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HomeMy WebLinkAbout2019-07 VLHA Resolution 4030 Fall Line Drive D Studio Replacement 1 P a 1 RESOLUTION NO. 7 Series of 2019 A RESOLUTION APPROVING THE REPLACEMENT OF A TYPE II EMPLOYEE HOUSING UNIT RESTRICTIVE COVENANT WITH A TOWN OF VAIL DEED RESTRICTION; AND SETTING FORTH DETAILS IN REGARD THERETO WHEREAS, Tess M. Hollingsworth and Micah R. Schuette (Owners") have purchased 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, a Type II Employee Housing Unit Restrictive Covenant was recorded against the Property on July 1, 1994 at Book 635 and Page 636 of the records for the Clerk and Recorder of Eagle County, Colorado, governing the occupancy of a "lock-off' residential dwelling unit on the Property, consisting of approximately 341 square feet; and WHEREAS, the Owners and the Town have agreed to replace the existing Type II Restrictive Covenant with a Deed Restriction, attached hereto as Exhibit A and incorporated herein by this reference. NOW THEREFORE, BE IT RESOLVED BY THE VAIL LOCAL HOUSING AUTHORITY THAT: Section 1. The VLHA hereby approves the replacement of the existing Type II Restrictive Covenant with the Deed Restriction in substantially the same form attached hereto 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 this ay of February 2018 Steve Lindstrom, Chair Vail Local Housing Authority ATTEST: s‘N G A ejSecretary ±-E1 S o //Lqi`......�o�\\ C VLHA Resolution No. 7, Series of 2019 DEED RESTRICTION AGREEMENT (TYPE II EMPLOYEE HOUSING UNIT) THIS . EED RESTRICTION AGREEMENT (the "Agreement") is entered into this day of �.-dc.;°--t�..,. , 2019 (the "Effective Date"), by and between the Town of Vail, Colorado, a Coloradolhome 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, a Type II Employee Housing Unit Restrictive Covenant was recorded against the Property on July 1, 1994 at Book 635 and Page 636 of the records for the Clerk and Recorder of Eagle County, Colorado, governing the occupancy of a "lock-off' residential dwelling unit on the Property (the "Covenant"), consisting of approximately 341 square feet, as depicted on Exhibit A, attached hereto and incorporated herein by this reference (the "Unit"); and WHEREAS, the Parties intend to replace the existing Type II Restrictive Covenant with this Deed Restriction. 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 Property is hereby burdened with the covenants and restrictions specified in this Agreement. The Unit is hereby declared to be a Type II Employee Housing Unit ("EHU"), which, in addition to the restrictions contained in this Agreement, shall be subject to Section 12-13-4 of the Vail Town Code, as amended. The Parties acknowledge that the other residential dwelling unit on the Property is subject to a separate Deed Restriction Agreement. 2. Release of Covenant. Upon recordation of this Agreement, the Town releases and extinguishes the Covenant. 3. 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 v° criteria set forth in C.R.S. § 31-10-201(3) shall apply. 1 2/1/2019 S:IHOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKE7IUPDATED DOCSITYPE I1 A020119.DOCX 1 1 8. Breach. Ia. It is a breach of this Agreement for Owners to violate any provision of this Agreement, or to default in payment or other obligations due to be performed under a promissory note secured by a first deed of trust encumbering the Property. Owners shall notify the Town, in writing, of any notification received from any lender of past due payments or defaults in payments or other obligations within 5 days of receipt. b. If the Town has reasonable cause to believe that Owners are violating this Agreement, the Town may inspect the Property between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, after providing Owners with 24 hours written notice. This Agreement shall constitute Owners' permission to enter the Property during such times upon such notice. 9. 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. 10. 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 Iprice which would have been required of the borrower or any person who might be 3 2/1/2019 S:IHOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL 1 LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKE71UPDATED DOCSITYPE II-A020119.DOCX 1 1 only for the period of the lives of the current duly elected and seated members of the Vail Town Council, their now living descendants, if any, and the survivor of them, plus 21 years. I. Governmental Immunity. The Town and its officers, attorneys and employees, are relying on, and do not waive or intend to waive by any provision of this Agreement, the monetary limitations or any other rights, immunities or protections provided by the Colorado Governmental Immunity Act, C.R.S. § 24-10-101, et seq., as amended, or otherwise available to the Town and its officers, attorneys or employees. m. Joint and Several Liability. Owners shall be jointly and severally liable for any of Owners' obligations under this Agreement. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. OF Al CO •l-ADO ilk /' f A f J P: ,..' T ATTEST: • 1 T.u:gel, ow lerk Tey:r CO rF'HCJi" a `"w 5 1/28/2019 S:IHOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMIAPPLICATIONSIHOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKET\UPDATED DOCSITYPE II-A012519.DOCX . 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"-1 EXHIBIT B QUALIFICATION GUIDELINES 1. Purpose. The purpose of these Qualification Guidelines is to set forth the occupancy requirements for the Property pursuant to the Deed Restriction. 2. Definitions. All capitalized terms herein shall have the meanings set forth in the Deed Restriction. 3. Application. To become a Qualified Resident, a person must provide the following information: a. Verification (e.g., wage stubs, employer name, address, telephone number and other appropriate documentation) of the person's current employment with a business in Eagle County that holds a valid and current business license, or pays sales taxes, or is otherwise generally recognized as a legitimate business; b. Evidence that the applicant has worked, or will work, an average of 30 hours per week or more per year for one or more of such businesses; c. A valid form of identification, such as a driver's license, state-issued identification, passport or military identification; and d. A signed statement certifying and acknowledging that all information . submitted in such application is true to applicant's best knowledge and authorizing verification of all information submitted. 8 2/1/2019 S:WOUSINGIVAIL INDEED-DEED RESTRICTION PURCHASE PROGRAMAPPLICATIONSWOLLINGSWORTH 4030 FALL LINE DR UNIT DIVAIL INDEED DEED RESTRICTION PACKETIUPDATED DOCS1DEED RESTRICTION-A020119.DOCX