for zoning purposes, so there is no impact on development rights associated with the current site. An access easement, as indicated on the plat, will be platted to provide legal access to Lot z through the Lot� property, and a corresponding access easement will be recorded. There are no plans for any additional development to occur on this site at this time. - _ .. I A PORTION OF THE MINOR _ _ _ �: _- __ -� � SUBDIVISIONPLATFORTHE ` __-- � — ' � FIRSTCHAIRSUBDIVISION. - '=. � '"°`` ' _` � � I' REDUCTIONSOFTHEENTIRE .o._,_.. ___ . _- � � I'� � �- � � � PLATAREPROVIDEDASAN �_ ' ,_, ATTACHMENTTOTHIS � Ia ""-"' � � �V r SUBMITTAL. , / / � , -__... ��--._ ` .�_� I � ,�..�„-�_�� / _ " � - wTs �. '� �-s-- "�_ ��/ -_ ° -- I i —i��j_— . � _�— -� V . _ " I __ �1��—'' t ..t.c. :4 . . F r�...�... — I '_�__�__�__»IATI -_--__— �___ �—_�—�r �_____--- . �__________�6ac—____�.�'��-�4I�=+S55eF�a�: IV. Zoning and Subdivision Regulation Compliance Address: 60o West Lionshead Circle Proposed Address: 60� and 60o West Lionshead Circle Current Legal Description: A part of Lot�, Block�,Vail Lionshead Filing 3 Proposed Legal Description: Lot� and Lot z, First Chair Subdivision For the purposes of the First Chair Subdivision, the lot is to be considered as one development site for zoning purposes. A note to this effect has been included on the plat. As a result, the Zoning Compliance has not changed from the approval of First Chair. 3 FIRST CHAIR SUBDIVISION MAY 31, 2011 Standard Allowed/Required Current Conditions Lot Area and Site Dimension �o,000 sf of buildable area Lot�: .34o acres/�4,80� sf Lot z: .75o acres/3z,67o sf Total Lots � &z: �.og acres/47,48o sf Setbacks �o ft(all sides) >_�o ft(all sides) Height 8z.5 ft(max) 70.83 ft 7� ft(avg) Density 35 du per acre EHUs do not count towards density GRFA z5o%of buildable EHUs do not count towards GRFA Site Coverage 70%of total site area z8.8% 33,ZZ5 sf �3,675 sf Landscaping zo%of total site area zo.94% ��,�45 sf Parking and Loading �.z5 spaces per unit(approved �.z5 per unit, 4o spaces total parking reduction) for EHUs Additional zg spaces V. Criteria for Review A. Before recommending approval, approval with conditions or disapproval of the minor subdivision, the planning and environmental commission shall consider the following criteria with respect to the proposed subdivision: �. The extent to which the proposed subdivision is consistent with all the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; and Analysis: Employee Housing has been identified as one of the highest priorities in the Town of Vail. This priority is outlined in many of the Vail comprehensive plans and development objectives of the Town. This subdivision allows for the employee housing at First Chair to be placed into a trust for the benefit of the employees and creates some tax advantages to the owner, and is in no way inconsistent with the employee housing priorities. z. The extent to which the proposed subdivision complies with all of the standards of this title, as well as, but not limited to, title �z, "Zoning Regulations", of this code, and other pertinent regulations that the planning and environmental commission deems applicable; and 4 FIRST CHAIR SUBDIVISION MAY 31, 2011 Analysis: As indicated in Section IV of this report, this subdivision complies with the Zoning Standards of the Lionshead Mixed Use -� Zone District and all pertinent regulations. 3. The extent to which the proposed subdivision presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives; and Analysis: Because the proposed subdivision has no effect on development rights for the site, there is no effect on this criteria. 4. The extent of the efFects on the future development of the surrounding area; and Analysis: This subdivision has no effect on future development of the surrounding area. The subdivision is for ownership purposes only and does not create a new development site. 5. The extent to which the proposed subdivision is located and designed to avoid creating spatial patterns that cause inefficiencies in the delivery of public services, or require duplication or premature extension of public facilities, or result in a "leapfrog" pattern of development; and Analysis: As this is an existing platted lot within an established subdivision, this criteria is not applicable. 6. The extent to which the utility lines are sized to serve the planned ultimate population of the service area to avoid future land disruption to upgrade undersized lines; and Analysis: The proposed First Chair subdivision has no effect on this criteria. 7. The extent to which the proposed subdivision provides for the growth of an orderly viable community and serves the best interests of the community as a whole; and Analysis: As this is an existing platted lot within an established subdivision, this criteria is not applicable. 8. The extent to which the proposed subdivision results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides and other desirable natural features; and Analysis: The proposed First Chair subdivision has no effect on this criteria. g. Such other factors and criteria as the commission and/or council deem applicable to the proposed subdivision. Analysis: Any other factors or criteria can be addressed by the applicant. 5 FIRST CHAIR SUBDIVISION MAY 31, 2011 B. Necessary Findings: Before recommending and/or granting an approval of an application for a major subdivision, the planning and environmental commission shall make the following findings with respect to the proposed major subdivision: �. That the subdivision is in compliance with the criteria listed in subsection A of this section. z. That the subdivision is consistent with the adopted goals, objectives and policies outlined in the Vail comprehensive plan and compatible with the development objectives of the town. 3. That the subdivision is compatible with and suitable to adjacent uses and appropriate for the surrounding areas. 4. That the subdivision promotes the health, safety, morals, and general welfare of the town and promotes the coordinated and harmonious development of the town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality. 6 FIRST CHAIR SUBDIVISION MAY 31, 2011 VI. Adjacent Addresses TOWN OFVAIL C/O FINANCE DEPT 75 S FRONTAGE RD VAIL,CO 8�657 THE VAIL CORPORATION SAMANTHA JON ES 390 INTERLOCKEN CRESCENT STE�000 BROOMFIELD,CO 800z� LAN DMARK CON DO ASSOCIATION GEOFFREY WRIGHT 6�o W LIONSHEAD CR VAIL,CO 8�657 CDOT 4zo� E.ARKANSASAVENUE DENVER, CO 8ozzz LIONSHEAD INN LLC 705 WEST LIONSHEAD CIRCLE VAIL,CO 8�657 LIONSHEAD INN LLC REBECCA FISCHER 633 �7TH ST. SUITE3000 DENVER, CO 8ozoz VAIL MANAGEMENT COMPANY-WESTWIND C/O VAI L MANAG EM ENT COM PANY, PO BOX 6�30 AVON,CO 8�6zo 7 _--c_.-�_,-_-.,-._._ _.�_�r- -�'�s:�—° -ti F1cC+*E P�` •. }_, _� _ . FIRST CH�IR StiBDI�ZSION z F.F�". E; 1'.I�I': `: .: .- P.�PT QF LGT 1 BLOCI: 1 ',.=.1= �r: ��1-=.I: I:-1?I'I. :CD:'; =':"f F '._.? '""-1•?"'_ ''F t_':;I._ �_.=F ' t ] ;:::C"_ � ._i_. �- - - ._ I E � 'a � �.�� - ��_._r:=-.-;__��: �_—�,�� "�_�� j ' ��--� / R r `-� _ � •,' 1 � � _��=-=�—�= - }� -• _.:�,. __� � z ' � � I - y � 'E':lQ b I i zM9�5 52*� i c'�--�.rtsr x-ue e7= I i � {?C�\:'rr Y;2 � w .0 __�_____—__ _____—__ D '� D � n � _ � n m x Z D _., .. -.. - .-._-.--_... .... ---.-- T i7 -.—_.� - - _._.,...._..<.� �.. Z C/l �- D C r p� -� r__-'� �-- .,... � � � a . _ -� _..,.�_:.-.—. . D 2 -.._ t�ii _;�. c � 0 � � __-.;_ ___--.-- 0 Z � � W �-+ N O �-+ �-+ }r�..-.1 : l-: FIRST CHAIR �UBDI�'ISION � F.E�1_-k�Dl`.1�IC1: OE' 1 FiRT OF' L01' 1_ ELOCf� 1. l"�IL LIGK�HE3D THIP,D FIUKG_ I�'�:�; C:} ':__li. rC','�:'I'i CF F:-GLh:. �'C1I[-: CF :'O[��P�C�� c �>� �-a._ -_£.-1 -' _-' -'-' � •..r•� c-' .� _' =tv, - __ ' - -.. :_<�. . .. _'c i ..._ "c'__ ''_' '- .."_�'"`_ .-�-.- .�: ',. �._-.E.. _ ' - '_' ` _ G _—_�\ __-- -' ' _ " - ' � - i _ `�__. -' � � ' i � '_" / i .�-. / � i er-s-�.�� 2 ,_- � ,i � / / / / - : �- � _- �£ � _ - i�� -_ � °o. - � ____"F L / Sr� _ '_� s �g ,.,._ .. :-��-._..:.�--_.r .,., _ a.-�,�..:. � - �, . --:.� .,�� - -_�.. „--'-_�-�- � «�_..�.-.- .. � / ...�-.f. --` - � _ . e ,. - / +�'�u'�s'e-z�no° �.....i-. � - i w. ':�' �T; ¢ .. - r �-�-�.z-�_� �-- � V - / --- =��1-=_ ---�-,_- - . - _ - � � ` �_�x�•��-�� ,�G - -f _ - _ ---P+>.__.. - n. - __�'_�_�s��, __�'_— -__r ---___- . - ---- - - ----�-_- _ --- -________ �_.0.� �OS.97:ys'S��=�_'. . ---__ __�wr.-_- y x��rr.vt�.�--t_,....�. � � � _:-;_�:^r.-:� r��—�— �-� � � � --1 n � Y i7 C/� C b�-y� V � � Q � ? '� W �-+ N O �-+ �-+ ACCESS EASEMENT AGREEMENT THIS ACCESS EASEMENT AGREEMENT (this "Agreement") is made as of the day of , 2011, by and between THE VAIL CORPORATION, d/b/a VAIL ASSOCIATES, INC., a Colorado corporation, as the owner of"Lot 1" defined below (the "Lot 1 Owner"), and THE VAIL CORPORATION, d/b/a VAIL ASSOCIATES, INC., a Colorado corporation, as the owner of "Lot 2" defined below (the "Lot 2 Owner"). The Vail Corporation, d/b/a Vail Associates, Inc., is also sometimes referred to hereinafter as "Vail Associates," and the Lot 1 Owner and Lot 2 Owner may sometimes be referred to hereinafter collectively and in the singular as the "Owner(s)." RECITALS: A. On or about the date hereof, Vail Associates, as the owner, has caused to be recorded the final subdivision plat for First Chair Subdivision approved by the Town of Vail (the "Town"), which plat resubdivides a part of Lot 1, Block 1, VaiULionshead Third Filing, located in the Town of Vail, County of Eagle, State of Colorado, and has been recorded in the real property records for Eagle County, Colorado (the "Records"), on , 2011, at Reception No. (the "Subdivision Plat"). Pursuant to the Subdivision Plat, the resubdivided property has been legally subdivided into "Lot 1" and "Lot 2," as described therein; Vail Associates, in its capacity as the Lot 1 Owner, owns Lot 1, and in its capacity as the Lot 2 Owner, owns Lot 2. B. Lot 2 has been developed with a multi-unit employee housing residential project that is commonly referred to as "First Chair" (the "First Chair Project"). In connection with the establishment of the Subdivision Plat, the Lot 1 Owner has determined to grant to the Lot 2 Owner certain access easement rights over Lot 1 for the benefit of the ownership of Lot 2 and the First Chair Project, and the Lot 2 Owner has determined to accept such access easement rights, all in accordance with and subject to the terms and provisions of this Agreement. NOW, THEREFORE, in consideration of the above premises, and the mutual covenants and agreements set forth herein, the Lot 1 Owner and the Lot 2 Owner hereby covenant and agree as follows: 1. Grant of Easements. (a) The Lot 1 Owner hereby grants and conveys to the Lot 2 Owner, as an appurtenance benefiting the ownership of Lot 2, and in accordance with and subject to the provisions hereinafter set forth, irrevocable, unconditional easements in perpetuity (i) for vehicular access over the Access Drive (defined below) for ingress and egress between Lot 2 and the public right-of-way of West Lionshead Circle adjoining Lot 1, (ii)pedestrian access over the Pedestrian Path (defined below) for ingress and egress between Lot 2 and the public right-of-way of West Lionshead Circle and/or associated 9758222 public pedestrian walks and paths, and (iii) over the Access Drive and Pedestrian Path, and adjoining areas in Lot 1 reasonably proximate thereto, for undertaking maintenance, repairs and replacements for the Access Drive and Pedestrian Path (as hereinafter set forth) (collectively the "Easements"). The Easements may be used and enjoyed by the owner and occupants of Lot 2, as developed with the First Chair Project, together with the employees, agents, contractors, social guests, licensees and invitees of any of them (collectively the "Permittees"), provided that the maintenance easement under clause (iii) above may be used only by the applicable owner and its contractors and agents. (b) The "Access Drive" shall be constituted by the access easement area on Lot 1 that is designated on the Subdivision Plat, which designation makes specific reference to this Agreement by its reception number in the Records. However, from time to time the Lot 1 Owner shall have the right at its election and expense to alter the location of and/or reconfigure the Access Drive, so long as reasonable vehicular access to Lot 2 is preserved. (c) The "Pedestrian Path" shall mean the pedestrian walkway on Lot 1 which is subject to the public pedestrian access easement in favor of the Town recorded in the Records at Reception 201022758, which easement is also depicted on the Subdivision Plat (the "Public Pedestrian Easement"); however, the Lot 1 Owner shall have the right at its election and expense to relocate or reconfigure the Pedestrian Path so long as reasonable pedestrian access for Lot 2 is preserved (subject to compliance with the Public Pedestrian Easement as enforced by the Town). The use and enjoyment of the Pedestrian Path pursuant to the Easements and this Agreement shall be subject to the terms and conditions of the Public Pedestrian Easement. (d) In the event either the Access Drive or Pedestrian Path may be relocated pursuant to the foregoing provisions, then at the election of either Owner, a supplement for this Agreement shall be prepared and executed by the parties in order to establish a new depiction of the Access Drive and/or Pedestrian Path, as applicable, to reflect such relocation. Such supplement, which may incorporate a specific legal description for the applicable relocation, will be recorded in the Records. 2. Non-Exclusive. The Easements shall be non-exclusive, and the Lot 1 Owner shall retain all rights to use and enjoy Lot 1, the Access Drive and the Pedestrian Path for all uses and purposes that are materially consistent and do not materially interfere with the use and enjoyment of the Easements by the Lot 2 Owner and the other Permittees (and specifically including, without limitation, the rights to use the Access Drive and Pedestrian Path for the Lot 1 Owner's own access purposes attendant to Lot 1, which use rights will be for the benefit of the Lot 1 Owner and any other occupants of Lot 1, and the employees, agents, contractors, social guests, licensees and invitees of any of them). 3. Maintenance. (a) So long as the Easements are used in connection with Lot 2, the Lot 2 Owner at its sole expense will maintain the Access Drive and Pedestrian Path in good condition and repair, excepting ordinary wear and tear that do not materially impair their 9758222 G appearance, utility or function, and also in conformity with applicable provisions of the Public Pedestrian Easement. However, to the extent any damage or wear and tear (excepting ordinary wear and tear) to the Access Drive or Pedestrian Path arises in connection with their use or otherwise by, through or under the Lot 1 Owner, the Lot 1 Owner will promptly provide or reimburse the Lot 2 Owner for the costs of the related maintenance, repairs or replacements for the Access Drive and/or Pedestrian Path, as applicable. The Lot 2 Owner will bear the operating costs for any snowmelt systems that may be incorporated within the Access Drive or Pedestrian Path, including utilities costs. (b) In connection with any maintenance or other work undertaken by, through or under the Lot 2 Owner, the Lot 2 Owner will not cause, suffer or permit any mechanic's lien or payment claims to be made against the Lot 1 Owner or Lot L In the event any such lien claim is asserted, and the Lot 2 Owner does not secure the release of such claim within thirty (30) days after it is recorded, then the Lot 1 Owner, at its election and without obligation to do so, may take such actions and incur such sums as the Lot 1 Owner may deem necessary or appropriate to secure the release of the lien claim, whether by bonding or settlement. To the extent the Lot 1 Owner exercises this right, the Lot 2 Owner, within ten (10) days after demand, will reimburse the Lot 1 Owner for all such sums, together with any and all related costs and expenses, including attorneys' fees, that the Lot 1 Owner may incur in connection therewith. 4. Alternative Access. At the election of the Lot 1 Owner, and in connection with any development of Lot 1 or otherwise, the Lot 1 Owner may undertake to establish and furnish direct public access to and from Lot 2 for vehicular and/or pedestrian purposes (including, without limitation, such access via the South Frontage Road right-of-way along Lot 2's northerly boundary). To the extent any such direct public access is ever provided, the Easements, in whole or part as applicable, will be terminated, and the Lot 2 Owner upon demand will join with the Lot 1 Owner in the execution and recordation of an appropriate termination, in whole or in part, of this Agreement. 5. Runs with the Land. The Easements and the terms of this Agreement shall touch and concern and run with the land as an appurtenant burden and benefit to the ownership of Lot 1 and Lot 2. Each successor owner of Lot 1 and Lot 2, including Vail Associates as applicable, shall be liable only for such obligations that accrue during the ownership period of the given owner. 6. Governing Law; Miscellaneous. This Agreement will be governed by and construed in accordance with the laws of the State of Colorado, without reference to conflicts of laws principles. Headings and captions contained herein are inserted as a matter of convenience and for reference, and in no way define, limit, extend, or describe the scope of this Agreement or any provisions hereof. Where required for proper interpretation of this Agreement, words in singular shall include the plural, and the masculine gender shall include the neuter and the feminine, and vice versa. The terms "include" and "including" shall each be construed as if followed by the phrase "without being limited to"whether or not so stated. This Agreement may be executed in counterparts, each of which will constitute an original, and which together will constitute one and the same agreement. 9�58zz z 3 7. Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties with respect to the subject matter hereof, and any prior or extrinsic agreements or understandings with respect to the subject matter hereof, whether oral or written, are superseded hereby. 8. Severabilitv. If any provision of this Agreement as applied to particular circumstances shall be illegal and unenforceable, such illegality and unenforceability shall not affect the enforceability of any other provisions of this Agreement, or the affected provision as applied to circumstances for which it is enforceable, it being intended that all provisions of this Agreement be valid and enforceable to the fullest extent legally permissible. Any provision suffering from such illegality or unenforceability shall be deemed replaced with a substitute provision which as closely as legally possible reflects the substantive content and intended effect of the illegal or unenforceable provision. 9. Waiver and Amendment. In no event shall any failure by the Lot 1 Owner or Lot 2 Owner to enforce any provision in this Agreement be deemed a waiver of the right to enforce such provision thereafter. Any provision of this Agreement may be waived only to the extent set forth in a written instrument executed by the party against whom enforcement of such amendment or waiver is sought. The Easements and the terms of this Agreement may be terminated or amended only by a written instrument mutually executed by the Lot 1 Owner and Lot 2 Owner and recorded in the Records. 10. No Merger. Notwithstanding that Vail Associates presently owns both Lot 1 and Lot 2, and notwithstanding any other commonality of ownership interests that may hereafter exist in relation to Lot 1 and Lot 2, whether direct or indirect, such commonality of ownership interests shall not give rise to any merger of the Easements or the other provisions of this Agreement with those ownership interests, or any extinguishment of the Easements or the other provisions of this Agreement as a result, it being the controlling and dominant intent of Vail Associates, in its capacity as both the Lot 1 Owner and Lot 2 Owner, that no such merger or extinguishment shall occur, and that the Easements and the other provisions of this Agreement shall remain in full force and effect regardless of any such commonality of ownership interests, and without any limitation or impairment arising by virtue of such commonality of ownership interests. 11. Recordation. This Agreement will be recorded in the Records. [Balance of page intentionally left blankJ 9�58zz z 4 IN WITNESS WHEREOF, the Lot 1 and Lot 2 Owner have made this Access Easement Agreement as of the day, month and year first above written. LOT 1 OWNER: THE VAIL CORPORATION, d/b/a VAIL ASSOCIATES, INC., a Colorado corporation By: Name: Title: STATE OF COLORADO ) ) ss: COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of , 2011, by as of The Vail Corporation, d/b/a Vail Associates, Inc., a Colorado corporation. WITNESS my hand and official seal. My commission expires: Notary Public [Signature/notary blocks continue on next pageJ 9758222 S LOT 2 OWNER: THE VAIL CORPORATION, d/b/a VAIL ASSOCIATES, INC., a Colorado corporation By: Name: Title: STATE OF COLORADO ) ) ss: COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of , 2011, by as of The Vail Corporation, d/b/a Vail Associates, Inc., a Colorado corporation. WITNESS my hand and official seal. My commission expires: Notary Public 9758222 6 Land Title Guarantee Company CUSTOMER DISTRIBUTION I.and Title GUARANTEECOMPANY WWW.LTGC.COM Date: 02-18-2011 Our Order Number: V50028967-5 Property Address: LOT 1, BLOCK 1, VAIL/LIONSHEAD THIRD FILING VAIL, CO 81657 If yoa have any inqairies or reqaire farther assistance,please contact one of the nambers below.• For Title Assistance: Vail Title Dept. 610 WEST LIONSHEAD CIRCLE#200 VAIL, CO 81657 Phone: 970-476-2251 Fax: 970-476-4534 EMail: eaglecountyrequests@ltgc.com VAIL ASSOCIATES, INC., A COLO CORP PEAK LAND CONSULTANTS PO BOX 7 1000 LIONS RIDGE LOOP VAIL, CO 81658 SUITE 3B Attn: GERRY ARNOLD VAIL, CO 81657 Phone: 970-845-2658 Attn: JOHN FEE Fax: 970-845-2555 Phone: 970-476-8644 EMail: gerrya@vailresorts.com Fax: 970-476-8616 Copies: 1 EMail:john@peakland.net Linked Commitment Delivery Land Title Guarantee Company Date: 02-18-2011 Land Title Our Order Number: V50028967-5 GUARANTEECOMPANY WWW.LTGC.COM Property Address: LOT 1, BLOCK 1, VAIL/LIONSHEAD THIRD FILING VAIL, CO 81657 Buyer/Borrower: THE VAIL CORPORATION, A COLORADO CORPORATION Seller/Owner: THE VAIL CORPORATION, A COLORADO CORPORATION ****************************************************************** Note: Once an original commitment has been issued, any subsequent modifications will be emphasized by underlining. ****************************************************************** Need a map or directions for your upcoming closing? Check out Land Title's web site at www.ltgc.com for directions to an of our 54 office locations. ESTIMATE OF TITLE FEES TBD Commitment $100. 00 TBD - TBD Income $-100. 00 If Land Title Guarantee Company mill be closing this transaction, above fees mill be collected at that time. TOTAL $0. 00 Fo� CONTACT 06/09 THANK YOU FOR YOUR ORDER! LAND TITLE GUARANTEE COMPANY INVOICE N0. VA-3320 I.and Title GUARANTEECOMPANY WWW.LTGC.COM PEAK LAND CONSULTANTS PO BOX 7 VAIL, CO 81658 GERRY ARNOLD Owner: THE VAIL CORPORATION, A COLORADO CORPORATION Address: LOT 1, BLOCK 1, VAIL/LIONSHEAD THIRD FILING VAIL, CO 81657 Invoice Date: February 18, 2011 Order No. V50028967-5 Invoice Charges TBD Commitment $100. 00 TBD - TBD Income $-100. 00 - Amount Due- $0. 00 Due and payable upon receipt. For Remittance please refer to Invoice No. VA-3320 Please make checks payable to: Land Title Guarantee Company 5975 Greenwood Plaza Blvd. Suite 125 Greenwood Village, CO 80111-4701 First American Title Insurance Company ALTA COMMITMENT Our Order No. V50028967-5 Schedule A Cust. Ref.: Property Address: LOT 1, BLOCK 1, VAIL/LIONSHEAD THIRD FILING VAIL, CO 81657 1. Effective Date: December 28, 2010 at 5:00 P.M. 2. Policy to be Issued, and Proposed Insured: "TBD" Commitment Proposed Insured: THE VAIL CORPORATION, A COLORADO CORPORATION 3. The estate or interest in the land described or referred to in this Committnent and covered herein is: A Fee Simple 4. Title to the estate or interest covered herein is at the effective date hereof vested in: THE VAIL CORPORATION, A COLORADO CORPORATION 5. The Land referred to in this Commitment is described as follows: LOT 1, BLOCK 1, VAIL/LIONSHEAD, THIRD FILING, ACCORDING TO THE RECORDED PLAT THEREOF, COUNTY OF EAGLE, STATE OF COLORADO, EXCEPT THOSE PORTIONS CONVEYED IN DEEDS RECORDED NOVEMBER 3, 1972 IN BOOK 226 AT PAGE 32 AND RECORDED JULY 11, 1983 IN BOOK 363 AT PAGE 341. ALTA COMMITMENT Schedule B - Section 1 (Requirements) Our Order No. V50028967-5 The following are the requirements to be complied with: Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interestto be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to-wit: Item (c) Payment of all taxes, charges or assessments levied and assessed against the subject premises which are due and payable. Item (d) Additional requirements, if any disclosed below: THIS COMMITMENT IS FOR INFORMATION ONLY, AND NO POLICY WILL BE ISSUED PURSUANT HERETO. NOTE: THIS COMMITMENT IS NOT A REPORT OR REPRESENTATION AS TO MINERAL INTERESTS, AND SHOULD NOT BE USED, OR RELIED UPON, IN CONNECTION WITH THE NOTICE REQUIREMENTS THAT ARE SET FORTH IN CRS 24-65.5-103. NOTE: THE COMMITMENT DOES NOT REFLECT THE STATUS OF TITLE TO WATER RIGHTS OR REPRESENTATION OF SAID RIGHTS. ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50028967-5 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1. Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Any and all unpaid ta�ces, assessments and unredeemed ta�c sales. 7. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 8. RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED MAY 24, 1904, IN BOOK 48 AT PAGE 503 AND IN UNITED STATES PATENT RECORDED SEPTEMBER 4, 1923 IN BOOK 93 AT PAGE 98. 9. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED MAY 24, 1904, IN BOOK 48 AT PAGE 503 AND RECORDED SEPTEMBER 4, 1923 IN BOOK 93 AT PAGE 98 AND JULY 13, 1939 IN BOOK 123 AT PAGE 617. 10. (ITEM INTENTIONALLY DELETED) 11. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED OCTOBER 15, 1971, IN BOOK 221 AT PAGE 991 AND AS ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50028967-5 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: AMENDED IN INSTRUMENT RECORDED AUGUST 12, 1977 IN BOOK 258 AT PAGE 453. 12. EASEMENTS, COVENANTS, CONDITIONS AND RESTRICTIONS, RESERVATIONS AND NOTES AS SHOWN OR RESERVED ON THE RECORDED PLAT OF VAIL/LIONSHEAD, THIRD FILING. 13. TERMS, CONDITIONS AND PROVISIONS OF TRENCH, CONDUIT AND VAULT AGREEMENT RECORDED OCTOBER O1, 2004 AT RECEPTION NO. 893086. 14. TERMS, CONDITIONS AND PROVISIONS OF TRENCH, CONDUIT AND VAULT AGREEMENT RECORDED JULY 08, 2005 AT RECEPTION NO. 922031. 15. (ITEM INTENTIONALLY DELETED) 16. TERMS, CONDITIONS AND PROVISIONS OF ACCESS EASEMENT AGREEMENT RECORDED JANUARY 27, 2010 AT RECEPTION NO. 201001583. 17. TERMS, CONDITIONS AND PROVISIONS OF CONSTRUCTION EASEMENT AGREEMENT RECORDED JANUARY 27, 2010 AT RECEPTION NO. 201001584. 18. TERMS, CONDITIONS AND PROVISIONS OF DEED RESTRICTION AGREEMENT RECORDED MAY 04, 2010 AT RECEPTION NO. 201008423. 19. TERMS, CONDITIONS AND PROVISIONS OF HOLY CROSS ENERGY UNDERGROUND RIGHT OF WAY EASEMENT RECORDED JUNE O1, 2010 AT RECEPTION NO. 201010124. 20. TERMS, CONDITIONS AND PROVISIONS OF TRENCH, CONDUIT AND VAULT AGREEMENT RECORDED JUNE Ol, 2010 AT RECEPTION NO. 201010125. 21. (ITEM INTENTIONALLY DELETED) 22. TERMS, CONDITIONS AND PROVISIONS OF PEDESTRIAN ACCESS EASEMENT AGREEMENT RECORDED NOVEMBER 09, 2010 AT RECEPTION NO. 201022758. ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50028967-5 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 23. TERMS, CONDITIONS AND PROVISIONS OF PEDESTRIAN/BICYCLE ACCESS EASEMENT AGREEMENT RECORDED NOVEMBER 09, 2010 AT RECEPTION NO. 201022759. LAND TITLE GUARANTEE COMPANY and LAND TITLE GUARANTEE COMPANY- GRAND JUNCTION DISCLOSURE STATEMENTS Note: Pursuant to CRS 10-11-122, notice is hereby given that: A) The sub-�'ect real property may be located in a special ta�cing district. B) A Certificate of Ta�ces Due listing each ta�cing jurisdiction may be obtained from the County Treasurer's authorized agent. C) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margm of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margm shall not ap�ly to documents using forms on which space is provided for recording or filing information at the top margm of the document. Note: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII req�uires that "Every title entity shall be responsible for all matters which appear of record prior to the time o}'recording whenever the title entity conducts the closing and is responsible for recordin or filing of legal documents resulting from the transaction which was closed". Provided that�and Title Guarantee Company conducts the closing of the insured transaction and is responsible for recordin�the le al documents from the transaction, exception number 5 will not appear on the Owner s Title Po�icy and the Lenders Policy when issued. Note: Affirmative mechanic's lien�rotection for the Owner may be available (ty�ically by deletion of Exception no. 4 of Schedule B, ection 2 of the Commitment from the Owner s Policy to be issued) upon compliance with the followinu� conditions: A) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. B) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C) The Com�any must receive an appropriate affidavit indemnifying the Company agamst un-filed mechanic s and material-men's hens. D) The Company must receive paxment of the appropriate premium. E) If there has been construction, improvements or ma�or repairs undertaken on the property to be purchased within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construcrion information; financial mformation as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity A reements satisfactory to the com�any, and, any additional requirements as may be necessary a�ter an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. A) That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil,�as, other minerals, or geothermal energy in the property; and B) That such mineral estate may inc ude the right to enter and use the properfy without tFie surface owner's permission. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowin�ly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, information to an insurance company for the purpose of defrauding or incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting attemphng to defraud the policy holder or claimant with regard to a settlemwnt or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies. Nothin�herein contained will be deemed to obligate the company to provide any of the coverages referre to herein unless the above conditions are fully satistied. DISCLOSURE 02/2011 First American Title Insurance Company PRIVACY POLICY We are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, the First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair Information Values, a copy of which can be found on our website at www.firstam.com. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: * Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means; * Information about your transactions with us, our affiliated companies, or others; and * Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested to us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as tifle insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled respnsibly and in accordance with this Privacy Policy and First American's Fair Information values. We currently maintain physical, electronic, and procedural safeguards that comply with referral regulations to guard your nonpublic personal information. WEBSITE Information on the calculation of premiums and other title related charges are listed at First American's website: www.firstam.com NOTICE OF PRIVACY POLICY OF LAND TITLE GUARANTEE COMPANY, INC., A COLORADO CORPORATION AND MERIDIAN LAND TITLE, L.L.C., A COLORADO LIMITED LIABLITY COMPANY, D/B/A LAND TITLE GUARANTEE COMPANY- GRAND JUNCTION This Statement is provided to you as a customer of Land Title Guarantee Company, a Colorado corporation and Meridian Land Title, LLC, d/b/a Land Title Guarantee Company- Grand Junction. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: * applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; * your transactions with, or from the services being performed by, us, our affiliates, or others; * a consumer reporting agency, if such information is provided to us in connection with your transaction; and * the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: * We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. * We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. * Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. * We regularly access security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows. Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Form PRIV.POL.LTG.1 Commltment for Tltle Insurance ISSUED BY First American Title Insurance Company FIRST AMERICAN TITLE INSURANCE COMPANY,a California corporation("Company"),for a valuable consideration,commits to issue its policy or policies of title insurance,as identified in Schedule A,in favor of the Proposed Insured names in Schedule A,as owner or mortgage of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements;all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six(6)months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs,provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF,First American Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. CONDITIONS 1.The term mortgage,when used herein,shall include deed of trust,trust deed,or other security instrument. 2.If the proposed Insured has or acquired actual knowledge of any defect,lien,encumbrance,adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof,and shall fail to disclose such knowledge to the Company in writing,the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge.If the proposed Insured shall disclose such knowledge to the Company,or if the Company otherwise acquires actual knowledge of any such defect,lien encumbrance,adverse claim or other matter,the Company at its option may amend Schedule B of this Commitment accordingly,but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3.Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of the Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith(a)to comply with the requirements hereof,or(b)to eliminate exceptions shown in Schedule B,or(c)to acquire or create the estate or interest or mortgage thereon covered by this Commitment.In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4.This Commitment is a contract to issued one or more title insurance policies and is not an abstract of title or a report of the condition of title.Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5.The policy to be issued contains an arbitration clause.All arbitrable matters when the Amount of Insurance is$2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties.You may review a copy of the arbitration rules as www.alta.org Issued by: FIRST AMERICAN TITLE INSURANCE COMPANY LAND TITLE GUARANTEE COMPANY 3033 EAST FIRST AVENUE SUITE 600 � ' � Gr'�'�„ PO BOX 5440 (80217) � DENVER, CO 80217 - - � � ��tv ` AME- LAND TI'ILE ASSOCIATION A horized Offic r or Agent CC.FA.06 'M Vail Lionshead Filing 3 , Block 1 , Part of Lot 1 (600 West Lionshead Circle - First Chair Condos) � First Chair Condominiums � � ... o_ � �,�. , . , �.. 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