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HomeMy WebLinkAboutPEC18-0017_approved documents_1548112094.pdfACTION FORM Planning & Environmental Commission (PEC) Department of Community Development 75 South Frontage Road West Vail, CO 81657 Tel: 970-479-2139 www.vailgov.com Project Name:Battle Mountain/Lazier Parking Garage 2018 Application Number: PEC18-0017 Application Type: Subdivision Date Applied: 04/30/2018 Project Description: Minor subdivision of land to create two lots. CONTACTS Contact Type: Applicant Full Name: Braun Associates, Inc (Thomas Braun) Address:225 Main Street, Suite G-2 225 Main Street, Suite G-2 Suite G-2 Edwards, CO 81632 Phone: 9709267575 Contact Type: Property Owner Full Name: BATTLE MOUNTAIN LLC LAUNCH DEVELOPMENT INC Address: Phone: None Contact Type: Property Owner Full Name: LAZIER LIONSHEAD LLC Address: Phone: None Project Address:500 E LIONSHEAD CIR (210106308002) (210106308002)|534 E LIONSHEAD CIR (210106308013) (210106308013) Job Site Location: Legal Description: Subdivision: VAIL LIONSHEAD FILING 1 Lot: 2 & 3 Block: 1 Parcel Number: 210106308013 BOARDS/STAFF ACTION Motion By: Gillette Action: Approved Second By: Lockman Vote: 6-0-0 Date: 07/09/2018 Conditions: - Any major exterior alteration or other redevelopment of Lot 1A or Lot 2A shall include, at a minimum, 91 parking spaces for Lot 1A and 52 parking spaces for Lot 2A in addition to the requirements for the altered or redeveloped structures on said lots. Planner: Jonathan Spence VANTAGE POINT CONDOMINIUMS SUPPLEMENT TO VANTAGE POINT CONDOMINIUMS EAST LIONSHEAD CIRCLE(TRACT F)VAIL 21 LOT 1 A LOT 2 A TRACT K FIRST WESTWIND AT VAIL CONDOMINIUM (FIRST AMENDMENT) THE LIFT HOUSE A CONDOMINIUM ∆ TRACT L TRACT M Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 1 Battle Mountain LLC/534 East Lionshead Circle Parking Structure Re-Development April 30, 2018 I. INTRODUCTION The purpose of this report is to provide information on Battle Mountain LLC’s proposed development of a residential condominium at 534 East Lionshead Circle. Information provided herein has been prepared in accordance with procedures prescribed by the Town of Vail development review process. The proposed development is located on a parcel of land (Lot 2A as depicted on the proposed Minor Subdivision), that for many decades included a portion of a two-level parking structure located along East Lionshead Circle. This parking structure will be removed in order to facilitate this redevelopment. The project includes three levels of underground parking, a six-level residential building and related site and landscape improvements. The adjoining property to the west (Lot 1A as depicted on the proposed Minor Subdivision), is pursuing a similar residential development. While separate projects, these two land owners have been coordinating their design and redevelopment efforts and two of the applications submitted herein pertain to both of these properties. Four development applications have been submitted: • Exterior Alteration application for the proposed condominium building and site improvements, • Minor Subdivision application to formalize the division of land for the subject parcel and two surrounding parcels, • Variance application for a rear setback variance, and • Amendment to the Town’s Parking Pay in Lieu map. Each of these applications are described in detail below. Information provided in this report is presented in the following sections: I. Introduction II. Project Overview and Background III. Description of Project IV. Conformance with Applicable Review Criteria 1. Exterior Alteration 2. Minor Subdivision 3. Variance Request 4. Amendment to Parking Pay in Lieu V. Appendix 1. Minor Subdivision Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 2 The Exterior Alteration and Variance applications have been submitted on behalf of Battle Mountain LLC (BMLLC). These applications pertain to proposed Lot 2A. Applications for a Minor Subdivision and Parking Pay in Lieu Map amendment have been submitted on behalf of both BMLLC and Lazier Lionshead LLC (Bob and Diane Lazier, herein referred to as Lazier), owners of the adjoining parcel. These applications pertain to proposed lots 1A and 2A. The project vicinity map below depicts the properties affected by these applications. A site plan of the BMLLC development is found on the following page. Project Vicinity Map Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 3 Illustrative site plan of proposed BMLLC/534 development Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 4 II. PROJECT OVERVIEW and BACKGROUND Background on Parking Structure and Division of Land The existing parking structure was developed in the early 1970’s and over the years has provided parking for the Lionshead Arcade, Vail 21, Lifthouse Lodge and other individuals. The structure is located on two parcels of land that were described and deeded in the 1970’s based on legal descriptions. These parcels were originally part of Lots 1, 2, 3 and Tract F, Block 1 of the Vail Lionshead Subdivision, but this division of land did not go through a formal subdivision process. The western 2/3rd of the parking structure is owned by Lazier and the eastern 1/3rd is owned by BMLLC . BMLLC and Lazier own equal interests in proposed Tract A, a common access parcel that provides access to both development parcels. The proposed Minor Subdivision will formalize the subdivision of the two development sites and the commonly owned access parcel. Redevelopment Coordination BMLLC and Lazier have been coordinating over the past year on the redevelopment of there respective parcels. This collaboration will result in the demolition of the top deck of the existing parking structure this spring. Subject to obtaining approvals from the Town, BMLLC intends to initiate construction of their redevelopment in the Spring of 2019. Lazier intents to submit development applications in the near future but has no definitive timeline for their redevelopment. The BMLLC and Lazier projects will share a common access drive off East Lionshead Circle. This access is proposed in the same location as the drive aisle that serves the existing parking structure. Both projects will include below grade parking and condominium buildings located above the parking. The parking level of the BMLLC project has been designed with a 0’ setback on the rear, or west side of the site which will allow for the Lazier project to build to the same 0’ setback line. Once constructed, each project will include outdoor spaces above the parking level. Zoning and Surrounding Land Use The Launch project is zoned Lionshead Mixed Use – 1 (LHMU1) and except for the 0’ rear setback (for the parking level only), has been designed in compliance with development standards prescribed by the LHMU1 zone district. The two development parcels (Lots 1A and 2A on the proposed minor subdivision) both comply with the minimum lot size as prescribed by LHMU1. The BMLLC property is bordered by LHMU1 zoned lands on the north, south and west sides. Each of these properties have been developed with residential or mixed-use projects. To the east is the Town of Vail Lionshead Parking Structure. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 5 Site Area As per the Town Zoning Code, the definition of “lot or site” is: A parcel of land occupied or intended to be occupied by a use, building, or structure under the provisions of this title and meeting the minimum requirements of this title. A lot or site may consist of a single lot of record, a portion of a lot of record, a combination of lots of record or portions thereof, or a parcel of land described by metes and bounds. For the purposes of this development application, the “lot or site” for the BMLCC development includes both Lot 2A and Tract A. This results in a total site area of 13,677 square feet (10,367 square feet from Lot A1 and 3,310 square feet from Tract A). This means all development standards for the project are based on the total site area and boundary of both parcels. A letter from Lazier that authorizes BMLLC’s use of Tract A as part of its “lot or site” has been provided under separate cover. Note that an agreement between BMLLC and Lazier stipulates that BMLLC will limit its Gross Residential Floor Area (GRFA) to what is permitted based on the site area of Lot 2A. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 6 III. DESCRIPTION OF PROJECT Four development applications have been submitted for this project: Exterior Alteration This review process is prescribed by the LHMU1 zone district and applies to any new development that among other things adds dwelling units or more than 1,000 square feet of floor area. The Exterior Alteration review process evaluates the project’s compliance with the purpose of the LHMU1 zone district and applicable development standards of the zone district, how the project complies with applicable elements of the Lionshead Redevelopment Master Plan and potential impacts of the project on the surrounding neighborhood. Minor Subdivision The subject properties were divided in the early 1970’s and have been under separate ownership since that time, but they were not formally subdivided. The Minor Subdivision has been proposed to formalize this division of land and is essentially a housekeeping item. The main considerations in evaluating a minor subdivision is to ensure that the parcels to be created meet minimum lot size standards, have access, will allow for orderly development and that the subdivision is in compliance with the Town’s development objectives. Rear Setback Variance As described above, coordination between BMLLC and Lazier has been ongoing for the past year. Upon completion these two projects will provide a unified design solution. They will, however, be developed on independent timelines. It is expected that BMLLC will be the first to move forward. The uppermost level of the parking facility is located at the grade with the common access drive. The western end of this level is proposed at the project property line, or with a 0’ side setback. This has been done to allow the design of Lazier’s top parking level to be located at its easterly property line, or with a 0’ side setback. The benefit of this approach is that it eliminates a 20’ separation between parking structures. The two abutting parking structures will allow for development of outdoor space on Lazier’s project that will link to outdoor space on the BMLLC site. A rear setback variance is necessary to allow for this solution. Amendment to Parking - Pay in Lieu Map The Town’s parking regulations establish Pay in Lieu Parking Zones that identify properties that are required to “pay in lieu” of providing on-site parking. Such properties are identified in Vail Village and Lionshead and in most cases include properties that do not have frontage on a public right of way (like the Lionshead Arcade) or are located along pedestrian streets (like the Wall Street Building in Vail Village) where vehicular traffic is undesirable. Even though they have direct Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 7 access on a public right-of-way, both the Launch and Lazier properties are mapped as pay in lieu properties. A code amendment is proposed to amend the Parking Pay in Lieu Map to remove these two properties from the designation. Below is a description of the main elements of the proposed project. The project’s conformance with applicable review criteria for each of the four development applications described above is found in Section IV. of this report. Development Program The development program for the project includes: Residential Condominiums Nine residential condominiums unit with a total of 23,800 square feet of GRFA are proposed. Employee Housing Units Three employee housing units (EHU’s) comprised of 2,810 square feet are proposed. This exceeds the Inclusionary Housing requirement by 430 square feet. Lobby and Common Areas 2,980 square feet of common area including lobby space, sitting room, fitness center, owner’s storage and ski lockers is proposed. Office space for building management and short-term rentals is also provided. Parking The existing structures and surface parking located on Lot A2 provides approximately 54 parking spaces. Proposed parking includes 29 spaces on each of three below-grade levels and 6 other interior spaces for a total of 93 on-site parking spaces. These spaces replace the 54 existing spaces, provide 17 spaces for the new development (9 condominiums and 3 EHU’s) and provide 22 additional parking spaces. This number is subject to change as the design of below grade parking is finalized. An automated parking system is proposed. This system allows for increased efficiency, particularly on a project with a relatively small building footprint. Users of the parking will enter the parking garage and if needed park in one of six short-term spaces to unload their vehicle (or check into their condominium), then move their vehicle into what is essentially an elevator. Users then exit their vehicle and signal the system to park the car. The automated system then lowers the car to one of the three parking levels where the car is moved via “trays” to an available parking space. The car is returned when the owner Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 8 signals the system to do so. While new to Vail, the anticipated system provider for this project has designed and installed 60,000 automated parking spaces in 13 countries. Site Design The building’s primary pedestrian orientation is to the east with an entry stairs and front door located along East Lionshead Circle. Landscaping along the road is proposed to define spaces and “soften” the building. Pedestrian access is also provided on the south side of the building. Vehicular access will be via the existing access corridor. This corridor will serve two purposes: • Provide vehicle access to the BMLLC project, to Lazier’s future project to the west and to the Lifthouse Lodge and a small surface parking lot adjacent to Vail 21, and • Improve the existing east/west pedestrian route between East Lionshead Circle and Lionshead. To enhance the pedestrian aspect of this corridor, landscaping on both sides of the drive and a decorative paving pattern to define a pedestrian walkway are proposed. The lobby or main level of the BMLLC project includes an outdoor space or terrace on the west side of the building. The uppermost parking/car entry level is one floor below this terrace level. Lazier’s project will have a similar outdoor space on the east side of its building. The BMLLC terrace is design such that when Lazier’s project is constructed, the terraces will “merge” the two projects and create a unified outdoor plaza space. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 9 Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 10 Development Standards A summary of development standards as prescribed by the LHMU1 zone district and development standards proposed by this project are provided below. Gross Residential Floor Area LHMU1 allows for 250 square feet of GRFA for every 100 square feet of site area. The proposed site area of .314 acres would allow for 34,192 square feet of GRFA. An agreement with Lazier limits GRFA on Lot A2 to what is allowable based on the area of Lot A2, .238 acres or 25,917 square feet. 23,800 square feet of GRFA is proposed. Density LHMU1 allows 35 dwelling units per acre. The .314 acre site allows for 10.99 dwelling units. Nine dwelling units are proposed. Building Height Maximum allowable absolute height is 82.5’ and maximum average height is 71’. The proposed building has an absolute maximum height of 81.0 and average height of 70.8’. Setbacks Setbacks in LHMU1 are 10’ on all sides. Proposed setbacks are: • Front (along East Lionshead Circle) – 10’ • Side – 10’ on north, 36’ on south • Rear – 0’ (this variance is discussed further in Chapter 4-Comformance with Applicable Review Criteria) Site Coverage LHMU1 allows for 70% site coverage, or 10,941 square feet. Proposed site coverage is 7,400 square feet, or 54% Landscaping LHMU1 requires 20% of a site to be landscaped, or 2,735 square feet. Proposed landscape area is 2,780 square feet. Note that this landscape area is softscape area only, it does not reflect any decorative hardscape areas. Parking and Loading Proposed development requires 17 new spaces. 93 parking spaces are proposed. This will accommodate the new demand, replace existing parking and provide 20 additional parking spaces. There is no commercial development in the project and as such loading needs will be very minimal, limited to move in/move out of the residential units. The Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 11 loading facility at the Arrabelle was over-sized to provide loading for adjacent properties. If needed, the Arrabelle facility could be utilized. Diagrams depicting building height, site coverage, setbacks and landscaping are found in the project plan set that has been provided under separate cover. Employee Housing Section 12-24-2 Employee Housing Requirements establishes a mitigation rate of 10% of the total new GRFA proposed by a project. 23,800 square feet of GRFA are proposed, resulting in an inclusionary employee housing requirement of 2,380 square feet. The code requires that a minimum of 50% of this requirement be provided on-site. Employee Housing Mitigation Plan Three on-site EHU’s totaling 2,810 square feet are proposed. This mitigation will provide 100% of required housing on-site and will exceed code requirements by 430 square feet. Parking – Pay in Lieu Parking Map The purpose of this provision in the parking section of the zoning code is for properties that do not have access to a public street or are located where the Town does not want to generate traffic to pay into a fund for any new parking demand in lieu of providing parking on-site. For unknown reasons, the parcels on which the parking structure is located are included on the Pay in Lieu Parking Map, meaning that by code on-site parking is not permitted. For the following reasons, it is assumed that this mapping was done in error: • The subject properties have legal access to East Lionshead Circle, • Vehicle access to the site does not directly interfere with established pedestrian corridors, • Parking was in place on the subject parcels when the map was prepared, and • The Lionshead Redevelopment Master Plan suggests that with the redevelopment of the subject properties that on-site parking be retained, and a ground rule of the master planning process was that there be no net loss of existing parking in Lionshead. The proposed amendment would remove the subject properties from the Parking Pay in Lieu Parking Map and would allow the properties to provide parking on-site. The properties proposed to be removed include Lot 1A, Lot 2A and Tract K as depicted on the proposed Minor Subdivision. A map of the proposed amendment is found on the following page. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 12 Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 13 IV. CONFORMANCE WITH APPLICABLE REVIEW CRITERIA Below is a summary of how the proposed project conforms to applicable review criteria for each of the four development applications. EXTERIOR ALTERATION It shall be the burden of the applicant to prove by a preponderance of the evidence before the planning and environmental commission and the design review board that the proposed exterior alteration or new development is: 1. In compliance with the purposes of the Lionshead mixed use 1 district, Response The purpose of the LHMU1 district is: The Lionshead mixed use 1 district is intended to provide sites for a mixture of multiple-family dwellings, lodges, hotels, fractional fee clubs, timeshares, lodge dwelling units, restaurants, offices, skier services, and commercial establishments in a clustered, unified development. Lionshead mixed use 1 district, in accordance with the Lionshead redevelopment master plan, is intended to ensure adequate light, air, open space and other amenities appropriate to the permitted types of buildings and uses and to maintain the desirable qualities of the zone district by establishing appropriate site development standards. This zone district is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead redevelopment master plan. The proposed project is the initial phase of redevelopment of a distressed property that is identified by the Lionshead Redevelopment Master Plan (the Plan) as a priority for redevelopment. The project is very much consistent with the purpose of the LHMU1 zone district. 2. That the proposal is consistent with applicable elements of the Lionshead Redevelopment Master Plan, and Response The Lionshead Redevelopment Master Plan (LRMP) is an extensive and detailed planning document. Below are highlights of how the proposed project is consistent with main elements of the Plan from Chapter 2 – Policy Objectives, Chapter 4 – Overall Study Area Recommendations, Chapter 5 – Detailed Plan Recommendations and Chapter 6 – Site Design Guidelines. Chapter 2 – Policy Objectives Of the six broad policy objectives outlined in the Plan, three are applicable to this project: Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 14 2.3.1 Renewal and Redevelopment The project will replace a dilapidated above grade parking structure with below grade parking and a new residential building. 2.3.4 Improved Access and Circulation An outcome of this project is the removal of a vehicular access point on East Lionshead Circle and significant aesthetic enhancement to the east/west pedestrian corridor south of the proposed building. 2.3.5 Improved Infrastructure The project will restore parking that had been provided in the two-level parking structure. Chapter 4 – Overall Study Area Recommendations This chapter of the LRMP addresses broad level considerations that affect Lionshead as a whole. Examples of these include view corridors, Lionshead’s main “hubs”, connection with Gore Creek and the natural environment, connection with Vail Village, public transportation and other considerations. Most of these considerations are not directly relevant to the proposed development. This is likely due to two factors – the limited scope of the proposed redevelopment and the fact that the project is located outside of the Lionshead core area and major pedestrian streets. One relevant consideration is with respect to live beds. Consistent with the LRMP, the proposed project includes typical hotel facilities such as a lobby, sitting room and work out room. Project covenants will allow for short-term rentals of condominiums and an office to assist with rentals is provided in the lobby. Chapter 5 – Detailed Plan Recommendations Chapter 5 examines individual parcels and groups of parcels and identifies important functional relationships and objectives to be considered in redevelopments. Specific considerations from the LRMP relevant to this proposal include: 5.7.5 Lions Pride Building and Parking Deck The Lions Pride building and the parking deck across the alley are not in primary locations in the retail core but, because they are in very questionable condition (both visually and physically), their redevelopment and compliance with the Master plan should be considered a priority. An opportunity exists to convert the existing alleyway into a true arrival point for these properties and an enhanced pedestrian walkway. The existing parking must be replaced, most likely underneath a new structure, and could be accessed directly from East Lionshead Circle or from the alley. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 15 The proposed project addresses this objective. Landscaping and decorative pavers are proposed to create a more pleasing pedestrian walkway while also providing for vehicular use. The LRM specifically identifies this property as not being an appropriate site for retail, nor for a gateway, portal or other urban design features that may be appropriate elsewhere in Lionshead. Chapter 6 – Site Design Guidelines This chapter described detailed design elements will lend character and quality to the overall fabric of public spaces and to the desired hierarchy of pedestrian spaces. The proposed project is not located within the Primary Pedestrian Mall nor the Secondary Pedestrian Mall area. There are no Primary Pedestrian Streets adjacent to the site. As such, many elements of this chapter are not applicable to this site. The existing alley on the south side of the project is a Primary Pedestrian Walk. This corridor will include a decorative walking surface to define pedestrian flow. The height of some landscape walls will allow for seating. As suggested by the LRMP, trash and recycling facilities are located within the building. Chapter 8 – Architectural Design Guidelines Note – this chapter will be addressed in subsequent refinement to this project description. 3. That the proposal does not otherwise have a significant negative effect on the character of the neighborhood, and that the proposal substantially complies with other applicable elements of the Vail comprehensive plan. Response Neighborhood character in terms of the built environment is established by the development standards prescribed by the LHMU1 zone district. These standards were created to implement the goals of the Lionshead Redevelopment Master Plan. The project has been designed to conform to these standards and as such the project will be consistent with the character of the neighborhood. The proposed project will not have significant negative effects on the character of the neighborhood. MINOR SUBDIVISION The following are review criteria for a minor subdivision, as outlined in Section 13-3-4, Commission Review of Application; Criteria and Necessary Findings, Vail Town Code: Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 16 1. The extent to which the proposed subdivision is consistent with all the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; and Response The proposed subdivision is consistent with applicable elements of the adopted goals, objectives, and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the town. By way of example, Goal 1.3 of the Vail Land Use Plan states “the quality of development should be maintained and upgraded whenever possible.” If approved, the proposed subdivision will facilitate the upgrading and redevelopment of this property. 2. The extent to which the proposed subdivision complies with all of the standards of this title, as well as, but not limited to, title 12, “Zoning Regulations," of this code, and other pertinent regulations that the planning and environmental commission deems applicable; and Response The proposed subdivision is in compliance with the standards of Title 12, Zoning Regulations, Vail Town Code, and Title 13, Subdivision Regulations, Vail Town Code. Lots 2A and 2B are both consistent with minimum lot size as prescribed by the LHMU zone district. Track K, the common access parcel is necessary to provide access to East Lionshead Circle. 3. The extent to which the proposed subdivision presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives; and Response These parcels were established by legal descriptions and deed and have been in existence for many decades. This subdivision will formalize the status of these parcels and in doing so the proposed subdivision presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives. The proposed subdivision will not negatively impact the existing relationship among surrounding land uses. 5. The extent of the effects on the future development of the surrounding area; and Response Formalizing the subdivision of these parcels that have been in place for many decades will have no effect on the future development of the surrounding area. 6. The extent to which the proposed subdivision is located and designed to avoid creating spatial patterns that cause inefficiencies in the delivery of public services, or require duplication or premature extension of public facilities, or result in a "leapfrog" pattern of development; and Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 17 Response The proposed subdivision will not cause any inefficiency in the delivery of public services and will not require duplication or premature extension of public services and will not result in a leapfrog development pattern because the applicant is proposing a subdivision of existing platted lots already served by public facilities. 7. The extent to which the utility lines are sized to serve the planned ultimate population of the service area to avoid future land disruption to upgrade undersized lines; and Response The proposed subdivision is currently served by appropriately sized utility lines, resulting in no future land disruptions to upgrade undersized lines. 7. The extent to which the proposed subdivision provides for the growth of an orderly viable community and serves the best interests of the community as a whole; and Response The proposed subdivision formalizes previous divisions of land and in doing so will provide for the growth of an orderly viable community and serves the best interests of the community as a whole. 8. The extent to which the proposed subdivision results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides and other desirable natural features; and Response The subject property is currently developed with parking facilities. The proposed subdivision will not result in any adverse impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides and other desirable natural features. 9. Such other factors and criteria as the commission and/or council deem applicable to the proposed subdivision. Response n/a VARIANCE Factors Enumerated: Before acting on a variance application, the planning and environmental commission shall consider the following factors with respect to the requested variance: 1. The relationship of the requested variance to other existing or potential uses and structures in the vicinity. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 18 Response The level of the building proposed to be within the rear setback is below grade at the east and north sides of the site and partially above grade on the west. This setback encroachment presents no adverse impacts on other existing or potential uses and structures in the vicinity. To the contrary, the proposed 0’ will allow for a unified plaza design when the Lazier project is developed. 2. The degree to which relief from the strict or literal interpretation and enforcement of a specified regulation is necessary to achieve compatibility and uniformity of treatment among sites in the vicinity, or to attain the objectives of this title without grant of special privilege. Response Design of the BMLLC and Lazier projects are being coordinated to allow for outdoor plaza space to be provided between the two projects. The 0’ setback proposed for the respective parking level below the outdoor space will allow for coordinated design of this space. The Lazier project will propose the same 0’ setback. Literal enforcement of the 10’ setback would not allow for this design solution and result in basically 20’ of unusable space between the two projects. 3. The effect of the requested variance on light and air, distribution of population, transportation and traffic facilities, public facilities and utilities, and public safety. Response The proposed setback will have no adverse effect on the considerations listed above. 4. Such other factors and criteria as the commission deems applicable to the proposed variance. Response Town development standards in Vail Village and Lionshead allow for and at times encourage 0’ setback solutions when the result will allow for a design that provides appropriate and desirable solutions. The proposed 0’ setback will allow for unified design between the BMLLC and Lazier properties and as such is consistent with other examples where the Town has encouraged 0’ setback solutions. CODE AMENDMEN/PAY IN LIEU PARKING ZONE The following are review criteria for a minor subdivision, as outlined in Section 13-3-4, Commission Review of Application; Criteria and Necessary Findings, Vail Town Code: 1. The extent to which the text amendment furthers the general and specific purposes of the zoning regulations; Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 19 Response The proposed amendment will simply remove the three subject parcels from the Parking – Pay in Lieu Map. The inclusion of these properties on this map precludes the redevelopment and replacement of existing parking. This is not consistent with the purposes of the pay in lieu provision of the zoning code. It is assumed that the map was done in error for the following reasons: • The subject properties have legal access to East Lionshead Circle, • Vehicle access to the site does not directly interfere with established pedestrian corridors, • Parking was in place on the subject parcels when the map was prepared, and • The Lionshead Redevelopment Master Plan suggests that with the redevelopment of the subject properties that on-site parking be retained, and a ground rule of the master planning process was that there be no net loss of existing parking in Lionshead. This amendment will allow for the redevelopment of these parcels. 2. The extent to which the text amendment would better implement and better achieve the applicable elements of the adopted goals, objectives, and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; Response On-site parking is appropriate on the subject properties. The existing parking structure is unsightly, and the Lionshead Redevelopment Master Plan identifies this property for redevelopment. This amendment will allow for the redevelopment of these parcels. 3. The extent to which the text amendment demonstrates how conditions have substantially changed since the adoption of the subject regulation and how the existing regulation is no longer appropriate or is inapplicable; Response The Parking Pay in Lieu Map in its current form is not appropriate nor is it applicable to the subject properties. 4. The extent to which the text amendment provides a harmonious, convenient, workable relationship among land use regulations consistent with municipal development objectives; and Response Removing the subject properties from the map is necessary in order for parking to be main on the site. Removing the subject properties from the map will provide a harmonious, convenient and workable relationship among land use regulations that will be consistent with the town’s development objectives. Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 20 5. Such other factors and criteria the planning and environmental commission and/or council deem applicable to the proposed text amendment. Response N/A Battle Mountain LLC/534 East Lionshead Circle Development Applications Page 21 V. APPENDIX Minor Subdivision Plat Preliminary, this document shall not be recorded for any purpose and shall not be used or viewed or relied upon as a final survey document. Preliminary, this document shall not be recorded for any purpose and shall not be used or viewed or relied upon as a final survey document. VANTAGE POINT CONDOMINIUMS SUPPLEMENT TO VANTAGE POINT CONDOMINIUMS EAST LIONSHEAD CIRCLE(TRACT F)TRACT EVAIL 21 LOT 1 A LOT 2 A TRACT K FIRST WESTWIND AT VAIL CONDOMINIUM (FIRST AMENDMENT) THE LIFT HOUSE A CONDOMINIUM ∆ PREVENT FRAUD - Please remember to call a member of our closing team when initiating a wire transfer or providing wiring instructions. Land Title Guarantee Company Customer Distribution Our Order Number: ABC50050107 Date: 03-09-2018 Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 For Title Assistance SCOTT BENNETTS 5975 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE, CO 80111 303-850-4175 (phone) 303-393-4842 (fax) sbennetts@ltgc.com PLEASE CONTACT YOUR CLOSER OR CLOSER'S ASSISTANT FOR WIRE TRANSFER INSTRUCTIONS Seller/Owner LAUNCH DEVELOPMENT Attention: RYAN OSBORN 9744 N CONANT AVE KANSAS CITY, MO 64153 816-436-3111 (work) 816-436-3126 (work fax) rosborn@launchliving.com Delivered via: Electronic Mail BRAUN ASSOCIATES INC Attention: TOM BRAUN 225 MAIN STREET, SUITE G-2 EDWARDS, CO 81632 970-926-7575 (work) tom@braunassociates.com Delivered via: Electronic Mail LAND TITLE GUARANTEE COMPANY Attention: SARAH DORMAN 610 WEST LIONSHEAD CIRCLE #300 VAIL, CO 81657 970-476-2251 (work) 970-476-4534 (work fax) sdorman@ltgc.com Delivered via: Electronic Mail Seller/Owner LAZIER LIONSHEAD LLC Attention: BOB LAZIER PO BOX 1325 VAIL, CO 81658 970-390-1919 (work) bob@tivolilodge.com Delivered via: Electronic Mail PEAK LAND CONSULTANTS Attention: BRENT BIGGS 1000 LIONS RIDGE LOOP SUITE 1D VAIL, CO 81657 970-476-8644 (work) 970-476-8616 (work fax) brent@peakland.net Delivered via: Electronic Mail Land Title Guarantee Company Estimate of Title Fees Order Number: ABC50050107 Date: 03-09-2018 Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 Buyer/Borrower: A BUYER TO BE DETERMINED Seller: BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY, AS TO PARCEL C, AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F; ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER, AS THEIR INTERESTS MAY APPEAR OF RECORD, AS TO AN UNDIVIDED 1/2 INTEREST IN PARCEL F; LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY, SUBJECT TO RECEIVERSHIP PROCEEDINGS PENDING IN EAGLE COUNTY DISTRICT COURT, CASE NO. 2010-CV-709, WHEREIN DAVID S. COHEN WAS APPOINTED RECEIVER, AS TO PARCEL L Visit Land Title's website at www.ltgc.com for directions to any of our offices. Estimate of Title Insurance Fees ALTA Owners Policy 06-17-06 (Reissue Rate) TBD Commitment To Be Determined $216.00 If Land Title Guarantee Company will be closing this transaction, the fees listed above will be collected at closing. Total To Be Determined THANK YOU FOR YOUR ORDER! ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number: ABC50050107 Customer Ref-Loan No.: Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 1. Effective Date: 03-05-2018 At 5:00 P.M. 2. Policy to be Issued and Proposed Insured: "ALTA" Owner's Policy 06-17-06 To Be Determined Proposed Insured: A BUYER TO BE DETERMINED 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: A FEE SIMPLE 4. Title to the estate or interest covered herein is at the effective date hereof vested in: BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY, AS TO PARCEL C, AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F; ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER, AS THEIR INTERESTS MAY APPEAR OF RECORD, AS TO AN UNDIVIDED 1/2 INTEREST IN PARCEL F; LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY, SUBJECT TO RECEIVERSHIP PROCEEDINGS PENDING IN EAGLE COUNTY DISTRICT COURT, CASE NO. 2010- CV-709, WHEREIN DAVID S. COHEN WAS APPOINTED RECEIVER, AS TO PARCEL L 5. The Land referred to in this Commitment is described as follows: PARCEL C, NO.4: A PARCEL OF LAND LYING IN BLOCK 1, LOTS 2 AND 3, AND IN PART OF TRACT E, VAIL/LIONSHEAD, FIRST FILING, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 3, THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 109.00 FEET THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 106.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 154.77 FEET; NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 56.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 8.23 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 118.23 FEET TO A POINT ON THE EAST LINE OF SAID LOT 1; THENCE ALONG SAID EAST LINE NORTH 10 DEGREES 34 MINUTES 18 SECONDS WEST 30.76 FEET TO A POINT OF CURVE; THENCE 59.63 FEET ALONG THE ARC OF A CURVE TO THE RIGHT WHOSE RADIUS IS 217.01 FEET AND WHOSE CENTRAL ANGLE IS 15 DEGREES 44 MINUTES 37 SECONDS; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 117.00 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 90.00 FEET TO THE TRUE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. PARCEL F, NO. 3: A PARCEL OF LAND LYING IN BLOCK 1, LOT 3, VAIL/LIONSHEAD, FIRST FILING, DESCRIBED AS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 3, THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 109.00 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number: ABC50050107 Customer Ref-Loan No.: EAST 106.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 154.77 FEET; THENCE NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 30.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 129.18 FEET TO A POINT ON THE EAST LINE OF SAID LOT 1; THENCE ALONG SAID EAST LINE NORTH 10 DEGREES 34 MINUTES 18 SECONDS WEST 26.14 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 126.46 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 26.00 FEET TO THE TRUE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. PARCEL L: THOSE PARTS OF LOTS 1, 2 AND 3, BLOCK 1, VAIL/LIONSHEAD, FIRST FILING ACCORDING TO THE PLAT THEREOF RECORDED IN THE OFFICE OF THE EAGLE COUNTY, COLORADO, CLERK AND RECORDER, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWESTERLY CORNER OF SAID LOT 1; THENCE, ALONG THE WESTERLY LINE OF SAID LOT 1, NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 40.00 FEET; THENCE, DEPARTING SAID WESTERLY LINE, NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 188 FEET; THENCE SOUTH 04 DEGREES 35 MINUTES 58 SECONDS EAST 90.00 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 8.23 FEET; THENCE SOUTH 04 DEGREES 35 MINUTES 58 SECONDS EAST 56 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 179.77 FEET; THENCE NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 106 FEET, TO THE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. NOTE: THE FINAL POLICY DOES NOT IN ANY WAY GUARANTEE OR INSURE THE DIMENSIONS OF THE ABOVE DESCRIBED LAND, THE LEGAL DESCRIPTION IS DERIVED FROM THE CHAIN OF TITLE AND ONLY AN ACCURATE SURVEY CAN DETERMINE THE DIMENSIONS.. Copyright 2006-2018 American Land Title Association. All Rights Reserved The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: This proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. Pay the agreed amount for the estate or interest to be insured. Pay the premiums, fees, and charges for the Policy to the Company. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 1. PARTIAL RELEASE OF DEED OF TRUST DATED JUNE 28, 2007, FROM LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF MIDFIRST BANK TO SECURE THE SUM OF $12,000,000.00 RECORDED JULY 03, 2007, UNDER RECEPTION NO. 200717700. SAID DEED OF TRUST WAS FURTHER SECURED BY ASSIGNMENT OF LEASES AND RENTS AND OTHER INCOME RECORDED JULY 30, 2007, UNDER RECEPTION NO. 200720012. MODIFICATION AND AFFIRMATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED OCTOBER 05, 2009 UNDER RECEPTION NO. 200921771. AMENDMENT TO DEED OF TRUST RECORDED SEPTEMBER 28, 2012 UNDER RECEPTION NO. 201219760. (AFFECTS PARCEL L) 2. RELEASE OF FINANCING STATEMENT WITH MIDFIRST BANK, THE SECURED PARTY, RECORDED OCTOBER 11, 2012, UNDER RECEPTION NO. 201220643. FINANCING STATEMENT CONTINUATION RECORDED APRIL 19, 2017 UNDER RECEPTION NO. 201706819. (AFFECTS PARCEL L) 3. PARTIAL RELEASE OF DEED OF TRUST DATED DECEMBER 27, 2012, FROM LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF MIDFIRST BANK TO SECURE THE SUM OF $28,304,553.95 RECORDED DECEMBER 31, 2012, UNDER RECEPTION NO. 201226664 AND RE-RECORDED JANUARY 8, 2013 UNDER RECEPTION NO. 201300465. SAID DEED OF TRUST WAS FURTHER SECURED BY ASSIGNMENT OF LEASES AND RENTS AND OTHER INCOME RECORDED DECEMBER 31, 2012, UNDER RECEPTION NO. 201226665 AND RE- RECORDED JANUARY 8, 2013 UNDER RECEPTION NO. 201300466. (AFFECTS PARCEL L) 4. CERTIFICATE OF SATISFACTION ISSUED BY THE CLERK OF DISTRICT COURT OF JUDGMENT IN ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: FAVOR OF STATE OF COLORADO, DEPARTMENT OF REVENUE AGAINST ROBERT T. LAZIER AND DIANE J. LAZIER IN THE AMOUNT OF $8,053.00 PLUS COURT COSTS ENTERED ON APRIL 09, 2015, TRANSCRIPT OF WHICH WAS RECORDED MARCH 09, 2016, UNDER RECEPTION NO. 201615960, CIVIL ACTION NO. D192015CV800311, DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE. 5. CERTIFICATE OF SATISFACTION ISSUED BY THE CLERK OF DISTRICT COURT OF JUDGMENT IN FAVOR OF STATE OF COLORADO, DEPARTMENT OF REVENUE AGAINST ROBERT L. LAZIER AND DIANE J. LAZIER IN THE AMOUNT OF $31,273.00 PLUS COURT COSTS ENTERED ON JANUARY 20, 2016, TRANSCRIPT OF WHICH WAS RECORDED SEPTEMBER 29, 2016, UNDER RECEPTION NO. 201615961, CIVIL ACTION NO. D192016CV800090, DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE. 6. A FULL COPY OF THE FULLY EXECUTED OPERATING AGREEMENT AND ANY AND ALL AMENDMENTS THERETO FOR LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY MUST BE FURNISHED TO LAND TITLE GUARANTEE COMPANY. SAID AGREEMENT MUST DISCLOSE WHO MAY CONVEY, ACQUIRE, ENCUMBER, LEASE OR OTHERWISE DEAL WITH INTERESTS IN REAL PROPERTY FOR SAID ENTITY. NOTE: ADDITIONAL REQUIREMENTS MAY BE NECESSARY UPON REVIEW OF THIS DOCUMENTATION. 7. DULY EXECUTED AND ACKNOWLEDGED STATEMENT OF AUTHORITY SETTING FORTH THE NAME OF LAZIER LIONSHEAD, LLC AS A WYOMING CLOSE LIMITED LIABILITY COMPANY. THE STATEMENT OF AUTHORITY MUST STATE UNDER WHICH LAWS THE ENTITY WAS CREATED, THE MAILING ADDRESS OF THE ENTITY, AND THE NAME AND POSITION OF THE PERSON(S) AUTHORIZED TO EXECUTE INSTRUMENTS CONVEYING, ENCUMBERING, OR OTHERWISE AFFECTING TITLE TO REAL PROPERTY ON BEHALF OF THE ENTITY AND OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 38-30-172, CRS. NOTE: THE STATEMENT OF AUTHORITY MUST BE RECORDED WITH THE CLERK AND RECORDER. 8. ORDER OF THE DISTRICT COURT, IN AND FOR THE COUNTY OF EAGLE, STATE OF COLORADO, IN CASE NO. 2010-CV-709 AUTHORIZING THE SALE OF THE SUBJECT PROPERTY AND EXECUTION OF THE DOCUMENTS BY DAVID S. COHEN AS RECEIVER FOR LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY. 9. WARRANTY DEED FROM DAVID S. COHEN AS RECEIVER OF LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. (AFFECTS PARCEL L) 10. WARRANTY DEED FROM BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: THE STATEMENT OF AUTHORITY RECORDED FEBRUARY 16, 2017 UNDER RECEPTION NO. 201702744 DISCLOSES WAVING WHEAT, LLC A MISSOURI LIMITED LIABILITY COMPANY AS MEMBER THAT MUST EXECUTE LEGAL INSTRUMENTS ON BEHALF OF BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: NOTE: THE OPERATING AGREEMENT OF BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY DISCLOSES WAVING WHEAT, LLC, A MISSOURI LIMITED LIABILITY COMPANY; MONSON INVESTMENTS LLC, A COLORADO LIMITED LIABILITY COMPANY; AND MEADOW MOUNTAIN DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY AS MEMBERS THAT MUST EXECUTE LEGAL INSTRUMENTS. (AFFECTS PARCEL C AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F) 11. WARRANTY DEED FROM ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. (AFFECTS AN UNDIVIDED 1/2 INTEREST IN PARCEL F) NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND/OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50050107 This commitment does not republish any covenants, condition, restriction, or limitation contained in any document referred to in this commitment to the extent that the specific covenant, conditions, restriction, or limitation violates state or federal law based on race, color, religion, sex, sexual orientation, gender identity, handicap, familial status, or national origin. 1. Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 8. EXISTING LEASES AND TENANCIES, IF ANY. 9. RIGHT OF THE PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM, SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES HEREBY GRANTED, AND A RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES, AS RESERVED IN UNITED STATES PATENTS RECORDED MAY 24, 1904 IN BOOK 48 AT PAGE 503 10. RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. 11. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. 12. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50050107 FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED MAY 18, 1970, IN BOOK 217 AT PAGE 675 AND AS AMENDED IN INSTRUMENT RECORDED JULY 30, 1970, IN BOOK 218 AT PAGE 334, AND AS AMENDED IN INSTRUMENT RECORDED OCTOBER 15, 1970 IN BOOK 218 AT PAGE 899. 13. EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE PLAT OF VAIL/LIONSHEAD FIRST FILING RECORDED MAY 10, 1970 UNDER RECEPTION NO. 113260. 14. TERMS, CONDITIONS AND PROVISIONS OF EASEMENT AGREEMENT RECORDED JUNE 08, 1973 IN BOOK 229 AT PAGE 481. 15. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN WARRANTY DEED RECORDED FEBRUARY 10, 1972 IN BOOK 223 AT PAGE 134. (AFFECTS PARCEL F) 16. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN EASEMENT AGREEMENT RECORDED JUNE 08, 1973 IN BOOK 229 AT PAGE 481. (AFFECTS PARCEL F) 17. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN EASEMENTS RECORDED FEBRUARY 21, 1984 IN BOOK 378 AT PAGE 907. (AFFECTS PARCEL F) 18. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN PARKING EASEMENT AGREEMENT RECORDED OCTOBER 28, 2008 UNDER RECEPTION NO. 200823067. 19. TERMS, CONDITIONS AND PROVISIONS OF ORDER FOR APPOINTMENT OF RECEIVER RECORDED OCTOBER 28, 2010 AT RECEPTION NO. 201021776. 20. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN LEASE DATED AUGUST 1, 2012 BY AND BETWEEN LAZIER LIONSHEAD, LLC, A WYOMING LIMITED LIABILITY COMPANY AND DAVID S. COHEN, AS RECEIVER, APPOINTED PURSUANT TO THAT CERTAIN ORDER FOR APPOINTMENT OF RECEIVER DATED OCTOBER 20, 2010, LANDLORD, AND RESIDENTIAL LIONSHEAD ARCADE BUILDING CONDOMINIUM ASSOCIATION, INC., A COLORADO NON-PROFIT CORPORATION, TENANT, AS MEMORIALIZED BY INSTRUMENT RECORDED SEPTEMBER 05, 2012 UNDER RECEPTION NO. 201217721. (AFFECTS PARCEL F) JOINT NOTICE OF PRIVACY POLICY OF LAND TITLE GUARANTEE COMPANY LAND TITLE GUARANTEE COMPANY OF SUMMIT COUNTY LAND TITLE INSURANCE CORPORATION AND OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY This Statement is provided to you as a customer of Land Title Guarantee Company and Meridian Land Title, LLC, as agents for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; your transactions with, or from the services being performed by, us, our affiliates, or others; a consumer reporting agency, if such information is provided to us in connection with your transaction; and the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. We regularly access security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows. Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. LAND TITLE GUARANTEE COMPANY DISCLOSURE STATEMENTS Note: Pursuant to CRS 10-11-122, notice is hereby given that: A) The Subject real property may be located in a special taxing district. B) A certificate of taxes due listing each taxing jurisdiction will be obtained from the county treasurer of the county in which the real property is located or that county treasurer's authorized agent unless the proposed insured provides written instructions to the contrary. (for an Owner's Policy of Title Insurance pertaining to a sale of residential real property) C) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 8-1-2 requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B-2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: A) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. B) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C) The Company must receive an appropriate affidavit indemnifying the Company against un-filed mechanic's and material-men's liens. D) The Company must receive payment of the appropriate premium. E) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: This notice applies to owner's policy commitments disclosing that a mineral estate has been severed from the surface estate, in Schedule B-2. A) That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and B) That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies. Note: Pursuant to Colorado Division of Insurance Regulations 8-1-3, notice is hereby given of the availability of a closing protection letter for the lender, purchaser, lessee or seller in connection with this transaction. Commitment For Title Insurance Issued by OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions, Old republic National Title Insurance Company, A Minnesota corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. COMMITMENT CONDITIONS 1. DEFINITIONS (a) “Knowledge” or “Known”: Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) “Land”: The land described in Schedule A and affixed improvements that by law constitute real property. The term “Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues,alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) “Proposed Policy Amount”: Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) “Public Records”: Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) “Title”: The estate or interest described in Schedule A. 2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, Comitment terminates and the Company’s liability and obligation end. 3. The Company’s liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I—Requirements; [and] (f) Schedule B, Part II—Exceptions[; and (g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (I) comply with the Schedule B, Part I—Requirements; (ii) eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company’s liability shall not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. (g) In any event, the Company’s liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing [and authenticated by a person authorized by the Company]. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration. This page is only a part of a 2016 ALTA® Commitment for Title Insurance Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II—Exceptions[; and a counter-signature by the Company or its issuing agent that may be in electronic form] Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Issued by: Land Title Guarantee Company 3033 East First Avenue Suite 600 Denver, Colorado 80206 303-321-1880 Authorized Officer or Agent Old Republic National Title Insurance Company a Stock Company 400 Second Avenue South Minneapolis, Minnesota 55401 (612)371-1111 VANTAGE POINT - VAIL CONDOMINIUMS, INC Attn: Dawn J Moe 508 E. Lionshead Circle Vail, CO 81657 (970) 476-0364 VANTAGE POINT - VAIL CONDOMINIUMS, INC Attn: Candyce D. Cavanagh 508 E. Lionshead Circle Vail, CO 81657 (970) 476-0364 TOWN OF VAIL Attn: Finance Department 75 South Frontage Road Vail, CO 81657 FIRST WESTWIND AT VAIL CONDOMINIUM ASSOCIATION Attn: Steven Macdonald 548 South Frontage Road Vail, CO 81657 970 476-9378 LIFT HOUSE Attn: Dale Bugby 555 E Lionshead Circle Vail, CO 81657 VAIL 21 CONDOMINIUM ASSOCIATION, INC Attn: Steve Edward Gerhardt 521 East Lionshead Circle Vail, CO 81657 PREVENT FRAUD - Please remember to call a member of our closing team when initiating a wire transfer or providing wiring instructions. Land Title Guarantee Company Customer Distribution Our Order Number: ABC50050107 Date: 03-09-2018 Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 For Title Assistance SCOTT BENNETTS 5975 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE, CO 80111 303-850-4175 (phone) 303-393-4842 (fax) sbennetts@ltgc.com PLEASE CONTACT YOUR CLOSER OR CLOSER'S ASSISTANT FOR WIRE TRANSFER INSTRUCTIONS Seller/Owner LAUNCH DEVELOPMENT Attention: RYAN OSBORN 9744 N CONANT AVE KANSAS CITY, MO 64153 816-436-3111 (work) 816-436-3126 (work fax) rosborn@launchliving.com Delivered via: Electronic Mail BRAUN ASSOCIATES INC Attention: TOM BRAUN 225 MAIN STREET, SUITE G-2 EDWARDS, CO 81632 970-926-7575 (work) tom@braunassociates.com Delivered via: Electronic Mail LAND TITLE GUARANTEE COMPANY Attention: SARAH DORMAN 610 WEST LIONSHEAD CIRCLE #300 VAIL, CO 81657 970-476-2251 (work) 970-476-4534 (work fax) sdorman@ltgc.com Delivered via: Electronic Mail Seller/Owner LAZIER LIONSHEAD LLC Attention: BOB LAZIER PO BOX 1325 VAIL, CO 81658 970-390-1919 (work) bob@tivolilodge.com Delivered via: Electronic Mail PEAK LAND CONSULTANTS Attention: BRENT BIGGS 1000 LIONS RIDGE LOOP SUITE 1D VAIL, CO 81657 970-476-8644 (work) 970-476-8616 (work fax) brent@peakland.net Delivered via: Electronic Mail Land Title Guarantee Company Estimate of Title Fees Order Number: ABC50050107 Date: 03-09-2018 Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 Buyer/Borrower: A BUYER TO BE DETERMINED Seller: BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY, AS TO PARCEL C, AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F; ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER, AS THEIR INTERESTS MAY APPEAR OF RECORD, AS TO AN UNDIVIDED 1/2 INTEREST IN PARCEL F; LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY, SUBJECT TO RECEIVERSHIP PROCEEDINGS PENDING IN EAGLE COUNTY DISTRICT COURT, CASE NO. 2010-CV-709, WHEREIN DAVID S. COHEN WAS APPOINTED RECEIVER, AS TO PARCEL L Visit Land Title's website at www.ltgc.com for directions to any of our offices. Estimate of Title Insurance Fees ALTA Owners Policy 06-17-06 (Reissue Rate) TBD Commitment To Be Determined $216.00 If Land Title Guarantee Company will be closing this transaction, the fees listed above will be collected at closing. Total To Be Determined THANK YOU FOR YOUR ORDER! ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number: ABC50050107 Customer Ref-Loan No.: Property Address: 500 & 534 E LIONSHEAD CIR, VAIL, CO 81657 1. Effective Date: 03-05-2018 At 5:00 P.M. 2. Policy to be Issued and Proposed Insured: "ALTA" Owner's Policy 06-17-06 To Be Determined Proposed Insured: A BUYER TO BE DETERMINED 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: A FEE SIMPLE 4. Title to the estate or interest covered herein is at the effective date hereof vested in: BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY, AS TO PARCEL C, AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F; ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER, AS THEIR INTERESTS MAY APPEAR OF RECORD, AS TO AN UNDIVIDED 1/2 INTEREST IN PARCEL F; LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY, SUBJECT TO RECEIVERSHIP PROCEEDINGS PENDING IN EAGLE COUNTY DISTRICT COURT, CASE NO. 2010- CV-709, WHEREIN DAVID S. COHEN WAS APPOINTED RECEIVER, AS TO PARCEL L 5. The Land referred to in this Commitment is described as follows: PARCEL C, NO.4: A PARCEL OF LAND LYING IN BLOCK 1, LOTS 2 AND 3, AND IN PART OF TRACT E, VAIL/LIONSHEAD, FIRST FILING, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 3, THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 109.00 FEET THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 106.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 154.77 FEET; NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 56.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 8.23 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 118.23 FEET TO A POINT ON THE EAST LINE OF SAID LOT 1; THENCE ALONG SAID EAST LINE NORTH 10 DEGREES 34 MINUTES 18 SECONDS WEST 30.76 FEET TO A POINT OF CURVE; THENCE 59.63 FEET ALONG THE ARC OF A CURVE TO THE RIGHT WHOSE RADIUS IS 217.01 FEET AND WHOSE CENTRAL ANGLE IS 15 DEGREES 44 MINUTES 37 SECONDS; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 117.00 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 90.00 FEET TO THE TRUE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. PARCEL F, NO. 3: A PARCEL OF LAND LYING IN BLOCK 1, LOT 3, VAIL/LIONSHEAD, FIRST FILING, DESCRIBED AS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 3, THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 109.00 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number: ABC50050107 Customer Ref-Loan No.: EAST 106.00 FEET; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 154.77 FEET; THENCE NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 30.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 129.18 FEET TO A POINT ON THE EAST LINE OF SAID LOT 1; THENCE ALONG SAID EAST LINE NORTH 10 DEGREES 34 MINUTES 18 SECONDS WEST 26.14 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 126.46 FEET; THENCE SOUTH 4 DEGREES 35 MINUTES 58 SECONDS EAST 26.00 FEET TO THE TRUE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. PARCEL L: THOSE PARTS OF LOTS 1, 2 AND 3, BLOCK 1, VAIL/LIONSHEAD, FIRST FILING ACCORDING TO THE PLAT THEREOF RECORDED IN THE OFFICE OF THE EAGLE COUNTY, COLORADO, CLERK AND RECORDER, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWESTERLY CORNER OF SAID LOT 1; THENCE, ALONG THE WESTERLY LINE OF SAID LOT 1, NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 40.00 FEET; THENCE, DEPARTING SAID WESTERLY LINE, NORTH 85 DEGREES 24 MINUTES 02 SECONDS EAST 188 FEET; THENCE SOUTH 04 DEGREES 35 MINUTES 58 SECONDS EAST 90.00 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 8.23 FEET; THENCE SOUTH 04 DEGREES 35 MINUTES 58 SECONDS EAST 56 FEET; THENCE SOUTH 85 DEGREES 24 MINUTES 02 SECONDS WEST 179.77 FEET; THENCE NORTH 4 DEGREES 35 MINUTES 58 SECONDS WEST 106 FEET, TO THE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. NOTE: THE FINAL POLICY DOES NOT IN ANY WAY GUARANTEE OR INSURE THE DIMENSIONS OF THE ABOVE DESCRIBED LAND, THE LEGAL DESCRIPTION IS DERIVED FROM THE CHAIN OF TITLE AND ONLY AN ACCURATE SURVEY CAN DETERMINE THE DIMENSIONS.. Copyright 2006-2018 American Land Title Association. All Rights Reserved The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: This proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. Pay the agreed amount for the estate or interest to be insured. Pay the premiums, fees, and charges for the Policy to the Company. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 1. PARTIAL RELEASE OF DEED OF TRUST DATED JUNE 28, 2007, FROM LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF MIDFIRST BANK TO SECURE THE SUM OF $12,000,000.00 RECORDED JULY 03, 2007, UNDER RECEPTION NO. 200717700. SAID DEED OF TRUST WAS FURTHER SECURED BY ASSIGNMENT OF LEASES AND RENTS AND OTHER INCOME RECORDED JULY 30, 2007, UNDER RECEPTION NO. 200720012. MODIFICATION AND AFFIRMATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED OCTOBER 05, 2009 UNDER RECEPTION NO. 200921771. AMENDMENT TO DEED OF TRUST RECORDED SEPTEMBER 28, 2012 UNDER RECEPTION NO. 201219760. (AFFECTS PARCEL L) 2. RELEASE OF FINANCING STATEMENT WITH MIDFIRST BANK, THE SECURED PARTY, RECORDED OCTOBER 11, 2012, UNDER RECEPTION NO. 201220643. FINANCING STATEMENT CONTINUATION RECORDED APRIL 19, 2017 UNDER RECEPTION NO. 201706819. (AFFECTS PARCEL L) 3. PARTIAL RELEASE OF DEED OF TRUST DATED DECEMBER 27, 2012, FROM LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF MIDFIRST BANK TO SECURE THE SUM OF $28,304,553.95 RECORDED DECEMBER 31, 2012, UNDER RECEPTION NO. 201226664 AND RE-RECORDED JANUARY 8, 2013 UNDER RECEPTION NO. 201300465. SAID DEED OF TRUST WAS FURTHER SECURED BY ASSIGNMENT OF LEASES AND RENTS AND OTHER INCOME RECORDED DECEMBER 31, 2012, UNDER RECEPTION NO. 201226665 AND RE- RECORDED JANUARY 8, 2013 UNDER RECEPTION NO. 201300466. (AFFECTS PARCEL L) 4. CERTIFICATE OF SATISFACTION ISSUED BY THE CLERK OF DISTRICT COURT OF JUDGMENT IN ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: FAVOR OF STATE OF COLORADO, DEPARTMENT OF REVENUE AGAINST ROBERT T. LAZIER AND DIANE J. LAZIER IN THE AMOUNT OF $8,053.00 PLUS COURT COSTS ENTERED ON APRIL 09, 2015, TRANSCRIPT OF WHICH WAS RECORDED MARCH 09, 2016, UNDER RECEPTION NO. 201615960, CIVIL ACTION NO. D192015CV800311, DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE. 5. CERTIFICATE OF SATISFACTION ISSUED BY THE CLERK OF DISTRICT COURT OF JUDGMENT IN FAVOR OF STATE OF COLORADO, DEPARTMENT OF REVENUE AGAINST ROBERT L. LAZIER AND DIANE J. LAZIER IN THE AMOUNT OF $31,273.00 PLUS COURT COSTS ENTERED ON JANUARY 20, 2016, TRANSCRIPT OF WHICH WAS RECORDED SEPTEMBER 29, 2016, UNDER RECEPTION NO. 201615961, CIVIL ACTION NO. D192016CV800090, DISTRICT COURT IN AND FOR THE COUNTY OF EAGLE. 6. A FULL COPY OF THE FULLY EXECUTED OPERATING AGREEMENT AND ANY AND ALL AMENDMENTS THERETO FOR LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY MUST BE FURNISHED TO LAND TITLE GUARANTEE COMPANY. SAID AGREEMENT MUST DISCLOSE WHO MAY CONVEY, ACQUIRE, ENCUMBER, LEASE OR OTHERWISE DEAL WITH INTERESTS IN REAL PROPERTY FOR SAID ENTITY. NOTE: ADDITIONAL REQUIREMENTS MAY BE NECESSARY UPON REVIEW OF THIS DOCUMENTATION. 7. DULY EXECUTED AND ACKNOWLEDGED STATEMENT OF AUTHORITY SETTING FORTH THE NAME OF LAZIER LIONSHEAD, LLC AS A WYOMING CLOSE LIMITED LIABILITY COMPANY. THE STATEMENT OF AUTHORITY MUST STATE UNDER WHICH LAWS THE ENTITY WAS CREATED, THE MAILING ADDRESS OF THE ENTITY, AND THE NAME AND POSITION OF THE PERSON(S) AUTHORIZED TO EXECUTE INSTRUMENTS CONVEYING, ENCUMBERING, OR OTHERWISE AFFECTING TITLE TO REAL PROPERTY ON BEHALF OF THE ENTITY AND OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 38-30-172, CRS. NOTE: THE STATEMENT OF AUTHORITY MUST BE RECORDED WITH THE CLERK AND RECORDER. 8. ORDER OF THE DISTRICT COURT, IN AND FOR THE COUNTY OF EAGLE, STATE OF COLORADO, IN CASE NO. 2010-CV-709 AUTHORIZING THE SALE OF THE SUBJECT PROPERTY AND EXECUTION OF THE DOCUMENTS BY DAVID S. COHEN AS RECEIVER FOR LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY. 9. WARRANTY DEED FROM DAVID S. COHEN AS RECEIVER OF LAZIER LIONSHEAD, LLC, A WYOMING CLOSE LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. (AFFECTS PARCEL L) 10. WARRANTY DEED FROM BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: THE STATEMENT OF AUTHORITY RECORDED FEBRUARY 16, 2017 UNDER RECEPTION NO. 201702744 DISCLOSES WAVING WHEAT, LLC A MISSOURI LIMITED LIABILITY COMPANY AS MEMBER THAT MUST EXECUTE LEGAL INSTRUMENTS ON BEHALF OF BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50050107 The following are the requirements must be met: NOTE: THE OPERATING AGREEMENT OF BATTLE MOUNTAIN, LLC, A MISSOURI LIMITED LIABILITY COMPANY DISCLOSES WAVING WHEAT, LLC, A MISSOURI LIMITED LIABILITY COMPANY; MONSON INVESTMENTS LLC, A COLORADO LIMITED LIABILITY COMPANY; AND MEADOW MOUNTAIN DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY AS MEMBERS THAT MUST EXECUTE LEGAL INSTRUMENTS. (AFFECTS PARCEL C AND AN UNDIVIDED 1/2 INTEREST IN PARCEL F) 11. WARRANTY DEED FROM ROBERT T. LAZIER AND DIANE J. LAZIER AND KATHLEEN S. ALEXANDER TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. (AFFECTS AN UNDIVIDED 1/2 INTEREST IN PARCEL F) NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND/OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50050107 This commitment does not republish any covenants, condition, restriction, or limitation contained in any document referred to in this commitment to the extent that the specific covenant, conditions, restriction, or limitation violates state or federal law based on race, color, religion, sex, sexual orientation, gender identity, handicap, familial status, or national origin. 1. Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 8. EXISTING LEASES AND TENANCIES, IF ANY. 9. RIGHT OF THE PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM, SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES HEREBY GRANTED, AND A RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES, AS RESERVED IN UNITED STATES PATENTS RECORDED MAY 24, 1904 IN BOOK 48 AT PAGE 503 10. RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. 11. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. 12. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50050107 FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED MAY 18, 1970, IN BOOK 217 AT PAGE 675 AND AS AMENDED IN INSTRUMENT RECORDED JULY 30, 1970, IN BOOK 218 AT PAGE 334, AND AS AMENDED IN INSTRUMENT RECORDED OCTOBER 15, 1970 IN BOOK 218 AT PAGE 899. 13. EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE PLAT OF VAIL/LIONSHEAD FIRST FILING RECORDED MAY 10, 1970 UNDER RECEPTION NO. 113260. 14. TERMS, CONDITIONS AND PROVISIONS OF EASEMENT AGREEMENT RECORDED JUNE 08, 1973 IN BOOK 229 AT PAGE 481. 15. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN WARRANTY DEED RECORDED FEBRUARY 10, 1972 IN BOOK 223 AT PAGE 134. (AFFECTS PARCEL F) 16. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN EASEMENT AGREEMENT RECORDED JUNE 08, 1973 IN BOOK 229 AT PAGE 481. (AFFECTS PARCEL F) 17. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN EASEMENTS RECORDED FEBRUARY 21, 1984 IN BOOK 378 AT PAGE 907. (AFFECTS PARCEL F) 18. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN PARKING EASEMENT AGREEMENT RECORDED OCTOBER 28, 2008 UNDER RECEPTION NO. 200823067. 19. TERMS, CONDITIONS AND PROVISIONS OF ORDER FOR APPOINTMENT OF RECEIVER RECORDED OCTOBER 28, 2010 AT RECEPTION NO. 201021776. 20. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN LEASE DATED AUGUST 1, 2012 BY AND BETWEEN LAZIER LIONSHEAD, LLC, A WYOMING LIMITED LIABILITY COMPANY AND DAVID S. COHEN, AS RECEIVER, APPOINTED PURSUANT TO THAT CERTAIN ORDER FOR APPOINTMENT OF RECEIVER DATED OCTOBER 20, 2010, LANDLORD, AND RESIDENTIAL LIONSHEAD ARCADE BUILDING CONDOMINIUM ASSOCIATION, INC., A COLORADO NON-PROFIT CORPORATION, TENANT, AS MEMORIALIZED BY INSTRUMENT RECORDED SEPTEMBER 05, 2012 UNDER RECEPTION NO. 201217721. (AFFECTS PARCEL F) JOINT NOTICE OF PRIVACY POLICY OF LAND TITLE GUARANTEE COMPANY LAND TITLE GUARANTEE COMPANY OF SUMMIT COUNTY LAND TITLE INSURANCE CORPORATION AND OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY This Statement is provided to you as a customer of Land Title Guarantee Company and Meridian Land Title, LLC, as agents for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; your transactions with, or from the services being performed by, us, our affiliates, or others; a consumer reporting agency, if such information is provided to us in connection with your transaction; and the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. We regularly access security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows. Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. LAND TITLE GUARANTEE COMPANY DISCLOSURE STATEMENTS Note: Pursuant to CRS 10-11-122, notice is hereby given that: A) The Subject real property may be located in a special taxing district. B) A certificate of taxes due listing each taxing jurisdiction will be obtained from the county treasurer of the county in which the real property is located or that county treasurer's authorized agent unless the proposed insured provides written instructions to the contrary. (for an Owner's Policy of Title Insurance pertaining to a sale of residential real property) C) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 8-1-2 requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B-2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: A) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. B) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C) The Company must receive an appropriate affidavit indemnifying the Company against un-filed mechanic's and material-men's liens. D) The Company must receive payment of the appropriate premium. E) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: This notice applies to owner's policy commitments disclosing that a mineral estate has been severed from the surface estate, in Schedule B-2. A) That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and B) That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies. Note: Pursuant to Colorado Division of Insurance Regulations 8-1-3, notice is hereby given of the availability of a closing protection letter for the lender, purchaser, lessee or seller in connection with this transaction. Commitment For Title Insurance Issued by OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions, Old republic National Title Insurance Company, A Minnesota corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. COMMITMENT CONDITIONS 1. DEFINITIONS (a) “Knowledge” or “Known”: Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) “Land”: The land described in Schedule A and affixed improvements that by law constitute real property. The term “Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues,alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) “Proposed Policy Amount”: Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) “Public Records”: Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) “Title”: The estate or interest described in Schedule A. 2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, Comitment terminates and the Company’s liability and obligation end. 3. The Company’s liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I—Requirements; [and] (f) Schedule B, Part II—Exceptions[; and (g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (I) comply with the Schedule B, Part I—Requirements; (ii) eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company’s liability shall not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. (g) In any event, the Company’s liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing [and authenticated by a person authorized by the Company]. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration. This page is only a part of a 2016 ALTA® Commitment for Title Insurance Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II—Exceptions[; and a counter-signature by the Company or its issuing agent that may be in electronic form] Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Issued by: Land Title Guarantee Company 3033 East First Avenue Suite 600 Denver, Colorado 80206 303-321-1880 Authorized Officer or Agent Old Republic National Title Insurance Company a Stock Company 400 Second Avenue South Minneapolis, Minnesota 55401 (612)371-1111