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h8lnnlnt .rt 3 Folnt vlxrnce thr tqrlhyrrt cormt jf irll lpr O b.ara lrt 07'0r'o1. I5!.tt trcr dhr^ati lhcnr.i t to.lrroz. r i!.lr a tt rhrlcr.g tz.l4.ro" s 6,14 IcGr3 rtrracr ! tt.it.lor r rz.!t tiri ii.i.-iif"i-ii .brgtlntng, coolrlatn; 4lt rqulr. frat. rrrr o! l.aa.
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ot htl., gt.r!. ot Colorrdo d.tcrl!.d l! khtblt l' .ttrch.t htrrlo .nd bt
rct.a.nct lncorpotatad h.saln.
t. lor Frrpora of t.tr?anca rnd convrnlloca, tha troFrtt datcrlb.d ln
lrhtblt A la htr.tartlra .ortlxr r.!err.d 3o rt 'vrll vtll'r8! I!n" .od th.
prol.rty dcrcrtbrd ta arhlbrB ! la hlrrlo.ttli rnrtt'..r rGl.rrld co .r
-Ytil.!. Inn ?Lrr.'.
1. ln oaa.r to ?rovlda tor lh. ord.rlt oPa"atlon a d ua. ol Yrll
vllhlr Inn rnd vttl.t. Inrr llat., Dsclrt.dt. do hrr.bt llr rrrd .rc.bll.h lh.
hcr.lmlt.r d.acrtbit ..t!..ntr uton roa .ubj.ct to rttl'ch all of Yltl Yllh$t
Ina lld ?llLrgr ln! ?lrs. rhrll, rublqur!! to tli dr!. hrtrotr ta t'tPlotaCr
hrld. l..r.dr rottt rod/or eoovryrd. lluch a..cnnt. rhrll ntr tlth tha l' td
rod rhril l.!u?. to erd gert rtlh rald P?opartt.. tod thrU rtDlt to tQl blDl
tba Daclrrrntr and th.tr r.rP.ctlv. rtcc.rrtst lrd tnt.t.rt' .tril creh threrol
t. lryo..d |lpoa r.td p?otrttt.r || r ]tuel .q$ltrbL ..:tttoda lo t.tor ol
aald trolartl.r ad |'rt porlloo or portloar tbr"ool.
t. tos tntF..t o( tht. t3r.orl; dl of !h. rr.d 5:lthh Yrtl ?tur!.
lll Ed tt !.l.fr lsr tl.ar FU or b?|.!l.r :.|,.!|lrrd lot Fdcrtrl.o rccrrr
rhdl Lr Ftrrrr{ !o rr '&.!t In|r', gtortdc{ ttat th.t t.t.!l 'coroa lr'ri'
rbll h E.t6t tmlua. ary taa3toa ot rt.!!tc!|t.r btut'a|t r Fllttt!
aFaar or rrtd{ Fob rc oa h.r.r!!a? aLc!?t Ytlhtr aata troPaBtal.
t. bclrrrot. (io hr.!t.alabllth r|t.rrclrrttt aa.Enla lor tht
,.tttaaar at:aaa ra{ paar.!. ot Fdatt"laor haor oat ct' co' mr at{ ac"oar
sb coEr lat.. lrthln Yal!, tll'l{t 16 al ltU.tt Im ?L3. t! ot{ar to
Frd.i Gb.t?.ctcd ?ad.attl.n rccrl ]rtrn loli F Ftttaa lor tb |r.. ol
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i. l , roocl.rtor !o- t t tt ..!abl(tl. tcr. !h.. b.a.llt ot Y.ll rd &r
aod tt.tr r.a?.ctlra or!.t3. accuprnrll cortolrr, tlr|ta a${ lnfltaaa : '
ua-rrctrl(rt ararrlla toa th. lltt .4, .ttttt ld 2rrlr;r of D!o! trhlSlar
hlor nn -9!, cl; oirlr{r.cF.?.ttf, artt tr:,!rtt fltr'at r.t!.rij.i;11 '
Gonrtltutlnt . po3tloo o! lh. O.t r.l coDa Elnot. (.r arltn d l| lba
Condo.lnlur D.clrartlon rcfetrncrd h Erhtbl! ! hlrato) atlrbllrhrd tor auch
putFircar Jtt{h .ararncr ara trrntad lor thl putporo o[ tlortdr'nt Vrtl ead
J.ro .nd 3h.lr r.9!actlrr ormarS. occr.plnla. cuttortrar 8urlta aod l["t!a!r
elth Gotor 'rrhtcta rccarr lnto roi out of ?,hi tol I'odn8-d..crlb.d rcrl aat.Ba
..d lrttas.rta ln ro.! ca!rt.. 3llurtr tn tha Coltrtt o: btlr lod sla!. of
Colorrdo to-|,!:
coEdorlnlnr Unllr 751 throuSh ,t7 lnclurtva and 7to through Eo6
lnclurlt.' Vlllr|. lnD PLfr, rccotdtnt to th. CotrJollnlur lLP
lhla.ot rGcordrd tlioY..b! r 19. t98t tn rool 319 r! Pr8' Il tfld |'
d.t!1.d h lhc coodorlnlur Dlcl.rrtton a.cqrd.d lloYc.bar 19. 1982 ln
Itool. l{t rt !.!. 12, countt of f-th' Stttc o[ colorldo.
7. grcapt r. h.r.lnrbov. crprrrlly lllttrd, arch rtr.lCnt contrlocd
hcrrln rhall b. .pturlrolnt to to,t for tbc haorltl of v.ll rlllfSc Ion ' d
vtll.Sa hn Plrtr aod thrll b. r burdr,t thcrron lor Bh. b.n.ftt uf rll Fot-
tlor! o! vrll glltr8. Intt rtd vlll.t. Inn tlrs. rnd rhrll nrn rtth t'hc trna'
thla n ctptocrl LsG.cnt AgteGEnt .h.ll lnua. to !h. bcnrftt of end br blnd-
lnt upoo D.clarr[ta rod thrls .uccaaaola rnd urtSot.
E. Dlclrr.qla do hGrtbtt corcnrot md t3rcr to clarn, lrrrp rld lalqtr:'n
l! a lood.nd cllrn cotttltloo attd f.Palt tha co-oq Ar..r dthln !h.lr ra.Prc-
tt talt-oha{ gtrcalrr drlch obltgitl,tn .h.ll .r!.nd to .nd lncludr th! ulnla-
rmcr ct a rdaguaaa ltlhtlo! aya3ar, all othar tEaat of RtP.ltr rrPlc'rnt.-
tarvrl of lcar Inolr P.p.rt, a.bsllr ttlth .nd rr(,rrt. rnd rr.l olh€t I'tar ot
r.pdrl trplrctuS ar alotattatlc. lr It L Eaqutrrd troa !1.G Bo tt'r lo
p"6prtlt rtotata tha
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Cgrlo Ar3.r. tlr cor! for thc irlntcnrtrca hcraf'otorr
darcrttcd abll b. bosoa bt th. oitar of .rch Frcal aa alld ralo3roroct Ft-
!.t.r to th. r..p.ctlva prrcrt oncd by crch oracr. ltr !lr. .v.nt tha ovsar of
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Coroo Ar r locata{ tn au8h ont.arr P.rcal h th. colrdtllo ?'lutr'd htrt-
ondtt, atrt ollns ornrr rat ' u?on !O aata t?lor trltlrn 'F(lc" prrlorr rn7
auch Frl ttacaa.ar7 tc c.ur. r]rnr{r,rttlnr olr.?rt Frtlolt of tht Dorron
Ar.a !o ba plaed tn a,h. crtr{l?lon nqrrlrrd bt lhla taraftlph rnd. r'o ruch
aran3. ruch d. lrulttnl orn|r rhrll rotiburtl tlr' 'rst.r F?to?'tol 4uci fft
to? .tl r.r.oarbl. cort. tncrtrttd gllh taaPac! to tha Frt doo' r,n ?ht '!'-
!.uttlna ornrrrr qrrrrn Attr ellh tnt.r.rt r! tt|' ratr ol l{t P'r 'nn'r oot-
pound.d {urr!.'ly ttor thr d.ta titi.nt lor ruch *rrt ,al dr rrnlll r'1"
h{rr.trrnl lr rrc.ttr,.l, Ft . t.lrtonahl't {ttrtrnntat !Ctar curlr! colS' 'fi! oth'rf
rrlto.l.d. lreurted ld .nl.rrcln|| thr fruvlrlonr hcrlol.
'r. lr,.'l{rrrlq ,h, h.r..Ly rr,tr'..,lrll|t arr,l aXrcn fh'rt r|^ hr|lldlrl{" 't?'l'-
tdr.rr l|tl|r,'v!l|..'rtr.'r,tLrr-f.ll't. l,trli lrtt"rtor[|ril lllh !hG rlthlr "t p'd'rrttlitl
r||. htxrtJlrt h.llt"ll Virt vt ll,li" hxr aott rrtlta6c Inn Pl'l!n .|l|.lll bF
,: {.thrrt-.1 rrrrl.rr lrrr'rtrl 'r'r n v li rarrlrorct llt trlr'lr]t 'lt'rtdF P'rl'nlr 'rt
r'orrrl rrr ( [||r], ftl4lt rrll r lnl .,r.rlc.) tli: Itrt"r rtltttrl "ttlltttlt "t nll rIfrt
t)t[,anln.r ot rar.rrr,l, llfrt ..rr!*rta... l.l Fr....nl!o i'r.l ttlra -rrt rlrlr.al Jlxt
hrvn ar{utr.rl tht tt!tn to.ll or .tr/ [r,rttrrn .'l tl|. Irttprttlit h'rrb/
rltsct.d bt t,,r.rt,r.ur.', rlrorl l,r llr rlt{r,."1 rrr "th"relrd lhilt h'lr"a b..ttr
obri trlr.1.
10. ln th. ov,rrt ,rt any vlulettott !r ti'1.:rt''t||"1 viotatl'trr h)' utry ''Ylldr '
lcrruc or ocr'lprtr! ot f.tly Furttr,|| ,tl tllf l/tc,brlr Aro'rr 'rl itry ('I tll' lirl'r"I
covaolntl ind €o'dlt! ro! \er€tn ri'rnrrl'rorl' atry T r lll ol lhr or,r|r'rl .'t ch'
prsp.rty tnciurlcd elthtrr lhr Co[!on 1r!'1'l ttt'll havc th|' rlSlrt to e||joln tuc::
vlol.ttoo ot llrrirtcndd vtolatlon tn. co,rrt ol cotlPctcnt Julttdtctton'
It. thlr &.ciptocrl talcrnn! Atrerrslt rlt nol b' rodtttcd t'r rn)| tc'
apccc rhltrocvtr' or raact[dd r tn uholc or ln Prrt. atccpt wlth lhl ccn'qnt
of (.) rll of lhr or^rr r. ot vrll Vttlqc lnn rnd Vtllrtr irtn Plrzr 'rt lht tite
of tuch ProPorrd s'dttrcrtton ot t"clraltnr (b) Coonrcttcut utuel Ltfc
htur.nca Fbqrrr|]', . ConntctLcut CcrF)r.tlon ('Co'rt'cttcut ltutuel")' ro lorrg
^r Conocctlcut lttual h.. .o r'ntcr.tc ltr v.tl Ylltatc Innr VllIa8€ IBt| Plratl
or rn)r Porltrin. th.rcut, c(thcr s9 lhc holdsE ol . d'od ol trurt 'lec'rrlrld '[(:h
proplttt or aJ an ortncr thGr.ot, h.tln8 'uccGcd'd trl tttlt by toreclo'ur€t
dcrd ln ltGu tirrr'of or -thctel'G 'rd (c) roy oth€r ls4dtot t{ttllSsrlo't ho:d-
t||8 | fl,rt . rortgrt:c or flrst qccd of truat t'curlng r coridrruclloo l"rn or
-3-
{-''{'"--{-;'(Yrotrrrr" rE isDErltllli?Effirqgqle .rrFn
lo.r[ lntolvlnt th. Y.tl Ytlt{r 1![ arrt/or thr fl[e1i &n ?lru gr.rl'tro
llo rh. .rr.rt llu|,| p.?rl!r"dr roctr Ertttlcrtto! cf rarglralo'| rhrlt br rtfuct-
rri .nl' by r rrt Gtrn tnrtr.urcn! 4rl, crcu:ra l,t! rcfftrrt.d!.d b, artd onasr,
coln.ctlcud ttulu.l aod othG ruch l.ldt!| tlaattl3loarr l! tpgtlcrblr. rul tr-
cordrd ln th. olftca o! lhr bcortt ! of th3ta Oountyl Golatrdor
12. lbghlr|t hr.l,o contrt nrd ahrl! h dllld to !. r jltf ,)r {.Ctcrrtoo
oi rny porBlon ot tre{l Vj,llrtr lm or Vllhgr trn ?trru to ltra ta.rasal Frbtic
c. t{rt th. t.nirtl pubtt.: or fot ery Outr,o ,rroaaa rhtroaws, l: baft5 tha
to!.nttoc ol ch. D.clarelcr !h.t Ghla bctprocrl l]..lrnt Aat..rnt rhetl !r
rtrtcllt ll.1t.d to .id fo: t]I Frrpraa ha?.I^ $tprara.d.
tl' t'- tr cxprcrrry rtrcad th.t rr brcach of rh:,r nlctprocrl larcrcir!
:Ur.rec^t ahrll cntltlc rny oynar tO cancat, r.rc!,nd or oahat taa tardort.
r\1. \rro."{r, bu! ruch lt.ttL-iron .hrll not rff.ct In lny !lnoc!, rn1. Dth.?
rt8\ta or rrqrd tG. rny p,rrtt atrr htvr [.rrundac by tcoeon o! rny brrach o!
ll,li lt ctt,roc.l E .clnt Alrlarent. it|ry brr.rc,h of rny of rrld @vrnanta| hov_
evr., .htl not d,!t!rt rtr rcndar lnenll.l ltu ltlo Ot Iny (rrCglEG or drcd o!
:r'rtt !tr.l. ln good frrto tor valur, bu: r,rch cov.i.n! ehelt bc blrdtnt ufoo
..|1 dIt.,cttv.: .tatn.t .rch rryrrer of.ny r,! .ald prop.rrl6.,rr.n, portlonr
r.hailol thJra tl,tla thaaclo lt acqultGd \rt toracloDsra, truatQara aa& cf
14. l{.it cl.ur!, rc[!.nc. or othtr lorrLon of tht, Lctprocrl E rcra t
Att.recent rh.l.l b.coE lll.grl, null,,r vold for rny rcelon, or rhll bc hcld
h! .nt court of co.prt.nt Jurladtctton to he ao, thG rr..ri.tl,n3 porllon! harrot
alr.tl rar|l,n ln lull tcrce .nd !tlact.
ll. Ttr. rlthr. gr.nrad her.ln.nd thc obltg.tlo|lc s|rd burdrnr h!r.b, t!-
poicd rh.ll run rlt-h tha l.n,{, lnuaa to arld ,rri *l!h..ch a{ccelrlon lo ttclc
roll .llrlli rlply ,;r.r and blnd thc Drclar.otr .nd tl.:clr rcap.cttec arcccllort rld
lr,trr|'ata.
!fl YlfdEsS {rut&qoF, Dsci.ranlr h.v(. duly eiec.rtcd rht! t (tproc.l ga!e-
lEnl Adrc.Inl o^ CIE d.y rrd tarr ftrat.bov! rrltt.n.
tr\
J.L{l( l,lD.l, . Colorrdo Llrltsd
JotGf lti'rtcr, lEenSrl Partnar
-.- | |
o-
Itr Cotilagfon .:pl rca:
1/ /r/s.
sTATli or. col0tAm
clw A D Couirl 0t DEiIVEI
STA?E OF COTORAIX)
COUNTY OP T,AGLE
Ity Crrltrrtoq .rptrs.:
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YArL Vlu,tm tfi Altoctirtr,
a color.ao Gorponrlon
tt Cw?lrnflAI1l-?AIL, LtT. ,r 6lorado -Ll.lrrd I'rrrnftrhlp
Slarf or cot lADo )) rr.courtt o? &rcG. )',fli t.t .
. 0n thr<_att ot ./-(ltt+t<1t,/ r lqE! b.for. Er thr und.stttmd, rnoErrt ?uDltc Ln and lor tha S3rla cf Orlorrdo, grrronelt; rpp.rrud &t..tslrot.r rr tr.rtdGnt rrd Annr !. lrtular rr.hirltrry ct irrl- vtu-rcl tttt,Ilrc.r. Colo".do Corgorrtlon. tnout to r to !a !h iodlrtd$h ftro.r.cutrdthr rlEhlr l,nttau..nt rnd ectoorbd6td to ts tt.t that arr:utad tha trlt ralh.tr yolunttrt rct .oC daad on bch.ll o! trld Cotporrttoo,
on an.{!.[a.y ot .]t(.,, r r lrr t I, 1982 D.!,rr. o.. rh. r,r.l.rrtgnrd, .notrrt PubltC ln a||d lor tlrc S!.t. oa (btorrdor porronelty .I,F,r.r..l Ch6rt.r{. rbr?rrlhe.lt., Clort.l prftrsr of COypEtaTlfifAIt!-VAlr.. LTD., r ColorrdrrLtlllrd Prrtrer.hll. frrroer ot VAll. VlLtACg lf,lt ASSOCtAII:S, . fd Lort.toCdnnfll P.rtn.rthtp. knorn to tt to b. thc tnClvtduil ytr.r.rxer:utrd t|t, rttlrl[lnltruF4t .rltl rclooJl.dgrd tJ E. th.t lrr nxrr:rrtad ahd.i.G 'r,r hl. volunt.r,rct .nd d..d oo h.hrll of l|td p.rtoor.htp.
ritTr{Ess xt l|;l{D rt|D otflcrAl seAL.
Ht *t+lf!o,n.rplrcb:
yl?r{f,3s !|l RA||D A]{D o?rtcr^L 3r L.
gtTitss !:y uAxD
^t{D
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^'6on ttrc -ilI 4u ol u!!a11:-lJ , lg6: be!.rrc rr, LtE \rnd€rltdncd,-rooErrt PsDIlc ln .nd lor tha St.t. of Coloredo, lxrrooally epgearad JorefSl.utra, Clorarl lrrtn?r of JA''I LtD., r Col,or.do Llrtr.d p.rrlr.rrhlpr hrounlo G C9 b. th. tndlrld$.I iho arrcqt.d th. vtthln tnrlrurent afld rcknorledgc,lto .l that hr :-.cuird tha rtnc .. hLr volgntart .ct r,rd decd or| hehelf ofrrld Llrlt.d Partq! rrhlp.
lbt..t Frbllc
AAdtcct 1fu17
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lFtlllt l
A p.?crl-o!_lerd. tr Ltr t. I .d Or llocl !-O, l.lt ttll.l.. lt!|t tllt{rLcllol l. ?omrrup t !6arh. f]rfr i0 t..rt ot itrr 6th tstilt;.t fbrM.nr-i\r{rrct Y.lIr Ltl. corart. (blotrio.-bl|t| Eo. F"ltcol.tll rhrirtlrd.. toltdrl
l9!!FM-fq th. Erthi.r corr.? cr t r rrtllElGl 179'ACr00' t.lolj rb .orrt rfftri.oi.rrf ltar c! t-70 ttonlqr to.a .al.tdor of ll{.71 tit tc th. torn oa !!(ttfilro, ..1,a xrtit ot rloiil rfiorlro balr|t th. torth.rat cornrc of th.! tr.ct of irad d..*lD.d t! tccl t.!0.tLt. 556 ot th. tdtcl.. o! !n i-tl. 6rnt, gt.it ..i Lcorilrr ItllErcE Eorttnulq l?t'46r00. t etoil mll idrt-olny lt]r r rtirtucr otr/5r.t laat to tba rorlhlrra3 corrr of lh.tr ! of yrtl ?lll{f InottltEtl rlo{ !h Do{oarry o! !i[rr I ct Vrll ttU{. to Bh-trllod{ ttr.couSrttt
f) tto!0r00'I lto.al t.Gtl) nttrcl !!0.!0.00. t fa.ao t..t I!) l lrtc! !t'l0rot. I t0.00 t..tl{) 1113!E! l!1.!Cr00. M.00 !..r1J) ItBttCi i''0'lt'Ol' 9 | dL.t.t|c. of !2,9f l.r! to. polnt on th. notthrlfht-rl r|t ttn ol !.!t t .dor Drlv.!
?lltxcu llEl'!r'u0' tf rl.rn6 th. oorth ?ttht.ntant lln ol [.at thrdol Dtt.6 |dtrl.nca cl lUt.tt tr.t to a potn! ol curv.;
TREHCT contlnutru alorU rrld rorih rltht-ot{rt tltu rnd along |.td crtrve toth. ltlt, hrvttr8 r c.nrrrl .n8t. of 2l'3?t00'. r r.dlur ol tAt.9l t|.a rnd rn.ac dl.!.oca o! 20l.l? t..t to a totnt ol t.[g.nti
?llBllCE St5'91r00- J.lJrU rrld rprrh rlthr-ot{t ltn. r dlrtrner of 7l.tlf..t to r ?otnt of curra!
rttErCE .lont itd curvr to th. rlthtr hrvlnS. c.ntr.I mtla ot 10!'{3,33'. rt.dtur ol 10.00 t.rt rnd rn rrc dt.rrnr. of !6.21 l..t to |! polnt ot trngr[ti
TlEllCE l|0'23t17' I rlorq th. .aat rtthB-ola.t llnr o! Vrtr. lcrd a dlrceocr rrt
2{1.97 lr.t !o th. rosthr.rrt lornat of rrtd Grrct ot land d..crtb..l tn L'okll0 rt ?r1r 936;
tllE Cf rlow tll. routhrrlt ttll. of r.td tr.ct t79'lCro0' I . dt.r.nc. olt47.0t l)at to Cha rosth..r! cornrr ot rrtd tr.cclfHtH:[, 1,0'lar00- f,. dtrt.nc. ot la7.!! t!.t to Glr. Rrltlt O! ri0tNlllH0.
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rfl!'L*EE' r.{. .o. .o..r*ffi. , /!2ary ', L nr' }a.
l
l9l: bt r|{ Ltr.r lAtL WU.ACI Inr t!C. , I Colorrto Corporrlloa ('lr1l') r
tsl \rluAc! t lt.tt^ @ltDofltrlx A!!l@tA?lOi, r colr!.do ioo-ltotts
Cortor.!lon ('lr.octrtlon' ).
L Vrll t. !h. onr.r ol th. r..l prop.rtt rllurt.d ln th. Couatt ot
trthr ltrtr ol 0o lor.io aa3c?lb.a t[ lrhlDlt A, .!t.ch.a h.r.!o roa bt
trtctcnce lncorpontrd b.r.h. A..2st.!lor lr r Colorrdo I|o!-?roltt
Ccrpcrrctcn or8rallra ?sraurn! to tha prorlalo[ra of tha Colc!.ao Colaortd[
O'rncrrhLp Ac! to gDvlrn th. lltlrE. lnn ?lrre Cordorr.nlu{ ttturttd oa tba
r.il prog.rty ttr 3ir. (ir-uD!t', -l :-dl.r _S:i?,..t
a,otaratto dcrertb.{ tn B.hlblt
3, .ttrch.d h.(qto r.id bt rafarrnca lacorporrard h.r.l,[r tuch .|rroctrtlon
h.vlng brcn ett.bllrhcd ln .;cor{.ocl vtth lh.t crttrln Dacl.r.Sloo ol
C4ecn.otlr ccrdttloo. .!rd f,.atrtcltooa of Vtllrtc lnr llerr r.cord.d lbv.rb.r
19, 1962 ln look l4l rt PrtG 12, t !1. Co{nBt, Colorrdo Dubltc ?.cotd..
?. ior psrpo.. ol rat{rroc. rrd G.r!v.nl.nc. r lh. proF.rtt daacrlbsd ln
Erhtbrt A [, hcrctnoaCcr ...Gttcr rrfottrd to.. 'V.11 Vtlhta lnrr' ||rd th..
prop€rtt,jr.crtbed tq Exhtblt E tr hrr.ln.tclr ror.rtt.aa rctcrrsd !o aa
-vlitrg. lnn flrzr.'
l. Prsre.itlt .t!urt.d dthl,r thc Yrtl vi,lh8. lnn pr.rla!. i. I
.Jlralnt pool .nd rrletcd rlccl. .rcrr lhr locrt [oq ol ruch pool |nd daclt lrcirE
.ora prrtlc,riarlt dajcrtbcd by rcfrrcncc co Eha crott-itlchau rr.rr thorr on
tthlblB cr.rt.chcd h.rcto.nd by rrtarclcr llcorporrtGd hcr.!n.
l. or qr.bout Atrlt l?, [9tI. Yrt!, _convct.,l 3h! vtlirsc htr Plrtr
trcrl,rer to vrll Ytllrfc lnn Arroclat.., a Colotrdo contsf,l P.rGo.renfp, fe
balrrg und.Erlood .t thrC !l.a th.t th. lulur! grocrr and rrrtdcnla of lh.
vllhgo Inn rlasr prc.l,rc. Fuld rh....f!.r b. pa?alttad lh! ur! of tha
lvt..itra poot rnJ r.l.t.d d.cl rr.. losrlGd rltbh 3ha Y.11, Ytlla8a l|to
Dr-lara. ar rueb rvtr.lnl pool rnd d.cl rr.r daht b. srplacsd or l.ploy.d tn
Lbr lulurr.
5. lh! Artocla:lon lr ast:rorlr.d undqr tta Atttclaa oa Incorpolrltotr.
ly-tfir rod Drctrrtloo 8or lroog othar thlntar aottr loco thl. Atro...nl ln
turth3lrrlc. ol Bh. Jotot lnlcsaatr ol rll p.tron. nor cr hrsr.ittra ovqlotl mt
lo!..r.r! t:l ltrc Ylll.tr lon llere pr..laar.
thr parclct hcrlto dotlta to forrr.lls! ruch .rr.n8c..na tn "td.a lo
I
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turr.rtrt !o rll orn ra rnd luturr orn.fr o! rnt ln!'r'r! ln !h' ?lll{' lm
?1.t. pr".lr.. tlr conttnurd r.r.tl .njo't.nt o! lhr rrflfrU Pool '!'
t.lrtrd !.ctlttl.. not or h.rrrllrr tocrtrd on !h. Yrtl rtll{. 1.|rr ?r..ts{.
16, TtlEtlton!,. ln conrtdaldtton o! th. Pr.rtr" rod th' '[turl P?qlt"'
hrrcln colt.l.r.d' thc P.lttar h.r.bt r8r.. rr tollov!t
l. $rbjrct Go lta avillrbttllt duo 3o con't'uctlod rr provldd ln
irr.gtrph a b.lorr Yrll rirrot llt t. .lurtt! th. t'?r hlr'ott th' rvtrlnS prot
rnl ,Gt6rod rlccL eror trctltttca o|r Eha Y.tl ftll.ta lnn P?.rl..a It L oaad
lnd ..nJrrycrl hy tll. Anrrrcl^tlon rnd bt !lr. ornotr o! cotldoltnltrl loc't'{ c!
tllq Vttlllfi|| lr|^ pl.t Pr..liod rr ltr6lr SuitLrr trlr'rl!' irrl ltlvtt'or' 'ubj€c!
rrnly !., nuclr rr.'rn'116blr rrrle,i rn.l ..r,,t^r-r"ni itiet voit-rrtef i irt' t:cr' rirc
.rr.!!rlt n'|.] r'rir attcr-rLl.rn .l nrrtn pr''i. l: li rrrrrtrtrit'r'r'l rnl oBrccd llrit 'ny
ruch rrrleq ;rt,l r(t,rl lt l,trld rlll apptv cqrr;rliy t'r 'rll thoia arrtl't]6d lu 3l|r u'c
ol tlrr pool ..tLl .lrrl ,rrt',r, l'r'lrrllrrg.r'!rltl'rltt 'rl b')!h lht V6tt VlllrS' Lnn
.r i Vt I l rt' l,rr: l'l.rr,.r t'r|,rl'.qn,
.1. lrr c"rrn?rit lrrrr rlLlt ttr" rr ':rr!l rrrlrttr*rrt "t i'r'" f{ctllt:or bt
Adn'rclrtl:rrt .l'rl l..r' 'lerl|!ri rrf nrrr'lr rldrr'lorr I !r l '|ar. ||rJ tl|!tt *rrrt'ttr tcl|,|rtl |nd
l||v't€|Jr.v,rlIlkjr(},y*r{||tril||^n*o.|||(|ll|.r|!|.l|c||P!rir|||d|||u'|rottrlctd.t
nolr-crslrt!tYs L'.rtr..rlr l.r ,r1'.:!'{r !u nrll f''tn dnch f'cllltlci'
f. Al.oul:.ttrrr! rtllrrtti t.r pllt Lo Vlll ttr: io of $l!{J l|!t ]ruth ltl
corrltdcfrclon.rf Vulltx r{r.r!r..rt lrt Fr'lf ''ucll ut'e irrtd cnlotrer! of tuch
f.cllttlalr |.uch i,|. br'lltll nlliecd rrt tl|! lr|.'lt|Jtl h'r'!Lrr lD r'prca€r|L
Artqclatroo':r p!o ri!,i "1r|3g .rf t.l|. neir.l*d aoll!tllt olh:rr!tr11; 'rrpr'rrcr .r{ nrrch
..ctltty ||i ..tl.r!c.l L,r tlF t|hrr! pr,)Fi:rlt ntlul.'rl(nl :'o vall 'rn {f'or|ot 'rf lhr
oD.retl.|lr r!l Llrr. V-rll Vtllal',r trrrr ltetrlren. froa tl't'! trr tlt'ct rt tb€ r'rl{'rl
of ..Irh.rr l|{rtt. tt\., '..rn!htt i.'d 0nl.! by ttlc Ad'.rclr!toll irt h' clr'ryld tu rll
.rrs ! !o lr|j B'turl!y rllrc$il rPntr baisJ rtrl th! cort ot "tn3AlnlnE
ths F)tl
rr .ft.cI 'ttrrrr ,rt i.r!y {lnl l,rr ;rr.'.r rjtcrlC.'d I'l corlrrc( ! lolr gtlh rlsi lrpruvc|t€ntl
rh|.t rlr,.l.t lr lhi fu!rlr4 |tc c.trrrtrtrct,:tl n !hr. V'll Vtlt,|8s lnn lr€'l"rl
r{rlllptlc't.by o lt!rcetrlx[,: .l.'rlv.J bt dtvt'llnU tl|t! r'illartcd rru'brtr o[ (,vil€rt
.rd fiL..t. oa Vlllagc hrrr Pl!r{ uritlB tt|c crlELl|rll ur tt€r P)o[/docL f'lcitltl'ri
bt !h..rth.ted tolrl nstb.r qf P!',PI. udln{ 'rld frctl(ttGr'
4. Tlle yartt.13 llc!ern u €r!t'nd tllAt !ll€ Vrtl Vtlla*c lnn ptc'rlter lrc
a Frr! of a orrt€a redcv.tlolDa't pIotl 'trd lhi't 3hc lq'!r'vu"rltd tll€rrtqr |rlt In
Bt|? frrturc b( rdoov.!.rt. liP.lr€.1 or r€Pldg€d tl!h l!Pr"ve'unlr tl''rc rttl 'Iro
AITESI:
Dlorld. tol | .Ytcln8 tool rtd r'ht'{ lrcllltt"' h ruch 'r'!t r th' o" ol
ih. rrlrdni pool rna ?.lrt.d A.el frctll!!" rt !' t'rr'"rstlt tn!'t"qPtr'
rhll. th.t rr. brtn! r.m"il.ar ra?'trrd ol ?"!'cd' lrd rtutltr3 tuch t'rtclt
Arroclrtton 3h.ll noc ba oDltt.t.d lo ..L. th. Ft!.nta grcwtrhd h prnjrrgl
! ebovr, aucb to hG rbrtcd lurtnj lb' Ftlod of con'G"uetloq' '
!. brtE! Bl| lGrr ol thlr Ala'aEt. Vrtt errr.. to rtlllrt[ 3i'
rvknlng ?oo1 r|td rrlrtcd d.el lr{ ln looi rrPrl? rnd eoodltloa 'n' r 'rcr9B
torlntcrrupllonrtnon.rrElondg.to..t[t..rncro'durln!P.'lodrot
conatruclloo dorerlbad l,tr PrrratrPh { abotar ajr.a to o9'?'t' tr. throsSbol3
lha ycar, Erct!!t Jd.ln* 'off-rqelon' pctlodr'
- 6- tn !f€ cv-cnt ruch rvlDlng Pool end/or a'l'!'d dccl 't'l' 'r'
r€ (rv,lG€rt or .|,t,ln-.d rt nnt !t" durl]r8 lh' ttti ticrtot' irtl '8r.'!' 'h'i
.uch rr.l ntnta rrool .nd r':tated dccl 'rcr' vhcth" ot no! onelt'red' rhrtl bc
locrt'cd lr! th! r.ic 8cn€r.1 vtclnttt of 'h' 'rlriln* tactllcl"' tt brlnt
undcrrttrud hy tlrF tlrt'tci lnrt. ct t Prrt of rot r'dlvGloFcn! of th' v'11
Vlllrrtc lnrr Prrroticr, th! rll'rrrtng Poot 'nd rcl'trd d'cL rta vtt'l tl rll
t tLc t thood b. .€loc,tll.tl.
l|h{ll tcraln.rc on Et|G c.tllur of (r) thG dlrrolu!loo
I ldunt |rio. A.tocl.tloo or (b) Jenuert lr 2063'
bJ' .,r:uirl rgrcclclr3 of Chi Prr!lor ll.l'lo'
rt|{r.l bG btndlnt uPon rnd tnure ro thc h'noftt of ih'
trrr prrttca hcrcAo'
..ltc nrrIllr lEve rlrculed tltt3 ,l|ir8c'ctl! tht drC"nd
vAtL Vlltlct: ttlN. lNc.. ' Orlor'do
CosP.rrat lun
7. llrtr AE rr?r&o(
ol tlrr Tllles! ln'r Plrr,r
urrle!t gotttrc r l(lolrl^!sJ
E. Tn l5 llrl.ra('rlr
artccatloc6 rlld ntir trrrrb of
It{ g!TN}:S!' tJrl}:I(l:0]'.
Y€.r rci fot th 0bovr.'l
tI I r,,d',"*ffiffij*
co rPor.t lon
t##'*"*'$;-t"'Ils:L
vlLlre t txll PlAr.A (:l,tauoltltl lu|{
ASS{LtATlUlt, r Colrrrrdo tloo-fro! tG
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SIATE Or CorcRADO
CINT ATD COI'Xil (F DEIVBR
'-5r TB 0F COt R^m - _
din' ANt) CIJiINTY Of DfilVEl
On $c lb dey of Dcccrbct, l9!2 tofor r.' th. rnd.t.ltrc{, r notrrt
pubttc ln rnifFor tirr strt. o! Cotendo' P""rolrlty eppcerod Jotcf St.uf*rr Prcrtdont rnd Atn. P. Suufsr rt Sccr.!rr':/ of VAIL YlLtlGE llfi. IFC'. r
Colorrdo CsrDontlon, lnorn to r. to ba lha lndlvtdult rho oracstcd th.
Yl thln lnstriaert rnd rcknorlrd!€{ to r. tb! thay 3rocutgd th! rrF rt
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or thc /1r dry of D,ecccbcr, t962 beforc rc, thc uldcrll8ncd, r notrry
t\rhlic rn ,rna--l-or tic strtc of co tcrrdo, Pcttun|llly appc:rcr.l Jlacr CoYPorthrrl tc
Hs I'rcsidcrt r.tul t:barlc! tt. CoynerthrritG rs Sscrctrrt of VlLl.]{GE llll{ PI Z
('o\lKl.ltx!t !l ASStflATloH, s Color.do !a,o[-Profit Corpontlon, kncr{n to rc to
trc thc individult$ vho crcsutcd thc ritlrin lnstnacnt.rnd rcln6.l.dlcd to lc
thrt tnci' 3x.iculcd lhc rrr4 rr thair volu[trry rct snd dccd gr bchll f of
cr id Co rt{ rr ! ion.
ttT tss;rY tt\Nt, A}|t) oFFtclAt, sul.
iTt':tij:'it)'f;'
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I grtccl ot t.nd ln lorr tt. i.ri O, rtoct !{, grll Y{1,14.. ttr.! tllltrarSrctior !, to{r.hlp 5 So..rth. kqr E0 b.r of th. 6ttr tttn€ttd hrldl.r, tb6ol V.il,. !.!lr Courtt. Cotor.dor bclq iora Darticslarly lrrcribsd .. !ollorr!
CtxllZtt f iC r! th. norBhcat cofn.r of t t iiflEt.ct ct9'16r0O' E .lorl th. .o!th rltht-otirt ltne of !-?0 ?rentrt. lo ra .dirtrncc ol lta.tl feGr ao aht x)lrr op !!6!nrt 16. uld ftlt[r (' BEGrilrn fGrlco hrinl th. northc..t corncr of that trGt of lrort d..c"ibd h loot 2!O rthgr 156 of thc lndiclrr ol th. Erllr Courit t Arrl .trd Ircord.r3
Tll?iCE continsinf !7f '46'(E' !.lont r.id ri3ht-of{t llrr r dirtrrr: of
- ItE.Il fc.t to ahc norrh*rt corncr of irrra ! cl Trit ?lllrlr tnn;f Ellcl rlon! th. bourd.rt of lhrrc ! of Yril Ylttegr Im thr totlovira fivr
aoul act :
t) Sr'l0r00i I ItO.t4 !..r;2) Tl{[l€t s!o't0,00" ! 16.60 lact:r) TtrElf€ s9'10'i00n u ?0.00 fcer :{) 1}tcrcc st9'l0'0o' I E2.00 t..t i',;. -::;:.,: S',-!'! l.ni{ e . dir.rncr of 92.9! f.ct to . Eint
ritrrt-rrf-r.t I il! of t.a i..,tor Drivci
frlLrt:|. Hl'll'r)'Lt)" il orr,.l! rni {.,r.:, rrCi,r-,rf-vei line.'f lnrt fh.dui Drir. I
lir!rnre dl ltl1.fll rc,.t !.r.r tr,i1t ,tf r'1|rv.i
n:ur{CE.'rirr inur.rli :l:-.1 r.rid n\rrth riK\t-.rf-r.t I io. .ri rlon3 rrid cunt. tr,
thc l..f!. hav ins .r .rnrrr) .tqlc ,,f 2l'1?'t)0", r radiur of 54J.92 fccl .tld .n
,rrc lt{t 'r., rf,(}1. l,' tr'at r,r e prinr,rt !anl.nt;
Tllt:t*jr: {ti') !'oi," s.l rn{ rei.l rrrr llr rr{hr-ol-e.t linr a dittrocc of ll.ll
t..rr t,' r !rrint ,i .,rrr,::
Tftl.r{r:t rl rnx .r.,t.l t,rrvr t,' tl:" .itha, hrvin4 r ccnrrrl enjlr of it)l'43'31", r
r.1i,rr .t lr).llt, lr-ct .'kt -nr .rc,lirten<c o( -16,21 f..t to. FJina of !.n3.nt;
l\f:t{t f: ro'.lr'll" L ri lrn rh? .,rr( iirht-,rf- v lint of Vril Xorl a dirS.nca of
lt 2.ttJ tert t, tln. r..rtirsjtt r,r'.r<, .,1 !J:,1 tr.('a ,rl lend rlcrr'rib.d in look
:t l,) Jl !,'rf. \\A:
f'tf,rlr:f, rl,'r'F rlr- i,Llr,!..1r t rrn. rf r.ri,l rrE( S;J'aO'tJo" E r dirtanca o(
l.'.tt: :/,.1 1., rrrr {..rrl hriit .,.r'rr .,1 i,l tr.ct i
frrf.n{:}: \i0':.',lir" }- .r lirrrr,r. ,,i lit. ll fr:€! to tl'e Pr}ldt oF lccllllttc.
[1:lll'-'l:x. ,lrrt tr'rt i,,rr,,t tlr' ,.,retoln* derr.tIblr.l D!rc!l of l*nd:rr vlr der.dcdI's \.rj: - !il.rr:, llrrr. Inr r,r t1611. Lt_d. by !nrrunty ltc(!d ,€corded DacsEbGr-'r'- I\:!. lr, ,t., .1 -..... .ri t.;li,. tOt.
o|r tt! north
rBttlt !
A,prrccl of lrrd in lotr O.rd ?, [oct 5-O, Vri.t lllllrjr tirrt tltitt, bsof Trll. !r!1. countyr Color.do. b.tnl .i.i'p.iii.rr..l, d..cribd rr tollon r
lEcli|llic at Cha routhcr.t c.)!n.r of rrld bt 0, rl ro bcinj . Flnt q| thanorthcrly rijht-of-rry linr of !.rrt ttrdov f ivr:Ere. xt?'!5rG)h g rronl !h. .ourrrerty tinr of rrirt Lra o.ri rrid oorrhcrlyri8ht-of-rey tinc of Eert ttrdos Drivc e dirrrnce of E5,!E f.ct to th!ro.rtha.rt rorrrr oI phrre 2 of v.il vill.!. tnn;TNIICE rlong !h. bouod.ry of ttrrm 2 of Viit viilqc Inn rhe fol.lovlq fivrcoir? ara i
I) xl0'11,0?" ! I dlrtrrcc of 52.98 lrcr:- 2) ft.rc. i!g'lO'OO" l, . di.tr^c. of !2.60 f.rt;!) ttrcncr io9'!O,qr" f I dtr3.rE. o( !O.OO tr.ra.' {) tr.nc. tEO'lOrOOr I . r[.r.nc. o! 16.60 t.!t IJ) !tE'c8 f,o9'3oroo" ! r dirrrrrr o! tto,ta hci ro e potrt 6 rh.rorlhcrtt t{ne of |rLt lor O rnd ,o|'h.rl7 riSht-ofrty lirr ofgluth tront rtc *rd of t4r.r.t.tc Highvry !b. ?0;
-!i.. TtlEtEE S79'46'OO" !..Lont tli. norrh.rlt linc of rrid Lat O.rd Futhrrlv!itht-of-rry !rnt of rIT,l grurh prooiric iloa -r ,rirra,rcr or lig. li icr.l., :i.iJrtherr!<rly cornet ,rf rrid t rf O: "
: Tlll:t{CE.,rnrinrriog S79'15'0e' E.,..,.t rh.| Dgrrh.rlt tinr of trirl ta.( t rrtttau(h€rly rirt5t-.rf-{t I inc ,rf rri.l grurh Frr !,rgc }Lt.d | .ti.!.r||;c of 44.!lf€ct tD the rurth$rr! cor,rr .rf rhrt tr.st ,rf trrrl d{.crib€d in ltol Uli rtP.tr 21i of rhr irrlicier of !h. E.tl. cnr|t|ry cl€rl n|rd lccJrd€t;illEti:f SoE'11'05n .. rl.rn1 thc G.r.rl , I ine t)f ir{ icol 2ll rt prsc 235E.&t . diirrn..c .rf 64.ES tr.€t t,r. print ci thr s:rtcrl!' lir!€ o( rnid tr.ct;ngrrc!. c.,'rt inui.rs .rl,rns rhr n:rrr:rly lin,, of r:ri.t trrct SJ0. ,3?" H rdirtrncr,.f 4(,41 fuer t.r r grior ur th€ q!.rsrly lir|e of.!id L.'l pi
T}lH|t.'E s(U'21'.](t" E tl,rnl thr r.qit..rlf li:rc ,rf r,ri4 l^r! p. dirt.ndo (rf 216.2![c€( !.' !l: P,]lrff Oi rr:CtltNtt{G.
.{LS{r l}t:.s( [r 8t:l) .\s:
w.rrl'xinirrr lrniri lttl ahr.,'rsh llIinclurivr, ZOI throu*h lO? inclu.iya, f0ltnrsu,th JOi ir. lgrir.. 401 (hr,r$gh 4{la irrrl{r.iv€, 501 tnrouth l(tl incluriy!,6ol rSrrqit' i')r rn.t,,!.v., Jrtd ,t)l rhrrsth t'(}8 in.lrritcr Vill.gc lnn plir^r
u.co.din4. t.r ..h,. U'r,trlrini,rn :Op rh{rcirf .cr'.rrdlid t5!€rb.f 19. 19t2. in lrot
t./.q .t Pt$r .!. rrrJ l; d<lir-yl r. tlr. Coriturit,ti.a Declrrtti.tr rcs,rrdtdll^,lig!brr 19. l9{lr irr Aarl L9 Jr pr(, l!, Countr uf FrElcr St.tc of Oolorrdo.
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,&/" ;';;- cqvnrrcl (' ErtDqrn3
,rr tlls C0nrEt.lUc! drrrd Jnly 9, lt!l, lr brrrreao v IL VIlJtcE:-.-i*.. t_Lolor.do corlo$r-lor ("WI-) rnd F I i, vrii iu.fjCiIls r^rrFzni9flt?, e €olorrtro i.ari.i piiro.ii,[r.e i"i r-i;l:----
r^Ecllrl,g
__,_ 1: _WI tl- ttr rrcoca eod brnrltclel oynrr of rhr rrrlE:o?.rq ("trrcrl I') .rtr.-s. tr iri-iorn-oI-vilt,-ciiiici-IiE tl.. sr.r. of Colorrdo, rtrch piicri-i'-ri-jrr irrtrcuieilyd.rcrtbed tn t.rrtlr'- r ric.cb.d il;a;; ;a';. I p.!G brrrof .
2, t t L tr thr rrcotd rnd bcncflctrl ourcr of rh. r.rl. prop.r:r ( "prrcrl trnt .r tnq.ir b ail--i*ri-;r- iiri. -crii'Iy'il'
FAfr,. Strcr of Colorrdo, -ntlctl.i'",
f
-ii"ti *r. prrttculrrlyarrcrlbrd ta trttbrr r ritrctriJ i.i.ii i,ia-irde r ierr hrrioii
-1. A root ('loot tt') of c burldtnj on percrl rr prcrcnclvgv?Tlfnsr and racrorcarr orrr ?rrcrl -i. --i ;;.i-i;i;o;' tE;-':"",bulldtrF on prrcrl I pnrrnrly oviitrenia ltrlt poirron or nooi irflrcaorchtnS ovrr Percil t. vfu aiil-irl-ro"ir"ot ro f t L rn.r..E nt for rhr mcrorcbroi or rooi-ir-o"3, iiriir_I. - -"
!, Vrhlculrr !.n3r^rtr ead tgrarr !o tha rrrLrtly rnd ofPrrccl II, vrhtculrr pirtlnf :;r-l;ii;.; iia ,.r,ri.i,";iii"i;"
$i:_il,li!!g'" !';:::.ii Jtu::-ri, liiiliri,f :; i";";il;
-i;:
.r..a.nr for rho conrlnu.d urr o! ruch prir.ic iigiili, -.lril"
rnd prrkt ng.
t. Urlllrr llutt nor renrlcln3 ptrcel I uy prrrtntly beroc.ccd tn parcrl tr rad uttliir-IG:.-;;-;.w1crnt prrccl IIluy prcrenttv br. locrtrd in perirl t. wt end r r I Oiiiii i,trart ro crch ochrr rrctprocrl ...cntr io conctaur to uii iuchprar.nt utll.tcy ltlct.
_ .6, ?o paralr unobrlauct.d pedcrtrlan rcc..r b.tueln perceiI rnd parccl iI. wI rna i-r-i-orir.ii-ii-i].ic !o ..ch oEhcrrrc!.procrl lr.ca.nEr for thr lngtrrr.-ajtitr rnd parargc ofprdrr::lrnr ofl, on.r rnd rcror r-prrci t
- t- ini parcil III- --
7, WI rad ! I L. dtrln Go lrrdt thc rbovr dcrcrlbcd..a.EnE] Dna.u.nt to lbr Erttr enil eoodlclonr ert ioiitr-fi rhfsConvryeocc' of lrreanatr.
.. ln:tlssltH
WI rrrd l -t L, for rod ia coatldrrttlon of th. r.clErl,t. G.hGcoav.trrtccr .&C cor.B.rta coatrlncd borrlnbelx rna octrii-ro6a-"-rad vr lurb t coar rdrrr s rm, rrr -iicr rei -.ii-liirili.iii-ir'iti.r,
rrr hrrrby r"t"rrylrdtrd. ai urrrui-iil;.-;; ;;i1;;!--/ v' 'x'L''
I
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I. _ . Wl dorr hrrrty mll ead coavry Eo ! t L .:gr:-1=ll. ! prrp.Br+r iucoc ichi-iii,oi-r...r-ni,, ) for nooftt 3o coB:l&r. te ovrttfa; |!d racroeeb ovrr ther poirion-of----lrrcrl I .. ar.crtb.d ta lrlltti c-iiii"[ii-r.r.:o rnd rr& rpc: hrrrof.
7, tt lpol B.|;rnt rhell ru rlrh rh. ltnd rad rbrll brrDtiatErc Bc tacel It. rocl_srri j iiinrili ;t Lrri ;Gi; ;;rll or eny posEtci or Hicrr-:r-ruti iuidiii".iry-Ei.n-iJi-.'-tleD€3tsr.t t8r.s.!c g tl. foo! fil-i.l.-'
3, WI hcrcby furthcr rgrccr rnd cov(n.nc! er follorrr:
(a, Norsl thr terrd top rnythtn3 contrtncd her.in to thecontr.rr. t,r thl esrnr ihet chr portton_of-ioJi-llocrcld ta c,nr loof zerroJnt rr irrriiriti-oi---tocelly.derrroTcd, rroovcd, -rcooiclea. -ilUuift o,raplrcrd tn eni uinnii-*rriiro.*,.r-i;;i.ai;;;-;r;^not llrlltcd to, ly.ftrc, ceruelty, or chc ieoovsl,rcrdrllug. rrbulidln3 or rcplecinr of tha.rrrrln! F-ltttdtng on ihrch nioi-i i"-ioiiica, rnerlgh-r of Wr to firvc Roof I ovcrhe"g iooi-ii,"ii-rhr Boof Ersanc rhrll iuiooeci""tiy i.rrii"ie-
"nd ryl--!!!"lI rpcctflcetty have no rightshrr.o.v.r ro hivr "ny polcio" or rrJ"uurtarocs- encrorr:h ovcr Roof I or the Roof Esscocni. --'.-
(b ) wl r\!ll, ar ell. tt!r.! - rher Ehe Roof EaseEcnr , stn cffec_E,snd.rr trs_60le cJrr and "*p""i"l-fi""i.rcprtr,rnd arlnteln Roof I tn go"j nii"i.-condicton end rrprtr.
(c) Wl rhell.ar rll tlEcs prevcnr 8noe rnd/o! t'atrE::.ffi,i::?tlr::h;l1ori, froa Rooi i.."ii ii.i.rr
(d) WI rhell lndrrrtfy. defcnd rnd hold ha::olatrF I L j::T: rgrtnrl'rnc-rtih-rcrpccc co eny cla1o,lor.. d.Tltc, -errcrtocnt, -juag.nror, colrt orcxpcnr€.- ( lnctudlnt .utrhour- t tit irliJn, -iiciinrUte
attorncy'r facg end cort! 6nd cxprnlar rllronablylilH::d.il ll:i;:ltfi '::..gitar::a;:'' ;;;:;;i;i
procc:drn6_or_ccEend, of rny ktid-oi-.iiiriiijrl.of or ln !n, E nncr ict"rf,ni or aErrtbu:tblr to orartelng out_of the r.cc irreE ir.or i ir-ii";;";" ".over Roof II r:1d chc noof iareoent.
II
ACCESS A.IID PANX INC E.AS E}TEHT
l. V"r'I, docr harcby trll and convcy ro F I L ! non-:::]y:1":, pcrpc.:u.t "...i.ni-ir.i' :rif,;'Ji Ji,,.n,,,Accccs andrr rK lrrt Ea!eOenE") ov.purpor;, "r pi""ririi';: iiiiii lii :HH:l l;5";l.l; ::i,!::,,"cu.roEC!r and tnvitcir . ,o.criy_-i[.i]Ji.i-plo"ra tng vchtculerrntrcrt and carcrr bcheccn vrr,f'norll-i.iorfi."r Va1l, Coloredc.Publ^1c rord. and :hc ,c. r.rly -io,riJii.r-
f iii"o r parcel II .nd,stxvohtcular D!rklnr ro."rr.upoir pr;;;l+.;;j;"Ir,. .o ruch ycrcarlvboundrry line, wlrh'rh? r1;1rrii;i-ir,i.-I*i!l Hey 31, 1997, or irruch Etae ihar F ! L o:.f!f r,r"".rroii-ol-iirrgn, no longer has.rny,.obLtgerlon ro. rny :f_.!rr, t."iii. ;; ;;;ply cuch vehtcutar
iiiiilLlii!i1; ;ll'i;[i,#:: ;i;ijir"ifl5;i::ii":;*i:r!:!.ktnr d.Itvcrl.. !o prrtrl'ii-.;i ;il;;';ici..lerrrne rhrll bcli.'l': i":'n!:i;li'.:":I s"! fr rt;;i';;d - ;:I"i.. .,rrr c ri. -rni ro'or rc nrlcc' ". r i I -
co
-plilii]liii ti: i:ir:: :":J:t r""i.iii ol t iiil'ill
.Fre!B end prrklnr rrc provldcd lr., -vfir-i"lilcr. tne rlght froot utr ro rlnr co drrtrnatr.rhe ociuei ;;;.;-;;.rucn Lntr!!! !:rd.Fr..r rcror! prrcet-l rna rhr-iiifif-iJlltiin or .uch prrktnr./.ont rhc verrcrly boundary ttn. of-i"iiii-ii. Noculrhrcendtiq.nyrntnr con!rtn.d hrrrrn io rb._;;"i;;;i; ;;; .i;-;;;il;;..;;l!.,IMII bc for rhr qclurtvr u.r of i i-i,,'li....n.n., .nd Ebelrrarpecclv! curtgsla |rrd tlgtf a...
2, flrr Accrrr end Frrltn! zuraent rherl run urrh th. landi:l-:h:il,b. rppqrr.Drnr ro r.rE.I-iil-r,l.i"Ii". . !r.n.f.! 6frCgrl rrrrr ro ell or .ny porrton or-i.icr'i ii rrrrll
;::fil:'i:::I":t:n, f .' "PruPorltonr!r lnt.r.rt ln the Acccrr end
.Wi hcrcby furrhar agrcca rnd covcn.nt! that 1r lhaLI:!,1.r.solc coe! roi.-erpcnrc cLen, ihvi'rnou and tc., repatr!nd. Erlntotn thr rordrri rrlr rniiudrJ-"ttifn thc rcceis-ria--Parktng Erseacnr rn 3ooi ;;e;;,-;;ililioi-ino rcpalr.
:: l: - l?:. -,1t5 !'H:!'. i:il.:'.:*":"I;::'iio' ll! .' l.ili:'";: "'o.intaln rha rrr' rrclurlvi ;.;IG;-r;;rr'i""iraia'"i;ii.-;;"
1::ur:_"19 Parktng Ear€E.nr'tn go6a iijii. -conartrnn and repatr,i.-"i:_1". rh!. lvcnr of terolnertoi o: tr"-ii"irs and parkin; .---'
::::i:li prlor.ro Hay 31, t9ff, rn.oiii ai-ir appu.s ro che sixexc:u!lve perki.nr lDeccs, F ['L 3haIl rri" or ,ii"io-"-ioirri.ii^dul.v and valtcly"vs;:etinc.ldj.iliii.iii=r""t pa:.. of rh" Acces3and Parklns Eastmenr.
"" ll'fl--
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REcIP;ocAL UTILITY E^SE,IENT5
:.. lrVI do.s hcreby rell and convcy ro F t L anon-excluslve. perp.turl !!rcoenr (chc ,;iricet t UEllrtvEascnenL") under. over. acrorr and rh;.";[-F;;c;r"i.iii.'tn.purpose of xidtntrlnlnq, rcpatrtng, repleEtng rnd uslng cxistlngfactll:ics pres€nrry jrovrhrn6 ;;'.6;i;i;;or"..r, ".l,"r,€Ieciricirv._naturei iar, cable celeiririon-and/or telephoneaervlces to parcel II.
2. - F S L does hereby tall and convey to WI anon-exclugive, pcrperual eareEenr fcn" ,,faicii II -U;iLfEy
sasenenr") under. ovcr. acrorr cnd. throuii-i"rcet II ior cl-cPurpcae of ::alnrr1n1nq, -repslrlnF, rrpteEtnl' and u!tng extsrirrR:i::l::l:: orasenrtl irovi.dlng oi r"piryinl-Hrrer. seeer,erecirlclry' naEurar. qas, crbie talelirion-and/or'reiefioneac!v1ce8 ro Pi.l:ceI l--
3. The parcel I Utill!y Eareoenr shr1l. run ulrh che llndanc shall be aDpurrenanc ro plrcii-ii. -ri"i'1r". d transfer ofIeBrl tlrle t.,'irlI or any porclon of i";;;l it ,t rtteulo''"rrc8IIv Erenr -'er a proportlonat" tnier"rr tn the parcel lu:1I1cy Easenenr I and rhe'p"icir-ii-uitiiii'i"r"""n.- shait run9ith the land and shali. bc appurtenrnt ro parccl I, such chat at:ansfer of. legat .itte ro .ii-;;-;;;'p;i.i"',1 or parcel I shaltiiiili;';:l|i"llln"" a proportlonal.' rntGr.sr rn tne parcel'ir
._,,,-l: V\rl and-F & L, heraby furrhcr .grce end covenan! relo I Iorrs :
(a) The- Porccl I and parccl II Ut!lity Easenenrs(collecttvrly rhc "uclltty e"iiiiirJ"-i-ll"n. nnrlrhr ro rlthrr prrry to 6onliiiii-ir'tiltarr ,rerfacllltler nor rb rnlrr3o crtrttn! fi"i'iirrearupplylnp urll!r1.s on ihc rdJolni"g fioi...ycovcrcd bI. th.tr r.!p6c!lv. aia"oenE,.ini urc.1??:1f1":Ilf ltatr.d to arlncarninc.'rifarrrns
"naustng cx1.tLnt faclllrtor.
(b) Notelch.randtnp tuvrhlng conr.lnrd hcreln to thccontr.ry, ln tbc cvrnt. ittnar prrr, itrouiasrrconttnu.. tor r partod of t'lx o6ncha or longer.lor :nl rrrro! v.hrcrocvrr, urtng i r"ciri.cyrupplytn3 uclllrtcr tnd-locetrd-on ttrc iJ;itfngprop.rty covor.d by rh.lr r.rp.cEivc i.iJu.nr,rh.n rh.tr rrrprcrivr .rrro.n[-ioi J.]-ii' ru.t,dtrcontlnucd firclltry .r,iir rrriii.illrii rr.dacocd ro hrvr tarutietca i"J-iJ ,r"-ii'ni t,rrti,.r
forct and_rffact rtth rcrp.cr to ruch frcllity thcurr of vhlch her bccn dtrtontlnqed for rhcrcqutrcd ;arlod. UDon ruch t.nalnacion. the Dartvhevtn3 dllconttnuad ruch urr rhrll filc of reiord'r docuacnc duly end velldly v.c.tlnt rndtonlnatln3 ruch prrt of itr ratpccilve ce,rcoenc.
(c) Norrtchrtrndtnt .nythlng cont4ln.d h.rar.n ro rh.cont!.rt, nelther p.rty ;n Bllnra!ntnt. re?alrtntor.replicing thc flctliciec Jupptrrtni-urfiiirer "
rrrd locrt.d on chc .djolnfng pibpirti covcrcd byrhctr r.rpccrtvc carcirnr. ;h;ll'be inrltled Eo'deoegc, raDvc or eltar eny lnprov:ncnt rhatsoeverlocrr.d on .uch edJotnLng lroperty other rhrn_ landrcepl,nt, rtdrrllkr eid'pr"tng. nhtch properryp.!nttEcd co be dauagcd, altered-or lnproved'shailbc r.rcor.d by ruch frrty. rt ltr aolc'co!: andrrp.l.., to ltr ortrtnrl condltlon es foundtaadlrtaly prtor t6 ruch orlntcnence, rcpelr orrrplaclspnt uork. It is thc lntent of thi oarttaehcraundcr thet tn thc Gvcnt of cr,cher perty'de!1rlnt !o conrrauct or lnrrrll nev ficilirles,cnlargr arlrting facllltler or vhere oalnEcnrnce.rcptlr or roplrctng of crlrclng faclllrteg '^roul dcrurc or rrqulra deangc, ranoval or altcraclon oflqplovamnEr locrcad on the rdJotnlng properrycovarrd by the!r r.rD.crlva calroent"(bchir chanar rpectflcally prov-idcd ebove for tendsceplngsldeselkr rnd pavlnt), thac ruch party derir{igsuch .clton vl!l conrtruct and lnilcali nesfaclllrl,at plovtdlnt ruch deslred r,rrtll tiesentirely upon trr orn propc;ty and not uithtn cheadJolntng piopci!y covirci by- 1rs :especElveeaseoent and;tli further dtscon!lnue 1tc uae ofsuch rcpleccd frctl!ry on thc ldjoinlng properr.rcovered by 1tr rcrpcctivc ttrcoent and-t!rrninati!uch easetrent ratth re6pecc co che dlsconcinued ueear provlded for tn rublarrg,rsph 4(b) tncredlacelv
a bove .
lv
. RECIPROCAL FEDESTR;AN EASE}IENT
1. Wl cioer hcrcby rcll end convry Eo F I L Inon-ltclurlvc, oerparurl llrrucnt (rhc "hrrccl I pcdcrtrlansttaDant") ov?r, rcrorr. rnd rhrough tll arerr of pnrcal I noy orhrrreflcr rartntalned for pcdcrrrlri velkvryr for the puipori of-provtdlng tc F A L. lcr tinencr, lnd th. ir' rc.p.c E:.ve cuigonerl_ -rnd lnvtEec! unobEtructad padertrlrn eccear bctrr:cn parccl lI and -
Perca I I .
Z, F & L doe. hrreby rell rnd conv.y to WI a non-rrclurlvc, prrperutl trreoint (thr'.percrl' Ii padcrcrlrn
E"ra.E nt") ov.r. acroar end through ell rrcrr of percel Il non urhrruf trr G.tnlrln.d for prdarrrtin relkrryr for rn--purto..-of--provldlnt ro wI, lr! t.nant., rnd Bh.tr rirpecrlvc cirrrborrr andlnvtE,aaa unobrtructad rcccrr brcvrrn prrccl i end parccl lI.
3. Thr Percrl I P.d.lrrtrn Errrannt rhell run strh rhclrnd rnd rhell br .ppurr.n.nt !o prrca! II, ruch that I trrnsferor r.lrr tltt. to.II or rnt porrton of prrcrl lI thetlauEolartcrllt ir.nrf.r e prbpbrc!,oner. lnrrar.t ln chr parcel Il.Caatrlrn Elrrornr r rnd cbr Perccl II Eerrorns rh.ll run elrhtha l!!d.nd rh.ll br rppurernrn! co prrcrl l, ruch rh.r.Er.nrfrr of-[r3rl tlrh-io ell or lny porrton'of parcct t rheilluG!:actcaily tarnrfrr I paoportlonata lnccr.rc tn tha perccl IIPadrrtrtrn Eircornr.
1.. W:
fo I lorr :
8Pply
(8)
(b)
(c)
rnd F I L hcrcby further rgre. rnd, covcnrnt a!
Nrlthar percy rhell con.rruct, Ellnt.ln nor Derrrttsnc contlrucElon tnd/or ulnEentnca of .rnvParornrnt brrrlcedor befe.en thalr rcluec'tlvelvorncd percelr cxccpt 6r o"v ur tiorpoi;;ii;- -
requtrcd durtng p.rtodr of con3truction, iepa!r ortittnLentnce -
!;rh,Rar:v shail. ar 1!s 3ole co!r and expense,crean. tucap-, reoove rnou end lce, pr!.,,de
fo:qua:g llgh:1n9, reprlr and natntiln thePcccrCrtan relkvtyr locrted in 1ts rcapcciiver.vovnec parcel ln gboc order, conJiir;;-;;;-;;;o.r.
In.tha.Gvent clther prrty fallt to kecp rnd:!11trtT EhG pcd"rr.r.irn i,rttvil,r-io.ii!l-.i rt"rttPccttv.ly wncd percel tn rira conJiiio" -
r.qurrcc rbov.. thc oth.r-prrty Eay, upon 30 daysPrlor erlrrcn norlce, p.r flrr, -inv -i;"11-.;;,k - '
n3caarary go ctura tuch defrultlnt pertv,rpace.tr:,rn relkueys co be pleccd In' rhe' condr f ton
1c9u15c{ ebovc, aird, 1n ruth .u."i,' "u"r,--"-^cotrulttng perry rhell rclobu.-te Ehc parcvPc:tortrlnt-ruch sork for all rcrronebie coc:srncurrad etth rltpecC to thc rjork donc on Eheocreultlng prr:y'B pcdcrcrlan vrikrrayg. tJlrhrnltrcrt rC tha ratr of ld.0 pcrclnc Der annun
:199.tn" dat. pr)'rlenE for guch uork uas mcde rrn!iIreltrburrcEcn: l! recelveC.
. CE}TERAL IROVIS IONS
vvt ano
to a I I 5,',.1.'!li!,,j::: ;::"f:l'f,:::tnl'ou"'ons sharr
]. Each provtalon of thlr Conveyance of E&!enen!5 andaFr"enent, pronlre, covGnrnt ena-unaerieiiig- to cooplv rrtli-oactprovl!1on of chis Convgys66l "l e"r"einig. '!"a any-|"t.."-"rV---..f]!!prron or :,-e!?rvrctoir or grrni of-i-iiii, -.r.rr., rrrhr or::::I::: rc.Gf -!crurEs rny piovtrlon ;i-;hir-c;;;:i.iil.'ii".L...o.ncs: (!) rhall be decocd tncorpoiaiiJ-tn eecfr diid or otfrcrtnrrru$cnc by vhtch any-rtshr, ;i;i;';;-i;i.l.r. rn tny po=riono{ PrrccI I or parcel it ii-ii""iia; ;:ri;.;'r, convryed. uhe:heror nor ser forrh cr raferreC-to ir;";h;;;J or other lnrrrunent:J_111_:f:1i, by vtrruc of rccapcrncr of anv righc. ttrte or:.nr.rerc !n anv oorrton of.priccl i ;; F;rc;i-lf -by-an-ofrer
chcr.of, be aeioid ."".ot.a.-iiiiri.i, i,iiplid and dcclereci as apcraonal covenanE of ruch orne, rnd, ar r peroonel covanantl:!:ll _!:_bil,[ng on cuch "*,"i-"-l-rii]'r.,.lii, pcrronetrcpr"!enEertveB, ruccrrro!r, errl.gnrl .;;;-;hrlI-6;"li.o"a u!:-l"g!:l.covcn.nr to, rlrh ina io?-ir,"-l'i,i.ii'. or cech onncr ofrny pcrrton of prrccr I or perccl tii-..a-'iiirl chati bi ;;;.;; "r..I_covcnrnt ,b:, th! p.rElcs hcreco,'foi-tiiirefves, th€1r I.ucc. !ror! rnd erc tcnr,
__.n-d_ !J.n an .q,ri c"bi;'-;;;;i id;, .;.,*1,
ln.!ch crrr, rs r Surdcn rlch and updn rhe i1rl. to each andcv.!y PcreLcn of Iarccl I and prrcel'ii. '- -'
- 2' ..9ech provlelon of thlE convcyanee of Easemcncs ahall bernlorccrbl,r.by in ounrr of.eny portlon of parcel I or prrcel IIoy.r p';ocrrd(ng for e prohrbritirc ;;-;;;.;;;i ln1uncrron or by a.srt oa rcrlon ro rrcc,vcr g.Fsg.. Ii ";;;;-irocc.o1nt. rreuutlBut.d ln connrc!lon vtrh Etri'.rlr,ri-Ji-"irrorcco.nr rndrcdt.. provld.d ln !ht, c;";tin;;';;-2ii.iln... chc pr.vsr.Irnrprrfy rhtll b. .ntttl.d to r.cov.r ttr corrr ino .rp.nr.. .-com.ctlon rh.r.rtrh, includtng ii"ion"ii.-"r;;;:;f;";::r.
'i,lTlll' rHll'll;lH, !lHl"'".of krecncr 1,. .r.cutad
i?il vtltlcE tt{lt. IUC., r
Co lorrdo corpoE.tloo
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ralldcnt
PAITIIERSHIP. r Colorrdo
(sut)
S?ATE 0F COI,()n.ADo
COI'NTY OF FACLE
a3
qe I;6TTetI'
fotrgo lng
"iirrt#n
lnrtrulan!!. Bhlrir Prrr ldlnc
rrr rchowlcdtrd btforrI9El by Jorcf-Slrufcr.nc. , r Colorrdo corporetlon,
WlEnGrr ey hend rud offlclil rcel.
lly co|llt3s lon erplrer: L-Z-n
STATE OF COLOR.,{DO
coultTY Oc EtcLE
prrtncrahtp.
llllncEr oy hrnd and offtclel rerl,
!{y coott r lon cxplrer: L.?- tt.
Acdrrrr tp3J t fu)l ,kt tAO-t<tL,A. Oa gOZOf
vrr. acknoslcdgcd before oc thtcrr!. Dy Jane! C, Fler,ro, ar Ccneralrrrtncrrhlp , a Colorado gencrrl
ll
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l6ifli5tdh.l r ltlFILVAILVILI^CE
ECn.Jir+ p.rEn. rlhlp
otng ln! ttua€nt
o lrlrlrn r
t
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lf,[.!";1.3;'ll'lj:3'.]:*.Y''r"r!.' ?rt!G Frrrnr, .,ccordrrr :o rhc
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pril;;i";;;:";.ff h'il3111 ll;.3lll,-trotr'.-iriici' "i-ih;;:l;
(-t drr fotlovlal thslc posrloor of rrtd Lotr ti lnd o:
\--516.. Forrlon! o! ratd lpt: i and o.lorcrlb.d ln B,rok 21n -' D-.-_- =.. -/ ot lha ctcrt's rceoi,lr n SooL 2lo rt PoEr i56 \,'r..1:'
d Z. n.t porrtoo of ..lj f:j-l^- ar.vnhsr tnn prx.,i,, a Cood<,ntnlua. r,..1,.//-'nttt
lr drtcrtbrd uDd.s Lccprton no. eriiii'rn'trr* crcrk,r necords. 'i. I
\N3. Tt.r Do?rtoo of rald Lot O dlrcllbcd ar follovr:
I :!l:it"t rr . potnr oc.fh. rourh boundarv of e;rtrt,Lot n ehcnce .h,.t :il'Hii:l:;":J"':J^'. t,c o b..r! . ;,;r;;;;;;
r05.:e r,.cri rar rso.li'l-'l.'"e ."ii,'."in'i,ll, ?,1';tX,l;;l;.1s!'nrL; tr'.,nce. hrvtnF a rrdru,'or ;iirl'i,l"i]"I'.lli,li"^ii,l:i.;;";;,!l: i;j." .n,,,.,vhlch hc^rr s gc't9'aOl .l !:l.rrt r."i i"-.i'.^.i";.y{.\r..nrn.r,ri anrd fl;:'!',:::i":^:j;;**'l:.:::::rv rtrr.' oi -.ia-r."i o { \,'2r'oon !r . ^'-i 'J(e.* rlct; ,rrcnce * ii:ii:li:: i ii:ii i::l; :Hff:: I :;:li',;:.:. i ;,-,"
l25. jc fr!. !o rl,. y.r!Grty.r,"una..r"-ir'iiii.;;.;r" rr.1rn rccordtnr ttrthe rnnn rltc:-col rccord.d uo,tcr Rrceprton.i..-iiri i :rr(.n.. the t,,lluvtD,.threc co,,rr,FF .1t,.!rr .rtd-:c:lorry r,ouii,,rv,'rii', ,,9.in,,,u,, , 12.54f.cr; (:t { r.r-tu'00tr e rz.no r"1,,-iii"i'io:ii,ir..* r-,.0, fnct rn rhclill'.lt' llll'tri ntrr contrtn t t'A zc. iod-"r'",.. i"". .,. n. orn n"r.,,
^ret.attTIoiof
PARTi al I'ACAT| Ott ot EAS E{!!l?
I
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.lFc:.ArlTlnI d.rrd !ulr t. 19f1, tt ortcutrd bvl.A1:, IAk]]ll'l(Hif , . Colar.d,, laierll prrtn.rrhlp
Ftac I TAt.s
i. ev |.ti||t nl ihat ...rrtln C^n!rtanca of Fartnrrntr (thrr'(.,).\.,....rq.
'''r ,lar ett trrrv q, !{16(, .na ,nlniJrd rrrlv 10, iqlq.'ir,.
I -:l . 1.,-l: trle hn I .,,{ r hr r". !. prr'p.ri, recor,tr ,,f Zi3i,i,)\rr rr, ' o1,,,r.d., I t L rr\rlvcdr .rxrnt r t otha! ,ar?iantt and.rhtr 'r,n. \',rt' \'tlirr. lnn. lnr.. r Colortdo .orDorat ton. 'W: ',, r ( rrrn,r'r "A.-cc.rr end prrl,tnl hi, .nr... .l-i]iiira r^Sr.. t I.'t, .i th.. C!.nvFr.tncr.
'. itr, "A, . rrr rnd p.rl tnt .!ertrnt.. rald end -onvtyrd toi \ r . 6p,.rlr.,t ,,rirrr .ri.tnrntr tid rtShtr, ' p.rpatu.l rrrilrntrt,r rl1l,t -,rf vev,,v.r, rr.ro.r rnd rhrEsfh'lrri.I' I ioioslili-"-: srrr ". r'' \vr rnr! n.'rp prrcrculnrry drrciibtJ- ii-cr,.'["i]iii..l.'',' .r,, ,, rDr.r.{ ,,t Ftsvldlnt to F I L. tt. tanantr end efittrir' tr.'.'i\.r' c'rr?otr?r|| rnd lnvltrrr r rordrey tha?ru9on ptovldlnr
1,p1 j;rrt^r InrrFrr rn{l "l?rrr b.fu..n,V.ll lotd. r -f;';a'i;ii:
r-.ir.r,r,t' r,'t,l1g s..u,1, rnd the,rrtrrly-iouiiiii itiJ-if-i.iiii.frr;'r, r),.r'\ ,1,,,.,t h, F A i. rnd otrri prritculrrly.drrcrlbrd in itrr--.-.,,1.,rv.',,, ' , .,n(j rtr vrlrtculrr prrrinf -iiiiil-ireon il;a;i i' -"-nd;.r.nr r, rr,1 | r"r..r:y boundrry lInr, rtrh ih. tfiiiieioo ttrrtrfrrr !r",'' rr. recr, ,'r ei .u.tt iiir-iiiii i'i"r or r!r .ucc.rrorr,rr ,'r trnr n,. l,,rrrrr nrr eny. oul tgrtlon-ti .r.i oi iiiti];;;;;-.,'''rr,r'r \ .u( t vchIr.rrter perttn3 Jpecrr, y+riifiriir-iIiit-olciiiI,rrrcF Inyr.'rr rnd rr:,rr. ehrl I bii lirtiiy'loi-iii, purpo..'oi- --- -'
rtrl r''v errd rrrvrr:e vehlclii ..ttii-ilriilri;r i;-ti;;.i-tt rnatl,rt .rrr.h J,rrt lne rhrlI.he llatr.C io pio"ii--oal, ,or d.llv.!,.,rri(' rrr't(r \..h1{. lr.r rn,t fcr ruch ttnr'p.riiar rr. ruch vrhlciri!rr ., rr,,r rlv rl'al tnr. dr. lrvcrl.r or rrrvtte "riir ro iaia.i ii.--
I. t i I eTrr.rd .rn thr Convryrnca th.! ln th. avan? lhrtrt',. t..,,rF' ',r,'.rnv nbttrrr,)n t. iii-"t-lii rrnrn!a to rut Dlyl,ll._.,: ,..1.',,,irr ;,.rl.rn1 rprcr tr youtd ff ii"oi'iriiri-I",1!i r'.rhr,, , ,l,rr\ nr,, va. ir y v.crrtnl rnd trrnlnritni ruci-piri ofll.,'A I l,r, ln|i l:rrr..fil|nt.
. I I I, rr,. lr,nrer a".. lnr.obllSttton ro rny o! ltrll'"..'l' . " ',r i" ',( r' '. lr v.htcuI.r ;i;it;l rp.crr .nd d.rtrl
i , , ;:.,' , . !n trrt. rh, Acccrr rnd prrltn|
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_--_- fHlS DECIIRAtION lr aadr chtr 2nd day of Fcbruery, I98E, byvAlL vrt.t AcE rNN, rNC., r a;io;;j; corpo.irio"- i;.oicilirnt,,l.
DECIARATION
ot'
EASEI.IENTS AND RIGHTSI
RECITALS
l. Drclerant b thr racord and bancfJ.clrl oyner of therarl prop.rEy- (Eh. rrpropcrty,r) rlcuat. ln thr Toyn of VatlCountt of Eeglo, 8tecc bf Golorado. whtch propcrty ir grorcPrtClculrly drrcrlbrd tn Exhlbtt A rtErchcd hcrclo and ua
Err_r^prot.!Ey-(Eh! "ptoparty,-.) rlcuat. ln thr Toun of Vatl,Countt of Eeglo, 8tecc bf Golorado. whtch propcrty ir grorcPrtClculrly drrcrlbrd tn Exhlbtr A rtErchcd hcrclo and aaC
r.rl pro
prrc hrrrof.lbtt A atsachcd hcrcto and sadc e
o
-?, Torn of Vatl Ordtnencc No. 7, Scrlcr of 1976,trtabllrhrd Sprctrl Davrlopnini -oiiirri t- C
- i;ioei I
-ioi' trrr
PurPorr of enrurlng rhr uniflcd and coordinaccd dcvclopnenr rnd9f. ql. thr Proprrcy end-ochcr conrlguou! propcrcy prcviourlyonrd Dy Drelrranc. sD6 rccoSnlzcd-and airrtirpatci tnag ttriProprrty covrrrd thcreby uoulil be dcvclopcd ln'Dhrrrr. etch rlIv.hlculrr prrktnt rcqutrrd for chc SD6 d'cvclopoine co-bccontrlnad ln phrtcr dcnoolnrtcd er ',ph!aa III|,. "phalc IV', andPhtta V'r.
3- Thr Proporty conrl.r!. of Pharc IV snd phrro V, rhtchfhrrr V 1l oorr plrtlcullrly dctcrlbcd ln Exhtbtg B estachcdhrrrto-end ordr r_prrc hrrsbf and ylch phaac IV bclng thcrrsetndrr o! chr Pioprrtt.
^- a, -. Dcclorrnt ha. conrtructcd on phaac V thc proJacc (chr
'?roJactrrl knorn er VlIlegc Inn Plrza-Phesc V Condoiiniunr enahrr r.quartcd rpproval of rhc Toun of Vatl of r rubdlvlrlor, ofth. Proprrtt ro thrt Pherr V yill bs lcgally teperrtcd froo pharrIV. -Ar lharr V, rhrn conrtdcrcd er ! lrparrtr paopcrtyr docr nogtqtrllt provldr for vchtculrr parkln3 foi orneri (th. t'o$ncr..,)
of tha rerldlntkl end couocrcial condmtnluo un!,tr ln Phacr V,Drclrrrnt dcrtrrr to trrnt Go thc Orrnerr ccrcrln rlShtt to u.GChr vrhlculrr perklnt tprccr provided ln Pharr IV. -
t. Vchlcular lnnrcrr rnd crresr Eo che norchly rldc ofParccl V end vchtculer-perktng foi deltvcry and rcrvicc vchlclcrrla PnatnElt provldod ovcr, acrori and upon r porBlon of PrrcclIY. Drclrrant drrlrcr to trrnt t hc Otrirerc air carcncnc for thrcgnttnutd urc of tuch prcrEnt lnt r, cgre!! and vchiculrrperhln3.
6. UEtllcy ltncr now rervlclnr Parccl IV oay Drclently bolocrsod ln Perccl V rnd urtllcy ltnei noy rcrvlcln!, Farcel V-netpr.f.ntly br locetcd ln Parccl-IV. Dcclarans dcrticr to trrnrrnd rrrGrvr rcciprocal cercoenlr to cgnllnuG Ch. urc of ruch
PrctenC utlllty llncr.
o
vilm
I
?._. To prmtt.unobrtructed pcdcrcrtan rccG!! bscrrccn phercIY-t$ Pherr 9,-Dcclarant a;;i;;!';;'trlnc and rcrervc rccrprocat.rr.$rncr tor rhr tngrorr, qg.r.r- ina'piir"i;-"i-;;;;;Er1rn! on,ovtr rnd rcrorr phul rv ina-i[irc-v-.
. t. Trrrh collactton rnd rcnoval rcceptrcl.r ars prcrcnrlylocrsrd on phrrr tv. _Thrrr-;;.-F;;;;;cit-#-;;;'rliip,c"er..locrtrd on pherr v. D.ar!;r;;-d: ii; co trlnr ro 3hc onrcrrcrrSrln rljhtr tc ur. chr crirh-r.c-lcrcioi-iijcriia-oi itrrrc rv
. --9. Ap outdsor -rrlaurtng I rnd rclctcd dock rrta(colhctl,vrlv crlrrd hrrrtn Eri rlilarnt-foor,'l-ii.-iil.cnrtylocotrd on Pharr rv. Daai;tiiii u.iiitr E.' grrn. ro ccrtern ofthr omrrr - crrrrtn rrgtr t - - ir,-uJ. -i[. -
r rtoulig pooi -
ena- ic re ccrldrch rrre locacrd on ftriir-iv.-- -"-
_J_: lO.- Drclurnt dcr,lr.r to trrnc thr ebovc C .rcrtbcd
ill!f,.li.dll ;::|;:.1il,1i. t i rhe lcrur and conariionr eec
!..LAMTION
- -_ Deetrrans doer hrrrby nakr, publlrh rnd dcclarc cha. Bh.-lollc1n3 carilr , covcnenti, condlttonrr _ .r.egrantr, rr.trlcEion.,ut.t, r.rrrvrrlonrr -lluirrclonr rnd ohiigarloni itrrii-il dicoia'to 1qn rtrh tbr lend, rhall br a burc n ind e Ucnliii ioDrclerrnt, ltr rucccirorr-ito-rr:-.6i, and_any !on or Gnrlt),rc.qulrtng or_ovnlng rn lnrcrclr tn-rhi rcar-fi -l--alicrrura tnExhlblc A rnd rtt 6thcr rcat prop-riy. whrch ir .coair ruuje-ito ghtr Docl*atlon anl ioprovcoinrr'burit ctrir=on,-if,i'Irtrtnclrr' trucclr!orr' hctr-r personrl rcprelcntrEiver, dcvlrccoor rrrlgnr.
I
SD6 PARKIIIG RIGHTS
t. Upon trperatlon rnd rubdivlrlon o! phsrc V froo chrrty' lny vchtcular parklnr. Ln eddltlon to thrr aontr{nrProprrtyr eiy vchicular parklng, in addltton to thrr conratned tnPhrrr III end Pharc V. riqutrcii'to rrrlaf'r rhr roral iirk{nrPhrrr III end Pharc V, riqutrcE-to rrclafv rnc roiii piitr""rrqutrrnane of thr SD5 dcvr'.ooucnt olen rhall bc tnclld.j r;rrqulrrnant of thr sD_6- dcv.'.opucnt plan rtrafr ui-l.nct[i.-d--if,
!9'icl9gngni. pirn--ior-it'iii-fl,i_iiiJ"'i""r'-i-i;; 1 ; iiiunriica coforn of Vall-for ltt approval.
thc
chc
- 2, In accordanca rlth tho agreeocnt chat auch eddltlonalparklng rr DaI be rcqulrcd purruani ro paragraph I ibove vt Il
!l9Y16o tor Ch. parklng r-cqutreuentr of phaec V, Dcclaranc hcrebygrtnEt tnd convcy! to clch Ouner, 1Cr Ccnants end thclrrc.lpoctlv. cu-ltoaerr and lnvltccl, Ehe rltht to uae tuchvchl,eular parklng splcG! on Pharc IV undei che ternr andconclltlona aa rrr rearor,ebly ccEabllahcd by thc owner of phaac rvlncludtng..ylthout_11nltatt6n, rhc rtghc c6 charge a fci foi-itriurr of ruch vehtcular parktnE lpaccll-provlded, f,ouever, rhac
l__
oFI'x
tuch t.raa End condltlonr rhrll not dlcrlnl.natc egeinrr Bheotmrrrr thrlr trnrntr or thrlr rirtecrtvc currosreri and lnvttcer.
. l.-- Thr rtghtr granlrd hcrctnab<,vr rhall run wl,rh ths lendfno rhrll_Da appurtrnrnt io Parcal V, ruch rhat r granafcr of
l!!_rl-!111. to rll.or rny.porElon of'larccl V rhall aurooacteallyCtrntlrt f proportlonetc tnucrcrt tn ruch rlghtr.
II
, ACCESS AND PARKINC EASEI{ENT
.i l.- Drclrrrnt hcrcby trlntr and convcyr to rrch Owncr rnon.rrcluttvr, parpatull ralcecnt rnd rlcht-of way (thc r,Acccar
rnd Prrklng Err-nent")_-ovcr, rcro!! and Ehrough piriel IV, forCh. purpotrr of grovldl,ng to cech Orncr, itt icnanrr and ihctrtarprcgtva-cu!-cso.rr rnd -lnvltrlrr (i) I vchtcular parklng rraa
lPon Prrcrl -lV locrttd_rdJaccnr-Eo chc vrhlcular paik!,ng arcrlocet.d on th. north.rly ltdr of parccl V rnd ro bc ghor*n er a
lLordl,n3 tont'r on thr C'ondoElntrn l,lap lrhc "Map,,) of-ittc-fio5ccr,
Co br rtcordrd ln thr rrrl propcrEy iccordr ln-chc Offtcr of-chc-Glrrk rnd Rrcordrr of Eagh'Coirnry, Co1orado, co proviOc tnoonJuncClon rlch ruch dcitsnrtod Loadlnl Zonc en idcourcc parklnrertr (coll.cttv.ly chr "Paiktn! Arra") Eqr dcltvcry dnd rchrtcr -
vrhlcl-rr arklng diltvtrlcr or irrvtcr erllr to rnd-plcl-upr rr,lhrrr V-, _rtEh parhtr.g Chrrron lloltcd ro ruch rtur bcrlodi rrruch vrhlclcr Lrr acEurlly aaktnt dcllvsrlcr or rcrttce crll. ro
,'or- pl,ck-up! rt Phrr. V, rid (l!)-r roedway Gh.rcupon Drovldln!vahtculrr lngrrrr end rgrorr frqo Va!,l Roid, r Toim of Vrtl, -
Colorrd9, publtc road, to th. Ptrklng Arce end Chr thrcr parklngtPrc.a -Iocrtrd on th. northcrlt rldc of Parccl V, co bt rhosr erltutcrd cqEron al.Ernt psrklng-.pacc! on chc Map. So long rrruch lngrrrr end rtarrr and pirklnt rrr provlded for, Dcclarentrarrrv.r Chr rlghC frou ttuc- to ttrD. to iletlgnar. Ghr rcEuelaouta of ruch lnSrcrr rnd r8rcgt rcror! Parcel IV and thc rcturllocrtlon ol ruch-prrktng al6ng Eh. norcherly boundary ll.nc ofPrrcrl V. Notwl,thrtandlng enlchtng contatnld hcrcl.nirbov. co chccontrrr]rr ln thr .vGnE thrt r loedlng zonc 1r provldcd tn thrlugurr for ell ol SD6 end lr rvrllablc for rha urc of thr Ourcrr,Chrrr rhell br no furthrr rcqulreEcnc to provtdr thG vehlcul8rperklng rrrr rcgutrcd hcrclnibovr.
2, Drclerant, rr thr orncr of Phacc tV, rhall at ltr rotccort rnd arpanlr clcrn, rcoova rnor rnd lcc, rcpalr and aatnce!.nthr roedray end parklng arcer trrcluded rtchln thc Acccar and
Prrhtn3 Eercoonc- ln good orderr condltton and rcpatr.
3. Thr Acc, rnd ParLtng Earcocnt rhall run rtth thc landrnd rhall br appu nC co Prrcel V, ruch thac t Erenrfer oflotal tlGlr to al lny portion of Parcel V rhall autouatlcally
taanrfca I proposE ..cc lntercrt ln th. Acccer and ParktngErrournt.
III
IECIPROCAL UTILITY EASEMENTS
l:r...?1,:1.:lll^[t:uy srrntr rnd esnvrTr ro rech Ontr eUtlltry*?l:!I:Iff tv._r, prrp rini i - i";;;ii i'it.' ;ili{ h' iv:*::::.: l gfu ii, :yi!i
-.iiill-lia - iiii",lf, ';#": i IV for rhcH:lii!,:l r:lt:tltl':i"*irii,:il-:ii$;:'f:ili_' ; i"i"I*lli,"s
ii$iiiltlr::ililill E:il'3trr.,t.i!siiiil;":ii:: ;.ii*il".;ffi::l'll'rlilli'i. ser' cab
'n.' 2.' :l Dtclrrrnt.doar..hcrrby rcrcrvr r non-erclurlvc,prrTrtuel rrrfEGnr ttrrr-fiicll v-uiiritl iiiqrl.iii-ria.r, o".r,lcror. rnd rhrouqh_ierccl-n-i;; irl-purpor..of natntarnrng,
Ifi iiri:itii. il*iiitt;5;iii;::*li*:ii,:i'ii i;f :,iqi$Eir",'' ., ',t,.
. ..1. Tha Percc-l lV-end perccl V Urtltty Earencntt(colhcttvrlv thr "0turiy-rirlilnci',i -i;i;f,";-;;;.-ior r.".*.
lii,iitli,'*;'r.p$i:1,:;":lilit ;i.ilii:iiId;;iiliitl.lii...,
:t3.l:;; :'i'''i'.::',;;,l iiililti;iift :i. ;s"tr t"iili*iiuff itii:,'d urlng rrltctn3
l. nohrlthlrandlng anythlng concatn.d hcretn to EhG
iiiiiiiil 1fl.'il!il':i"I:$i'il";"*llll*:'.:iiil:lHu;:. .n.
;ii!iili'.3':ti:;{,":Hff: li :l:i: *F*;:;i"jfi:riil"j*iii.locrtrd on ruch iajotnr,ng-piop-iiy-oir,ir rfran rano-gci;ing,
iilgiill,'ll,l*ll'rnrll"b.'i:ni:i.;i;"ii:i.;$.i:
-iFii:.;
",.eots ano rrplnlr' to ltr ortgtnal condltlon ea'fouiri lmediaiellprtot Eo ruch aelnEcnancc, rEparr or rcglaceai"i *oirl-tt tr r6cI'nc.nt o! Drclarant rhrt in rhs cvcnr of any p.rron or cnt1-t ----
drrlrtnr !o conrtrucr or r.nrErrr nir-ri"ti-iit[",-lilriigl, eriittngfrcllltlor or yhrro. nelntenanc", iii"ii-;i-;;;i;"i;i;t' cxletrn!-feclllttcr rould-caurr -or requtia dinage, rcobval oi altcraclon
:l_llpl9y?orl9r tocrBcd on-rh-e adJotnlng propcrEy ccvered byEnera rGlpcctlv! celencDt (other rhan ai ipeltfiLally provliedrDovr lor rrnalrcrDlng, ridcwarkr and pavln!), -thar rirch pereon ortntlll dcrtrlng rirch-ictlon wtii conelr.rct-ina-i"iciit-..,taclrlBlc. provldtng- auch- dcslred utillttcr enttrely upon lte ownrygtll:f lnd nor rtchtn rhc_adJotnlng property coveied'by trer.lp.cttvc .!rcncnE end vlll furcher dlccontinue ltr urc-of ruchrcpttc.d trcUlty on thc adJotnlng property covered by ire
!f!p!!trvr- carcDenE and tcrmlnarc aueh caeboenr wlrh ieepecc toBna dlrcontlnucd uao by flltng of record l docuoent duly'andvelldly-vacetlng rnd tirornaring ruch p.ri oi-r.ti--i*i["i'cr".aatSncnB.
e . l.-_ Thr Parcal Mclllty Earcnent ahall run rtth rhc land
iii:!l!il rl' J'tii':i:ii,I;::ml"i;lii:l JFl,l, l;ili:i* j.,,,
S::11!!: r_proport-tonrt. tirtcrcit ln crrc rirc.i--iv-u[riiryErr'trcntr rnd th. Prrccl v uttltty Eaeenent rhall run ir.sh therrnd end rhrll be rppurrrnant io-fuicii-iit. Iii"fr-tiii i-tr"nrr.r9_f-l.gfl ttclr ro ell or rny portton-of parccl IV ghgltlutoartlcrlly tranrfar r pr6pbrtionit. ,.nErrc!r 1n rhe parccl VUttllty Eeaciant.
. :.,: RECIPRoCAL TEDESTkIAN EASEMENT
l.- 'Drclarrnt hrrcby trrnEr rriJ convcyr to cach orrner rnon'.rclurtvr, prrprrual iailolni iiie-'iiaiicr-iv-rl]crtrranErrcncnr') ovir, elrorr.-ena-itriJuii-au ;;;;; ;i iiicir rv now.or hr8Cattcr uaintarncd for unrncl6rcd pcacrriten rair"iyi riri'th. purporr of provrarnc-io ;;;ii-o;;r,' rii-iiniiiri-"no' rncrr'rctPtcElva cu!toEarr-3nd lnvlcccl, unoblEructcd pcdcetrlrn rccarrbcttrlcn Prrccl IV and prrccl V. -' -
' " 2. Dcclarant b.-I.!y-rGlcnrcr I non-cxclurlvo, pcrpccualaatclrcnt (thr "Parccl v ptdcrtrlan Ealcocnt,') ovir,'a'ciorr andthrough r11 ararr of parcat i-nor--oi-i.gi"iirlr-"iiitiin.c rotll:T!l?!:d pcdc!rrtrn walkwayr-for chs purpo!r of provldlng toD.crlrrntr lEr t.nrntr rnd thrlr rcrpcctlvi curcoolrr rnd -lnvltrrr, unobrtrucrcd rccrel uidtii-iiicit-ii-rna-Failrr v.
_-_,1. No pcrron-or cnctty, rl.all conrtruct. Drl,ntrln or
PlqTll on.rly uncnclorrd pcd-rtrten ualkwayr rhr conrsnrcclonrnc/or Erlntcnancc of eny pcrDrncnt'brrrtcldcr bcBvcen pherr rvlld-llt:: Y-?lg.p. er.ney 6r tcnpoie;iit-;;q;irca-a"i'i"i piiroargE contCructlon. rcpatr or ualnBcnanct.
_ l. lach pcrron or rntttt ahe1l, rG !.Bt tok cotc end
!TP.rn!a, clrrnr tra.p, raEova rnou rnd lc.. Drovldr rdcouattrlthtlntr rrprlr end oetnceln thr unonclorid- Dcdcrtrtan vrlkueyrlocrt.d oR ltr rrrprcttvrly ouncd parccl 1n gbod ordar, condl,rionend rrprtr. '
5. In thr av.nt -rny .prrron or rnclty fallr eo korp rndnetntrln thr unsnclotcd pidbcrlan ualkuayi locrBcd on ttrrctpcerl,vcly owncd parccl 1n thc condlcloir requtred above, lhcomer of chr ochcr perccl nay, upon 30 dayr pitor nrtttcn'nocicc,perforn. eny ruch roik -nccaariiy lo c"urc iuch aerauiirng per!onor cntlty'l unenslored pcdcrtrlrn ralkways to bc placed-lir thccondttlon rcqutred abovi, and. tn ruch event, auch defaulclncP.rton or cncicl-ahall rcluburr. Ehc person or cnclEy perforitngruch mrk for cll reaeonablc cortr lniurred wlth rcriett to thc-work donc on the defaulclnE porlon or cntttyrr uncnclogcdpcdcrtrtan ualkwayr, wlsh IntercrB !t the ricc of IE.0 DGrccnGpcr rnnuo froo ths darc payoent for rueh work sal uadc ilnrl.ltrtlEburleEcnt tr recclved.
r-*- - 6. Thr Prrccl tV pcdectrlen Earaocnc 8h!ll run rlgh th.lrnd end rhrll br rppurrcnrnt io-iarcet v, ruch Ehlc r tranefcr9f^hgtl Btrl. Bo rlt ;;-i;t-eJiriin or rircrr-'v-r[irieutonrtlcrlly trrnrfcr e pr6p6iiion"r. inrcrcac rn rhe percrl tvPrdrrtrlrn Eirrurnrl rnd thr'ri;;;i v Eoreurcnr aharr run wrGh rh.trnd end rhrll br rppurrcnrnt io-iircor rv, ruch thar a crlnlfcrof-hgal ctrtr to rII or rn;z porrton oi i.i""r-iv-.iirrluEonrrlcrllv tranrfrr a pr6p6ilionat. rncercrc-in-itri rarccr v'Drdrrtrlrn litancnr.
i,, .i v
, . ,. InASH REIToVAL RICITTS
'''l ^
t. Drclrrrnt rharl rt rlr trusr oatntetn rn e rerronablc-,.locetton rrrrh cortciion iia-ii"iiii-r;;t;;;Ici"oi irraec rvh:!d:sul.tr lor -chr -totir-iirrii-cirriitr.on .nd rcnovel nacdr forr..Dotb_Pherr IV rnd pherr V.
i.j-^:_3: ppon trprrrBlon end rubdlvlrlon of tharr V fr@ Bhr'FroPrrctr- trrrh c6llrctlon rnd rrooval rccrpclcr-- rr[utrrd toi letlrly thr rocrl rrarh colreirron ena r"roirii-niia.-Ior boch rhr{lr}oiracnr of pherr rv rnc-ihiJi-'v' rtratt br rncrudrd rn rh.
,i;H.3ffilfuolll f:l :|;il"|y: "n.n ruch plen-lr-iuuntttca ro rhr
. !:' I rn rccordencr rtth thr egrrcocnt thlr trarh co[rctr.on.i fnd rrnovel rrcrpreelrr rr aay br ;;qn1;;; ;i;;;u;;;-;o' ilingT-;iirl',1ilr proyrdr roi cha *arh colleccr"n endPiH:Illh'flliullrE.nt.,of Phrrr V, Dcclrrrnt hcrcby trlnrt end convcyr go
t!_gl-gu1.rr. lBr.c.nrncr rnd tnctr reaprctlit curcmerr rnd'-.lnvlta.t, thq r_lght to ulc ruch trrrh'corlcctl0n end icuovrl:.aacapErcla! on Fhrar rv undcr Bhr tcrur end condltl0nr rr erlf'tatronrbly rrtrblfuhcd by Eho ouncr of pherr IV lncludlnr.rlchouE llEltrclonr -the rlght ro chargr r fcc for thc uri'of ruchcre-rh eolrrctlon rnd rcoovll rcccpracferr provtold, trorcvcr, Eheiruch crrnr end condirlonr rherr nbt airciririnaii-iie-{irr rha
' Oraorr, chrtr rcnanrr or rhctr rcrpccitvr-cuiioncii-iiic tnvitcsr.
_ _ l. In conncctlon vlth thc urt of ruch tr.rh aaccptacllr,Drclrrent hrrrby- grrntt Go cach orncr r non-ciciuJrvi, pcrpcruat
a.rr3E3nE rnd rlghE g{ ray ovcr, lcrora end through parcil tv. forChr purpola of providlnt to cach Oyner, itr tcnantr and chctractpccllva curEotrcr! .rnd lnvicccr. pcdertrlsn .ceelr bctercnlhrrr v end ruch crerh rcccptaclci.- so lon8 ar rcaaonablc rcc.lrco ruch trrrh rrc.ptacler li provlded for, Dsclrrrnc rclcrvcr chrrtght frm tlnr to- tlD. to dcilgnrgt thc icrual rouc. of ructr ----
rccar! rcrora Prrcrl IV.
- l.-- Ttrr rtght, grrntcd herclnabovr rhall run ytrh thc landtr d rhell ba rppurtGnsnt to Parccl V, rueh that r transfer oflctal ttch to ell or any portlon of portlon V chaltlutorolBlctlly trantfcr a-pioporclonatc lntlrest ln ruch -lghr..
I
fljrEtsrrrr-
-o -T-
VI
. st{r}otl}tc POOL RICHTS
-1. -Dtctrrrnt.htrrby grrlrtr and convcyr co crch orrncr (r"l,rrldrntlrl (hmtr',)-of e'rittdcntirt condoalntum unlc ln phr..!., *!r.E.nrnt. rnd irrorr-r;i;i:;I;;-i";rt.i., it iiiit ro u..chr ErlEtn3 Poot undrr tli--riiir-ino con<rttronr rr ar.ruronrbly. irrebttrhsd'ny thc--il.r-ir-iii;;;-iV; lioiii.a,hon.vr!r :thrt_ruch t.nnr' rnd conJiltonr rh.it-n;s-eticir"tn"t.rtrlilq rucb Oun*r, rhrri i"niiici-iii-tiiili-rlli.;;i;; rnvr.c'.'- .y'1; .f .. ..' . r
iil':-,2..1ft ln connrctlon utth thr urr _of cl.e Sviutng pool,Drclrrrnt hrrtby SrrnBr Go eech Rrliocnttrl Orrncr ensn-trclu.tva. Drrpaqurl ilrrornB rnd rlght of uay over, rcrorrend.througB Prrarl' f!. tor rtri-p-urpJic or provtdii,g-io-oactllrtld.ntkl Ornrrr- ltl tsr,enrr ind'rhctr rirpccttvi invtrcer,Prd.rtrkn rccorr brrvcon pherr v-ana_ ilr- sviaqi"i-r66i. - -so' tongrf tsrfonlbh rccrtr- ro rhr svrolni pool tr proviali-ior,Doclrrent rf rrrv.r ttrr -rilrrr- ito"-;ffi -;; ;ir5- ;;-iliriir.t. rr,rrcturl rour. of ruch eccrii-rcioir-giicir i,J;- --
, l.-9 . ,
_._..:l'_._trch trrldrntl.el Oarrr, upon ltr rccaptrnc. of thr
Eiiiilli:l'il.n;:':lj"l!il'!.li.liir.lq:li $"fi.:Hli!i lI ir..r t !-.!t.d .nnur I cor r--o! urtncrtnlni' end
-
opo. rc lni itri-ii-r-i"i"-Pool s'lctplird by r triciioii-iiJ-iiir.t.ror or rrrch 1r rnrraatonrDly rrcloated nuobcr of pcog,k- urlng or paraftt-a co urrth. 8rtlo-lng Pool rnnurlly !r, itri6ulh or undcr ruch Rcrtdrnclelornrr rnd tf,r drnortneror' of'yrrich-ii--t[. ;;;;;;5i; .Ilu.r.anur.bor.ot. proph urlng or pcrutii.d-io ur. Gh. snrmrnr poolrnlYrll:f Dt, through or undcr eny rrrd aII parrlcr rheclorvor3uElBl.g co ur. thr set@tng PooI. so lon! rr ruch dctcElnrBlon1r ordr oo I rtr.onabk barir, Bhr oro.i oI Ftr.a.-iv-Itrirrdrtrrotnr thr aonthly f.t gg fu tira uy-rictr-il-iiacitiii orncrrnd ruch drcrrnlnrrlbn thell br llntt.
I '. -1, -Drclrrrnt, tf Ghr ornrr of phrrr tV, .tt... Go oetntrtncbr trlo_tn3-Pool tn 3ood .grrr rno coniition if,i-ii iprrrcr cheEulEolnt Fgol throuthout th. t.rr .rctpt durlnl ilotf-loilon0
Plllggt ln rh. To.q o! Velll |rovtdrd,-hourvor, Bhrc. rl prrr ofEna EDO- drvrloparnt, Dacltrrnt, rt lErl rok dtrcrttionr r.rrrvaaCha rlfhl .co t.novrBr, rrpcir, rrplact,, lnprovr rnd/or relocetrth. Eut@tng lool. NorvlthrrrndtirS rhr ebbvr co rhr conrrery. tnth. av.nt Ehrt chr Sululng Pool ti ro rcnovrt.o or rapkcrd, -
Dtclrrrn-..er tht wlrrr of-Phrta IV, .grrlr rhrt Eh. Sirf.uotniPoolr nr.thrr or noB rnclorrd, thrll bi locer,. d in shr teurq;ngrlf vlclnlty er lrr rrtrcing_loceG:.on-end durlng rny prrlodot r.novrtlon or r.plrc.Drnt uhth chr Sslmlng pool lt'lnopcr-abh_, Bhr oonthly fcr chergcd Eo cach Rcitdenstel Orncrrhell br rbrttd.
- l. - ftrr rtghcr grentcd herctnabovc rhall run strh thc landInC rhrll Da rppurtanrnE to Parccl V, ruch rhot a Crrnsfcr of
t l:!!1,!ltl._!g_:!l,or rny.porrtcn of percrt V rhrll euroorttcrltyErrntl.t r proportlonetr ticercrc tn ruch rlthrr.
. CENERAL PROVISIONS
-l' lrch provtrlon_o! thlr Dcclrrrclon and rtrcGllonE.pro!_ tr.f-covrneirr rnd undririirng io-cdpit--t ilh ricn provirtono! cht. Drclrretlon, rnd rny ncccrrrry .xcGDElon or rllrrvrGtonot trrgt ot-rlth,_rrcrt., itgtrt or litcrcri r.r .ircciuii!-;t-provtrlon ol thlr Drclrrritoni (tl rtratt br dieord tncorporetid-. 1o *ch d.d or orhor tnrGnsrGnr by utrtch "ny rlght. aial;-;;--,:i.r latrrrrt ra en7 porrlon ot rircir-lv Ji-rricir-i-tr'rrantcd.: '- o.vtrrd oa conva)r.d, vhrther or not roc forcb or rcfErred t6 tn... .t-- ruch drrd or_othor inrtruoenri ttD itrrff.-ui vircur ot
t,"!:!;li'li.ol"!ll.i,[nil :*.l;r *r::i: ii ilL3:'ll3l,3lu..' ..-j trBltlaCr- tllopcrd end dcclercd rr I pcrronrl cov.nrnB of iuch-
trlt.t.Alrl-rndr.rr r prrronel coysnlnc, rhall br btndlng on ruch oysrcrrr..'. ltr6 Dlt h.lar, .prrronrl Raprat.nE!tlv.r, lucccrrori, llrlgnr3.l}i?f.'pd',rhrll br dioord r prrionat";;;;;;;i ;;;ti;i rnd for rhrl!i;'.;- Drnrt.tB or rach wnrr of rnt porElon of parcrl ty or percrr vrt|;S',' rnd (t.tt) rhrtl ur oiraia-ii'r-uii -covcninl-ty-oriieri"t;- i;;
S_.T.. 111!ltr,ltl tuccrrrorr end rrrlgnr, rnd_ rlrb rn rquttrilr
tr.-'r_ - trrvlBud. l nrrurln3, ln reeh clri. lr r burdcn ut,cli rnd uDon cha
6--.1., - 31C1. 3o frch .nd rvrry portton of Percrl lV rnd ptrcel V.
': "1 2, lech provttton o! thlt Drclrrrtton thell br tnforcrrbfu, Dt ld ornrr of iny portfon-oi perctl IV sr prrcrl V bv e' .. Droc..dln3 for r prbhlbttlvr or oendrcory inJwrccton br br r rulG
a, "t'91 rctlon to r.cov.a-druegrr. rt courr iroc-cd1ng err lnirlruscd. i ;.i".: lD Connrctlon ulsh Chr rlghtr of rnforccorn! lnd icocdlrr
:'i r Pr9Ytf.q ln chtr Drclrrerlon, Ehl prrvetllng p.rct rhell be.)- anllBl.d !o r.covea tcr corcr rnd irpcnscr In-conircctlon
.,ti , ' thrrrrlch, tncludtn3 rrrlonrblt ettoincy,r fctr..t .' ,.'-,." - -' lll ttlTl$lss ltHERlOl, thtr Dccleretton of Errcocnrr rnd': Eerltn3 Rl3hrr lr orccuird rr of rhr arci ftrii rUovi-vrritcn.
vAlL vILtACt tNN, Il|C., e
Coloredo- cormrrtlon
glAtl 0t comnADO
comTl ot lAclt
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al.
2nd
Itl I
hend rnd ofllclal tral.
lrplrrr r
bcforc ar thkPrerldanc of Vell
P.0. &l 7{3, Yd[ C0 il65t
rer ecknotrlcdredJorrf Strufcrl ecorporrtton.
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inii unaerrtsnrd hotdcr o! c.rrrrn dccal' ?fil'liil\{:..-4?^nr lIrcrElltn.q notocr ol carGrln dccdr of Crurt upon Cha
Bil:'fff ffi'llorll"'lli ::"1:::',1ir'.I':l:d:l^l:,1"?l lfl :i,r-s.-{9!5end ec toirt 463 ee iag- aaz'oi-irrr-iccoici-rn ifil oirrcr!-gbr lllll Cgtrn tr . Colairlo]-ei.tt -r.a Draarrrr t.ro-rr-?.11.^9n1ty , Cotondol Clcrl ina nccoioli, ilriUi.Ertla counEt , Colorrdo, Clcrl rnd Rccordcr. hrrebyCt to 3h. fortgolng Dcclrrrrton rnd rubordlnitrr tti,ln thr prop-rty-dtrcrlbed,chercln Go Gh. rtght--indcrerrErd thtrrby. llogrrtEhrgrndlnt rueh c5arcnt rndn, rII th. rlShBr of Dccleranc 1i and ro ruchrll thr r1g of Dccleranc 1i and Co ruchrrneln rncusbcrad by ruch dccdr of tru!c.
'STAIE OI COI,oRADO.,'r . ct^ -l ^
ay hand end offtctal -;al.
rrlon rrptrcr r
'cobun
ot ctafr- i "'
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(Aqeachrd Co rnd oadr e garr of Dcclaretlonof lerrurnrr lnd Rl3hrri
LICAL DESCRIFTION
:31??!-por!1:*,t! !ot1.il, i, rnd o, _Block 5-D, valt vtllrgr FtrrtI.t$q; ^t::?rglnt. to ttrr'uri iiirri6r-t."r, roca' uniii ni"iiii"iIyjti ?9193 11 Ehr rrei t;6p;;;i-;Icoicl-iinr thrOfftcr^ot thr_lestr counti,-E;i;lai;; crerk enddrrcrlbtd er lollorr r
lfl;f ia .r 1'rrltflnnl,nl rt . polnr on thr norrhrrly ltnr o! retd Loc o yhtch 1rg:1._I:rjl.rrt^eonr.r ot .e percol drrbrtbcd 1n_Boolr 230 rr pegr 5i5gf - gb?- nt.ordr, rhrnci r[r'noiifiriii-cororr- of rrld-L6c-fr ;;:;.-f, -
Z9:lq : Qq'j-!i 17i. 00. tcar alri;;;; ih;';;-;io"t-rirJ noiir,-.rii-iinll.7r'16'0q" q 178.f0 ferG Go itri noiCr,rrrr cErnli-ol-irireri i"n-rrtltr -a gondottnlua, rccordlng to thc Elp chrrtol rrcordrtr undrrln:ttlq.!-t!I 24J35r ot shr-Rccoraqr-cf,cn;a-tfir ioiiiirq ctrirgot!!l!f .flqnt chr r.rGrrly boundery of- taid vrlt-gr-inn-iiiiri-iiil-99:19:00., [ 1e0.4{ f..c'(lr0,z3 furr ceicurillali ilf sE0'30f 00t' E 16.60 lrrt, ali r oc;td,oo'r.r t te'e--l i^''..-vffif,ltO'30'09" 8 16.60 lmt r (3i a og.loioo',-i-t;46-i;;; io'tirlr'-+'.D.orthrrly- ltnr-of vlllagc rnn plrzr phrerr r rnd Ir. rceordlnr Go-l+t- !1. Erp-.3h.r.of rrcordrd ln Eook 36E rs pegr E!] of chr Brcorihr
;;' .b9un!rr7 o! rrtd LoE lrr (t) it:03 iirs-eionr-i[i-'iic'of--r ;uil-;6..1 ''!!!_lllc.hrylnt r redlur ol 5{5.E8 lecr, e Erntel engh ol'i,. 05'20r21", -fnd-t- choq{_rfrlch_.brerr 6 zEi33,{2" H :i.Ui-fols'!!!_l!t9.hevln3 r redlur ol 5{5.E8 fecr, e Erntel en:h ol05'?0r41", rnd-e chord nhlch brerr 6 zEr33,{2" r :i.Ui-fols',;(cflculrtrd) r (2) E ?5't3'00" lf 77,39 Ctt4 (3) 36.21 f-t
,ir.:t-:3r Erp-En.r.or r.cor6rd ln Eook 366 rc peSr El' ol 3h. Brcordrt
.tl+if !!m9r thr -f orrq!_tgf _ I lvr_ courrrr rlong, thl norshrrtt end rrrriilr
t:l^lii?lill::t iif';:l::E; lii 3'fi:,llii!r','.i?t"ll.il',!r''i*lii:t!:38!: il-ii;13 i::! i.lll;: lg;Iil:il :;:*t;l;:li,,ii.',,'-'T.lh.nca chr-follorlng lour courrrr eknt thr routtrriti rnc-rrigrrly-: ',DOundrF ol rrLd Lat Hr llf tl -O1 frr:-rlarr ;lrr toa' al . -..-.,- rl
t'Rrcordlt') tn
Reeordrr,
P- i.,
i';(cflculrG!d), (2) E 7r'J3'00" lf 77.39 Cttil (3) 36.21 frrc elonn..- /tht rre of a curv. to th! rltht hevln! e rrdl,rrr o! 20.00 !rrt. il_:ircrtrErel engh ol 103'44'00t'.-lnd r chord rhlch bcerr tl 52.15,00" U.'.'' '31.{6 frrtl (f) n 00'23'00" lf 193.2f fcct (193.15 frtc cetculrrrd}' cq Ehr aorthvc!! corncr of retd Lot l{l chencr elont thr rrrc ltneof rald Lot ll, F 00'23'00" tJ 50,00 feer (50.05 fccE calcufeirai iothr routhr.rB cornGa of thr Derc:I dcccrlbcd ln BooL 230 ec ?arc156 ol tht Rccordrl thsncr thr follontng Eso courlcr alonr Ghr-toutbrrl; rnd rerterly boundary of rald-parcrlr (l) s 79.[6,00,, E147.35 fccrr (2) il t0.11.00" E-147,43 fclr to rhr polnc of. brginntng.
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(Attrch.d to End urdt a per! of Dcclarrrton ofl: rlorntl And l,lthtt)
. , .. , LEGAL DESCRIPTIOII
't,'...'
.':, -. .. I!,gt. portlon._o! Lotr !t end O, lloelr 5-D, Vrtl Vtllegr ?lrrt, lrd,-_ Ill-lntr^rccordlng to th. orp th.rrof rrcoidcd undrr Rlceprlon
:., i'.: i.flablE-963!'l_tn. thr rrrl prbprrry rrcordr (rht ,,Rccordr,') in,, .-:, lhr Oltlco ol-chr Eegh Cbunty, Lolorrdo, ilrrl, and Rrcoider,;il;rt. dmcrtbcd rr loltorri
. r \^ r '.,, '.^
i i'id'i li:tHlil"i:.'l:,:o::l::::.:ll:o*:'-:.1.t:li-*,ns- ::*f :i r'-' .'t!{ !h- lollortnj tour courr.r rtl,nr irri rout[iiti&d i.!aa;i;
"'.- i'; lln.r o! lrld Lot llr (l) 5r.03 rrrc elonr Ghr-erc ol r curirr
f^.. f,l. !9 ;$,}?ftl, h11lol !.I!qtH-9f.tl116! !i:1.1-g.ltrrrt^engrr
{ri:r"'',r' ii:8t illri'i ::":,:t"'Hri3 !l', Elr[f r of illiio'.'if, ll! lf..
.nt*,1 i ?iili.t'll: t:: ?:::,I.:l i 16,1:::t ( ll-I-99:l3.lll".i.l1?! f *E7.39 trrl' (q7.t6 !rr! crlculrrrd)l rhrnci,-diperrtnr-rht voiril; ii;a'" gl_1r[d Lor ]t, 8 Eo'ozii{,. t 32:23 lerii Etrgria. a-0,.5t'i6ii-
'*;:rF.r1 .' (Q7.50 !..t crlculrtrd) | ihrncr, d.Drrllnl tha vratrrl:trr': .;. " gl_lrtd Lot ll, 8 E0'02'{{[ ! JZ.ZI letzt Ehsncr E 09.j$lrrr.'' l6.f 5 ltrGr thrncr B i0.02rAln E 106-?2 f.r! 16 itrr rrr,r. n gt_f116 LoE H, E 80.02'tta,, I J?,23 tetzt Ghoncr I 09157t16, fr'.. 9:l? !:rll.chrncr 8 60'02'!a" I 106.72 tmc ro rhr rrrrrrtyT'.vLr..t+trir'.ltnr o! vtlhgr rnn Plece phr... I r rr; rccordinr io-rhr-irp,l :.. Ch.r.ot rrcord.d ln Dooh 3EE ec Pegr 85! ol chr ticordtr- 'r'L . thrncr ch. follfltnt tro courr.r rlonr retd rrrtrrh llirr'',',,L . it :;il. lla-iill'!i!r-ii;r, ^ . Enrnca Ena lollfllnl tro c9urlal_i..,. (l) E l0't3'02" lf 2U.12 ftrtr (2couar.r rlon3 retd rrrtrrlt llnrrr.tl (2' 8 00'23'00' I 15.83 tert.Barlt llnrrI 15.E3 terB Co'lt'i6i ioiis'is'urrinniiil
{!f 9lfltlYrF :2;'
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DZCLANA1ION COTiCERNING P^.RIIN6 r ITH III
by Yrl!.h
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DEVELOpTEX? r,is:';- l( T 6
tl d.)t
lfl9Fr
SPECIA.L
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rlt ,r:r r I,Cd pr o[,er t . ..tirc '.tarI virrii.-i,,., ,," r{'m!tl5e6 Fl'ar'et lV and v ('p.rcel ll., c!tht: rny ";ii;;;J;' ,,ll"l:pt"nt pran t('! srt6,. acrnovlcdges and ae:cr.:rcquir:i'en: i;;-i;. !..,:':i:- rt-aurt'o t' satr6tj. ttre overiii n".riii--,lfl;!j;,j;.;: ;:;"i;;" ::i:';i:l :1";;"::: l;":*'"""' ;i;;vfi;;-;;
2. in a cc r..r tJ 11P.rlrng "" i.y-1,"';:; j::-.:t:" thc agrcenent that such .ddrtrsnaifor thi pa.r.,.i.,9-io,':';j ::: P\rrEu'nt ro P.rrgraph l ar.o"i ,iii"!io"ro.I and lI rnd ;;t;;'t;";-":t'l-fntl Ir' ovnrra or!nr!€E r rnd rr sh.rr ill-o1"rn,"".; ;;";;; ;:"i::ffi:i iltii:"ril;i:'on rho.e t.i""'.ij-il^fi::_: !teht to urc such p.rtrns-rp.iJl iiJiij.ooYncr or *;;;"-;; ;;::l:t::" rE rrc !er.onaDly c.rro, lrbcd by rbc
<Jl gcr rnrnatc -;;";;"; ";"":: i ?-and .v, rh] ch uB! ir,.rr noi-i"i.iloiifi
"r.trrLar ion, th. ,roh, ,':t::- I 'nd rI rtrcludrng. rrtrroui G;;il;'-"riprca os .p.;;;. .-'" o ch'r9' I fe" :o( ihc'urc ot """t-rjiiiig
- l. Thc provrst osoeenrni... lharl ,un ,rl3 of !Srs.DGclrratron ohrtl bc drcfcd rrrlr.rpcci . pi.iiri"i.l:lirll'rjill;.lnd Eh.rr bcncrrr ..J-o"loii-ir.
a. Thc FrovtsroDGcr.,anl, 1;; t;;;.;;;::,":":l;:"o:;j":;:i:i.:::y bc bindine upon rbc
., 5. The provrsrorrr:r.Jut tb? pr!cr ,rra.-11 3f thlt D!c'-rratron abrr: :rot b. rrcnd,jdcor pora r I or,,' :;i ;r.,
- ::;;:1, .:l:il. Jf ::. J::I.:::i;., ;;-.-;;;;l';;
,rrr, t ifalttNEss ,HEFEoF, thrs r.rr!!Dcn! 1! !rgncd rhi3 5rb dAr of
IflL urr.lrcr rNNr rNC., !Lo.r or. do Corporrtlon
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---:--frTliit*dqttrffi i--.*:H;i45EiIEL-.o*#,;r.?f H.:*- reclD,tocal eagaianld t"i tle -f"lr."-"1.--i-grl" .nd pacsage otp€dsatrlsn! ovsr tho ploDerty ina--ilala. rv]"-=
,"*aj:i """!f;lb"ijitecrton
and reovat receDr.cle. lre preE.ntty
i;;;;aAA-";-i,'y'D"-,11',:?r"?" jr'ff *!il#,,"r"*'a*r*i
cart ln rlEbra to use rlt€ G"i-;l;p;;i.. ro""t"d on th"DroD6!ty.
€ts*
001#.;
l! qrtdoor eut@l-ng lrool sBd E€latad dacta ltar
15ffi1$Ir"i$.Hr$$,"*l*i""J".i:"jlis*Hfl *t'
5:#:." ." srant to tle onerl c*tatn 'iight!-€i-.iie-ilg1rb"tu1i o
,.I_-{ilg1+ legtreo'db crant tEd iids'riiioriria- iiidEeTtr-+:lf.rre*! eursulla t" tii-tirni'iiii;;triil;.il;TEff"if$i: IDeCt!r|!lon-
mctrR aloh
_ -- D€ohrllt doer b,€r€b!' rtto. pnbu.b r|od d.clara tlat the.::!1""9!_!:Tn, coyqnqnts. ..naitfonr, o-aqtrrri-liitir"tr"*,uBet' .ltaoFrrtlort!, ll.Dl.trtlons Bna otfigatlE; efirf UiiceaeA 6r||I vlt! th. ta.ud, shall bc c -butrit D ani a- lane-ffE to dcfarani,!E_3-;3s33g= s::a =s-":g!c, _s.rd. anf,_ tnlTvge-r-iiLL--ritlif:;.",drr+oE oynllg an liteEsEt fn tha progerty, pbar. t9 ,ba';iiTt.b& _"!i
?:9?t_.tn "ucr- .la- or. teconer agll-.'"t -t"- tl_re-1-ci-ariir"" crrauDroeeEsnts bui.l_t tb6reon. -qt"rr
- grt|rt es-;i"d;;r6=; d;IE;q6qlree3, 9atronal rcpr.sert.tlvrt oi ceelgmi.
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.- l-2 Deolrrrnt, as tle orDer o! ttra Roaitrry p.rcal, shall .|!It? ?ole cgat rn6 .xlransa clear, r€Eove anor and tca ltrd r3palr aD6Ealltrtn tb. aaedvat parcel ln'good orcei, - conof-t-io;-aini'i"pa ri. -
3rjlia3
- 1.3 :Itre Accea8 Easope.nt eDr! rurr rltD tDe laart aad gDall !a {$tTtr:.T H "i"f.l:llH"n"F..ii"{ks"i"ltr"Hi# kf $autoEatlcally transt5r -a proportfonoio -fillerest ln ttro tcoeEs SBaa.E€nt. -eeinc' E
- ln nlcr,E II
REcIpRocAr rFrl,tfr EAsrilgl|Eg
3:l . S-*l=ft* ber€by Ea}sa, eetabl tabes, do€il area,.rBrE:y Erqrsa, egEaDJ.lgDeg, dce]areal, grranta aDi
?3;:*.e3^e.t-*g'.,o,{ j}._91l.6i_aon--e*ciu-a-io,perTerualergcseort*t,**t1=1u-t^nlti-r.".,."i"i-,inGi,:?;".,,";i;$:
Sq.fr f ti-*#'"'-"rrrHti-g,.,T.:.,Ii;i*h*f?d.i""F#"{
*Dtl{_!g_:1rer, seier, orectitcrty, -;iirirai-;*, cabt€ retoytalonEuDpryhg vater, serie, ;iaGt;I;;l-,or ECrtepDon€ senrlcea to tbe Itojel.it.-
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\I9larte:'oYialon
- ---rE:lse_Eenr_{+!o _r+op::ry stilr.tv-.8"E;;r};i:u;e;;;--"rr+:lEEil_E_ -
uFor and rlroush, DhaEa-rtr\r .foi tle --pui6ole dr- =-iiGhinr"g,repalrhg, rerlaclng anat ustng efretfng - fasr,titiee pr€sentll'p+!t{fng or -u-pptying rrator,--ierEF. or6ctrfcrii,- n"tflrai. iable teievGroa-br teiepnoae'a.rriA; to tho rroporcir. 9alr B
2.3 lte E*or_ect. gpfU_lf -Brsea'enr rrd^ t+e ltopglqr Uttltttt :E.seE€nt (couectiv€ty tae "ulUfd-iiseuertsEl D€ltbEr gnrnt nor tlr€sarve anv rlq-bt -to aay lndletd;rat - or enttty to coug-tmtt or Lrnsrau irec racirrtr_li ""i t;iy,r"ii'-.*r"tGb-rotriitri,i-"ipliirii ilutllt.tles tbar are o! Eay be rocidJCl-Jit'.i-i-triiii Lo".'.or - iFha n* r . *-o3.P-S^lI:P-3-!:t-991.?!li$Ho"ii'*L."""iffi?l;""R?'1?*?.:nf sf".ili*:f l*eir
2.4 Aa tndl,vldual o.r €ntlty u!,tllst.ag a $tility Baeeeent lnorter to M.:lT, repl.tr oi-iepfida tl6 fcclUtr.-eJ-eupiryUg. utu,ltlelr locaie.aeadi,"r*f lt":_r:Eirg]'{t"."Hn".",."j"":J.:!"irJetW.laprove:ent shrtEoeyer focattd -on - aucU plopetty other ttrrn -lardac.Dlng, "r-*jjllk , ."q- r*4i, ana ri !ucn' rinaecaprry,atdcvdlca or pavlng. ls aaniagec,.'artaEed oi--GBio"JiI- cucu
!!trSill";, :li;'!iT.. E F"tTi_,ilfi L :t 3t"l;i,.l:"#" Fi:laad expenae. to rts -6rr-grn-at
"on-irtr-o-n rs foirnd t!.:edrately prlor--='-li.ffia ffi*"T;ii,*'#3:shl ^fr la Ai-r.'i.s.hl_cb ta,enrllred qo. tue-rJrier_li;f .^iliiiiy ;aa.;;ii?#"" ffconBtnrct or inatai,i. nen faclilti*; ;o;"I.Ee extstlng facllltleaorrlaconnectronrrt+tue-a-a-r-nG.niii,..iuip"rr-"i-'iip-iacirlrs-ii
fl11glg frcl.ltrloe, ro cauee'-danis;, -l"i"i,"r or atteratlob ofLEItEove:entB tocated ?n 11. propg+t turaenea ly gocfi-btfffiiSaeetent. (other tban aE gpeifff-;afli irovtned abovs lorlandscapfng, gtdeuarxe anc pavriii, -fi#
".""b'i;ir"ia*il-r intiii
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jf{1$t auctr^lcr_ton-u1lt, to tt s*r€rrr
1*F**;[5',1.i*,i:^il.ii"ff TS..".El!rf t'f,i.?.THf ,.,Eil
iS3&T".tSt'S'l; :t f *'fi";t *frg, ;;iFl'i,il[iti:
tasllltles located o; ttlra D.lrrr.n.r r*,.$rrar .l:,,p,Tp:ry--hrdened "" .Iitffi H:::*E
and not rlthln theI!.-Sff ex!.attns
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jH'Hi*'".'r,Si;*i**Tffi iHJreH##itSlffi.fiii,iiulr."r?.i,Er sq,iiririre - Bd.}E_ reetrtt*;__+tf i#;itil; _ _
nr,i*""lt*_iht;.ir:ilEIqTn#i-tp*Ht'ffi"lX#l?.";",Hiffi Lf-"i.Ebt3,,."{,:H:"9-.I.r**.E'ts:3ilxt'"i:'g",il"*ElFaocnd-o_ alosn€n-t- duty rid v.iicty-o"iijri-iil terrr{narthr, .rrFhsrrrErEs 6 qccuEeng duly sltd 9aDrr! ot Fach tttl.llty EaseD€nt.
vacauagr s!d. terrl{;atlDg ;uch
a't- &. D!o{est'^ gqlrrly sloelsrG sha:ll t|io ylth ttq lan6 ard $-sll":i nri*;ttl,.!f*tjt*.*;Fsm*"$l:*;.t*ffi tiffi.&r.+TftEffislft{hf, #el#rffir* I.. _tDo land and Ehall )s "ppurlen.it
- to--ti.e Eoperql, such tbrt . \ .' trursRlt or lqlar Eltlo tl-aif: oi-cf iolio ot_tt"_ *"op=ty ahd#ff.tf.ef;::g*traaaler a p"oportr"i"it-J-r-nterest rn uie pio;e;i; e -
IFITC!;8 IIt IRBerpRocel, peDgsrnren arsanFtE {
3.1 Declarant lgr"ly Eat(sE, establlabes, dectarer, gtant! and qa€seavas ln lavor ot tte daera i noJEiGrve, I,€Breb.lar oae€lert h(tlre 'protee+- pedestr:_latr gas6!"nF r-oieiii*r", upon aDd tDrouqh r,;tll araai o! the- p36pgi'tt ,F' Ji-i"Ltt", Eatnratned for
ff :$?.f .1"""."*:lh*ff ff J:#;.tE:::Fi""Jig#;n*tle Dlolroaty and the DroJeit. --------- ''s
3.1 Declalant h-6re!y- reaelve8 a non-excluslve, Der?etual€aaeDerlt (tha lproDerty- n;aeetrfen ia"-"iiit" I ov6r, lcrota, uDonand thloqgb all arias 6! _p-rrase Iv ;;-;;;""fr6r lalntai'ed forunsnclosed Deatostrlan .ua-r*r.iys
- ior--tr,l- frirpo"" of provldlrg toIleclrtant. and to all fnafvloGfi -ino-aio.invrted to the proDerwat tba cxpDpse "r GFit-i- fui"rt-irln*ir' m.to:aor, locluilnqlutttout llDltlrlon. rr_iena!, ldiiitfr.;;
":gint", €Dployoea, tananio. ._::t*$f." rnrtteeg^or oe"tirant-l;oiiioiSt sorrt",,l unobothrct€d- - -:sC;gg:ltbcEEtr-ttm-ksperty r"a tir"- iirqa;i
fo^__y+ll9"gl or cnelttr .sh.lt coDstrustsr salrrEala or
._at'll- ^ Illel:.f osed Dedesarian vat tmayJ to?xteC on the13 gl!. o an_y u'enEio" e-d e-.c-"-iirriii'i" ffi X"i; "i'",*EiTfl d:
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I 3.'t Deslarant :Ig !h" oln€rE shetl, .t tlglr r€EpectLvo solecoEt anal otoenae. ,1*,, .r.e-al, .i"uoi6ln"" and tc., provtda raaleEoate ltcf,tlnq an{.toqitr ratiiarltain-tf,Jureneloaed perleetrlen Urafhr.y& located-on tUe llo_earaVTnt
-iu?'.riifr lospecrtyely ln good 6ordea. coa(Utl'oa anl lelrarr. 5"EP€ssrYely rn gooc t
t.5 tn tle ei.snt DeclaaaDt or the oufi.rg f!11 to k eD ond ?..:talrttalntt*ttnencr.ia.d ped.st'r; GlEi"i'iHo*.I"":: *- 3::-g: 6.nd ph';e-E- refrectrverv rn tre conarii#?"Htr-E#sf*x--+ohEr ol tDe otn€iDaF;-En;-d;b-;."1T:1""":l,H.i',"#Efr ttr"r*'JT:"Ftiff ilrallcraya to bs placcd Ir tta o6noitloi-i"lir.red aDoye! atrd, trr 6uch oevst. th€ ornCr rartomrlE eu-rr-roiii -"ilir m t€iEbulsec lor itr L.reaaonr.bl€ costa t'cu*ea-rtth- ;;;a--i" tbE uork done, rlth
"TH;t',.T"Hi ;""* ii-;*:,ffi*#."S*t"iL"""Ift illl $
- {.1 Fglasa* Ghalt at all t.Eas aalDtsh ln a reagonaDle' rocatron trasP- couesft6f rnc ii--"r oec"ptn.ril iit iti-i,.op"rrtvlcequate t?I tr"- t_o:ai tra.a- cJriJ"tror, lad r€ooear needs for bothtls Eoperly 1nd p!-ase rv-- GiiL"ne b-or-*y Ear€s, earabltsbsa,declaaes, gral!8. antt reelrrfes-G-i"o, -of tbe oilnd'6| rinil tbe osnerS:*t"i:: -!relt- to ugE .ucl-'t'a-et corre&Gi -"id*'""o'l^-, .. aa "." '.:,'"",'3fru B.F'rr?fSBTlEl;XF*F*X$r:"*ii$
t :S::t|3|,_Ba_risut-to-.#fr"? reili_-ti"liliii.i!"b raasb- iiFiill?:Tf.{i"r"il:1','1"'-*'""?:\T.+it'T"'f""'J".1?""r"*'" H{i":}'-ffiFT.$#'
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. ..- 1-.e _nr rlEbt! anc elae5ent- ,ranted ln Bsctlan a.l Bhrlt r.nnr,rrh tt. lrsd and lhal.l bs aplortinant to-tt1--6iiilJirrruo onrt", Iglrcb tiat ! ttaDatlr ot laaffi mffi [mL#hHJ.S'ltr,.i"" jiS!L&rE___$_
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r€raod!.blr rEtalltabsd trv occrcraat; prFtGi, iiiillil- ". *.
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=cs. -. --,- .!.,.rn.i .,'- S::-"::l etD. oun6! tnrelta rn ti;..i"Eif,ffiEffi:trffi"=trt--iffi H-. |1'Il" 1i "-;3"'111p5,, _"gdui"-.&- f,r$"l i:,-g,ir",g e""r. _ .ffi,F.H*il#F.Hrff *#*ffi'f_H#:#
rs, eysr sL_I:oas. up9n qnE tlrt-ougD tba EoDagty, lor t!9D!rEo!!-ot- p!ovl.dl-u<, to th. olne-rg rnit tl" irin"r-dr-.i.f,'icaesEtuacc€€E b.tusaD tDe Eolestr.,6a,rDr. .r- *.31__t* - |rl1qls .I9"-r.- eb rong u
! non-.rctu8lyg, perTEt ral eaSeEgnt. andtltlt ol lry ov-o8. sqms3. ulron qnd throirq,i tjr rEop;ii, tor tleD!t?=!-o-t. DEovldl-u<, to th. oirnerg rnit tl" iruncr- G|l.l'ti. -Lao-ot!,tro ot
as!6onaDl_€. rcce'o ro tt; errralne- ro"i-.GTili"rili"r"ri"o.^i?roiEtorsr,!.€r tDi rlglt troE th€ to tirq to acs-f;aJ;t'"-ili,.r .^.r.s! rrgl|E rrolt Ctlle to t.I!c to dcalgntto tla actua:, rOUt6ol auch !cce!! rcrols the propsrty.
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, t-A B!.sb Orn.r. u",tD ?lg _(,yn€rr6 rccaDtlnc. o! tbo rlghts :.tr6_ olEelent grlfttett t!-Sectlon j.t, agteea tlo Day to- dclonnt ! ilontDly Lo (to bo rdtuatrd anrnrarrit isulf io lnl-ti"Gta or tleagttE.ted rnnual cosf or Da.lrrt{nlii ""d ;D-"#i-nj--d;;rG"Iti Illol a^r Eulttpllec .Dt a fractton tde nuaefrloi ii ,Ti.u ta tbecacrlratso nuDDsr ol DloEl. Dstaltted t" ugd -Uri- eg'frafnC - pooiannuiUl bt. thlougb Lr -uoaer Bucb oynoE lrd th6 denoEtDltor o,vblcb. ts ttse eottiated. o.-1,:. iri il+ic;;rfr*A'ii o , tr"*l!Il1g-!*r. ?nnually by, t{**gl. i,f iusei any iii ir prrtrc"vrrrs,o€vor €ntltled to uae t!. s-r.lwl,ng foof . . ei-1fr9 ae ar"l
;iiiifi !di!"it+!"*"T.lf ti.*":';il'tf i:.r""xlT;ixxtst€tlln rtlon shalt be fhil-
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ee__ .!hg. _ov-ngg:_ o! tlo proDgtty, a9rao6 to'' lirlntrtn rte dl'riiing edi 'ti, ii.A r*5; .ai?' conartrorr lnd t(' _ _ _.j_._,_:-i*::..ff_t"qt%1"-il".ri!"t""H'.'"?ffi,*;r,Sir*",*"."**lj:lg
.Declarut, at lts !ol. dllcrotton, ,"Errr-"i ti-e-i fsm to re norritilreDd!, !.elaco. $nrorq or 'rerocrto trL- -il1or"li.*ilJil
Uobrlthatandtrq hha ab-ov. to tne co-n-iretf-, ti--to" ""*t thrt thegrl!1:.ng toot la ao lenoyrtad. or rdii'iecll 'oeiEir-ratrr, !s ils osn.rol tla rlarrorty, rrr€oa orat trra a;ffiG;';;i;"ii'ri-rJEt"i'li
!3ia3fl.rn?ff.* -vfernrtr as ltB *latlns- locatlon.rud durtns a,'y {.inoiiiaure,-ii!'i1"11il."*."i?ni$it. ::*""Hf, Xg*-j"":** $
:ul ii: .Bl*f5{ii.*.T&ffiti..t,'f.#ff"fu',StktH ;---ffi #Ej.ip"f,'H*i#.'Elf *H?*6"HE+*r*::SlntaSos! ln euch rfglrts-rnd L-a?€A-ti' r'rq..Ernr q t-oPsrEasrEr \
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lor eny ArDag€.catrEeat by t-an-y qvnl' o'""g di--*11*d-11Tt:H#'"8.:"f.iffi, iHti"fff ":":il *9..:*,.1:f^p" :lgl!: ftc.ea1g9,G-i;i"Eei to euc.r ovner rn ,s
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G.a Bacb DlovlBlol -o{. tlrle Declarallon an! agEieeDent,Irlotl'sr, co\,enant and undsrta.kl"g to coEgftii.-tl *"1 Drcvlalon ottht.- Dec-radatr,onr anit any neceaBrl? exceptron or l.s€r,"atr,on orEEtnt 6t trels, eEtate'_ .rrght or- tnteiest - to sft€ctuato aryI,rovtotoDoltbtgDocrarirto.nl-itl-rr,uf iAn-a!"r"cG-io-#o-r*":iua*iieach deed or otrer tnsrsu'€rt- ti inr-Jl--"ity-ir-gii, trtr" or LBt€..stltr lny portlon ol tho property or pDase .lV ti CrrJ,t"d, dsvlEed o!conveyed, trbethe! or not i_et ?"rth-;-;.i;;;d= to lrr aucb ateed orffli: lyl*.enrr (trt sharr, ;t;Irio.-i'i?ir!-pt",,c€ or ant, ateht,EtEto ot lnBer€st ln any- portlo-n of tDo ero-pa6 or enaeJ iV-[fl;;osnor choreo!, be daeae-rt ieceptic, ritlr-f"-i,-iioDred ani ceclaledas r Dorsonat cov€nant $ 1cf, ouier ind, -ii i-pereonal covanant.:l:11 D-r btldhg on auch olner and. guch'ofrai,e belra, (tevlaees.q?T9Ttr reDr€seDtatlses, - strcc€sgoro ane --ielf gns .nC ahall bodeaBed a p€rEoral covenait to, vrtl -arf ioi--tic bEn.tlt of eacbomer of _rny Forrlon 63 t',i ndgeray anc-piii"lvr anc -triri-arriif
De -{eered a re6l coeenant ty oeifar6nt,- rii ftieifi, fts..uc€es;;iilanit asslgns, !r:o also an iqrrrtalre ii"iir-to?t, -limni"c-,- r;-Eii[caEE, aE ! burden $lth and u96n tnJiftG -t"-
"ilf, lnd svory pottlono! ths Property and ghass rl'.
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(tnotudfulgf, FttLa$- l{dtrllon, 86lroaaDle rttoErey.a ,eeal lI .air:ount det€l1llned by aucb couri.
If, ElttrBss rnqf!p?, tbls gssl66tlen 18 €x€cRrt€d ae ot tb.e. date tlrBt sbove vrlttei-
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Colorado cpqloratton
_ Th9 foregoLDg tagtruEent saa ackaorl.{ged Defor€ Ee tbts tsthgay o_l Dec€Ebes, 1992. 4r roseilteuiio, *'-i.rraent andlnn6 E. Staufer aa Seietaryt ot Vatl. Vfftage iio, rr,"., a Colola6ocorpolacton, oa Debalf ot ir..r. corpora-t-t-Jli.- -
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tty coenleaton €xplr€sr '7.9a ?O /, (/Lr*n - ''44 ''- -
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Ite underalgnod botde!rEe coverad hr, +116 .^*T^,=+:,q deedr ot t$st upoE thEIi:f EP,.?'.T.T lv .3: "t-'-r.gotlg Di;LHiii" " ir=f;"LHll lli
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?IRSIE.ATX OP YAI&,colorado colltoration
STATE O' CII'RADO }
cou',rr oa Eecr.a I tt'
ft i$ffit:'qrgarym*":n::sf ::"#&H:i.THtr##HL.p;, on behalf. ot sricb cotForatlon.
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Itos6 FortioEa gf lfts H. N, and o, llocR 5_0. VaiI village FirsEFlung' ac<.ording to_ _ - tle lop tt irili reeorded under .RecegElonfiuDber 963EA tn tho_off ice. ot t-rr" f.i-iJtuaty. colorado. cterh anatBecorder lclaEkrs necords I a"".ifi-"1-ie tollor.a:
Beginning rt a po_lnt, o_n tbe northerly llne ot Eaiat *a O, *nr"n ,_the northeast corner -ot a.parcel desc'riLo rn Book z3o €t paqe 5s6.Huiii$'4*T"9rh4:!:e$:.ijs**"s,.t,$_:t*d*+lire. s?9.45.00.e fZg-AO feer, io-iil irorthvear cortreF ot viltage:irr .elerc?--n-cordca-t rt,,!. acecrdlu* to i " op thereof- ,_..rrira_i rr,_Eook 3{9 at page tf ot'ttre ciiiil.in._.o"; thence. along theveaterly line of €6td vrlrage rar iiai",-. conatoniDiun, so9o3o.oo.t{3?.61 fa€t; rh"o:31 g^"_p"rtr-"g ".id il;Ilrry rtne, l{r9o4?,08_n ?o-o?feet; thenc6 st2,:.?-6:l?:t ei-ir rtir;-ir,lncc rrg"{?.oB.B 61.{6 r€cG,thsnce slocla.5z..r-69._6e,fe"t, t"-ii" ni.t[erly tace of an exisrinsbutldtns; thence ths f.otlorins. rro-;;;" ai.ing -the ;iir,i?ii'inoeaetetly f,acea of_s_1ia- j"ijftis-blllTdr"g: {1, sz9os8.5r,E 6.35(e€t; {al slooot.'o9-ti 6__a1 f€et-; -tu"-ni.,- deplrting ir,.. "itlirvtace of €ald axls_ting butrdlngl s-?-9'+.0s.8 83.9f teer; thenc€rlo ole' 5e"B 3e. 60 f-ee-t-; rrence 5i g oli. da.s ez. os i!"t. -i,J ir,i'.i&a'eesterly rlne of vtriage in" irrra. a condooinruo; tience rhe!gU9"l"S three co^u-r-r-ed "fons ""fd-;-.ct"rly lirr", (1) s09o3o.0O-w50-91 feetr (a) .sSO-o3O.oo.E it.60 ?.;-;- t3) Eogo30.oo-w ?.ir6 reer,to tbe Dortberry, rrae. ot vrrtagt-iia ptazo pha€ea r and rr,accoldt nq ro rht oaD itEreof ,eco?"i-ia soof rga "i rigJ.i-ss -or
th€ cl€rFs Recolde:_ tboaco Ehe i"ii""ins four courgei -iioog- tlr"northerty and B6_d-t_e.rly lln66 _of ""-fo liii"g" tnn plazr phsgea r andlr; tlt N8002a.az.H _ias.tg reitl--(zi'icz"tz,zt E 46.01 feet, (31g8?o06'46.1f 49.{s f€€r; - il f -'sr'oXir".oz-n s3.51 feet to rh6nortbedaterle cornar ot flrst AtrenJiant to Conaoafnii. irip -of. Vlllag€ ltur plaza --phase V Condoninlusa, accordr.nq to the dap'- th€rgot reeord.d- rn the cl€rk'6 re."riij' trrince inJ ioi r;;rn;'ih;6ecouroea .alons rh+- n^r-rherly _ rrne- oi' 6aid Ftrsa ;;;e;;";-- ."'' - = - .ff ffiffi"i.tr.. 1;ffi i:{ l'"ir-,tu";ft. ;i,i# -ri
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!|:9?:{fl5| 5r.a-3- f Ser. to t}re "*lr"ili rlne of gaid Lot }t: rboncefl0oo43.00.H 165-,76-f^eet.- along aaf.a re-e.terfy llne, to tbe northHs8t.corner of a.ld Lot j{; -ther|cei. "f"nE
-tlir-e xert IIne ot eald Lot N.ll00o23'00.1t SO.OE f€et, to the "drtU"Let corner o( aald parcel
99sc-r{-h-sd 1n Eook ero at psge rsoE-iie clork's Record€ i lhe'cerhc tolloHtns rrg !911q?",!1gnq th€ i-o"ii,".ri ana .irte-rrl-irnif-oraaf.d parcet: (lt s?9o{6;o';e iei.ii-iJic, rz, Nroel{.oo-E r47.q3l6et, to the Dotrt ot blglnnlnE, -ciniiinrng ,.r32 acraa, Eor6 orlaas.
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(ltgrched 19 and foalng a patt of rleclaratlonof_ Baaeaents anil dgb€e d"hd-L;-;ber tsr19e2.1
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That part of tot O.to the Eap thereofoffice of the EagleaE tollors:
Block 5-D, VaiI viUage Fir-st Filiqg,.accotdtngrecorded under Receplion lfumber .StbAe f; til;Couuty, Colorado, Clerh and R€corder. descrlbed
;:rSeglrEinq at a polnt oE- the che northerly line of sald tot o thatis also the norGheasrerll, qor;;;;;i.-puri"r described iE Book e3orc6:-F--tbe-sasf;{€rjr.+"-:c;fGo},,--.e=rk_snd_g#sd$**--.-:
.
=:.- - 5::!:ut' eald Farce} -.gurrentlv beins- kno'n -as -lt
":-Elrg!r.y"r;.:#-r'i€qtat'.'#'"i$'I;l-ll;:t"i::i;":'iFJ,11#-'+tri#"l#--:-accordtng to the eondoniniurn- crap thlereof, recorded in Book 3{9 atpaEe tt, in the office of--rhe EusiJi"-uh.v. cororad.o, Cle.rh andi Record€r, thence' ii""g_ ttre vJst-erri-fir," or said vr.rlage rnoplaza. s0go3o'00"Ir 3?,61 teet,- t-J-i'n* E,r" point ot Begrnnrag;thence-,- conttn'r'ng a10ng e-aid resterly llne. s09030.00-T 102.21feett thence, depaltins"satd """t.iii-iine-, N?9o4?,08.' 6?.05 teetirhence s10o1z'5t"H 3e.-60 i;"r: ;-"r""-iii6"ou.08.,H 8r.93 feer. ro.-. the eaarerry face or an _ex.lg1i;g iiiiiEi"lil.theace the foltoring clro
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cours€s alonsr rhe eaat€r_1y_ari;;;th;;i; !1q.t of said enterins- . buitdtng:- iri *io.oi;,is;B'e-ai ;;;;-i;i N?eosB.sl.w 6.tF reet,thence, degrarring ihe-nortrreriv -ii.i oi' ^s-a_io exisring buirding,. mo"lq:V:s 69-8l feer; thenci iii;tiios_E 6L.q6 fe€r; thencell3eo56'27"E 63.51 feet, s?9o4Z,OA;i-Zd-oi r."t, to the True potntof Beginning. containing 0,335 i".e".-iJ." o. tn"r-
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193oot a-s96 p-E4a t2/J7/ez ro:se PG t2 AF 12
That prE! of Lob o' Dl-"gI ?-P' Va:rr Village Flr6r Ft_ltng. acc6rdlngto th6 Dap tDercot recordGd uncer rec-Jp't-tii'rro.u"t 9c3oa in th€office of tho Eaate county. coloraa", -cl J,i-iia Racord.r. (teocrlbedaa folloyr !
:==8€gr 6n!ng-.:i -r r=i*t-s::_Lhc_ !$e-::._e:hc=li_.!in€_€S_+slat_ta|_O_:hc=:.19a-IooLbenoriteaster{yc-orIclorap.Bg1da3cribedinBooI230
ii:$ilrqti*r;,:ry1':"*iri'+i,r*rffi ffidlols sald aorrherty- ltn€, -i?a;{;;6;:;"'1o. oo rEat; thence.dspart-iag aald northerly-fine. sii; ri;o6iy-f o.'or f?et; thonc€ 23.56feet a1on9 tle arc of .a crrw8. to the left, t"riog " r.diu8 of IS.OOI:9!:- f centrrl anste .r_ ro;o6-; oo"-,- -jnE-'j errora chicb Dears9l!:!9:90"8 2r.?1 tler:. rh.Bce_-szg"io;d'rie- 5e.5e r€eti theocas32.56.27.p?1.6E feet., tt.rrce frig;ie ,,id.itr'-aa fser; lheDce st.9Bte€t aloog th€ arc ot,! curT_ct _t9- -!h€ rlght, havlDg a radiua ot. 35.00 te€t, € central- aD-gle of so-o0o;60;]-aii a ctorc rbtcb bsaraN3rto{6.00.H {t.io fe.t; _dbeocc u:_o-"_ll.bo.e i,i.es teoti to rhe TruePolnt oE BeelDnlDg . contaloin! zsoe .i,iur-" ?aE , Eor€ or lsss.
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and reovat receDr.cle. lre preE.ntty
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cart ln rlEbra to use rlt€ G"i-;l;p;;i.. ro""t"d on th"DroD6!ty.
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_ -- D€ohrllt doer b,€r€b!' rtto. pnbu.b r|od d.clara tlat the.::!1""9!_!:Tn, coyqnqnts. ..naitfonr, o-aqtrrri-liitir"tr"*,uBet' .ltaoFrrtlort!, ll.Dl.trtlons Bna otfigatlE; efirf UiiceaeA 6r||I vlt! th. ta.ud, shall bc c -butrit D ani a- lane-ffE to dcfarani,!E_3-;3s33g= s::a =s-":g!c, _s.rd. anf,_ tnlTvge-r-iiLL--ritlif:;.",drr+oE oynllg an liteEsEt fn tha progerty, pbar. t9 ,ba';iiTt.b& _"!i
?:9?t_.tn "ucr- .la- or. teconer agll-.'"t -t"- tl_re-1-ci-ariir"" crrauDroeeEsnts bui.l_t tb6reon. -qt"rr
- grt|rt es-;i"d;;r6=; d;IE;q6qlree3, 9atronal rcpr.sert.tlvrt oi ceelgmi.
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- 1.3 :Itre Accea8 Easope.nt eDr! rurr rltD tDe laart aad gDall !a {$tTtr:.T H "i"f.l:llH"n"F..ii"{ks"i"ltr"Hi# kf $autoEatlcally transt5r -a proportfonoio -fillerest ln ttro tcoeEs SBaa.E€nt. -eeinc' E
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uFor and rlroush, DhaEa-rtr\r .foi tle --pui6ole dr- =-iiGhinr"g,repalrhg, rerlaclng anat ustng efretfng - fasr,titiee pr€sentll'p+!t{fng or -u-pptying rrator,--ierEF. or6ctrfcrii,- n"tflrai. iable teievGroa-br teiepnoae'a.rriA; to tho rroporcir. 9alr B
2.3 lte E*or_ect. gpfU_lf -Brsea'enr rrd^ t+e ltopglqr Uttltttt :E.seE€nt (couectiv€ty tae "ulUfd-iiseuertsEl D€ltbEr gnrnt nor tlr€sarve anv rlq-bt -to aay lndletd;rat - or enttty to coug-tmtt or Lrnsrau irec racirrtr_li ""i t;iy,r"ii'-.*r"tGb-rotriitri,i-"ipliirii ilutllt.tles tbar are o! Eay be rocidJCl-Jit'.i-i-triiii Lo".'.or - iFha n* r . *-o3.P-S^lI:P-3-!:t-991.?!li$Ho"ii'*L."""iffi?l;""R?'1?*?.:nf sf".ili*:f l*eir
2.4 Aa tndl,vldual o.r €ntlty u!,tllst.ag a $tility Baeeeent lnorter to M.:lT, repl.tr oi-iepfida tl6 fcclUtr.-eJ-eupiryUg. utu,ltlelr locaie.aeadi,"r*f lt":_r:Eirg]'{t"."Hn".",."j"":J.:!"irJetW.laprove:ent shrtEoeyer focattd -on - aucU plopetty other ttrrn -lardac.Dlng, "r-*jjllk , ."q- r*4i, ana ri !ucn' rinaecaprry,atdcvdlca or pavlng. ls aaniagec,.'artaEed oi--GBio"JiI- cucu
!!trSill";, :li;'!iT.. E F"tTi_,ilfi L :t 3t"l;i,.l:"#" Fi:laad expenae. to rts -6rr-grn-at
"on-irtr-o-n rs foirnd t!.:edrately prlor--='-li.ffia ffi*"T;ii,*'#3:shl ^fr la Ai-r.'i.s.hl_cb ta,enrllred qo. tue-rJrier_li;f .^iliiiiy ;aa.;;ii?#"" ffconBtnrct or inatai,i. nen faclilti*; ;o;"I.Ee extstlng facllltleaorrlaconnectronrrt+tue-a-a-r-nG.niii,..iuip"rr-"i-'iip-iacirlrs-ii
fl11glg frcl.ltrloe, ro cauee'-danis;, -l"i"i,"r or atteratlob ofLEItEove:entB tocated ?n 11. propg+t turaenea ly gocfi-btfffiiSaeetent. (other tban aE gpeifff-;afli irovtned abovs lorlandscapfng, gtdeuarxe anc pavriii, -fi#
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tasllltles located o; ttlra D.lrrr.n.r r*,.$rrar .l:,,p,Tp:ry--hrdened "" .Iitffi H:::*E
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vacauagr s!d. terrl{;atlDg ;uch
a't- &. D!o{est'^ gqlrrly sloelsrG sha:ll t|io ylth ttq lan6 ard $-sll":i nri*;ttl,.!f*tjt*.*;Fsm*"$l:*;.t*ffi tiffi.&r.+TftEffislft{hf, #el#rffir* I.. _tDo land and Ehall )s "ppurlen.it
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3.1 Declarant lgr"ly Eat(sE, establlabes, dectarer, gtant! and qa€seavas ln lavor ot tte daera i noJEiGrve, I,€Breb.lar oae€lert h(tlre 'protee+- pedestr:_latr gas6!"nF r-oieiii*r", upon aDd tDrouqh r,;tll araai o! the- p36pgi'tt ,F' Ji-i"Ltt", Eatnratned for
ff :$?.f .1"""."*:lh*ff ff J:#;.tE:::Fi""Jig#;n*tle Dlolroaty and the DroJeit. --------- ''s
3.1 Declalant h-6re!y- reaelve8 a non-excluslve, Der?etual€aaeDerlt (tha lproDerty- n;aeetrfen ia"-"iiit" I ov6r, lcrota, uDonand thloqgb all arias 6! _p-rrase Iv ;;-;;;""fr6r lalntai'ed forunsnclosed Deatostrlan .ua-r*r.iys
- ior--tr,l- frirpo"" of provldlrg toIleclrtant. and to all fnafvloGfi -ino-aio.invrted to the proDerwat tba cxpDpse "r GFit-i- fui"rt-irln*ir' m.to:aor, locluilnqlutttout llDltlrlon. rr_iena!, ldiiitfr.;;
":gint", €Dployoea, tananio. ._::t*$f." rnrtteeg^or oe"tirant-l;oiiioiSt sorrt",,l unobothrct€d- - -:sC;gg:ltbcEEtr-ttm-ksperty r"a tir"- iirqa;i
fo^__y+ll9"gl or cnelttr .sh.lt coDstrustsr salrrEala or
._at'll- ^ Illel:.f osed Dedesarian vat tmayJ to?xteC on the13 gl!. o an_y u'enEio" e-d e-.c-"-iirriii'i" ffi X"i; "i'",*EiTfl d:
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-iu?'.riifr lospecrtyely ln good 6ordea. coa(Utl'oa anl lelrarr. 5"EP€ssrYely rn gooc t
t.5 tn tle ei.snt DeclaaaDt or the oufi.rg f!11 to k eD ond ?..:talrttalntt*ttnencr.ia.d ped.st'r; GlEi"i'iHo*.I"":: *- 3::-g: 6.nd ph';e-E- refrectrverv rn tre conarii#?"Htr-E#sf*x--+ohEr ol tDe otn€iDaF;-En;-d;b-;."1T:1""":l,H.i',"#Efr ttr"r*'JT:"Ftiff ilrallcraya to bs placcd Ir tta o6noitloi-i"lir.red aDoye! atrd, trr 6uch oevst. th€ ornCr rartomrlE eu-rr-roiii -"ilir m t€iEbulsec lor itr L.reaaonr.bl€ costa t'cu*ea-rtth- ;;;a--i" tbE uork done, rlth
"TH;t',.T"Hi ;""* ii-;*:,ffi*#."S*t"iL"""Ift illl $
- {.1 Fglasa* Ghalt at all t.Eas aalDtsh ln a reagonaDle' rocatron trasP- couesft6f rnc ii--"r oec"ptn.ril iit iti-i,.op"rrtvlcequate t?I tr"- t_o:ai tra.a- cJriJ"tror, lad r€ooear needs for bothtls Eoperly 1nd p!-ase rv-- GiiL"ne b-or-*y Ear€s, earabltsbsa,declaaes, gral!8. antt reelrrfes-G-i"o, -of tbe oilnd'6| rinil tbe osnerS:*t"i:: -!relt- to ugE .ucl-'t'a-et corre&Gi -"id*'""o'l^-, .. aa "." '.:,'"",'3fru B.F'rr?fSBTlEl;XF*F*X$r:"*ii$
t :S::t|3|,_Ba_risut-to-.#fr"? reili_-ti"liliii.i!"b raasb- iiFiill?:Tf.{i"r"il:1','1"'-*'""?:\T.+it'T"'f""'J".1?""r"*'" H{i":}'-ffiFT.$#'
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rs, eysr sL_I:oas. up9n qnE tlrt-ougD tba EoDagty, lor t!9D!rEo!!-ot- p!ovl.dl-u<, to th. olne-rg rnit tl" irin"r-dr-.i.f,'icaesEtuacc€€E b.tusaD tDe Eolestr.,6a,rDr. .r- *.31__t* - |rl1qls .I9"-r.- eb rong u
! non-.rctu8lyg, perTEt ral eaSeEgnt. andtltlt ol lry ov-o8. sqms3. ulron qnd throirq,i tjr rEop;ii, tor tleD!t?=!-o-t. DEovldl-u<, to th. oirnerg rnit tl" iruncr- G|l.l'ti. -Lao-ot!,tro ot
as!6onaDl_€. rcce'o ro tt; errralne- ro"i-.GTili"rili"r"ri"o.^i?roiEtorsr,!.€r tDi rlglt troE th€ to tirq to acs-f;aJ;t'"-ili,.r .^.r.s! rrgl|E rrolt Ctlle to t.I!c to dcalgntto tla actua:, rOUt6ol auch !cce!! rcrols the propsrty.
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;iiiifi !di!"it+!"*"T.lf ti.*":';il'tf i:.r""xlT;ixxtst€tlln rtlon shalt be fhil-
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ee__ .!hg. _ov-ngg:_ o! tlo proDgtty, a9rao6 to'' lirlntrtn rte dl'riiing edi 'ti, ii.A r*5; .ai?' conartrorr lnd t(' _ _ _.j_._,_:-i*::..ff_t"qt%1"-il".ri!"t""H'.'"?ffi,*;r,Sir*",*"."**lj:lg
.Declarut, at lts !ol. dllcrotton, ,"Errr-"i ti-e-i fsm to re norritilreDd!, !.elaco. $nrorq or 'rerocrto trL- -il1or"li.*ilJil
Uobrlthatandtrq hha ab-ov. to tne co-n-iretf-, ti--to" ""*t thrt thegrl!1:.ng toot la ao lenoyrtad. or rdii'iecll 'oeiEir-ratrr, !s ils osn.rol tla rlarrorty, rrr€oa orat trra a;ffiG;';;i;"ii'ri-rJEt"i'li
!3ia3fl.rn?ff.* -vfernrtr as ltB *latlns- locatlon.rud durtns a,'y {.inoiiiaure,-ii!'i1"11il."*."i?ni$it. ::*""Hf, Xg*-j"":** $
:ul ii: .Bl*f5{ii.*.T&ffiti..t,'f.#ff"fu',StktH ;---ffi #Ej.ip"f,'H*i#.'Elf *H?*6"HE+*r*::SlntaSos! ln euch rfglrts-rnd L-a?€A-ti' r'rq..Ernr q t-oPsrEasrEr \
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G.a Bacb DlovlBlol -o{. tlrle Declarallon an! agEieeDent,Irlotl'sr, co\,enant and undsrta.kl"g to coEgftii.-tl *"1 Drcvlalon ottht.- Dec-radatr,onr anit any neceaBrl? exceptron or l.s€r,"atr,on orEEtnt 6t trels, eEtate'_ .rrght or- tnteiest - to sft€ctuato aryI,rovtotoDoltbtgDocrarirto.nl-itl-rr,uf iAn-a!"r"cG-io-#o-r*":iua*iieach deed or otrer tnsrsu'€rt- ti inr-Jl--"ity-ir-gii, trtr" or LBt€..stltr lny portlon ol tho property or pDase .lV ti CrrJ,t"d, dsvlEed o!conveyed, trbethe! or not i_et ?"rth-;-;.i;;;d= to lrr aucb ateed orffli: lyl*.enrr (trt sharr, ;t;Irio.-i'i?ir!-pt",,c€ or ant, ateht,EtEto ot lnBer€st ln any- portlo-n of tDo ero-pa6 or enaeJ iV-[fl;;osnor choreo!, be daeae-rt ieceptic, ritlr-f"-i,-iioDred ani ceclaledas r Dorsonat cov€nant $ 1cf, ouier ind, -ii i-pereonal covanant.:l:11 D-r btldhg on auch olner and. guch'ofrai,e belra, (tevlaees.q?T9Ttr reDr€seDtatlses, - strcc€sgoro ane --ielf gns .nC ahall bodeaBed a p€rEoral covenait to, vrtl -arf ioi--tic bEn.tlt of eacbomer of _rny Forrlon 63 t',i ndgeray anc-piii"lvr anc -triri-arriif
De -{eered a re6l coeenant ty oeifar6nt,- rii ftieifi, fts..uc€es;;iilanit asslgns, !r:o also an iqrrrtalre ii"iir-to?t, -limni"c-,- r;-Eii[caEE, aE ! burden $lth and u96n tnJiftG -t"-
"ilf, lnd svory pottlono! ths Property and ghass rl'.
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_ Th9 foregoLDg tagtruEent saa ackaorl.{ged Defor€ Ee tbts tsthgay o_l Dec€Ebes, 1992. 4r roseilteuiio, *'-i.rraent andlnn6 E. Staufer aa Seietaryt ot Vatl. Vfftage iio, rr,"., a Colola6ocorpolacton, oa Debalf ot ir..r. corpora-t-t-Jli.- -
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Itos6 FortioEa gf lfts H. N, and o, llocR 5_0. VaiI village FirsEFlung' ac<.ording to_ _ - tle lop tt irili reeorded under .RecegElonfiuDber 963EA tn tho_off ice. ot t-rr" f.i-iJtuaty. colorado. cterh anatBecorder lclaEkrs necords I a"".ifi-"1-ie tollor.a:
Beginning rt a po_lnt, o_n tbe northerly llne ot Eaiat *a O, *nr"n ,_the northeast corner -ot a.parcel desc'riLo rn Book z3o €t paqe 5s6.Huiii$'4*T"9rh4:!:e$:.ijs**"s,.t,$_:t*d*+lire. s?9.45.00.e fZg-AO feer, io-iil irorthvear cortreF ot viltage:irr .elerc?--n-cordca-t rt,,!. acecrdlu* to i " op thereof- ,_..rrira_i rr,_Eook 3{9 at page tf ot'ttre ciiiil.in._.o"; thence. along theveaterly line of €6td vrlrage rar iiai",-. conatoniDiun, so9o3o.oo.t{3?.61 fa€t; rh"o:31 g^"_p"rtr-"g ".id il;Ilrry rtne, l{r9o4?,08_n ?o-o?feet; thenc6 st2,:.?-6:l?:t ei-ir rtir;-ir,lncc rrg"{?.oB.B 61.{6 r€cG,thsnce slocla.5z..r-69._6e,fe"t, t"-ii" ni.t[erly tace of an exisrinsbutldtns; thence ths f.otlorins. rro-;;;" ai.ing -the ;iir,i?ii'inoeaetetly f,acea of_s_1ia- j"ijftis-blllTdr"g: {1, sz9os8.5r,E 6.35(e€t; {al slooot.'o9-ti 6__a1 f€et-; -tu"-ni.,- deplrting ir,.. "itlirvtace of €ald axls_ting butrdlngl s-?-9'+.0s.8 83.9f teer; thenc€rlo ole' 5e"B 3e. 60 f-ee-t-; rrence 5i g oli. da.s ez. os i!"t. -i,J ir,i'.i&a'eesterly rlne of vtriage in" irrra. a condooinruo; tience rhe!gU9"l"S three co^u-r-r-ed "fons ""fd-;-.ct"rly lirr", (1) s09o3o.0O-w50-91 feetr (a) .sSO-o3O.oo.E it.60 ?.;-;- t3) Eogo30.oo-w ?.ir6 reer,to tbe Dortberry, rrae. ot vrrtagt-iia ptazo pha€ea r and rr,accoldt nq ro rht oaD itEreof ,eco?"i-ia soof rga "i rigJ.i-ss -or
th€ cl€rFs Recolde:_ tboaco Ehe i"ii""ins four courgei -iioog- tlr"northerty and B6_d-t_e.rly lln66 _of ""-fo liii"g" tnn plazr phsgea r andlr; tlt N8002a.az.H _ias.tg reitl--(zi'icz"tz,zt E 46.01 feet, (31g8?o06'46.1f 49.{s f€€r; - il f -'sr'oXir".oz-n s3.51 feet to rh6nortbedaterle cornar ot flrst AtrenJiant to Conaoafnii. irip -of. Vlllag€ ltur plaza --phase V Condoninlusa, accordr.nq to the dap'- th€rgot reeord.d- rn the cl€rk'6 re."riij' trrince inJ ioi r;;rn;'ih;6ecouroea .alons rh+- n^r-rherly _ rrne- oi' 6aid Ftrsa ;;;e;;";-- ."'' - = - .ff ffiffi"i.tr.. 1;ffi i:{ l'"ir-,tu";ft. ;i,i# -ri
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!|:9?:{fl5| 5r.a-3- f Ser. to t}re "*lr"ili rlne of gaid Lot }t: rboncefl0oo43.00.H 165-,76-f^eet.- along aaf.a re-e.terfy llne, to tbe northHs8t.corner of a.ld Lot j{; -ther|cei. "f"nE
-tlir-e xert IIne ot eald Lot N.ll00o23'00.1t SO.OE f€et, to the "drtU"Let corner o( aald parcel
99sc-r{-h-sd 1n Eook ero at psge rsoE-iie clork's Record€ i lhe'cerhc tolloHtns rrg !911q?",!1gnq th€ i-o"ii,".ri ana .irte-rrl-irnif-oraaf.d parcet: (lt s?9o{6;o';e iei.ii-iJic, rz, Nroel{.oo-E r47.q3l6et, to the Dotrt ot blglnnlnE, -ciniiinrng ,.r32 acraa, Eor6 orlaas.
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(ltgrched 19 and foalng a patt of rleclaratlonof_ Baaeaents anil dgb€e d"hd-L;-;ber tsr19e2.1
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That part of tot O.to the Eap thereofoffice of the EagleaE tollors:
Block 5-D, VaiI viUage Fir-st Filiqg,.accotdtngrecorded under Receplion lfumber .StbAe f; til;Couuty, Colorado, Clerh and R€corder. descrlbed
;:rSeglrEinq at a polnt oE- the che northerly line of sald tot o thatis also the norGheasrerll, qor;;;;;i.-puri"r described iE Book e3orc6:-F--tbe-sasf;{€rjr.+"-:c;fGo},,--.e=rk_snd_g#sd$**--.-:
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=:.- - 5::!:ut' eald Farce} -.gurrentlv beins- kno'n -as -lt
":-Elrg!r.y"r;.:#-r'i€qtat'.'#'"i$'I;l-ll;:t"i::i;":'iFJ,11#-'+tri#"l#--:-accordtng to the eondoniniurn- crap thlereof, recorded in Book 3{9 atpaEe tt, in the office of--rhe EusiJi"-uh.v. cororad.o, Cle.rh andi Record€r, thence' ii""g_ ttre vJst-erri-fir," or said vr.rlage rnoplaza. s0go3o'00"Ir 3?,61 teet,- t-J-i'n* E,r" point ot Begrnnrag;thence-,- conttn'r'ng a10ng e-aid resterly llne. s09030.00-T 102.21feett thence, depaltins"satd """t.iii-iine-, N?9o4?,08.' 6?.05 teetirhence s10o1z'5t"H 3e.-60 i;"r: ;-"r""-iii6"ou.08.,H 8r.93 feer. ro.-. the eaarerry face or an _ex.lg1i;g iiiiiEi"lil.theace the foltoring clro
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cours€s alonsr rhe eaat€r_1y_ari;;;th;;i; !1q.t of said enterins- . buitdtng:- iri *io.oi;,is;B'e-ai ;;;;-i;i N?eosB.sl.w 6.tF reet,thence, degrarring ihe-nortrreriv -ii.i oi' ^s-a_io exisring buirding,. mo"lq:V:s 69-8l feer; thenci iii;tiios_E 6L.q6 fe€r; thencell3eo56'27"E 63.51 feet, s?9o4Z,OA;i-Zd-oi r."t, to the True potntof Beginning. containing 0,335 i".e".-iJ." o. tn"r-
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That prE! of Lob o' Dl-"gI ?-P' Va:rr Village Flr6r Ft_ltng. acc6rdlngto th6 Dap tDercot recordGd uncer rec-Jp't-tii'rro.u"t 9c3oa in th€office of tho Eaate county. coloraa", -cl J,i-iia Racord.r. (teocrlbedaa folloyr !
:==8€gr 6n!ng-.:i -r r=i*t-s::_Lhc_ !$e-::._e:hc=li_.!in€_€S_+slat_ta|_O_:hc=:.19a-IooLbenoriteaster{yc-orIclorap.Bg1da3cribedinBooI230
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htcncncr (r) rhnll ha ,lcenrd tneornontod ln rech dc.d or othartnrlrunrn! by vhl,ch rny rlght, tlclr or lnt.r.rt ln any porttonof Prrcoi I, Pereol tl or Prrcol III tr BrsnlGdr dcvlrcd or
oonvGyGd, rhrchor or no! rot loEth or rrfarrld to tn ouch dcod or
othor lnrErunrntr (1.1) rhall, by vlrluo of rcc.trrrncr of rny-rtnht, tltki ot lntrroat ln any-porston of Pucel I or Parcol II
by an ourrrrr thr,rlrrfr be dccmcd nccoprod, rattftcdr rdopccd anddcclnrcd a. a pcrronrl covcnanr of iu,-h omcr and, or ir prrronrl
Lo\icnenc. ghail, br Liitdir,; oi, -such- !r*?iT--rpC .!lq. !er-gr- - pe rronalr.pr.ri'nt.rlvcr, ruccGrlor. arrt3nat rnd, rhall bo daencd rpcrr.onrl c-av!::;i!1! -6a'. wt!h end for chr bcncf lC of asch ourner of
sn:' porit.,n o( Farccl lll, for Bhcnrclvor. thels \clra, parroncl
rrpr'.rsuntr!lVdrr 1 ruccr!r|orr anrl errtgnr1 and illl) rholl bc
dccrnod ,r rerl covenan! by thc perclcr hercto. for Lhenaclver,tilro!r iucccoaorr anrl aortgnr. rnd alro an equltoblc lorvtludo,runnlng, tn cnch crlor ati rr burdon vlch end upon Cltl. to aach
and rvr.rv portlon of larccl I and larcrl II.
h , lloch prrrvtr !(rn ('t t hlD Convcyanco of, Earsnont ulrul I bsruforccablrr by tho oirng'r uf Prrccl IlI, o! tn chr lvon! of
condontnl uur.?-rt lort of I'arr:ol III. ch. condonlnlun eraoclaEloncontr('IIlng Pnrccl IiI. by a prococdtng for a ptohl.bltlvc or
nanda!,ory lnJunctton or by a ru.! or .rctlon !o rccovcr domrgca.lf corrrt proccedtngn orc lnatltuqcrl ln cor:necrton utch Bhs rlghraof $nforccm.rn! ,tnd rcmcdttrr provldod ln thls Convoyonco of
Endamcn!. rhe prrvalllng pr:ty ahull bc cnttrlad to rccovor tgrcostl end €xPcnros Ln connoccl<rn rhcrcvlth, tncludlng reasonoblcattornGy'c fcec.
IN tlITNI':SS trtHEREUf , tblr Conveynnce o( Eascnrcnt 1n excculud
.16 of lhe r!uu} flrsr obove urltlcn.
VAIL VII.IAGE PLAZA COIIDOHINII'}I
ASSOCIATI0N. a Colorndo non -profl t
corDoraE ldn-' ,rl. (.' r teY'fJ!!Ll-9)#Ls!g';!!( i I t rrcsl(lenE
ddlll on thr datrulttnl Drrltra .porrlont.ar.l rt lh. s!t. of It.0 nirrcrit orrrn! tor tuch rrorh ycrr nrirdr irntllta Frtlant tor ruch norh y.ti nirdf itnt
Vadl
VAIL VILLACE lllN, INC. . n
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L VAIL VILIJCE FARTNERSIIIP, a
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Tho forn tn8 lnrtrtrltcat uot rcknorlcdgcd-bcforueil;;il8
cofEFi?F-non-proflt r rtorat,lon.
..,..,,,lf.ttnorr ury hend and offtctal rcrl.
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COUTITY OT EAGLI )
$lrnelg ny hurrd and otflt:lal ceal'
!''l), r,'crunrl set.n cxP! res t''l 8/
STATE 0!' Col.c'lAtro
COUNTT (IF T.AGI.E
-. The f o:cp.eln1' Lrrst 'utr|enE ne8. ncknowlc:dgcri -befcre#"ii"il;fl#*:','l3i"lloj":::o::ltlil : "
/V, /?t{
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.^d 'llre lorefo].n8 f ns E rusl
ffi":i'P?'
The foregolng !nscrtroren! Yf!- aeknowledgc9.!:Iot:. l9E4 by Jaurec G. Flaun' ar
ige PercirershlP, a Colorado
FsrCnerchiP.
tlltnee$ ny hand and offlclal oeal.
ry
Addrers:
me thlc.-- -.--.,
General
gencral
thtl
9Dr t
Nocary l
Addterr:
a:"ili:ii:
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Bhcroot rr:cordod
coutlly r colorado.
Vtl tagc lnn l'luz.r (l'lr, tI l)
JES T ltt'Jl"L
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o
lllfir6; occordtnR to rhc
In tbr oltlcr of thc Eagh
Rrco!dr)
EXCEPTT Thr tollovlng thro. portlorrr o!'rild l,ott N anrl O:
l. Thoer portlour of rald lpli ll aird O dorcrlhdd ln Book 230 ot pagr 596of tho Clerkrt Rocordr.
'::2. Jtat girttor ol rcld l.ot O lnmr rr Vllirge lnn llaar, r Condontnluo,uhlrfi l,; darcrlt,rd undtr Rcccpllon No. 2r53Jl-ln thr Clcrire Rccord.,
: '' r.3. Thqt Dortlrro o! rrtd Lot 0 drrcrtbed ar folloil:
Itcglnnlng at_ e polnt on tl'. 6ourh bo,ntdrrry of rnll l,ot 0 rrhcnce tho
aoullic,rri ciirner bf aaid Lot O bdrrt 5- H2'iirltri'! -r. EJ;aJit fcc.t riiatanc; ciicllcg.tlrc followtng, trro courro$ rlonB inld nbrrth Jlrru: (l) N E2"3trOO" 1{
t(t6.29 fr.ari (2) 154.13 fa'Jt nlong rirc urc of ir cufvc to tlru lcft
It:tvtnl. l fndlus of 545.t"U fr.ct. 11 r:(:nlrirl nng.lc trI lt'r"10'39" unrl l clrurd
wlrlch htrrra S 89'Jrtr4 r l.l l5l.(r2 l,!r:t t() the aouthvrratt r:r.rrner otr n,rid
!.ut Oi thuncc alung tlrc ncsterlv I trru of gnld t.ot O N 01tc23r00" ll'
15.83 foct; thctrc€ N l0'13r02" tl t41.63 fecti tlrancc N tl2o06./r6r ll
49.1r8 fccr; rherca N 4::'12'21" A 46.01 fceti thenco !i 80.22t22" l:
123.59 fcct to Ellc ucstcrly houndnrv of Vtlloge lnn l,lrza accordtng to
the nnp thcreof rccorded un(lcr tictcpatorr No. 245151 ; rhcnce tha follotrlng
thruu ccrrrncs olcrrg ecld rrr.Btcrly houndrrry: (1.) S 09"10i00't H 12.jifccr; (2) S t9'30r00" E 82,00 fr.tri (3) s.l.o.llr03" tJ 5:!.gg feor ro thcpalnt of hegtnnlrr6, contntn lng 26.1O(l Aqurrc fqst or 0.650 ncran,
norc or k,ss.
rsfaru,rl,lsilsHE6TlBEilfEil ;T
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thrco courrtr alonp aald ecltrrlly borrndaqrl (l) s 09'30'00'r $ 12.t4
fccr i (i) ;!-l!.1t0'C0', B g?.q4 t:n!i (3) F t0.l1ro2( !{ 52.-98 fcct. !q rho-
polnt of bcglnntng, contalnlnS 2H,30rl eqrrnta fect or 0.650 acrert
nr)f e of lect.
Vlllage lnn Plazo Phaaea I and II
JEs 6/8/84
(
fiffiitr#i:iiH{Hd1tr'Ti$trr$$'ii.'tctlhritib'lrnd:lttithE'on|thrli',itltfr,be,riiiACildihifAYtbfoitrirfc'rtttia'r.'. I ii;i;:..;ilii:;)l',:' i'routhomt cornoi-ot.:arld lnt.o b.iiii.;3:8e.ltl00T. !'gt.sg. lert dfucbn:: bhenet , l.i'.,i..i-!littrr.forlortn3 nrd cbutreiualong:drlcilr'oiririi-'ilniil:tri-i -r-iitoo" tf -: -:;'i:ri,
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., 'r.hlch;$orrr 3.89'19t40il'll l5!'16f.fcUt'..to:'tho.routtircrt:b6rncrjo! rrkl
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TIIIS AGREEHEN! is nade and enlered into this fu day of
f7t tace ffi I+:t I r:li,,ij&::nli; l":tnparner') and vArL vrliici-rrx, nril,-i-doiJi"oo corporation, ofvail, colorado (herernaii.r reierred'to ii-;ivr"l .
RECTTALS
1' The partres have aoJoinrng rear estate situated in the-h Tosn of VaiI , -ounty of Eagie, state of Coloraato.1/,O'/n\ .. ?. - WI is the current o$ner of the developnent, rightsY\u (hereinafter referrea t"-ii-"a".'ur"piei!-rlJrri""t on that parcer' knorn as the Vail Villag"-irn,.vaill colorado. said property(rhe ,fwf property,) is-speeiii"tiii J;;;;r;; as ser forrh onExhiblr A attiched irerero'and nade i piii-f,"i.oe.
3' paraer rs the current owner of that parcer of property
-,/ f"*$:ly known as the Anoco cii"iin"-siitilir, iz s. rronrage Road;\r E. ' valr' corcrado and currentry the proposed itte ot the iarr.-')' Gateway praza project tneieinatter rei"ried to-as the ,GatesayJlt Projectr'). saia lroperty ({he ,'earner property',) ts speelficallydescribed as set iorln oir ixrrilil s "tti"hEd-trlreto and made apart hereof.
416336 B-Sao p_
JOHNNETTE PHILLI t"/ee/89 trEAGLE COUNTY
zA4 p6 lOFTCLERHI COLORADO
REC
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ENCROACHI{ENT A}ID VIEII AGRTEUENI
4, WIrs developnent rlghts, as approved by the Town ofvai1, altow for the buir.diltg gi sliucturii up to i,tr" wr propertylines on the east and south-sides ot tt. Catiway eioiect.
5. Palrner intends to have residential and comnerciar. units(the lUnitstt; in the Gater,ray project.
5. On or about-september 19,.1989, tll steel piles (the'i:f:.f pi19.u") yrere ptacld in a viclnlty'approxiritliV four feet('lri onto the wesf,erly side of the wr -eroiirty that. ibnr" th"Palner Property. The.steel piles rrere pla-ced -to provide lateral
Pr991l9 for the exi.stlng earth surrounding the paiking andbuildlng foundatlon for the Gatenay frojeit.
7. WI has received the sutn of Three Thousand Dollars($3r000.o0) for the placement of the steel piie" on tne WfProperty and as paynent for the cost t of tbe removal of the steelpiles.
AGREEI''ENT
In consideration of the recitats and the mutual covenantsand obllgations hereinafter set forth, the parties hereto herebyagree as follows:
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A. rn the ?y"n:. any.Unit in_!!: catevay projecr is sold,as a condoniniurn-or. otherii;;;-;.parr,. of the sale_to thepurchaser (herelnaft_ei-iiiiiilo-io ." the. rpurchu".i,,), purchaseri*:i.ffJi':{,*45'#i:;iilF$"ii,:" wr*Ins, or rhe approved
B. Prior _to.the sale to any_gnit_to a purchaser, palnershalr obtain rron-the-n]iii"Jlr'Itsisned r"tvei-oi-rny rnreresr,clain or rishr .n:_Tl:lii'liiTiv'r,.v_e_:n an unobsrructed vier,rrron the cateh.ay proJect a.ro_s.tii" wr prop€rty,
c' palner_ shall lndennify, defend and hord wr harrolessfron any objecrion,..;1"il-;;"iii!r1g thar any purchaser nay haveii.l!*Tltstructed vle' fron tii"-iateway rrojlcl lJ-o"" rhe wr
_ D. WI consents to the Dreseunderneath ti"-frr nr.piiti.- lzreoeDC€ of the steel piles
E. The steel_-!11.:.nay be removed by wI at such tine thatwr conmences anv excavation'"on"iiu"tion-rn'iir.-ivi'property orat anv tirne artei'1311,i,-iigdi"iii"r,"ver flrsr occur', and rhe$3,000.0o paymena_-ql:ligy"f' niau--[9 wr ehatt be applled rorrards\ /I'a cost of renroving ttre lteei-pir.". .\n/I agrees-io pay any;ii::.over and uevona-thl $t;d;;.56 ro" trre-ref,Jia'f Jr trre steer
F' rn the event that wr should ever connence constructionof a project on rhe wr-;;;p;;Ey-ilig:t trre-oeveiopil't rishrs(lncludins, wirhout_tirii;ai;;l'uuireing_ro rhe p-roperry llnebetween the palner nroperty i;e il; wI property), patnerHarrants and reoresents to-wr tnJt the placenent of the eteelpiles on the wi properti-"no-ti.-Jonstricticn-Ji Ii" c"r."uyProJec': do not ana silaii'"oi-"Jur"-or create any engineerrng,architecLurar, con'truction "i-uuiriing.costs oi exf,en=esf excepE-fo: tl,F expense or. renovin; ih.-;;;;t.pites, ro wr thar, r,,euldnot otherslse exlsr_"x""pt-roi-tr,.-exrii;;;; ;; ir,! "i""r puesand/or the Gaterray projeit.
c. Thls Aqreeneni is binding upon the succeasors andassigns of the pirties trei"to."--"'
!. Each provlelorr of, thls Agreenent, and agleement,
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any of the patner.lfpg+y or the m_lf"F.fty !y a subsequentowner, be daened accelteo, iitiii.i, adopt€d and declared as apersonar covenanr or iucrr'oi;;;-;il;,as. a.personal covenanr,shall be bindincr on "o"t-oitJi-"itirs heire, personarrepreeentativesl Euccessora una-.r"igns-i indr sharr be deened apersonal covenant .to,-wii[-aii-rli-ir,"_ benef,it of each suchomeri and (lilr "!uil. t"-a.iir"a-a i.ur covenant by palrner andwr, for thenseives, thel"-"u.I].Jois ana asslgns, and atso anequitable sen'itude, runnrng-in-;;; case, as a burden nith andupon the tlrle ro the p"ri"i ;;";;y and the wr properry.
Dated this 3lsr day of october, I9g9.
The foreqoinq instnrnent Has acknowledged before ne this &iday of ocrobei, r6as, uy J.J"r--it"ii"r, "" president of vailvillage rnn, Ine., "-coioriao-.orpJiation.
SIATE OF COIFRADO
COUNTY OF EAGLE
ss:
VAIL_VILLAGE rNN, rNC., aColorado eorporatlon
lly conmlsslon ex;rlres:
My Commision erpires Oecernber g,
p. 0. Box 66G
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Wlf-ness rny hand and off icial seal.
416336 E-seer P-LF,7 l?/E?/EB llzQr4
172.20 .29 .24SK],D LG EG 415335-1989.003
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courTy oF p[uLDER i 8e:
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BEGTNNTNG Al A PorNT oN THE NORTEERIJY IJINB oF sArD Ipr o lfHrcHrS THE NORTITE.ASI CORNER OF A PARCEL T''ESCRTBED IN BOOK Z3O ATPAGE 556 oF lFl cr,ERN's REcoRDs, wtBNcE l'HE NoRTHwEsr coRNER oFSAID I'I N BEARS NORrH ZS OACREiS {5 MINUIES OO SECONDS WEST175.00 FEET DrsrAllrr THEIICE Ar6Nc sArD NoRTIrERr,y rrNE sourH 79
9PGREES 46 MINUTES OO SECONDS EAST 178.40 FEET TO THE NORTHI{8SrqgLltER 0F VILIAGE rNN prAzA, e coNoourHrult, AccoRDrNc ro rtrEI.IAP THEREOF RECORDED UNDER iECEPTTON NO. ZiSSST OF rHE CIJERN'SRECORDS !
THEIICE THE FOLI,oWING THREE COURSES AIPNG THE WESTERLY BOUI{DARYOF S,IID VTLIiGE INN:
l) souTH 09 DEGREES 30 MINUTE5 oo sEcoNDs l.tEsT 1s0.44 FEET(190. 73 FEET CALCULATED
2) SOUTH 80 DEGREES 30 I.IINUTES 0O SECONDS EAST 56.50 FEET
3) sou?H 09 DEGREES 30 ilTNUTES OO sEcoNDs rvEsT 7.46 FEET rO rHEIIORTHERLY rJrNE oF vuiacE rNN Pr.AzA PHAsEs r AND rr AccoRDrNG
TO THE HAP TI{EREOF RECORDED IN BOOX 388 AT PAGE S55 OF THE
CLERK'S RECORDS:
THENCE ?HE FOLLOWING FIVE COURSES AI.ONG ?HE NORTHERLY AIJD
WESTERIJY BOUNDAAY OF SAID VTLISGE INN PIiZA PHASE5 I AND TT:
d
1\
2)
3)
4)
NORIH 80 DEGREES 22 I.IINUTES 22
SOUTH ,I2 DEGREES 32 MTNI,TES 21
SOUTH 82 DEGREES 06 I'IINUTES {6
SOUTH 10 DEGREES 13 }IINUTES 02
SECONDS h'EST 125.59 FEET
SECONDS I{ES? 46.01 FEET
SECONDS WEST 49.48 FEET
SECONDS WEST 81.63 FEET
5) SOUTH 00 DEGREES 23 MTNUTES 00 SECoNDS WESr 15.83 FUET rO
$18 SoUTHEAST CORNER OF SAID IpT M, TI|ENCE THE FoLLOI|ING rOUR
COUBSES AIPNG IHE SOUTITERLY AND WESTERI,Y BOUNDAXY OF SAID I€T
u,
1) 5T.03 FEET A],ONG THE AaC OF A CURVE TO THE LEFT HAVING A
RADIUS OF 545.88 FEET, A CENTSiL ANGLE Ol' 05 DEGREES 20 l.trNUTES2l sEcoNDs, AIID A CHORD r{HrCH BEARS SOUTH 78 DEGREES 33 MINUTES
42 SECONDS WEST 51.01 FEET (cALcUrArED)
2) SOUTH 75 DEGREES 53 UTNUTES 00 SECONDS WEST 77.39 FEE'I
3) 35.21 FEET ALONG THE ARC OF A CURVE TO THE RIGHT HAVTNG A
8ADIUs OI 2O.OO FEEI A CENTRAIJ A}'IGLE OF 103 DEGREES 44 MTNUTES
00 sEcoNDs, Al,tD A cHoRD I,lHrcH BEARS NoR"H 52 DEGREES 15 MTI{UTES
OO SECONDS WEST 31.{5 FEET
-
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i
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SKLD LG L?2.20 .29 .24 EG 415336-1989. OOs
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4) NORTH OO IEGREES-23 }IINUTES OO SECONDS I{ES' 193.2r FEET( 19 3 . rs FrEr cAr,c-ulnrppi--c,o -iir -ioisirnEsr
coRr*ER oF sArD rpr!I, THENCE ALONC T!T-TEiT ii'i-ir..iilD INT N, NORT' OO DEGREES23 urNurEs oo sEcoNDs_lrsi-lo.oi iipg (so.o5 iaEi--cAicurar'D)TO T8E sourllnoEsT Conr'rrn-or rii'pnnisL DESCRTBED rN BO'K 230 ATpAcE ss6 oF rHE
"ry$:_q_FFco-nisl'-iieNcE rHE For,rrwrNc rwoffi:;i: eLoNc rrie sour'eREi-iE;' silrenrr - courorii"6i' sero
1} SOUTH 79 DEGREES 46 UrIIUTES OO SECONDS EAST 14?.36 FE'!
2) NORTH 10 DEGREES 14 t.tI!ruTES OO SECONDS EASS 1{7.43 FEET TOTHE POINT OF BEGTNNING.
EXCEPTINC TTIEREFROII ;
YI!-IAqE rNN pIAZA-pJtAsE v coNDoltrNrur{s, AccoRDrNG TO THEcoNDot{rNxw l{Ap rHERE9r neconDE-d-Fiinuanv {, 1e88 rN BooK 478AT PAGE 37e AlrD FrRst N'reuoHENi-riUiErO npc6noeo sebrir:rn rs,1988 IN EOOK 491 AT PAGE AOO AIIO-IS DESCRIBED IN THEcoNDor{rNrw DEcrffATroN THEREoF nrionoso FEBRuAxy l, rgeg rNEOOK {78 AT PAGE 378 AI.ID FIRST ,.}{ENDMENT THERETO NT.ONPCO
lllqP{BER 19, 1988 rN EooK {el AT PACE 3e9, coUNTY oF EAGLE,Sr TE OF COIPEADO.
o
FI?r
4163E6 B-sea p_167 12/??/59 ll:er4 p660F7
T 11 'l ta .r.1J- '., .1V . Z> - Z+
Exhiblr A - page
416335-1989. 006
EXIIIBIT B
l_?AIr of lots N A{g o, BIpcK 5-D, VAIIJ VIIJ.AOE, FIRST$Irrltc, lorN oF vl,1_1, coutury oF ricu, STAIE oF'cotoR\oo,
I'TORE PARTICUIAIUJY DESCBIBED IS TOITPTST
c0l4tENclNc AT alE NoRaHI{Esr coRNEi oF EEsrroN 8, Tol{ltstup 59o!i!!!, nllcu s0 r{Esr oF TrE 6tlr pnrt{cmr,, t'tgRroiarr, iruNcusgglH 00 DEGREEs ?3 MrNr'lES oo sEcoNDs EhsT Ar.rD nrpt{c rnuUES3 lrNE OF sArD SECTION 8, 36.9s FEEtr tttENcE EoUIE 79
DEGREES 45 ttXNl'lES 00 sEc9lffrs EAE! 25,44 rEEt TO tAE
NoRTHWEST COSNER 0F SAID toT N, r{BrcH Is ltso T}tE ERUE pOtNA
OF BEGINNINGI THENCE CONIINUTNG soufH ?9 DEGREES {6 UTNUTEE00 SECoNDS EAST AND iIPNC lHE NoRIH IJINE OF SA:D IroT N, tt{D
ALoNG IHB TNTERSIATE l{Icttt{Ay No. ?0, 175.00 FEEtr !EENdEsoulH 10 DEGREES t4 t{rNUtES O0 SECONDS I{EST 147.43
FEET, TI{ENCE NORTH ?9 DEGREES 46 ITINUTES OO I' I{EST 1{7.36IEET TO A POINT ON THE HESTERI"Y !I!rE O' IAID IJOI N WHICH IS
AI.SO TIIE EASTERLY NIGHI OF T{AY LINE OI VAIIJ BOAD' THENCE
T{ORTH O DEGREES 23 }TTNURES OO sECONOS }IES! A}tD AIJONG SAID
I{ESTERLY L$rE AND ArpNO EASTERIy RrCFT Or WAy IrrNE, 15O.OO
rEET TO TgE IRUE POIN? OF BEGINNING.
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lhc lsicnl ol $a cr'8' r|d tic tg|n o{ vrn. cbtoF4o (.rlc Tora-t
NOrr- TflprEFORf_ uE orEr docr hctt. t DEr. cruNirlq a5p61o6O, iLf,tr|r. ,oa tE
bsEfir ol rtr Fl|o(E rhc r|sy lE|Ehrn , trrntrs. o, L:!., o, bold uE ebjcq bnd. OF fotrittt
f! tdct ont- co,r.rt|Jrrj, lid coortitiona. d of $iicn rha! bc dc(|Fd b ,Er rih !E l|'{ |'rd h{tc ro
Uk hncfit rd bc bittdint lrdl t t o*tr.. Ir trrr.tth3 trr,|lacr, a&t(rDo. ql .rdtrl..
l. ttlhr f:! ..d t:f Cltt UdtrJ an tb,!N/.n Fr|Fnt rhd ru bc rt L t}|!6fcmd.
ot atalqL latl]D&br i[O ttrE ...ir|d.ttruoI| rni(t batrd o. tlrc nAict ,r!Fn}.
L thju l:l lr|d !'l d,rfl |nt bc tlr.d o. inrld for !t!, Frioi a{ lcs thrt r$n, (lol
corcodrc drrc |nd, tllr tn [ !a rEmd. lt tnrl ta ]rdcd onl, to tanrru |rib rrl ruf.dra
ctlplo)rar ot uE uiFr E cc varct'. n€ ug?.r E !t! vdhy rhdl b. dc(.cd ro irtcG rhc Go,E
Vdlct llhlunr ncd Ctff. CUo&. EdG-VdL |trd Arq, &l t ri. aniDutdi rt .tr& A ftr - rc
cntloFs b I Frsr |rio $o.tr a4 rr.r.tc oa rrtin, (i0) ltouB or.I!or! A,r rccl.
l. Unjr l2t rid t!2 jdt mr b. dirirtd hto:ry tb.|n (, |t!G ttrcr,lrctyd
o-r|t|!hip, or trxdorlrl tcc grtEbbiB
a. flE Furitiqh hr.df dry tr Crrto.Ed t th osra, O, tlts Tl..lr htrttl.. rtE Toun
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Ulra{,:tlDt .'|!d. tcminrL'o, Or rruutdld. CracF D, ttc Fr|||f t lllr.atx gf ig &€ lrtr|r ,lt t.!l
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rvHEES. fia Gr.,'h a rre'g b p,qdda srcl ]r araamt{ uir o.,oronkg t rr.a,dfdgne
D.tr..n V tr \rulgE nil{. NC
ceauoforet|l'
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t. fl'. Grlr of to, b,' .tolur tSto-(trl E d o0'., g{l and vC,rd. co,E5a.Io.r &a9 hlrrb,
gturtlrd oo|yrt btha Gm |e rpoDolrlt mr||ttlt b &lnar, corEfint ofrda, RaI rlr|.
,tgdr, or nnovr I stdf|rdh dar Foparu kr ua. b' 0! Orr{ ld ho em|'rr FrD[o rof.
p&!a utt diaqtbld h Ernd .f, lri|char! n'rb rnd,rEf. r Flrt tl'.o'.2. Tfra eenior rh8 tifva tha de[t ro uaa,n ..5t|rrnr grrt$ fer arry FnDst aE dq]t |ln
dttrclt oomd !t l'| us. of lhr aarrnal! p{r $a bt| fha Orulsa or tha g3rl'd FrBcr
ar|rl aml fudhr ture the ]{e|rr ro rran oo|' noo-dudy! a! .nartr o{x. rbng, betelr, of
utpn tha slrc||.ti p.!mt$r rytddt do |Ft r'|!dy coo0ct nlh th| uta o, th! casefisDt
9tln&s bt lia Orant8a or $o $mrd,r.do.
s. rna crgtnro lgrlat Dn n rI |ngtrnqr lra &rr!Dr. iE a[rE, 016r, ag tu,.rtiorri inr
rl ahir! w EarEE ol rdon nltidr rr. srlltj I.' trjoariiail tqifttlof inEru rdr g€trry
oul of ot ag lonraquonoa ot tt' Gra'[aet |!3 o, U! las|matt tmtdaar
a. Thb aaslotrnl dratt ten ndr uFn lia ocAlmnc| C l|r, ot ha hlsl,r!|:
al Sho|,,U $t Gnntor oDeah r h.{:l$ne 9a6rl tofi ttr Torrn Ot Vail b, $r aonslrrcoon
ot Phs. U ot th v.! rad;Lgo lrn |t r.t hnh h gFdd D.vrtoFcat Dts!&t A r|)d
atlr uran6tll6nl t}lsnto, $b t|s.nant .hs! hrncrldrty trrnhals rft trt Gn,lb,
allrn hrve tr|r rt{?t to ,r||Dy. th, ddg$dfi drldt r"ry & adrtrri, tooo t r, oiEsneal
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hecin refcrEd to r! |!c .$bjoct popc|ry.; |lrd
\/IrERE{s, Oc ona* utslps u, phee ccndo r:sulsrior|t on rhc us of th. $bjrsa lard forlh b.ne8a of thc orrEr ard thc To$a of Vril. Otor..to (1h? ToBn-I
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NOW. THEREFOTRE rnc osrrr docs hccby t&rc, sJabuslr !&os.tcd*c. dochrc. fo, &rDcDcna of dl !.noos *ho ury bcrclaricr Fln:h|sc, or b{sc. or lotd Os $rbjcct taD4 thc foEorlogrcrdcdoo+ corraaor* .od condidoru. n, of whlch st:,, ta dceocd to .un wio rhc tr,n .od rnu,o ro&c bcEfit Erd !a binding upoo tic omcr, IB sl|Fctir gnnbct' 5rlcessors. d essigr$.
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332 Ctb tr&!? oo aba orbjacr gr$any gri,, ,or br ed,l. L,sc!fr*4. _r|r strwclcd !E{ure&Il. froro U! ,ccoErmod{ion orirr bcarrd oo lbc $bje$ prgpcny.
L UoIa, tzg rd :l:n stell nfi bc rqsFd or rE |t€d for an, Fdod of tE t Url $ln, {30)colseqrhr dayr: an4 lf h rhrll !c rcorcd, tt rbrl bc rtrrkd only to krrr , r*ln .rE &lr.rrngcoprolr* ot'nc upp.. F4tc vrrley' Thc uppcr E gtc vrucy slurr bc decficd ro tnc.tsds ftc corcVrllcy. !Utnn.t'n, Rcd CUF. Gllor+ E4t*Vrit. .ad Ar!'L ud rtFir n|nounding |Gas. A full.dnc
,
caplojle b r Derson sto no*s ar rvengc of il&y (30) houn or rnoi; pcr trBt
1 Un|g t28 ud 332 srrtllot be dvtdc.l lilo .1, form of ilnc shrE$ i,rlrrratotrrttrtlrip. or facdond fcc omcalrig.
a. ltc pqDrldolrl bcrcof nay bc caforccd Dy Ur olncr oc rhc Tonn: l:ourrcr. thc Tor:arhd, mt bc rcqutrcd |o cnforc sdd proelrrons.
5. Thc condirloru, nsrfqlonr. adprdllon . lrrd rgrtcrtcns contrincd lrcnin rhrlt mt bcwdvd. abiu|doDcd, rsm|'urcd, o, rrncndcd, arc.,t by hc witrcn corjcfl or both orc Town of vallar.l Oc owncr of 0& rubJccr propny,
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PROPERTY OIVNER
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TBI8 DlrD Ot r^SDcrtT ie-made rhis 13r,h.d"y 9f r,by, 1994, by
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"na toi cfie L;?i;_. &aEE ,rradow Drtve, Vail, Colorado lre ii, iori"rirl,ri-"fr1-,v,.":i.H'n'f :'i:il.";.??^&i j"li;:*,i"i;tliixeDaek Revocable Trusr {/a a"tiA i"i'ru Ji_1 Zz, l-98a, as amended,un<ter Florida sraEure sac. Ozr, -CLiiJif,-iir.o.n
and rr:rngfaad r,lpcon;Davld witliam Har'na. Tp":.: _"i iii"-ri.-"ia-iii.r r". nanna TrusE daredoctober 30, 1e89,. xnishrabri^r{se l;-";r:1i;"., a panama corporarion,vaj.1 AparBmenEa, rnc.., a coioradT -"if,Ii".ron and whiEe Rive!AcguisiEion conoraEion. _" iilir"r, -;it;i, raranda corporarion{collecilvely cjlled nereln .cranteedr ) .
WITIIE99ETE:
WEARIAA, Villaqe fnn ie_ Ehe owner of that cerEain Eracc ofIand rdrEhin rhe dolnc.V _"q .s3Sii,
--sia-c.. of colorad.o, noreparticurarly deecribed + Exblbiij'".iili"o ncrcto and by EhiEreference made a orrr. hereof--F,Ea";;;;;- parcel,), upon- whichvitlage rnn desirej Lo barg_ai; .rialJiiT'"on_€xcruaive perperual;:i:ff":":" Gatewav Plaza -ror ttu "E11ii. u6ca aer lorth hercin
lflIREIS, GranEees_are lhe owncr gf thac cercaln tract of landwithin rhe councv of _Eagle, s.iiJ-.ii"jil'"do. more parr.lcularlv:.::::b:c in Ea:hi'-r-a ,lcici,"a r,-er-.i. ;;ty EhiB reference raadia part hereof (.Dominant estateij-,- f; ti-"t ti," eaaement grantcdherein Ehall be appurtcnant.
llOW, TEaRBfOnE, in consj.deratiori of Ehc premiEee, and for qoodand vaLuable coneideratio:l,
- rhe receili iria aurficiency of wf,ichare hereby acknowtedqed, viifig" I""-;;"; i'iioo' selt and. convey !ocranceea a non-exc1ui1ve. perpefual .."i*.nil-focJ.uding thc rigbl coenEer upon r.he EaaemenE- parcel,- ;;-;;;;;, conaErucE, operat.e.repair, ma ini ain, and replace -ui i..s;"-"ii' !i;..;;; ;; .;i:;il;;uci'lity linea and reraced tixcuiie- ini-"iriii "". lhrough and. und.erthe Easenenr palccr' r"g..ch.i---i-E; ar"* r=itia"." excava.e and rcfirlErencheB and dlrches, e6 uori ;;';.-;;il:l'p.r""g.., and ro renovelMlt_P"*.a, -uedersrowet, r"a-"ii.i-oi!i.i"ci"na toca.ed on theEaEement parcel, aE ne_ce.aary -to locate; ,ef """ge,--IJ;";;;;I:!:i:, replace and mainFai-n- "iia utiriiy-iir,"". rhe Ecrm "uE,itirvrlne6' aB ueed herein ehait_ mean -lin;;, -e;;f;. -;ip:;-.:"i.;i;:i
yg::gr"""q eq.Jipmen. ""a ""a.ig;";;';-;;";;ree necesaary for rhei:i:;fl::::" trana:nies:on ana -d:,etiil"it""- or .r.ilii6iii- ii'i
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SKLD IJ\.'r72.20.29.24 Eb 536670-1994.001
vlllage fnn alao--doca. hereby ecll and convey co crantcer thcnon-cxcluaj,ve DerDcEuat right 1; -oii"i'irp"" end use up to aD;:::#f l.?'"'ji' j;:'--"'--d;;d:T.;';'iv'-r-r-.9-1,rsad joi'ninerhe
r.p"r"l-.,.iilii,;'!!"rTl.,il;il"I1'",'.ri"l"..rli?i,t1";.f *".ffi;i;
ff*::*t" reguired ro -perflit ir,. -".?.--.rra
€f f ecBlve naincenancc
Nofyithstandi,no aayChing contained herein Eo thc contraly andexcept in the caee o? an e,ne_rieney eituation, all r.,ork perforrrid bycranteea oD rhc hr-._T11. pircei. 1;;lu;l;g, ulrhouE timirarton,aurveylng, conatrucEion, repair,----rt-Gr.rr"r"., removal andreplacemenE of aaid u:ility ri"ea-'ehai:."* aorr. only durias rhco'oBrh of r{av or during rn. -i"ii-oJ-oi&i'.#t ls.h ro Nove.ber 15!hof any given year.
Vlllage Inn rcBervea ihe righe !o ule and occupy the EaaanenEi::::] F"' any purpoa!
-:"i:r:";;;-,1;;h:;" rishls and priviieseancrernabove granEed which doeg not interfeie wrEh or endanger saidutility linee or the uae thereof.
.| .. -^-v11-1.9: rnn alBo r.c.s-e:vee- thc rlgbc t.o reloeare eaid urilicyrrnes any Eime in rhe .fucurc Eo any i"..ii""- ", rh" -;r*;a" -;iVillage Inn adioining Ehe_ Eaeemenc elrcefl-nrp=vrc"o. horrever, thatvil'rase rnn ahalr u. -"J.ri-t."J;-ri;i;?t'
"rr coa.a and erq)ensreae6ociaEed wiEh auch relo-cirion', ;[;li;;iiry Grar.ecs ar c/o vailGateway plaza, LLc. a cororJo'lriitifiiiiiricy corrpany, at c/oPalmoa DevelopnenE corpora!1on, azfi fri." n".nue, suite A, Boulde!,colorado 80302, orior-ro- tire i'nreririiiJriJf any eenlce and shallT:I:_:._1..gc faich efforc to rninimizt o",na!"a reBulring from anyrnEerruprion of eervicc., . rn the .""r,c "ilJicir:cy rinea-.;;;";;;I:?l_.!: Easemen! parcor- uy viii.i"-it]'ii'ri"g. rnn shaLt exccure,prror Eo such :elocar:.on, -a deed-or .illem"ir -r"lataniiiir;-i;-;;:form of rhis Deed "r, rjar.".-"-c- ;;piil;til E.o rne new easemenrlI?!::tV, and,. upon euch. relocarion-,- this Deed of eaeei"nc ;;iil;oeemed vacaled and terminaEed in j.ie ."iii..V.
The coeca of reoair, mainEenance, clearlng, craBh renoval,
113w_n_-l9rins, .and a_l l orhe'. .*p""""" -li;p;;;p,
mainEenance, repairano preaervaEton of Eh.e Easemanc parccr itriii'uc c*cruEi.iJii;I;;::.L_Ylihs". rnn.. providea, ir"*""ir, ^trr". lirl' o"c._.ni,.ar ion of whar.,tllltP: maln-tenance, :_.!.iJ 1nd-,1-og pr.""trr"riorr, ir ".v,
--i"-c""[J
oone ro the Easemenr parcel chal.l bd deterrninea by v:.ff.age-i";; ;;itE Eole and abeoluce ai ecreiion. -- - -ioil,ur enerrnai..,g anychingcon:atDed hereinabove co che "oncra.rr.
- -iackno"'ledse--iil-."in!'i"";;";';".;i';";r.;:;ii;?"::::':t;;t:I
aaphalE gurfacc and ie uaed "" ;;;hi;iJr^-"."""" and parking areaby vlll.age rnn, rhar. such u6e-s ;"y-;;;;i;;.-a-nd rhaE any danrage Losuch asphalt o: Ehe Eaaemenc parcir s." li"er"r ae rhe resurE of rheexerciee of Granseee ?f any of tirefr-iigtrlc unaer ihj,s Deed ofEasemenr ahall be repaired ic ci,.-."1. .iEi'ot cranceea.
z.
5365?0 8-Gt0 p-6Zr oS/tg/g4 04;52p pG 2 oF6
SKLD LG 172.20.29.24 EG 535570-1994. O02
t-:::.^ff{i"i:1...H:,i".,?:H:.ES..Jx.*ffi I'::."3T".:u."*":::;aDo conEcnr. ro be bound by al).. .i il.;;;,,,provraiona, covenancai rq agreenencs contalned herein.
"".".lll.ii"'J,"ff "i.:'.!!!iFf i"l'."+""8}:::H::"i::::,ffJ[:T:
l,::i'ii:"?:,i!i'T'iF:l*tJ;:1,""* jill":""*i,;.i:"":"",ru"iirli;erth the EaaenenE parcel ai'd -tfi. o".-:.i-.i-c i.".".", ae app).icable,and Ehal.r be bindino 1ryi-ga -i"";"-;;T;.-r.nerlc ot rhc heirs.EiliEH;."""ceesora ind peraonal ,.p.""""iiiivee or Villase rnn and
Ilt WI!1IES9 m_-OI,_. Ehis Deed of Eaaer.eDr ia execu._ederrecE:vc aa of Ehe day and year t-:.r-ei *-.i al.n hereina.bove.
rn:r. vrr.r.r&rmr,Colorado
By:
Namg ;Tirle:
;"
STATE OF COLORADO
COI'MIY OF EAGLE
- t-ha-_tot:S9ing inatrument wa6 acknowledgedunH'iil.""ff '',i:::'""Lj3Hli":"*X?l?Lf:
be f ore me thi,aVice presidenc of
d and of f ici.al eeal..
erpt!ea:
536870 8-6{0 P-621
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collSE{T rrE SIrEorDDqrIox
_-_ Tl.. undereigmed holder of Ewo deed! of icovered uy che rJiloo*p :_*d :;-4,lJii."i"i3llo'Bl""il! g:.$*I
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Rccordcr of Eaete c::l!t, c-"f"riai, - iji.ov consenrB Eo theEoregoing Deed of Eaacrnenc .ana .,ulollirr.iJ" ra, tnEereeE in thep.ropcrry deacrtbed .h?::J"_.:_? rh.--r1!-#"-
"Td obrlsaE :one crear edEnercby. NoEwiihsEanding.
_euch .."""t"i- "rrjiulordinar ion, al.I therlglrtE of VilJ,age IT i,l and Eo '"u"f,- p-rop."t.y shall rcmainencum.bered by euch deede of tru"t- -
(BanI Seal)FlnSt&ufx oF v^rr,
By:
I
COUNTY OF EAGLE
6tE.
Wit,neae my hand and official eeal .
ssion expiree ; I l-)4-ff
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5366?0 8-640 P-621
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05/18/94 04:52P PG {
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fr{IITT A
PROPERTY IESIRIPTIO{
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SKLD ]J\'r72.20.29.24 EG 535670-1994. O05
l*EXIIIBIT B
CONDoMINTIn,! UNrTs R_l.qfqgeH R-?, rNcLDsrvE, AND c_I#ffi ;;iii't,'El"ffi 6d$qffiffi ,;f d;t:FsHIlnAr pAcrr a?8 rND As . lltiry"'-'"ri,-i,hs-ffiisD rN rHE9ID-O!q{ry{ DEC.ranlTroN- RE^_COX.DED ,rAlruARy 31, lee1 rN Boox5f15 AT pAcE 8??, crcuNry op elcr.e,'l.i;|H 6i'cbrcnnpo.(
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SKLD IJ('r72.20.29.24 EG s36570-1994. OO6
PRECONSTRUCTION
PURCHASE AND SALE AGREEMENT
VAIL PLAZA CLUB
THIS PRECONSTRUCTIONPURCHASE AND SALE AGREEMENT (this
"Asreement') is made and entered into this day of . 200 (the "Effective
Date") by and between VAIL PLAZA DEVELOPMENI LtC, u Colo*do tli-lt"a ["btttty
company ("SgUar), and the undersigned ("Purchaser"). The attached General Terms and
Conditions ("General Terms") arc a material part of this Agreement. Capitalized terms used but
undefined in this Agreement shall have the meanings given them in the esurlomiuiumDeclaration .
A. CLUB ESTATES. In consideration of the mutual promises hereinafter set forth,
Seller agrees to sell and Purchaser agrees to purchase the following described
Club Estates at the Vail Plaza Hotel Resort Club, e-eondomifirr*l-in Vail.
Colorado (the "Project"):
elu-b-Iileek in Club Unit Desisnation No.
Ctub Week in Ctub Un($___________J
B. CLUB LTNIT. Each Club Estate includes the exclusive right to possession and
occupancy of the specified Club Unit during the specified Club Week together
with an undivided interest in the Common Elements and the non-exclusive right
to use the Common Elements and certain Limited Common Elements, as set forth
in the Declaration and shown on the Map (@ in
Paragraph 3A of the General Terms). A basic floor plan, site plan, and features
list (the "Plans") for the Club Unit$ are attached as Exhibit A to this Agreement.
The Club Unit@ shall be fumished with the personal property as set forth on
Exhibit B. TheAI! Club Uni+islJnits-a& located in the County of Eagle, State of
Colorado and each Club Estate is legally described as follows:
Club Week(*) _ in Club Unit _ according to rhe
eondoniniurOeclaration follhe Vail Plaza Hotel Resorl Club,
s-€ondomi+i&mrand as depicted on the Map, to be recorded in the
office of the Clerk and Recorder of Eagle County, Colorado.
seller is the developer of the Project and, on or before _,200_, seller shall
cause the Club UnitG) to be constructed in accordan". *ithlhir Aer""r*nt and the Plans.
C. PURCHASE PRICE.
Purchase Price of Club Estates:
Eamest Money (15% of Purchase price):
Balance of Purchase Price Due at Closine:
DOCUMENTS. By signing this Agreement, purchaser acknowledges that
Purchaser has received copies of the following documents:
(1) Condominium Declaration forlhe Yar|PlazaHotel Resort Club
(2) Articles of Incorporation of Vail Plaza Condominium Association,
Inc.
(3) Bylaws of Vail Plaza Condominium Association, Inc.
(4) Disclosure Statement with Budget of Vail Plaza Condominium
Association, Inc.
$
$(
D.
CO_DOCS_A #149410 vgat
(5) Management Agreement between YatlPlazaCondominium
Association, Inc. and Vail Plaza Hotel Management, LLC
(6) Amenities Use Agreement between Seller and Vail Plaza
Condominium Association, Inc.
E. ANNUAL ASSESSMENT. The for
is currently estimated to be $
annually, payable to the Association.
F. GENERAL TERMS AND CONDITIONS. Attached hereto and incorporated
herein by this reference, are the General Terms *nd,(hndi*ien*-of this
Agreement. *l[IgGcncral Terms-snd€o*d]Fions attached are a material part
of this Agreement. Seller and Purchaser hereby acknowledge receipt of and agree
to be bound by the General Terms-*n*€+nditisn+ thereof.
IN ACCORDANCE WITH C.R.S. $ 12-61.405(IXi) PURCHASER HAS THE RIGHT TO
RESCIND AND CANCtrL THIS AGREEMENT WITH ORWITHOUT CAUSE AND AT
PURCHASER'S SOLE OPTION BY GIVING WRITTEN NOTICE BY TELEGRAM,
MAIL OR HAND DELIVERY TO SELLER OF PURCHASER'S EXERCISE OF'SUCH
RIGHT OF RESCISSION AT ANY TIME WITHIN THE LATER oF: (A) FIVE
CALENDAR DAYS FOLLOWING THE DATE OF SIGNING OF THIS AGRDEMENT
BY BOTH PARTIES, OR (B) THREE BUSINESS DAYS FOLLOWING DELIVERY OF'
THE DISCLOSURE STATEMENT. SUCH REQUEST SHALL BE CONSIDERED
MADE IF BY MAIL WHEN POSTMARKED,IF'BY TELEGRAM WHEN FILED FOR
TELEGRAPHIC TRANSMISSION AND IF BY HAND DELIVERY, WHEN
DELIVERED TO SELLER'S PLACE OF'BUSINNSS. IN THE EVENT PURCHASER
SO RESCINDS, ALL SUMS DEPOSITED WITH SELLER SHALL BE RETURNED TO
PURCHASER. WITHIN SEVEN DAYS AF'TER SELLER RECEIVES PURCHASNR'S
WRITTEN NOTICE OF'RESCISSION, THIS CONTRACT SHALL BE NULL AND
VOID AND THE PARTIES HERETO SHALL BE RELEASED F'ROM ANY FURTHER
PERFORMANCE HER"EUNDER. THIS RIGHT OF RESCISSION CANNOT BE
WAI!TD.
IN WITNESS WHEREOF, each of the parties hereto has voluntarily executed this
Agreement.
SELLER:
Vail Plaza Development,LLC, a Coiorado
limited liability company ---Pllreh*ser
11,,,
*---Prl*eh*se*
Print Name:
Its:
Address: 12 Vail Road, Suite 200 Bv:_
Vail, Colorado 81657 Print Name:
tsv:
Print Name:
Address:
Phone Number:
E-mail address:
Address: 32608. Maplewood Avenue LISTING BROKER:
Littleton, Colorado 80121
Telephone: 3031779-3344
Facsimile: 303/290-8944
E-mail:
Tandem Group, LLC
PURCHASER:
By:
CO_DOCS_A #14941 0 v8.11
By:
Address:COOPERATING BROKER:
By:
Telephone:
Facsimile:
E-mail:
CO_DOGS_A #149410 v9![
General Terms and Conditions
PURCHASE PRICE. The purchase price for the Club Estates shall be as set forth in
Paragraph C of the Agreement (the "Purchase price"), payable as follows:
A. Earnest Money. Upon Purchaser's execution of this Agreement, Purchaser shall
pay to Seller fifteen percent (15%) of the purchase price as an earnest money
deposit ("Earnest Money"). To protect Purchaser's interest in the Earnest Money,
Seller has established an escrow agreement, dated November 18, 2004, with Land
Title Guarantee Company ("Escrow Agent") and by Purchaser's execution of this
Agreement, the terms of the escrow agreement are incorporated herein. Attached
as Exhibit C hereto is a copy of the form of such escrow agreement. Seller shall
deliver to Escrow Agent any Eamest Money received from Purchaser within one
(1) business day of receipt. Escrow Agent shall place the Earnest Money in one
or more insured, interest bearing accounts, upon Purchaser's execution ofany
forms reasonably requested by Escrow Agent. Except as otherwise specifically
provided in this Agreement, any interest on the Earnest Money shall accrue for
the benefit of Seller and at closing (as defined below in paragraph 7A) shall be
credited toward payment of the Purchase Price. Seller reserves the right to obtain
a Ietter of credit or bond or other financial arrangement acceptable to the
Colorado Real Estate Commission to guarantee the retum of the Earnest Money to
Purchaser in the events contemplated in paragraphs 48, 5A, 68, and 98 of this
Agreement. within three (3) business days after Seller provides Escrow Agent
evidence of the Colorado Real Estate Commission's approval of such alternative
assurances, Escrow Agent shall deliver all Earnest Money deposits to seller.
B. Balance. Purchaser shall pay the balance of the Purchase Price (which shall be
the Purchase Price less Eamest Money paid by purchaser) in good funds
acceptable to Seller at the Closing.
DESCRIPTION oF THE PROJECT. According to seller's current development plan,
the Projecfkn shall consist
of (i) fifty (50) Residential club units, (ii) one (t) vail plaza penthouie Unit, (iii) one (1)
Parking unit, (iv) three (3) commercial units which may include, retail shops, or any
other commercial use permitted by law and under the Declaration, (v) one (1) Hotel i-lnit
which may consist of one hundred (100) hotel rooms and which will be operated as part
of the vail Plaza Hotel, (vi) one (l) Management Unit and one (1) Service Unit which
may include a front desk area, offices, a concierge area, and related hotel facilities, (vii)
one (1) Employee Housing Unit providing residences for employees of the project and
surrounding areas in vail, Colorado, (viii) one (l) Restaurant unit, which may include a
restaurant, bar and kitchen, (ix) one (1) Spa Unit which may include a health spa, an
outdoor pool, hot tubs, and saunas, (x) one (l) convention unit which mav inClude
facilities for meetings, garherings, and convenrions, (xi) one (l) Catering Kitchen Unit,
and (xii) one (1) Loading Unit, all as further described in the Declaration and as shown
on the Map (defined below).
GOVERNING DOCUMENTS/MEMBERSHIP.
A. The Project. The Club Estates are paft of the Vail Plaza Club located within the
Project, declared pursuant to the colorado common Interest ownership Act
Article 33.3, colorado Revised Statutes and isg4g subject to the €sndami*iu*Declaration mini&m{+lr+rBcgle${ios3, to be recorded in the office of the clerk and Recorder for Eagle
county, colorado (the "Bseqdg"), the map of the project to be recorded in the
Records (the "Ivlap"), and various other recorded and unrecorded documents.
Purchaser agrees to abide by all ofthe recorded and unrecorded documents
applicable to the club u+itUtrits. purchaser will, by virtue of ownership of the
CIub Estates, become a member of Vail Plaza Condominium Association. Inc.. a
colorado nonprofit corporation (the "Agsqsidiar'), and shall be subject to and
bound by the Articles of Incorporation, Bylaws, and Rules and Regulations of the
Association in effect from time to time. The Association has been established for
the purpose of maintaining the Common Elements and for other purposes set forth
l.
2.
J.
CO_DOCS_A #1494'10 vglt
^--
in the Declaration, Articles of Incorporation, and Bylaws of the Association, and
any amendments thereto (collectively, the "GSygrnl{g !Sq!SCE!"). Purchaser,
as a member of the Association,'is obligated to pay annual assessments to meet
the Common Expenses (as defined in the Declaration). Failure of a member to
pay such assessments may result in a lien being placed on the Club Estates.
B. Purchaser's Acknowledgment. Purchaser hereby acknowledges that Purchaser
previously received drafts of the Goveming Documents, the Declaration, the
current Budget of the Association, and a Disclosure Statement (the "Disclosure
Statement") for the Vail Plaza Club at the Project. Purchaser further
acknowledges that the Goveming Documents are in draft form and are subject to
revision by Seller prior to Closing, without Purchaser's further review or approval
and without the obligation to resubmit such documents to the colorado Real
Estate Commission for approval following revision to such documents. Purchaser
acknowledges that it has reviewed and understands all documents referenced in
and attached to this Agreement. Further, Purchaser acknowledges that Seller has
advised Purchaser to obtain legal counsel to review all aspects of the transaction
contemplated by this Agreement, and to represent Purchaser in connection with
the examination of title and the Closine.
CONTINGENCIES.
Financing. Purchaser understands and agrees that this Agreement is not
contingent upon Purchaser obtaining financing for the Closing.
Seller's Presale and Financing Contineencv. Seller's obligations under this
Agreement are expressly contingent and conditioned upon Seller (i) obtaining
satisfactory financing for the Project by July 31,2005 (the '.Financine
contingency'), and (ii) entering into agreements with purchasers for the sale of at
least four hundred (400) Club Estates in Vail Plaza Club ("presales") by July 31,
2005 (the "Presale contingencv"). If Seller does not meet either or both of the
Financing contingency and Presale contingency, Seller shall have the option to
terminate this Agreement, at Seller's sole option, by giving purchaser notice of
such termination within twenty (20) days of the expiration of the Financing
Contingency and the Presale Contingency. In such event and at such time, this
Agreement shall be deemed terminated, and Seller shall direct Escrow Agent to
retum the Earnest Money, with all accrued interest thereon, to Purchaser and
neither party shall have any fuither liability under this Agreement except as
provided under Paragraphs 5(D), 5(E), and 12. Seller shall have the right,
however, at Seller's sole option, to waive either or both of the Financing
Contingency and the Presale Contingency and proceed with the project. In the
event that seller does not give Purchaser a termination notice, Seller shall be
deemed to have waived either or both of the Financing Contingency and the
Presale contingency, and this Agreement shall continue in full force and effect.
CONSTRUCTION OF SI{+CLUB {JN{+UNII-S AND PARKING.
A. Club U*i+Unrls. Pursuant to this Agreement, Purchaser is agreeing to purchase
Club Estates in *ous_orjcgre completed Club Unit@). purchaser acknowledges
that Seller is not acting as a contractor for Purchaser in the construction of said
Club UnitS). Purchaser shall acquire no right, title or interest in or to the Club
Unitft) except the correlative right and obligation to purchase the Club Estates, in
accordance with the terms hereof, upon completion of the Club Unitft).
Purchaser shall have no right to modify the Club Unit@) or to occupy the Club
UnitQ) until Closing and then only during the Club Weeks included in
Purchaser's respective Club Er*ateEs:tatcr. The relcyaut_Club UnitS) is to be
constructed and completed substantially in conformance with the Plans attached
hereto as Exhibit A. If Seller does not substantially complete construction of the
Club UnitS) within two (2) years following the execution of this Agreement, this
Agreement shall terminate and Seller shall direct Escrow Agent to retum the
Earnest Money, with all accrued interest thereon, to Purchaser. However, the date
of Substantial Completion will be extended for any delays beyond Seller's
control, including, but not limited to, delays caused by weather, inability to obtain
A.
B.
5.
CO_DOCS_A #1 4941 0 v8.ll
B.
materials, labor shortages, strikes, acts of God, govemmental regulations, court
orders and other conditions or events legally recognized in the State ofcolorado
as frustrating or rendering impossible performance of contracts. For all purposes
under this Agreement, 'SUbg44lbrcAlqplgliq4" shall be the date Seller has
obtained either a temporary (conditional) or permanent certificate of occupancy
for the Club Unitft) from an appropriate govemmental authority.
Amenities outside vail Plaza. Except for the common Elements and certain
Limited common Elements of the project as described in the Declaration,
Purchaser acknowledges that no interest in or right to use any amenity located on
or near the Project, such as golffacilities, ski facilities or the like, shall be
conveyed to Purchaser pursuant to this Agreement. The owners of such nearby
facilities shall have the right, in their sole discretion, to remove, relocate,
discontinue operation of, restrict access to, charge fees for the use of, sell interests
in or otherwise deal with such assets in their sole discretion without regard to any
prior use of or benefit to any owners or residents ofthe project.
Plans. The Plans for the Club UnitUrjits prepared by Seller's architect, Zehren &
Associates are available for review by purchaser at Listing Broker's offices
during normal business hours ("Listine Broker" is the broker signing as such on
the signature page of alethb Agreement).
Seller reserves the right, at its option, to substitute or change fixtures, equipment
and materials with fixtures, equipment and materials of equal or better quality and
to make other minor modifications to the plans if Seller reasonably determines
that the quality of the club UnitQ) remains substantially unaffected by such
substitutions and changes. In addition, seller is authorized to modify the plans
and make substitutions in its sole discretion but in a reasonable manner (a) to
meet requirements of governmental authorities, (b) to correct errors, omissions
and oversights, (c) to meet unanticipated site requirements, (d) to overcome
hindrances to the expeditious completion of construction due to strikes or
materials or labor shortages, and (e) to make minor relocations of electrical,
plumbing, heating and similar services and equipment. It is anticipated that there
will be minor deviations in room dimensions, locations of windows, doors,
heating registers and controls, electrical outlets and switches, telephone outlets
and other items of similar nature from the exact requirements of the plans and
such deviations will not be a breach of this Agreement by seller. similarly,
statements of approximate square footage of the club unit6), as well as of the
common Elements located in the project, may be made in this Agreement and the
Plans. Purchaser acknowledges, however, that square footage calculations may
be made in a variety of manners, and as long as thercrevaul club Unit is
constructed substantially in accordance with the plans, purchaser will have no
right to rescind this Agreement, nor will purchaser be entitled to any claim for
breach of this Agreement or adjustment of the purchase price, on account of
alleged discrepancies in square footage calculations.
Inspection bv Purchaser. upon reasonable advance request, Seiler will allow
Purchaser and Purchaser's authorized representatives to tour the project site prior
to and after commencement of construction. purchaser acknowledges that prior to
and during construction ofthe Project, hazardous conditions and insurance and
security requirements prevent Purchaser and purchaser's representatives from
entering the Project site unless accompanied by an authorized representative of
seller. Any such inspection shall be conducted in fuil compliance with rules and
procedures established by Shaw Construction Company (..QSIEAS!9I") or
imposed by law. Any tour of the project site by purchaser and purchaser's
representatives will be at their own risk. purchaser and purchaser's
representatives waive all claims against Contractor, Seller, and Seller,s
contractors, subcontractors, employees and agents for personal injury or property
damage caused by any person or thing during such a tour. purchaser will
indemnify, defend and hold harmless Seller and its affiliates, contractors,
subcontractors, employees and agents against any claims, demands, losses,
damages, liabilities or other expense arising out of such tour. The provisions of
this Paragraph shall survive Closing or the termination of this Agreement.
C.
D.
CO_DOCS_A #149410 v8.U
E. Control of Construction. Purchaser acknowledges that control, direction and
supervision of all construction personnel at the Prqicet-construction site lies
exclusively with Seller and that Purchaser may not issue any instructions to, or
otherwise interfere with, construction personnel. Purchaser will not perform any
work or contract with Seller's contractors or other builders, contractors, interior
decorators, or others to perform work in or about the Club UnitQ). Purchaser will
indemnify, defend and hold harmless Seller, and its contractors, subcontractors,
employees and agents against any claims, demands, loss, damages, liability, or
other expense that they may incur by reason of purchaser's breach of any
provision of this Paragraph. The provisions of this Paragraph shall survive
Closing or the termination of this Agreement.
F. Parking at the Project. The Owner of the Parking Unit will make one (1) parking
space available within the Parking Unit to Owners of Club Estates during the
Club Week(s) included in eaeh_o:Lpurchaser's Club E++*+eEs-tatcs under the
terms and conditions more specifically set forth in Anicle 6 of the Declaration.
G. Project Amenities. Vail Plaza Club is part of an overall Project including a five
star hotel and certain amenities for hotel guests. Seller intends that a health spa
with exercise equipment, saunas, hot tubs and an outdoor swimming pool within
the Spa Unit will be available on the Project for use by Club Estate Owners
pursuant to an amenities use agreement between the Association and Seller, the
current Spa Unit Owner. Vail Plaza Hotel Management, LLC, a Colorado limited
liability company ("Manaeing Agent"), will be or has been engaged by Seller to
manage, operate, and maintain the amenities described in this Paragraph on behalf
of Seller. Pursuant to the amenities use agreement between Seller and the
Association, Seller must make such amenities available to Club Estate Owners, so
long as the Association maintains such agreement with Seller and pays a monthly
fee for the use of such amenities.
6. TITLETO THECLUB ESTATE.
A. Commitment. At least fourteen (14) days prior to Closing, Seller shall deliver to
Purchaser a preliminary title insurance commitment (the "Commitment") issued
by Land ritle Guarantee company, as agent for chicago Title Insurance
Company ("Title Comnany''), committing to insure marketable title for the Club
Ss+otcEslate$ to Purchaser in the amount equal to the Purchase Price upon
payrnent of the policy premium by Seller and the recording of the Deed (defined
below in Paragraph 7(B)). The title to the Club E**a+eEstales shall be subject to
the following (collectively, the "permitted Exceptions'; the exceptions,
covenants, conditions, restrictions, reservations, easements and rights-of-way of
record as of the date of this Agreement as set forth on Exhibit D attached heieto;
any easements granted to utilities or municipalities in connection with the Project;
and the Governing Documents. A title insurance policv based on the
Commitment will be delivered to Purchaser, at no costio Purchaser, within sixtv
(60) days of Closing.
B. Title Review. If Purchaser asserts the existence of any title exception other than
the Permitted Exceptions which renders title to one or more of the Club Estates
Purchaser is purchasing unmarketable, Purchaser shall give written notice of such
exception to seller within seven (7) calendar days after delivery ofthe
Commitment. Othenvise, Purchaser shall be deemed to have accepted title as
shown on the Commitrnent. After the receipt of such notice, Seller shall use
reasonable efforts to attempt to remove or cure such exception(s) or to obtain an
endorsement to the Commitment providing protection against such exception(s),
at seller's expense, prior to the closing date. The existence ofliens or
encumbrances of any kind shall not constitute a defect allowing termination by
Purchaser if Seller elects to provide to Purchaser a title insurance endorsement
insuring against such lien or encumbrance orthe collection ofsuch tax. IfSeller
is unable to remove or cure such exceptions to title or obtain such title insurance
protection before the date ofClosing, Purchaser, on or before the Closing date,
shall elect one of the following actions, which shall be Purchaser's exclusive
remedy in the event title to a Club Estate is unmarketable:
CO-DOCS_A #1 494'1 0 vg-1l
i. Waive such exceptions to title without adjustment in the Purchase Price
and proceed to Closing;
ii. Grant one (l) or more additional periods of time within which Seller shall
continue to attempt to cure, remove, or obtain title insurance protection
against the exceptions, and the date ofClosing shall be extended by a
corresponding amount of time; or
iii. Terminate this Agreement, in which event Seller shall direct the Escrow
Agent to return the Earnest Money, with all accrued interest thereon, to
Purchaser, and the parties shall be released from all further obligations
under this Agreement.
If Purchaser fails to give timely notice of its election, Purchaser will be deemed to have elected
to accept title as shown in the Commitment and to have waived all defects and such exceptions
to title. Purchaser expressly relinquishes and waives any and all other remedies, claims,
demands and causes of action at law or in equity against Seller for failure to deliver marketable
title.
7.CLOSING.
Closing Date. The closing of the purchase and sale of the Club Estates (tle
"Closinq") shall be held not more than fifteen (15) business days after notice of
Substantial Completion has been given by Seller to Purchaser. The date, time,
and place of Closing shall be determined by Seller and Seller shall give written
notice ofthe date ofClosing to Purchaser at least five (5) days in advance ofthe
scheduled Closing date. Closing may be effected by mail and Purchaser need not
be present.
Documents for Closing. On the Closing date, and upon payment by Purchaser of
the Purchase Price and delivery by Purchaser to Seller (or as directed by Seller) of
all funds and documents necessary for Closing pursuant to this Agreement, Seller
shall deliver an executed and acknowledged special warranty deed (the "Deed')
to Escrow Agent for recording, with a copy to Purchaser, conveying title to the
Club Estates to Purchaser free and clear of liens and encumbrances other than the
Permitted Exceptions. The Deed will be delivered to the Clerk and Recorder for
Eagle County, Colorado for recording following Closing, and in no event later
than sixty (60) days following Closing.
Closing Costs. Taxes" Assessments and Prorations. Purchaser agrees at Closing to
pay:
i. the actual and customary Closing costs and recording fees and anycosts
incurred by Seller or its agents in connection with a Closing by mail,
together with any amounts required by Purchaser's lender (if any) for ta.x
and insurance escrows, mortgage insurance premiums, or any other items,
and to execute settlement statements, tax statements, and all other
necessary or customary Closing documents;
ii. Purchaser's prorated share ofgeneral taxes for the calendar year of
Closing which shall be prorated as of the date of Closing based upon the
most recent levy and most recent assessments available from
govemmental authorities;
iii. @reefn'nter*na*@ i@
fown of Vait reat es
iv. any required deposit for fees and reserves including the annual Club
Assessment for Common Expenses as set forth in Paragraph E, "Annual
Assessments", on page 1 of this Agreement, and which shall be prorated
as of the date of Closing. Purchaser acknowledges that the amount of the
Club Assessment is currently only an estimate, and Purchaser agrees that it
will not object to any variation of ten percent (10%) or less between such
A.
B.
C.
CO DOCS A #149410 v&tl
estimate and the actual amount that is prorated at Closing. In order to
provide the Association with working capital funds, Purchaser shall pay at
Closing an amount equal to 1/4 of the annual Assessments based on the
Association's budget in effect at the time of Closing. The payment to this
fund shall not be considered an advance payment of Assessments. The
payment shall be made either to the Association or to Seller as
reimbursement if Seller has previously paid such amount as to the Club
Estates to the Association.
Ifthe Closing is held later than the date provided under Paragraph 7(A), through
no fault of Seller, in Seller's sole discretion, the above items shall be prorated to the original
Closing date provided under Paragraph 7(A) and Purchaser shall pay to Seller at Closing, in
addition to the Purchase Price, eighteen percent (18%) interest on the balance ofthe PurchasePricefromthe@ClosingdatetothedateClosingactua11ytakes
place. All adjustments and prorations at the time of Closing shall be final. Each party shall pay
the fees and expenses of the party's own attorney.
D. Reportinq of Transaction. Seller or Title Company shall prepare promptly after
the Closing, a form 1099-8 with the Internal Revenue Service, if applicable under
Section 60a5(e)(2) of the lnternal Revenue Code, as amended. The Closing
Agent will prepare the real property transfer declaration required under Colorado
Rev. Stat. $ 39-14-102, as amended from time to time.
E. FIRPTA Affidavit. At the Closing, Seller shall deliver to Purchaser a certificate
that Seller is not a non-resident alien as defined in the lnternal Revenue Code and
Treasury Regulations promulgated thereunder as necessary to comply with
Section 1445 of the TreasuryRegulations.
8' DAMAGE BEFORE SALE. If prior to Closing, the Club Unitft) shall be destroyed or
damaged by fire or other casualty, Seller shall repair the damage to the Club Unit$) as
soon as reasonably practicable, this Agreement shall remain in full force and effect, and
the Closing shall be delayed as necessary to allow the completion of such repair.
9. DEFAULT AND REMEDIES.
A. Default b), Purchaser. Purchaser and Seller agree that in the event of default or
breach of this Agreement by Purchaser, Seller may elect either of the following
remedies: (a) Seller may assert a claim against Purchaser for specific
performance or damages, or both, or (b) Seller may unilaterally terminate this
Agreement and direct the Escrow Agent to deliver the Earnest Money, with all
accrued interest theteon, to Seller. Seller and Purchaser agree that actual damages
to Seller would be exhemely difficult and impractical to ascertain, and therefore
the Eamest Money and all accrued interest is a reasonable estimate of the
damages Seller would sustain in the event of a default by Purchaser and shall be
deemed to constitute liquidated damages. In either case, Purchaser shall pay all
costs including reasonable attorney's fees, incurred by Seller in comection with
the collection of any money due Seller or in connection with the enforcement of
this Agreement.
B. Default blv Seller. lf Seller defaults, Purchaser may elect to either (i) terminate
this Agreement by written notice to Seller within ten (10) days after such default,
in which event Purchaser's sole and exclusive remedy shall be the return to
Purchaser of the Earnest Money with all accrued interest thereon, and the parties
shall have no further obligations to one another, or (ii) enforce this Agreement
through specific performance, or seek damages.
10. DISCLOSURES AND DISCLAIMERS.
A. Insulation of Premises. Seller and Purchaser hereby acknowledge pursuant to
Section 460.l6 of the Federal Trade Commission Regulations regarding labeling
and advertising of home insulation, that the types, thicknesses and R-Values of
insulation presently anticipated to be installed in the Club Unit$) at the time of
Closing shall be as set forth below:
CO_DOCS_A #1 4941 0 v8-!!
R-Value
R-19
R-50 (total)
The "R-value" indicates the resistance of insulation to heat flow. The higher the R-value, the
greater the insulating power. Seller has not made its own independent determination of the R-
Value data provided to Seller by the insulation manufacturer.
B. Notice Regarding Soils Conditions. Seller has delivered to Purchaser a soils
analysis and site recommendation report prepared by Hepworth-Pawlak
Geotechnical, Inc., a licensed geotechnical engineering firm, and dated June 16,
2004 (the "Soils Report"), or a summary thereof, on the Project site. If the Soils
Report reveals a significant potential for expansive soils at the site, Seller also
shall have delivered to Purchaser the publication required by C.R.S. $ 6-6.5-
101(l). The Project will be designed and constructed pursuant to the
recommendations in the Soils Report. Purchaser hereby acknowledges that
Purchaser has been advised by Seller and understands that the soils within the
State of Colorado consist of both expansive soils and low-density soils which may
result in shifting or other movement of the foundation or otherwise result in
damage to the structural or other parts of the Club Unit$) if the Club UnitQ) and
property upon which i+ggglguLutrtt sits are not properly maintained.
C. Improvements to the Project and Surrounding Areas. Purchaser acknowledges
and recognizes that Purchaser is purchasing the Club Estates during a period of
construction for the Project and the Club UnitS) may be completed prior to the
completion of other Club Units, streets, sidewalks and other improvements in the
Projectorsurroundingprojects. Theremaybecertaininconveniences,including
noise and dust, until the construction of the Project is completed. Therefore,
Purchaser waives any claims against Seller for any costs or occunences as a result
of such construction. +fr€Eacb Club Unitjulhe frqicct is in the vicinity of
other parcels ofreal property, which, as ofthe date hereof, have not been
developed. Such property may or may not be developed the same as the Club
UnitS). Purchaser acknowledges that any renderings, land plans, conceptual
layouts or other materials such as brochures or otherwise which show such uses
represent only Seller's current knowledge of what may be planned for the area in
question and are subject to change or modification at any time without notice. No
assurances have been made or are made that such development and/or use will in
any manner correspond to the matters reflected on any such rendering, land plan,
layout or brochures or be consistent with the use of the Club Unit. Oral
commitments from agents or employees of Seller conceming use of ths Club
Unit$) are not authorized by Seller. Furthermore, Seller hereby reserves the right
to change its development plans, timing, sales methods and pricing in connection
with any property within or without the Project.
D. Environmental Conditions/Radon. Ecological and environmental conditions,
including but not limited to radon gas, may affect the Club Unit$). Radon is a
naturally occurring radioactive gas that, when it has accumulated in a building in
sufficient quantities, may present health risks to persons who are exposed to it
over time. Levels of radon that exceed federal and state guidelines have been
found in buildings in Colorado. Additional information regarding radon and
radon testing may be obtained from the county public health unit. In our
continuing effort to educate and inform our purchaser(s), Seller hereby notifies
you, Purchaser, that the Colorado Department of Health and the United States
Environmental Protection Agency (the "EPA") have detected elevated levels of
naturally occurring radon gas in certain residential structures throughout
Colorado. The EPA has voiced concems about possible adverse effects on human
health from long term exposrue to high levels ofradon gas. Purchaser is hereby
advised that Seller is not qualified to evaluate all aspects ofthis very complex and
Location
Exterior walls
Ceiling/Roof
Twe of Insulation
Fiberglass Batts
Fiberglass
Batts/Rigid
Insulation
Thickness
6"
12"14"
CO_DOCS_A #149410 v8-al 10
E.
F.
G.
H.
constantly changing issue nor has it undertaken to do so. Seller issues no
warranty of any nature whatsoever with respect to the ecological and/or
environmental conditions affecting the Club Unitft), including but not limited to
the existence ofradon gas. Purchaser acknowledges that Seller is underno
obligation with respect to the radon gas levels occurring in the Club Unitft).
Sales Price. Sales prices can vary due to various factors such as, but not limited
to, the size and location of the specific Club Unit$) and the specific Club Weeks
included in a purchaser's Club Estates.
Easements Affecting the Proiect. Various easements affect and encumber the
Project and each Club Unit iulhc&qicefand additional easements may be
granted to utilities and municipalities in connection with development of the
Project. These easements may contain above-ground facilities such as electric
pedestals, electric transformers, telephone pedestals, cable TV pedestals, street
signs, and mailboxes. Any of these facilities may be located anywhere within
these easements. Purchaser acknowledges that the precise conditions in existence
as of the Effective Date are subject to change as precise development plans
(setting forth pad elevations, street alignments, etc.) are implemented and as
landscaping matures. Purchaser agrees that any such changes of conditions shall
in no event provide a basis for return of all or any part ofthe Purchase Price.
Investigation. Seller hereby advises Purchaser to investigate the zoning, size and
future improvements surrounding the Club UnitQ). Purchaser has not relied on
any statement by Seller or Seller's agents on these items and hereby releases
Seller and Seller's agents of any duty to investigate these items.
No Investment Reoresentations. Purchaser acknowledges that neither Seller nor
any of its employees or agents have made any warranties or representations
conceming (i) the Club Estates as an investment opportunity for appreciation of
value or as a means of obtaining income from the rental thereof, or (ii) rental or
other income from any Club Estate or as to any other economic benefit, including
possible federal or state tax advantages from the ownership ofa Club Estate.
SELLER HEREBY EXPRESSLY DISCLAIMS AND REPTIDIATES ANY
REPRESENTATION FROM ANY SOURCE AS TO ANY POSSIBLE
ECONOMIC BENEFIT ARISINGFROM OWNERSHIP OF A CLUB ESTATE
IN THE PROJECT.
Ski Area Operations. Purchaser acknowledges that Seller is not the operator of
any ski area in the vicinity of the Project, and accordingly, Seller cannot make any
representations relating thereto. Neither Seller nor any of its employees or agents
have made any representations regarding the opening or closing dates ofsuch ski
areas in any given year. Purchaser fully understands that the operator of those ski
areas may decide, in its sole discretion, whether any or all of the chairlifts within
the ski areas shall be operated.
Commercial Activities. A variety of commercial activities are and will be
conducted in and adjacent to the Project (as further described below, the
"Commercial Activities"). The Commercial Activities are expected to generate
an unpredictable amount of visible, audible and odorous impacts and
disturbances. The Commercial Activities may include, without limitation: (i)
office and retail uses, (ii) retail sales and rentals, (iii) restaurant and bar
operations, (iv) sales of services relating to recreational activities, (v) parking
activities, (vi) the installation, operation and maintenance of illuminated and non-
illuminated signage, (vii) meetings and conferences, and (viii) any other uses or
activities permitted by law. The Commercial Activities may occur during
daytime and nighttime. Commercial Activities and Commercial Units at the
Project must comply with applicable laws and regulations and with the
requirements of Special Development District 6.
Restriction on Resale. Purchaser specifically acknowledges and agrees to the
provisions regarding the restriction on resale and reouirements fu of any
Club Estate set forth in Article 24 of the Declaration.
J,
K.
CO,DOCS_A #14941 0 v9.ll 1l
Buildine Codes. Spaces such as attics, chase ways, or plenums constructed within
the building on the Project or within an individual Club Unit are restricted from
any alternative use by the Eagle County Building Code, Fire Life Safety Codes,
and the Project Documents. These areas are not available for any Owner's access,
improvement, or use.
Seller's Disclaimer. Upon completion of the Project and sale of all of the Club
Units, Seller will have no continuing part in the success or failure of Vail Plaza
Club or the Association.
Pedestrian Access. Purchaser acknowledges that Seller and/or the Association
may grant certain easements to the public and/or adjacent propefly owners across
certain porlions of the Project including all sidewalk utdplaza areas, to provide
access to the Commercial Units and other easements as required by the Town of
Vail. Such easements shall be depicted on the Map or othetwise recorded against
the Project. All such access easements shall become Permitted Exceptions
hereunder.
O. Parking: Commercial Use. The Project includes Commercial Units that may be
used to conduct commercial and retail operations, including, without limitation,
office, retail and restaurant operations. Certain inconveniences or other
consequences may result flom the Commercial Activities including, but not
limited to, noises, odors, increased traffic around and in the Project and additional
insurance costs. Adj acent properties and the public have rights to access and use
certain portions of the Parking Unit as described in the Declaration and Permitted
Exceptions.
P. Natural Materials. Purchaser acknowledges and understands that log and wood
siding and wood floors may be planned for certain portions of the Club Unit$) as
part ofthe Plans. Purchaser understands that the wood products that may be
included as parl of the Club Unitft) are natural materials subject to the laws of
nature, and therefore, some warping, twisting, cracking and splitting may occrr.
Similarly, natural stone materials may require sealing or other maintenance from
time to time to maintain their appearance and durability. Purchaser acknowledges
that noise transference is greater for wood floors than for carpeted floors.
a. Spa and Pool. The health spa within the Spa Unit will include an outdoor pool
which may be used by the Club Estate Owners, the Vail Plaza Penthouse Unit
Owner, and hotel guests and invitees. Cerlain condominium unit owners on Phase
III and Phase V of Special Development District 6 have rights to use the pool,
which rights are more specifically described in documents of record constituting
Permitted Exceptions.
WARRANTY AND LIMITATIONS.
A. Limited Warranty by Seller. The following warranty (the "Li${9dlM4.ffgnIy") is
the only warranty made by Seller regarding labor and materials used in the
construction of the Club UnitS), and the Limited Warranty shall not be effective
until Closing. The Limited Warranty is personal to Purchaser and may not be
assigned by Purchaser upon the sale ofthe Club tk*itEstatcs. Seller warrants that
all materials incorporated in and made a part of the structure of the Club Unit{q)
shall be n€w as of the date of installation and shall remain free from defects in
workmanship or material for a period of one (1) year from the date of Substantial
Completion. Seller represents that Seller will cause to be remedied, by repair or
replacement, any defects in the Club Unitft) which appear within one (1) year
from the date of Closing and which result from faulty material or workmanship,
provided that Purchaser gives Seller written notice of any such defect within ten
( I 0) days after Purchaser's discovery of the defect. Any such notice shall be
addressed to Seller at the address following Seller's signature below, or such
other address for notice fumished to Purchaser in accordance with
Paragraph 14(I) hereof. Purchaser's sole remedy (in lieu of all remedies implied
by law or otherwise) against Seller in connection with such defects shall be to
require Seller to correct the defects in material or workmanship.
L.
M.
N.
11.
CO_DOCS_A #149410 v8-11 11IL
C.
Appliance Warranty. The Limited Warranty in Paragraph 11(A) does not extend
or relate to any items of tangible personal property in the Club UnitQ) (whether or
not such property is attached to or installed in the Club Unit(g) including, without
limitation, any range, oven, range hood and fan, trash compactor, microwave,
garbage disposal, dishwasher, refrigerator, washer, dryer, hot water heater,
components ofthe heating system and any fire alarm or other life-safety or
security system installed in or sewicing the Club Unit@) (collectively, the
"Appliances"). Seller will assign to the Association at Closing any unexpired
warranties Seller has received from the manufacturers of such Appliances to the
extent such warranties are assignable. Seller shall not be responsible for the
performance of any such manufacturer under the manufacturer's warranties. With
respect to the Appliances, whether or not warranted by manufacturers, all implied
warranties are expressly disclaimed and do not apply, including, without
limitation, the implied warranties of merchantability and fitness for a particular
purpose, ifcreated and recognized under Colorado law.
Restrictions on Warranties. EXCEPT AS STATED IN PARAGRAPH 11(A)
ABOVE, SELLER MAKES NO WARRANTY OR REPRESENTATION OF
ANYNATURE, EXPRESS OR IMPLIED,INCLUDING, BUTNOT LIMITED
TO, THOSE OF WORKMANLIKE CONSTRUCTION, HABITABILITY,
DESIGN, CONDITION, OR QUALITY AS TO THE PROPERTY
UNDERLYING THE PROJECT, THE CLUB LINIT, OR THE OTHER
IMPROVEMENTS CONSTITUTING THE PROJECT, AND SELLER HEREBY
EXPRESSLY DISCLAIMS ANY SUCH REPRESENTATIONS OR
WARRANTIES. SELLER SPECIFICALLY DISCLAIMS, AND PURCHASER
SPECIFICALLY RELEASES SELLER FROM, ANY LIABILITY FOR
INCIDENTAL OR CONSEQUENTLA,L DAMAGES TO ANY PERSON OR
THE CLUB LINITQ OR ANY OTHER REAL OR PERSONAL PROPERTY
RESULTING FROM A DEFECT. WITH REGARD TO THE APPLIANCES
AND ANY OTHER ITEMS OF TANGIBLE PERSONAL PROPERTY,
SELLER DISCLAIMS ALL WARRANTIES INCLUDING, BUT NOT
LIMITED TO, THOSE OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.
D. Masruson-Moss Warranty Act Compliance. The Limited Warranty in this
Article l l has been prepared to comply with the disclosure requirements of the
federal Magnuson-Moss Warranty - Federal Trade lmprovement Act (15 U.S.C. $
2301, as amended). With respect to any Appliances finally determined by a court
to be within this Limited Warranty described above, all implied warranties are
limited in duration to the period of the Limited Warranty. This includes, without
limitation, the implied warranties of merchantability and fitness for a parlicular
pulpose if created or recognized in Colorado. Some states do not allow
limitations on how long an implied warranty lasts or the exclusion or limitation of
incidental or consequential damages so the above limitation may not apply to
Purchaser. This Limited Warranty gives specific legal rights, and Purchaser may
also have other rights which vary from state to state.
E. Acknowledgment: Survival of Covenants. Purchaser hereby acknowledges aad
accepts the foregoing disclaimers and agrees to waive any and all rights Purchaser
may have by virtue of the representations and warranties disclaimed. Except as
otherwise provided in the Limited Warranty, Purchaser assumes the risk of
damage occurring in the Club Unit@) after the Closing regardless of the cause.
The provisions ofthis Paragraph shall survive Closing.
BROKERS. Each party represents to the other that no real estate broker other than the
Listing Broker and the Cooperating Broker identified on the signature page(s) hereofhas
any claim for compensation or expenses as a result of this transaction, and each party
shall indemnify the other against any claims for commissions or other compensation by
any other broker or finder with whom the indemnifying party has dealt. Seller agrees to
compensate the Listing Broker and the Cooperating Broker for services rendered in this
transaction. The Cooperating Broker is not an agent ofSeller, and Purchaser
acknowledges that Purchaser's relationship with the Cooperating Broker has been
B.
12.
CO_DOCS_A #149410 vg ll IJ
previously disclosed to Purchaser in a notice from Cooperating Broker to Purchaser. The
Listing Broker is a Transaction Broker.
13. CORPORATION, PARTNERSHIP, ASSOCIATION,TRUST.
A. Corporation. IfPurchaser is a corporation, Purchaser shall deliverto Seller, at
least ten (10) days prior to Closing, a copy ofa resolution ofPurchaser, duly
adopted and certified by the secretary ofPurchaser as required by the laws ofthe
state of Purchaser's incorporation, authorizing the purchase of the Club Estate,
together with all trade name affidavits and other documents required by Colorado
law to enable Purchaser to hold title to the Club Estates. Purchaser represents that
at Closing Purchaser will be in good standing and authorized, as necessary, to
conduct its business in Colorado.
B. Partnership or Association. If Purchaser is a partnership, joint venture, limited
liability company or other association, Purchaser shall deliver to Seller, at least
ten (10) days prior to Closing, a copy ofany approval required by Purchaser's
organizational documents, certified by the appropriate representative of
Purchaser, together with all regishation forms, trade name affidavits, and other
documents required to be filed in the office of the Colorado Secretary of State, the
Colorado Department of Revenue, the Eagle County Clerk and Recorder, or
otherwise required under Colorado law to enable Purchaser to hold title to the
Club Estates. Purchaser represents and warrants that at Closing Purchaser will be
in good standing and authorized, as necessary, to conduct its business in
Colorado.
C. Trust. lf Purchaser is a trust, Purchaser shall deliver to Seller, at least ten (10)
days prior to Closing, a copy of the Trust Agreement, certified by the appropriate
representative of Purchaser, together with an Affidavit of Joint Venturers or
Trustees, as required by Colorado law, or, if the trust is inevocable, a Trust
Registration Statement hled with the District Court in the appropriate county of
Colorado, and any other documents required to be filed or otherwise required
under Colorado law or by a title company to enable Purchaser to hold title to the
Club Estates in a trust.
t4.MISCELLANEOUS.
C,
Time of Essence. Time is of the essence of the provisions of this Agreement.
Failure of Purchaser to make payments or to close or to comply with the
provisions of this Agreement within the time provided herein shall be considered
a breach of this Agreement. If any date set forth herein for performance is a
Saturday, a Sunday, or a legally recognized holiday, performance shall be made
on the next business day following such date.
Joint and Several Liabilitv. If Purchaser is comprised of two (2) or more parties,
they shall be jointly and severally obligated under this Agreement. If Purchaser is
comprised of two (2) or more individuals, they shall deliver written notice to
Seller, at least ten (10) days prior to Closing, of whether they will take title to the
Club Estates as joint tenants or tenants in common.
Assignment. Seller may assign this Agreement to a lending institution in
connection with financing the construction of the Club Units on the Project and
Purchaser agrees to purchase the Club Estates ifeac&_olthe apulicahle_Club
Uni*Uuils is completed in compliance with the terms hereof regardless of the
party who actually completes the construction. Purchaser may not assign any
portion of Purchaser's interest under this Agreement without the prior written
consent of Seller. Any such attempted assignment without Seller's written
consent shall be null and void, shall be a default under this Agreement and shall
entitle Seller to liquidated damages in accordance with Paragraph 9(A) above.
Special District Acknowledsment. THE PROJECT IS NOT PRESENTLY
LOCATED IN A SPECIAL TAXING DISTRICT. PURCHASER
UNDERSTANDS THAT THE PROJECT MAY BE INCL{TDED WITHIN
A.
B.
D.
CO_DOCS_A #149410 v&11 t4
a t
E.
SPECIAL TAXING DISTzuCTS IN THE FUTURE. SPECIAL TAXING
DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM
ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH
DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE
PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX
BIIRDENS TO SUPPORT THE SERVICING OF DEBT INCURRED BY A
DISTRICT WHERE CIRCLIMSTANCES ARISE RESULTING IN THE
INABILITY OF SUCH A DISTRICT TO DISCHARGE ITS INDEBTEDNESS
WITHOUT SUCH AN INCREASE IN MILL LEVIES. PURCHASERS
SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENT OF THE
AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH
DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING
SUCH INDEBTEDNESS. AND THE POTENTIAL FOR AN INCREASE IN
SUCH MILL LEVIES.
Arbitration. All controversies and disputes between Seller and Purchaser and all
claims by Seller or Purchaser against the other directly or indirectly arising out of,
or related to this Agreement, including those directly or indirectly arising out of or
related to the Limited Warranty, shall be submitted to and settled by conclusive
binding arbitration under the Commercial Rules of the American Arbihation
Association. To the extent that Seller does not prevail in the arbitration, Seller
shall pay any and all costs and expenses associated with the arbitration, including
but not limited to the arbitrator's expenses and both Seller's and Purchaser's
reasonable attorney's fees. To the extent that Purchaser does not prevail in the
arbitration, Purchaser shall pay any and all costs and expenses associated with the
arbitration, including but not limited to the arbitrator's expenses and both Seller's
and Purchaser's reasonable attorney's fees. The arbitrator's award shall be
enforceable as a judgment in any court with jurisdiction. Purchaser acknowledges
that the Declaration requires arbitration of all claims related to the Project and
Purchaser has read and is familiar with such arbitration provision.
Severabilitv. Each provision of this Agreement shall be deemed to be severable
and the invalidity of any one provision of this Agreement shall not invalidate the
Agreement as a whole.
Paragraph Headinqs. The paragraph headings are inserted only for convenient
reference and do not define, limit or prescribe the scope of this Agreement.
Survival. Where applicable, each provision shall survive the Closing of this
Agreement and shall be binding upon and inure to the benefit of the parties, their
heirs. successors and assigns.
Governing Law. This Agreement shall be construed according to the laws of the
State of Colorado.
Notice. A11 notices or deliveries required under this Agreement shall be in writing
and shall be hand delivered or given by facsimile transmittal, regular mail, or
ovemight courier directed to the telecopier number or address of Purchaser and
Seller set forth under their signatures. All notices so given shall be considered
effective, if hand-delivered, when received; if delivered by facsimile transmittal,
upon telephone confirmation ofreceipt ifreceived on a business day between the
hours of 8:00 a.m. and 5:00 p.m., or upon the next business day; if delivered by
courier, one (1) business day after timely deposit with the courier service, charges
prepaid; or if mailed, three (3) days after deposit, first class postage prepaid, with
the United States Postal Service. Either party may change the address to which
future notices shall be sent by notice given in accordance with this Paragraph. An
agent of Seller or the Listing Broker may send notices at the direction of and in
place of Seller.
Entire Agreement. This Agreement, together with any exhibits or addenda
attached hereto, constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other agreements or understandings
F.
H.
G.
J.
K.
CO_DOCS_A #149410 vg 11 15
t.
between the parties, whether written or oral, with respect to the subject matter
hereof, and may not be modified in any marurer except by an instrument in
writing signed by all parties.
No Recordation. This Agreement shall not be recorded and any recorded
references to this Agreement shall in no way be construed as imposing or
constituting a cloud or lien on title to the property underlying the Club Unit$).
Any recording by Purchaser shall be a default of this Agreement rendering it null
and void and entitling Seller to liquidated damages in accordance with Paragraph
9(A) above.
Exhibits and Addenda. All Exhibits and Addenda attached to and described in
this Agreement are incorporated into the Agreement by the reference.
Bindine Effect. This Agreement shall be binding upon and inure to the benefit of
Purchaser and Seller and their respective heirs, personal representatives,
successors and permitted assigns.
Acknowledgmentl Survival of Covenants. Purchaser hereby acknowledges and
accepts the foregoing disclaimers and agrees to waive any and all rights Purchaser
may have by virtue of the representations and warranties disclaimed. The
provisions ofthis Paragraph shall survive Closing.
Acceptance. This Agreement shall not be binding on Seller unless and until
accepted in writing by manager or other authorized representative of Seller. Upon
such acceptance, a signed copy shall be returned to Purchaser. Sales counselors
and brokers are not authorized to accept this Agreement. Acceptance of the
Eamest Money deposit shall not constitute acceptance of this Agreement by
Seller. In the event this offer is not accepted by Seller, all obligations of the
parties under this Agreement shall terminate and any Earnest Money shall be
refunded.
Disclosure Statement. PURCHASER HEREBY ACKNOWLEDGES RECEIPT
OF THE DISCLOSURE STATEMENT REQUIRED BY COLORADO LAW.
BY EXECUTION OF THIS AGREEMENT. PURCHASER ACKNOWLEDGES
THAT PIIRCHASER HAS READ AND UNDERSTANDS ALL OF THE
MATTERS DISCUSSED AND DISCLOSED IN THE DISCLOSURE
STATEMENT, AND FURTHERACKNOWLEDGES THAT THE
DISCLOSTJRE STATEMENT ACCURATELY SETS FORTH PURCHASER'S
T'NDERSTANDING OF THE ITEMS DISCUSSED THEREIN.
IREMAINDER OF PAGE INTENTIONALLY LEFT BLANKI
M.
N.
o.
P.
a.
CO_DOCS_A #1494'10 vg a1 16
EXHIBIT A
FLOOR PLAN, SITE PLAN AND
FEATURES LIST
fplease see attached]
CO_DOCS_A #149410 v8at A-l
EXHIBIT B
FURNISHINGS AND PERSONAL PROPERTY
Iplease see attached]
CO_DOCS_A #1 494'1 0 v811 B-1
EXIIIBIT C
FORM OF ESCROW AGREEMENT
[please see attached]
CO_DOCS_A #149410 vSat c-1
EXHIBIT D
Permitted Exceptions
zuGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME B8
FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED JULY 12. 1899.
IN BOOK 48 AT PAGE 475.
RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE LTN]TED STATES AS RESERVED IN
UNITED STATES PATENT RECORDED JULY I 2, I 899. IN BOOK 48 AT PAGE 475.
RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY
COVENANT OR RESTRICTION BASED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL
ORICIN LTNLESS AND ONLY TO THE EXTENT THAT SAID COVENANT (A) IS EXEMPT UNDER CHAPTER 42, SECTION 3607 OF
THE UNITED STATES CODE OR (B) RELATES TO HANDICAP BUT DOES NOT DISCRIMINATE AGAINST HANDICAP PERSONS.
AS CONTAINED IN INSTRUMENT RECORDED AUGUST IO. I962. IN BOOK I74 AT PAGE I79.
RECIPROCAL EASEMENT AGREEMENT BETWEEN VAIL VILLAGE INN, A COLORADO CORPORATION, JAMM LTD., A
COLORADO LIMITED PARTNERSHIP AND VAIL VILLAGE INN ASSOCIATES, A COLORADO GENERAL PARTNERSFIIP
RECORDED JANUARY 3,1983 IN BOOK 35I ATPAGE 324.
TERMS, CONDITIONS AND PROVISIONS OF AGREEMENT RECORDED SEPTEMBER 09, I983 IN BOOK 367 AT PAGE 833.
DECLARATION OF PARTIAL VACATION OF EASEMENT IN CONNECTION WITH SAID EASEMENT RECORDED JULY 25, 1985 IN
BOOK 420 AT PAGE 74I.
TERMS, CONDITIONS AND PROVISIONS OF DECLARATJON OF EASEMENTS AND RIGHTS RECORDED FEBRUARY 04, I988 IN
BOOK 478 AT PAGE 377.
TERMS, CONDITIONS AND PROVISIONS OF DECLARATION CONCERNING PARKING WITHIN SPECIAL DEVELOPMENT
DISTRICT 6 RECORDED JULY IO. 1984 IN BOOK 388 AT PAGE 856.
EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE RECORDED PLAT OF VAIL
VILLACE FIRST FILINC.
EASEMENT AND RIGHT OF WAY AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION. INC.. IN INSTRUMENT RECORDED
NOVEMBER 19, I97I IN BOOK222 AT PAGE 32I, AND AS SHOWN ON THE CONDOMINIUM MAP RECORDED NOVEMBER 19.
1982 IN BOOK349 ATPACE 1I.
EASEMENT GRANTED TO HOLY CROSS ELECTRJC ASSOCIATION. INC., IN INSTRUMENT RECORDED JANUARY 2I. 1983 IN
BOOK 352 AT PAGE 397.
THOSE PROVISIONS, COVENANTS AND COND]TIONS, EASEMENTS AND RESTRICTIONS. WHICH ARE A BURDEN TO A
CERTAIN CONDOMINIUM UNIT, AS CONTAINED IN INSTRUMENTRECORDED NOVEMBER 19, I982, IN BOOK 349 ATPAGE I2.
EASEMENT BETWEEN VILLACE INN PLAZA CONDOMINIUM ASSOCIATION, A COLORADO NON-PROFIT CORPORATION, VAIL
VILLAGE INN, INC., A COLORADO CORPORATION, AND F & L VAIL VILLAGE PARTNERSHIP, A COLORADO GENERAL
PARTNERSHIP IN DOCUMENT RECORDED JULY 10, I984 IN BOOK 388 AT PAGE 862.
EASEMENTS, CONDITIONS, COVENANTS, RESTR]CTIONS, RESERVATIONS AND NOTES ON THE RECORDED CONDOMINIUM
MAP OF VILLAGE INN PLAZA.
LITILITY EASEMENT AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION, tNC. IN INSTRUMENT RTCORDED JANUARY 21,
1983 rN BOOK 352 AT PACE 396.
TERMS, CONDITIONS AND PROVISIONS OF ENCROACHMENT AND VIEW AGREEMENT RECORDED DECEMBER 22. 1989 IN
BOOK 520 AT PAGE 167.
TERMS, CONDITIONS AND PROVISIONS OF EASEMENT AGREEMENT RECORDED APRIL I4, I992 tN BOOK 577 AT PAGE 628.
TERMS, CONDITIONS AND PROVISIONS OF DEED OF EASEMENT RECORDED MAY I8, 1994 IN BOOK 640 AT PACE 62I.
EXISTING LEASES AND TENANCIES.
CO_DocS_A#149410v8!! D-L
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CONDOMINIUM DECLARATION
FOR THE
VAIL PLAZA HOTEL RESORT CLUB
CO_DOCS_A #15?626 v+1
CO_DOCS_A #152626 v1!
Section 2.37. "Management Agreement" ............................. 6
Section 2.38. "Management Unit"............. ........................... 6
Section 2.39. "Managing Agent".. .................. 6
Section 2.40. "Occupant"............. ................... 6
Section 2.41. "Owner" .................. .................. 6
Section 2.42. "Parking Unit" ..........................7
Section 2.43. "Percentage Interest" ................7
Section 2.44. "Peiod of Declarant Control" ........................7
Section 2.45. "Person"................. ...................7
Section 2.46. "PIan of Club Ownership" ................,.............7
Section 2.47, " .ii-i.-ii;;;;-iiii :.ti:t.,-JP!AUSto-
Section 2.48. "
Section 2.49. "Pronertvtt.......
Scclicn2llL-Real Estate".. ........................... 7
Section ?-5tr4,5f,...... ...."Records"7
Section 2,W...... ............."Residential Unit"7
Section 2'5+213....... .............."Restaurant Unit"7
Section 2#.254...... ..."Rules and Regulations"T&
Section ++f.a54...... "Security Interest"S
Section +5*256...... ....'.............."Service Unit"S
Section ?56.?11,...... ..."Spa Unit"8
Section l;;p.2j&. ... .Special Declarant Rights,'S
Section 35t-.219....... .......... "Special Development District 6'8
8
Section 2.60. "
Section 2.61. "Yarl Plaza Club" or "Club"
Section 2.62. ttva enthouse Uni1"............. ............. 9
Section Ze?.-6L...... ...... "Withdrawn Property''9
ARTICLE 3 DIVISION OF PROJECT INTO CONDOMNruM OWNERSHIP....................,...9
Section 3.1. Division Into Condominium Units. ................9
Section 3.2. Delineation of Unit Boundaries. ..................... 9
Section 3.3. Inseparability of Condominium Unit. ............. 9
Section 3.4. Non-Partitionability of Common Elements. ....................... 10
Section 3.5. Alterations and Subdivision of Units; Relocation of Boundaries
Between Adjoining Units............. ................. l0
ARTICLE 4 ALLOCATED rNTER8STS................. ....................... l0
Section 4.1. Allocation of lnterests.... ......... l0
Section 4.2. Formulae for the Allocation of Interests................... .......... 10
Section 4.3. Rounding Convention. ........ f+g
Section 4.4. Effective Date of Reallocation.......... ........1+12
ARTICLE 5 COMMERCIAL, RESTAURANT. SPA, CONVENTION, CATERING
KITCHEN, AND LOADINGUNITS ,.....,.....12
Section 5.1. Permitted Uses.............. ..........12
Section 5.2. Rules and Reeulations... .......... 12
l1CO_DOCS_A #'152626 v{{
Section 5.3. Commercial Activities. ........... 12
ARTICLE6PARKrNGL|NrT............ ...............+;113
Section 6.1. Permitted Uses. ............ 1313
Section 6.2. Parking Unit Operation and Limitations................ ......... #43
ARTICLE 7 CONDOMINIUM MAP .....................,.. 13
ARTICLE 8 LEGAL DESCRIPTION AND TAXATION OF L1NITS ................, 14
Section 8.1 . Contracts to Convey Entered into Prior to Recording of
Condominium Declaration and Map........ ...............'.'......... 14
Section 8.2. Contracts to Convey and Conveyances Subsequent to Recording of
Declaration and Map........ ...-14!5
Section 8.3. Conveyance Deemed to Describe an Undivided Interest in
Common Elements....... ....... +415
Section 8.4. Separate Tax Assessments................. ........... G
ARTICLE 9 UNIT OWNERS'PROPERTY RIGHTS IN COMMON ELEMENTS ................. 15
Section 9.1. Common Elements....... ........... 15
Section 9.2. Limited Common Elements. ................ . .. +516
ARTICLE IO MEMBERSHIP AND VOTING RIGHTS IN ASSOCIATION....................... {516
Section 10.1. Association Membership. ............. t516
Section 10.2. Voting Rights and Meetings. ........................ 16
Section 10.3. Meeting to Approve Annual Budget.......,.. ..................... 16lZ
Section 10.4. Unit Owners' and Association's Addresses for Notices........................... 17
Section 10.5. Transfer Information .... . .... i-49
Section 10.6. Declarant Control of the Association................. ............ 1+-$
Section 10.7. Required Election ofUnit Owners......... ....... 18
Section 10.8. Removal of Members of the Board of Directors. ..........,I8U
Section 10.9. Requirements for Turnover of Declarant Control......... .. t$ll
ARTICLE II ASSOCIATIONPOWERSANDDUTIES....... ........20
Section 11.1. Association Management Duties. .................20
Section 11.2. Association Powers. ................ 20
Section 11.3. Actions by Board of Directors. .....................22
Section 11.4. Board of Directors Meetings....... ..................22
Section 11.5. RighttoNoticeandHearing. ....................ru
Section 11.6. Payments to Working Capital Account........ .......................23
Section I 1.7. Class of Membership. ................. ..................23
Section I 1.8. Reserved Powers: Directions to Board of Directors. ..........24
ARTICLE 12 ASSESSMENTS............ ,.,...,.,.,.,.,...28
Section 12.1. Commencement of Annual Assessments. ....................... ?425
Section 12.2. Annual Assessments e4?4
Section 12.3. Apportionment of Annual Assessments. .......25
Section 12.4. Special Assessments. ..........2.824
111CO_DOCS_A #152626 v7!
Section 12.5. Due Dates for Assessment Payments...... ..252e
Section 12.6. Default Assessments ................26
Section 12.7 . Covenant of Personal Obligation for Assessments. ................ ..................26
Section 12.8. Lien for Assessments; Assignment of Rents. .................262J
Section 12.9. Remedies forNonpayment of Assessments............... .....2@
Section 12.10. Purchaser's Liability for Assessments................. ...............27
Section 12.11. Waiverof Homestead Exemption; Subordination of Association's
Lien for Assessments. .........+123
Section 12.12. Statement of Status of Assessments................... .............2$29
Section 12.13. Liens.. ................29
ARTICLE 13 MAINTENANCE RESPONSIBILITY........... .,.......,29
Section 13.1. Unit Owner's Rights and Duties with Respect to Interiors.......................29
Section 13.2. Responsibility of the Unit Owner. ... ........2930
Section 13.3. Unii Owner's Negligence. ?939
Section 13.4. Responsibility of the Association. ............... ....................... 30
ARTICLE 14 MECHANICS'LIENS ........................30
Section 14.1. Mechanics' Liens. ................... 30
Section 14.2. Enforcement by the Association................... ...................... 30
ARTICLE 15 USE R8STRICTIONS.............,., .....3S31
Section 15.1. Use of Units. 3031
Section 15.2. Use of Common Elements. .......................3S$!
Section 15.3. Prohibition of lncreases in Insurable Risks and Certain Activities. ......... 31
Section 15.4. Structural Alterations and Exterior Appearance. ............ 3+12
Section 15.5. Pet and Use Restrictions. .... 3+32
Section 15.6. Limit on Timesharing. .................. 3+g
Section 15.7. Restriction on Signs............. . . . . 3333
Section 15.8. Commercial Operation.................. 3?E
Section 15.9. Restrictions on Use of Parking and Storage Areas................... . ..... 34!
Section 15.10. Restrictions Not Applicable to Owner of the Hotel Unit.......................... 33
Section 15.1l. District Documents. ............ 339
Section 15.12. Restrictions on Employee Housing Unit............... ... . ... 33g
ARTICLE 16 EASEMENTS................. .....................34
Section 16.1. Easement of Enjoyment................ ................34
Section 16.2. Delegation of Use. .................. 34
Section 16.3. Recorded Easements ............... 34
Section 16.4. Easements Over Management Unit, Service Unit, and Convention
Unit. ............. ...... ................ 3435
Section 16.5. Easements for Encroachments.................... ....................3435
Section 16.6. Utility Easements.... ................ 35
Section 16.7. Emergency Access Easement. ..................3536
Section 16.8. Maintinance Easement. ................. 3514
Section 16.9. Easements of Access for Repair, Maintenance, and Emergencies. ......3536
Section 16.10. Pedestrian Easements ..............36
lvCO_DOCS_A #152626 v14
Section 16.11. Easements Deemed Created......... ................. 36
Section 16.12. Easement for Warranty Work. ..........'.'......... 36
Section 16.13. Reserved Easement of Hotel Unit Owner... ....................263'7
ARTICLE 17 SPECIAL DECLARANT RIGHTS AND ADDITIONAL RESERVED
RIGHTS ,,,,,.,..3631-
Section 17.1. Special Declarant Rights........... C6A
Section 17.2. Additional Reserved Rights. ..............'....'..... 38
Section 17.3. Limitations on Special Declarant Rights and Additional Reserved
Rights. .......3832
Section 17.4. Interference with Special Declarant Rights. . .................3S39
Section 17.5. Rights Transferable. ............3839
ARTICLE I8 RESERVATION OF DEVELOPMENT RIGHTS .....,.,.................. 39
Section 18.1. Development ***{#it#dra*a}Rights. ............ ................. 39
Section 18.2. Amendment of Declaration.............. .........3941)
Section 18.3. Supplement to the Map. 3940
Section 18.4. lnteryretation............ ...........3940
Section 18.5. Maximum Number of Units......... ................. 40
Section 18.6. Construction Easement. ................. ...............40
Section 18.7. Reciprocal Easements . .......4S41
Section 18.8. Termination of Exp*n*ion-*n*Development Rights. ....'.' 4l
Section 18.9. Interference With gxp*+slen-e*"Oevelopment Rights. . .....................4+A
Section 18.10. Transferofsxp+n*ioeeeDevelopmentRights........... ..4+D
ARTICLE 19 rNSURANC8................. ..................#n
Section 19.1. Coverage.................. 1+g
Section 19.2. Required Provisions . . ........424d
Section 19.3. Adjustment of Claims.................... 13{4_
Section 19.4. Copies of Policies. .............. &4!
ARTICLE 20 RESTORATION UPON DAMAGE ORDESTRUCTION..............................&M
Section 20.1 . Duty to Restore. ... .............. 434;4
Section 20.2. Cost. ..................44
Section 20.3. Plans.. ................44
Section 20.4. Replacement of Less Than Entire Property. .......................44
Section 20.5. Insurance Proceeds... ...........4445
Section 20.6. Certificates by the Board of Directors. .........45
Section 20.7. Certifrcates by Attorneys or Title Insurance Companies.......................... 45
ARTTCLE 21 CONDEMNATTON...... .......................45
ARTICLE 22 MORTGAGEE PROTECTIONS .-.4546
Section 22.1. lntroduction.............. 4546
Section 22.2. Percentage of First Mortgagees. ............ . 4546
Section 22.3. Notice of Actions. ...............4'5"45"
Section 22.4. Consent Required....... ............. 46
CO_DOCS_A #152626 v4{
Section 22.5. Notice of Objection.. ........... $A
Section 22.6. First Mortgagees' Rights........... 46g
Section 22.7. Limitations on First Mortgagee's Rights. ...........................47
Section 22.8. Special Declarant Rights........... .. .............4+48
ARTICLE 23 DURATION OF COVENANTS: AMENDMENT AND TERMINATION..... q+at
Section 23.1. Term.. +1&
Section 23.2. Amendment of Declaration................. ......+74&
Section 23.3. Amendment by Declarant. ............... ............. 48
Section 23.4. Amendment of Other Governing Documents. ..... . . .....4$49
Section 23.5. Execution of Amendments; Expenses. ............... ............ 1849
Section 23.6. lnterpretation........... ............ #49
Section 23.7. When Modifications Permitted. ....................49
Section 23.8. Recording of Amendments. .............. ............49
Section 23.9. Rights of Eligible First Mortgagees................ ....................49
Section 23.10. Termination of the Condominium Proiect. .. . . . . . . ......4950
ARTICLE 24VArLPLAZA.CLUB........... ......... ..4950
Section 24.1. Submission of Residential Units to the Vail Plaza Club.... . ............... 49511
Section 24.2. Defirutions.............. .................50
Section 24.3. Submission of Residential Unit to Club Ownership. ......5,+9
Section 24.4. Conveyance by Purchaser. .. #52
Section 24.5. Description of a Club Estate. . . .. . ... ......5+52
Section 24.6. Administration and Management................. ................... #53
Section 24.7. Powers and Duties of the Association with Respect to Club
Estates. ..........5?51
Section 24.8. Club Assessment... 5354
Section 24.9. Acceptance; Enforcemen| tndemnification. ................ ..5556
Section 24.10. Cross Use Easements Pertaining to Floating Club Estates.. . . ............ 5652
Section 24.11. Resale Restriction. .............. 5#5E
Section 24.l2.
ARTICLE 25 MIS€EIJTANSAg'+;-aiini.iii'' iniiii,o
Section 25.1 . Enforc"."nt
Section 25.2.
ARTICLE 26 MTSCEL
Scel26J,*Nonwaiver....... ....................6e63
Sectro" S54@ ...... Severability.O?Of
Section 25-4eff ...... .........Number and Gender.63
Section X#?.C,J.,...*. ..... Captions.63
Section W?6l....,. Conflicts in Legal Documents.63
Section 35^S,26JL...... .......... Vesttg of lnterests.63G[
S ection fS--+.2e.2...........
Section 26.8. Choice of Law.......... ...........€g
vlCO_DOCS-A #1526?6 v14
Section 35,1tr26J,.... ... Third Party Beneficiary.€64
LIST OF'EXHIBITS
Exhibit A Legal Description............... ............... A-1
Exhibit B Table of Allocated Interests.................,.. ..............,..B-1
Exhibit B-1 Club Unit
Exhibit C Easements and Licenses of Record...... ....................C-l
Exhibit D Units Submitted to Vail Plaz a Club.... .................... D-l
Exhibit D-1 Club Estate
GO_DOCS_A #152626 v+!vll
CONDOMINIUM DECLARATION
FOR
VAIL PLAZA HOTEL RESORT CLUB
THIS CONDOMINILIM DECLARATION FOR VAIL PLAZA HOTEL RESORT
Cl-UBr-ll-eonderni*i*m (the "Dggleqatlqn" ), dated _,200-, shall be effective upon
recordation and is made by Vail Plaza Development, LLC, a Colorado limited liability company
("Declarant"). Declarant is the owner of certain real property in Eagle County, Colorado, more
particularly described on Exhibit A attached hereto and incorporated herein by this reference (the
"Property"). Declarant hereby makes the following grants, submissions, and declarations:
ARTICLE T IMPOSITION OF COVENANTS
Section 1.1. Pumose. The purpose of this Declaration is to create a condominium
project known as the Vail Plaza Hotel Resort Cluft*n-*e*den*inillm (the'esldemiliulq
Project" or "Blg|gd"), by submitting the Property to the condominium form of ownership and
use pursuant to the Colorado Common Interest Ownership Act, Article 33.3, Title 38, Colorado
Revised Statutes, as amended and supplemented from time to time (the "44'), to establish a
uniform plan for the development of the Project, including the sale and ownership of timespan
interests in the Units, and operation of the Restaurant Unit, Spa Unit, Service Unit, Convention
Unit, Catering Kitchen Unit, Loading Unit, Management Unit, Residential Units, Commercial
Units, and Parking Unit as provided herein.
Section 1.2. Intention of Declarant. Declarant desires to protect the value and
desirability of the Condominium Project, to further a plan for the improvement, sale and
ownership of the Units and Club Estates in the Condominium Project, to create a harmonious and
attractive development and to promote and safeguard the health, comfort, safety, convenience,
and welfare of the Owners of Units and Club Estates in the Condominium Project.
Section 1.3. Condominium Declaration. To accomplish the purposes and intentions
recited above, Declarant hereby submits the Property, together with all improvements,
appurtenances, and facilities relating to or located on the Property now and in the future, to
condominium ownership under the Act, and hereby imposes upon all of the Property the
covenants, conditions, restrictions, easements, reservations, rights-of-way, and other provisions
of this Declaration, and Declarant hereby declares that all of the Property shall be held, sold,
conveyed, encumbered, leased, rented, occupied, and improved subject to the provisions ofthis
Declaration.
Section 1.4. Covenants Running With the Land. All provisions of this Declaration
shall be deemed to be covenants running with the land, or as equitable servitudes, as the case
may be. The benefits, burdens, and other provisions contained in this Declaration shall be
binding upon and shall inure to the benefit of Declarant, all Unit Owners, all Owners of Club
Estates, and their respective heirs, executors, administrators, personal representatives,
successors, and assigrs.
CA-DOCS-A-*I52626I4
ARTICLE 2 DEFINITIONS
The following words, when used in this Declaration, shall have the meanings designated
below unless the context expressly requires otherwise:
Section 2.1. !\ql means the Colorado Common Interest Ownership Act as defined in
ARTICLE t hereof. In the event the Act is repealed, the Act, on the effective date of this
Declaration, shall remain applicable to this Declaration.
Section2.2. "Additional Imnrovements" has the meaning set forth in Section 18.1 of
this Declaration.
Section 2.3. "Allocated Interests" means the undivided interest in the Common
Elements and the Common Expense Liability and the votes in the Association allocated to each
of the Units in the Condominium Project. The formulae used to establish the Allocated lnterests
are described in ARTICLE 4. The Allocated Interests for each Unit are set forth on Exhibit B
attached hereto and incorporated herein by this reference.
Section 2.4. "Articles of Incomoration" means the Articles of lncorporation of the Vail
Plaza Condominium Association, Inc., filed with the Colorado Secretary of State.
Section 2.5. "Assessments" means the annual, special and default Assessments levied
pursuant to this Declaration.
Section 2.6. "Association" means the Yarl Plaza Condominium Association, Inc., a
Colorado nonprofit corporationn and its successors and assigns.
Section 2.7. "Board of Directors" means the governing body of the Association, as
provided in this Declaration and in the Articles of Incorporation and Bylaws of the Association,
and defined as the "Board of Managers" in the Act.
Section 2.8. "Budget" has the meaning set forth in Section 10.3 of this Declaration.
Section 2.9. "Bvlaws" means any instruments, however denominated, which are
adopted by the Association for the regulation and management of the Association, including the
amendments thereto.
Section2.10. "Caterine Kitchen Unit" means a Unit designated in this Declaration as
the "Catering Kitchen Unit" with the prefix "K" on the Map. References to Units shall include
the Catering Kitchen Unit unless the context would prohibit or unless this Declaration expressly
provides otherwise.
Section2.ll. "Class"hasthemeaningsetforthinSectionll.TofthisDeclaration.
Section 2.12. "Commercial Activities" has the meaning set forth in ARTICLE 5 of this
Declaration.
CO_DOGS_A #152626 v4!
Section 2.13. "Commercial Unit" means any Unit designated with the prefix "C" on the
Map or designated as a "Commercial Unit" in this Declaration for business or commercial uses,
including Commercial Activities.
Section 2.14. "Committee" means a Committee established by the Board of Directors in
accordance with this Declaration and the Bylaws.
Section2.l5. "Common Elements" means all of the Condominium Project, other than
the Units, but including, without limiting the generality of the foregoing, the following
components:
the foundations, columns, girders, beams, supports, perimeter and supporting walls, fireplaces,
chimneys, flues, chimney chases, roofs, patios, decks, balconies, corridors, lobbies, vestibules,
entrances and exits, exterior doors and windows, and the mechanical installations of the
Improvements consisting of the equipment and materials making up any central services such as
power, light, gas, hot and cold water, sewer, cable television, and heating and central air
conditioning which exist for use by one or more of the Unit Owners, including the pipes, vents,
ducts, flues, cable conduits, wires, telephone wire, and other similar utility installations used in
connection therewith) and the areas designated on the Map as including those installations, trash
rooms and storage rooms, elevators and stairs except for the Units; and
(a)
(b)
(c)
trees, planters, driveways,,
Propefiy; and
the Property; and
the Improvements (including, but not by way of limitation,
the yards, sidewalks, walkways, paths, grass, shrubbery,
roadways, landscaping, gardens, and related facilities upon the
(d) the pumps, tanks, motors, fans, storm drainage structures,
compressors, ducts, and, in general, all apparatus, installations, and equipment of the
Improvements existing for use of one or more of the Unit Owners; and
(e) in general, all other parts of the Condominium Project
designated by Declarant as Common Elements and existing for the use of one or more of the
Unit Owners.
The Common Elements shall be owned by, the Unit Owners, each Unit Owner having an
undividedinterestintheCommonE1ementsasa11ocatedinW
Section 2.16. "Common Expenses" means expenditures made or liabilities incurred by
or on behalf of the Association, together with any allocations to reserves, including, without
limiting the generality of the foregoing, the following items:
(a)expenses of adminishation, insurance, operation, and
management, repair or replacement of the Common Elements except to the extent such repairs
and replacements are responsibilities of a Unit Owner as provided in this Declaration;
CO_DOCS_A #152626v{!
(b)
this Declaration or the Bylaws;
(c)
Directors;
(d)
members of the Association; and
(e)
Agreement.
expenses declared Common Expenses by the provisions of
all sums lawfully assessed against the Units by the Board of
expenses agreed upon as Common Expenses by the
expenses provided to be paid pwsuant to any Management
Section 2.17. "Common Expenses Liability" means the liability for Common Expenses
allocated to each Unit pursuant to this Declaration.
Section2.l8. "Condominium Documents" means the basic documents creating and
goveming the Condominium Project, including, but not limited to, this Declaration, the Articles
of Incorporation and Bylaws, the Map, and any procedures, Rules and Regulations, or policies
relating to the Condominium Project adopted under such documents by the Association or the
Board of Directors.
Section2.19. "Condominium Map" or "Map" means that part of this Declaration that
depicts all or any portion of the Condominium Project in three dimensions, is executed by the
Declarant and is recorded in the Records. A Map and a Plat may be combined in one insffument.
In a Map, a "HSnZgqlALBgUldAry" means a plane of elevation relative to a described benchmark
that defines either a lower or upper dimension of a Unit such that the real estate respectively
below or above the defined plane is not part of the Unit. In a Map, a "Verlical Boundary" means
the defined limit of a Unit that is not a Horizontal Boundary of that Unit.
Section 2.20. "Condominium Project" or "Proiect" means the term as defined in
ARTICLE I hereof. The Condominium Project includes areas used for commercial purposes,
amenities for hotel guests and Club Estate Owners, restaurants, a loading area, hotel facilities, a
parking area, and Residential Units for use by certain employees of the Upper Eagle Valley, the
Owner of the Vail Plaza Penthouse Unit, hotel guests, and the Owners of Club Estates as more
specifically described in this Declaration.
Section2.2l. "Condominium Unit" means the fee simple interest in and to a Unit,
together with the undivided interest in the Common Elements appurtenant to the Unit, as
allocated in Exhibit B.
Section 2.22. "Convention Unit" means a Unit designated in this Declaration as the
"Convention Unit" with the prefix "B" on the Map. References to Units shall include the
Convention Unit unless the context would prohibit or unless this Declaration expressly provides
otherwise.
Section 2.23. "Costs of Enforcement" means all monetary fees, hnes, late charges,
interest, expenses, costs, including receiver's and appraiser's fees, and reasonable attomeys' fees
and disbursements, including legal assistants' fees, incurred by the Association in connection
CO_DOCS_A #152626 v11
with the collection of Assessments or in connection with the enforcement of the terms,
conditions and obligations of the Condominium Documents.
Section 2.24. "Declarant" means Vail Plaza Development, LLC, a Colorado limited
liability company, and its successors and assigns, as specified in a recorded instrument
describing those rights of the Declarant transferred to the successor or assignee.
Section 2.25. "Declaration" means this Declaration, together with any supplement or
amendment to this Declaration, and any other recorded instrument however denominated that
exercises a Development Right, executed by Declarant and recorded in the Records. The term
"Declaration" includes all Maps and Plats recorded with this Declaration and all amendments to
this Declaration and supplements to the Maps and Plats without specific reference thereto.
Section 2.26. "Deed" means each initial Special Warranty Deed recorded after the date
hereof by which Declarant conveys a Unit or a Club Estate.
Section 2.27. "Development Riehts" means all of the expansion rights, withdrawal
rights and development rights set forth in ARTICLE 18 of this Declaration, and in the Act.
Section 2.28. "Dispute" has the meaning set forth in @ of this
Declaration.@alsosetsforthadditionaldefinitionsre1atingto
Disputes.
Section 2.29. "Eligible First Mortgagee" means a First Mortgagee that has notified the
Association in writing of its name and address and status as a First Mortgagee and has requested
that it receive notices provided for in ARTICLE 22 entitled "Mortgagee Protections".
Section 2.30. "Employee Housing Unit" means the Unit designated as the 'ErnplSg
Housins Unit" with the prefix 'E" on the Map to be used as specified in Section 15.12.
References to Units shall include the Employee Housing Unit unless the context would prohibit
or this Declaration expressly provides otherwise.
Section 2.31 . "First Mortgagee" means a holder of a Security Interest in a Unit or a Club
Estate that has priority over all other Security Interests in the Unit or Club Estate.
Section 2.32. "Hotel Unit" means the Unit designated
Declaration with the prefix "H" on the Map. References to Units
asa
shall
"Hotel Unit" in this
include the Hotel Unit
unless the context would prohibit or unless this Declaration expressly provides otherwise.
Section 2.33. "Improvement(s)" means the building(s) (including all fixtures and
improvements contained within it) located on the Property in which Units or Common Elements
are located.
Section 2.34. "Limited Common Elements" means those parts of the Common Elements
that are limited to and reserved for the use in connection with one or more, but fewer than all, of
the Units. Without limiting the foregoing, the Limited Common Elements shall include any
balcony, deck, patio, courtyard or porch appurtenant to and accessible only from a Unit, any
shutters, awnings, window boxes, doorsteps, hallways, lobbies, entryways, stoops, porch,
CO_DOCS_A #152626 v+!
balcony or patio designated or designed to serve a single Unit but located outside the Unit's
boundaries, maid/maintenance closets, Iaundry facilities, storage spaces, and ski lockers outside
Units designated as Limited Common Elements in this Declaration or on the Map, if any. If any
chute, flue, duct, wire, conduit, bearing wall, bearing column or other fixture lies partially within
and partially outside the designated boundaries of a Unit, any portion thereof serving that Unit is
a Limited Common Element allocated solely to that Unit, and any portion thereof serving more
than one Unit or any portion of the Common Elements is a part of the Common Elements.
Limited Common Elements also include any portion of the Common Elements allocated by this
Declaration or on the Map as Limited Common Elements. All Limited Common Elements shall
be used in connection with the appurtenant Unit(s) to the exclusion of the use thereof by the
other Owners, except by invitation. Subject to the Association's overall responsibility for
maintenance of the Limited Common Elements, each Owner shall be responsible for routine
maintenance and care of the walls, ceilings and floors of any patio or balcony or of any other
Limited Common Elements appurtenant to and accessible only from the Owner's Unit, and for
keeping the same in a good, clean, sanitary, and attractive condition. No reference to Limited
Common Elements need be made in any instrument of conveyance or encumbrance in order to
convey or encumber the Limited Common Elements appurtenant to a Unit.
Section 2.35. "Loading Unit" means a Unit designated in this Declaration as the
"Loading Unit" with a prefix of "L" on the Map. References to Units shall include the Loading
Unit unless the context would prohibit or unless this Declaration expressly provides otherwise.
Section 2.36. "Maiority of Owners" means a majority (or any greater percentage that
may be specifically required for a particular action or authorization by the terms of this
Declaration) of the total voting power of the members of the Association.
Section 2.37. "Management Aqreement" means any contract or arrangement entered
into for purposes of discharging the responsibilities of the Board of Directors relative to the
operation, maintenance, and management of the Condominium Project.
Section 2.38. "Manasement Unit" means a Unit desigriated in this Declaration as the
"Management Unit" with the prefix "M" on the Map. References to Units shall include the
Management Unit unless the context would prohibit or this Declaration expressly provides
otherwise.
Section 2.39. "Managing Aeent" means a person, firm, corporation or other entity
employed or engaged as an independent contractor pursuant to a Management Agreement to
perform management services for the Association.
Section 2.40. "Occupant" means any member of a Unit Owner's family or a Unit
Owner's guests, invitees, servants, tenants, employees, or licensees who occupy a Unit or are on
the Common Elements for any period of time, or any other person who occupies a Unit or is on
the Common Elements for any period of time.
Section 2.41 . "Owner" means the Declarant or any other person who owns record title to
a Unit or Club Estate (including a contract seller, but excluding a contract purchaser) but
excluding any Person having a Security Interest in a Unit or Club Estate unless such Person has
CO_DOCS_A #152626 v14
acquired record title to the Unit or Club Estate pursuant to foreclosure or any proceedings in lieu
of foreclosure.
Section 2.42. "Parking Unit" means a Unit designated in this Declaration as the
'Pa*ing_UnS!" with the prefix "P" on the Map. References to Units shall include the Parking
Unit unless the context would prohibit or unless this Declaration expressly provides.
Section 2.43. "Percentase Interest" has the meaning set forth in Section 4.2 of this
Declaration.
Section 2.44. "Period of Declarant Control" means the maximum period of time defined
and limited by the Act and Section 10.6 of this Declaration during which the Declarant may, at
its option, control the Association.
Section2.45. "Person" means an individual, association, partnership, limited liability
company, corporation, trust, governmental agency, political subdivision or other legal entity or
any combination thereof.
Section 2.46. "Plan of Club Ownership" means the system of mutual use rights and
mutual obligations established by this Declaration as set forth in ARTICLE 24.
Section2.a1, "Plans" rneans th
bv Zehren & Associa
Sce!isu2,4& Se*ien+*l+-?1al mea:rs that part of a Declaration that is a land survey
plat as set forth in Section 38-51-102, Colorado Revised Statutes, as amended, depicts all or any
portion of the Condominium Project in two dimensions, is executed by the Declarant, and is
recorded in the Records.
Scclisn2-49. Ss€ffi_Prgpg{f_ means the real property described on Exhibit Ar.
Seetign2.]5l}. @ means any leasehold or other estate or interest
in, over, or under land, including structures, fixtures, and other improvements and interests that,
by custom, usage or law, pass with the conveyance of land though not described in the contract
of sale or instrument of conveyance. Real Estate includes parcels with or without Horizontal
Boundaries and spaces that may be filled with air or water.
Scetion2,5t @ means the Office of the Clerk and Recorder in
Eagle County, Colorado, and in every county in which any portion of the Condominium Project
is located.
Seetioa252. @ means any Unit designated as a
'BSE dgnti4llqi!" with a prefix of "F", "E", "V], or "H." on the Map or designated as a
Residential Unit in this Declaration. Residential Units includes Club Units ("F'), the Employee
Housing Unit ("8"), the Vail Plaza Penthouse Unit ('V'), and the Hotel Unit ("H"). References
to Units shall include the Residential Units unless the context would prohibit or unless this
Declaration expressly provides otherwise.
CO_DOCS_A #152626 v44
Scetiqu2,s3. @ means a Unit designated in this
Declaration as the "Restaurant Unit" with the prefix '\" on the Map. References to Units shall
include the Restaurant Unit unless the context would prohibit or unless this Declaration
expressly provides.
$ectiau254. mears the rules and regulations
promulgated by the Board of Directors for the management, preservation, safety, control, and
orderly operation ofthe Condominium Project in order to effectuate the intent and to enforce the
obligations set forth in the Condominium Documents, as amended and supplemented from time
to time. Separate Rules and Regulations may be promulgated to apply only to a certain tlpe or
types of Units.
Sceligtr-2,ss, @ means an interest in Real Estate or
personal property created by contract or conveyance which secures payment or performance of
an obligation. The terms include a lien created by a mortgage, deed of trust, trust deed, security
deed, contract for deed, land sales contract, lease intended as security, assignment of lease or
rents intended as security pledge of an ownership interest in an Association, and any other
consensual lien or title retention contract intended as security for an obligation. The holder ofa
Security Interest includes any insurer or guarantor of a Security Interest.
Sead0n2]56. @ means a Unit designated in this Declaration
as the "Service lJnit" with the prefix "S" on the Map. References to Units shall include the
Service Unit unless the context would prohibit or unless this Declaration expressly provides
otherwise.
Scclim2,SZ @ means a Unit designated in this Declaration as
the "Spa Unit" with the prefix "A" on the Map. References to Units shall include the Spa Unit
unless the context would prohibit or unless this Declaration expressly provides otherwise.
Scelion2"S& means those rights reserved by
Declarant in ARTICLE 17 and ARTICLE l8 of this Declaration.
Scetisn2lg, means that certain district
established by and located in the Town of Vail, Colorado which ordinance creates limitations on
the use, rights, and ownership of the Project and other real property within the district.
Sccltou2*6lL Ske*ie*-a*+-""Unill means a physical portion of the Condominium
Project which is designated for separate ownership or occupancy and the boundaries ofwhich are
described in or determined by this Declaration and depicted on the Map. A Unit shall consist of
enclosed rooms and shall be bounded by the interior surfaces of Unfinished Perimeter Walls,
Floors and Ceilings thereof. For the purpose of defining a Unit, the terms set forth below shall
be defined as follows:
(a) "Unfinished Perimeter Wall" means the studs, supports,
and other wooden, metal, or similar structural materials which constitute the interior face of a
wall of a Unit.
CO_DOCS_A #152626 v44
(b)"Unfinished Ceiling" means the beams, joists, and wooden
or other structural materials which constitute the ceilins of a Unit.
(c)"Unfinished Floor" means the beams, floor joists, and floor
deck material which constitute the floor of a Unit.
A Unit shall include any lath, furring, wallboard, plasterboard, plaster, drywall, wall
paneling, wood, tile, paint, paper, carpeting, or any other wall, ceiling, or floor covering, any
fireplace or stove hearth, facing brick, tile or firebox, fixtures and hardware, all improvements
contained within the area bounded by the unfinished perimeter walls, ceilings, and floors, and
any heating and refrigerating elements or related equipment, utility lines and outlets, electrical
and plumbing fixtures, pipes, and all other related equipment required to provide heating, air
conditioning, hot and cold water, electrical, or other utility services to such Unit and located
within the unfinished walls, ceilings, and floors; provided, however, that such Unit shall not
include any of the structural components of the Improvements or utility or service lines located
within such Unit but serving more than one Unit. Each Unit shall be designated by a separate
number, letter, address or other s)rynbol or combination thereof that identifies only one Unit in
the Condominium Project as more specifically set forth on Exhibit B.
Scctton2,61. means the system of mutual use
rights and mutual obligations created and established for Owners of Club Estates pursuant to the
Plan of Club Ownership. Additional definitions relating to the Club are set forth in ARTICLE
.A
Sbctiod.6e means the Condominium Unit
designated as the "Vail Plaza Penthous " in this Declaration with the prefix of "Y" on the
Map. References to Units shall include the Vail Plaza Penthouse Unit unless the context would
prohibit or unless this Declaration expressly provides otherwise.
$ectiou2.6A has the meaning given in Section
18.7 of this Declaration.
ARTICLE 3 DIVISION OF'PROJECT INTO CONDOMINIUM OWNERSHIP
Section 3.1. Division Into Condominium Units. The Property is hereby and hereafter
divided into those Units identified on Exhibits B and B-1, as amended from time to time, each
consisting of a fee simple interest in a Unit and an undivided fee simple interest in the Common
Elements in accordance with the respective undivided interests in the Common Elements as set
forth in Exhibits B and B-1. Such undivided interests in the Common Elements are hereby
declared to be appurtenant to the respective Units. The total of the undivided interests in the
Common Elements set forth in Exhibits B and B-1, rounded to the nearest one percent (l7o),
shall be deemed to equal one hundred percent (100%) for purposes of this Declaration.
Section 3.2. Delineation of Unit Boundaries. The boundaries of each Unit are
delineated and designated by an identifying number on the Map, and those numbers are set forth
in Exhibit B.
CO_DOCS_A #152626 v44
Section 3.3. Inseparability of Condominium Unit. Except as provided in Section 3.5
below, and in the Article entitled "Reservation of Development Rights," and in the Article
entitled "Plan of Club Ownership": (a) no part of a Condominium Unit or of the legal rights
comprising ownership of a Condominium Unit may be partitioned or separated from any other
part thereof during the period of condominium ownership prescribed in this Declaration; (b) each
Condominium Unit shall always be conveyed, transferred, devised, bequeathed, encumbered,
and otherwise affected only as a complete Condominium Unit; and (c) every conveyance,
transfer, gift, devise, bequest, encumbrance, or other disposition of a Condominium Unit or any
part thereof shall be presumed to be a disposition of the entire Condominium Unit, together with
all appurtenant rights and interests created by law or by this Declaration, including the Unit
Owner's membership in the Association.
Section 3.4. Non-Partitionabilitlu of Common Elements. The Common Elements shall
be owned in common by all of the Owners and shall remain physically undivided, and no Owner
shall bring any action for partition or division of the Common Elements. By acceptance of a
deed or other instrument of conveyance or assignment to a Unit or Club Estate, each Owner shall
be deemed to have specifically waived such Owner's right to institute or maintain a partition
action or any other cause of action designed to cause a division of the Common Elements, and
this Section may be pleaded as a bar to the maintenance of such an action. Any Owner who shall
institute or maintain any such action shall be liable to the Association and hereby agrees to
reimburse the Association for the Costs of Enforcement in defending any such action. In no
event shall this Section 3.4 be deemed to prohibit a submission of a Condominium Unit to Club
Ownership or withdrawal of a Condominium Unit from the Project in accordance with applicable
provisions of this Declaration and of the Act.
Section 3.5. Alterations and Subdivision of Units: Relocation of Boundaries Between
Adioinine Units. Unit Owners (other than Owners of Club Estates which are a part of the Vail
Plaza Club) may, with the prior approval of the Board (which approval may be withheld in the
Board's sole discretion), alter the exterior of their Units, subdivide their Units and relocate
boundaries between their Unit and an adjoining Unit and reallocate Limited Common Elements
between or among Units, subject to the provisions and requirements of this Declaration and of
the Act.
ARTICLE 4 ALLOCATED INTERESTS
Section4.1. Allocation of hterests. The Allocated Interests assigned to each Unit in
tne ConOominium prc are set forth on in
MExhibits B and B-1. Exhibit B allocates the total Commercial
Unt nUocated tnt
Condominium tvtan. n
Units in tne Condom
accordance with th set out in Section 4.2 belowW
formulae are to be used in reallocating interests if Units are added to the Condominium Project
or if Units are converted to Common Elements or Limited Common Elements.-The{ormula{sr
ub4st*tes-isde*eribed-i+
tfee+ion-?4*
CO_DOCS_A #152626 v+!10
Section 4.2. Formulae for the Allocation of Interests. The interests allocated to each
8Ds-0f Unit have been calculated by the following formulae:
(a)Undivided Interest in the Common Elements. The
percentage interest of the undivided interest in the Common Elements for each fuBc_slUnit (the
"PefgenlACq IntgIqS!") is based generally on the ratio ofthe floor area ofeach tyDgolunit to the
total floor area of all of the Units on the Projectjlsbow!-oulbeIa$, subject to mmkefvalue
adjustments for certain Units as shown in the chart below. The-m*Ceet value adjustments reflect
the limited, special uses of such Units.
Unit Type ,{e*ua}Square
Footage of
{+*itPursuautlto
the Plans
M*+lr+*-Value
Adjustment
Factor
Adjusted Square Footage of Unit
Tyueused to calculate
Percentage Interest
Hotel Unit 34,368.00 ee{Lgt}30,931.20
Employee
Housine Unit
9,103.00 0.50 4,5 5 1 .50
Restauranr Unit 2,885.00 0.70 2,019.50
Tolal
Commercial
Units
2,r68.00 0.70 1,517 .60
Soa Unit 6,014.00 0.60 3,608.40
Management
Unit
8,865.00 0.70 6,205.50
Service Unit 18,887.00 0.35 6,610.45
Parking IJniX 68,774.00 0.30 20,632.20
Convention l]nit 7,160.00 0.40 2,864.00
Catering Kitchen
Unit
6,553.00 0.40 2,621.20
Loadins Unit 8,154.00 0.2s 2,038.50
TotaLClubJnits 62,557.00 1.00 62,557.00
Vail Plaza
Penthouse Unit
5,418.00 1.00 5,418.00
CO_DOCS_A #152626 v7!11
(b)Common Expenses Liability. The percentage of Common
Expenses Liability allocated to each Unit is equivalent to and based on each Unit's Percentage
Interest, subject to adjustments provided for in Section 12.3.
(c)Votes. Each Unit shall be allocated the portion of the total
voting power equivalent to such Unit's Percentage Interest. Any specified percentage, portion or
fraction of Unit Owners, unless otherwise stated in the Condominium Documents, means the
specified percentage, portion, or fraction of all of the votes as allocated in Exhibi+BExhibrts i
4IdB:1'
ft} fornula for Allocat
Interest assiqned
Unit to tne totat no
aaiustments for eac
tle (il size of tne Cl
Ctun Unit witnin tne
desisn of the Club U
vautteA ceitinqs.
separate occunancv
@) Anocation of ferc
.lttocatea mteres
for ntocation of tn
Section 4.3. Roundinq Convention. Any Allocated Interest, stated as a fraction, shall
be rounded up to the nearest one percent (1%). The total of all Allocated Interests shall be
deemed to equal to one hundred percent (100%) for purposes of this Declaration.*Injhe-gsnll
ot anv aiscrenancv
anptication ot a lor
any otner reason, t
Section 4.4. Effective Date of Reallocation. The effective date for reallocating
Allocated Interests to Units as a result of the exercise of Development Rights set forth in
ARTICLE 18 of this Declaration shall be the date on which the amendment required bv Section
18.2 hereofis recorded in the Records.
ARTICLE 5 COMMERCIAL, RESTAURANT, SPA, CONVENTION, CATERING
KITCHEN, AND LOADINC'UntrS
Section 5.1. Permitted Uses. Except as otherwise provided in this ARTICLE 5, the
Commercial, Restaurant, Spa, Convention, Catering Kitchen, and Loading Units may be used for
any purposes and uses permitted by law and by Special Development District 6.
Section 5.2. Rules and Reeulations. The Board may promulgate Rules and
Regulations governing the operations of the Commercial, Restaurant, Spa, Convention, Catering
Kitchen, and Loading Units, only to the extent the operation of such Units materially affects the
Club Units or the Hotel Unit and then only to: (i) limit hours of operation when open to the
public, if applicable; (ii) prohibit amplified or exterior music after certain times; and
CO_DOCS_A #152626 vl!12
(iii) reasonably control odors from restaurants and other facilities. The Rules and Regulations
for such Units shall also provide a procedure whereby the Board, upon written request, may
waive or vary the limitations on operations of such Units for specific events and/or as
circumstances otherwise allow.
Section 5.3. Commercial Activities. A variety of commercial activities are and will be
conducted in and adjacent to the Project (as further described below, the "Commercial
Activities"). The Commercial Activities are expected to generate an unpredictable amount of
visible, audible and odorous impacts and disturbances. The Commercial Activities may include,
without limitation: (i) office and retail uses, (ii) retail sales and rentals, (iii) restaurant and bar
operations (including, without limitation, sales of food and alcoholic and non-alcoholic
beverages for consumption on and immediately adjacent to the Project and at other locations,
preparation of hot and cold food and beverages at indoor and outdoor facilities on and
immediately adjacent to the Project), (iv) sales of services relating to recreational activities,
(v) the installation, operation and maintenance of illuminated and non-illuminated signage,
(vi) meetings and conferences, and (vii) any other uses or activities permitted by law. The
Commercial Activities may occur during dayime and nighttime. Commercial Activities within
the Units at the Project must comply with applicable laws and regulations and with Special
Development District 6 requirements.
ARTICLE 6 PARIilNG UNIT
Section 6.1. Permitted Uses. Except as otherwise provided in this ARTICLE 6, the
Parking Unit may be used for any pu{poses and uses permitted by law and by Special
Development District 6.
Section 6.2. Parking Unit Operation and Limitations. Operation of the Parking Unit
may include designated areas of the parking garage for valet parking, public parking, Club Estate
Owner parking, hotel and restaurant reserved spaces, and a designated number ofparking spaces
for the YallPlaza Penthouse Unit Owner. The Parking Unit Owner may require a fee from all
users of the Parking Unit and a fee from the Association or the Managing Agent for use of the
Parking Unit by Club Estate Owners. The Parking Unit Owner may require valet parking for all
users. The Parking Unit Owner shall be required to provide:
(a)Each Owner of a Club Estate with the use of one (1)
parking space in the Parking Unit during the Club Estate Owner's Club Week(s), pursuant to the
terms of the applicable agreement between Declarant and the Association, so long as such an
agreement is in effect;
(b)At all times, four (a) parking spaces reserved and assigned
to the Vail Plaza Penthouse Unit Owner;
(c)Sufficient access to and soaces within the Parkine Unit for
use by the Hotel Unit Owner, Restaurant Unit Owner, Convention Unit Owner, and Management
Unit Owner and for valet parking or other forms of parking as the Parking Unit Owner may
determine and agree with the Owners of such other Units; and
CO_DOCS_A #152626 v4!l3
(d) Uses of the Parking Unit to comply with Special
Development District 6 requirements.
ARTICLE 7 CONDOMINIUM MAP
The Map shall be filed in the Records. Any Map filed subsequent to the frrst Map shall
be termed a supplement to such Map, and the numerical sequence of such supplements shall be
shown thereon. The Map shall be filed following substantial completion of the Improvement
depicted on the Map and prior to the conveyance of any Unit depicted on the Map to a purchaser.
The Map shall include a Plat which shows the following:
(a) the name and a general schematic map of the entire
Condominium Project;
(b) the location and dimensions of all Real Estate not subject to
Development Rights, or subject only to the Development Right to withdraw, and the location and
dimensions of all existing improvements within that Real Estate;
(c) a description sufficient to identify any Real Estate subject
to Development Rights, labeled to identify the rights applicable to it;
(d) to the extent feasible, a legally sufficient description ofany
existing encroachments across any Condominium Project boundary;
(e) to the extent feasible, a legally sufficient description ofall
easements serving or burdening any portion of the Condominium Project; and
(0 the distance between any noncontiguous parcels of Real
Estate comprising the Condominium Project.
The Map shall also show the following:
(g) the location and dimensions of the Vertical Boundaries of
each Unit and that Unit's identifying number;
(h) Horizontal Boundaries, if any, for each Unit with reference
to all established data and that Unit's identifying number;
(i) any Units in which the Declarant has reserved the right to
create additional Units or Common Elements, identified appropriately;
0) the approximate location and dimensions of all Limited
Common Elementsl and
(k) the number, size and location of any sales offices,
management offices and models to be maintained by Declarant.
CO_DOCS_A #152626 v14 14
The Map shall contain a certificate of a registered and licensed land surveyor certifying that the
Map was prepared subsequent to the substantial completion of the Improvements and contains all
information required by this Declaration and the Act. Each supplement shall set forlh a like
cedificate when appropriate. In interpreting the Map, the existing physical boundaries of each
separate Unit as constructed shall be conclusively presumed to be its boundaries.
ARTICLE 8 LEGAL DESCRIPTION AND TAXATION OF'UNITS
Section 8.1. Contracts to Convey Entered into Prior to Recordins of Condominium
Declaration and Map. A contract or other agreement for the sale of a Unit entered into prior to
the filing of this Declaration in the Records may legally describe such Unit in substantially the
manner set forth in this ARTICLE 8 and may indicate that this Declaration and Map are to be
recorded.
Section 8.2. Contracts to Convey and Conveyances Subsequent to Recording of
Declaration and Map. Subsequent to the recording of this Declaration and Map, contracts to
convey, instruments of conveyance of Units, and every other instrument affecting title to a Unit
shall be in substantially the following form with such omissions, insertions, recitals of fact, or
other provisions as may be required by the circumstances or appropriate to conform to the
requirements of any govemmental authority, practice or usage or requirement of law with respect
thereto:
Unit _, according to the Condominium Declaration for Vail
Plaza Hotel Resort Club. a---+srdomi+i*mr--recorded
200_, at (Reception No.) and the
Condominium Map recorded 200_, at
(Reception No.) in the office of the Clerk and Recorder of Eagle
County, Colorado.
Section 8.3. Convevance Deemed to Describe an Undivided Interest in Common
Elements. Every instrument of conveyance, Security Interest, or other instrument affecting the
title to a Unit which legally describes the Unit substantially in the manner set forth above shall
be construed to describe the Unit, together with the undivided interest in the Common Elements
appurtenant to it, and together with all fixtures and improvements contained in it, and to
incorporate all the rights incident to ownership of a Unit and all the limitations of ownership as
described in the covenaats, conditions, restrictions, easements, resewations, rights-of-way, and
other provisions contained in this Declaration, including the easement of enjoyment to use the
Common Elements.
Section 8.4. Separate Tax Assessments. Upon the filing for record of this Declaration
and the Map in the Records, Declarant shall deliver a copy of this Declaration to the assessor of
each county specified in the Records as provided by law. The lien for taxes assessed shall be
confined to the Unit(s). No forfeiture or sale of any Unit for delinquent taxes, assessments, or
other govemmental charge shall divest or in any way affect the title to any other Unit.
CO_DOCS_A #1s2626 v41 15
ARTICLE 9 UNIT OWNERS'PROPERTY RIGHTS IN COMMON ELEMENTS
Section9.l. Common Elements. Every Owner shall have a perpetual non-exclusive
right and easement of access over, across, and upon any portion of the Common Elements
designated for common pedestrian use (but specifically excluding, without limitation, Common
Elements designated for maintenance, storage, utility installations and service areas), which
includes the benefit of a non-exclusive easement of access over, across and upon the Common
Elements for the purpose of access to and from the Unit from public ways for both pedestrian
and vehicular travel, which right and easement shall be appurtenant to and pass with the transfer
of title to such Unit; provided, however, that such right and easement shall be subject to the
followins:
(a)the covenants, conditions, restrictions, easements,
reservations, rights-of-way, and other provisions contained in this Declaration and the Map;
(b)the rieht of the Association from time to time to assisn on
an equitable basis portions of the Common Elements such as storage spaces, if any, for the
exclusive use of the Owner of a particular Unit by an appropriate instrument in writing;
(c)the right of the Association to adopt, from time to time, any
and all rules and regulations conceming vehicular traffic and travel upon, in, under, and across
the Condominium Project; and
(d) the right of the Association to adopt, from time to time, any
and a-11 rules and regulations concerning the Condominium Project as the Association may
determine is necessary or prudent for the management, preservation, safety, control, and orderly
operation of the Condominium Project for the benefit of all Owners, and for facilitating the
greatest and most convenient availability and use of the Units and Common Elements by
Owners.
Section 9.2. Limited Common Elements. Subject to the provisions of this Declaration
and the Rules and Regulations, every Owner shall have the right to use and enjoy the Limited
Common Elements appurtenant to such Owner's Unit.
ARTICLE 10 MEMBERSHIP AND VOTING RIGHTS IN ASSOCIATION
Section 10.1. Association Membershin. The Articles of Incorporation shall be filed no
later than the date the first interest in a Unit in the Condominium Project is conveyed to a
purchaser. Every Owner shall be a member of the Association and shall remain a member for
the period of the Owner's ownership of a Unit. No Owner, whether one or more Persons, shall
have more than one membership per Unit owned, but all of the Persons owning a Unit shall be
entitled to rights of membership and of use and enjoyment appurtenant to ownership of a Unit.
Membership in the Association shall be appurtenant to, and may not be separated from,
ownership of a Unit. If title to a Unit is held by more than one Persono such Persons shall
appoint and authorize one Person or altemate Persons to represent the Owners of the Unit. Such
representative shall be a natural person who is an Owner, or a designated board member, officer
or other authorized representative of a corporate Owner, or a general partner of a partnership
Owner, or a comparable representative of any other entity, and such representative shall have the
CO_DOCS_A #152626 v14 l6
power to cast votes on behalf of the Owners as a member of the Association, and serve on the
Board ofDirectors ifelected, subject to the provisions ofand in accordance with the procedures
more fully described in the Bylaws. Notwithstanding the foregoing, if only one of the multiple
Owners of a Unit is present at a meeting of the Association, such Owner is entitled to cast the
vote allocated to that Unit. If more than one of the multiple Owners are present and there is no
written designation of an authorized representative, the vote allocated to that Unit may be cast
only in accordance with the agreement of a majority in interest of the Owners present, which
majority agreement may be assumed for all purposes if any one of the multiple Owners casts the
vote allocated to that Unit without protest being made promptly to the person presiding over the
meeting by any of the other Owners of the Unit.
Section 10.2. Votine Riehts and Meetings. Each Unit in the Condominium Project shall
have the votes allocated in accordance with Section 4.2; provided, however, no vote allocated to
a Unit or Club Estate owned by the Association may be cast. Class voting shall be allowed on
certain issues as described in Section 11.7. A meeting of the Association shall be held at least
once each year. Special meetings of the Association may be called (i) by the President, (ii) by a
majority of the Board of Directors, (iii) if the special meeting is being called to address issues on
which only the Class is entitled to vote, by Owners within the Class having ten percent (10%) of
the votes entitled to be cast at such meeting, or (iv) by Owners having twenty percent (20%), or
any lower percentage specified in the Bylaws, of the votes in the Association. Not less than
fourteen (14) and no more than fifty (50) days in advance of any meeting, the Secretary or other
officer specified in the Bylaws shall cause notice to be hand delivered or sent prepaid by United
States Mail to the mailing address of each Owner. The notice of any meeting must state the time
and place of the meeting and the items on the agenda including the general nature of any
proposed amendment to this Declaration or the Bylaws, any Budget changes, and any proposal to
remove an officer or member of the Board of Directors. Unless the Bylaws provide for a lower
percentage, a quorum is deemed present throughout any meeting of the Association if persons
entitled to cast twenty percent (20%) of the votes which may be cast for election of the Board of
Directors are present, in person or by proxy, at the begiruring of the meeting. With respect to
meetings called for issues primarily related to the Class, for which the Owners in the Class may
decide the issue voting as a Class, the presence at the beginning of the meeting in person or by
proxy of Owners within the Class possessing sufficient votes to constitute twenty-five percent
(25%) of the votes of all Owners within the Class shall constitute a quorum as to such matters
concerning the Class, and such Owners in the Class present in person or by proxy shall constitute
the Owners entitled to vote upon issues that may be decided by Owners in the Class voting as a
Class presented at such meeting where a quonrm is present.
Section 10.3. Meeting to Approve Annual Budget. At the annual meeting of the
Association or at a special meeting of the Association called for such purpose, the Owners shall
be afforded the opportunity to ratify a Budget of the projected revenues, expenditures (both
ordinary and capital) and reserves for the Association's next fiscal year as proposed by the Board
of Directors (the "Budeet"). A summary of the proposed Budget approved by the Board of
Directors shall be mailed to the Owners u,ithin thirty (30) days after its adoption along with a
notice of a meeting of the Association to be held not less than fourteen (14) nor more than fifty
(50) days after mailing of the summary to the Owners. Unless at the meeting a Majority of
Owners, rather than a majority of those present and voting in person or by proxy, reject the
proposed Budget, the Budget is ratified whether or not a quorum is present at the meeting. ln the
CO_DOCS_A #152626 v+4 t7
event the proposed Budget is rejected, the Budget last ratified by the Owners continues until such
time as the Owners ratify a subsequent Budget proposed by the Board of Directors as provided
above.
Section 10.4. Unit Owners' and Association's Addresses for Notices. All Owners of
each Unit and Club Estate shall have one and the same registered mailing address to be used by
the Association or other Owners for notices, demands, and all other communications regarding
Association matters. The Owner or the representative of the Owners of a Unit or of a Club
Estate shall fumish such registered address to the secretary of the Association within ten (10)
days after transfer of title to the Unit or the Club Estate to such Owner or Owners. Such
registration shall be in written form and signed by all of the Owners of the Unit or the Club
Estate or by such persons as are authorized to represent the interests ofall Owners ofthe Unit or
the Club Estate. If no address is registered or if all of the Unit Owners cannot agree, then the
address of the Unit shall be deemed their registered address until another registered address is
fumished as required under this Section I 0.4. If the address of the Unit is the registered address
of the Owner(s), then any notice shall be deemed duly given if delivered to the principal office of
the Association. A11 notices and demands intended to be served upon the Board of Directors
shall be sent to the Association at the address set forth in the Articles or such other address as the
Board of Directors may designate from time to time by notice to the Owner(s).
Section 10.5. Transfer Information. All Persons who acquire a Unit or Club Estate other
than from Declarant shall provide to the Association written notice of the Person's name,
address, Unit or Club Estate owned, date of transfer, and name of the former Owner within ten
(10) days of the date of transfer. The Person shall also provide a true and correct copy of the
recorded instrument conveying or transferring the Unit or Club Estate or such other evidence of
the conveyance or transfer as is reasonably acceptable to the Association. In addition, the
Association may request such other information as the Association determines is necessary or
desirable in connection with obtaining and maintaining information regarding conveyances and
transfers of Units and Club Estates. The Association or Managing Agent shall have the right to
charge the Person a reasonable administrative fee for processing the transfer in the records ofthe
Association.
Section 10.6. Declarant Control of the Association. There shall be a Period of Declarant
Control of the Association, during which a Declarant, or persons designated by the Declarant,
may appoint and remove the officers of the Association and members of the Board of Directors.
The Period of Declarant Control shall commence upon filing of the Articles of Incorporation and
shall terminate no later than the earlier of:
(a)sixty (60) days after conveyance of seventy-five percent
(75%) of the Units that may be created by Declarant to Owners other than a Declarant;
(b) two (2) years after Declarant's last conveyance of a Unit in
the ordinary course ofbusiness; or
(c)two (2) years after any right to add new Units was last
exercised.
CO_DOCS_A #152626 v4{l8
Declarant may voluntarily surrender the right to appoint and remove officers and members of the
Board of Directors before termination of that period, but in that event the Declarant may require,
for the duration of the Period of Declarant Control, that specified actions of the Association or
Board of Directors, as described in a recorded instrument executed by the Declarant, be approved
by the Declarant before they become effective.
Section 10.7. Required Election of Unit Owners. Not later than sixty (60) days after
conveyance of twenty-five percent (25%) of the Units that may be created by Declarant to
Owners other than Declarant, at least one (l) member and not less than twenty-five percent
(25%) of the members of the Board of Directors shall be elected by Owners other than the
Declarant. Not later than sixty (60) days after conveyance of fifty percent (50%) of the Units
that may be created by Declarant to Owners other than Declarant, not less than thirtythree and
one-third percent (33-113%) of the members of the Board of Directors must be elected by
Owners other than the Declarant. Not later than the termination of any Period of Declarant
Control, the Owners shall elect a Board of Directors of at least five (5) members, at least a
majority of whom shall be Owners other than the Declarant or designated representatives of
Owners other than Declarant. ln order to assure representation of Club Members and the other
Unit Owners in the affairs of the Association and to protect the valid interests of such Owners in
the operation of the Condominium Project, following the termination of the Period of Declarant
Control, the Club Members, voting as a Class, shall be entitled to elect the greater of two (2)
members or a minimum of forty percent (40%) of the members of the Board of Directors, and the
other Unit Owners shall be entitled to elect the remaining members of the Board of Directors.
The Board of Directors shall elect the offrcers. The members of the Board of Directors and
officers shall take office upon election.
Section 10.8. Removal of Members of the Board of Directors. Notwithstanding any
provision of this Declaration or the Bylaws to the contrary, following notice and an opportunity
to be heard as required by this Declaration and the Act, the Owners, by sixty-seven percent
(61Yo) vote of all persons present and entitled to vote at a meeting of the Owners at which a
quorum is present, may remove a member of the Board of Directors with or w"ithout cause, other
than a member appointed by the Declarant; provided, however, only Club Members may remove
a member of the Board of Directors elected by the Club Members voting as a Class pursuant to
Section I 0.7 of this Declaration without cause.
Section 10.9. Requirements for Tumover of Declarant Conhol. Within sixty (60) days
after the Owners other than the Declarant elect a majority of the members of the Board of
Directors, the Declarant shall deliver to the Association all property of the Owners and of the
Association held by or controlled by the Declarant, including without limitation the following
items (to the extent they are in Declarant's possession or control):
(a)the orieinal or a certified coov of the recorded Declaration
as amended, the Articles of Incorporation, Bylaws, minute books, other books and records, and
any Rules and Regulations which may have been promulgated;
(b) an accounting for Association funds and financial
statements, from the date the Association received funds and ending on the date the Period of
Declarant Control ends. The financial statements shall be audited by an independent certified
CO_DOCS_A #152626 v+!19
public accountant and shall be accompanied by the accountant's letter, expressing either the
opinion that the financial statements present fairly the financial position of the Association in
conformity with generally accepted accounting principles or a disclaimer of the accountant's
ability to attest to the faimess of the presentation of the financial information in conformity with
generally accepted accounting principles and the reasons therefor. The expense ofthe audit shall
not be paid for or charged to the Association;
been represented by the Declarant to be the property of the Association or all of the Declarant's
tangible personal property that is necessary for, and has been used exclusively in, the operation
and enjoyment of the Common Elements, together with an inventory of such property, if any,
and the bill of sale from Declarant to the Association evidencing transfer of all personal property
itemized in the inventory;
(e)a copy, for the non-exclusive use of the Association, of any
plans and specifications used in the construction or renovation of the Improvements;
(c)
(d)
(0
the Association or its
Persons;
(g)
the Association funds or control thereofl
all of the Declarant's tangible personal property that has
all insurance policies then in force, in which the Owners,
members of the Board of Directors and officers are named as insured
copies ofany certificates ofoccupancy that may have been
issued with respect to the Improvements;
(h) any other permits issued by governmental bodies applicable
to the Condominium Project and which are currently in force or which were issued within one
(1) year prior to the date on which Owners other than the Declarant took control of the
Association:
(i)written warranties of the contractor, subcontractors,
suppliers, and manufacturers that are still effective;
0)a roster of Owners and First Mortgagees and their
addresses and telephone numbers, ifknown. as shown on the Declarant's records:
(k)employment contracts in which the Association is a
contracting party; and
(1) any service contract in which the Association is a
contracting party or in which the Association or the Owners have any obligation to pay a fee to
the Persons perlorming the services.
ARTICLE 11 ASSOCIATION POWERS AND DUTIES
Section I 1 .1 . Association Manaeement Duties. Subject to the rights and obligations of
Declarant and other Owners as set forth in this Declaration, the Association shall be responsible
CO_DOCS_A #152626 v4l 20
for the administration and operation of the Condominium Project and for the exclusive
management, control, maintenance, repair, replacement, and improvement of the Common
Elements and the Limited Common Elements, and shall use commercially reasonable efforts to
keep the same in good, clean, attractive, and sanitary condition, order, and repair. The expenses,
costs, and fees of such management, operation, maintenance, and repair by the Association shall
be part of the Assessments, and prior approval of the Owners shall not be required in order for
the Association to pay any such expenses, costs, and fees. The Association shall establish and
maintain, out of the installments of the annual Assessments, an adequate reserve account for
maintenance, repair, or replacement of those Common Elements that must be maintained,
repaired and/or replaced on a periodic basis. The Association shall adopt and amend Budgets for
revenues, expenditures, and reserves which will be the basis for collection of Assessments for
Common Expenses from Owners. The Association shall keep financial records sufficiently
detailed to enable the Association to comply with the requirement that it provide statements of
status of Assessments. All financial and other records of the Association shall be made
reasonably available for examination by any Owner and such Owner's authorized agents.
Section 11.2. Association Powers. The Association shall have, subject to the limitations
contained in this Declaration and the Act, the powers necessiry for the administration of the
affairs of the Association and the upkeep of the Condominium Project which shall include, but
not be limited to, the power to:
(a)
Regulations;
(b)
reserves;
(c)
(d)
adopt and amend the Bylaws and the Rules and
adopt and amend Budgets for revenues, expenditures and
collect Assessments for Common Expenses from Owners;
hire and discharge Managing Agents and delegate to such
Managing Agents the power and duty to enforce the Rules and Regulations and other powers and
duties of the Association, subject to the requirements of the Act;
(e) hire and discharge employees and agents, other than
Managing Agents, and independent contractors;
(f)institute, defend or intervene in litigation or administrative
proceedings or seek injunctive relief for violation of this Declaration, the Bylaws or the Rules
and Regulations in the Association's name on behalf of the Association or two (2) or more Unit
Owners on matters affecting the Condominium Project;
(g) receive notices, join in any litigation or administrative
proceeding, and execute any and all documents in the Association's name, on behalf of the
Association, or on behalf of the two (2) or more Owners, in connection with any change in
zoning, annexation, subdivision approval, building permit, or other type of govemmental
approval required to accomplish or maintain the purposes of this Declaration;
(h)
CO_DOCS_A #152626 v+!
make contracts and incur liabilities;
2l
(i) regulate the use, maintenance, repair, replacement and
modification of the Common Elements;
0)
Common Elements;
cause additional improvements to be made as pad of the
(k) acquire, hold, encumber, and convey in the Association's
name any right, title or interest to real property or personal property, but Common Elements may
be conveyed or subjected to a Security Interest only pursuant to the requirements ofthe Act;
grant easements, including permanent easements, leases,
licenses and concessions, through or over the Common Elements;
(m) impose and receive a paltnent, fee, or charge for the use,
rental or operation of the Common Elements, other than Limited Common Elements, and for
services provided to Owners;
(n)impose a reasonable charge for late payment of
Assessments, recover Costs of Enforcement for collection of Assessment and other actions to
enforce the powers of the Association, regardless of whether or not suit was initiated and, after
notice and hearing, levy reasonable fines for violations of this Declaration, the Bylaws and the
Rules and Regulations;
(o) impose a reasonable charge for the preparation and
recordation of amendments to this Declaration or for preparation of statements of unpaid
Assessments;
(p) provide for the indemnification of the Association's
officers and Board of Directors and maintain Board of Directors' and officers' liabilitv
insurance;
(q)assign the Association's right to future income, including
the right to receive Assessments;
(r) by resolution, establish Committees of the Board of
Directors and/or Owners, permanent and standing, to perform any of the above functions under
specif,rcally delegated administrative standards, as designated in the resolution establishing the
Committee;
0)
(s)
the Bylaws or under the Act;
(t)
by legal entities of the same type as the Association;
(u)
governance and operation ofthe Association; and
exercise any other powers conferred by this Declaration, by
exercise any other power that may be exercised in Colorado
exercise any other power neccssary and proper for the
CO_DOCS_A #152626 vI!22
(v) enter into agreements related to the Spa Unit and the
Parking Unit, to the extent permitted under all applicable law and so long as it complies with
Special Development District 6.
Section I I .3. Actions by Board of Directors. Except as specifically otherwise provided
in this Declaration, the Bylaws or the Act, the Board of Directors may act in all instances on
behalf of the Association. Under certain circumstances, the Owners may require that certain
actions be taken by the Board of Directors, including as set forth in Section ll.8 of this
Declaration.
Section 11.4. Board of Directors Meetines. All meetings of the Board of Directors, at
which action is to be taken by vote, will be open to the Owners and agendas for meetings of the
Board of Directors shall be made reasonably available for examination by all members of the
Association or their representatives, except that meetings of the Board of Directors may be held
in executive session(s), without giving notice and without the requirement that they be open to
Owners, in the following situations:
(a)matters pertaining to employees of the Association or
involving the employment, promotion, discipline or dismissal of an officer, agent, or employee
of the Association;
(b)consultation with legal counsel concerning disputes that are
the subject of pending, threatened or imminent coufi proceedings or mafters that are privileged or
confidential between attornev and client:
(c)
criminal misconduct;
(d)
judicially imposed requirements
disclosure;
investigative proceedings conceming possible or actual
matters subject to specific constitutional, statutory, or
protecting particular proceedings or matters from public
any matter the disclosure of which would constitute an(e)
unwarranted invasion of individual privacy.
Section 11.5. Rieht to Notice and Hearing. Whenever the Condominium Documents
require that an action be taken after "notice and hearing," the following procedure shall be
observed: The party proposing to take the action (e.g., the Board of Directors, a Committee, an
officer, a Managing Agent, etc.) shall give notice of the proposed action to all Unit Owners
whose interests the proposing party reasonably determines would be significantly affected by the
proposed action. The notice shall be delivered personally or mailed not less than three (3) days
before the proposed action is to be taken. The notice shall include a general statement of the
proposed action and the date, time and place of the hearing. At the hearing, the affected Person
shall have the right, personally or by a representative, to give testimony orally and/or in writing,
subject to reasonable rules ofprocedure established by the party conducting the hearing to assure
a prompt and orderly resolution of the issues. Such evidence shall be considered in making the
decision but shall not bind the decision makers. The affected Person shall be notified of the
decision in the same manner in which notice of the hearing was given. Any Owner having a
CO_DOCS_A #152626 v14 z3
right to notice and hearing shall have the right to appeal to the Board of Directors flom a
decision of a proposing party other than the Board of Directors by filing a written notice of
appeal with the Board of Directors within ten (10) days after being notified of the decision. The
Board of Directors shall conduct a hearing within forty-five (45) days, giving the same notice
and observing the same procedures as were required for the original hearing.
Section11.6. Pa)'ments to Working Capital Account. In order to provide the
Association with adequate working capital funds, the Association may collect from purchasers at
the time of the initial sale of each Unit or Club Estate by Declarant an amount not to exceed
three (3) months' worth of annual Assessments based on the Association's Budget in effect at the
time of the sale. Such pa)iments to this fund shall not be considered advance palments of ar.rnual
Assessments.
Section 11.7. Class of Membershin. Owners of Club Estates shall make up a separate
class of voting members in the Association ("Class") for purposes of voting on certain issues as
described below, to the extent Club Estate Owners are otherwise allowed to vote on such issues
pursuant to the Act or the Condominium Documents. The Board of Directors shall establish a
Committee for the Class and shall appoint to such Committee the members of the Board of
Directors elected by the Owners within the Class, such that there will be a Club Committee made
up of the members of the Board of Directors elected by the Owners of Club Estates voting as a
Class. Actions to be taken and issues to be determined by the Board of Directors shall be
determined by the Committee to the extent such actions or issues fall within the categories of
issues described below for the Class.
@} Any issue relating solely to the Club, the Club Units or the Limited
Common Elements appurtenant to the Club Units shall be decided by the Owners of Club
Estates, voting as a Class or by the Club Committee, as appropriate, including:
(i) all issues relating to ARTICLE 24 of this
Declaration;
Club Units;
(ii) any issue expressly relating only to the Club or the
(iii) any issue expressly relating only to the
administration and management of the Club;
(iv) any Rules and Regulations affecting only the Club
Units or Owners of Club Estates;
(v)anv Assessments or items shown on the Budset that
are payable only by Owners of Club Estates; and
("D any issue relating to the Reservation Procedures or
the level or types of services provided to the Club.
CO_DOCS_A #152626 vl!.A
The decision on whether an issue relates solely to the CIub Units or otherwise fits within the
categories of the Club Class issues described above shall be determined in the reasonable
discretion of the Board of Directors based on the provisions of the Condominium Documents.
Section 11.8. Reserved Powers: Directions to Board of Directors. Notwithstanding
anything to the contrary set forth in this Declaration, no issue, action or decision which would
operate to discriminate against any Class or otherwise interfere with the operation of the Units
owned by the Class, shall be effective without a vote or agreement of at least sixty-seven percent
(67%) of the voting power of the Class. The Board of Directors shall be required to act in
accordance with the directions of a Majority of Owners within the Class in the following
circumstances:
(a)If the Maiority of Owners within the Class votes to tncrease
the level of services or make additional services available to the Class and so notifies the Board
of Directors, in writing, then the Board of Directors shall promptly take reasonable action to
make such services available or to increase the level of services and the proposed Budget will be
modified accordingly.
(b) If the Majority of Owners within the Class votes to increase
or add specific items to the Budget, beyond that which is included in the first Budget adopted by
the Association, affecting only the Class or to increase reserves available only to the Class and
payable only by the Class or if the Committee for the Class proposes a Budget item or charge,
the Board of Directors shall be so notified in writing and the Budget proposed by the Board of
Directors pursuant to Section 10.3 for the following year shall include the requested changes.
(c)If the Maioritv of Owners within the Class votes to add
Rules and Regulations affecting only the Class or to increase the stringency of such Rules and
Regulations or the penalties for violation thereof or to change the Club's Reservation Procedures,
if applicable, and so notifres the Board of Directors, in writing, then the Board of Directors shall
act to amend the Rules and Regulations accordingly.
In addition, any issue primarily relating to a Class that requires the approval or consent of the
Board of Directors shall be deemed to include a requirement for the approval or consent of the
members of the Board of Directors elected by the Class. Notwithstanding anything to the
conhary set forth herein, the Board shall not be required to take any action that would cause a
breach of any legal duty of the Board or that would result in a violation of the Act or a reduction
in the level or quality of services or management of the Project below the level in place pursuant
to the first Budget adopted by the Association for the Project.
ARTICLE 12 ASSESSMENTS
Section 12.1. Commencement of Annual Assessments. Until the Association makes an
Assessment for Common Expenses, the Declarant shall pay all Common Expenses. After any
Assessment has been made by the Association, Assessments shall be made no less frequently
than annually and shall be based on a Budget adopted no less frequently than annually by the
Association.
CO_DOCS_A #152626 v71 25
Section 12.2. Annual Assessments. The Association shall levy annual Assessments to
pay for the Common Expense Liability allocated to each Unit pursuant to this Declaration. The
total annual Assessments shall be based upon a Budget of the Association's cash requirements
for upkeep of the Condominium Project including operation, maintenance, repair and
replacement of the Common Elements as required by the Act and the Condominium Documents.
Any surplus funds of the Association remaining after payment of or provision for Common
Expenses and any prepayment of or provision for reserves shall be credited to the Unit Owners in
proportion to their Common Expense Liability or credited to them to reduce their future
Assessments for Common Expenses.
Section 12.3. Apportionment of Annual Assessments. The total annual Assessments for
any fiscal year of the Association shall be assessed to the Units in proportion to their percentage
of Common Expenses Liability as shown on Exhibit B, subject to: (a) Common Expenses which
are separately metered or assessed to the Units by third parties or pursuant to service agreements
with third parties; (b) Common Expenses associated with the operation, maintenance, repair or
replacement of Limited Common Elements which shall be assessed equally or on such other
equitable basis as the Board of Directors shall determine to the Units to which the specific
Limited Common Elements are appurtenant; (c) Common Expenses or portions thereof
benefiting fewer than all of the Units which shall be assessed exclusively against the Units
benefited; (d) any increased cost ofinsurance based upon risk which shall be assessed to Units in
proportion to the risk; (e) any Common Expense caused by the misconduct of any Owner(s),
which may be assessed exclusively or on such other equitable basis as the Board of Directors
shall determine against such Owner(s); and (0 any expenses which are charged equally to the
Units. All such allocations of Common Expenses Liability to the Units on a basis other than the
Units' percentage of Common Expenses Liability shall be made at the sole discretion of the
Board of Directors.
Section 12.4. Special Assessments. In addition to the annual Assessments authorized
above, the Board of Directors may at any time and from time to time determine, levy, and assess
in any fiscal year a special Assessment applicable to that particular fiscal year (and for any such
longer period as the Board of Directors may determine) for the purpose of defraying, in whole or
in part, the unbudgeted costs, fees, and expenses of any construction, reconstruction, repair,
demolishing, replacement, renovation or maintenance of the Condominium Project, specifically
including any fixtures and personal property related to it. Any amounts determined, levied, and
assessed pursuant to this Declaration shall be assessed to the Units pursuant to the provisions in
Section 12.3 entitled "Apportionment of Annual Assessments" set forth above.
Section 12.5. Due Dates for Assessment Payments. Unless otherwise determined by the
Board of Directors, the Assessments which are to be paid in installments shall be paid semi-
a:rnually in advance and shall be due and payable to the Association at its office or as the Board
of Directors may otherwise direct in any Management Agreement, without notice (except for the
initial notice of any special Assessment), on the date and in the installments determined by the
Board of Directors, as set forth in the Rules and Regulations. If any such installment shall not be
paid when due and payable, then the Board of Directors may assess a late charge, default interest
charge (not to exceed the rate from time to time allowed by the Act or applicable law), fee, or
such other charge as the Board of Directors may fix by rule from time to time to cover the extra
expenses involved in handling such delinquent Assessment installment. An Owner's Assessment
CO_DOCS_A #152626 v7!26
shall be prorated if the ownership of a Unit commences or terminates on a day other than the first
day or last day, respectively, of a month or other applicable pay.rnent period. However, if the
Common Expenses Liability is re-allocated, any installment(s) of an Assessment not yet due
shall be recalculated in accordance with the re-allocated Common Expenses Liability.
Section 12.6. Default Assessments. A11 Costs of Enforcement assessed against an
Oumer pursuant to the Condominium Documents, or any expense of the Association which is the
obligation of an Owner pursuant to the Condominium Documents shall become a default
Assessment assessed against the Owner's Unit. Notice of the amount and demand for payment
of such default Assessment shall be sent to the Owner prior to enforcing any remedies for non-
payment hereunder.
Section 12.7. Covenant of Personal Oblieation for Assessments. Declarant, by creating
the Units pursuant to this Declaration, and all other Owners, by acceptance of the Deed or other
instrument of transfer of such Owner's Unit or Club Estate (whether or not it shall be so
expressed in such Deed or other instrument of transfer), are deemed to personally covenant and
agree, jointly and severally, with all other Owners and with the Association, and hereby do so
covenant and agree to pay to the Association the (a) annual Assessments, (b) special
Assessments, and (c) default Assessments applicable to the Owner's Unit or Club Estate. No
Ovmer may waive or otherwise escape personal liability for the payment of the Assessments
provided for in this Declaration by not using the Common Elements, Limited Common Elements
or the facilities contained in the Common Elements or by abandoning or leasing the Unit or Club
Estate owned.
Section 12.8. Lien for Assessments: Assignment of Rents. The annual, special, and
default Assessments (including installments of the Assessments) arising under the provisions of
the Condominium Documents shall be burdens running with, and a perpetual lien in favor of the
Association upon the specific Unit to which such Assessments apply. To further evidence such
lien upon a specific Unit, the Association shall prepare a written lien notice setting forth the
description of the Unit, the amount of Assessments on the Unit unpaid as of the date of such lien
notice, the rate of default interest as set by the Rules and Regulations, the name of the Owner or
Owners, and any and all other information that the Association may deem proper. The lien
notice shall be signed by a member of the Board of Directors, an officer of the Association, or
the Managing Agent and shall be recorded in the Records. Any such lien notice shall not
constitute a condition precedent or delay the attachment ofthe lien, but such lien is a perpetual
lien upon the Unit and attaches without notice at the beginning of the first day of any period for
which any Assessment is levied. Upon any default in the payment of annual, special, or default
Assessments, the Association shall also have the right to appoint a receiver to collect all rents,
profits, or other income from the Unit payable to the Unit Owner and to apply all such rents,
profits, and income to the payment of delinquent Assessments. Each Unit Owner, by ownership
of a Unit, agrees to the assignment of such rents, profits and income to the Association effective
immediately upon any default in the payrnent of armual, special, or default Assessments.
Section 12.9. Remedies for Nonpavment of Assessments. If any annual, special, or
default Assessment (or any installment of the Assessment) is not fully paid within thirty (30)
days after the same becomes due and payable, then as often as the same may happen, (a) interest
shall accrue at the default rate set by the Rules and Regulations on any amount of the
CO_DOCS_A #152626 v$27
Assessment in default, accruing from the due date until date of payment, (b) the Association may
declare due and payable all unpaid installments of the annual Assessment or any special
Assessment otherwise due during the fiscal year during which such default occurred, (c) the
Association may thereafter bring an action at law or in equity, or both, against any Unit Owner
personally obligated to pay the same, (d) the Association may proceed to foreclose its lien
against the particular Unit pursuant to the power of sale granted to the Association by this
Declaration or in the manner and form provided by Colorado law for foreclosure of real estate
mortgages, and (e) the Association may suspend the Owner's right to vote in Association matters
until the Assessment is paid. An action at law or in equity by the Association (or counterclaims
or cross-claims for such relief in any action) against an Owner to recover a money judgment for
unpaid Assessments (or any installment thereof) may be commenced and pursued by the
Association without foreclosing or in any way waiving the Association's lien for the
Assessments. Foreclosure or attempted foreclosure by the Association of its lien shall not be
deemed to stop or otherwise preclude the Association from again foreclosing or attempting to
foreclose its lien for any subsequent Assessments (or installments thereof) which are not fully
paid when due or for any subsequent default Assessments. The Association shall have the power
and right to bid in or purchase any Unit at foreclosure or other legal sale and to acquire and hold,
lease, mortgage, and to convey, or otherwise deal with the Unit acquired in such proceedings.
Section 12.10. Purchaser's Liability for Assessments. Nofwithstanding the personal
obligation of each Owner to pay all Assessments on the Unit, and notwithstanding the
Association's perpetual lien upon a Unit for such Assessments, all purchasers of a Unit shall be
jointly and severally liable with the prior Owner(s) of such Unit for any and all unpaid
Assessments against such Unit, without prejudice to any such purchaser's right to recover from
any prior Unit Owner any amounts paid thereon by such purchaser. A purchaser's obligation to
pay Assessments shall commence upon the date the purchaser becomes the Ouner of a Unit. For
Assessment purposes, the date a purchaser becomes the Unit Owner shall be determined as
follows: (a) in the event of a conveyance or transfer by foreclosure, the date a purchaser
becomes the Unit Owner shall be deemed to be upon the expiration of all applicable redemption
periods; (b) in the event of a conveyance or transfer by deed in lieu of foreclosure a purchaser
shall be deemed to become the Owner of a Unit upon the execution and delivery of the deed or
other instruments conveying or transferring title to the Unit, irrespective of the date the deed is
recorded; and (c) in the event ofconveyance or transfer by deed, a purchaser shall be deemed to
become the Unit Owner upon the execution and delivery of the deed or other instruments
conveying or transferring title of the Unit, irrespective of the date the deed is recorded.
However, such purchaser shall be entitled to rely upon the existence and stafus of unpaid
Assessments as shown upon any certificate issued by or on behalf of the Association to such
named purchaser pursuant to the provisions of this Declaration.
Section 12.11. Waiver of Homestead Exemntiou Subordination of Association's Lien for
Assessments. By acceptance of the Deed or other instrument of transfer of a Unit or a Club
Estate, each Owner irrevocably waives the homestead exemption provided by Part 2, Article 41,
Title 38, Colorado Revised Statutes, as amended. The Association's perpetual lien on a Unit for
Assessments shall be superior to all other liens and encumbrances except the following:
CO_DOCS_A #152626 v74 28
(b)
a$eed by the parties thereto; and
(a)real property ad valorem taxes and special assessment liens
duly imposed by a Colorado govemmental or political subdivision or special taxing district, or
any other liens made superior by statute;
(c)
liens recorded prior to this Declaration unless otherwise
the lien of any First Mortgagee except to the extent the Act
grants priority for Assessments to the Association.
Any First Mortgagee who acquires title to a Unit by virtue of foreclosing a First Mortgage or by
virtue of a deed or assignment in lieu of such a foreclosure, or any purchaser at a foreclosure sale
of the First Mortgage, will take the Unit free of any claims for unpaid Assessments and Costs of
Enforcement against the Unit which accrue prior to the time such First Mortgagee acquires title
to the Unit except to the extent the amount of the extinguished lien may be reallocated and
assessed to all Units as a Common Expense and except to the extent the Act grants lien priority
for Assessments to the Association. All other Persons not holding liens described in this Section
and obtaining a lien or encumbrance on any Unit after the recording of this Declaration shall be
deemed to consent that any such lien or encumbrance shall be subordinate and inferior to the
Association's lien for Assessments and Costs of Enforcement as provided in this Article, whether
or not such consent is specifically set forth in the instrument creating any such lien or
encumbrance.
The sale or other transfer of any Unit shall not affect the Association's lien on such Unit for
Assessments due and owing prior to the time such purchaser acquired title and shall not affect
the personal liability of each Owner who shall have been responsible for the payrlent thereof
except (a) as provided above with respect to First Mortgagees, (b) in the case of foreclosure of
any lien enumerated in this Section, and (c) as provided in the next Section. Further, no such
sale or transfer shall relieve the purchaser of a Unit from liability for, or the Unit from the lien
of, any Assessments made after the sale or transfer.
Section 12.12. Statement of Status of Assessments. On or before fourteen (14) calendar
days after receipt of written notice to the Managing Agent or, in the absence of a Managing
Agent, to the Board of Directors and pa;,rnent of a reasonable fee set from time to time by the
Board of Directors, any Owner, holder of a Security lnterest, prospective purchaser of a Unit or
their designees shall be furnished a statement of the Owner's account setting forth:
(a)
against a particular Unit;
the amount of any unpaid Assessments then existing
(b)the amount of the current installments of the annual
Assessment and the date that the next installment is due and payable;
(c)the date(s) for payment of any installments of any special
Assessments outstanding against the Unit; and
CO_DOCS_A #152626 v14 29
(d)any other information, deemed proper by the Association,
including the amount of any delinquent Assessments created or imposed under the terms of this
Declaration.
Upon the issuance of such a certificate signed by a member of the Board of Directors, by
an officer of the Association, or by a Managing Agent, the information contained therein shall be
conclusive upon the Association as to the Person or Persons to whom such certificate is
addressed and who rely on the certificate in good faith.
Section 12.13. Liens. Except for Assessment liens as provided in this Declaration,
mechanics' liens (except as prohibited by this Declaration), tax liens, judgment liens and other
liens validly arising by operation oflaw and liens arising under Security Interests, there shall be
no other liens obtainable against the Common Elements or against the interest of any Owner in
the Common Elements except a Security Interest in the Common Elements granted by the
Association pursuant to the requirements of the Act.
ARTICLE 13 MAINTENANCE RESPONSIBILITY
Section 13.1. Unit Owner's Rigilrts and Duties with Respect to Interiors. Except as may
be provided in the purchase and sale agreement or other conveyancing documents executed by
Declarant in connection with sales to initial purchasers of the Units, each Owner (other than Club
Estate Owners) shall have the exclusive right and duty to paint, tile, wax, paper, or otherwise
decorate or redecorate and to maintain and repair the interior surfaces of the walls, floors,
ceilings, windows and doors forming the boundaries of such Owner's Unit and all walls, floors,
ceilings, and doors within such boundaries. Notwithstanding the foregoing, no Owner shall be
permitted to install any hardwood floor or other hard surface improvernents in any Unit that
might affect adjoining Units by increasing noise or vibrations, without the prior written approval
of the Association, which approval may be denied, or conditioned, in the Association's sole
discretion.
Section 13.2. Responsibility of the Unit Owner. Each Owner (but not including Owners
of Club Estates) shall, at each Owner's expense, maintain and keep in repair all fixtures,
equipment, and utilities installed and included in such Unit commencing at a point where the
fixtures, equipment, and utilities enter the Unit. A Unit Owner shall not allow any action or
work that will impair the structural soundness of the Improvements, impair the proper
functioning of the utilities, heating, ventilation, or plumbing systems or integrity of the
Improvement(s), or impair any easement or hereditament. Subject to the Association's overall
responsibility for maintenance of the Common Elements, each Unit Owner (other than Owners
of Club Estates) shall be responsible for routine maintenance and care of the walls, floors,
ceilings, windows and doors of any balcony or of any other Limited Common Elements
appurtenant and accessible only from the Owner's Unit and for keeping the same in a good,
clean, sanitary, and attractive condition. An Owner (but not including Owners of Club Estates)
shall be responsible for repairs occasioned by casualty due to the act or negligence of the Unit
Owner or Occupant of the Unit except as provided in ARTICLE 20.
Section 13.3. Unit Owner's Neeligence. In the event that the need for maintenance,
repair, or replacement of all or any portion of the Common Elements, including the Limited
CO_DOCS_A #152626 v74 30
Common Elements, is caused through or by the negligent or willful act or omission of an Owner
or Occupant, then the expenses incurred by the Association for such maintenance, repair, or
replacement shall be a personal obligation of such Owner; and, if the Owner fails to repay the
expenses incurred by the Association within seven (7) days after notice to the Owner of the
amount owed, then the failure to so repay shall be a default by the Owner, and such expenses
shall automatically become a default Assessment determined and levied against such Unit, or
Club Estate, enforceable by the Association in accordance with this Declaration.
Section 13.4. Responsibility of the Association. The Association, without the
requirement of approval of the Owners, shall maintain and keep in good repair, replace, and
improve, as a Common Expense, all of the Condominium Project not required in this Declaration
to be maintained and kept in good repair by an Owner or by Declarant.
ARTICLE 14 MECHANICS' LIENS
Section 14.1. Mechanics' Liens. Subsequent to recording of this Declaration and the
filing of the Map in the Records, no labor performed or materials fumished for use and
incorporated in any Unit with the consent of or at the request of the Owner or the Owner's agent,
contractor or subcontractor, shall be the basis for the filing of a lien against a Unit of any other
Owner not expressly consenting to or requesting the same, or against any interest in the Common
Elements except as to the undivided interest therein appurtenant to the Unit of the Owner for
whom such labor shall have been performed or such materials shall have been furnished. Each
Owner shall indemnify and hold harmless each of the other Owners and the Association from
and against any liability or loss arising from the claim of any mechanics' lien or for labor
performed or for materials furnished in work on such Owner's Unit, against the Unit of another
Owner or against the Common Elements, or any part thereof.
Section 14.2. Enforcement by the Association. At its own initiative or upon the written
request of any Owner (if the Association determines that further action by the Association is
proper), the Association shall enforce the indemnity provided by the provisions of this ARTICLE
14 by collecting from the Owner of the Unit on which the labor was performed or materials
fumished the amount necessary to discharge by bond or otherwise any such mechanics' lien, to
pay all costs and reasonable attorneys' fees incidental to the lien, and to obtain a release ofsuch
lien. If the Owner of the Unit on which the labor was performed or materials furnished refuses
or fails to indemnify within five (5) days after the Association shall have given notice to such
Owner of the total amount of the claim, then the failure to so indemnify shall be a default by
such Owner under the provisions of this Section 14.2, and such amount to be indemnified shall
automatically become a default Assessment determined and levied against such Unit, and
enforceable by the Association pursuant to this Declaration.
ARTICLE T5 USE RESTRICTIONS
Section 15.1. Use of Units. Except for uses reserved to Declarant in ARTICLE 17
entitled "Special Declarant Rights and Additional Reserved Rights," and except for any uses
reserved to the Owner of the Hotel Unit, all Residential Units shall be used for dwelling purposes
only. Except as otherwise restricted herein, Owners of the Residential Units may rent or lease
the Residential Units to others for these purposes and may use the Residential Units for home
CO_DOCS_A #152626 v14 JI
occupations which do not cause unreasonable disturbance to other Owners and which are
permitted by applicable zoning codes. Each non-Residential Unit shall be used for legal business
or commercial purposes compatible with the operations of the Vail Plaza Hotel, which are not
otherwise prohibited under the Condominium Documents.
Section 15.2. Use of Common Elements. There shall be no obstruction of the Common
Elements, nor shall anything be kept or stored on any part of the Common Elements by any
Owner without the prior written approval of the Association. Nothing shall be altered on,
conshucted in, or removed from the Common Elements by -y Owner without the prior written
approval of the Association. Owners and Occupants shall not disturb, damage, or have access to,
certain restricted access areas in the Common Elements as designated on the Map or ia the Rules
and Regulations.
Section15.3. Prohibition of Increases in Insurable Risks and Certain Activities.
Nothing shall be done or kept in any Unit or in or on the Common Elements, or any paft thereof,
which would result in the cancellation of the insurance on all or any part of the Condominium
Project or in an increase in the rate of the insurance on all or any part of the Condominium
Project over what the Association, but for such activity, would pay, without the prior written
approval of the Association. Nothing shall be done or kept in any Unit or in or on the Common
Elements which would be in violation of any statute, rule, ordinance, regulation, permit, or other
imposed requirement of any govemmental body having jurisdiction over the Condominium
Project. No damage to or waste of the Common Elements shall be committed by any Owner or
Occupant, and each Owner shall indemnify and hold the Association and the other Owners
harmless against all loss resulting from any such damage or waste caused by such Owner or such
Owner's guest (including all attorneys' fees, costs and expenses incurred in the defense of claims
arising by reason of this section and incurred in establishing the right to indemnification).
Failure to so indemnify shall be a default by such Owner under this Section. At its own initiative
or upon the written request of any Owner, if the Association determines that further action by the
Association is proper, the Association shall enforce the foregoing indemnity as a default
Assessment levied against such Unit. In no event, regardless of any provision to the
Condominium Documents, shall the Association or the Board of Directors be liable to any
Person for failure to enforce the provisions ofthis Section.
Section 15.4. Structural Alterations and Exterior Appearance. No structural alterations
to any Unit, including the construction of any additional skylight, window, door or other
alteration visible from the exterior of the Unit or to any Common Element shall be made or
caused to be made by any Owner without the prior written approval of the Declarant during the
Period of Declarant Control and, thereafter, the Association. No window coverings or other
improvements, alterations or decorations visible from outside a Unit shall be added by an Owner
without the prior written approval of the Declarant during the Period of Declarant Control and,
thereafter, the Association. No alteration or subdivision of Units or relocation of boundaries
between adjoining Units shall be made by the Owners without the prior written approval of the
Declarant during the Period of Declarant Control and, thereafter, by the Association. The
Association shall promulgate Rules and Regulations establishing procedures for the approvals
required by this Section 15.4. Such Rules and Regulations shall include, but shall not be limited
to, requirements that the applicant submit (a) plans and specifications showing the nature, kind,
shape, height, color, materials, and location ofthe proposed alterations in sufficient detail for the
CO_DOCS_A #152626 v4{32
Association and Declarant to review them; and (b) processing and/or review fees, which may
include any professional fees the Association or Declarant might incur in retaining architects or
engineers to review the plans and specifications. The Rules and Regulations shall specifically
consider the impact of the alteration on the harmony of extemal design and location in relation to
surrounding structures and topography.
Section 15.5. Pet and Use Restrictions. No animal pens, sheds, fences or other
outbuildings or structures of any kind shall be erected by any Owner. No activity shall be
allowed which interferes unduly with the peaceful possession and proper use of the
Condominium Project by the Owners, nor shall any fire hazard or unsightly accumulation of
refuse be allowed. No lights shall be emitted which are unreasonably bright or cause
unreasonable glare; no sound shall be emitted which is unreasonably loud or annoying and no
odor shall be emitted which is nauseous or offensive to others. No animals, birds, insects, or
livestock ofany kind shall be raised, bred, or kept on or in the Condominium Project except as
permitted by the Association in its sole and final discretion and except for properly licensed and
certified service animals for disabled Persons. The Board of Directors may (but shall not be
obligated to) approve a request of an Owner to keep a personal household pet with such
conditions as the Board of Directors in its discretion may impose, including, without limitation,
that such pet shall be registered, licensed and inoculated as may be required by the Board of
Directors or local law from time to time, and that the Board of Directors may impose a special
Assessment on an Owner to defray the maintenance costs associated with the pet.
Notwithstanding the foregoing, the occupant of the Vail Plaza Penthouse Unit shall be allowed to
keep a reasonable number of standard household pets without obtaining Board of Director
consent and without the obligation to pay additional maintenance costs. The pets must be kept
on a short leash when anyr,vhere on the Project outside of the Vail Plaza Penthouse Unit and may
be outside such Unit only for the purpose of direct transit from the Unit to the outside or parking
garage. The Vail Plaza Penthouse Unit Owner must ensure that all pets comply with all noise
and nuisance restrictions herein.
Section 15.6. Limit on Timesharine. No Unit Owner, excluding Declarant, shall offer or
sell any interest in such Unit under a "timesharing," "vacation club," "private residence club,"
"non-equity club," "fractional plan" or "interval ownership" plan, or any similar plan without the
specific prior written approval of the Declarant during the Period of Declarant Control, and
thereafter the Association.
Section 15.7. Restriction on Signs. Except with regard to the operation of the Hotel
Unit, no signs, billboards, posterboards, or advertising structure of any kind shall be displayed,
erected, or maintained for any purpose whatsoever except such signs as have been approved by
the Declarant during the Period of Declarant Control and, thereafter, the Association. Any signs
which are permitted under the foregoing restrictions shall be erected or maintained on the
Condominium Project only with the prior written approval of the Declarant during the Period of
Declarant Control, and thereafter the Association, which approval shall be given only if such
signs are of attractive design and as small a size as reasonably possible and shall be placed or
located as directed or approved by the Association.
Section 15.8. Commercial Operation. Each Owner of a Commercial Unit must comply
with the Rules and Regulations for Commercial Units as adopted from time to time by the
CO_DOCS_A #152626 vl!JJ
Association, subject to limitations on the Board's ability to promulgate Rules and Regulations
under Section 5.2.
Section 15.9. Restrictions on Use of Parking and Storage Areas. No parking shall be
permitted at any location on the Common Elements unless specifically designated for parking by
the Association, or in a location designated as Limited Common Elements and appurtenant to a
specific Unit. No storage is permitted outside of Units except in specifically designated storage
areas, if any. No Owner may use any parking or storage space assigned to another. No Owner
may use any parking space for storage or use any parking or storage space in any manner that
obstructs or interferes with any other Owner's parking or storage rights or that constitutes a
safety hazard. Without limiting the generality of the powers of the Association with respect to
parking or storage, the Association is specifically authorized, but not obligated, to remove any
abandoned or inoperable vehicle, any vehicle parked in any area not designated for parking, or
any vehicle parked in any space that is assigned to another person or reserved for a specific use,
or any vehicle parked in an obstructing or hazardous manner, or to remove any improperly stored
or hazardous materials, in all cases at the expense of the Owner or Occupant that owns such
vehicle or materials. Expenses incurred by the Association in cormection with such removal
(and storage, if necessary) shall be a personal obligation of such Owner and, if the Owner fails to
pay such amount within seven (7) days after notice to the Owner of the amount owed, then the
failure to pay shall be a default by the Owner and such expenses shall automatically become a
default Assessment determined and levied against such Unit enforceable by the Association as
provided in this Declaration.
Section 15.10. Restrictions Not Applicable to Owner of the Hotel Unit. Notwithstanding
anything in this Declaration to the contrary, no Owner or Occupant, except the Hotel Unit
Owner, the Declarant, the Restaurant Unit Owner, the Convention Unit Owner, and any
Commercial Unit Owner permitted by the Association, after the Period of Declarant Control
ends, shall have any right to the sale or service of food or alcoholic beverages on the Project.
The Hotel Unit Owner may designate in writing any and all permitted providers for the sale or
service offood or alcoholic beverages on the Project. No Owner or Occupant shall do anlthing
as may hinder or interfere with the Hotel Unit Owner's ability (or the ability of any person or
entity designated by the Hotel Unit Owner as permitted provider) to secure and maintain licenses
for the sale or service of food or alcoholic beverages. The Association shall promptly execute
such documents as may be requested by the Hotel Unit Owner, from time to time, to further
assure the rights granted to the Hotel Unit Owner under this Section I 5. 10. Notwithstanding any
restriction or limitation in this Declaration, the Hotel Unit Owner shall have the right, without
the consent or approval of the Association or other Owners, but without obligation, to (a) make
alterations, additions or improvements, structural and nonstructural, interior and exterior,
ordinary and extraordinary, in, to and upon the Hotel Unit or any other Units owned by the Hotel
Unit Owner (including, without limitation, the removal of walls, floors, ceilings and other
structural portions of any improvements within such units), and (b) expand, alter, discontinue,
replace or add to all or any part ofthe recreational facilities or other improvernents.
Sectionl5.ll.District Documents. The Project is located in Special Development
District 6 and is subject to and governed by various recorded and unrecorded documents
pertaining to such district, including but not limited to, that certain Declaration of Easements and
Rights recorded on February 2, 1988 in Book 478,Page 377 in Records concerning parking,
CO_DOCS_A #15?626 v+1 .AJ+
utilities, easements and other matters within such district, and that certain Declaration
Conceming Parking Within Special Development District 6, recorded July 10, 1984, in Book
388, Page 856 in Records.
Section 15.12. Restrictions on Employee Housing Unit. The use and occupancy of the
Employee Housing Unit is limited by zoning codes and ordinances as more specifically
described in the deed of conveyance of the Employee Housing Unit to the Owner of such Unit.
ARTICLE 16 EASEMENTS
Section 16.1. Easement of Enioyment. Every Owner shall have a non-exclusive
easement for the use and enjol.rnent of the Common Elemenls (which includes the benefit of the
non-exclusive easement for access over, through and across the Limited Common Elements of
the Management Unit, Service Unit, and Convention Unit as provided under this Article), which
shall be appurtenant to and shall pass with the title to every Unit, subject to the easements set
forth in this ARTICLE 16 and the easements and restrictions set forth in ARTICLE 9 entitled
"Unit Owners' Property Rights in Common Elements".
Section 16.2. Delegation of Use. Any Owner may delegate, in accordance with the
Condominium Documents, the Owner's right of enjoyment in the Common Elements to an
Occupant of the Owner's Unit.
Section 16.3. Recorded Easements. The Property shall be subject to any easements as
shown on any recorded plat affecting the Property, as shown on the recorded Map or reserved or
granted under this Declaration. The recording data for recorded sasements and licenses
appurtenant to or included in the Property or to which any part of the Property may become
subject is set forth on Exhibit C attached hereto and incorporated herein by this reference.
Section 16.4. Easements Over Management Unit. Service Unit. and Convention Unit. A
nonexclusive easement in favor of each Owner and permitted Occupant shall exist for pedestrian
traffic over, through and across such portions of the Limited Common Elements appurtenant to
the Management Unit, Service Unit, and Convention Unit, as are desigrrated, modified, altered
and relocated from time to time by the Owners of such Units for the purpose of providing direct
pedestrian access to and from the applicable Residential Unit and the public rights of ways
adjacent to the Project, subject to the procedures, rules and regulations as may be established
from time to time by the Owners of such Units.
Section 16.5. Easements for Encroachments. The Condominium Project, and all
portions of it, are subject to easements hereby created for encroachments between Units and the
Common Elements as follows:
(a)in favor of all Owners, so that they shall have no legal
liability when any part of the Common Elements encroaches upon a Unit;
(b) in favor of each Owneq so that the Owner shall have no
legal liability when any part of such Owner's Unit encroaches upon the Common Elements or
upon another Unit; and
CO_DOCS_A #152626 v1{35
(c)in favor of all Owners, the Association, and the Owner of
any encroaching Unit for the maintenance and repair of such encroachments.
Encroachments referred to in this Section 16.5 include, but are not limited to, encroachments
caused by error or variance from the original plans in the construction of the Improvements or
any Unit constructed on the Property, by error in the Map, by settling, rising, or shifting of the
earth, or by changes in position caused by repair or reconstruction of any part of the
Condominium Project. Such encroachments shall not be considered to be encumbrances upon
any part of the Condominium Project; provided, however, that encroachments created by the
intentional act of an Owner shall not be deemed to create an easement on the Property and shall
be considered an encroachment upon the Condominium Project. Such encroachment sha1l be
removed at Owner's expense immediately upon notice from the Association. In the event such
encroachment is not timely removed, the Association may effect removal of the encroachment
and the expense thereof shall be a default Assessment to the Owner.
Section 16.6. Utilitv Easements. There is hereby created a general easement upon,
across, over, in, and under all of the Property for ingress and egress and for installation,
replacement, repair, and maintenance of all utilities and services for the Owners, including but
not limited to water, sewer, gas, telephone, electricity, cable television, cable, and other
communication systems. By virtue of this easement, it shall be expressly permissible and proper
for the companies providing such utilities to erect and maintain the necessary equipment on the
Property and to affix and maintain electrical, communications, and telephone wires, circuits, and
conduits under the Property. Any utility or service comparly using this general easement shall
use its best efforts to install and maintain the utilities provided without disturbing the uses of
other utilities, the Owners, the Association, and Declarant; shall complete its installation and
maintenance activities as promptly as reasonably possible; and shall restore the surface to its
original condition as soon as possible after completion of its work. Should any utility or service
company fumishing a service covered by this general easement request a specific easement by
separate recordable document, Declarant during the Period of Declarant Control and, thereafter,
the Association, shall have the right and authority to grant such easement upon, across, over, or
under any part or all of the Property without conflicting with the terms hereof. The easements
provided for in this Section 16.6 shall in no way affect, avoid, extinguish, or modify any other
recorded easement on the Property.
Section 16.7. Emergency Access Easement. A general easement is hereby granted to all
police, sheriff, fire protection, ambulance, and all other similar emergency agencies or Persons to
enter upon all streets and upon the Property in the proper performance oftheir duties.
Section 16.8. Maintenance Easement. An easement is hereby granted to the Association
and any Managing Agent and their respective officers, agents, employees and assigns upon,
across, over, in, and under the Common Elements and a right to make such use of the Common
Elements as may be necessary or appropriate to perform the duties and functions which they are
obligated or permitted to perform pursuant to this Declaration.
Section 16.9. Easements of Access for Repair. Maintenance. and Emergencies. Some of
the Common Elements, including Limited Common Elements, are or may be located within the
Units or may be conveniently accessible only tluough the Units. The Hotel Unit Owner and the
CO_DOCS_A #152626 v+4 36
Association shall have the inevocable right (but not the obligation), to be exercised by the
Association as the Owners' agent, to have access to each Unit, except the YarlPlaza Penthouse
Unit, and to all Common Elements from time to time during such reasonable hours as may be
necessary for the maintenance, repair, removal, or replacement of any of the Common Elements
therein or accessible therefrom or for making emergency repairs therein necessary to prevent
damage to the Common Elements or to any Unit. Unless caused by the negligent or willful act
or omission of an Owner or Occupant, damage to the interior of any part of a Unit resulting from
the maintenance, repair, emergency repair, removal, or replacement of any of the Common
Elements or as a result of emergency repair within another Unit at the instance of the Association
or of the Owners shall be a Common Expense. In order to effectuate this right, the Association
shall retain a master key, in the form of a card which opens all doors within the Project,
including all Units and an Owner shall not tamper with the cardreader on any door, including a
door to or within such Owner's Unit.
Section 16.10. Pedestrian Easements. The Declarant and/or the Association may grant
certain easements to the public and/or adjacent property owners relating to the Commercial
Activities, the Convention Unit, the Spa Unit, the Hotel Unit, the Restaurant Unit, the Parking
Unit, the Loading Unit, and./or the Commercial Units. Such easements shall be depicted on the
Map or otherwise recorded against the Property.
Section 16.11. Easements Deemed Created. All conveyances of Units hereafter made,
whether by Declarant or otherwise, shall be construed to grant and reserve the easements
contained in this ARTICLE 16, even though no specific reference to such easements or to this
ARTICLE 16 appears in the instrument for such conveyance.
Section 16.12. Easement for Warranty Work. To the extent that and for as long as
Declarant remains liable under any warranty, whether statutory, express or implied, for any act
or omission of Declarant in the development, construction, sale and marketing of the
Condominium Project, then Declarant and its contractors, agents and designees shall have the
right, in Declarant's sole discretion and from time to time, to enter the Property for the purpose
of making any necessary inspections, tests, repairs, improvements and/or replacements required
for the Declarant to fulfill any of its warranty obligations. Failure of the Association or any
Owner to grant such access may result in the applicable warranty being nullified and of no
further force or effect.
Section 16.13. Reserved Easement of Hotel Unit Owner. There is reserved to the Hotel
Unit Owner, its express successors, transferees, designees, agents, assigns and co-licensees, the
exclusive right to provide room service and any other hotel services on the Project, including the
non-exclusive right to sell, serve and deliver alcoholic beverages ofevery kind and character to
and within all portions of the Project, specifically including the Management Unit, Service Unit,
Spa Unit, Convention Unit, Residential Units, Commercial Units, the Common Elements, and all
Limited Common Elements appurtenant to such Units. The exercise or grant of such exclusive
and non-exclusive rights shall not be deemed to preclude, prevent or prohibit other uses ofthe
Common Elements or the Units not in conflict with such exclusive and non-exclusive rights (for
example, the Restaurant Unit may include a bar and the service and sale of alcoholic beverages
and the Convention Unit Owner may serve and sell alcoholic beverases to Convention
CO_DOCS_A #152626 v7!)t
attendees). Grantees of any interest in the Project, by acceptance of any deed, lease or license,
shall be and are hereby bound by such reservations ofrights.
ARTICLE 17 SPECIAL DECLARANT RIGHTS AI{D
ADDITIONAL RESERVED RIGHTS
Section 17.1. Snecial Declarant Rights. Declarant hereby reserves the right, from time
to time, to perform the acts and exercise the rights hereinafter specified (the "SpgqlAl-DgQl31A$
Riqhts"). Declarant's Special Declarant Rights include the following:
(a) Completion of Improvements. The right to complete
Improvements indicated on Plats and Maps filed with this Declaration.
(b)Exercise of Development Rights. The right to exercise any
Development Right resewed in ARTICLE l8 of this Declaration.
(c)Sales, Management and Marketing. The right to locate,
relocate and maintain sales offrces, management offices, signs advertising the Condominium
Project, and models within any Unit or Units and in the Common Elements. Declarant shall have
the right to show Units and the Common Elements to prospective purchasers and to arrange for
the use of any parking, storage, or recreational facilities within the Common Elements by
prospective purchasers.
(d) Construction Easements. The right to use easements
through the Common Elements for the purpose of making Improvements within the
Condominium Project.
(e)Master Association. The rieht to make the Condominium
Project subject to a Master Association upon majority vote of the Owners.
(0 Control of Association and Board of Directors. The rieht
to appoint or remove any officer of the Association or any member of the Board of Directors.
(e)Amendment of Declaration. The risht to amend this
Declaration in connection with the exercise of any Development Rights.
(h)Amendment of Map. The right to amend the Map in
connection with the exercise of any Development fughts.
(i) Signs. The right to maintain signs on the Common
Elements advertising the Condominium Project, the Vail Plaza Hotel, the Vail Plaza Club, and
any exchange program connected with the Club.
0) Post-Sales. The right to use the Common Elements to
maintain customer relations and provide post-sale and re-sale services to Owners of Club Estates.
(k) Beverage Stand. The right to establish, operate, and
maintain a bar or other beverage stand, providing alcoholic and/or nonalcoholic beverages open
CO_DOCS_A #152626 v+1 38
to the public and to Owners and Occupants and which may be located in any of the common
areas including Common Elements and may convert such area into a Limited Common Element
of the Management Unit, Service Unit, or any other Unit owned by Declarant.
(D Merger. The right to merge or consolidate a project with
another project of the same form of ownership.
(m)Parking/Storage. The right to use and to allow others to use
all parking and storage areas in connection with its marketing efforts.
Section 17.2. Additional Reserved Riehts. tn addition to the Special Declarant Rights
set forth in Section 17.1 above, Declarant also reserves the following additional rights (the
"Additional Reserved R "):
(a) Dedications. The right to establish, from time to time, by
dedication or otherwise, utility and other easements for purposes including but not limited to
streets, paths, walkways, ski-ways, drainage, recreation areas, parking areas, driveways, ducts,
shafts, flues, conduit installation areas, and to create other reservations, exceptions and
exclusions for the benefit of and to serve the Unit Owners within the Condominium Proiect.
(b)Use Agreements. The right to enter into, establish, execute,
amend, and otherwise deal with contracts and agreements for the use, lease, repair, maintenance
or regulation of parking and.ior recreational facilities, which may or may not be a part of the
Condominium Project for the benefit of the Owners and/or the Association.
(c) Easement Rights. The rights to an easement through the
Common Elements as may be reasonably necessary for the purpose of discharging Declarant's
obligations arising under this Declaration or the Act.
(d)Club Weeks. The right to establish and change the number
of Club Estates (as defined below) in each Club Unit.
(e)Other Rights. The right to exercise any Additional
Reserved Right created by any other provision of this Declaration or of the Act.
Section 17.3. Limitations on Special Declarant Rights and Additional Reserved Riehts.
Unless sooner terminated by an amendment to this Declaration executed by the Declarant, any
Special Declarant Right or Additional Reserved Rights may be exercised by the Declarant so
long as the Declarant (a) is obligated under any warranty or obligation; (b) holds a Development
Right; (c) owns any Unit or any interest therein, including, without limitation, Club Estates
created pursuant to the Plan of Club Ownership; or (d) holds a Security Interest in any Unit(s);
provided, however, all Special Declarant Rights and Additional Reserved Rights shall teminate
thitty (30) years after the date of recording this Declaration. Earlier termination of certain rights
may occur pursuant to requirements of the Act.
Section 17.4. Interference with Special Declarant Rishts. Neither the Association nor
any Unit Owners may take any action or adopt any rule and/or regulation that will interfere with
CO_DOCS_A #152626 v|!39
or diminish any Special Declarant Rights or Additional Reserved Rights without the prior written
consent of the Declarant.
Section 17.5. Riehts Transferable. Any Special Declarant Rights or Additional
Reserved Right created or reserved under this ARTICLE 17 for the benefit of Declarant may be
transferred to any Person by an instrument describing the rights transferred and recorded in the
Records. Such instrument shall be executed by the transferor and the transferee.
ARTICLE 18 RESERVATION OF DEVELOPMENT RIGHTS
Section 18.1. Development-*nd-Withdrar+*l Riehts. Declarant expressly reserves the
right to create Units, Common Elements and Limited Common Elements (the "AddiliSl4l
Improvements") to combine Units, to subdivide Units, to convert Units into Common Elements,
to convert Common Elements into Units, and to allocate Real Estate as Limited Common
Elements on all or any portion of the Real Estate reserved for future development in this
Declaration. Declarant may exercise any or all of the Development fughts so reserved at any
time with respect to all or any of the Real Estate marked subject to Development Rights in this
Declaration. No assurances are made with respect to the boundaries of any parcels that may be
developed or the order in which the parcels may be developed. Exercise of a Development Right
with respect to any one parcel does not require exercise of a Development Right on any other
parcel of Real Estate subject to Development Rights. No assurances are made, however, that any
further development will occur. Declarant expressly reserves the right to withdraw all or any
portion of the Property that is designated as subject to withdrawal in this Declaration from the
Condominium Project by recording a document evidencing such withdrawal in the Records;
provided, however, that no portion of the Property may be withdrawn after a Unit in that portion
of the Property has been conveyed to a purchaser. The Real Estate withdrawn from the
Condominium Project shall be subject to whatever easements, if any, are reasonably necessary
for access to or operation of the Condominium Project. Declarant shall prepare and record in the
Records whatever documents are necessary to evidence such easements and shall amend Exhibit
-C to this Declaration to include reference to the recorded easement. The Declarant alone is
liable for all expenses in connection with Real Estate subject to Development Rights.
Section 18.2. Amendment of Declaration. If Declarant elects to submit the Additional
Improvements to this Declaration, or to subdivide or to convert Units or Common Elements, then
at such time as construction of the Additional Improvements is substantially complete Declarant
shall record an amendment to this Declaration reallocating the Allocated Interests so that the
Allocated lnterests appurtenant to each Unit will be apportioned according to the total number of
Units submitted to this Declaration. The Allocated lnterests apportioned to each Unit in the
Condominium Project, shall be based on the formulae set fonh in Section 4.2. Mere subdivision
of a Unit shall not affect the Allocated Interests of any Unit not included in such subdivision.
The Amendment to this Declaration shall contain at a minimum alegal description of the Real
Estate on which the Additional Improvements being submitted to this Declaration are located
and a schedule of the Allocated Interests appurtenant to the Units in the Condominium Project.
Section 18.3. Supplement to the Map. Declarant shall, contemporaneously with the
amendment of this Declaration, file a supplement to the Map showing the location of the
Additional Improvements or the construction, combination, subdivision, conversion or allocation
CO_DOCS_A #152626 v41 40
of Units or Common Elements allowed by this Article. The supplement to the Map shall
substantially conform to the requirements contained in this Declaration.
Section18.4. Intemretation. Recording of amendments to this Declaration and
supplement to the Map in the Records shall automatically:
(a)vest in each existine Owner the reallocated Allocated
Interests appurtenant to each Owner's Unit; and
(b)vest in each existing holder of a Security Interest a
perfected Security Interest in the reallocated Allocated Interests appurtenant to the encumbered
Unit.
Upon the recording of an amendment to this Declaration, the definitions used in this Declaration
shall automatically be extended to encompass and to refer to the Property, as expanded. The
Additional Improvements shall be added to and become a part of the Project for all purposes. All
conveyances of Units after such expansion shall be effective to transfer rights in all Common
Elements as expanded, whether or not reference is made to any amendment to this Declaration or
supplement to the Map. Reference to this Declaration and Map in any instrument shall be
deemed to include all amendments to this Declaration and supplements to the Map without
specific reference thereto.
Section 18.5. Maximum Number of Units. The maximum number of Units in the
Condominium Project shall not exceed three hundred (300) Units, or, if allowed by the Act, the
maximum number of Units allowed by any governmental entity having jurisdiction over the
Property, pursuant to any development plan for the Property, if any. Declarant shall not be
obligated to expand the Condominium Project beyond the number of Units initially submitted to
this Declaration.
Section 18.6. Construction Easement. Declarant expressly reserves the right to perform
warranty work, and repairs and construction work and to store materials in secure areas, in Units
and in Common Elernents, and the future right to control such work and repairs, and the right of
access thereto, until its completion. All work may be performed by Declarant without the
consent or approval of any Unit Owner or First Mortgagee or holder of a Security Interest.
Declarant has such an easement through the Common Elements as may be reasonably necessary
for the purpose ofdischarging Declarant's obligations and exercising Declarant's reserved rights
in this Declaration. Such easement includes the right to construct underground utility lines,
pipes, wires, ducts, conduits, and other facilities across the Property not designated as reserved
for future development in this Declaration or on the Map for the purpose of furnishing utility and
other services to buildings and improvements to be constructed on any of the Property reserved
for future development. Declarant's reserved construction easement includes the right to grant
easements to public utility companies and to convey improvements within those easements
anlwhere in the Common Elements not occupied by an Improvement containing Units. If
Declarant grants any such Exhibiteeasements,-ftli!ffi to this Declaration will be amended
to include reference to the recorded easement.
CO_DOCS_A #152626v+!4l
Section 18.7. Reciprocal Easements. If property is withdrawn flom the Condominium
Proj ect ("Withdrawn Property'') :
(a) the owner(s) of the Withdrawn Property shall have
whatever easements are necessary or desirable, if any, for access, utility service, repair,
maintenance and emergencies over and across the Condominium Project; and
(b) the Unit Owner(s) in the Condominium Project shall have
whatever easements are necessary or desirable, if any, for access, utility service, repair,
maintenance, and emergencies over and across the Withdrawn Property.
Declarant shall prepare and record in the Records whatever documents are necessary to evidence
such easements and shall amend Exhibit C to this Deciaration to include reference to the
recorded easement(s). Such recorded easement(s) shall specify that the owner(s) of the
Withdrawn Property and the Unit Owners in the Condominium Project shall be obligated to pay
a proportionate share of the cost of the operation and maintenance of any easements utilized by
either one of them on the other's Fopefiy upon such reasonable basis as the Declarant shall
establish in the easement(s). Preparation and recordation by Declarant of an easement pursuant
to this Section 18.7 shall conclusively determine the existence, location and extent of the
reciprocal easements that are necessary or desirable as contemplated by this Section 18.7.
. Section 18.8. Termination of-#xp*nsion--ffnd Development Rishts. The Bxpaa*ion
Righ+s-e++Development Rights reserved to Declarant, for itseli its successors and assigns, shall
expire thirty (30) years after the date of recording this Declaration in the Records, unless the
@DevelopmentRightsarereinstatedorextendedbytheAssociation,
subject to whatever terms, conditions, and limitations the Board of Directors may impose on the
subsequentexerciseofthe@eve1opment*igh*sbyDeclarant.Dec1arant
mayatanytimereleasearrdrelinquishsomeoral1ofthe@
Development Rights with respect to all or any part of the Real Estate subject to such rights by
instrument executed by Declarant and effective when recorded in the Records. Upon the
expirationorotherterminationofthe@DevelopmentRights,arryRea1
Estate then subject to such rights shall become Common Elements or Units, as applicable.
Section 18.9. Interference With--Exaan+ioa--++ Development Riehts. Neither the
Association nor any Unit Owner may take any action or adopt any rule or regulation that will
interfere with or diminish any Exp*rr*ie*-Right*--er-Development Rights reserved by this
ARTICLE l8 without the prior written consent of the Declarant.
Section 1 8. 1 0. Transfer of-Itrxpaffiis*r-or Development Riehts. Any Sxpansion-Righ*$
or-Development Rights created or reserved under this ARTICLE 18 for the benefit of Declarant
may be transferred to any person by an instrument expressly describing the rights transferred in
whole or in part and recorded in the Records. Such instrument shall be executed by the
transferor Declarant and the transferee.
Section 19.1.
purchaser and to the
CO_DOCS_A #152626 v+l
ARTICLE 19INSURANCE
Coverase. Commencing not later than the first conveyance of a Unit to a
extent reasonably available, the Association shall obtain and maintain
42
insurance coverage as set forth in this Article. If such insurance is not reasonably available, and
if the Board of Directors detemines that any insurance described herein will not be maintained,
the Board of Directors shall promptly cause notice of that fact to be hand delivered or sent
prepaid by United States mail to all Owners and Eligible First Mortgagees at their respective last
known addresses.
(a)Prooertv Insurance. The Association shall maintain
property insurance on the Condominium Project for broad form covered causes of loss in an
amount not less than the full insurable replacement cost of the insured property less applicable
deductibles at the time insurance is purchased and at each renewal date, exclusive of land,
excavations, foundations, and other items normally excluded from property insurance policies.
(b)Liability Insurance. The Association shall maintain
commercial general liability insurance against claims and liabilities arising in connection with
the ownership, existence, use, or management of the Condominium Project, insuring the Board
of Directors, the Association, the Managing Agent, and their respective employees, agents and
all persons acting as agents. The Declarant shall be included as an additional insured in such
Declarant's capacity as an Owner and member of the Board of Directors. Owners shall be
included as additional insureds but only for claims and liabilities arising in connection with the
ownership interest in, existence or management of the Common Elements or membership in the
Association. The insurance shall cover claims of one or more insured parties against the other
insured parties.
(c)Fidelity Insurance. The Association shall maintain fidelity
insurance on all persons who control or disburse funds of the Association. Coverage shall not be
less in the aggregate than two (2) months' current Assessments plus reserves, as calculated from
the current Budget of the Association. Any person employed as an independent contractor by the
Association, including the Managing Agent must obtain and maintain fidelity insurance in like
arnount for the benefit of the Association unless the Association names such person as an insured
employee in the policy of fidelity insurance specified above.
(d)Other Insurance. The Board of Directors may also procure
insurance against such additional risks of a type normally carried with respect to properties of
comparable character and use that the Board of Directors deems reasonable and necessary in
order to protect the Condominium Proiect, the Association and the Unit Owners.
(e)Unit Owners' Policies. Each Owner, excluding Club Unit
Owners, may obtain additional property insurance at their own cost for their own benefit
covering all personal property within their own Unit. All such policies shall contain waivers of
subrogation and provide further that the liability of the carriers issuing insurance to the
Association hereunder shall not be effected or diminished by reason of any such insurance
carried by any Unit Owner. Each Owner waives and releases all claims against the Association
to the extent such claim is covered by applicable insurance policies, regardless of whether
damage, loss, or injury arose from the negligence or breach of any agreement by the Association.
Each Owner, excluding Club Unit Owners, acknowledges that insurance obtained by the
Association does not obviate the need for an Owner to obtain separate insurance for their own
benefit. Each Owner, other than Club Unit Owners, shall also obtain general liability insurance
CO_DOCS_A #152626 v4.4 +J
at their own cost for their own benefit covering their own operations and activities within their
own Unit. Such coverage shall also extend to cover any legal liability imposed on an Owner due
to an Owner's interest in the Common Elements or membership in the Association.
Section 19.2. Required Provisions. All insurance policies carried by the Association
pursuant to the requirements of this ARTICLE 19 must provide that:
(a)each Unit Owner and each Eligible First Mortgagee is an
insured person under the policy with respect to liability arising out of such Owner's interest in
the Common Elements or membership in the Association;
(b)the insurer waives its rights to subrogation under the policy
against any Owner or member of an Owner's household;
(c) no act or omission by any Owner or Eligible First
Mortgagee, unless acting within the scope of such Owner's authority on behalf of the
Association, will void the policy or be a condition to recovery under the policy;
(d)if, at the time of a loss under the policy, there is other
insurance in the name of an Owner covering the risks covered by the policy (other than a Unit
Owner's policy covering such Owner's personal property), the Association's policy provides
primary insurance;
Association;
Owner's personal property) shall be payable to an insurance trustee designated for that purpose,
or otherwise to the Association and not to any holder of a Securitv Interest:
(e)
the Association
(h)the insurer issuing the policy may not cancel or refuse to
renew it until thirty (30) days after notice ofthe proposed cancellation or non-renewal has been
mailed to the Association and any Owner(s) and holder(s) of Security Interests to whom a
certificate or memorandum of insurance has been issued at their respective last known addresses.
Section 19.3. Adjustment of Claims. The Association may adopt and establish written
nondiscriminatory policies and procedures relating to the submittal of claims, responsibility for
deductibles, and any other matters of claims adjustment. To the extent the Association settles a
property insurance claim, it shall have the authority to assess negligent Unit Owners causing
such loss or benefiting from such repair or restoration all deductibles paid by the Association. In
the event more than one Unit is damaged by a loss, the Association in its reasonable discretion
may assess each Unit Owner a prorata share of any deductible paid by the Association.
(e)
(0
any loss covered by the policies must be adjusted with the
the insurance proceeds for any loss (other than for a Unit
the insurer shall issue certificates or memoranda of
and, upon request, to any Owner or holder of a Security Interest;insurance to
and
CO_DOCS_A #152626 v44 44
Section 19.4. Copies of Policies. A copy of each insurance policy obtained by the
Association shall be made available for inspection by any Unit Owner at reasonable times.
ARTICLE 20 RESTORATION UPON DAMAGE OR DESTRUCTION
Section20.l. Dutv to Restore. Any portion of the Condominium Project, for which
insurance is required under the Act or for which insurance carried by the Association is in effect,
that is damaged or destroyed must be repaired or replaced promptly by the Association unless:
(a)
(b)
the Condominium Project is terminated;
repair or replacement would be illegal under a state statute
or municipal ordinance goveming health or safety;
(c)sixty-seven percent (67%) of the Unit Owners, including
every Owner of a Unit or assigned Limited Common Element that will not be rebuilt, vote not to
rebuild; or
(d) prior to the conveyance of any Unit to a purchaser, the
holder of a Security Interest on the damaged portion of the Condominium Prqect rightfully
demands all or a substantial part ofthe insurance proceeds.
In the event the Condominium Project is not repaired or replaced as allowed by Subsections (a),
(b) and (c) above, then the Real Estate in the Condominium Project shall be sold and the
proceeds distributed pursuant to the procedures provided for in the Act for termination of
condominium proj ects.
Section 20.2. Cost. The cost of repair or replacement in excess of insurance proceeds
and reseryes is a Common Expense.
Section 20.3. Plans. The Properly must be repaired and restored in accordance with
either the original plans and specifications or other plans and specifications which have been
approved by the Board of Directors and a Majority of Owners.
Section 20.4. Replacement of Less Than Entire Property. If the entire Condominium
Project is not repaired or replaced, the insurance proceeds attributable to the damaged Common
Elements shall be used to restore the damaged area to a condition compatible with the remainder
of the Condominium Project and, except to the extent that other persons will be distributees:
(a)the insurance oroceeds attributable to a Unit and Limited
Common Elernents that are not rebuilt must be distributed or credited to the Unit Owner of the
Unit and the Unit Owner of the Unit to which the Limited Common Elements were allocated. or
to holders of Security Interests, as their interests may appear;
(b)the remainder of the proceeds must be distributed or
incredited to each Unit Owner or holders of Security Interests, as their interests may appear,
proportion to the Allocated Interests in the Common Elements of all the Units; and
CO_DOCS_A #152626 vl 45
(c)if the Unit Owners vote not to rebuild a Unit. the Allocated
Interests of the Unit are reallocated upon the vote as if the Unit had been condemned, and the
Association promptly shall prepare, execute and record an amendment to this Declaration
reflecting the reallocations.
Section 20.5. lnsurance Proceeds. The insurance trustee, or if there is no insurance
trustee, then the Board of Directors, acting by the President, shall hold any insurance proceeds in
trust for the Association, Unit Owners and holders of Security Interests as their interest may
appear. Subject to the provisions of the Sections above, the proceeds shall be disbursed hrst for
the repair or restoration of the damaged Property, and the Association, Unit Owners and holders
of Security Interests are not entitled to receive payment of any portion of the proceeds unless
there is a surplus ofproceeds after the Properly has been completely repaired or restored, or the
Condominium Project is terminated, in which event the surplus proceeds will be distributed as
provided in this Declaration and the Act.
Section 20.6. Certificates by the Board of Directors. The insurance trustee, if any, may
rely on the following certifications in writing made by the Board of Directors:
(a)
repaired or restored; and
(b)
whether or not damaged or destroyed Property is to be
the amount or amounts to be paid for repairs or restoration
and the names and addresses of the parties to whom such amounts are to be paid.
Section 20.7. Certificates by Attorneys or Title Insurance Companies. If payments are
to be made to Unit Owners or holders of Security Interests, the Board of Directors, and the
insurance hlrstee, if any, shall obtain and may rely on a title insurance company or attomey's
certificate of title or a title insurance policy based on a search of the Records from the date of
recording of this Declaration stating the names of the Unit Owners and the holders of Security
Interest.
ARTICLE 21 CONDEMNATION
If all or part of the Condominium Project is taken by any power having the authority of
eminent domain, all compensation and damages for and on account of the taking shall be payable
in accordance with the provisions on eminent domain in the Act.
ARTICLE 22 MORTGAGEE PROTECTIONS
Section22.l. lntroduction. This ARTICLE 22 establishes certain standards and
covenants which are for the benefit of First Mortgagees. This ARTICLE 22 is supplemental to,
and not in substitution for, any other provisions of this Declaration, but in the case of any
conflict, this Article shall control.
Section 22.2. Percentage of First Mortgagees. Unless specifically provided otherwise,
wherever in this Declaration the approval or consent of a specified percentage of Eligible First
Mortgagees is required, it shall mean the approval or consent of sixty-seven percent (67%) of the
voting power of Eligible First Mortgagees. Each Eligible First Mortgagee shall be entitled to the
CO_DOCS_A #152626 v+l 46
same voting power as held by the encumbered Unit or Club Estate for each Unit or Club Estate
held as security by such Eligible First Mortgagee.
Section 22.3. Notice of Actions. If requested in writing to do so, the Association shall
give prompt written notice of the following to each Eligible First Mortgagee making such
request:
(a)any condemnation loss or any casualty loss which affects a
material portion of the Common Elements or any Unit in which an interest is held by the Eligible
First Mortgagee;
(b)any delinquency in the payment of Assessments which
remains uncured for sixty (60) days by an Owner whose Unit or CIub Estate is encumbered by a
Security Interest held by such Eligible First Mortgagee;
(c)any lapse, cancellation, or material modification of any
insurance policy or fidelity bond maintained by the Association;
(d) any proposed action which would require the consent of
Eligible First Mortgagees as set forth in this Article;
(e)any judgment rendered against the Association having a
material effect on the ability of the Association to perform its obligations herewith; and
(0 a copy of any financial statement of the Association.
Section 22.4. Consent Required. The Association may not take any of the following
actions, except as such rights have been specifically reserved by Declarant under the provisions
of this Declaration, without the consent of sixty-seven percent (67%) of the voting power of the
Eligible First Mortgagees:
(a)sale. convevance or encumbrance of the Common Elements
(provided, however, that the granting of easements for public utilities, for construction and
maintenance of roads within the Condominium Project, or for other purposes provided for in this
Declaration will not be deemed a transfer within the meaning of this clause);
(b) restoration or repair of the Condominium Project (after
hazard damage or partial condemnation) in a manner other than that specified in this Declaration;
(c)termination of this Declaration for reasons other than
substantial destruction or condemnation, subject to the approval percentages required for such
termination;
(d)
cornmon interest communitv: or
(e)
except as permitted in this Declaration.
merger of the Condominium Project with any other
any action not to repair or to replace the Common Elements
CO_DOCS_A #152626 v4 47
Section 22,5. Notice of Obiection. Unless an Eligible First Mortgagee provides the
Secretary of the Association with written notice of its objection, if any, to any proposed
amendment or action requiring the approval of Eligible First Mortgagees within thirty (30) days
following the receipt of notice of such proposed amendment or action, the Eligible First
Mortgagee will be deemed conclusively to have consented to or approved the proposed
amendment or action.
Section 22.6. First Morteaeees' Riehts.
(a)Advances. First Mortgagees, jointly or singly, may pay
taxes or other charges which are in default and which may or have become a charge against any
of the Common Elements or improvements thereon, and may pay overdue premiums on hazard
insurance policies, or secure new hazard insurance coverage on the lapse of a policy, for the
Common Elements. First Mortgagees making such pal.rnents shall be owed immediate
reimbursement from the Association.
(b)Cure Rights. First Mortgagees shall be entitled to cure any
delinquency of the Unit Owner encumbered by a First Mortgage in the payment of Assessments.
In that event, the First Mortgagee shall be entitled to obtain a release from the lien imposed or
perfected by reason ofsuch delinquency.
Section 22.7. Limitations on First Mortgagee's Rights. No requirement for approval or
consent by a First Mortgagee provided in this ARTICLE 22 shall operate to:
(a)deny or delegate control over the general administrative
affairs of the Association bv the Unit Owners or the Board of Directors:
(b)prevent the Association or Board of Directors liom
commencing, intervening and/or settling any legal proceeding; or
(c) prevent any insurance trustee or the Association ffom
receiving and distributing any insurance proceeds in accordance with the requirements of
ARTICLE 20 entitled "Restoration Upon Damage or Destruction".
Section 22.8. Special Declarant Rights. No provision or requirement of this ARTICLE
22 entitled "Mortgagee Protections" shall apply to or contravene any Special Declarant Rights
reserved to Declarant in this Declaration.
ARTICLE 23 DURATION OF COVENANTS;
AMENDMENT AND TERMINATION
Section 23.1. Term. This Declaration and any amendments or supplements to it shall
remain in effect from the date of recordation for a period of fifty (50) years. Thereafter, this
Declaration shall be automatically extended for successive periods often (10) years each, unless
otherwise terminated or modified as provided in this Article.
Section 23.2. Amendment of Declaration. This Declaration may be amended as
follows:
CO*DOCS_A #152626 v44 48
(a)Reserved Amendment Riehts. To the extent that this
Declaration and the Act expressly permit or require amendments that may be executed by the
Declarant or by the Association, this Declaration may be amended by amendments executed
solely by the Declarant or solely by the Association. To the extent permitted by the Act,
Declarant may execute any amendment required or necessary to comply with applicable state
regulatory requirements.
(b)General Amendments. Exceot as otherwise allowed or
restricted by this Declaration, this Declaration may be amended by a vote or agreement of
Owners holding more than fifty percent (50%) of the total voting power of the Association,
including a majority of the voting power allocated to Units or Club Estates not owned by
Declarant. Notwithstanding the foregoing provision, the percentage of the voting power of the
Association necessary to amend a specific clause or provision of this Declaration shall not be
Iess than the percentage of affirmative voting power prescribed for action to be taken under that
clause or provision.
(c)Permitted Use Amendments. Except to the extent
otherwise expressly permitted or required in this Declaration, this Declaration may be amended
to change the uses to which any Unit is restricted only by a vote or agreement of Owners holding
at least sixty-seven percent (67%) of the total voting power of the Association, including a
majority of the voting power allocated to Units or Club Estates not owned by Declarant and
including a majority of the voting power allocated to the Class if directly affected by such
amendment (e.g., amendments changing uses for Club Units).
(d)Special Declarant Rights Amendments. Except to the
extent otherwise expressly permitted or required in this Declaration or under the Act, this
Declaration may be amended to increase Special Declarant Rights, increase the number of Units
or change the boundaries of any Unit or the Allocated Interests of a Unit or Club Estate only by a
vote or agreement of Owners holding at least sixty-seven percent (67%) of Ihe total voting power
of the Association, including sixty-seven percent (67%) of the voting power allocated to Units or
Club Estates not owned by Declarant.
Section 23.3. Amendment bv Declarant. To the extent permitted by the Act,, Declarant
may execute any amendment to this Declaration required or necessary to comply with secondary
mortgage market and Colorado state regulatory requirements.
Section 23.4. Amendment of Other Goveming Documents. The Articles of
Incorporation and Bylaws shall be amended in accordance with the terms of such documents
and the Colorado Revised Nonprofit Corporation Act, as amended. The Rules and Regulations
may be amended as determined by the Board of Directors.
Section 23.5. Execution of Amendmentsl Expenses. Any amendment shall be prepared,
executed and recorded either by the Declarant or by an officer ofthe Association designated for
that purpose or, in the absence of a designation, by the President of the Association. All
expenses associated with preparing and recording an amendment to this Declaration shall be the
sole responsibility of: (a) any Owners desiring an amendment as provided for in this Declaration
or the Act; (b) the Declarant, to the extent the right to amend this Declaration is reserved to the
CO_DOCS_A #152626 v+!49
Declarant and exercised by the Declarant; or (c) in all other cases by the Association as a
Common Expense.
Section 23.6. Intemretation. Recording of amendments to this Declaration and
supplement to the Map in the Records shall automatically:
(a)vest in each existins Owner the reallocated Allocated
Interests appurtenant to each Owner's Unit or Club Estate; and
(b)vest in each existing holder of a Security Interest a
perfected Security Interest in the reallocated Allocated Interests appurtenant to the encumbered
Unit or Club Estate.
Upon the recording of an amendment to this Declaration, the definitions used in this Declaration
shall automatically be extended to encompass and to refer to the Property, as expanded. A11
conveyances ofUnits or Club Estates after such expansion shall be effective to transfer rights in
all Common Elements as expanded, whether or not reference is made to any amendment to this
Declaration or supplement to the Map. Reference to this Declaration and Map in any instrument
shall be deemed to include all amendments to this Declaration and supplements to the Map
without specific reference thereto.
Section 23.7. When Modifications Permitted. Notwithstanding the provisions of
Section 23.2 wrd Section 23.3 above. no amendment or termination of this Declaration shall be
effective in any event during the Period of Declarant Control, unless the written approval of
Declarant is first obtained.
Section 23.8. Recording of Amendments. Any amendment to this Declaration made in
accordance with this ARTICLE 23 shall be immediately effective upon the recording of the
executed amendment in the Records together with a duly authenticated certificate of the
Declarant or the Secretary of the Association stating that the required vote of Owners, if any, and
required consents of First Mortgagees (and,/or Eligible First Mortgagee, as applicable) were
obtained and are on file in the office of the Association or were not required to be obtained
pursuant to this Declaration or the Act. The amendment must be indexed in the grantee's index
in the name of the Condominium Project and the Association and in the grantor's index in the
name of each person or entity executing the Amendment.
Section 23.9. Rights of Eligible First Morteagees. To the extent allowed by the Act,
Eligible First Mortgagees sha1l have the rights to approve specified action of the Unit Owners or
the Association as a condition to the effectiveness of those actions as provided in ARTICLE 22
entitled "Mortgagee Protections".
Section 23.10. Termination of the Condominium Project. The Condominium Project may
only be terminated as provided in the Act.
ARTICLE 24 V AIL PLAZA CLUB
Section 24.1. Submission of Residential Units to the Vail Plaz a Club. Up to fifty (50) of
the Residential Units in the Proiect will be submitted bv Declarant to the Vail Plaza Club as set
CO_DOCS_A #152626 v+l 50
forth in this Article. The provisions of this Article relate only to those Residential Units
submitted to the Vail Plaza Club and shall govern the ownership of Club Estates in said Club
Units and the rights, duties and obligations of Club Members. So long as Declarant: (a) holds a
Development Right; (b) owns any Condominium Unit or Club Estate; (c) holds a Security
Interest in any Condominium Unit or Club Estate; or (d) for thirty (30) years after the date of
recording this Declaration, the right to submit a Residential Unit to the Vail Plaza Club shall
extend only to the Declarant and shall specifically not be available to purchasers ofResidential
Units in the Project, their successors, or assigns except with the prior written consent of
Declarant. Thereafter, any Owner may submit a Residential Unit to the Vail Plaza Club, with the
prior written consent of the Association. Submission of a Residential Unit to the Vail Plaza Club
shall be subject to the prior written consent of any First Mortgagee of the Club Unit. The
provisions of this Declaration shall apply to all Club Units and Club Estates created hereunder;
provided, however, in the event of an inconsistency between this Article and the remaining
provisions of this Declaration with respect to the ownership of a Club Unit or Club Estate and
the rights, duties, and obligations of Club Members, then the provisions of this Article shall
control.
Section 24.2. Definitions. Unless the context expressly requires otherwise, words shall
have the meanings designated below with respect to those Residential Units which are submitted
to the Vail Plaza Club.
(a)"Christmas Holiday and New Year's Holiday" means
extended occupancy periods for Christmas and New Years which include more than seven (7)
days and never begin or end on Christmas Eve or New Year's Eve or Christmas Day or New
Year's Day. The Christmas Holiday always begins on the second Saturday that occurs on or
before December 27 each year, with any Saturday falling on December 27 counting as the first of
the two Saturdays, and ends on December 27. The New Year's Holiday always begins on
December 2l artd ends on the Saturday that begins Club Week I in the succeeding year. Club
Week 49 begins on the Saturday seven (7) days before the Saturday that begins the Christmas
Holiday each year. All preceding Club Weeks in each calendar year (48 to l) begin on the
Saturday seven (7) days before the start of the succeeding Club Week.
(b)"Club Assessment" means the assessment paid by the ClubMemberspursuanttoW
(c) "Club Calendar" means the calendar prepared each year by
the Association which shall at all times establish the dates of each Club Week at least five (5)
years into the future.
(d)"Club Estate" means a timesnan estate consistine of an
undivided interest as tenant in common in the present estate *ndin fee simple in a Club Unit-e{'
a*jdes+ifisd-ryp€, together with an exclusive right to possession and occupancy of the Club
Unit during the Club Week assigned to the Club Estate Owner by the Club Calendar or the Club
Week specified in the Deed conveying the Club Estate to the Club Estate Owner.
(e) "Club Membef' or "Member" means the Owner vested
with legal title to a Club Estate.
CO_DOCS_A #152626 vtt{5l
(0
the Vail Plaza Club.
"Club Unit" means a Residential Unit which is submitted to
"Club Unit Fumishings" means all fumiture, appliances,(e)
moveable equipment, utensils, carpeting, accessories, and other personal property located within
a Club Unit.
(h)"Club Week" means a period of exclusive possession and
occupancy of a Club Unit established in the initial Deed conveying a Club Estate to a Club
Estate Owner or reserved pursuant to the Reservation Procedures. Club Weeks for each Club
Unit are established each year for the dates set forth in the Club Calendar. Club Weeks will
usually consist of seven (7) consecutive days beginning on a Saturday. Club Weeks in a Club
Unit shall be computed on the same basis and shall commence and end at the same time, on the
same day of the week, according to this section unless the initial deed conveying a Club Estate in
a particular Club Unit includes or refers to a Club Calendar which creates a Christmas Holiday
and New Year's Holiday.
(i)"Floating Club Estate" means a Club Estate subject to the
Use Right Easement and Reservation Procedures set forth in this Plan of Club Ownership.
S "formula for Alloc
tormuta estannsnl
Ctuf Unit set tortn o
aU Cnf nstates wl
inctuAinq the seas
in tne fown of Vaitl. t
nstate. anU wnetne
ft} "has
themeaningsetforthinSection24.|2ofthisDeclaration@
iorr.
CI (k)."Resale Restriction" has the meaning set forth in Section 24.11 of this
Declaration.
{m) (q-'Reservation Procedu " means the Reservation Procedures
established by the Association pursuant to Section 24.10.
fu) (4f"Restriction Period" has the meaning set forth in Section 24.1 I of this
Declaration.
@} "fown of Vail nequi
Section Z+.tZ ott ion'
@) (*f"Transfer" has the meaning set forth in Section 24.11 of this
Declaration.
CO_DOCS_A #152626 v+4 52
@
this Declaration.
(ef"Use Right Easement" has the meaning set forth in Section 24.10 of
Section 24.3. Submission of Residential Unit to Club Ownership. Declarant may submit
a Residential Unit to Club Ownership either by recording a properly acknowledged notice
executed by Declarant describing the Residential Unit to be submitted to Club Ownership and
reciting Declarant's intention to do so or by Declarant's execution, delivery and recordation of a
Deed conveying a Club Estate to a Club Member. By acceptance of a deed to a Club Estate,
each Club Member waives their right to bring a suit for partition except in accordance with the
provisions of this Declaration. For purposes of Section 10.6 and Section 10.7 of this
Declaration, a Residential Unit submitted to Club Ownership shall be deemed conveyed to a Unit
Owner other than Declarant after conveyance of ene-hn*dred@[ percent (10S20%) of the
Club Estates in the Club Unit.
Section 24.4. Conveyance by Purchaser. Each Club Estate shall constitute an estate in
real property separate and distinct from all other Club Estates in the Club Unit and other Units,
which estate may be separately conveyed and encumbered. A purchaser may acquire more than
one Club Estate and thereafter convey or encumber each Club Estate so acquired separatelyo
suUiect to tne nesa
2a'lfuull2llebebw. In no event, however, shall a Club Member convey or encumber less
than a Club Estate as defined herein, or attempt to subdivide a Club Estate into lesser interests.
In the event all CIub Estates in a Club Unit are acquired by one Member, such Club Unit may, at
such Member's election and with the written consent of the Association by notice duly recorded,
be withdrawn from this Vail Plaza Club.
Section 24.5. Description of a Club Estate. A contract for sale of a Club Estate written
prior to the date this Declaration is filed in the Records may legally describe a Club Estate by
reference to the Club Unit No. and
either the specific Club Week(s) or the purchaser's right to use and occupy the Club Unit during
the weeks reserved under the Reservation Procedures, or by completing the following legal
description:
Club Week _, in Club Unit _ [or a Club Estate consisting
of an undivided interest as tenant-in-common together with the
exclusive right to possession and occupancy of Club Unit _
during Club Week(s) _ or reserved by the Club Member
pursuant to the Reservation Procedures], according to the
Condominium Declaration for Vail Plaza Hotel Resort Club,-a
eondominium to be filed for record in Eagle County, Colorado.
After submission of a Condominium Unit to Club ownership, every conffact for sale, deed, lease,
mortgage, trust deed, or other instrument relating to a Club Estate will legally describe the Club
Estate as follows:
Club Week _, in Club Unit _ [or a Club Estate consisting
of an undivided interest as tenant-in-common tosether with the
CO_DOCS_A #152626 v+!53
exclusive right to possession and occupancy of Club Unit _
during Club Week(s) _ or reserved by the Club Member
pursuant to the Reservation Procedures], according to the
Condominium Declaration for Vail Plaza Hotel Resort Club, a
€er*demi*i{rn-recorded ( dateJ, at ( Reception No.) and the
Condominium Map recorded ( date ), at (Reception No.) in the
office of the Clerk and Recorder of Eagle County, Colorado.
Any legal description substantially in the form provided above or which is otherwise sufficient to
identify the Club Estate shall be good and sufficient for all purposes to sell, convey, transfer and
encumber or otherwise affect a Club Estate and all Common Elements. Limited Common
Elements and easements appurtenant thereto.
Section 24.6. Administration and Manaeement. The administration and management of
the Vail Plaza Club shall be performed by the Association. The Association shall have all
powers necessary or desirable to effectuate any of the purposes provided for herein. A Club
Member, upon becoming the owner of a Club Estate, shall be a member of the Association and
shall remain a member for the period of time a Club Estate is owned. A Club Member shall be
entitled to a vote, the size of which vote shall be based upon each Club Member's undivided
interest as tenant- in- common in the nresent estate in ft applicable Clubl+ni*s-. Voting by proxy shall be permitted. The Club
Members shall constitute a separate Class of Members in the Association for purposes of voting
on all issues affecting the administration and management of the Vail Plaza Club, as further
described in SeefionScelions I1.7 andLLJLof this Declaration.
Section 24.7. Powers and Duties of the Association with Respect to Club Estates. By
way of enumeration and without limitation and in addition to the powers and duties of the
Association provided for in this Declaration, the Association shall also have the following
specific powers and duties with respect to Club Estates:
(a)coordinate the plans of members for moving their personal
effects into and out of the Club Unit with a view towards scheduling such moves, so that there
will be a minimum of inconvenience to other Members;
(b) cause each Club Unit to be maintained in a frrst class
manner and condition. The Association shall determine the color scheme, decor, and fumishing
of each Club Unit as well as the proper time for refurbishment, redecorating, and replacement
thereofl
(c)acquire and hold title to all Club Unit Furnishings. The
Association shall, on behalf of all Members, hold title in its name to all Club Unit Furnishings,
and no Member shall have any right, title, or claim thereto, and the Association shall have the
right to deal with Club Unit Fumishings for all purposes;
(d)bill each Member for the expense of occupancy of a Club
Unit during which occupancy the Association determines the individual expenses of the
particular Member, including, but not limited to long-distance and other extraordinary telephone
CO_DOCS_A #152626 v14 54
charges, extraordinary repairs or charges for damage to the Club Unit, the Club Unit Fumishings,
equipment, fixtures, appliances, and carpeting caused by a Member or such Member's guest or
permitted Occupant, firewood, other charges rendered by the Managing Agent on behalf of the
particular Member and maid service in addition to the standard maid service provided for each
Club Week and included within the Club Assessment provided for in this Article;
administer (i) a list of services to be offered by the Association to the Members, the cost of
which shall be included in the Club Assessments; (ii) such other rules and regulations as the
Association deems necessary or desirable, specifically including but not limited to fines and
restrictions on use and occupancy if a Member is not current on Assessments or is otherwise in
violation of the provisions of this Article; and (iii) if applicable, a Reservation Procedure as
provided for in this Plan of Club Ownership;
(g) upon the vote of more-*h*n-a Majority of €r'rqers-*nd+he
Me.mhcr$, establish, subject to modification at any time, publish and administer procedures for
the rental of Club Estates by Owners; and the Association may enter into separate rental
agreements with Owners, provided that the Association shall not be the exclusive rental agent for
the Vail Plaza Club or impose any limitation or restriction that may cause the rental
arrangements to be deemed securities under federal or state law;
(e)
(0
(h)
(i)
collect the Club Assessment provided for in this Article;
establish, subject to modification at any time, publish, and
prepare the Club Calendar;
enter into license agreements or other like agreements with
respect to the operation, management, maintenance and/or benefits related to the Club; and
0)enforce the remedies for non-payment of the Club
Assessments set forth in this Article.
Section 24.8. Club Assessment. In addition to the Assessment for Common Expenses
established by the Association to meet the Common Expenses of the Project, the Association
shall also establish a separate Club Assessment which will be assessed against Club Estates to
cover the Assessment for Common Expenses for the Club Units and the additional costs of
operating the Club Estates as part of the Vail Plaza Club.
(a)Club Assessment Items. The Club Assessment for each
Club Estate may include but is not limited to, the following:
(D the allocated share of the ehLlJsitS-Common
Expenses Liability attributable to each Club Estatei based on the Club Estate's undivided interest as
tenant in common in
Exhibill:l;
CO_DOCS_A #152626 v14 55
(ii) maintenance and regularly scheduled cleaning and
maid service and upkeep of the Club Unit;
insurance occasioned by the operation of the Vail Plaza Club;
(v)real and personal property taxes, if any, assessed
against the Club Estates;
("i) management fees assessed by the Managing Agent
to cover the costs of operating the Vail Plaza Club that are in addition to the management fees set
by the Managing Agent for management of the Condominium Project;
Fumishings;
(iiD
(iv)
(vii)
Club Unit Fumishings;
repair and replacement of the Club Unit
any additional premium for property or liability
a reserve for refurbishment and/or rsplacement of
premiums attributable to commercial general(viii)
liability insurance coverage for death, bodily injury and property damage resulting from the use
of a Club Unit within the Project by Owners of Club Estates, their guests or other users;
(ix)amenities use fees assessed by the Managing Agent
or Owner of the Parking Unit and/or Spa Unit for the use of the health spa and Parking Unit; and
(x)any other expenses incurred in the normal operation
of the Project attributable to operation of the Club Units as part of the Vail Plaza Club and not
otherwise within the definition of Common Expenses provided for in this Declaration.
ftj) {b)-Club Estate Assessm . The Club
Assessment shall be assessed and prorated among the Members on the basis of each Club
Estate's undivided interest as tenant in common in the Club Unit as set forth on Exhibit D-1.
(b} $Ottieation to Pay ClM. The Club Assessment shall be
paid by the Member pursuant to a schedule established by the Association. These Assessments
shall be the personal and individual debt of the Club Member and all sums assessed but unpaid
shall constitute a lien on the Club Estate. The Association shall have all of the rights in
connection with the collection thereof as it has in connection with the collection of unoaid
Assessments for Common Expenses.
@) @Ha&S_S!_ClUb_$!aIg!. The Declarant shall advise the Cor.urty
Assessor for Eagle County, Colorado of the ownership of the Club Estates operated by the Hotel
Unit Owner as part of the commercial hotel operation, and the allocation of Percentage Interests
into-all Club Estates inpSrssanlla Section @ and Sxhibits*&,*&-L;
CO_DOCS_A #152626v+4 56
a*dExhibit !:L for purposes of implementing the special assessment procedures set forth in
c.R.s. 39-1-102(5.5).
sQ (e)-Club Assessment for . The Club Assessments will include a
fee to be paid monthly to the Managing Agent, and/or the Spa Unit Owner, as applicable, for the
use of the health spa, including the outdoor pool to be located on the Project. The Association
has or will enter into a binding agreement with the Spa Unit Owner to require the Spa Unit
Owner to make such amenities available to Club Estate Owners so long as the Association makes
its payments to and meets all of the obligations of the Association under such agreement to keep
such amenities available to the Club Estate Owners.
Section 24.9. Acceptance: Enforcement: Indemnification. By acceptance of a deed to a
Club Estate, a Club Member agrees to be bound by the terms and conditions of this Declaration,
specifically including, but not limited to, the provisions of this Article. In addition to all
remedies provided to the Association in this Declaration, the Association shall also have the
following special remedies with respect to any Club Member who fails to pay the Club
Assessment or is otherwise in default of any provision of this Article:
(a)In the event any Club Member fails to vacate a Club Unit
after termination of the Club Week in which an Owner is entitled to use of the Club Unit or
otherwise uses or occupies or prevents another Owner (or permitted Occupant) from using or
occupying a Club Unit, that Club Member shall be in default hereunder and shall be subject to
immediate removal, eviction or ejection from the Club Unit wrongfully occupied; shall be
deemed to have waived any notices required by law with respect to any legal proceedings
regarding the removal, eviction or ejection; and shall pay to the Orvner (or permitted Occupant)
entitled to use the Club Unit during such wrongful occupancy, as liquidated damages for the
wrongful use of the Club Unit, a sum equal to two hundred percent (200%) of the estimated
expense of providing the arriving Owner (or permitted Occupant) with equivalent lodging and
amenities, as determined by the Association in its sole discretion for each day, or portion thereof,
including the day of surrender, during which the Club Member wrongfully occupies a Unit, plus
all Costs of Enforcement which arnounts may be collected by the Association in the manner
provided herein for the collection of Assessments for Common Expenses.
(b)Any Club Member who suffers or allows a mechanics' lien
or other lien to be placed against their Club Estate or the entire Club Unit shall indemnify,
defend and hold each of the other Club Members harmless from and against all liability or loss
arising from the claim or such lien. The Association may enforce such indemnity by collecting
from the Club Member who suffers or allows such a lien the amount necessary to discharge the
lien and all Costs of Enforcement incidental thereto. If such amount is not promptly paid, the
Association may collect the same in the manner provided herein for the collection of
Assessments for Common Expenses.
(c)Withhold use or oossession of the Member's Club Estate
during the Club Week entitled to use of the Club Unit, prohibit the Club Member from making
any reservation pursuant to the Reservation Procedures, and upon notice, cancel any reservation
previously made by such Member, and rent or reallocate any Club Week to which a Member
would otherwise be entitled to use the Club Unit.
CO_DOCS_A #15?626 v4!57
(d) Suspend all of such Member's
member of the Association, including but not limited to, the right to
other determination provided for in the Condominium Documents.
rights and privileges as a
participate in any vote or
(e)Except as to a transfer to a First Mortgagee by foreclosure
or deed in lieu of foreclosure, no transfer of a Club Estate shall be permitted unless and until the
proposed transferor is current as to all Assessments due to the Association and is otherwise not in
default under any other provision of this Declaration. Any purported transfer of a Club Estate
while a Member is delinquent or is in default on any other obligation shall be null and void.
All of the remedies granted by the Condominium Documents, specifically including the
specific remedies provided for in this Article are cumulative, and the exercise of one right or
remedy by the Association shall not impair the Association's right to exercise any other remedy.
The Association shall not be limited to the remedies set forth herein and may invoke any other or
additional remedies provided for or allowed by the Act, in law or in equity. The Association
may prrsue any of the remedies provided for in whatever order is determined by the Association.
The failure by the Association to insist in any one or more instances upon the strict compliance
with any provision of the Condominium Documents, to exercise any right or option contained
therein, to serve any notice or to institute any action or proceeding, shall not be construed as a
waiver or relinquishment of any such provision, option or right.
Section24.10. Cross Use Easements Pertaining to Floating Club Estates. All Floating
Club Estates are subject to the following cross use easement rights and reservation procedures:
(a)Cross Use Easement Rights. In order to maximize the
availability of space to fulfill Club Members' desired use, subject to the provisions of Paragraph
(b) below relating to reservations, all Floating Club Estates shall be available for reservation,
occupancy and use (the "Use Rieht Easement") by Members of comparable Floating Club
Estates in the Project. Comparable Floating Club Estates shall be deemed to be all Floating Club
Estates in the same type of Club Unit (l-bedroom Club Unit,2-bedroom Club Unit, 3-bedroom
Club Unit, and penthouse Club Unit). Each Deed conveying a Floating Club Estate shall be
deemed to include a reservation of this Use Rieht Easement benefitine all Club Members.
(b)Reservation Procedures. All Club Members shall be
entitled to make reservations with the Association for the Club Week(s), or portions thereof, the
Member desires to use pursuant to the reservation procedure from time to time established by the
Association by rule and regulation (the "Reservation Procedure"). The Reservation Procedure
shall specify the manner in which reservations are to be requested and confirmed. The right to
reserve a Club Week, if unused in any year, is lost and does not accrue. The Reservation
Procedure shall contain such schedules, conditions, restrictions and limitations as are deemed
necessary or desirable by the Association. The Association may from time to time, without the
consent of the Members or Eligible First Mortgagees, amend the Reservation Procedure to
include, by way of enumeration and without limitation, one or more of the foltowing features:
(i) A preferential reservation system for holidays such
as New Year's Day, Martin Luther King Jr. Day, Presidents' Weekend, Memorial Day,
Independence Day, Labor Day, Veterans' Day, Thanksgiving, Christmas or other holiday period
CO_DOCS_A #152626 v1{58
which allocates the opportunity to reserve the more popular holidays among the Owners of
Floating Club Estates;
(iD A procedure for determining priority ofreservation
by lot, drawing, rotation, or otherwise on an annual or rotating basis;
(iii)Restrictions on use and occupancy of a Club Unit if
a Member is not current on Assessments or is otherwise in violation of the provisions of the Vail
Plaza Clubl
(iu)Penalties, including forfeitures of reservation rights
for the calend ar year, for untimely cancellations or reservations;
(v)
(as hereinafter defined);
Short term reservation procedures for Bonus Time
(vi) A schedule offees to be separately charged to Club
Members who use a portion of a Club Week or who use Bonus Time on a space available basis
to cover the additional expenses of such use, including but not limited to, additional
administrative, j anitorial and maid service costs; or
(vii)Such other conditions. restrictions and limitations as
the Association shall deem necessary under the circumstances to assure a manageable and fair
system.
(c,Bonus Time. Bonus Time shall mean any period of time
not otherwise reserved which is used by a Member pursuant to the short tem reservation
procedures (e.g. upon only 24 or 48 hours notice) ofthe Reservation Procedure and is in excess
of the Club Week(s) to which the Member is entitled. The purpose of Bonus Time is to allow
Members to use and occupy Club Units, or portions thereof, on short term notice and on a space
available basis which might otherwise remain unoccupied.
(d)Rental. The Reservation Procedures may prohibit or limit
the right of Club Members to rent or to allow use by an unaccompanied guest of any Club Unit
otherwise properly reserved by a Club Member.
Section24.11. Resale Restriction. Owners of Club Estates shall be prohibited from
selling, assigning, or otherwise transferring a Club Estate (not including a deed in lieu of
foreclosure, transfer by public trustee or sheriffs deed, anv transfer of a Fir
risht or interest i or any transfer in connection with the merger, consolidation,
liquidationorreorganizationi*gf_anowner)(a..Transfer'')unti1the@
iLrc (5!) yen*syear from the recording of this
Declaration (the "Restriction Period")
uulersncchraut
Aetermines, in nec
Owner is at or anove
Unit tVoe UaseO unon
CO_DOCS_A #152626 v|$59
ebb-Eslatcs. This "Resale Restriction" shall automatically expire on and be of no further force
and effect from and after the last day of the Restriction Period. During the Restric
necUrant snan al
nestriction witn re
tne nesale nestric
initiat sale of aU
to resates by soecu
Section 2a.12.
Nshvithstanding the feregeing; if Deelarrnt and rn €)rvner se agree in writing rvith respeet
ts lrny €lubEst*te srvrc*$y*reh€wrtetduring fhe Re'trietisn Period, a Tr*+s$eps|kirleh
Or+nerts €lnb Estate rnay seew.*nd rvill not be subjeet tM
followinf terr s end
ehsive agent to m
Esfs*€r
(b|- Breker's antherirl'' shntl-bcgin-"trn-*he-d*@
,tgreefir€rt &nd sh"U
Perioa-*
(e) Broker shall agree to use good faith efforts to find & purehaser for the
elub Esttte; horveveri during the Restrietion Peried; Breker sh@
Clr*b Ssf*tes of the seine Clnts [J*it type ervned try Deelar*nt -prior $o orforhrg fo
ewned b)' parties ether thrn Deelaranf are refcrred to as ('@
Interests shall be ef{ered in an erder ef prieriry (!'
In+erese
pe*hy€wner
int
+Sr€emen*.
prevision*-+s +re es*t*rined in the slnndard etelusiye listing- agreement thsn used by
inne.
S€efion34,l3,Pu ion
ine
CO_DOCS_A #152626 v14
. The Vail Plaza Club is a
fractionat fee Ctu
fhe Zonine Title im
inctuainq a reouir
no more tnan twene fl
ensure compllance
Owners of CtuU Bstat
incnae aU CnU ns
Val neouirement'
rcquirement no tonser
Bstate in viotatio
ARTICLE 25 MIS€SI*+NS'P1J{i ENEOBEEMEI{T
Section 25.1. Enforcemen#A*bi*r"*tie*. Subject to the provisions of lieetis*s
3ffi)&Eio!!252 and (c)Sce!isu253 regarding the mediationien4 arbitration and resolution
of the covenants,
conditions, restrictions, easements, reservations, rights-of-way, liens, charges and other
provisions contained in
Uocuments may fe enfo at law or in equity against any
Person(s) (including, without limitation, the Association) violating or attempting to violate any
such provision. Subject to the
252-aud-Sceiiqu25& the Association and any aggrieved IJnilOwner shall have the right to
institute, maintain and prosecute any such proceedings, and the Association shall further have the
right to levy and collect fines for the violation of any provision of any of the **e+es*id
any action instituted or
maintainedunderthisSection@shallbeentitledtoreeoYer_-i+s+o$+s
"ll Costs of Enforcem , as well
as any and all other sums awarded by the Court. Failure by the Association or any IJnilOwnertoenforceanycovenant,restrictionorotherprovisionkien
shall in no event be
deemed a waiver of the right to do so thereafter.
Seetisu-zse Mediation and Arbi ,l]non the written demand of anv Unit
Owner. Declarant or the Association (for nrrrnoses nf this Section J5**',y62.-sa&-of
whicn is catted a tt iir-or more of which ar
nisnute otner *la ion
ts not successful U
tUeaiation snaU ne
demana for meaiatio
(b)-For the purposes of this 2*(blArtislc, "DjSpUg" shall mean any dispute, action,
claim or controversy, whether sounding in law, equity, contract or tort (excluding, however, tort
claims arising from physical bodily injury) between the Declarant, the Association and/or any
one or more UaiLOwners that: (i) concems or requires the application of any provision of {his
Deeterationr the
CO_DOCS_A #15?626 v+!6l
@Documents};(ii)concemsorrequirestheapplicationofany
provision of the Act; (iii) arises from any act, omission, transaction or occrurence in any Unit or
in or on any Common Element; or (iv) concerns any Unit or Common Element or any
improvement or item of tangible personal property in or on a Unit or Common Elementr$u*,
Notwithstanahe th shall expressly exclude: (a) @lany action by
any party to seek or obtain a temporary restraining order, preliminary injunction or similar
equitable order or decree; (b) (blany action by any party to compel arbitration or enforce a
temporary restraining order, preliminary injunction, permanent injunction or similar equitable
order or decree, or any award or decision of any arbitration conducted pursuant to *his*Section
2+(b)25,2; (9 &Lany action by the Association to *s$esasscss or collect any Assessments or to
enforce or foreclose any lien for such Assessments, (d) (rllany action by the Association to
enforce the provisions of this Declaration concerning use restrictions; er@) (e) any action
pursuant to the provisions of this Declaration concerning mechanics liens--IJpe**he+ri{ten
ing
: and (fl anv action arisinq from an exnress. written
walranql
@} Filaediat&&-A written demand for mediation shall be made within a
reasonable time after the Dispute has ariseq-e*-in -Iu the case of a Construction Dispute, wi+hin
the
reouirements of Se mediation. The Dispute shall be mediated
by a mutually acceptable mediator to be chosen by the parties within thirty (30) days after the
demand for mediation. No party may unreasonably withhold consent to the selection of a
mediator, and each party shall share the cost of mediation equally. If the parties are unable to
resolve the Dispute by mediation within one hundred twenty (120) days after the demand for
mediation, then any party may make a demand for the resolution of the Dispute by arbitration in
accordance with the terms of ]'i*
nroceeainss for arb
tor titisation of t
commenceO Uv the A ioa,
sucn action is annr
tne voting nower of
ion
i pproved by the vote o
trye thirds (2/3rds) ef the veting power ef the Orvners entitled te vote-
Q} ($ArlrtratroU-A demand for the resolution of a Dispute by arbitration
mustbemadeinwritingwithinareasonab1etimeafterthepartyM
reouirements of Sec becomes entitled to submit the Dispute to arbitration. The
demand for arbitration shall be delivered to the other party(ies) and the American Arbitration
CO_DOCS_A #152626 v4!62
Association (the "Al!A') before the date when commencement of legal or equitable proceedings
based on the Dispute would be barred by the applicable statute of limitations. In no event shall
the demand for arbitration of a Dispute be made after the date when institution of legal or
equitable proceedings based on such Dispute would be baned by the applicable statute of
limitations. Any party who fails to submit to binding arbitration regarding a Dispute following a
lawful dernand by the opposing party shall bear all costs and expenses, including reasonable
attomeys' fees, incurred by the opposin g parly in compelling arbitration of such Dispute. Except
as otherwise provided in this Section ?*f25JJb) or by the express written agreement of the
parties, the AAA shall administer all aspects of arbitrations conducted pursuant to this Section
35-l-,25JIhI including selection of arbitrators, pursuant to the AAA's Commercial Arbitration
Rules. Except as provided below with respect to enforcing the decision of the arbihator(s), once
a Dispute is submitted to arbitration, the claims involved cannot later be brought, filed or
pursued in any court.
(S-All arbitration of Disputes shall be conducted in the greater Denver,
Colorado metropolitan area. Except with respect to any Dispute involving, in the aggregate,
claims and counterclaims of less than Ten Thousand Dollars ($10,000), arbitration hereunder
shall be before a three (3) person panel of neuffal arbitrators consisting of persons from either of
the following categories, but at least one (1) from each category: (i) an attorney who has
practicedintheareaofrea1estate@1awforatleastten(10)yearSora
retiredjudge at the district court or an appellate court level; or (ii) a person with at least ten (10)
years experience in the residential construction industry. Any Dispute involving, in the
ag$egate, claims of less than Ten Thousand Dollars ($10,000) shall be resolved before a single
arbitrator meeting the qualifications set forth in clause (i) of the preceding sentence. The AAA
shall submit a list of persons meeting the criteria outlined above for each category of arbitrator,
and the parties shall select one (l) person from each category in the manner established by the
AAA. Arbitrations conducted pursuant to the terms of this Se*iffi-++lAf4glc=25 will be
govemed by Colorado law. The orders of the ar
specify the factual a , ,-The results of any ar
conducted nursuan a*ro*-?p,i"Article 25 shall b
aecision of tne arf
decree in tne Oistr
@M
or par* elnims thut are sulxtantially identie*l; and (ii) ar*ritr*te multiple Disputes ns a
rvill sf*te as a cou*terelnirm rny elai
The srder ef the rrbitrater(s) shall be in writing and shall speeifi the faetnrl and legal
A,ctual Damaqcs. Erceolgs Drevidcd in
Section ZS.Z(0) an with regard to awards of attomeys' fees and expenses, no
pafty shall be entitled to receive any award of damages in connection with the arbitration of a
Dispute ,
other than such party's actual damages, and Declarant, the Association and any Owner shall be
CO_DOCS_A #152626 v{63
deemed to have waived their right to receive any damages i*-s-,Bi$pu+erother than actual
damagesinal)ispulg, including without limitation special damages, consequential damages and
punitive or exemplary damages.
(hf-BY TAKING TITLE TO A UNIT-OR-€S{+C-BS+A.TSI EACH UNIT
OWNER ACKNOWLEDGES AND AGREES THAT SUCH OWNER HAS WAIVED AND
SHALL BE DEEMED TO HAVE WAIVED THE zuGHT TO ANY AWARDS OF DAMAGES
IN CONNECTION WITH THE ARBITRATION OF A DISPUTE, (OR LITIGATION OF
THE SAME IN THE EVEN
OTHER THAN OWNER'S ACTUAL DAMAGES.
(Q (-f he arbitrator(s) shall make an
award of attomeys' fees and expenses, including the fees and expenses of the arbitrator(s) to the
prevailing party; provided, however, thalif the decision of the arbitrato(s) is not wholly in favor
of one party, the arbitrator(s) shall allocate such fees and expenses between the parties,--The
results et anv *r
irCgnenG< : and. nrovided further. that
tne a*itrators sla
bySsclion2sJ(ht
Sec1istr253 esnslrucfionJieBsles. Anv Dispute which r
tne nnVsicat conAl l,i,r,i: and involves the Dec
tLa-xo$ition adverse to th
tConstruction Ois
ad0ition to tne a*l
nispute. as aenneO
c.n.s. s t:-zo-sO ian
snaU fe reouirea l
resnect to such Con
Cotorado courts at
tlmitations snaU
@} ien
ien
@Construction Disnute Procedures. Prior to invoking bindingarbitrationunder@above,theAssociationortheowner,as
applicable (the "Initiating Party'') shall deliver written notice (a "Dispute Notice") to the
Declarant specifying the particular defects that are the subject of the Construction Dispute,
together with copies of all studies, suweys, reports and other documents relating thereto. The
Dispute Notice shall contain the current mailing address for the Initiating Party.
(k)-Within forty-five (45) days after receiving the Dispute Notice, the
Declarant may deliver to the Initiating Party a written notice (the "Response Notice")
designating a time and place for a meeting between the Declarant and the Initiating Party to
CO_DOCS_A #152626 v+!64
discuss the Construction Dispute; provided, however, that such meeting shall take place within
the Project or at the Declarant's principal place ofbusiness, and shall occur not less than seven
(7) nor more than thirty (30) days after delivery of the Response Notice. +ne-Becl*an+-m*y
Iecuirenent for or right
nechrant mav make
Elcnoeltror-IJuits identified in the Disnute Notice. Upon delivery of the Response Notice, all
statutes of limitations applicable to the claim against the Declarant shall be tolled. If the
Declarant does not deliver the Response Notice within the forty-five (45) day period, *spro+id€di#€etion (ri) of this $ e Initiating Party may institute
meM&sn--binding arbitration
Within thirty (30) d*y+ nfter reeeipt- ef After the meetins desisnated in the Response
Notice, the Association and the Owners shall make available for furthcr-inspection and
inycstigatiyetesting all Common Elements and a*itsUuils identified in the Dispute Notice. The
Declarantshallpayallcoststorestoreanyportionsofthe
damaged by Declarant's inspection and/or testing to its migin*l--condition_-prigrlto__$ch
insBesdoEs-atrfutcsting and shall indemnify the Association for any damages arising from the
inspection andior testing. All inspections and testing shall be completed within one hundred fifty
(150) days after delivery of the Response Notice, unless otherwise mutually agreed upon by the
parties.
(l}-Within two- hundred ten (210) days after deliverdcllggry of the Response
Notice, the Declarant may submit a written statement to the Association setting forth the
Declarant's proposed settlement of the Construction Dispute (an "Qffer') and stating whether the
Declarant proposes to repair or replace the r+s+kdefecls at issue, to pay the Initiating Party a
cash sum in connection therewith, or a combination thereof, or to repurchase the Unit(s). If the
Offer is accepted, the Declarant and its agents, employees and subcontractors shall be provided
in-full access to the Project, including the Units, to take and complete the corrective action set
forth in the Offer. If the Declarant does not deliver an Offer within two- hundred ten (210) days
after delivery of the Response Notice or if the Offer is rejected, the Initiating Party may proceed
to pinding 4rbitn*erbiuding__arbitadon pursuant to snbseetier+-{a}-o{-t}ie-.Section
3+l-.252&l
ing
@
(")-lt any time a*er ael
terminate tle toll "?,ir,:t jy
Aenverv ot thifv fm
Initialine larbL Upon delivery of the Termination Notice, the Initiating Party shall be relievedofa11furtherobligationstosatisfytheconditionsofthis@andmay
initiate Arbitration pursuant to sr*rce$ie+{b}o{+hi*-Section f+L25ag1 Notwithstanding the
provisions of this Section 2+25,3, the tolling of any statute of limitations pursuant to this
@sha1lautomatical1yceasetwo.hundredforty(240)daysfollowing
CO_DOCS_A #152626 v4{65
the delivery of the Response Notice. If the Initiating Party desires to assert another Dispute not
set forth in any prior Dispute Notice delivered to the Declarant by the Initiating Pany the
Initiating Party shall be required to satisfy all of the conditions and requirements of this Section
?+f!an with respect thereto.
Seetion 25,3-
deemed $s h*ve be€n duly delivered upen persennl deliverTi upen aefual reeeiptrfu* fhe ease
d€r"lgryres*
r€e€i@ier.
@} t,imit on necoverv ol
anv Construction U
inctuahg costs. e
receiot of Declarant ing
Partv tnan tne Ofer, t
expenses resardle
nart,v. Further, if th
attornevs' tees anal
necUrant's Offer) is
resnonsinte for atl
tncurreA ater lnit
aeauctea nv necUr
tees ana exnenses to
fnitiatins Par
witnin ten ft0t aav
ARTIE LE26 MISEELLANDOUS
Sectiou26,L @ Failure by Declarant, the Association, or any
Unit Ownery-eh*r-#stale-Or+ner-; or Eligible First Mortgagee to enforce any covenant,
condition, restriction, easement, reservation, right-of-way, or other provision contained in the
Condominium Documents shall in no wav or event be deemed to be a waiver of the rieht to do so
thereafter.
Scc!ion26,2. @ The provisions of this Declaration shall be
deemed to be independent and severable, and the invalidity of any one or more of the provisions
of it by judgment or court order or decree shall in no way affect the validity or enforceability of
any of the other provisions, which provisions shall remain in full force and effect. Any provision
which would violate the rule against perpefuities and the rule prohibiting unlawful restraints on
alienation shall be construed in a manner as to make this Declaration valid and enforceable.
CO_DOCS_A #152626 v14 66
SeeliCItr26.3. Unless the context provides or
requires tcthe conhary, the use of the singular herein shall include the plural, the use of the
plural shall include the singular, and the use ofany gender shall include all genders.
Seclion26.4" Sree+ie+?s5-Qpliq4l The captions to the Articles and Sections and the
Table of Contents at the beginning of this Declaration are inserted only as a matter of
convenience and for reference, and are in no way to be construed to define, limit, or otherwise
describe the scope of this Declaration or the intent of any provision of this Declaration.
Seetiod6S ln case of conflicts between
the provisions in this Declaration and the Articles of Incorporation oflhe-Ass.ocrabon-or the
Bylaws, this Declaration shall control. In case of conflicts in the provisions in the Articles of
Incorporation and the Bylaws, the Articles of Incorporation oflhcAs$oeialiolshall control.
Secliou26.6. @ Any interest in property granted under
this Declaration shall vest, ifat all, on or before the date ofthe death ofthe survivor ofthe now
living children of Prince Charles, Prince of Wales, plus twenty-one years.
Seclisu-26J' Extribits. ,fl the I
necnration are ln
Sce!isn26,& @ This Declaration shall be construed and
interpretedinaccordancewiththelawsoftheStateofColorado@isio*s
ef the '{et nnd not the general eommon larn' (ineluding rernedies) of ien*ne}'-in*eomms*.i
Sec1ion26.9. This Declaration is submitted,
imposed, and declared solely for the benefit of the Declarant, Unit Owners, e*'ners ef €llnb
E*ttteq-First Mortgagees, and their respective successors, assigns, heirs, executors,
administrators, and personal representatives. No party shall be deemed a third party beneficiary
of this Declaration.
[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANKI
CO_DOCS_A #1526?6 v1{67
Executed as ofthe dav of 20
VAIL PLAZADEVELOPMENT, LLC, a
Colorado limited liabilitv comDanv
Print Name :-WaklirPrarlo
Its:-j4auagef
CO_DOCS_A #1s2626 v4 68
STATEOFCOLORADO )) ss.COUNTYOFEAGLE )
The foregoing instrument was acknowledged before me this day of
2,0S4ZQL by Waldir Prado, the Manager of Vail Plaza Development,
LLC, a Colorado limited liability company.
Witness mv hand and o{Iicial seal.
NOTARYPUBLIC
My Commission Expires:
CO_DOCS_A #152626 vtl4 69
MORTGAGEE'S CONSENT
The undersigned hereby consents to the execution and recording of the foregoing
Declaration, agrees to be subject to and bound by the terms of the foregoing Declaration, and
hereby subordinates the lien of its Deed of Trust, dated and recorded
in Book _ at Page _ as Reception No. in the records of Eagle
County, Colorado, to this Declaration and the effect hereof.
Dated this _ day of _, 200_.
lTrTLEl
lTrTLEl
STATE OF
COTINTY OF
On the _ day of 200-, personally appeared before me
who, being by me duly sworn did say that she/he is the
of
By:
)
) ss.
)
and
that said instrument was sisred on behalf of said
NOTARYPLIBLIC
CO_DOCS_A #152626 v+4 70
Exhibit A
To
Declaration
LEGAL DESCRIPTION
The Property refened to in the Declaration is described as follows:
PARCEL I:
THAT PART OF LOT O, BLOCK 5.D VAIL VILLAGE FIRST FILINC, ACCORDING TO THE MAP THEREOF
RECORDED UNDER RECEPTION NUMBER 96382 IN THE OFFICE OF THE EACLE COUNTY. COLORADO. CLERK
AND RECORDER, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE NORTHERLY LINE OF SAID LOT O THAT IS ALSO THE NORTHEASTERLY
CORNER OF A PARCEL DESCRIBED ]N BOOK 230 AT PACE 556 OF THE EAGLE COUNTY. COLORADO. CLERK
AND RECORDER'S RECORDS, SAID PARCEL CURRENTLY BE]NG KNOWN AS THE'GATEWAY PROJECT""
THENCE S79"46'OO"E I78.40 FEET, ALONG THE NORTI]ERLY LINE OF SAID LOT O, TO THE NORTHWESTERLY
CORNER OF VILLAGE INN PLAZA, ACCORDING TO THE CONDOMINIIJM MAP TT]EREOF, RECORDED IN BOOK
349 AT PAGE I I, IN THE OFFICE OF THE EAGLE COUNTY, COLORADO, CLERK AND RECORDER. THENCE,
ALONC THE WESTERLY LINE OF SAID VILLAGE INN PLAZA. SO9"3O'OO"W 37.6I FEET. TO THE TRUE POINT OF
BEGINNING; THENCE, CONTINUING ALONC SAID WESTERLY LINE, S09'30'00"W 102.21 FEET; THENCE,
DEPARTING SAID WESTERLY LINE, N79'47'08"w 67.05 FEET; THENCE 510"12'52"W 32.60 FEET; THENCE
N79o47'08"W 83,93 FEET, TO THE EASTERLY FACE OF AN EXISTING BUILDINO; THENCE THE FOLLOWING TWO
COURSES ALONG THE EASTERLY AND NORTHERLY FACES OF SAID EXISTINC BUILDING; (l) Nl0'01'09"E 6.41
FEET; (2) N79"58'51"W 6.35 FEET; TIIENCE, DEPARTING THE NORTHERLY FACE OF SAID EXISTING BUILDING,
N10'12'52"E 69.82 FEET; THENCE 579"47'08"E 61.46 FEET; THENCE N32'56'27"E 63.51 FEET; S79"47'08"E 70.07
FEET, TO THE TRUE POINT OF BEGINNING, CONTAINING 0.335 ACRES. MORE OR LESS.
PARCEL 2:
CONDOMINruM UNITS 766 THROUGH 794 AND 797 THROUGH 805, INCLUSIVE VILLAGE INN PLAZA,
ACCORDING TO THE CONDOMINIUM MAP THEREOF RECORDED NOVEMBER 19, I982IN BOOK 349
AT PAGE I1, AND AS DEFINED IN THE CONDOMINruM DECLARATION RECORDED NOVEMBER 19.
1982 IN BOOK 349 AT PAGE 12. COUNTY OF EAGLE. STATE OF COLORADO.
PARCEL 3:
THOSE PORTIONS OF LOTS M, N, AND O, BLOCK 5.D, VAIL VILLAGE, FIRST FILING, ACCORDING TO
THE MAP TI{EREOF RECORDED UNDER RECEPTION NO. 96382 IN THE OFFICE OF THE EAGLE
COUNTY, COLORADO, CLERK AND RECORDER (CLERK'S RECORDS) DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT, ON THE NORTI{ERLY LINE OF SAID LOT O. WHICH IS THE NORTHEAST
CORNER OF A PARCEL DESCRIBED IN BOOK 230 AT PAGE 556 OF THE CLERK'S RECORDS, WHENCE
THE NORTHWEST CORNER OF SAID LOT N BEARS NORTH 79 DEGREES 46 MINUTES OO SECONDS
WEST 175.00 FEET DISTANT; THENCE, ALONG SAID NORTHERLY LINE, SOUTH 79 DEGREES 46
MINUTES OO SECONDS EAST 178.40 FEET, TO THE NORTHWEST CORNER OF VILLAGE INN PLAZA, A
CONDOMINIUM, ACCORDING TO THE MAP THEREOF RECORDED IN BOOK 349 AT PAGE 11 OF THE
CLERK'S RECORDS; THENCE, ALONG THE WESTERLY LINE OF SAID VTLLAGE INN PLAZA, A
CONDOMINIUM, SOI]TH 09 DEGREES 30 MINUTES OO SECONDS WEST 37.61 FEET TO THE
NORTHEASTERLY CORNER OF CONDOMINIUM MAP FOR VILLAGE INN PLAZA. PHASE IV
CONDOMINIUMS, ACCORDING TO THE MAP THEREOF RECORDED IN THE CLERK'S RECORDS;
THENCE, DEPARTING SAID WESTERLY LINE, THE FOLLOWING NINE COURSES ALONG THE
NORTHERLY, EASTERLY AND SOUTHERLY LINES OF SAID CONDOMINIUM MAP FOR VILLAGE INN
CO_DOCS_A #152626 v1{A-1
PLAZA - PHASE IV: (1) NORTH 79 DEGREES 47 MINUTES 08 SECONDS WEST 70.07 FEET; (2) SOUTH 32
DEGREES 56 MINUTES 27 SECONDS WEST 63.51 FEET; (3) NORTH 79 DEGREES 47 MINUTES 08
SECONDS WEST 61.46 FEET; (4)SOUTH l0 DEGREES 12 MINUTES 52 SECONDS WEST 69.82 FEET, To
THE NORTHERLY FACE OF AN EXISTING BUILDING; (5) SOUTH 79 DEGREBS 58 MINUTES 51
SECONDS EAST 6.35 FEET, ALONG THE NORTHERLY FACE OF SAID EXISTING BUILDING; (6) SOUTH
10 DEGREES OI MINUTES 09 SECONDS WEST 6.41 FEET. ALONG THE EASTERLY FACE OF SAID
EXISTING BUILDING; (7) DEPARTING THE EASTERLY FACE OF SAID EXISTING BUILDING, SOUTH
79 DEGREES 47 MINUTES 08 SECONDS EAST 83.93 FEET; (8) NORTH 10 DEGREES 12 MINUTES 52
SECONDS EAST 32.60 FEET; (9) SOUTH 79 DEGREES 47 MINUTES 08 SECONDS EAST 67.05 FEET, TO
THE SAID WESTERLY LINE OF VILLAGE INN PLAZA. A CONDOMINII-MI THENCE THE FOLLOWING
THREE COURSES ALONG SAID WESTERLY LINE: (1) SOUTH 09 DEGREES 30 MINUTES OO SECONDS
WEST 50.91 FEET; (2) SOUTH 80 DEGREES 30 MINUTES 00 SECONDS EAST 56.60 FEET; (3) SOUTH 09
DEGREES 30 MINUTES OO SECONDS WEST 7.46 FEET, TO THE NORTHERLY LINE OF VILLAGE INN
PLAZA. PHASES I AND II, ACCORDING TO THE MAP THEREOF RECORDED IN BOOK 388 AT PAGE 855
OF THE CLERK,S RECORDS; THENCE THE FOLLOWING FOUR COURSES ALONG THE NORTHERLY
AND WESTERLY LINES OF SAID VILLAGE INN PLAZA PHASES I AND II; (1) NORTH 80 DEGREES 22
MINUTES 22 SECONDS WEST 125.59 FEET; (2) SOUTH 42 DEGREES 32 MINUTES 21 SECONDS WEST
46.01 FEET; (3) SOUTH 82 DEGREES 06 MINUTES 46 SECONDS WEST 49.48 FEET; (4) SOUTH 10
DEGREES 13 MINUTES 02 SECONDS WEST 53.51 FEET TO THE NORTHEASTERLY CORNER OF
FORTEITURE OR RE\T,RTER CLAUSE AMENDMENT TO CONDOMINIIIM MAP OF VILLAGE INN
PLAZA - PHASE V CON'DOMINIUMS, ACCORDINC TO THE MAP THEREOF RECORDED IN THE
CLERK,S RECORDS; THENCE THE FOLLOWING THREE COURSES ALONG THE NORTHERLY LINE OF
SAID FIRST AMENDMENT TO CONDOMINIUM MAP OF VILLAGE INN PLAZA - PHASE V
CONDOMINIUMS: (l) NORTH 80 DECREES 02 MINUTES 44 SECONDS WEST 106.72 FEET; (2)NORTH
09 DEGREES 57 MINUTES 16 SECONDS EAST 6.75 FEET; (3) NORTH 80 DEGREES 02 MINUTES 44
SECONDS WEST 52.23 FEET, TO THE WESTERLY LINE OF SAID LOT M; THENCE NORTH 00 DEGREES
23 MINUTES OO SECONDS WEST 105.76 FEET, ALONC SAID WESTERLY LINE, TO THE NORTHWEST
CORNER OF SAID LOT M; THENCE, ALONG THE WEST LINE OF SAID LOT N, NORTH OO DEGREES 23
MINUTES OO SECONDS WEST 50.05 FEET, TO THE SOUTHWEST CORNER OF SAID PARCEL
DESCRIBED IN BOOK 230 AT PAGE 556 OF THE CLERK'S RECORDS; THENCE THE FOLLOWING TWO
COURSES ALONG THE SOUTHERLY AND EASTERLY LINES OF SAID PARCEL: (1) SOUTH 79 DEGREES
46 MINUTES 00 SECONDS EAST 147.36 FEET; (2) NORTH 10 DEGREES 14 MINUTES 00 SECONDS EAST
147.43 FEET, TO THE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO.
CO_DOCS_A #152626 v74 A-2
Exhibit B
to
Declaration
TABLE OF ALLOCATED INTERESTS TO UNITS
Type of Unit
Percentage sh*xe-sf
Inlerestiu
Common Elements
Percentage $h*re
eflnterest in
Common
Expenses
Vote in the affairs
of Association
I. TolalAllscated
Intcrests-af-Vail Plaza Club
Ilnits_(See Exhibit B-l Jor
each Club Unit's Allocated
Inlcres!)
41.27 41.27 41.27
II. Vail Plaza
€€rdominilrmPan]fbou
se Unit
3.57 3.57 3.57
III. Employee Housing
Unit
3.00 3.00 3.00
IV. Hotel Unit 20.41 20.41 20.41
V. Total Alloealcd
Iutercsls-of-Commercial
Units
1.00 1.00 1.00
A. Commercial Unit 3
(Spa Retail)r=$s8JE0E +*08JE0E {-8S8Jg0g
B. Commercial Unit I 3,6€6J6636 3S636J6636 3S€6J6636
C. Commercial Unit 2 +ffi45282 4#45282 4WA5?82
VI. Parking Unit r3.61 13.61 13.61
VtI, Mpagemgpt Unit 4.09 4.09 4.09
VIII. Loading Unit 1.34 1.34 1.34IX. Catering Kitchen Unit 1.73 1.73 1.73X. Convention Unit 1.89 r.89 1.89XI. Servicelurt 4.36 4.36 4.36
XII. Spa_Ilnrt 2.38 2.38 2.38
XIII. Restaurant_Umt 1.33 1.33 1.33
TOTAL 100 percent 100 nercent 100 percent
B-1CO_DOCS_A #152626 v1g
Exhibit B-1
to
Declaration
CLUB UNIT
(See Attached)
CO_DOCS_A #152626 v14 B:l-1
Club Iinit No.
CluLUnil
Desisnation No.
ChLunit5suare
Eoqfase-Pursrlantlo
the Plans
Yalue
Factors
Equivalenl
Souare Footase
Percentaee-Undivided
Interesiln-Common
Elements
lot I tab 0.?5 957 O.7O31o/"
IJA )1,205 0.75 9M 0.66460/o
ru r.604 0.75 t.203 0.8846%
t2tA 4 r.831 0.85 1556 | -l4450/o
12tn s19 0.85 441 O.3244o/"
20t 6 1,276 o.11 983 0-7225o/o
2U 7 1,t gg 0.77 ott 0.6783o/n
2I!I |,604 o.11 t,235 0.9082%
)11 I 1,407 o.77 1,083 O.7961o/o
?aea 10 1.004 0.85 853 0.62750h
?23n l1 403 0.85 343 0.2519o/o
2244 n 401 0.87 35t 0.25780/"
?248 Il r -487 0.87 r -294 0.9513o/o
2.25A t4 403 0.87 351 0.25180
225n 15 l -441 0.87 1.2s4 0.9?te:/,,!
227 A 16 t,43 |0.7s I
"0?3
0.78920
?2n n 47l'o-7s 359 0.76tr6%
30f 18 WA 0.87 r-il0 0.8t63%
3t0A 19 696 0.95 661 0.4862Vo
3r0n ?A 814 0.95 lLt 0.5686o/"
ilr
^
1^1U 0.95 1.245 0.9t58%
3I.2 1)1.853 r.00 1,853 1.3626V.,
Iti t1 LA49 t.00 1.740 1.2795Vo
314A A lttt2 0.91 1J40 1.0586%
3l4F tl 4&7 0.9r 443 o.3259V"
31 5A 26 1JL3 0.43 f;U4 o.966301,
3158 ,,1 402 0.q3 t1a 0.2149V"
31_6 ?a 1.743 1.00 1-743 1 .2817o/o
3lt ?"9 1.143 1.00 1.143 | -2817 0/n
318A 30 4!2 0.90 362 o-26600
3l8B 31 r4[0.90 1.291 O-9537o/"
321A 32 r.301 0.71 1.002 O-1367o/"
32rB 11 451 o.77 347 o.2554"/"
40t u 958 0.95 ql0 o-66920/"
492 1S 1,273 1.00 1,273 0.9367o/"
40t 36 1,7 45 1.00 1,145 1.28320/"
4A!J.L LJ45 1.00 L2l5 8.6783o/"
CO_DOCS_A #152626 v41 B=l-2
Club llnit No.
ClublJnil
Desipnation No.
CluLUniiSquare
nqalaseiuIsuantlo
the Plans
Value
Factors
Eqrtitalsxl
Square Footaqe
Percenraeelhdivfuled
lnlerestinlonnon
F lements
405 3E ug t.00 1,737 1.2773Vo
40(39 998 1.00 998 0.7339%
491 40 1.745 r.00 r,745 r.28320
4A 4L lJ10 r.00 r -710 1 .25140/n
4254 42 t-602 0.87 1,-19,fi r.0281%"
425n 4t 452 0.87 393 0.28920/"
50t 44 1,703 t.00 1"703 1 .25230/.,
502 45 1.744 1.00 1-744 1.2824l,/"
50:46 rt90 0.90 l,[f=1 0.8537V"
s04A L7 ldct 0.90 1,432 1.0529V"
s04B 4E 380 0.q0 342 0.2515V"
5I)i 49 1.763 r.00 1-763 1.29610/"
506 fl)r.7r5 1.00 1 -715 | .26ll'!/0
Total s6J23 4r.27o
€fu$-{J*i*++e'
3+S
l+2
*7
2S3
2.+2
3+8
tl+
3e7
303
302
3S{
348
3+1
346
345
3&
334
112
4{g
4&9
CO_DOCS_A #152626 v1!
Ch*b
Desiel+"+io
n-No'
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4
5
6
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N
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sh*re_of
eemme*
gleme*t{
.5S65
6689
.674&
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l=3$66
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ffiw2
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CO_DOCS_A #152626 u44 B:l-4
Exhibit C
to
Declaration
EASEMENTS AND LICENSES OF'RECORI)
Permitted Exceptions
RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE
SAME BE FOUND TO PENETRATE OR INTERSECT TIIE PREMISES AS RESERVED IN UNITED STATES PATENT
RECORDED JULY 12, 1899, IN BOOK 48 AT PAGE 475.
RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS
RESERVED IN UNITED STATES PATENT RECORDED JULY I2. I899. IN BOOK 48 AT PAGE 475.
RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING
ANY COVENANT OR RESTRICTION BASED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS
OR NATIONAL ORIGIN UNLESS AND ONLY TO THE EXTENT THAT SAID COVENANT (A) IS EXEMPT UNDER
CHAPTER 42, SECTION 3607 OF THE UNITED STATES CODE OR (B] RELATES TO HANDICAP BUT DOES NOT
DISCR]M]NATE AGAINST HANDICAP PERSONS, AS CONTAINED IN INSTRUMENT RECORDED AUGUST IO,1962,
IN BOOK I74 AT PAGE 179.
RECIPROCAL EASEMENT AGREEMENT BETWEEN VAIL VLLAGE INN, A COLORADO CORPORATION, JAMM
LTD., A COLORADO LIMITED PARTNERSHIP AND VAIL VILLAGE INN ASSOCIATES, A COLORADO GENERAL
PARTNERSHIP RECORDED JANUARY 3,1983 ]N BOOK 35I AT PAGE 324.
TERMS, CONDITIONS AND PROVISIONS OF AGREEMENT RECORDED SEPTEMBER 09. 1983 IN BOOK 367 AT
PAGE 833,
CONVEYANCE OF EASEMENTS BETWEEN VAIL VILLAGE INN. INC.. A COLORADO CORPORATION AND F&L
VAIL VILLAGE INN PARTNERSHIP, A COLORADO CENERAL PARTNERSHIP RECORDED JULY IO, I984 IN BOOK
388 AT PAGE 86I.
DECLARATION OF PARTIAL VACATION OF EASEMENT IN CONNECTION WITH SAID EASEMENT RECORDED
JULY 25,1985 IN BOOK 420 AT PAGE 741.
TERMS, CONDITIONS AND PROVISIONS OF DECLARATION OF EASEMENTS AND RIGHTS RECORDED
FEBRUARY 04, I988 IN BOOK 478 AT PAGE 377.
TERMS, CONDITIONS AND PROVISIONS OF DECLARATION CONCERNING PARKING WITHIN SPECIAL
DEVELOPMENT DISTRICT 6 RECORDED JULY IO. I984 IN BOOK 388 AT PAGE 856.
TERMS, CONDITIONS AND PROVISIONS OF DECLARATION OF EASEMENTS RECORDED DECEMBER I 7, 1992 IN
BOOK 596 AT PAGE 908 AND AS SHOWN ON ALTA/ACSM SURVEY PR,EPARED JULY 26. 1996 BY EAGLE VALLEY
SURVEYING. INC.. JOB NO. 854-5,
EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE RECORDED
PLAT OF VAIL VILLAGE FIRST FILINC,
EASEMENT AND RIGHT OF WAY AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION. INC.. IN
INSTRUMENT RECORDED NOVEMBER 19, I971 IN BOOK 222 AT PAGE 32I, AND AS SHOWN ON THE
CONDOMINIUM MAP RECORDED NOVEMBER 19. 1982 IN BOOK 349 AT PAGE I I.
EASEMENT GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION. INC.. IN INSTRUMENT RECORDED JANUARY
2r, r 983 IN BOOK 352 AT PAGE 397.
CO_DOCS_A #15?626 v4!c-1
THOSE PROVISIONS, COVENANTS AND CONDITIONS, EASEMENTS AND RESTRICTIONS, WHICH ARE A
BURDEN TO A CERTAIN CONDOMINIUM LTNIT, AS CONTAINED IN INSTRUMENT RECORDED NOVEMBER 19,
I982, IN BOOK 349 AT PAGE 12.
EASEMENT BETWEEN VILLAGE ]NN PLAZA CONDOMINIUM ASSOCIATION, A COLORADO NON.PROFIT
CORPORATION, VAIL VILLAGE INN, INC., A COLORADO CORPORATION, AND F & L VAIL VILLAGE
PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP IN DOCUMENT RECORDED JULY IO. I984 IN BOOK 388
AT PAGE 862.
EASEMENTS, CONDIT]ONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE RECORDED
CONDOM]NIUM MAP OF VILLAGE INN PLAZA.
UTILITY EASEMENT AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION, ]NC. IN INSTRIA{ENT
RECORDED JANUARY 2I, 1983 IN BOOK 352 AT PAGE 396,
ENCROACHMENT AND ROOF OVERHANG OF VILLAGE INN PLAZA PHASES I AND tI ONTO ST,tsJECT PROPERTY
AS SHOWN ON IMPROVEMENT LOCATION CERTIFICATE BY EAGLE VALLEY SURVEYINC, INC., JOB NO. 854-5,
DATED JULY 26, 1996.
NOTE: EASEMENT AGREEMENT IN CONNECTION WITH SAID ENCROACHMENT WAS RECORDED JULY 10, 1984
IN BOOK 388 AT PAGE 86I.
TERMS, CONDITIONS AND PROVISIONS OF ENCROACHMENT AND VIEW AGREEMENT RECORDED DECEMBER
22, 1989 IN BOOK 520 AT PAGE 167.
TERMS, CONDITIONS AND PROVISIONS OF EASEMENT AGREEMENT RECORDED APRIL 14, 1992 IN BOOK 577
AT PAGE 628.
TERMS, CONDITIONS AND PROVISIONS OF RESTRICTIVE COVENANTS RECORDED APRIL 23, I992 IN BOOK 578
AT PAGE 368 AND RERECORDED APRIL 30. 1992 IN BOOK 578 AT PAGE 996.
TERMS, CONDITIONS AND PROVISIONS OF DEED OF EASEMENT RECORDED MAY 1 8. I994 IN BOOK 640 AT
PAGE 62I.
EXISTING LEASES AND TENANCIES.
CO_DOCS_A #152626 v4{c-2
Exhibit D
To
Declaration
UNITS SUBMITTED TO VAIL PLAZA CLUB
Pen+hsuse-Clr*b
Uai+$+Ll-)
60+P
&2+
6$3P
6S4P
6S6P
6g+P
€|r*b$esisn*+is*
44
45
46
+7
I
5S
Penfhe**+€l*b C&rb$esiene*ie*
{J*its.fuen+iruetD
505P
506P
408P
503P
sg-{P
36
35
z+
38
#
O*e-Bedrssm
€lu${Jnits-{43}
*24t
3rs
30+*2
303
3+8
345
346
E+7
34$
,lg+
€lllb-Besi****ion OneBedroem-Clr*b €{*b$csisne+ion
Usi*{eontim*ed}5 .{0t x
4 4g3 2,5
+ 4S5 24
++4/J1}30.l$ 4tg +9
I 142 {A
6 4g$ J+
15 44.9 30
{4 582 g
.$ 507 34
& 6$5 48
+7
T{ry€-Bcdroom
e|rrb+*i+3{l+)
2+7
212
307
3#!
334g&
Clt*F$e*igns+ie* T{fo4€dr€os4:lub Clrrb$esien*ti€rr
Uni+rfee*+intret$&7 33435 325.r5 43#+ +2*1 4+
*
:,
I
44-
+6
Three$edrosm(]t*{ni*+(s}
4S6P
.197P
44++
4#p
sS+P
€I&b-gesisa{+isn
23
&2
2+
38
4g
CO_DOCS_A #152626 v14 D-1
Club Unit No.
Gtub-lJnit
Desionation No.Club lJnit No.
Club-Urit
Desionation No.
108 L 3{5A 20
114 2 3t58 2Z
118 3 3{6 28
1214 4 317 29
t21B 5 3184 30
208 0 318B al
u4 7 3214 u
aa I 3218 3:t
?22 I 401 34
2234 lo 492 35
2238 17 rl03 36
2244 12 404 37
2248 13 405 38
225p.M 405 39
22fia l_tt NI tlO
227A 10 42t 47
2278 fi 4254 42
308 18 4258 !A
310A 19 501 a
3{08 29 502 45
311 27 503 .10
312 ?2 504A 4t
sl3 23 5048 48
314A H 505 49
3{48 25 506 50
TotalGlub Units = 50
CO_DOCS_A #152626 v4!D-3
It
Exhibi!-D:1-
T9
Deelaralion
CLUB ESTATE UNDIVIDED INTEREST IN CLUB UNIT
{See Attached)
CO OOCS n gsZeze v+ n
o
Club Week
Yaluc
Factor
Undrvided
lnterest in Glub
Unit
7 0.80 2.78%
z 0.80 2.78o/o
3 0.80 2.78%
4 0.80 2.78%
5 0.95 3.30o/o
0 1.00 3.48o/"
7 1.05 3.657q
I 1.00 3.48o/o
9 1.00 3.48o/o
10 1.00 3.48T"
11 1.00 3.480
12 1.00 3.48o
l.it 1.00 3.48Y"
14 0.70 2.430
15 0.01 0.03%
16 0.01 0.03%
1t 0.01 0.03%
18 0,01 0.03%
1_9 ol 0'35."1e
29 OJ 0.35%
21 OJ 0.35%u 0l 0,35%
23 OJ 1.A4o/ouOJ1.04o/o
25 0.60 2.O9o/o
26 0.70 2.43o/on0.60 2.O9o/o
28 0-60 2.O9o/"n 0.65 2.260/o
30 0.60 2.09o/o
31.0.60 2.09o/"u 0.5 1.74o/o
3.1 0.5 1.J4%u 0,5 1.74Vo
35 0-5 1.,74Ye
30 0.275 0.96%
3Z 0.275 0.96%
co-DocsJ #{s2626 v4 D
oo
Club Week
Value
Factor
Undivided
lnterest in Club
38 o.275 0.96%
39 0.275 0.96%
40 (L1 0.35%
41 0.1 0.35%a 0l 0.35%
43 OJ 0.35%
4 0,1 0.35%
45 0l 0.35'/q
!t0 0.90 3,13%
47 0.80 2.78%
I 0.80 2.78Yo
49 0.80 2.78Yo
c.H."1.514 5.260/"
N.Y.H.*1.964 6.83%
All Estates 28.77 100.00%
-C.n.= Cnristmas n-tl.V.tt. = tlew Vear'
fne CluU Weef assio
unUiviAeU interest
TOTAT CtUB UNIT$ = 60
CO-oOCs-l *tsZ6ze "l D
Document DeltaView on T March 08 2005 11:47:44 AM
://co docs a115262611
://co docs a115262614
Inserted cell
?**o 2006 BudgetforVail Plaza Glub
(l
Common Expenses (Entir€ Proiect)
Utilities
Exterior Building Maintenance/Repairs
Hallway Maintenance
Stairwell Maintenance
Elevator Maintenance
Public Restrooms
Lobbies
Garage Access Areas
Landscaping
Ski Valet and Storage
Pest Control
Securily
Cable Television
lnternet
Trash Services
Reserves
Miscellaneous
Total Project Common Expenses
Vail Plaza Club Expenses
Front Desk
Reservations
Telephone
General & Administfation
Payroll Taxes and Benefits
Maintenance
Housekeeping
Launory
Management Fee
Housekeeping Amenities
Taxes
tnsurance
Reserves
Spa and Parking Fee
Linens
Miscellaneous
Total Glub Expenses
Club Unit Allocation of Common Assessm€nts
Vail Plaza Club Assessments
Total Assessments/Expenses
o
$
o
't,664,647
453,460
'120,000
60,000
30,000
60,000
120,000
60,000
12,000
75,000
15,000
152,21e
45,000
30,000
18,000
100,000
100,000
D
o
q
o
o
200,000
150,000
65,000
200,000
184,000
125,000
350,000
12',t,OOO
215,000
70,000
150,000
70,000
250,000
'171,000
40,200
120,655
$ 1,285,694.81 .
$ 2,481,855.00
$ s,767,549.8'1
#152347 Y.6
?a""r"o 2006 BudgetforVail Plaza Club O
Club Unit
PatidCritaaie
lnterest of
Common
Expenses
Common
Expense
Liability
Club **
l
Assessment
Total **
Assessmsnt
108 O.7037o/o $ 21,922.55 $ 42,439.72 $ 64,362.27
114 0.6646%$ 20,704.45 $ 39,957.87 .$, . P-q,-6--6-?,-q?.
118 0.8846%27,558.17 $ 53,111.70 80,669.87
1214 1.14450/.654.90 68,747.38 104,402.28
121B'o.32440/0 10,106.12 19.606.65 29.712.77
208 o.72250/0 43.432.46 940.69
21 0.6783%21,131.25 40,702.42 61.E33.67
218 O.90820/.28 39 54,600.81 82,8%..20
tzz o.79670k 24.819.80 47.899.E0 72,719.60
zzJ|\O.6275o/o 19.548.67 37.724.20 57,272.86 |
zzJ6 o.2519yo $ 7,847.50 15.139.32 $ 22,986.82
o.2578%$031 31 $ 15,387.50 $ 23,418.81 |
zz+6 0.9513%29.636.09 57,330.85 86,966.94
??p_4
zz36
,1,??.7_gli1:_
O.9219o/o
$- - .,...8-10-,3-:l ;3-l$ 28.720.19
.$. . .1-q,-3_97''99s 55.345.37
?-3,,4:1.9'q:1
84,065.55
o.7892%24,586.15 47,403.43 71,989.58
227B,0.2636%2.00 15.883.87 24,O95.87
ana 0.8163%430.40 49,140.73 74.571.13
310A 0.4862%15.146.71 .89 $ 44,432.60
?,1 nEl 0.5686%17.713.74 u,249.60 51.963.34
311 0.9158%28,530.15 $ 55,097.18 oz / -JJ
312 1.3626Vo $ 42,449.42 81,901.22 124.s50-64
JIJ
SiaA ',-, - 1,?-l -s--5-'1:. -,
1.0586%
-$, " " 9"e-'F,,q,,9.-e,$ 32,978.84
937.51i*ii At . , ll.Q,Z9-8".0€
96,762.51
rJ t+E)0.3259%$ 10,152.85 $ 19,606.65 759.50
315A u-t ooJ-/o $ 30,103.39 075.41 178.80
31sB o.2749Vo $ 8,564.03 16.628.43 25,192.46
316 1 .2817o/o $ 39,929.13 77.185.69 117.114.82
317 1.2817%$ 39,929.13 77.185.69 117,114.82 1
#152347 v.6
I-Frojected 2006 Budget for Vail Plaza Club
* Note: Club Unit Allocation of Common Assessments is 41.27% of the Total
Project Common Expenses.
** Note: To allocate 100% of the Vail Plaza Club Expenses to the Club Units,
first divide each Club Unit's Percentage Interest of Common Expenses (Exhibit B-
1 of the Declaration) by the total interest of lhe Club Units in the Project (Exhibit
B of the Declaration), then, multiply lhe resulling percentage by the Total Club
Expenses.
Club Unit 108 Percentage Interest: O.7O37o/o
Total Club Unit Interest in the Project: 41.27%
Total Club Expenses: $2,4e1,855
Example: $2,481,855 lO.7 037 I 41.271=$42,439
*.* Note: To delermine a Club Estate's allocated share of Comrnon Expense
Liability and Club Assessment, multiply the Club Estate undivided interesl in the
particular Club Unit on Exhibit D-1 of the Declaration by the Tolal Assessment in
this Budget for the particular Club Unit.
Club Unit
PercEntaqE
lnterest of
Common
Expenses
Common
ExpEnsE
Liabilitv
Club**Total *
3184 o.2660'/"$ 8,286.77 .lE ee? n7 $ 24,170.64 |
3188 0.9537%$ 29,710.86 $ 57,330.85 87.O41.71
321A'O.7367o/o o lz,v3u.ou $ 44,177.02 ?7\1?7._6|?.:
JZ tO o.25*o/o o /, Y3O.C+$ 15,387.50 $ 23,344.04
401 O.66920/o $ 2O,U7.76 $ 40,206.05 61,053.81
402 0.9361%$ 29,162.56 $ 56,338.11 s5,500.67 |
403 1 .28320/,$ 39,975.86 $ 77,185.69 .4-7 4A4 trtr
404 o.67830/0 $ 21,131.25 $ 47,899.80 031.05
405 1 .2773'/"$ 39,792.05 $ 76,689.32 116,481.37
406 0.7339o/o $ 22,863.37 $ 44,177.O2 $ 67,040.3s
407 1 .28320/0 $ 39,975.86 $ 77,185.69 4 4-7 .1A4 EE
427 1 .2574o/o $ 39,172.10 $ 75,696.58 '114.868.68
425p.1.O281o/o s Jt,uzo.oo 44 70R,tO vJ.ozo.oc
4258 o.2892%009.52 17.372.99 26.382.51
501 1.2523%$ 39,013.22 .21 114,213.43
502 1.2824Yo 'lo oRn o?77,1 85.69 117.136.62
0.8537%26,595.53 51.374.40 77 0AO O?
5044 1 .O52go/o 32,801.26 $ 63,287.30 96,088.56
5048 o.2515o/o 7,835.04 15. 1 39.32 22.974.36
1.2964Yo 08 77.930.25 1 18,317.33
JUD 1.2611y.$ 39.287.37 $ 75.944.76 $ 1 15,232.13
Total:41 .27000/o $ 1,285,694.81 $2,481,855.00 3.767.99.8'1
#152347 Y.6