HomeMy WebLinkAboutVail Village Filing 5 Tract D Apollo Park Interval WTP Correspondence1^411\
WTP
WEAR TRAVERS PERKINS LLC
A T T 0 R N E V S A T L A W
October 19, 2015
Town of Vail
Attn: George Ruther
75 South Frontage Road West
Vail, Colorado 81657
Dear George:
This law firm represents Lunar Vail Land Investments, LLC and we have been asked to
summarize the development rights held by Lunar Vail Land Investments as related to "Phase IP'
of the property subject to the Ground Lease recorded September 5, 1978, in Book 274 at Page
693 (the "Ground Lease", and the property subject to such Ground Lease, the "Property"). All
recording information in this letter refers to the Eagle County, Colorado real property records.
Please note:
1. The right to develop Phase II of the Property was granted in Section 10.03 of the Ground
Lease to Butterwick Enterprises, Ltd., a Colorado corporation ("Butterwick"), which
includes the right to develop an additional residential building and an underground
parking facility on the Property.
2. The covenants and provisions of the Ground Lease were incorporated into the terms of
the Condominium Declaration for Apollo Park at Vail recorded September 5, 1978, in
Book 274 at Page 696 pursuant to Section 13.10 of such Declaration, thereby subjecting
the Apollo Park at Vail condominium regime to the terms of the Ground Lease and its
development rights as related to Phase II.
3. Section 1 of Article XVII of the Bylaws for Apollo Park at Vail Association provides
further notice and disclosure of the development rights of Butterwick and describes the
effect of any such future development.
4. The rights and obligations of the "Lessee" under the Ground Lease were assigned by
Butterwick to the Apollo Park at Vail Association by the Assignment of Ground Lease
recorded in Book 278 at Page 682; provided, however, that in such Assignment
Butterwick expressly reserved to itself the developments rights for Phase II, together with
the right of access, planning and performing construction as related to Phase II and the
right of the new improvements to share all areas of ingress and egress, walks and
walkways, parking facilities and driveways. By its signature on the Assignment, Apollo
Attomeys at Law
Riverwalk -1 st & Main 197 Main Street E202 I Edwards, Colorado 81632
p970,476.7646 f970.476.7118
www.wtpvail.com
Park at Vail Association consented to such improvements and to the sharing of parking
and access facilities and agreed to cooperate in providing for the joint operation and
maintenance of such facilities.
5. Pursuant to the instrument recorded at Reception No. 922102, BEL Financial
Engineering, Inc. (formerly Butterwick Enterprises, Ltd.) released the Phase II
development rights to the Lessor under the Ground Lease pursuant to the provisions of
Section 10.04 of the Ground Lease. Section 10.04 provides that, in the event of any such
release back to the Lessor, the Lessor shall have the right to develop Phase II in
accordance with the reserved development rights.
6. The Lessor under the Ground Lease conveyed the underlying Property comprising the
Ground Lease to Lunar Vail, LLC, a Colorado limited liability, and assigned all of its
rights under the Ground Lease to Lunar Vail, LLC pursuant to the Assignment and
Assumption of Ground Lease recorded at Reception No. 200616928.
7. Lunar Vail, LLC conveyed the underlying Property comprising the Ground Lease to
Lunar Vail Land Investments, LLC by Special Warranty Deed recorded at Reception No.
200916528, and assigned all its rights as "Lessor" under the Ground Lease, including
without limitation, the right to develop Phase II, to Lunar Vail Land Investments, LLC,
pursuant to the Assignment and Assumption of Ground Lease recorded at Reception No.
201520369. As such, Lunar Vail Land Investments, LLC currently holds the
development rights to develop Phase II of the Property.
Please feel free to contact me with any questions.
Sincerely,
WEAR TRAVERS PERKINS LLC
Richard D. Travers
Apollo Park Unit Size Breakout
Per Eagle County Records
Unit Building
Sq Ft
101 A
494
102 A
830
103 A
837
104 A
837
105 A
830
106 A
494
201 A
494
201 A
582
202 A
830
203 A
837
204 A
837
205 A
830
206 A
494
301 A
654
302 A
703
303 A
703
304 A
680
305 A
703
306 A
704
307 A
687
308 A
704
309 A
687
310 A
655
1 B
431
2 B
391
3 B
391
4 B
431
101 B
563
102 B
886
103 B
886
104 B
619
202 B
886
203 B
886
204 B
624
301 B
969
302 B
728
303 B
714
304 B
715
305 B
730
306 B
964
27,920