HomeMy WebLinkAbout2021-08 A Resolution of the Vail Town Council Approving a Master Lease between the Town of Vail and the Vail Corporation, DBA Vail Associates INC (VAI)1
RESOLUTION NO. 8
SERIES 2021
A RESOLUTION OF THE VAIL TOWN COUNCIL APPROVING A
MASTER LEASE BETWEEN THE TOWN OF VAIL AND THE VAIL
CORPORATION, DBA VAIL ASSOCIATES INC. (“VAI”)
WHEREAS, the Town is the owner of the Timber Ridge Village Apartments located
at 1280 North Frontage Road, Vail, Colorado 81657 (the “Apartments”);
WHEREAS, VAI desires to lease from the Town 37 of the Apartments, together
with 27 parking spaces, to sublease those units; and
WHEREAS, the Town is willing to lease such units to Lessee under the terms and
conditions stated in the Master Lease, attached hereto as Exhibit A and incorporated
herein by this reference.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO THAT:
Section 1. The Town Council hereby approves the Master Lease in
substantially the same form as attached hereto as Exhibit A, and in a form approved by
the Town Attorney, and authorizes the Town Manager to execute the Master Lease on
behalf of the Town.
Section 2. This Resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town
Council of the Town of Vail held this 18th day of May 2021.
_________________________
Dave Chapin, Town Mayor
ATTEST:
_____________________________
Tammy Nagel, Town Clerk
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MASTER LEASE
THIS MASTER LEASE (the "Lease") is made and entered into as of
______________, 2021 (the “Effective Date”) by and between the Town of Vail, a
Colorado home rule municipality (the "Town”), and the Vail Corporation, a Colorado
corporation d/b/a Vail Associates, Inc. (“Lessee”) (each individually a "Party" and
collectively the "Parties").
WHEREAS, the Town is the owner of the Timber Ridge Village Apartments located
at 1280 North Frontage Road, Vail, Colorado 81657 (the "Apartments”);
WHEREAS, Lessee employs large numbers of persons requiring housing of the
type afforded by the Apartments, and desires to lease from the Town 37 of the
Apartments, together with 27 parking spaces, to sublease those units; and
WHEREAS, the Town is willing to lease such units to Lessee under the terms and
conditions stated in this Lease.
NOW THEREFORE, for the consideration hereinafter set forth, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Lease. The Town leases to Lessee, and Lessee leases from the Town, the 37
units of the Apartments (each a “Unit”, and collectively the “Units”) listed on Exhibit A,
attached hereto and incorporated herein by this reference, as well as 27 parking spaces
for the Units. The Town retains the reasonable right to change, alter, abolish or add to
any of the appurtenances of the Units, as may seem best to the Town, and to dispose of
or rent any other portion of the Apartments as the Town elects.
2. Term. The initial term of this Lease shall be 12 months, commencing on June 1,
2021 and terminating on May 31, 2022.
3. Rent.
a. Lessee shall pay the Town as rent (“Rent”), without right of setoff and
regardless of whether there is in effect a Sublease with respect to any Unit, $1,535 per
month per Unit, other than the 37th Unit, which shall be used for office space and which
shall be leased to Lessee at no charge.
b. Rent shall be due and payable as a single sum, in advance, on or before
12:00 noon on the first day of each month at the office. If any Unit is subject to this Lease
for a partial month, the Rent for that month shall be prorated on a per diem basis.
c. Rent not paid by 8:00 a.m. on the 5
th day of the month in which due shall be
subject to an initial late charge equal to 5% of the total amount due plus $5 per day per
Unit until paid in full.
4. Subleasing. Lessee may sublease its Units to subtenants (“Subtenants”) for rental
not greater than the aggregate amount of Rent payable under this Lease. Any such
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arrangement will be pursuant to a sublease in form and substance reasonably acceptable
to the Town (the "Sublease"). The terms of any Sublease will be as Lessee determines
to be appropriate in its discretion (but in no event extending beyond the term of this Lease)
and subject to such reasonable qualifications and restrictions as the Town from time to
time imposes with respect to tenants of the Apartments generally.
5. Possession and Quiet Enjoyment. Upon the payment of Rent and the performance
of all terms of this Lease, Lessee and any Subtenants shall at all times peaceably possess
and enjoy the leased Units without any disturbance from the Town.
6. Maintenance and Repairs.
a. The Town shall be responsible for maintaining the following: the structural
portions of the Units; the pipes, roof, heating systems, plumbing and plumbing systems
serving any of the common areas or the Units; power supplies; exterior windows, doors,
equipment and appliances on or about the common areas and the Units. Lessee shall
be responsible for all other maintenance of the Units.
b. Lessee shall perform snow removal on walkways, sidewalks, decks and
stairs located in Buildings L and M and Unit 37. Should Lessee fail to perform such snow
removal, Lessee shall reimburse the Town for any costs incurred by the Town in
performing such snow removal.
c. All repairs and maintenance shall be made promptly, as and when
necessary, taking into account the circumstance and priority of the repair or maintenance
and its impact to Lessee’s or Subtenants' use of the Units and common areas and the
impact to other Units in the building. All such repairs, replacements and maintenance
shall be in quality and class at least equal to the original work. Lessee acknowledges
that non-emergency repair and maintenance requests are placed in queue in combination
with repairs and projects throughout the entire Apartments, and repairs are addressed in
the order received by the Town.
d. Notwithstanding any other provisions to the contrary herein, if repairs or
maintenance are necessary as a result of Lessee's or any Subtenant’s gross negligence,
Lessee shall be responsible for such repairs and maintenance. If Lessee fails to make
such repairs, the Town may, but shall not be required to, make such repairs and bill all
costs associated with such repairs to Lessee.
7. Covenants of Lessee and Subtenants. Lessee agrees to, and by the terms of the
Subleases shall cause all Subtenants to agree to:
a. Comply with all reasonable rules and regulations of the Town for the
protection of the building or the general welfare and comfort of the residents of the
Apartments, including those stated in Exhibit B, attached hereto and incorporated herein
by this reference; provided, however, that to the extent that any such rules and regulations
conflict with the terms of this Lease, the terms of this Lease shall control;
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b. Keep the Units in as good order and condition as when the Units were
entered by Lessee, ordinary wear excepted;
c. Except as otherwise permitted in this Lease, to sublet no part of a Unit nor
assign this Lease or any Sublease without the express prior written consent of the Town;
d. Neither hold nor attempt to hold the Town, or its agents liable for any injury
or damage to person or property either proximate or remote, arising from the acts of
Lessee, any Subtenant, any resident of any Unit, any guest of any such resident, or of
any owners or occupants of adjoining property;
e. Allow the Town or its employees or agents to enter any Unit at any time to
make emergency repairs, or, upon reasonable notice to Lessee and any affected
Subtenant, to inspect the Unit, or within 30 days prior to the end of the term of this Lease,
to show the Units to prospective subtenants; and
f. Allow a maximum of 3 occupants in each Unit.
g. Successfully enforce quiet hours between 10:00 p.m. to 8:00 a.m., control
noise disturbances at all times, and report to the Town all incidents and police activity and
all actions taken by Lessee regarding any incidents within 72 business hours.
8. Utilities.
a. The Town shall arrange for provision to the Units of electricity, connection
to basic cable television service, water, sewer, trash removal and recycling.
b. The Town shall be solely responsible for the cost and expense of water,
sewer, snow removal, trash removal and recycling. Lessee is solely responsible for the
cost of electricity. The individual Subtenants shall be solely responsible for activating the
cable service in their names and for the cost of the cable service.
c. In the event of excessive use or waste of any utility services provided to any
Unit, the Town may at its option cause such services to be separately metered and if it
does so Lessee shall pay the metered amount monthly.
d. The Town shall furnish heat to the Units during the usual heating season,
and such costs shall be borne by Lessee as electricity costs.
e. The Town shall not be liable for any claim of damages, rebate or charge of
any kind in case of the interruption of utility or other services to the Units occasioned by
accident, failure of power supply or any other cause beyond the Town's control.
9. Security Deposit.
a. Lessee shall submit to the Town a security deposit in the amount of
$56,795, in cash (the "Security Deposit"). The Security Deposit and any other deposits
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may, but are not required to be, deposited into an interest-bearing account by the Town.
Interest, if any, earned on such deposits shall be solely the property of the Town.
b. In no event shall the Security Deposit be applied to Rent or utility charges.
c. The Security Deposit is subject to deduction or forfeiture for unpaid Rent,
late payments, returned check charges, damage to a Unit, its contents or common areas,
smoke or stain removal, unreturned keys, administrative charges, re-letting fees,
collection costs and cleaning charges. Time spent by the Town or its designee for repairs
or maintenance shall be billed at a minimum hourly rate of $25, and shall be deducted
from the Security Deposit.
d. If deducted from or forfeited against for any reason, the Security Deposit
shall be replenished up to the original amount within 30 days.
e. Lessee and the Town shall complete the Building Condition Form, attached
hereto as Exhibit C and incorporated herein by this reference, in evaluating the condition
of each building prior to accepting possession, and once again upon releasing possession
back to the Town at the termination of this Lease.
f. Within 60 days of the expiration or termination of this Lease, the Town shall
return the Security Deposit, subject to any lawful withholdings.
10. Holding Over. If after the expiration or termination of this Lease, Lessee or any
Subtenants remain in possession of any Units, with the permission of the Town but
without written modification of this Lease extending the term of this Lease or modifying
the amount of Rent, such possession shall not constitute a renewal of this Lease, and
Lessee shall be a tenant, and any Subtenants shall be subtenants or licensees (as
applicable), of the affected Units from month-to-month at a monthly rent equal to 150%
of the Rent payable under this Lease for the last month of the term of this Lease, but
otherwise subject to all of the other terms and conditions of this Lease. Notwithstanding
the foregoing, if Lessee or any Subtenants remain in possession of any Units after the
expiration of this Lease, and Lessee and the Town are simultaneously engaged in good
faith negotiations to enter into a new Lease, Lessee’s or the Subtenant’s possession of
the affected Units shall be month-to-month at a monthly rent equal to the Rent for the
previous Lease year and subject to the terms and conditions of this Lease.
11. Default.
a. The following shall be considered a Lessee Default under this Lease: if
Lessee fails to pay Rent, utility charges, or other charges; is in default of any provision of
this Lease, and such default continues for 10 days after the Town has given written notice
thereof; or if Lessee becomes insolvent, makes any assignment for the benefit of its
creditors, or files any petition or order for relief under the federal bankruptcy laws.
b. If a Lessee Default occurs, the Town may, without waiving any other rights
hereunder or available to the Town at law or in equity, terminate this Lease, in which event
this Lease and the leasehold estate hereby created and all interest of Lessee and all
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parties claiming by, through, or under Lessee shall automatically terminate upon the
effective date of such notice; and the Town, its agents or representatives, may, without
further demand or notice, reenter and take possession of the Property and remove all
persons and property from the Property with or without process of law, without being
deemed guilty of any manner of trespass and without prejudice to any remedies for
existing breaches hereof.
c. The rights and remedies stated in this Section are cumulative, and do not
limit or impair any other right or remedy at law or in equity.
12. Casualty Loss.
a. If any of the Units are rendered untenable or are damaged or destroyed by
fire or other casualty and if in the Town’s reasonable determination such repairs or
rebuilding cannot be substantially completed within thirty days after the occurrence of
such casualty, then: (i) this Lease shall terminate only as to the affected Units and all
Rent and Utility Charges for the affected Units shall be payable with respect to the period
ending upon the date of such injury or damage; and (ii) the Town shall thereafter offer
Lessee alternative units in substitution for the Units affected by such casualty loss, if
available, and Lessee shall accept such alternative units if and to the extent such
alternative units are acceptable to Lessee.
b. If any of the Units are rendered untenable or are damaged or destroyed by
fire or other casualty and the Town determines to rebuild or repair such Units, and if in
the Town’s determination such repairs or rebuilding can substantially be completed within
30 days, the Town shall do so with reasonable diligence and this Lease and the
Subleases of the affected Units shall not be affected, except that the Rent and utility
charges for the affected Units (or a just and proportionate part thereof according to the
nature and extent of the damage which has been sustained) shall be abated until the
affected Units have been so repaired and restored.
c. Notwithstanding the foregoing, if any of the Units are rendered untenable
by reason of fire or other casualty, Lessee may, in its sole discretion, terminate this Lease
with regard to the affected Units, and Lessee’s obligations under this Lease shall be
terminated effective as of the termination date. If the Lease is terminated as to less than
all of the Units, Rent will be reduced by the per-Unit rental amount (in effect at such time)
multiplied by the number of Units for which this Lease has been terminated.
13. Insurance.
a. During the term of this Lease, the Town shall provide and keep in force:
(i) Comprehensive general liability insurance to include coverage for bodily
injury, property damage, death and personal injury (employee and contractual
liability exclusions deleted), contractual liability (including coverage for the
contractual liability of the Town for performance of the indemnification provisions
of this Lease); and broad form property damage, with limits of not less than
$1,000,000 each occurrence combined single limit for bodily injury, property
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damage and personal injury and $2,000,000 aggregate for bodily injury and
property damage.
(ii) An umbrella policy with limits not less than $2,000,000 over the primary
comprehensive general liability policy.
(iii) Property insurance covering the Property.
(iv) Fire and extended coverage insurance for all risks, vandalism and malicious
mischief, sprinkler damage, boilers and rental loss with respect to the Property.
b. Lessee acknowledges that the Town’s insurance does not cover the
personal property of Lessee, any Subtenants, or any of their guests. Lessee shall advise
Subtenants to purchase insurance coverage for loss to personal property due to fire, theft,
water damage and other unfortunate events, liability coverage, and other appropriate
insurance coverage.
14. Indemnification. Lessee agrees to indemnify and hold harmless the Town and its
officers, insurers, volunteers, representative, agents, employees, heirs and assigns from
and against all claims, liability, damages, losses, expenses and demands, including attorney
fees, on account of injury, loss, or damage, including without limitation claims arising from
bodily injury, personal injury, sickness, disease, death, property loss or damage, or any
other loss of any kind whatsoever, which arise out of or are in any manner connected with
this Lease if such injury, loss, or damage is caused in whole or in part by, the act,
omission, error, professional error, mistake, negligence, or other fault of Lessee, any
subcontractor of Lessee, or any officer, employee, representative, or agent of Lessee, or
which arise out of a worker's compensation claim of any employee of Lessee or of any
employee of any subcontractor of Lessee.
15. Successors and Assigns. This Lease shall be binding on the Parties and their
permitted successors and assigns. Except as expressly permitted by this Lease, Lessee
shall not assign any of its rights or obligations under this Lease or sublet any of the Units
without the prior written consent of the Town, such consent not to be unreasonably
withheld. Any assignment of a Sublease without such consent shall be void.
16. Termination.
a. The Town may terminate this Lease with or without cause by giving 60 days
advance written notice.
b. Lessee may terminate this Lease with or without cause by giving 60 days
advance written notice, provided that, if Lessee terminates this Lease without cause,
Lessee shall pay to the Town, as an early termination penalty, the remaining amount due
under this Lease and all its renewal terms.
c. If the Town terminates this Lease, Lessee shall cause all of the Units to be
vacated. If any Subtenants remain after the 60-day period, Lessee shall be responsible
for all costs associated with eviction of such Subtenants.
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17. Notice. Any notices shall be in writing and shall be deemed sufficiently given if
delivered personally or sent by first class United States mail, addressed as follows:
If to the Town: If to Lessee:
The Town of Vail Vail Associates, Inc.
75 S. Frontage Road West 390 Interlocken Crescent, Suite 1000
Vail, CO 81657 Broomfield, CO 81658
Attn: George Ruther Attn: Legal Department
18. Miscellaneous.
a. Modification. This Lease shall not be modified except as agreed in writing
by the Parties.
b. Governing Law and Venue. This Lease shall be governed by the laws of
the State of Colorado, and any legal action concerning the provisions hereof shall be
brought in Eagle County, Colorado.
c. No Waiver. Delays in enforcement or the waiver of any one or more defaults
or breaches of this Lease by the Town shall not constitute a waiver of any of the other
terms or obligation of this Lease.
d. Integration. This Lease constitutes the entire agreement between the
Parties, superseding all prior oral or written communications.
e. Third Parties. There are no intended third-party beneficiaries to this Lease.
f. 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
Lease, the monetary limitations or any other rights, immunities, and 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 or employees.
g. Rights and Remedies. The rights and remedies of the Town under this
Lease are in addition to any other rights and remedies provided by law. The expiration
of this Agreement shall in no way limit the Town's legal or equitable remedies, or the
period in which such remedies may be asserted.
h. Subject to Annual Appropriation. Consistent with Article X, § 20 of the
Colorado Constitution, any financial obligation of the Town not performed during the
current fiscal year is subject to annual appropriation, shall extend only to monies currently
appropriated, and shall not constitute a mandatory charge, requirement, debt or liability
beyond the current fiscal year.
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IN WITNESS WHEREOF, the Town and Lessee have executed this Lease as of
the Effective Date.
TOWN OF VAIL, COLORADO
________________________________
Scott Robson, Town Manager
ATTEST:
__________________________________
Tammy Nagel, Town Clerk
LESSEE
By: ________________________________
STATE OF COLORADO )
) ss.
COUNTY OF )
The foregoing instrument was subscribed, sworn to and acknowledged before me
this ___ day of ________________, 2021, by ____________________________ as
_________________ of ________________________.
My commission expires:
(S E A L) ________________________________
Notary Public
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EXHIBIT A
UNITS
Unit #
1 L-1
2 L-2
3 L-3
4 L-4
5 L-5
6 L-6
7 L-7
8 L-8
9 L-9
10 L-10
11 L-11
12 L-12
13 L-13
14 L-14
15 L-15
16 L-16
17 L-17
18 L-18
19 M-1
20 M-2
21 M-3
22 M-4
23 M-5
24 M-6
25 M-7
26 M-8
27 M-9
28 M-10
29 M-11
30 M-12
31 M-13
32 M-14
33 M-15
34 M-16
35 M-17
36 M-18
37 MO-01 (Office)
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EXHIBIT B
RULES AND REGULATIONS
LockOuts –If you lock yourself out of your unit after hours, you may contact the answering
service by phone at 970476-6759, who will then relay the message to Timber Ridge
Village on-call maintenance staff. There is a $30.00 charge for after-hours lock outs .
Quiet Hours – Quiet hours are between 10:00 p.m. until 8:00 a.m. Failure to comply may
result in eviction. Please report any excessive noise to the Vail Police Department at
970-479-2200.
Windows – Storm windows and screens must remain in place at all times. Any missing
or broken windows or screens will be repaired or replaced by Timber Ridge Village staff
and charges will be assessed to your account.
Laundry Facilities – Laundry facilities are located on the west end of the main office
building on the upper and lower levels. Laundry facilities are open from 8:00 a.m. to 10:00
p.m. every day. Please keep laundry room doors closed at all times and dispose of all
trash in the provided trash receptacles. Washing machine, dryer and coin machine
malfunctions may be reported to MacGray at 1-800-622-4729. Vending machine
malfunctions may be reported to Alpine Vending at 970-949-1379.
Decks, Walkways & Stairwells – Decks, walkways and stairwells may not be used for
storage. Signs, banners, flags, windsocks and posters are not permitted in any of these
areas or on the exterior of the buildings. Drying or hanging garments, cleaning and drying
of towels is not permitted. Bicycles may not be stored in these areas. Doghouses,
hammocks, patio enclosures, awnings, sunscreens, tiki torches, silk plants, wind chimes,
trash bags and barbecue grills are prohibited. Satellite dishes must abide by the Satellite
Dish Addendum.
Dumpsters & Trash – Dumpsters are located throughout the property. All trash must be
bagged and tied. No furniture or hazardous materials car batteries, propane tanks, oil,
etc.) are permitted. Trash may not be placed on patios, walkways, stairwells or outside
of dumpsters. Violation of trash policies will result in a minimum $20.00 fine per
occurrence. Multiple violations will result in a report of littering to the Vail Police
Department.
These Rules & Regulations may be amended at any time.
I have read and understand the above property policies and understand that a violation
of any of these policies will result in a lease violation, and multiple violations may result
in eviction.
________________________________ ____________
Subtenant Date
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EXHIBIT C
MOVE-IN AND CONDITION FORM
STATEMENT OF BUILDING CONDITION
MUST BE RETURNED TO CORUM WITH IN 3 DAYS OF MOVE IN DATE
DATE OF INSPECTION: _____________________________________________________________________
M CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
Bedroom C
M2 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M3 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M4 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M5 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
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Bedroom B
Bedroom C
M6 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M7 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M8 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M9 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M10 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M11 CONDITION STATUS COMMENTS
Living Room
Kitchen
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Bathroom
Bedroom A
Bedroom B
Bedroom C
M12 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M13 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M14 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M15 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M16 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M17 CONDITION STATUS COMMENTS
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Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
M18 CONDITION STATUS COMMENTS
Living Room
Kitchen
Bathroom
Bedroom A
Bedroom B
Bedroom C
Notes: ____________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
I hereby acknowledge that the above is an accurate statement of the condition of the unit at the time of my
taking occupancy.
Vail Signature: __________________________________________ Date: ________________________
Property Manager Signature: __________________________________________ Date:
________________________
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EXHIBIT D
MANAGEMENT
1. On-Site Management: Lessee shall provide on-site management 5 days/week
during the fall check-in period and during the winter season for the management of
Subtenant issues, including inspections of Units to control unauthorized occupancy.
2. Notification of Turnover: Lessee shall notify the Town’s managing agent of a unit
turnover 2 days prior to the move-out date of that unit. Lessee manages its turnover
procedure with Subtenants, and neither Town nor its agents shall interfere with Lessee’s
management of its turnover procedure.
3. Move-out Procedure: Lessee shall complete a move-out inspection form within 48
hours of a Unit or bedroom vacancy. Lessee shall return the form to the Town to assess
damage charges.
4. Monthly Unit Inspection Procedure: Lessee shall complete monthly inspection of
all Units. Lessee shall also inspect for unreported service requests and damage issues,
to ensure the Unit is free of hazards and in proper working order. Lessee shall complete
the inspection and return its findings to the Town on or before the 28 th of each month.