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HomeMy WebLinkAboutADM080013TY�4i�1`a��'AIL ADMINISTRATIVE ACTION FORM Department of Community Development 75 South Frontage Road Vail, CO 81657 tel: 970 - 479 -2138 fax: 970 - 479 -2452 web: www.vailgov.com Project Name: MONOGRAM DUPLEX SUBDIVISION Application Type: DupSubPl ADM Number: ADMO80013 Parcel: 2101 -072 - 1000 -6 Project Description: DUPLEX SUBDIVISION Participants: OWNER MONOGRAM REAL ESTATE ACQUISI 08/19/2008 1701 PEARL ST STE 200 BOULDER CO 80302 APPLICANT MONOGRAM REAL ESTATE ACQUISI 08/19/2008 1701 PEARL ST STE 200 BOULDER CO 80302 Project Address: 745 FOREST RD VAIL Location: Legal Description: Lot: 7 Block: 2 Subdivision: VAIL VILLAGE FILING 6 Comments: BOARD /STAFF ACTION Motion By: Action: STAFFAPR Second By: Vote: Date of Approval: 09/03/2008 Meeting Date: Conditions: Cond: 8 (PLAN): No changes to these plans may be made without the written consent of Town of Vail staff and /or the appropriate review committee(s). Cond: CON0010289 The applicant shall modify note #7 to read as follows: "For zoning purposes, the two lots created by this subdivision are to be treated as one entity." Cond: CON0010290 The applicant shall delete note #9 listing the current zoning of the property on the plat. Cond: CON0010291 The applicant shall add a note to the plat that the addresses listed are for reference purposes only and the final address should be verified with the Town of Vail Community Development Department. Planner: Bill Gibson DRB Fee Paid: $100.00 TOWN OF PAIL Department of Community Development 75 South Frontage Road Vail, Colorado 81657 970 -479 -2138 FAX 970 -479 -2452 www.vailgov.com September 3, 2008 Patrick Green, Monogram Real Estate 11101 W. 120 Ave., Suite 300 Broomfield, CO 80021 RE: Monogram Residence Duplex Plat (ADM08 -0013) 745 Forest Road /Lot 7, Block 2, Vail Village Filing 6 Dear Patrick, The Town of Vail Staff has reviewed the proposed duplex plat application for the property located at 745 Forest Road. The following is a summary of the comments from that review: 1. Modify note #7 to read as follows: "For zoning purposes, the two lots created by this subdivision are to be treated as one entity." 2. Delete note #9 listing the current zoning of the property on the plat. 3. Add a note to the plat that the addresses listed are for reference purposes only and the final address should be verified with the Town of Vail Community Development Department. Please make the above listed corrections and then submit two signed mylar copies of the plat with all certificates completed, except the Administrator Certificate and the Clerk and Recorder Certificate. Also submit any final copy of any deed restrictions or covenants to be recorded with the plat. Additionally, please submit a check paid to the order of the Eagle County Clerk and Recorder in the amount of the recordation fees. Once these items have been submitted to the Town of Vail, the Town Clerk will record the approved plat with the Eagle County Clerk and Recorder. If you have any questions, please feel free to contact me directly at (970) 479 -2173. Sincerely, < Bill Gibson, AICP Town Planner Town of Vail CC: Gore Range Surveying (Drawing No. 06- 326resub) %I RECYCLED PAPER Application for Administrative Subdivision Plat Review Department of Community Development TOWN OF & 75 South Frontage Road, Vail, Colorado 81657 tel: 970.479.2139 fax: 970.479.2452 web: www.vailgov.com General Information: It is unlawful for any person, business, or corporation to violate any of the provisions of Title 13, Vail Town Code, or to transfer, sell, lease or agree to sell or lease, any lot, tract, parcel, site, separate interest (including a leasehold interest), interest in common, condominium interest, time -share estate, fractional fee, or time -share license, or any other division within a subdivision within the Town until such subdivision has been approved in writing by the Administrator, Planning and Environmental Commission and /or the Council (whichever is applicable) and a plat thereof recorded in the office of the Eagle County Clerk and Recorder. Type of Application and Fee: K Duplex Subdivision Plat $100 ❑ Administrative Plat Correction $100 ❑ Single Family Subdivision Plat $100 ❑ Condominium /Townhouse Plat $100 Description of the Request: Duplex Subdivision Location of the Proposal: Lot: 7 Block: 2 Subdivision: Vail Village Sixth Fil ing Physical Address: 745 Forest Road, Vail CO 81657 Parcel No.: 210107210006 (Contact Eagle Co. Assessor at 970- 328 -8640 for parcel no.) Zoning: Primary Secondary Residential Name(s) of Owner(s): Monm Real Estate Acquis itions XV, LLC Mailing Address: 11101 Broomfield, CO 80 Owner(s) Signature(s): Name of Applicant: 12 th Ave ,Suite 30 h9ne: (720) 304 -4798 Green V Monoaram Mailing Address: 11101 W. 120th Ave Suite 300 Broomfield, CO 80021 Phone: (720)304 -4798 E -mail Address: pgreen @monogramrem. com Fax (866) 407 -0760 For Office Use O!: ';_3 11 I v `w glfatA n w f D L Fee Paid: 10 G Check No.: By: Meeting Date: Admin No.: Planner: Project No.: A-Vmmc r T oZ�o� G �taa F: \cdev \FORMS\ Permits \Planning\Administrative_Actions \Plat Review \admin_plat_review_cover.doc GC�C� WE D 12 fi 19 2008 TOWN OF VAIL Land Title Guarantee Company CUSTOMER DISTRIBUTION rndlitle GUARANTEE COMPANY Date: 07 -16 -2008 Our Order Number: V50023166 Property Address: 745 FOREST ROAD / SUB:VAIL VILLAGE FILING 6 BLK:2 LOT:7 VAIL, CO 81657 If you have any inquiries or require further assistance, please contact one of the numbers below. For Title Assistance: Vail Title Dept. Sara Corcoran 108 S FRONTAGE RD W #203 VAIL, CO 81657 Phone: 970-476-2251 Fax: 970 - 476 -4732 EMail: sorcoran@ltgc.com GORE RANGE SURVEYING PO BOX 15 AVON, CO 81620 Attn: SAM ECKER Phone: 970 - 479 -8698 Fax: 970 - 479 -0055 EMail: sam @gorerange.net Linked Commitment Delivery MONOGRAM REAL ESTATE, LLC 11101 W. 120TH AVE SUITE 300 BROOMFIELD, CO 80021 Attn: RYAN LLEWELLYN Phone: 720 - 887 -3277 Sent Via US Postal Service Land Title Guarantee Company Date: 07 -16 -2008 l:l1AR.1NT EE COMPANY and Title Our Order Number: V50023166 Property Address: 745 FOREST ROAD / SUB:VAIL VILLAGE FILING 6 BLK:2 LOT:7 VAIL, CO 81657 Buyer /Borrower: A BUYER TO BE DETERMINED Seller /Owner: MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, A DELAWARE LIMITED LIABILITY COMPANY Need a map or directions for your upcoming closing? Check out Land Title's web site at www.ltgc.com for unecuons to anv of our w oince tocaaons. ESTIMATE OF TITLE FEES TBD Commitment $250.00 If Land Title Guarantee Company will be closing this transaction, above fees will be collected at that time. TOTAL $250.00 F. C� 06/04 THANK YOU FOR YOUR ORDER! LAND TITLE GUARANTEE COMPANY INVOICE Land Title (.UARANTEE COMPANY Owner: MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, A DELAWARE LIMITED LIABILITY COMPANY Property Address: 745 FOREST ROAD / SUB:VAIL VILLAGE FILING 6 BLK:2 LOT:7 VAIL, CO 81657 Your Reference No.: When referring to this order, please reference our Order No. V50023166 -CHARGES - TBD Commitment $250.00 -- Total -- $250.00 Please make checks payable to: Land Title Guarantee Company P.O. Box 5440 Denver, CO 80217 Chicago Title Insurance Company ALTA COMMITMENT Our Order No. V50023166 Schedule A Cust. Ref.: Property Address: 745 FOREST ROAD / SUB:VAIL VILLAGE FILING 6 BLK:2 LOT:7 VAIL, CO 81657 1. Effective Date: July 08, 2008 at 5:00 P.M. 2. Policy to be Issued, and Proposed Insured: "TBD" Commitment $0.00 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: MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, A DELAWARE LIMITED LIABILITY COMPANY 5. The Land referred to in this Commitment is described as follows: LOT 7, BLOCK 2, VAIL VILLAGE, SIXTH FILING, ACCORDING TO THE RECORDED PLAT THEREOF, COUNTY OF EAGLE, STATE OF COLORADO. ALTA COMMITMENT Schedule B - Section 1 (Requirements) Our Order No. V50023166 The following are the requirements to be complied with: Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to -wit: Item (c) Payment of all taxes, charges or assessments levied and assessed against the subject premises which are due and payable. Item (d) Additional requirements, if any disclosed below: THIS COMMITMENT IS FOR INFORMATION ONLY, AND NO POLICY WILL BE ISSUED PURSUANT HERETO. ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50023166 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 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 to the subsequent effective date hereof but prior to the date 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 tha 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, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 8. 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. 9. 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. 10. 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 FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED JUNE 05, 1964, IN BOOK 183 AT PAGE 1 AND AS AMENDED IN INSTRUMENT RECORDED JULY 14, 1964, IN BOOK 183 AT PAGE 141. ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50023166 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 11. EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE RECORDED PLAT OF VAIL VILLAGE FILING NO. 6. 12. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION OF THE BOARD OF DIRECTORS OF THE EAGLE RIVER WATER AND SANITATION DISTRICT RECORDED SEPTEMBER 21, 2007 AT RECEPTION NO. 200725525. THE ABOVE EXCEPTION RELATES TO CLAIMS OF EASEMENTS FOR SEWER LINES IN PLACE WITHOUT EASEMENTS OF RECORD. 13. CLAIMS OF RIGHT, TITLE AND /OR INTEREST IN THE PROPERTY BETWEEN THE WESTERLY BOUNDARY LINE AND THE FENCE AS DEPICTED ON THE TOPOGRAPHIC MAP & IMPROVEMENT LOCATION CERTIFICATE PREPARED BY GORE RANGE SURVEYING, LLC, JOB #06 -326 WHETHER SAID CLAIMS ARISE BY ABANDONMENT, ADVERSE POSSESSION OR OTHER MEANS. 14. DEED OF TRUST DATED AUGUST 30, 2007, FROM MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, A DELAWARE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF BANK OF CHOICE COLORADO TO SECURE THE SUM OF $9,750,000.00 RECORDED SEPTEMBER 06, 2007, UNDER RECEPTION NO. 200723803. DISBURSER'S NOTICE IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED SEPTEMBER 06, 2007, UNDER RECEPTION NO. 200723804. DISBURSER'S NOTICE IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED DECEMBER 21, 2007, UNDER RECEPTION NO. 200733199. 15. DEED OF TRUST DATED JANUARY 16, 2007 FROM MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, A DELAWARE LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF KENNETH P. DRISCOLL TO SECURE THE SUM OF $2,400,000.00, AND ANY OTHER AMOUNTS PAYABLE UNDER THE TERMS THEREOF, RECORDED JANUARY 22, 2007, UNDER RECEPTION NO. 200701647. SUBORDINATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED SEPTEMBER 06, 2007, UNDER RECEPTION NO. 200723805. LAND TITLE GUARANTEE COMPANY and LAND TITLE GUARANTEE COMPANY - GRAND JUNCTION 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 may be obtained from the County Treasurer's authorized agent. 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 3 -5 -1, Paragraph C of Article VII 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, Section 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 containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 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. Nothing herein contained will be deemed to obligate the company to provide any of the coverages referred to herein unless the above conditions are fully satisfied. Form DISCWSURE 09/01/02 NOTICE OF PRIVACY POLICY Fidelity National Financial Group of Companies / Chicago Title Insurance Company Security Union Title Insurance Company July 1, 2001 We recognize and res ect the privacy expectations of today's consumers and the requirements of applicable federal and state privacy Informat ion' laws. We believe that making you aware of how we use your non pubic personal information ( "Personal ), and to whom it is disclosed, will form the basis for a relationship of trust between us and the public that we serve. This Privacy Statement provides that explanation. We reserve the right to change this Privacy Statement from time to time consistent with applicable privacy laws. In the course of our business, we may collect Personal Information about you from the following sources: • From applications or other forms we receive from you or your authorized representative; • From your transactions with, or from the services being performed by, us, our affiliates, or others; • From our internet web sites; • From the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates or others; and • From consumer or other reporting agencies. Our Policies Regarding the Protection of the Confidentiality and Security of Your Personal Information We maintain physical, electronic and procedural safeguards to protect your Personal Information from unauthorized access or intrusion. We limit access to the Personal Information only to those employees who need such access in connection with providing products or services to you or for other legitimate business purposes. Our Policies and Practices Regarding the Sharing of Your Personal Information We may share your Personal Information with our affiliates, such as insurance companies, agents, and other real estate settlement service providers. We also may disclose your Personal Information: • to agents, brokers or representatives to provide you with services you have requested; • tothird-party contractors or service providers who provide services or perform marketing or other functions on our behalf, and • to others with whom we enter into joint marketing agreements for products or services that we believe you may find of interest. In addition, we will disclose your Personal Information when you direct or give us permission, when we are required by law to do so, 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. One of the important responsibilities of some of our affiliated companies is to record documents in the public domain. Such documents may contain your Personal Information. Right to Access Your Personal Information and Ability to Correct Errors Or Request Changes Or Deletion Certain states afford you the right to access your Personal Information and, under certain circumstances, to find out to whom your Personal Information has been disclosed. Also, certain states afford you the right to request correction, amendment or deletion of your Personal Information. We reserve the right, where permitted by law, to charge a reasonable fee to cover the costs incurred in responding to such requests. All requests submitted to the Fidelity National Financial Group of Companies /Chicago Title Insurance Company shall be in writing, and delivered to the following address: Privacy Compliance Officer Fidelity National Financial, Inc. 4050 Calle Real, Suite 220 Santa Barbara, CA 93110 Multiple Products or Services If we provide you with more than one financial product or service, you may receive more than one privacy notice from us. We apologize for any inconvenience this may cause you. Form PRIV.POL.CHI NOTICE OF PRIVACY POLICY OF LAND TITLE GUARANTEE COMPANY, INC., A COLORADO CORPORATION AND MERIDIAN LAND TITLE, L.L.C., A COLORADO LIMITED LIABLITY COMPANY, D/B /A LAND TITLE GUARANTEE COMPANY - GRAND JUNCTION This Statement is provided to you as a customer of Land Title Guarantee Company, a Colorado corporation and Meridian Land Title, LLC, d /b /a Land Title Guarantee Company - Grand Junction. 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. Form PRIV. POL. LTG. 1 Commitment to Insure ALTA Commitment - 2006 Rev. CHICAGO TITLE INSURANCE COMPANY, a corporation of Missouri, herein called the Company for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the requirements; all subject to the provisions of Schedule A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this commitment shall cease and terminate six months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. CONDITIONS AND STIPULATIONS 1. The term "mortgage ", when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5. Notwithstanding anything to the contrary in this Commitment, if the policy to be issued is other than an ALTA Owner's Policy (6117106) or ALTA Loan Policy (6117106), the policy may not contain an arbitration clause, or the terms of the arbitration clause may be different from those set forth in this Commitment. If the policy does contain an arbitration clause, and the Amount of Insurance is less than the amount, if any, set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Comparry of the Insured as the exclusive remedy of the parties. STANDARD EXCEPTIONS In addition to the matters contained in the Conditions and Stipulations and Exclusions from Coverage above referred to, this Commitment is also subject to the following: 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material theretofore 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 the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. IN WITNESS WHEREOF, Chicago Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A to be valid when countersigned by a validating officer or other authorized signatory. Authorized Officer or Agent CC.CHL06 CHICAGO TITLE INSURANCE COMPANY / / c' C' F :, U President v ;, SEAL 1` T Secretary PARTY WALL AGREEMENT AND DECLARATION THIS PARTY WALL AGREEMENT AND DECLARATION (this " Agreement ") is made and entered into as of August _, 2008, by MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, a Delaware limited liability company ( " Declarant "). RECITALS A. Declarant is the owner of certain improved real property (the " Pr_opeert - ") situated in the County of Eagle, State of Colorado, which is more particularly described as follows: Lot 7, Block 2, Vail Villages, Sixth Filing, according to the recorded plat thereof, County of Eagle, State of Colorado. B. Declarant desires to divide the Property and the improvements thereon, a two -unit residential building, into two building units on two separate lots to be designated as " Parcel A " and " Parcel B ," which are more particularly described as follows: Parcel A Lot 7A, according to that certain Duplex Plat, Vail Village, Sixth Filing, a Resubdivision of Lot 7, Block 2, Town of Vail, County of Eagle, State of Colorado, recorded in the offices of the Clerk and Recorded of Eagle County, Colorado, at Reception No. Parcel B Lot 713, according to that certain Duplex Plat, Vail Village, Sixth Filing, a Resubdivision of Lot 7, Block 2, Town of Vail, County of Eagle, State of Colorado, recorded in the offices of the Clerk and Recorded of Eagle County, Colorado, at Reception No. C. Declarant desires to define the rights, obligations and limitations of ownership of Parcels A and B, and thereupon to convey Parcels A and B as separate building units connected by the wall that is constructed as a common part of both building units on Parcels A and B. is located between such building units constituting a party wall, which party wall is depicted on the Plat attached hereto as Exhibit A (as the same may hereafter be maintained, restored, or reconstructed from time to time, the " Party Wall "), subject to such rights, obligations and limitations as set forth herein. AGREEMENT NOW, THEREFORE, Declarant hereby declares as follows: ARTICLE I Subjection of Property The Property shall be held, sold and conveyed subject to the easements, reservations, restrictions, liens, charges, covenants and conditions contained in this Agreement, which are for the purpose of protecting the value and desirability of, and which shall run with, the Property and be binding upon and inure to the benefit of Declarant, its successors and assigns, to any person or persons acquiring or owning any right, title or interest in the Property, the improvements thereon or any part thereof, and to their heirs, personal representatives, successors and assigns, all on the terms and conditions of this Agreement. -x67 ,I ARTICLE II Division of Property into Two Parcels The Property is hereby divided into two building units to be known as Parcel A and Parcel B, respectively. Each Parcel consists of (i) a fee simple interest in (A) the real property described as such Parcel in the foregoing recitals and (B) the improvements located thereon, and (ii) an undivided 50 percent interest in the Party Wall. As used herein, the term " Parcel " means either Parcel A or Parcel B and the term " Parcels " means both Parcel A and Parcel B. ARTICLE III Party Wall Except as is otherwise provided herein, the cost of reasonable repairs, maintenance and replacement of the Party Wall shall be borne equally by the Owners of Parcels A and B. As used herein, the term " Owner " shall mean the record owner, whether one or more persons or entities, of a fee simple title to either Parcel A or Parcel B, and the term " Owners " shall mean both of the record title owners of Parcels A and B. ARTICLE IV Damage or Destruction of Building Units In the event of damage or destruction to one of the building units or any portion thereof on either Parcel which forms a part of the structure connected to the Party Wall, the Owner of such building unit shall repair and restore the building unit, at such Owner's expense, unless such damage or destruction was caused by the willful misconduct of the other Owner, in which event the other Owner shall be responsible for the cost of such repair or restoration. If both building units are damaged or destroyed, each building unit shall be repaired or restored in accordance with the terms and conditions of the preceding sentence, unless the Owners and each of the first deed of trust lenders, if any, unanimously agree not to do so, in which event a notice terminating this Agreement shall be filed of record, the entire Property shall be sold as a single unit on terms and conditions reasonably acceptable to both Owners and the proceeds of sale divided equally between the two Owners (after repayment in full of all secured lenders). The repairs and restoration to be made pursuant to this Article shall comply with all of the following: (a) any building unit repaired or restored pursuant hereto shall be of at least equal value and quality of construction as that of the building unit that was damaged or destroyed; and (b) no building unit shall be repaired or restored hereunder until the beneficiary of the first deed of trust, if any, of the Parcel upon which such building unit is situated has given its prior written approval, as may be required in accordance with the loan documents governing such beneficiary's deed of trust loan. ARTICLE V Damage or Destruction to Party Wall 5.01 Repair. If the Party Wall is damaged or destroyed, it shall be repaired or restored and. subject to the terms and conditions of Section 5.02 below, the cost thereof shall be shared equally by the Owners; provided however if such damage or destruction is caused by the willful misconduct of one of the Owners, such Owner shall, at its sole expense, repair or rebuild the Party Wall and shall compensate the other Owner for any damage to the property of the other Owner resulting from the damage to the Party Wall (and if such damage or destruction is caused by the willful misconduct of both of the Owners, the cost thereof shall be shared equally by the Owners). 5.02 Insurance Subject to any obligations of an owners association having the obligation to insure and repair the Party Wall, if any, to the extent that damage to the Party Wall is covered by insurance, the full insurance proceeds shall be used and applied to repair, restore and replace the Parry Wall. If the cost of any such repair, restoration or replacement exceeds the insurance proceeds available therefor, each Owner shall be responsible for one -half of such deficiency, unless the damage was caused by the negligence, willful misconduct or omission of one of the Owners, in which event any deficiency shall be the sole responsibility of such Owner (and if the damage was caused by the negligence, willful misconduct or omission of both of the Owners, each Owner shall be responsible for one -half of such deficiency). 5.03 Utilities Located within the Party Wall Each Owner shall have the right to install, maintain and repair utility systems within the Party Wall; provided, however that the Owner performing any such installation, maintenance or repair work promptly restores the Party Wall to its original condition and pays to the adjoining Owner any damages caused thereby. ARTICLE VI Insurance Each Owner shall obtain and maintain, at all times, all risk casualty insurance that insures such Owner against loss or damage to the improvements located on such Owner's Parcel, up to and including, to the extent reasonably practicable, to the centerline of the Party Wall, by fire and other hazards, for at least the full replacement cost thereof. Separate policies are permissible with respect to insurance covering the improvements located on each Parcel, but no provision in any such separate policy shall invalidate, cancel, diminish or otherwise adversely affect the coverages provided in any other policy covering the improvements located on the other Parcel. Proof of such insurance shall be supplied to an Owner upon reasonable request to the other Owner. Each insurance policy shall contain a provision that the policy cannot be canceled or substantially modified until 30 days prior written notice is first given to the Owner of the adjacent Parcel. If either Owner shall neglect or refuse to obtain and maintain insurance coverage as provided herein, the other Owner shall have the right, but not the obligation, to obtain such coverage and to have and record a lien on the Parcel of the Owner so failing to insure, for the amount of said insurance coverage. ARTICLE VII Repairs and Maintenance 7.01 Repairs and Maintenance of Party Wall (a) With respect to any repair or maintenance that the Owners mutually agree shall be perfonned to the Party Wall, the Owners shall share all costs and expenses incurred to perform such repair or maintenance equally unless (i) the Owners mutually agree otherwise, in which event the Owners shall share such costs and expenses in accordance with such agreement, or (ii) the need for such repair or maintenance is caused by the negligence or willful misconduct or omission of one (but not both) Owner, in which event such Owner shall be solely responsible for all costs and expenses incurred to perform such repair or maintenance and for all other losses, damages, liabilities, cost and expenses, including, but not limited to, reasonable attorneys' fees and disbursements, incurred by, or asserted against, the other Owner as a result thereof (and if the need for such repair or maintenance is caused by the negligence or willful misconduct or omission of both Owners, the Owners shall share all costs and expenses incurred to perform such repair or maintenance equally). (b) Notwithstanding anything to the contrary contained herein, if an Owner, in such Owner's reasonable judgment, believes that repair or maintenance to the Party Wall is necessary (i) to 086774%1 avoid a violation of any applicable law, rule, regulation or ordinance; (ii) to protect the health and welfare of individuals; or (iii) to protect any improvements located on the Parcels, such Owner may, without the consent of the other Owner, perform such repair or maintenance to the Party Wall, in which event the other Owner shall reimburse the Owner who performed such repair or maintenance for 50 percent of the costs and expenses thereof within ten days following the other Owner's receipt of invoices or bills from the Owner that performed the work evidencing such cost and expenses. 7.02 Other Repairs and Maintenance (a) Each Owner shall, at such Owner's sole cost and expense, maintain in good condition and repair, as and when such Owner, in such Owner's reasonable judgment, deems necessary, all elements of such Owner's Parcel, not part of the Party Wall, including, but not limited to, (i) that portion of the roof common to both building units that is located on such Owner's Parcel; (ii) the structural elements of, and systems servicing, such Owner's Parcel; (iii) the interior of such Owner's building unit and the remainder of such Owner's Parcel, including, but not limited to, paint, exterior building surfaces, patios, stairways, walkways, fences, gutters, downspouts, trees, shrubs and lawns. (b) Notwithstanding anything to the contrary contained in Section 7.02(a) above, if the need for repair or maintenance to any element of one Owner's Parcel is caused by the willful misconduct of the other Owner, the other Owner shall be solely responsible for all costs and expenses incurred by the Owner of such parcel to perform such repair or maintenance and for all other losses, damages, liabilities, costs and expenses, including, but not limited to, reasonable attorneys' fees and disbursements, incurred by, or asserted against, the first Owner as a result thereof (and if the need for repair or maintenance to any element of one Owner's Parcel is caused by the willful misconduct of both Owners, the costs thereof shall be shared equally by the Owners). ARTICLE VIII [Intentionally Omitted] ARTICLE IX Right to Contribution, Lien Rights If either Owner fails or refuses to pay its share of any cost or expense of repair, restoration or maintenance as provided for herein, the other Owner shall have the right, but not the obligation, to cause such repair, restoration or maintenance to be done and pay such defaulting Owner's share of the costs thereof and shall have the right, but not the obligation, to (a) demand reimbursement from such defaulting Owner; (b) charge interest on the unpaid amount at 15 percent per annum; (c) file a lien against the Parcel of the defaulting Owner evidencing the amount owing, plus accrued interest thereon; and (d) pursue all other rights and remedies available at law or in equity. Notwithstanding the foregoing, any lien, right to contribution or reimbursement or other right of the non - defaulting Owner pursuant to this Article IX shall be fully subordinate to any deed of trust loan encumbering the applicable Parcel. ARTICLE X Easements 10.01 Easements for Encroachments Each Parcel and all improvements now located thereon are and shall be subject to an easement for encroachments created by the construction, settling or overhang of any improvements now existing or hereafter constructed by Declarant. The easement for any such encroachment, and for the maintenance thereof, shall exist for so long as the encroachment exists. In the event the two -unit duplex building is partially or totally destroyed and thereafter rebuilt, the Owners of each building unit agree that minor encroachments of parts of the adjacent building unit as rebuilt shall #86774 v be permitted and that a valid easement for any such encroachment, and for the maintenance thereof, shall exist. 10.02 Easement for Utilities There is hereby created an easement upon, across, over and under all of Parcels A and B and the improvements located thereon, for ingress, egress, installation, replacing, repairing and maintaining all utilities serving either or both of the Parcels or the improvements thereon, including, but not limited to, water, sewer, gas, telephone and electricity. The location of such easement shall be the locations of all such utility lines as of the date hereof and an area around such lines as may be reasonably needed to access same. By virtue of this easement, it shall be expressly permissible for the providing utility company to erect and maintain the necessary equipment on Parcels A and B and to affix and maintain wires, circuits and conduits on, above, across and under the roof and exterior walls of the building units. Each Owner shall have an easement for horizontal and lateral support of its building unit. 10.03 Easement for Maintenance There is hereby created an easement upon, across, over and under all of Parcels A and B and the improvements located thereon, for replacing, repairing and maintaining all structures and other improvements currently located on either or both of the Parcels, as may be reasonably needed by either Owner. 10.04 Perpetual Easements The easements hereby created are and shall be perpetual and construed as covenants running with the land, and each and every person accepting a deed to Parcel A or Parcel B shall be deemed to accept said deed with the understanding that each and every other purchaser, is also bound by the provisions of this Agreement, and each and every purchaser, by acceptance of a deed to either Parcel A or Parcel B, shall thereby consent and agree to be bound by the covenants contained herein to the same extent as though such purchaser had signed this Agreement. ARTICLE XI Architectural Control No building or fence shall be erected, placed or altered on either Parcel A or Parcel B until the building plans, specifications and plot plan showing the nature, kind, shape, height, materials and location of such structure shall have been submitted to and approved in writing by the other Owner, which approval shall not be unreasonably withheld. In addition, any Owner desiring to erect, place or alter any building, fence or other improvement on such Owner's Parcel shall be required to comply with all applicable laws and recorded instruments affecting such Owner's Parcel. ARTICLE X11 General Provisions 12.01 Amendments The provisions of this Agreement may be amended or revoked only upon the recording of an instrument duly executed and acknowledged by the Owners of Parcels A and B and by all first mortgagees of either or both Parcels, if any. 12.02 Savings Clause If any provisions of this Agreement or any section, sentence, clause, phrase or word herein, or the application thereof in any circumstance is held invalid, the validity of the remainder of this Agreement, and of the application of any such provisions, section, clause, phrase or word in any other circumstances shall not be affected thereby. 12.03 Construction Wherever used herein, the singular shall be construed to mean the plural when applicable, and the necessary grammatical changes required to make the provisions hereof apply to corporations or individuals, men or women, shall in all cases be amended as though in each case fully expressed herein. 486774% 1 12.04 Attorneys' Fees In any action brought to enforce the provisions of this Agreement, the prevailing party shall be entitled to recover all costs and expenses incurred in connection therewith, including reasonable attorneys' fees and disbursements, from the other party. 12.05 Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado. [Signature on Following Page] 6 486774 vl IN WITNESS WHEREOF, the undersigned, being the Declarant herein, has executed and delivered this Agreement as of the day and year first above written. MONOGRAM REAL ESTATE ACQUISITIONS XV, LLC, a Delaware limited liability company By: Patrick M. Green, Vice President STATE OF COLORADO ) ss. COUNTY OF BROOMFIELD ) The foregoing instrument was acknowledged before me this day of , 2008 by Patrick M. Green. Witness my hand and official seal. My commission expires: [Notary Seal] € 86774 v1 Notary Public 7 EXHIBIT A Depiction of Party Wall (See Attached) 486774 %l CONSENT AND AGREEMENT TO SUBORDINATE TO PARTY WALL AGREEMENT AND DECLARATION The undersigned, as current note holder and beneficiary of a deed of trust covering the Property (as defined in the Party Wall Agreement and Declaration to which this Consent and Agreement to Subordinate is attached (the " Party Wall Agreement ")), having reviewed the Party Wall Agreement, does hereby consent to the Party Wall Agreement to the extent that such Party Wall Agreement affects its rights and interests in the Property, and agrees that the encumbrance of its deed of trust is subject and subordinate to the Party Wall Agreement such that a foreclosure under such deed of trust shall not extinguish or invalidate the Party Wall Agreement or the rights, benefits, duties and burdens of the parties thereto. BANK OF CHOICE COLORADO e STATE OF COLORADO ) ss. COUNTY OF ) Name: Title: The foregoing instrument was acknowledged before me this day of , 200_ by Witness my hand and official seal. My commission expires: Notary Public [Notary Seal] CONSENT AND AGREEMENT TO SUBORDINATE TO PARTY WALL AGREEMENT AND DECLARATION The undersigned, as current note holder and beneficiary of a deed of trust covering the Property iefined in the Party Wall Agreement and Declaration to which this Consent and Agreement to Subordinate is attached (the " Party Wall Agreement ")), having reviewed the Party Wall Agreement, does hereby consent to the Party Wall Agreement to the extent that such Party Wall Agreement affects its rights and interests in the Property, and agrees that the encumbrance of its deed of trust is subject and subordinate to the Party Wall Agreement such that a foreclosure under such deed of trust shall not extinguish or invalidate the Party Wall Agreement or the rights, benefits, duties and burdens of the parties thereto. KENNETH DRISCOLL STATE OF COLORADO ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 200_ by KENNETH DRISCOLL. Witness my hand and official seal. My commission expires: [Notary Seal] Notary Public TOWN OF VAIL, COLORADO Statement Statement Number: R080001431 Amount: $100.00 08/19/200803:50 PM Payment Method: Check Init: JLE Notation: 3319 MONOGRAM REAL ESTATE ----------------------------------------------------------------------- - - - - -- Permit No: ADM080013 Type: Administrative Parcel No: 2101 - 072 - 1000 -6 Site Address: 745 FOREST RD VAIL Location: Total Fees: $100.00 This Payment: $100.00 Total ALL Pmts: $100.00 Balance: $0.00 ACCOUNT ITEM LIST: Account Code Description Current Pmts ------ - - - - -- -------------- - - - PV 00100003112500 - -- ------------------------ Administrative - - - - -- Fee 100.00