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HomeMy WebLinkAbout2019-04-30 TROC Meeting Agenda Timber Ridge Operating Committee Agenda Tuesday, April 30, 2019 8:30 – 9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: Patty McKenny Kathleen Halloran Greg Hall George Ruther John King Agenda: 1. Review and Approve March 26, 2019 Meeting Results 2. Master Lease Amendment Status 3. Building M Renovation Budget 4. Rockfall update, Greg Hall 5. Property Signage, Kathy Tran 6. Adjournment The next scheduled meeting of the Timber Ridge Operating Committee is May 28, 2019. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. Timber Ridge Operating Committee Meeting Results Wednesday, March 26, 2019 8:30-9:30 AM Town of Vail Municipal Administration Conference Room 75 South Frontage Road West, Vail, CO 81657 Members Present: Members Absent: George Ruther Kathleen Halloran Greg Hall Greg Clifton John King Staff: Lynne Campbell Corum: Kathy Tran Cicely Crampton Agenda: 1. Ruther called the meeting to order at 8:35AM. Halloran and Clifton were absent. 2. Review and Approve February 26, 2019 Meeting Results King motioned to approve the meeting results as presented. MOTION: King SECOND: Hall VOTE: 3-0 3. Master Lease Amendment A master lease amendment has been requested which includes charge backs, swapping units K-04 to P-12, snow removal procedures, and reporting. Kathy Tran will forward the draft amendment for review. Campbell will forward to all. Need Town review prior to May 1, 2019. 4. Supplemental Budget and Building M Renovation Update Tran received a proposal for building M renovations. Estimate is $22,500 per unit without permit or bonding fees, total $405K for 18 units. Per Tran Danny, contractor, will provide more firm budget if the Town uses his services. Committee recommended turn over of all units and complete full remodel in the 6 weeks. It will be more expensive to phase the work. The available 2019 budget is $280K. The King will check the 2018 remaining budget and request supplemental to move into 2019. The Committee will have a meeting to approve budget increase should the 2018 remaining budget be less than $172K. 5. Rockfall update, Greg Hall Hall stated Rock Solid, contract, maybe on site this week. Their visit is pending highway rock slides as they are contracted with C-DOT. Hall plans to have contract awarded at the April 16th Council meeting. Budget for project is in Town capital not Timber Ridge. 6. Property Signage, Kathy Tran Tran is working with Sign and Design to update and replace property signage, mainly no parking and other safety signs. There no budget in 2019 for this project. Tran will provide a list of pricing received from Sign and Design. Follow up discussion scheduled for April 30th. 7. Adjournment King motioned to adjourn the meeting at 9:00AM. MOTION: King SECOND: Ruther VOTE: 3-0 The next scheduled meeting of the Timber Ridge Operating Committee is April 30, 2019. Future Agenda Items: • Rockfall update • Renovation Updates • Property Signs Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. Page 1 MASTER LEASE THIS MASTER LEASE (the “Lease”) is made and entered into as of May 1, 2016 (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 N. 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 55 of the Apartments, together with 50 parking spaces to sublease to 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, certain units of the Apartments (each a “Unit”, and collectively the “Units”) as identified on Exhibit A, attached hereto and incorporated herein by reference, as well as 50 parking spaces (46 for Units 1-54 and 4 for Unit 55). The Town retains the unrestricted 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 a. The initial term of this Lease shall be one year, commencing on May 1, 2016 and terminating on April 30, 2017, b. The Lease shall automatically renew for 4 additional 12-month terms, unless either party provides written notice of termination to the other party on or before December 31st of the calendar year prior to the year in which the then-current term will expire, in which event, the Lease will terminate upon the expiration of the then-current term. c. Lessee shall have the right to terminate the Lease for any reason upon 90 days’ written notice. If Lessee terminates the Lease pursuant to this paragraph, Lessee shall pay the Rent due for the balance of the then-current term. Beyond the then-current term, Lessee shall also pay a penalty equivalent to one month’s current rental amount. d. Lessor shall have the right to terminate the Lease for any reason upon 90 days’ written notice provided, however, in no event may Lessor provide notice of termination between August 1 of any year (i.e. in no event may a notice of termination by Lessor cause the effective date of the termination of the Lease to occur between November 1 and April 30 of any year). If Lessor terminated the Lease pursuant to this paragraph, Lessee shall pay the Rent due through the date on which the Lease terminates. Page 2 2.3. 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, the following monthly amounts: i. Commencing on May 1, 2016 and terminating on April 30, 2017, $1,225 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $66,150 per month. ii. Commencing on May 1, 2017 and terminating on April 30, 2018, $1,286 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $69,444 per month. iii. Commencing on May 1, 2018 and terminating on April 30, 2019, $1,350 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $72,900 per month. iv. Commencing on May 1, 2019 and terminating on April 30, 2020, $1,418 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $76,572 per month. v. Commencing on May 1, 2020 and terminating on April 30, 2021, $1,489 per unit per month for Units 1-54 and $0 per month for Unit 55, for a total of $80,406 per month. b. Unit 55 shall be used as office space. The Town will provide 4 parking spaces designated to Lessee and its managing agents only, located to the south of Unit 55, at a cost of $0 per month. c. 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 to the office. If any Unit is subject to this Lease for any partial month, the Rent for that month shall be prorated on a per diem basis. d. Rent not paid by 8:00 a.m. on the 5th day of the month in which due shall be subject to the initial late charge equal to 5% of the total amount due plus $5 per day per unit until paid in full. 3.4. Unit Upgrades. a. Prior to the commencement of this lease, the town invested in updates to 18 of the Units. ZThe Town may elect to update another 18 units in the spring of 2017 (the “2017 Updates”) and the final 18 Units in the spring of 2018 (the “2018 Updates”). The updates include carpet / linoleum replacement, drywall repairs, interior paint, new front entry doors and locks, new interior doors and trim and remaining bathroom. The 2017 Updates shall commence no earlier than May 1 of the applicable calendar year and the 2018 Updates shall comments on a date between April 15, 2018 and May 1, 2018, with the specific commencement date to be agreed upon by the parties in their reasonable and good faith discretion, and each are anticipated to require approximately 6 weeks (collectively, the “Renovation Periods”). b. If the Town elects to do the 2017 Updates or the 2018 Updates, the Town shall provide notice to the Lessee of which Units will be updated no later than December 31 of the prior calendar year, and Lessee shall facilitate the appropriate vacancies for all Units within the specific buildings in which the updates are occurring during the Renovation Periods. On or before March 31 of the applicable calendar year, Lessee shall provide to the Town a plan for vacating the specifically identified Units. Page 3 c. The Town agrees to promptly notify Lessee of the time of the Renovation Period must be increased, and the Town will use commercially reasonable efforts to ensure the Renovation Periods are minimized. In no event shall the Renovation Period extend beyond June 15 of the applicable calendar year. c.d. Lessee shall equip each newly remodeled unit with new furniture of an appropriate quality to withstand the anticipated use prior to the Subtenants arriving. Upon completion of the unit upgrades each year, Lessee shall inspect each unit the Town or its managing agent, and sign off on an inventory sheet confirming that there are no deficiencies in the Unit, in order to establish a baseline for future maintenance and damage assessments. Lessee shall equip each newly remodeled unit with new furniture of an appropriate quality to withstand the anticipated use prior to the Subtenants arriving. Upon completion of the unit upgrades each year, Lessee shall inspect each unit the Town or its managing agent, and sign off on an inventory sheet confirming that there are no deficiencies in the Unit, in order to establish a baseline for future maintenance and damage assessments. e. All Rent attributable to a Unit being renovated shall abate during the applicable Renovation Period. d. All Rent attributable to a Unit being renovated shall abate during the applicable Renovation Period. 4.5. Subleasing. a. Lessee may sublease or license its Units to subtenants or licensees (collectively, “Subtenants”) for rental not greater, than the aggregate amount of Rent payable under this Lease with the exception for the cost of utilities. Any such arrangement will be pursuant to a sublease or license agreement 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. b. Without limiting the generality of the foregoing, Lessee acknowledges that because other Apartments utilize tax exempt funding, certain requirements for tenancy have been mandated on the other Apartments (but not on the Units). c. Lessee shall comply with the requirements set forth in Exhibit D with respect to its subleasing and licensing activities. 5.6. Possession and Quiet Enjoyment. Upon the payment of Rent and the performance of all terms of this Lease,of this Lease Lessee and any Subtenants shall at all times peaceably possess and enjoy the leased Units without any disturbance from Tthe Town. Lessee is responsible for the successful enforcement of Quiet Hours between 10:00 p.m. to 8:00 a.m. and control of noise disturbances at all times. Lessee shall report to tthe Town’s managing agent in writing all crime and police activity along with a reporting of any and all actions taken by Lessee regarding the incident within 72 business hours of occurrence. 6.7. Maintenance and Repairs. Page 4 a. The Town shall be responsible for maintaining the following: the common areas of the Apartments, including any parking areas; 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 assign a full-time dedicated maintenance technician to the Property. c. Lessee shall perform snow removal on common area, walkways, sidewalks, decks, all pathways leading to and stairs located in Buildings K, L, and M and Unit 55. 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. i. Lessee is responsible for snow removal that is to be commenced at the beginning of the business day before 9 a.m. ii. The Town will provide a Weekly Snow Removal Log as show in Exhibit G that is to be completed by Lessee and submitted to the Town on Monday or the next business day before Noon beginning Oct 1 to the end of the snowfall season. iii. Snow and ice must be completely cleared off any and all walking paths to the satisfactory discretion of the Town. iv. Light ice melt must be applied after snow/ice removal in the morning and a light re-application at the end of the day during continuing snow fall or forecasted for the following 24 hours. If there is water accumulation, Lessee shall apply additional ice melt to combat icing. c.v. Lessee must assure that Subtenants cooperate with scheduled parking lot snow/ice removal. The Town shall notify Lessee at least 24 hours in advance. Lessee shall assure that snow removal is conducted to move snow from parking spaces, retaining walls, and building exterior walls to assist the snow removal company with snow relocation. d. 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 the Lessee’s or the 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 work order requests are placed in queue by the Town’s managing agent in combination with repairs and projects throughout the entire Property. The Town acknowledges that repairs are addressed in order received to the Town. Emergency Repairs are excluded from the queue. Lessee shall inspect and assess all repair requests prior to reporting to the Town to identify any acts of negligence by Subtenants prior to reporting the repair request to the Town. Lessee may elect to complete a repair requests at their discretion Lessee acknowledges that the Town shall not take any financial responsibly or liable for any reimbursements, or warranty responsibility. ,A weekly report or work order copies of completed repairs done by Lessee shall be submitted before Noon on Mondays or the next business day to the Town. d. A weekly report or work order copies of completed repairs done by the Town before Noon on Mondays or the next business day shall be submitted to Lessee. e. Notwithstanding any other provisions to the contrary herein, if repairs or maintenance areare 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 Page 5 such repairs and bill all costs associated with such repairs to Lessee. Fees and costs are referenced in, but not limited to, in Exhibit I. If there are any other charges to Lessee by tthe Town that are not described in the Lease, tthe Town will notify Lessee prior to commencement of repair or within a reasonable time when identified. i. Lessee shall inspect and assess all repair requests prior to reporting to the Town’s managing agent to identify any acts of negligence by Subtenants prior to reporting the repair request to the Town’s managing agent. Lessee may elect to complete a repair request at its discretion. Lessee acknowledges that the Town shall not take any financial or warranty responsibility or liability for damage requiring repairs or replacements caused by Subtenant’s negligence. ii. A weekly report or work order copies of completed repairs performed by Lessee shall be submitted before Noon on Mondays or the next business day to the Town’s managing agent. iii. A weekly report or work order copies of completed repairs performed by the Town’s managing agent shall be submitted before Noon on Mondays or the next business day to Lessee. f. Expenses and fees owed by Lessee to the Town shall be invoiced to Lessee on a quarterly basis. e.g. Lessee is responsible for a property clean up at the beginning of each business day that includes walk ways, stair wells, common areas, cleaning out ashtrays, applicable parking lot areas, checking for improper trash disposal by Subtenants, and all other areas and entries that are associated with buildings K, L, M and Unit 55. This shall be completed at the beginning of each business day before Noon. Should Lessee fail to perform property clean up, Lessee shall reimburse the Town for any costs incurred by the Town in performing said duties. 7.8. 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 but not limited to those stated on Exhibit B and Exhibit H, 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 the Lease, the terms of this Lease shall control; 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 Lessor, or its agents liable for any injury or damage to person or property either proximate or remote, to the extent 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 any of its employees or agents to enter any Unit at any time to make emergency repairs, or, upon reasonable notice to Lessee and any affected Subtenants, 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 Page 6 f. Allow a maximum of 3 occupants in each Unit. 8.9. 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 and expense of all cable service. c. In the event of excessive use or waste of any such 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 whatsoever beyond the Town’s control. 9.10. Security Deposit. a. Lessee submitted to the Town and the Town has on file a security deposit in the amount of $66,150, of which $33,075 is a cash deposit and the remainder is a letter of credit (the “Security Deposit”). The Security Deposit and any other deposits may, but not required to be, deposited into an interest-bearing account by the Town. Interest, of 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 of forfeiture for unpaid Rent, late payments, returned check charges, damaged 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 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. The Town shall use the Move-In Condition Form, attached hereto as Exhibit C and incorporated herein by this reference, in evaluating the condition of each Unit. f. Within 60 days of the expiration or termination of this Lease, the Town shall return the Security Deposit, subject to any lawful withholdings. Page 7 10.11. Holding Over. If after the expiration 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 monthly 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 charged for the previous lease year and subject to the terms and conditions of this Lease. 11.12. Default. a. The following shall be considered a Lessee Default under this Lease: if Lessee fails to pay Rent, utility charges, or other charges or 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 of 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 the Lessee and all parties claiming by, though, or under Lessee shall automatically terminate upon this 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. 12.13. 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, 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 Lessor’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 Page 8 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, in the event that any of the Units are rendered untenable by reason of fire, mold, or any 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. 13.14. 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 $1,000,000.00 each occurrence combined single limit for bodily injury, property damage and personal injury and $2,000,000.00 aggregate for bodily injury and property damage. ii. An umbrella policy with limits not less than $5,000,000.00 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. 14.15. 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 without limitation claims arising from bodily injury personal injury, sickness, disease, death, property loss or damage, or any other loss of any kinds 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 or 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. 15.16. 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 Lessor, such consent not to be unreasonably withheld. Any assignment of sublease without such prior written consent shall be void. Page 9 16.17. Notice. Any communication between Lessee and Lessor shall be in writing and shall be deemed sufficiently given if delivered personally to the Lessee or Lessor or any of their employees or agents, or if sent by certified or registered United States mail, addressed at the following address: If to Lessor: If to Lessee: The Town of Vail Vail Associates, Inc. 75 S. Frontage Road West 390 Interlocken Crescent Vail, Co 81657 Vail, CO 81658 Attn: Town Clerk Attn: ________________ With a copy to: Corum Real Estate Group 600 South Cherry Street. Suite 625 Denver, CO 80246 Attn: Cicely Crampton 17.18. Miscellaneous. a. This lease shall 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 of the waiver of any one or more defaulted of breaches of this Lease by the Town shall no constitute a waiver of any of the other terms of 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. 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 Page 10 appropriation, shall extend only to monies currently appropriated, and shall not constitute a mandatory charge, requirement, debt or liability beyond the current fiscal year. IN WITNESS WHEREOF, the Town and Lessee have respectively executed this Lease as of the Effective Date. TOWN OF VAIL, COLORADO __________________________________ Town Manager ATTEST: __________________________________ Town Clerk APPROVED AS TO FORM: __________________________________ Town Attorney LESSEE: The Vail Corporation d/b/a Vail Associates, Inc. By: __________________________________ Name: __________________________________ Title: __________________________________ Page 11 IN WITNESS WHEREOF, the Town and Lessee have respectively executed this Lease as of the Effective Date. TOWN OF VAIL, COLORADO __________________________________ Town Manager ATTEST: __________________________________ Town Clerk APPROVED AS TO FORM: __________________________________ Town Attorney LESSEE: The Vail Corporation d/b/a Vail Associates, Inc. By: __________________________________ Name: __________________________________ Title: __________________________________ Page 12 EXHIBIT A UNITS Unit # Unit # 1 K-1 28 L-11 2 K-2 29 L-12 3 K-3 30 L-13 4 K-5 31 L-14 5 K-6 32 L-15 6 K-7 33 L-16 7 K-8 34 L-17 8 K-9 35 L-18 9 K-10 36 M-1 10 K-11 37 M-2 11 K-12 38 M-3 12 K-13 39 M-4 13 K-14 40 M-5 14 K-15 41 M-6 15 K-16 42 M-7 16 K-17 43 M-8 17 K-18 44 M-9 18 L-1 45 M-10 19 L-2 46 M-11 20 L-3 47 M-12 21 L-4 48 M-13 22 L-5 49 M-14 23 L-6 50 M-15 24 L-7 51 M-16 25 L-8 52 M-17 26 L-9 53 M-18 27 L-10 54 P-12 K-04 55 MO-01 (Office) Page 13 EXHIBIT B RULES AND REGULATIONS Lock Outs - If you lock yourself out ·of your unit after hours, you may contact the answering service by phone at (970) 476-6759, who will then relay the message to Timber Ridge Village on-call maintenance staff. There will be $30.00 $65.00charge for after-hours lock outs and shall not include bedroom doors.. Quiet Hours – Quiet hours are between 10 pm until 8 am, 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 on 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 (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 and trash bags are not permitted. Barbecue grills are not permitted at any time. Satellite dishes must abide by Satellite Dish Addendum. Dumpsters & Trash – Dumpsters are located throughout the property. All trash must be bagged and tied; no furniture, or miscellaneous items (car batteries, propane tanks, or hazardous material, oil, etc.) Trash is not to be placed on patios, walkways, stairwells or outside of dumpsters. Violation of the above 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. I have residents have read and understand the above property policies and understand that a violation of any of these policies will result in a lease violation. Multiple lease violations may result in eviction. ________________________________________________ ________________________________ Subtenant Date Page 14 EXHIBIT C MOVE-IN AND CONDITION FORM Page 15 EXHIBIT D MANAGEMENT 1. Lessee will provide on-site coverage during normal business hours Monday through Saturday and on-call services on Sundays during the fall check-in period and during the winter seasonfrom November 1st through mid-January for the management of Subtenant issues, including inspections of Units to control unauthorized occupancy. From mid-January through October 31st, Lessee will provide on-site coverage during normal business hours Monday through Friday and on-call services on the weekends. 2. Lessee shall be responsible for working closely with the Town’s managing agent to ensure seamless communication and deliver or serve for Subtenants as well as effective management of Subtenant behavior. 3. Move-In Inspection Procedure: Lessee shall require the Subtenant’s to complete a move in inspection form and return the form to the Lessee within 72 hours of initial occupancy date. Lessee will supply a copy of the inspection to the Town’s mManaging agent. If there are any necessary repairs not caused by Lessee or a prior Subtenant’s negligence, the Town will complete such repairs in a timely manner. 4. Lessee shall provide newly information regarding newly registered animals by providing photo, name, breed, age, and unit number to Town’s managing agent. 3. Lessee shall provide newly registered animals by providing photo, name, breed, age, and unit number. 4.5. Notification of Turnover: When adequate notice is given by Subtenant, Lessee shall notify the Town’s managing agent of a unit turnover 30 days prior to the move-out date of that unit for the purpose of a pre-move out inspection to be completed with both Lessee and the Town’s managing agents. When advance notice is not given by Subtenant, Lessee will notify the Town’s managing agent within one (1) business day of that date that Lessee has verified that the resident has vacated the unit for the purpose of a move out inspection. 5.6. Move-Out Procedure: Lessee shall complete a move-out inspection form within 48 hours of Unit or Bedroom Unit vacancy. Lessee shall return the form to the Town’s managing agent to assess damage charges. If there are any nessesarynecessary repairs not caused by Lessee or a prior Subtenant’s negligence, the Town’s managing agent will complete such repairs as part of the Turnover Procedure set forth below. 6.7. Turnover Procedure: “Turnover Procedure” is defined as the assessment and completion of necessary painting, general maintenance, damage repairs noted on the move-out inspection form, cleaning and carpet cleaning. “Bedroom Turnover Procedure” is defined as the assessment and completion of necessary repairs to that specific bedroom, the bathroom, and kitchen. “Unit Turnover Procedure” is defined as the assessment and completion of necessary repairs for the entire Unit. a. Lessee shall be responsible for the cleaning and carpet cleaning of each Unit. b. The Town shall be responsible for painting and general maintenance of each Unit due to normal wear and tear. If the Town does not perform the 2019 Updates or the 2018 Updates, the Town shall paint and replace the flooring for any Units that were not updated no later thatn June 1, 2018. Page 16 c. Bed Turnover Procedure shall be completed within 3 business days upon receiving the move out inspection. When advanced notice is not given by Subtenant, and notification is provided by Lessee, the Town’s managing agent will make best efforts to complete bedroom turnover procedure in a timely manner. d. Unit Turnover Procedure shall be completed within 5 business days upon receiving the move-out inspection. When advanced notice is not given by Subtenant, and notification is provided by Lessee, the Town’s managing agent will make best efforts to complete bedroom turnover procedure in a timely manner 7.8. Monthly Unit Inspection Procedure: Lessee shall complete monthly inspection of all Units. Lessee shall also inspect for unreported service request 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’s managing agent on or before the 28th of each month. Page 17 EXHIBIT G WEEKLY SNOW REMOVAL LOG Page 18 EXHIBIT H RESIDENTIAL LEASE CONTRACT ADDENDUMS (COMMUNITY POLICIES, ADDITIONAL COMMUNITY POLICIES, CRIME FREE ADDENDUM) Page 19 EXHIBIT I FEE SCHEDULE 1. The Town shall implement the following fee schedule as described below that Lessee is responsible, if applicable,, in addition to the other fees described in the Lease: a. $25 Penalty per cigarette butt found b. $25 per item or pre-bagged of improperly disposed trash plus any fees incurred from Waste Management. c. $65 Emergency On-Call Lock Out Fee. i. Identification shall be presented by the individual who is locked out, as a requirement. d. $25/hour maintenance repair charge for any repairs identified as negligence or not considered to be within wear-and-tear. i. Minimum charge is one hour. e. $50/hour for after-hours maintenance or or emergency maintenance call outs. f. $50 Outside Service Provider Management Fee shall be charged per day per repair per incident in addition to invoiced expenses related to repairs identified as negligence or not considered to be within wear-and-tear 2. In the event that there are additional fees and charges that are not described in the Lease, the Town shall notify Lessee prior to the commencement of the repair or within a reasonable amount of time when the assessment is made.