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Home My WebLink AboutADM110012rti f � �"�. �1 -, �� •�� .-1 1 � S � �� • �ti� . � • 1 ti _ � . �+ � �1 �� t� Project Name: Application Type: Project Description: ADMINISTRATIVE ACTION FORM Department of Community Development 75 South Frontage Road Vail, CO 81657 tel: 970-479-2138 fax: 970-479-2452 web: www.vailgov.com WHITE ROCK BEAVER DAM DupSubPl DUPLEX SUBDIVISION ADM Number: ADM 110012 Pa rcel : 2101-071-1300-7 Participants: OWNER WHITE ROCK BEAVER DAM LLC 11/29/2011 PO BOX 3546 LITTLE ROCK AK 72203 APPLICANT GREG PERKINS 11/29/2011 Phone: 970-306-7554 GREGORY PERKINS LLC 710 W LIONSHEAD CIR STE 6 VAI L CO 81657 Project Address: 184 BEAVER DAM RD VAIL Location: Legal Description: Lot: 24 Block: 7 Subdivision: VAIL VILLAGE FILING 1 Comments: Motion By: Second By: Vote: Conditions: BOARD/STAFF ACTION Action: STAFFAPR Date of Approval: 11/29/2011 Meeting Date: 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: CON0012332 The applicant shall correct note #8 to reference lots 24W and 24E, rather than 24A a nd 246. Cond: CON0012333 The applicant shall identify the combined total acreage of parcels 24E and 24W in the land summary table. Planner: Bill Gibson DRB Fee Paid: $100.00 *******�******r*�****�**�***********�************�********�************�******�*******�***** TOWN OF VAIL, COLORADO Statement r*+��**+*************��+***�+�*******************«++*****��++********r*******+**�*�*****r*** Statement Number: R110001716 Amount: $100.00 09:47 AM Payment Method: Check Init: LC Notation: #116 / GREGORY PERKINS LLC ----------------------------------------------------------------------------- Permit No: ADM110012 Type: Administrative Parcel No: 2101-071-1300-7 Site Address: 184 BEAVER DAM RD VAIL Location: Total Fees: $100.00 This Payment: $100.00 Total ALL Pmts: $100.00 Balance: $0.00 *r************************************ss************�**r*****rr****�**r****************�**** ACCOUNT ITEM LIST: Account Code Description Current Pmts -------------------- ------------------------------ ------------ PV 00100003112500 Administrative Fee 100.00 TOWN OF VAIL ` Department of Ccmmunity Development 75 South Frontage Road Vali, CO 81657 Tel: 970-479-2128 www.vsilgov.com Development Review Coordinator Administrative Application Dupiex Subdivisions General (niormation: The required approval for a duplex subdivision or resubdivision of an improved duplex lot and structure will require town approval through the administrator, subject to review by other Town of Vail departments. No duplex subdiv�sion shall be approved unless the lots are improved with at least foundations for both units existing at the time of submittal. Please see Section 13-8, Duplex Subdivisions, Vail Town Code for more detailed information. Vail Town Code can be found on the Town"s website at www _va�Igov_com. Fee: t100 Recording Fees: Please visit the Eagle Gounty website ht :;aaw�v.ea�le�c�u;,�.�as clerk:�ubn�Fiec.o�;�a <<�: for the most up-to-date recording fees and check with your planner prior to submitting the payment. A check written out to the Eagle County Clerk and Recorder is required to be submitied once the plat has been approved by the Planning and Environmental Commission and prior !o the recarding oi the plat. DescNption of the Request: Duplex Subdivision Physlcal Acklress: 184 Beaver Dam Road, Vail, Colorado 81657 Parcel Number: 2101-071-13-007 (Contact Eagle Co. Assessor at 970-328-8640 for parcel no.) Property Owner: White Rock Beaver Dam, LLC Maiiing Address: c/o Jerry Barn t� P�eside�t Clinton Ave., Suite 310, �ittle Rock, Arkansas 72201 Phone:830.876.8858 ('\ Owner's Signature: By: Member Primary ContacU Owner Repr�sqhiStive: Greg Perlcins Mafling Address: Gregory Perkins LLC, 710 W. Lionshead Cir., Suite B, Vail, Phone: 970.306.7554 E-Mall: greg@►gperkinslaw.com Fax: 866.393.9835 For Otfice Use On1Y: Cash_ CC: Visa / MC last 4 CC �t Fee Paid: �� 0� � Received From: Meeting Date: ADM No.: � Planner: �G Project No: � Zoning: Land Use: _ Location of the Proposal: Lot: Block: Subdivision:� F; � j � I � I �` � r�,- '�. -. � ', � �, � NOV 2�:� 2011 �� ., �-.�-_ .s � _ , � ._. Auth # Check l- 01-Aug-II ` 4\ i4�. s�tewart title View your transaction progress 24/7 via SureClose. Ask us about your login today! Date: November 17, 2011 File Number: 01330-2900 Buyer: Selle�: White Rock Beaver Dam LLC Property: 184 Beaver Dam Road, Vail, CO 81657 Please direct all Closing inquiries to: Phone: Fax: Email Address: SELLER: White Rock Beaver Dam LLC PO Box 3546 Little Rock, AR 72203 Delivery Method: Emailed BUYER: Stewart Title - Edwards 97 Main Street, Ste W-201 Edwards, CO 81632 i i - _ �----�--.e.__ i I � � � : _ �', V' !�.1 ;n � � _ , � �� i �� !� � II �� i NOV 2 Q 2011 �' J' �:�'�",`";; , �' 1 ''�: J'll��L Delivery Method: Emailed We Appreciate Your Business and Look Forward to Serving You in the Future. ALTA Commitment (6/17/06) ALTA Commitment Fortn COMMITMENT FOR TITLE INSURANCE Issued by �� title guararrty company STEWART TITLE GUARANTY COMPANY, a Texas 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 named in Schedule A, as owner or mortgagee 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 months after the Effective Date or when the policy or policies committed for shafl 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, Stewart Title Guaranty Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. Countersigned by: � � � �, �...:. � _�i�..- ,_�r,:� -�� , � � �� Stewart Title - Edwards 97 Main Street, Ste W-201 Edwards, CO 81632 (970) 926-0230 / ~ - (I'L� . ��+ �� ` Senior Chairman of t e Board tltle guarartity company �� Chairman of the Board . ��.��.� �• /� = � �. Copyrlght 2006-2009 American Land Tltle Aasocfatlon. All righta reserved. ,�� The use of this Form is restncted to ALTA licensces and ALTA members in good standing as ot the date of use. (�dji 4�i�� All ather uses are prohibited. Repnnted under license from the American Land Title Association. �� .wr�.i.:r� File No.: 01330-2900 Page 1 of 2 � 004-UN ALTA Commitment (6/17/O6) �- -c�n.A...+r�.o.y CONDITIONS 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 shali 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. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of 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 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 issue 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 arbitrab/e 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 at< httv://www.a/ta.orah. stewart � title guaranty campany All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P.O. Box 2029, Houston, Texas 77252. Copyright 2006-2009 American Land Title Assocfation. All rights reserved. �M�� The use of this Fam is restricffid to ALTA licensees and ALTA members in good standing as of the date of use. uvo fii�• All other uses are prohibited. Repnnted under license from the American Land Title Association. •..«y.�«w File No.: 01330-2900 Page 2 of 2 ,�, � 004-UN ALTA Commitment (6/17/06) � �+�e�•Mr�y COMMITMENT FOR TITLE INSURANCE SCHEDULE A File No.: 01330-2900 1. Effective Date: November 07, 2011 at 8:00 A.M. 2. Policy or Policies to be issued: Amount of Insurance (a) A.L.T.A. Owner's 2006 (Standard) T.B.D. Proposed Insured: TO BE DETERMINED (b) A.L.T.A. Mortgagee's Proposed Insured: 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to the said estate or interest in said land is at the effective date hereof vested in: White Rock Beaver Dam, LLC, a Colorado Limited Liability Company 5. The land referred to in this Commitment is described as follows: Lot 24 Block 7 VAIL VILLAGE, FIRST FILING according to the recorded plat thereof County of Eagle State of Colorado Purported Address: 184 Beaver Dam Road Vail, CO 81657 STATEMENT OF CHARGES These charges are due and payable before a policy can be issued Commitment Fee: $100.00 Copyrlght 2006-2009 Amerlcan Land Tltle Assoclatlon. All rlghts reaerved. �Mr- The use of this Form is resficted to ALTA licensees and AITA members in good standing as of the date of use. e�xn' i�rn All other uses are prohibRed. Repnnted under license from the Amencan Land TRIe Association. s..�xunu. File No. 01330-2900 Page 1 of 1 ��,��.,� � CO STG ALTA Commitment Sch A STO �---,.b`��.�� COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART I File No.: 01330-2900 The following are the requirements to be complied with: 1. Payment to or for the account of the grantor(s) or mortgagor�s) of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record. 3. Evidence satisfactory to Stewart Title Guaranty Company of payment of all outstanding taxes and assessments as certified by the County Treasurer. 4. Execution of A�davit as to Debts and Liens and its return to Stewart Title Guaranty Company. NOTE: If work has been performed on, or in connection with, the subject property (architectural drawings, soils testing, foundation work, installation of materials), please notify the Company's escrow officer within 10 days of receipt of this title commitment 5. Payment of any and all Homeowners assessments and expenses which may be assessed to the property. 6. Evidence satisfactory to Stewart Title Guaranty Company that the real estate transfer tax assessed by the Town of Vail has been paid or that the transaction is exempt from said tax.(Insert and transfer or special taxes) 7. Release of Mortgage from White Rock Beaver Dam, LLC in favor of Metropolitan National Bank, in the amount of $9,600,000.00, recorded July 21, 2006 as Recep�ion No. 200619671 8. Release of Mortgage from White Rock Beaver Dam, in favor of Metropolitan National Bank, in the amount of $2,800,000.00, recorded March 9, 2009 as Reception No. 200904114 9. Release by the Public Trustee of the Deed of Trust from White Rock Beaver Dam, LLC for the use of One Bank And Trust N.A. to secure $1,250,000.00, recorded May 16, 2011 as Reception No. 201108761. 10. Relating to White Rock Beaver Dam, LLC, The Company requires for its review the following: a) Copy of the Operating Agreement and the regulations of the limited liability company and any amendments thereof b) Execution and recordation of Statement of Authority pursuant to the provisions of Section 38-30-172 C.R.S. 11. Deed from vested owner(s) vesting fee simple title in the purchaser(s). NOTE: Notation of the legal address of the grantee must appear on the deed as per 1976 amendment to statute on recording of deeds CRS 38-35-109 (2). Copyrlght 2006-2009 Amerlcan Land Tltle Aasoclatlon. All rlghts reserved. �N�� The use of this Form is resMcted to ALTA licensees and ALTA members in good standing as of the date of use. i�A T�� All other uses are prohibited. Reprinted under license trom the American Land Title Association. woev�e... File No. 01330-2900 Page 1 of 1 � CO STG ALTA Commitment Sch B I �---�,�.a,e.,�.,.� COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II File No.: 01330-2900 Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, 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 but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitrnent. 6. Unpatented mining claims, reservations or exceptions in patents, or in acts authorizing the issuance thereof. 7. Water rights, claims or title to water. 8. Any and all unpaid taxes and assessments and any unredeemed tax sales. 9. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion 10. Reservations or exceptions contained in U.S. Patents, or in Acts authorizing the issuance thereof, recorded in Book 93 at Page 98 reserving 1) Rights of the proprietor of a vein or lode to extract and remove his ore therefrom and 2) rights of way for ditches and canals constructed under the authority of the United States.in any water service or street improvement area. 11. Protective Covenants Of Vail Village, First Filing recorded August 10, 1962 in Book 174 at Page 179. 12. All matters shown on the plat of Vail Village, First Filing recorded as Reception No. 96382. 13. The following as shown on Improvement Survey Plat and Topographic Map by Peak Land Surveying Inc. Dated 5/9/06 No. 1477, as disclosed in the Deed recorded July 21, 2006 as Reception No. 200619670: asphalt drive for Lot 27 onto subject property; edge of asphalt onto utility easement; stone walkways, stone/rock walls and dirt/ gravel parking area not within subject property. Copyrlght 2006-2009 Amerlcan Land Tltle Assoclatlon. All rlghts reserved. �M�� The use of this Form is restncted to ALTA licensees and ALTA members in good standing as of the date of use. [�«p *�p7� All other uses are prohibded. Repnntetl under license from the American Land Title Association. u.�xi,.rur File No. 01330-2900 Page 1 of 1 �.,�,,�,�� CO STG ALTA Commitment Sch B II STO �-----m.`��,�� _ DISCLOSURES File No.: 01330-2900 Pursuant to C.R.S. 10-11-122, notice is hereby given that: A. THE SUBJECT REAL PROPERTY MAY BE LOCATED IN A SPECIAL TAXING DISTRICT; B. A CERTIFICATE OF TAXES DUE LISTING EACH TAXING JURISDICTION SHALL BE OBTAINED FROM THE COUNTY TREASURER OR THE COUNTY TREASURER'S AUTHORIZED AGENT; C. 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: Colorado Division of Insurance Regulations 3-5-1, Subparagraph (7) (E) requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed." Provided that Stewart Title - Edwards conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lender's Title Policy when issued. Note: Affirmative Mechanic's Lien Protection for the Owner may be available (typically by deletion of Exception No. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following 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 materialmen for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled Mechanic's and Materialmen's Liens. D. The Company must receive payment of the appropriate premium. E. If there has been construction, improvements or major 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 construction information; financial information as to the seller, the builder and/or the contractor; payment of the appropriate premium; fully executed Indemnity agreements satisfactory to the company; and, any additional requirements as may be necessary after 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. To comply with the provisions of C.R.S. 10-11-123, the Company makes the following disclosure: 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, gas, other minerals, or geothermal energy in the property; and b. That such mineral estate may include the right to enter and use the property without the surface owner's permission. NOTE: THIS DISCLOSURE APPLIES ONLY IF SCHEDULE B, SECTION 2 OF THE TITLE COMMITMENT HEREIN INCLUDES AN EXCEPTION FOR SEVERED MINERALS. NOTHING HEREIN CONTAINED WILL BE DEEMED TO OBLIGATE THE COMPANY TO PROVIDE ANY OF THE COVERAGES REFERRED TO HEREIN, UNLESS THE ABOVE CONDITIONS ARE FULLY SATISFIED. File No.: 01330-2900 CO Commitment Disclosure STG Privacy Notice 1(Rev 01/26/09) Stewa�t Title Companies WHAT DO THE STEWART TITLE COMPANIES DO WITH YOUR PERSONAL INFORMATION? Federal and applicable state law and regulations give consumers the right to limit some but not all sharing. Federal and applicable state law regulations also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefuily to understand how we use your personal information. This privacy notice is distributed on behalf of the Stewart Title Guaranty Company and its affiliates (the Stewart Title Companies), pursuant to Title V of the Gramm-Leach-Bliley Act (GLBA). The types of personal information we collect and share depend on the product or service that you have sought through us. This infortnation can include social security numbers and driver's license number. All financial companies, such as the Stewart Title Companies, need to share customers' personal information to run their everyday business—to process transactions and maintain customer accounts. In the section below, we list the reasons that we can share customers' personal information; the reasons that we choose to share; and whether you can limit this sharing. Reasons we can share your personal information Do we share? Can you limit this sharing? For our everyday business purposes— to process your transactions and maintain your account. This may include running the business and managing Yes No customer accounts, such as processing transactions, mailing, and auditing services, and responding to court orders and legal investigations. For our marketing purposes— to offer our products and services to you. Yes No For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes— information about your transactions and experiences. A�liates are companies related by common ownership or control. They can be financial and non-financial companies. Our Yes No a�liates may include companies with a Stewart name; financial companies, such as Stewart Tit/e Company For our affiliates' everyday business purposes— information about your No We don't share creditworthiness. For our affiliates to market to you Yes No For non-affiliates to market to you. Non-affiliates are companies not related by No We don't share common ownership or control. They can be financial and non-financial companies. We may disclose your personal information to our affiliates or to non-affiliates as permitted by law. If you request a transaction with a non-affiliate, such as a third party insurance company, we will disclose your personal information to that non-affiliate. [We do not control their subsequent use of information, and suggest you refer to their privacy notices.� Sharing practices How often do the Stewart Title Companies We must notify you about our sharing practices when you request a transaction. notify me about their practices? How do the Stewart Title Companies To protect your personal information from unauthorized access and use, we use protect my personal information? security measures that comply with federal and state law. These measures include com uter, file, and buildin safe uards. How do the Stewart Title Companies We collect your personal information, for example, when you collect my personal information? • request insurance-related services • provide such information to us We also collect your personal information from others, such as the real estate agent or lender involved in your transaction, credit reporting agencies, affiliates or other com anies. What sharing can 1 limit? Although federal and state law give you the right to limit sharing (e.g., opt out) in certain instances, we do not share our ersonal information in those instances. COI1�Ct US I If you have any questions about this privacy notice, please contact us at: Stewart Title Guaranty Com�anv. 1980 Post Oak Blvd.. Privacv Officer. Houston. Texas 77056 File No.: 01330-2900 Page 1 of 1 PARTY WALL AND DUPLEX DECLARATION WHEREAS, WHITE ROCK BEAVER DAM LLC, a Colorado limited liability company ("Declarant"), is the owner in fee simple of the following described real estate, hereinafter "subject property", situate in the Town of Vail, County of Eagle and State of Colorado, to wit: Lot 24E and Lot 24W, Block 7, Vail Village First Filing, a Resubdivision of Lot 24, Block 7, according to the plat thereof recorded in the Office of the Clerk and Recorder of Eagle County, Colorado on , 2011 as Reception No. (the "Plat"). WHEREAS, Declarant has constructed a duplex consisting of two (2) dwelling units on the subject property; and WHEREAS, Declarant wishes to provide for separate ownership of such units and agreements related to the use, ownership and occupancy of Lot 24E and Lot 24W and the improvements located thereon. NOW THEREFORE, Declarant does hereby publish and declare that the following terms, covenants, conditions, easements, restrictions, uses, reservations, limitations and obligations shall be deemed to run with the land described herein, shall be a burden and a benefit to Declarant, its successors and assigns, and any person acquiring or owning an interest in the real property which is described herein and improvements built therein, their grantees, personal representatives, heirs, successors and assigns. l. Division of Real Propert�into Two Lots. The subject property is, hereby and upon the recording of the Plat, divided into two parcels (individually, a"Lot" and collectively, the "Lots") each consisting of the Lot designated with the corresponding letter, together with all improvements thereon and all easements and rights located thereon or appurtenant thereto as provided herein, as follows: Lot 24E Lot 24W such Lots being shown on the Plat. 2. Description of Lot. ` __.___ _ _ ____ . . _ ��'� � � �� ,�'i NOV 2 Q 2011 !'� � � � �°� �`�i� �'a �,�',° \ /:31 E �.. (a) Each Lot shall be inseparable and may be leased, devised or encumbered only as a residence. (b) Title to a Lot may be held individually or in any form of concurrent ownership recognized in Colorado. In case of any such concurrent ownership, each co-owner shall be jointly and severally liable for performance and observance of all the duties and responsibilities of an "owner" with respect to the Lot in which he owns an interest. For the purposes herein, there shall be deemed to be only two owners, the owner of Lot 24E and the 1 owner of Lot 24W. The parties, if more than one, having the ownership of each such Lot shall agree among themselves how to share the rights and obligations of such ownership, but all such parties shall be jointly and severally liable for performance and observance of all of the duties and obligations of an "owner" hereunder with respect to the Lot in which they own an interest. (c) Any contract of sale, deed, lease, deed of trust, mortgage, will or other instrument affecting a Lot may describe it by its Lot number and by reference to the Plat. (d) Each Lot shall be considered a separate parcel of real property and shall be separately assessed and taxed. 3. Landscaping and Service Facilities. (a) Each owner shall be responsible for all landscaping and general outdoor improvements on his individual Lot and, except for any expense or liability caused through the negligence or willful act of the other owner, his family, agent or invitee, which shall be borne solely by such other owner, each owner shall pay all expenses, liabilities and general upkeep responsibilities with respect to such landscaping and outdoor improvements located in or on his own Lot. The character of the landscaping as initially installed on each Lot shall not be changed and new landscaping must conform to the existing landscaping except as otherwise mutually agreed upon in writing by both owners. The owner of one Lot shall not unreasonably or substantially adversely affect the value of the other Lot such as by poor maintenance and upkeep outside, and both owners shall make all reasonable efforts to preserve a harmonious common appearance of the Lots. No landscaping, trees or shrubs located on an owner's Lot shall unreasonably restrict the view corridor of the Lot of the other owner. (b) Common facilities or other common equipment and property, if any, shall be owned as tenants in common and, except for any expenses or liability caused through the negligence or willful act of any owner, his family, agent or invitee, which shall be borne solely by such owner, all expenses and liabilities concerned with such property shall be shared proportionately with such ownership. All such common expenses shall be borne 60% by Lot 24E and 40% by Lot 24W. Expenses for construction and future maintenance, replacement and repair of future common facilities shall be allocated among the owners of the Lots as described above. Notwithstanding the above, if a utility is separately metered but such service or any portion thereof is for the benefit of both Lot 24E and Lot 24W, then the cost of such service shall be equitably adjusted between the owners. 4. Party Wall. (a) Each owner of a separate Lot shall have a perpetual reciprocal easement in and to that part of the subject property owned by the other owner and on which the party wall is located, for party wall purposes, including maintenance, repair, and inspection; neither owner shall alter or change the party wall in any manner, interior decoration excepted, and the party wall shall always remain in the same location as when erected. The costs of maintaining the party wall shall be borne 60% by Lot 24W and 40% by Lot 24E. 2 (b) In the event of damage or destruction to the party wall from any cause, other than the negligence of either party, the current owners shall, at joint expense, repair or rebuild said wall to its previous condition which specifically includes the previous sound transmission coefficient, and each party, their successors and assigns shall have the right to the full use of said wall so repaired and rebuilt. If either owner's negligence shall cause damage to or destruction of said wall, such negligent party shall bear the entire cost of repair and reconstruction. (c) Either owner shall have the right to make use of the party wall provided such use shall not impair the structural support or the sound transmission coefficient of the party wall. (d) A concrete wall faced with stone separates the rear exterior living areas of Lot 24E and Lot 24W (the "Patio Wall"). The Patio Wall shall be considered as a party wall for all purposes under this Agreement; provided, however, that each owner shall be responsible for the care, upkeep, maintenance, repair and replacement of the stone facing such owner's exterior living area. 5. Alteration, Maintenance and Repair. (a) If any improvement on Lot 24E ar Lot 24W is damaged or destroyed, such damage or destruction shall be promptly repaired and reconstructed by the owner of the Lot upon which the damage or destruction occurred. Repair and reconstruction means the restoration of the improvements to substantially the same condition in which they existed prior to such damage or destruction. The cost to repair and reconstruct any improvement on Lot 24E or Lot 24W shall be the sole expense of the owner of said Lot except as modified by the provisions of this document and without prejudice, however, to the right of any rule of law regarding liability for negligence or willful acts or omissions. Notwithstanding anything contained above to the contrary, if the negligence or willful act or omission of any owner, his agent or invitee, shall cause damage to, or destruction of any improvement on any Lot, such owner shall bear the entire costs of repair or reconstruction. (b) Each owner shall be solely responsible for all maintenance and repair of the exterior and interior of his residence, including all fixtures and improvements and all utility lines and equipment located therein or in, on or upon his Lot, and serving such Lot only. (c) Utility ar service connections, facilities ar other utility equipment and property located in, on or upon either of Lot 24E or Lot 24W which is used solely to supply a service or utility to one Lot shall be owned by the owner of the Lot using such utility or service and all expenses and liabilities for repair and maintenance shall be borne solely by the owner of such Lot who shall have a perpetual easement in and to that part of such other Lot containing such property for purposes of maintenance, repair and inspection. (d) Drainage facilities located in, on or upon either of Lot 24E or Lot 24W which is used solely to drain water from one Lot shall be owned by the owner of the Lot using such facilities and all expenses and liabilities for repair and maintenance shall be borne solely by 3 the owner of such Lot who shall have a perpetual easement in and to that part of such other Lot containing such property for purposes of maintenance, repair and inspection. (e) No owner shall make or suffer any structural ar design change (including a color scheme change), either permanent or temporary of any type or nature whatsoever to the exterior of his Lot or construct any addition or improvement on his Lot without first obtaining the prior written consent thereto from the other owner, which consent shall not be unreasonably withheld or delayed. The improvements on both Lots shall have a common color scheme, and all improvements on both Lots shall be painted and/or stained at the same time, the color scheme and timing of any painting and/or staining to be determined by the owners of both Lots jointly. (� Where the owner of either Lot, in compliance with the other provisions of this Declaration, desires to build, renovate, excavate, improve or otherwise alter the structures or improvements located on his Lot, and where the owner has obtained the written consent thereto of the owner as provided in Subsection (e) above in this Section, the owner of the other Lot shall cooperate to the extent necessary to enable that owner to obtain any required building permit or similar permit or license. Notwithstanding anything contained herein, no owner may modify any improvement which would utilize more than the zoning density or other zoning rights available to such Lot. Lot 24W shall be entitled to 40% of such zoning density or rights and Lot 24E shall be entitled to 60% of any such zoning density or rights. Any costs or expenses associated with a building or similar permit shall be the expense of the owner desiring said permit and shall not be a joint expense of the owners of both Lots. 6. Mechanic's Liens, Indemnification. (a) Except for items incurred as a common expense as provided for herein, if either owner shall cause any material to be furnished to his Lot or any improvements made thereon or cause any labor to be performed therein or thereon, the other owner shall not under any circumstances be liable for the payment of any expense incurred or for the value of any work done or material furnished; all such work shall be at the expense of the owner causing it to be done, and such owner shall be solely responsible to contractors, laborers, materialmen and other persons furnishing labor or materials to his Lot or any improvements therein or thereon. Nothing herein contained shall authorize either owner or any person dealing through, with or under either owner, to charge the Lot of the other owner with any mechanic's lien or other lien or encumbrance whatsoever; and, on the contrary (and notice is hereby given), the right and power to charge any lien or encumbrance of any kind against the other owner or the other owner's Lot for work done or material furnished to one owner's Lot is hereby expressly denied and prohibited. (b) Except as provided for in Section 9 below, if because of any act or omission of either owner any mechanic's or other lien or order for the payment of money shall be filed against the other owner's Lot or any improvements therein or thereon, or against the other owner (whether or not such lien or order is valid or enforceable as such), the owner whose act or omission forms the basis for such lien or order shall, at his own cost and expense, cause the same to be cancelled and discharged of record or bonded by a surety company reasonably acceptable to the other owner, within twenty (20) days after the date of filing thereof, and further � shall indemnify and save the other owner harmless from and against any and all costs, expenses, claims, losses or damages, including reasonable attorney's fees, resulting therefrom. 7. Use Restrictions. (a) The Lots shall be used for residential purposes only as a permitted use, and conditional and accessory uses shall be as defined by the Town of Vail zoning ordinances. No structures of a temporary character, trailer, tent, shack, garage, barn or other out-building shall be constructed on any portion of any of the property at any time. (b) No animals, livestock or poultry of any kind shall be raised, bred or kept on any of said property, except that a total of two (2) household pets, including dogs, cats or other household pets, may be kept provided that they are not kept, bred or maintained for any commercial purposes and provided further that they do not unreasonably interfere with the quiet enjoyment of the other Lot by its owner. Any clean-up required or damage caused by an animal kept by an owner shall be the responsibility of such owner keeping the animal, and each owner indemnifies the other for any damage or injury to person or property caused by any animal kept by an owner. (c) No advertising signs (except one "For Rent" or "For Sale" of not more than three (3) square feet per Lot), billboards, unsightly objects or nuisances shall be erected, placed or permitted to remain on the subject property, nor shall any Lot be used in any way or for any purpose which may endanger the health or unreasonably disturb the owner or resident of the adjoining Lot. (d) All rubbish, trash ar garbage shall be regularly removed from each Lot and shall not be allowed to accumulate thereon. All such expenses are the expenses of each individual owner, and are not a joint expense of the owners. (e) An owner shall do no act nor any work that will impair any easement or hereditament or do any act or allow any condition to exist which will adversely affect the other Lot. 8. Insurance. (a) Each owner shall keep his Lot and all improvements and fixtures located thereon insured against loss or damage by fire and extended coverage perils (including vandalism and malicious mischie� for the maximum appreciated replacement value thereof, and covering such other risks of a similar or dissimilar nature as are or shall hereafter customarily be covered with respect to similar properties issued by a responsible insurance company or companies authorized to do business in the State of Colorado. The insurance for each Lot shall provide that the policy cannot be cancelled or substantially modified until after thirty (30) days prior written notice is first given to each owner and each first mortgagee. If necessary or desired by the owners, the owners will obtain a joint insurance policy covering such matters as mutually agreed upon by the owners. 5 (b) Each owner shall provide and keep in force for the protection of himself general public liability and property damage insurance against claims for bodily injury or death or property damage occurring in, on or upon his Lot and the improvements thereon, in a limit of not less than Five Hundred Thousand Dollars ($500,000.00) in respect to bodily injury or death to any number of persons arising out of one accident or disaster, or for damage to property, and if higher limits shall at any time be customary to protect against tort liability, such higher limits shall be carried and each owner shall name the other owner as an additional insured party under such policy. (c) Each owner shall deliver to the other owner certificates evidencing all insurance required to be carried under this Section upon reasonable request, each containing agreements by the insurers not to cancel or modify the policies without giving the other owner written notice of at least thirty (30) days. Each owner shall have the right to inspect and copy all such insurance policies of the other owner and require evidence of the payments of premiums thereon. (d) Nothing provided in this Section shall prevent the owners from jointly acquiring a single insurance policy to cover any one or more of the hazards required in this Section. Such premiums shall be apportioned according to the relevant coverage to each Lot. (e) Each owner may obtain additional insurance at his own expense for his own beneft provided that all such policies shall contain waivers of subrogation and, provided further, that the liability of the carriers issuing coverage of the Lots hereunder shall not be affected or diminished by reason of any such insurance carried by any owner. (� Insurance coverage on any personal property items stored within the improvements located on each Lot shall be the responsibility of the owner thereof. However, nothing herein shall be construed to require such insurance. 9. Enforcement. (a) If an owner, at any time, shall neglect or refuse to perform or pay his share of any obligation required hereunder, the other owner may, but shall not be obligated to, after twenty (20) days written notice to the other owner unless the circumstances require immediate action, make such payment, or, on behalf of such other owner, expend such sum as may be necessary to perform such obligation, including but not limited to, the payment of any insurance premiums required hereunder for repair, restoration or maintenance, and such other owner shall have an easement in and to that part of such defaulting owner's Lot as is reasonably necessary for such repair, restoration or maintenance. (b) All sums so paid or expended by an owner, with interest thereon at the rate of eighteen percent (18%) per annum from the date of such payment or expenditure, shall be payable by the owner so failing to perform (the "Defaulting Owner") upon demand of the other owner. C� (c) All sums so demanded but unpaid by the Defaulting Owner shall constitute a lien on the Lot of the Defaulting Owner in favor of the other owner prior to all other liens and encumbrances, except: (i) liens for taxes and special assessments; and (ii) the lien of any first mortgage or first deed of trust of record encumbering such Lot. The lien shall attach from the date when the unpaid sum shall become due and may be foreclosed in like manner as a mortgage on real property. To evidence such a lien, written notice of the lien shall be prepared, setting forth the amount of the unpaid indebtedness, the name of the Defaulting Owner, and description of the Lot to which the lien shall attach. Such notice shall be signed by the owner in whose favor the lien shall be filed, and the lien shall be recorded in the office of the Clerk and Recorder of the County of Eagle. If an owner incurs costs or expenses in connection with the collection of sums expended by such owner, including any costs and expenses of recording a lien or those of any foreclosure or other collection proceedings, the Defaulting Owner shall be required to pay such costs and expenses, including reasonable attorney's fees. (d) The lien provided for herein shall be subordinate to the lien of any first mortgage or deed of trust, including all additional advances thereon. Sale or transfer of either Lot as the result of court foreclosure or a mortgage foreclosure through the public trustee, or any proceeding in lieu of foreclosure, shall extinguish the lien as to payments thereof which become due prior to such sale or transfer, but shall not relieve any former owner of personal liability therefor. The first mortgagee of such Lot who acquires title by way of foreclosure or the taking of a deed in lieu thereof shall not, however, be liable for any past due amounts and/or obligations due hereunder and shall only become liable for future amounts and/or obligations on the date it becomes the owner of such Lot. No such sale or transfer as described herein shall relieve such Lot from liability for any amounts and/or obligations thereafter becoming due or from the lien thereof. In the event of the sale or transfer of a Lot with respect to which sums shall be unpaid by a Defaulting Owner, except transfers to a first mortgagee in connection with a foreclosure of its lien or a deed in lieu thereof, the purchaser or other transferee of an interest in such Lot shall be jointly and severally liable with the seller or transferor thereof for any such unpaid sums. (e) Upon written request of any owner, mortgagee, prospective mortgagee, purchaser or other prospective transferee of a Lot, the owner of the other Lot shall issue a written statement setting forth the amount he is owed under this Section, if any. Such statement is binding upon the executing owner in favor of any person who may rely thereon in good faith. Unless a reyuest for such statement shall be complied with within fifteen (15) days after receipt thereof, all unpaid sums which become due prior to the date of making the request shall be subordinated to the lien or other interest of the person requesting such statement. (� Each provision of this Declaration shall be enforceable by any owner by a proceeding for a prohibitive or mandatory injunction or by a suit or action to recover damages. If court proceedings are instituted in connection with the rights of enforcement and remedies provided in this Declaration, the prevailing party shall be entitled to recover its costs and expenses in connection therewith, including reasonable attorney's fees. (g) Each owner hereby agrees that any and all actions in equity or at law which are instituted to enforce any provision hereunder shall be brought in and only in the courts of the County of Eagle, State of Colorado. � (h) Failure to enforce any provision of this Declaration shall not operate as a waiver of any such provision, the right to enforce such provision thereafter, or of any other provision of this Declaration. (i) Any exercise of any right granted hereunder by one owner with respect to the other owner's Lot, including but not limited to, the use of any easement granted herein, shall be exercised in a manner which shall not unreasonably hinder, impede or impose upon such other owner's use and quiet enjoyment of his Lot. 10. Easements. (a) Each Lot shall be subject to an easement for encroachments created by construction, settling and overhang, previously existing or as designed and constructed by the Declarant or as a result of any addition or improvement pursuant to this Declaration. A valid easement for such encroachments and for the maintenance of same, so long as they exist, shall and does exist. In the event any improvement is partially or totally destroyed, and then rebuilt, the owners agree that minor encroachments of parts of an adjacent Lot due to construction shall be permitted and that a valid easement for said encroachment and the maintenance thereof shall exist so long as the improvements shall stand. (b) Each Lot is subject to a blanket easement for support and a blanket easement for the maintenance of the residences and other structures or improvements presently situated, ar to be built in the future, on the Lots. (c) There is hereby created a blanket easement upon, across, over and under the unimproved portion of each of the Lots for the benefit of the Lots and the structures and improvements situated thereon, including the party wall, for ingress and egress, installation, replacing, repairing and maintaining all common property and utilities, including, but not limited to, water, sewer, gas, telephone, cable television and electricity. Said blanket easement includes future utility services not presently available to the Lots which may reasonably be required in the future. By virtue of this easement, it shall be expressly permissible for the companies providing utilities to erect and maintain the necessary equipment on any of the Lots and to affix and maintain electrical and/or telephone wires, circuits and conduits on, above, across and under the roofs and exterior walls of the improvements, all in a manner customary for such companies in the area surrounding the subject property. Notwithstanding the foregoing, all such utility equipment, wires, circuits and conduits will be placed on the Lot beneiited thereby to the extent practicable, will be placed underground if possible, and to the extent practicable will be placed as close to the Lot line as practicable. Either owner shall have the right to relocate within his Lot any utility at his sole cost and expense. (d) Except in the case of an emergency situation that threatens imminent damage to life or property, the owner of a Lot shall only utilize the exterior living area of the other Lot for purposes described in this Section 10 after consultation with the owner of the other Lot and with reasonable efforts to minimize the impact on the exteriar living area of the other Lot. 8 11. General Provisions. (a) Notice. Each owner shall register its mailing address with the other owner and all notices or demands intended to be served upon owners shall be sent by certified mail, postage prepaid, addressed in the name of the owner at such registered mailing address. If an owner has not registered his address with the other owner, such other owner may deliver any notice to the address of the other owner on record with the Assessor of Eagle County, Colorado. In the alternative, notices may be delivered if in writing, personally to owners. Notices sent by certified mail shall be deemed received by the recipient three (3) business days after posted with the United States Post Office, and notices personally delivered shall be deemed delivered upon the date of receipt. (b) No Response to Request Deemed ApprovaL If an owner submits a request to the other owner for consent or approval in accordance with Section 5 hereof or for any other purpose, a response to such request by the other owner shall not be deemed unreasonably delayed if delivered to the requesting owner within thirty (30) days after the delivery of the request to such owner. If no response to a submission is received by the requesting owner within thirty (30) days after the delivery of the request to the other owner, then the submission request by the owner shall be deemed approved. (c) Amendment or Revocation. This Declaration may be amended or revoked at any time upon unanimous written approval in recordable form of all owners. The covenants and restrictions of this Declaration shall be amended or revoked only by an instrument which specifically refers to this Declaration and which is signed by each of the then existing owners. Any amendment and/or revocation so made must be properly recorded at the Office of the Clerk and Recorder of the County of Eagle, State of Colorado. (d) Effect of Provisions of Declaration. Each provision of this Declaration, and any agreement, promise, covenant and undertaking to comply with each provision of this Declaration, and any necessary exemption or reservation or grant of title, estate, right or interest to effectuate any provision of this Declaration: (i) shall be deemed incorporated in each deed or other instrument by which any right, title or interest in any portion of Lot 24E or Lot 24W is granted, devised or conveyed, whether or not set forth or referred to in such deed or other instrument; (ii) shall, by virtue of acceptance of any right, title or interest in any portion of Lot 24E or Lot 24W by an owner, be deemed accepted, ratified, adopted and declared as a personal covenant of such owner and, as a personal covenant, shall be binding on such owner and his heirs, personal representatives, successors and assigns and shall be deemed a personal covenant to, with and for the benefit of each owner of any portion of Lot 24E or Lot 24W; and (iii) shall be deemed a real covenant by Declarant, for itself, its administrators, successors and assigns, and also an equitable servitude, running, in each case, as a burden with and upon the title to each and every portion of Lot 24E and Lot 24W. (e) Severability. Invalidity ar unenforceability of any provision of this Declaration in whole or in part shall not affect the validity or enforceability of any other � provision or any valid and enforceable part of a provision of this Declaration which shall remain in full force and effect. ( fl Captions. The captions and headings in this instrument are for convenience only and shall not be considered in construing any provisions of this Declaration. (g) Construction. When necessary for proper construction, the masculine of any word used in this Declaration shall include the feminine or neuter gender, and the singular the plural, and vice versa. (h) Governin� Law. This Declaration is made and executed under and in respect to, and shall be governed and construed by, the laws of the State of Colorado where the Lots are situated. (i) Arbitration. In the event a dispute of any kind ar nature arises under this Declaration or pertaining to matters related to this Declaration between the owners of the Lots, the parties shall negotiate in good faith in an effort to resolve the dispute. If the dispute is not resolved following good faith negotiations, the owners shall select a mutually agreeable arbitrator and submit the dispute to such arbitrator for binding arbitration in Eagle County, Colorado within thirty (30) days under the appropriate Arbitration Rules of the American Arbitration Association. In the event the parties are unable to agree upon the arbitrator, the arbitrator shall be appointed in accordance with the rules and procedures of the American Arbitration Association. Arbitration of any dispute between the owners under this Declaration shall proceed even though there may be related disputes involving third parties which cannot be arbitrated, such as mechanics' lien claims, arising out of transactions involving the Owners. The arbitration award may be enforced in any court of competent jurisdiction in the State of Colorado, in accordance with the provisions of the Colorado Uniform Arbitration Act, Rule 109 of the Colorado Rules of Civil Procedure and/or any other statute or rule permitting an arbitration award to be enforced. IN WITNESS WHEREOF, the undersigned being the Declarant herein, has hereunder set his hand this day of , 2011. WHITE ROCK BEAVER DAM LLC, a Colorado limited liability company By:_ Name: Title: 10 STATE OF COUNTY OF ) )ss. ) The foregoing instrument was acknowledged before me this day , 2011, by as WHITE ROCK BEAVER DAM LLC, a Colorado limited liability company. Witness my hand and official seal. My Commission Expires: [SEAL] Notary Public 11 of of 0 JOINDER OF LIENOR The undersigned, beneficiary under the deeds of trust recorded July 21, 2006, at Reception No. 200619671 and recorded March 9, 2009, at Reception No. 200904114 in the office of the Clerk and Recorder of Eagle County, Colorado (the "Deeds of Trust"), as such Deeds of Trust may be amended and supplemented from time to time, for itself and its successors and assigns, approves the foregoing Party Wall and Duplex Declaration, affecting all or a portion of the property encumbered by the Deeds of Trust, and agrees that no foreclosure or other enforcement of any remedy pursuant to either Deed of Trust shall impair, invalidate, supersede or otherwise affect the covenants, conditions, restrictions and easements established by this Party Wall and Duplex Declaration. STATE OF COUNTY OF ) ) ss. ) METROPOLITAN NATIONAL BANK : Name: Title: The foregoing instrument was acknowledged before me this 2011, by as METROPOLITAN NATIONAL BANK. WITNESS my hand and official seal. My commission expires: [SEAL] Notary Public _ day of , of 9 JOINDER OF LIENOR The undersigned, beneficiary under the deed of trust recorded May 16, 2011, at Reception No. 201108761 in the office of the Clerk and Recorder of Eagle County, Colorado (the "Deed of Trust"), as such Deed of Trust may be amended and supplemented from time to time, for itself and its successors and assigns, approves the foregoing Party Wall and Duplex Declaration, affecting all or a portion of the property encumbered by the Deed of Trust, and agrees that no foreclosure or other enforcement of any remedy pursuant to the Deed of Trust shall impair, invalidate, supersede or otherwise affect the covenants, conditions, restrictions and easements established by this Party Wall and Duplex Declaration. STATE OF COUNTY OF ) ) ss. ) ONE BANK AND TRUST, N.A. li Name: Title: The foregoing instrument was acknowledged before me this 2011, by TRUST, N.A. WITNESS my hand and official seal. My commission expires: [SEAL] as Notary Public _ day of , of ONE BANK AND