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Home My WebLink About2019-06 VLHA Resolution 4030 Fall Line Drive Unit D i i i RESOLUTION NO. 6 Series of 2019 C , A RESOLUTION APPROVING A DEED RESTRICTION PURCHASE AGREEMENT; AND SETTING FORTH DETAILS IN REGARD THERETO WHEREAS, Tess M. Hollingsworth and Micah R. Schuette ('Owners") are purchasing real property and the improvements situated thereon, located at 4030 Fall Line Drive, Unit D, Vail, Colorado, 81657 and legally described as Pitkin Creek Meadows Lot 2B (the "Property"); WHEREAS, Owners have agreed to place certain restrictions on the use and occupancy of the Property for the benefit of the Town in exchange for $155,000 and subject to the terms of a Deed Restriction and Purchase and Sale Agreement ("PSA"), attached hereto as Exhibit A and made a part hereof by this reference; and NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The VLHA hereby approves the PSA in substantially the same form attached as Exhibit A and in a form approved by the Town attorney. Section 4. This resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED thisa of February 2018 ": Steve Lindstrom, Chair Vail Local Housing Authority ATTEST: q UT o\.s\!'.1.`..? do e / _ S` r . ` s/ o L { 0,,i..... C , VLHA Resolution No.6, Series of 2019 DEED RESTRICTION AGREEMENT THIS DEED RESTRICTION AGREEMENT (the "Agreement") is entered into this 3 l day of ` , 2019 (the "Effective Date"), by and between the Town of Vail, Colorado, a Colorado home rule municipality with an address of 75 South Frontage Road, Vail, Colorado 81657 (the "Town"), and Tess M. Hollingsworth and Micah R. Schuette, individuals with an address of 955 Red Sandstone Road, Unit B-1, Vail, Colorado 81657 (collectively "Owners") (each a "Party" and collectively the "Parties"). WHEREAS, Owners, as joint tenants, have purchased the real property located at 4030 Fall Line Drive, Unit D, and legally described as Pitkin Creek Meadows Townhomes Lot 2B (the "Property"); WHEREAS, in exchange for compensation as set forth in a Deed Restriction Purchase Agreement, Owners have agreed to place certain restrictions on the use of the Property for the benefit of the Town by requiring occupancy of a portion of the Property by at least one qualified resident, as defined below. NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which is mutually acknowledged, the Parties agree as follows: 1. Property. The following real property is hereby burdened with the covenants and restrictions specified in this Agreement: 4030 Fall Line Drive Unit D, Vail, Colorado 81657, and legally described as Pitkin Creek Meadows Lot 2B (the "Property"). The portion of the Property governed by this Agreement shall be the residential dwelling unit depicted on Exhibit A, attached hereto and incorporated by this reference, consisting of approximately 1,800 square feet (the "Unit"). The Parties acknowledge that the other residential dwelling unit on the Property is subject to a separate Deed Restriction Agreement. 2. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: a. Person means a natural person, and excludes any type of entity. b. Principal Place of Residence means the home or place in which one's habitation is fixed and to which one has a present intention of returning after a departure or absence therefrom. To determine a person's Principal Place of Residence, the criteria set forth in C.R.S. § 31-10-201(3) shall apply. c. Qualified Household means one Qualified Resident or a group of persons that contains at least one Qualified Resident. A Qualified Household may have occupants that are not Qualified Residents as long as at least one occupant is a Qualified Resident. d. Qualified Resident means a person who works an average of 30 hours or more per week at a business in Eagle County, Colorado that holds a valid and current 1 2/1/2019 S:IHOUSINGWAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKETIUPDATED DOCSIDEED RESTRICTION-A020119.DOCX This Agreement shall constitute Owners' permission to enter the Property during such times upon such notice. 8. Remedies. a. The Town shall have any and all remedies provided by law and in equity for a violation of this Deed Restriction, including without limitation: (i) damages; (ii) specific performance; and (iii) injunctions, including without limitation an injunction requiring eviction of the occupant(s) and an injunction to prohibit the occupancy of the Property in violation of this Deed Restriction. All remedies shall be cumulative. b. The cost to the Town of any activity taken in response to any violation of this Deed Restriction, including reasonable attorney fees, shall be paid promptly by Owners. 9. Foreclosure. a. In the event of a foreclosure, acceptance of a deed-in-lieu of foreclosure, or assignment, this Agreement shall remain in full force and effect. b. Owners shall give immediate notice to the Town: of any notice of foreclosure under the first deed of trust or any other subordinate security interest in the Property; or when any payment on any indebtedness encumbering the Property is required to avoid foreclosure of the first deed of trust or other subordinate security interest in the Property. c. Within 60 days after receipt of any notice described herein, the Town may (but shall not be obligated to) proceed to make any payment required to avoid foreclosure. Upon making any such payment, the Town may place a lien on the Property in the amount paid to cure the default and avoid foreclosure, including all fees and costs resulting from such foreclosure. d. The Town shall have 30 days after issuance of the public trustee's deed or the acceptance of a deed in lieu of foreclosure by the holder in which to purchase by tendering to the holder, in cash or certified funds, an amount equal to the redemption price which would have been required of the borrower or any person who might be liable upon a deficiency on the last day of the statutory redemption period(s) and any additional reasonable costs incurred by the holder related to the foreclosure. 10. Miscellaneous. a. Modification. This Agreement may only be modified by subsequent written agreement of the Parties. b. Integration. This Agreement and any attached exhibits constitute the entire agreement between Owners and the Town, superseding all prior oral or written communications. 3 2/1/2019 S:IHOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKETIUPDATED DOCSIDEED RESTRICTION-A020119.DOCX 1 • • • • . 5 1/28/2019 S:IHOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKE11UPDATED DOCSIDEED RESTRICTION-A012519.DOCX fi EXHIBIT A DEPICTION OF UNIT • 7 2/1/2019 S:WOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSWOLLINGSWORTH 4030 FALL LINE DR UNIT D1VAIL INDEED DEED RESTRICTION PACKETIUPDATED DOCSIDEED RESTRICTION-A020119.DOCX Exhibit A Primary Residence Deed Restriction 4030 Fall Line Drive Unit D 1,800 total primary residence sq.ft. 1 IFirst floor(garage/basement) Main Level(2nd) P N NI 800 sq.ft. 150.1 sf primary res, 1st fir MT" 9.0,. Upper level(3rd) 0 850 sq.ft. 25'.0^ I I 1