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HomeMy WebLinkAboutSigned HOA Agreement Red lion Condominiums Unit R-3_2.pdf THE RED LION INN CONDOMINIUM ASSOCIATION, INC. Action by Unanimous Written Consent of Members Approving Expansion of Units R-2 and R-3 and Related Matters Dated February 12, 2016 The undersigned, constituting all of the Members of The Red Lion Inn Condominium Association, Inc., a Colorado nonprofit corporation (hereinafter the"Association"), hereby consent to the following actions in lieu of holding a meeting, as permitted by the Colorado Revised Nonprofit Corporation Act. WHEREAS, the owners of Unit R-2 and R-3 (collectively, the"Units") wish to carry out, and have made application to the Association to consider and approve, an expansion and renovation of the Units to, among other things, increase the square footage of Unit R-3 by approximately 700 and Unit R-2 by approximately 600 additional square feet(the "Expansion"), as depicted on the plans dated 2/7/16 prepared by VAg, Inc. (the "Plans"); WHEREAS, The Red Lion Inn Condominiums ("Red Lion") were established and are governed by: THE FIRST SUPPLEMENTAL MAP FOR THE RED LION INN CONDOMINIUMS, RECORDED MARCH 13, 1992, IN BOOK 575 AT PAGE 26 (the "Map"), AND THE CONDOMINIUM DECLARATION RECORDED SEPTEMBER 18, 1981 IN BOOK 329 AT PAGE 104, AND FIRST SUPPLEMENT DECLARATION THERETO RECORDED MARCH 13, 1992, IN BOOK 575 AT PAGE 27, COUNTY OF EAGLE, STATE OF COLORADO (collectively, the "Declaration") WHEREAS, the Expansion, once substantially completed, will require the amendment of the Map to depict the expanded Units, and of the Declaration to adjust and reallocate all Red Lion Inn Condominium Units percentage interest in and to the common elements to reflect the increase in square footage of the Units resulting from the Expansion. Such amendments to the Map and Declaration require the approval of the Members; WHEREAS, Section 3.4 of the Declaration currently imposes significant restrictions and limits upon expansion and modifications of all of the Residential Units (Units R-1, R-2 and R-3), including increases in "gross residential floor area" ("GFRA") as that term is defined and used in the Town of Vail Town Code. Almost all expansions of any of the Residential Units, including the Expansion of the Units, is not currently permitted under Section 3.4. The Members desire to be appropriately amend Section 3.4 to permit certain expansion of the Residential Units, including the Expansion of the Units. Such amendment to the Declaration requires the approval of the Members; WHEREAS, Section 3.4 of the Declaration also purports to require the prior written consent of the Town of Vail to amend or revoke that Section. The Members wish to amend the Declaration to remove that requirement as there are substantial questions as to its effect, enforceability and necessity; WHEREAS, it has been calculated that there is an additional approximately 2,213 square feet of unused GFRA for the Residential Units under the current Town Code. The Members desire to allocate any additional available GFRA amongst the Residential Units on a pro-rata basis based upon the relative 1 square footage of each Residential Unit, and to memorialize such allocation in an amndment to the Declaration. RESOLVED, that the Expansion as materially depicted on the Plans is hereby approved and authorized without any further action or vote of the Members, subject to the terms, conditions, and requirements set forth herein. The Expansion may not be materially larger or different than as depicted on the Plans and cannot exceed the amount of GFRA allocated to that individual Unit. Except as otherwise provided herein, the Board of Directors of the Association (the "Board") is granted discretion to approve the modification of the Plans and the Expansion to respond to regulatory input (including without limitation from the Town of Vail) and in order to comply with applicable laws and regulations; FURTHER RESOLVED, that the Board is hereby authorized and empowered to cause, make and carry out any and all conveyances and transfers of common elements (both general and limited) necessary to carry out the Expansion, and all such conveyances and transfers are hereby approved and authorized by the Members, subject to the term, conditions, and requirements set forth herein; FURTHER RESOLVED, that in connection with the Expansion the Board is hereby authorized and empowered to impose such additional conditions, requirements and terms upon the Expansion and the construction thereof as it deems proper in its sole diocredon, including without limitation, to: require the expanding owners to pay all costs and expenses (including surveyorengineering and attorney fees) incurred by the Association in connection with the Expansion and to giveudcposkthcnoforc; rcgui,e approval from the Town of Vail for the Expansion; require submission to the Board of an application with plans and such other information as requested by the Board for the Expansion for the Board's consideration and approval; require that the expanding owners enter into an agreement with the Association regarding the construction of the Expansion upon such terms as the Board deems proper in its sole discretion. FURTHER RESOLVED, that the Board is hereby authorized and empowered and, if and when the Expansion is substantially completed, directed to amend or supplement (i) the Declaration in order to amend Section 3.4 and other Sections of the Declaration to permit, recognize and memorialize the Expuuyioo, and adjust and reallocate each Red Lion Condominium Units' percentage interest in and to the common elements to reflect the increase in square footage of the Units resulting from the Expansion (including the appropriate amendment of Exhibits B and C), and (ii) the Map to depict the Units, including their respective new boundaries, and adjoining areas after substantial completion of the Expansion. The Board is hereby further authorized, empowered and directed to further amend or supplement the Declaration in order to amend and eliminate the current restrictions on expansion and modifications of the Residential Units contained in Section 3.4, including the foregoing requirement for Town consco|, and provide for the allocation of additional GFRA amongst the Residential Units. The foregoing amendments and supplements to the Declaration and Map are hereby approved and authorized, and deemed to be approved and authorized by the Members without any further action or vote of the Members required. The Members agree to execute and deliver the foregoing amendments to the Map and Declaration as needed; . FURTHER RESOLVED, that the Board, acting through the President or the Vice President of the Association, along with the Secretary of the Axxociudou, shall have all powers necessary and appropriate to carry out these Resolutions; FURTHER RESOLVED, that this unanimous written consent may be executed in one or more counterparts, all of which together shall constitute the same document, and facsimile signatures shall have the same effect as original signatures; 2 Execution of this written consent by the undersigned, as described above, waives any requirement of a formal meeting of the Members to adopt the resolutions referred to herein and ratifies and affirms the actions taken herein. IN WITNESS WHEREOF,the undersigned Members have executed this written consent as of the date first written above. MEMBERS: Units C-1 through C-7 Landmark Commercial Development Company By: Name: Title: Units R-1 and R-2 Oscar L. Tang Unit R-3 Blue Mountain Investments LLC By: Name: , Title: 3