HomeMy WebLinkAboutVAIL VILLAGE FILING 1 TRACT B VAIL MOUNTAIN LODGE & SPA ETC THE RESIDENCE AT VAIL MOUNTAIN LODGE LEGAL.A\rv OFFIC E9
Bruueno Spenn Auoaews & InceasoLL, LLp
P H I LADE LPH IA. PA
t??5 tTrH STREET, SUITE e3OO BALT|MoRE, Mo
DENVER, COLORADO AOeO2-ss96 cAMoEN, NJ
3O3-292-24OO MALVERN, pA
FAX: 303-296.3956 SALT LAKE CITY, UT
LAWYERS@ BALLARDSPAHR.COM WASHINGToN, Dc
CHRISTOPI-IER W. PAYNE
DIRECT OIAL: 303-a99-7 343
PAYNE@BALLARDSPAH R.co M December 21,2001
VIA FEDERAL EXPRESS
Jay Peterson, Esq.
Bailey & Peterson, P.C.
Suire 210
108 South Frontage Road West-
Vail, Colorado 81657
Re: The Residences at Vail Mountain Lodge (the "Project")
Dear Jay:
Enclosed is a copy of the Application for Registration and Certificate as a Subdivision
Developer related to the Projcct together with supporting documentation as currently filed by
VML, LLC (the "Developer") with the Colorado Real Estate Commission. Please forward the
enclosed to the appropriate department of the Town of Vail for registration in accordance with
Vail Code $5.02.030. It is our understanding that the time span units to be offered as part of the
Project are "substantially completed" for purposes of Vail Code.
Feel free to refer any questions from the Town of Vail regarding these materials to me or
Mike Clowdus. Thank you for your assistance.
Very truly yours,
CWPigdm
Enclosures
cc: Mr. Ronald J. Byrne (w/o encls. via facsimile)
W. Michael Clowdus, Esq. (w/o encls.)
CO DOCS A #100232 v l
NOTE| This application must be accompanied by a regisn-ation fee which is not refundablg. The €orrecr fe. if rcceived in th. C omission Office
berween July l, 1999 and June 30, 2000 is: (Check appropriate bor below.)
t9
D
ORIGINAL APPLICATION FEE
SUPPLEMENTAL APPLICATION FEE
$739.00
$243.00
APPLICATION FOR REGISTRATION
AND CERTIFICATION AS A
SUBDIVISION DEVELOPER
Phone r (301) E9J-2166
ln compltance \\,rrh Title 12, Anicle 61, pan.1, C.R.S and Commission Rul€s, applrcanon ls hercby mdde to lhe Colorado Real 6st3te Commission
for registralion and certification as a subdivision devalop€r and, ln suppon of !hrs apphcalion, the foliowing statemenls are made under p€nIlty of
perlury in the second degree pursuant to C.R.S l8-8-503
L Name ofAulhor'zed Person RONALD J, BYtu\E
(lf a Partnership, Corporation or LLC Applicant, print name of person authorizcd to apply on behalfof the Enlity.)
SSn 37715212735 (Required by 2a-3.1-10? C R S )Phone 970/J?6-1987
Division of R€al Estate
1900 Grant Str€er, Sule 600
Denver CO E0201
2. Rcsrd.nr Address l0 Fore.t Ro.d vsil Coloredo t1657
(Strect)(C'ty) (State)
Non-Resident, Intends to act as (check only one):
Phone
The Subdrvision Developer. a _X_ Resrden!, _
fl An lnd'vrdual
(Trade Narne, il any)
E A Parrnershrp
(Name of Pa(nershrp)
I, rhc aurhorized person named above. ltn a gencral panncr ofthe parlnershrp nnd have been authoriz€d to complete fiis applicalion
! a Corporarron
(lirmc ofCorporalron)
I. (hd Juthoflzed pcrson nlmad abora,3nr !n officer ilnJ.or r Jrtt;(or
lJrrcctors to complere lhts applclton on behnlfoflhe Corporation
(Zrp)
of rhe Corporarion rnd ha\.e b.en authorized by thc Board of
Yes No
on bchllfoithe oannershlD. Ycs No
I I Lrmrretl Lr;rbrlrry Co Phone 9701416-1987
l, lhe authonzed person named abovc. !m i managcr of the entity-munagcr of the limited lrability co. and have been authorizcd to complete
thrs ilpplrci.rron on behalfof$e linrted lubllrly co. X Yes No
PflncLprl office oflhe Subdrvrsron Dcvclopcr, wher€ver s'tuate: (lf pflncrpal offica r5 ch![ged. immediate notice must be made to lhe
Commrssron.)
285 Bridee Street V.il Colorado 61657
(Srrcct Address)(cxy)(Stale)(zip)
(Street Addrcss)(CtIy)(Sldlc)lztp)
Sli.rt. thc narnes. re\ident und business lJdrcsses of all persons or olher l€gal entjties financially interesled in the business ofthe developer as
pnncrpJl, parmer, officer, drector. slockholder, or memb€r specrfying as to each his or her capacily and tille. Owners of less than twenty.fbur
pcrcenl ne€d nor be Included, except lhill when more than one corporarion owns slock in the developer, slockholders owning more than tcn
p'rrccnr ofrhe total stock rn !ll such corporators shail be rncluded.
(r) Palrick J. $elsh 3 E rex Road Summit N€wJersey 0J901
(Srreet Address)(city)(Statc)(ztp)
Class A lUember
Other lhan fie principal office ubove. list !ll Colorado omces where business will be conduded: (lfnone, state "none ")
352 East iueado$ Drive V.ll _ Colorado E1657
26.470/o
ibr Roneld J. Blrne
(Business Address)
l0 ForesI Rord Vril
(Capac'ry & Title.l (% Ownership)
Colorado E1657
(Street Address)(Srare) (Ztp)(City)
Ntember of RB Hotel LLC. Chss I l\remb€r 25"/"
(Capacity & Thle)(Busjness Address)(% Ownership)
(c/
(Street Address)(State)
(Busrness Address)
(ciry)
(% O'*nershrp)
(zip)
(Capaciry & Title)
CO_D( S_A #96a98 vl
7. Na|n th. $ar.s in wbich thc Subdivision D.vclop€r has becn licensed or registcred in any capaciry conceming rhc sal. or dcvclopmcnr of resl
astata (lfnonc, slate "nonc,")
ReSist€red S!Mivide. in
Licensed Broker in NONE
Dste:
Dalel
to:
to:
Liccnsed Salesperson in
E, Has the aulhorized person, developcr, or any ofthe financially intdrcsr.d pcrsons listcd above in Number 6 ever been liccnscd as a subdivision
developer, real estate brokcr or real cstsle gslesperson in Colorado or anolherjurisdiction?
X Yes _ No. (tfy.s to eithcr, submir dcails in a separate report s€companyin8 this applicarion.) See Scctioo 9
Has such license ever becn dcnicd, disciplincd, denied renev,al, revoked, suspended, ccnsured, o. Ihe subjecl ola consent agre€ment or the
subjccr ofa current investigarron? ltbdl
lf y.s, submir th. follorYingi
I A slgned, \afltten stacmenl rnqludlng name ofagency. dates, nalure ofalleged Inlraclron and dtsposnron.
II. Supponing documents including
a A copy ofthe onginal charges or complaint lgatnsl you
b. A copy ofany agcncy order or olher notificalion ofthe action takch
c. A confirmation ofthe cunent status ofthe liccnse, c€nificarion or rcglslmoon.
9. Name the slale! in which lhe Aulhorized Pe.son is or has been licensed are registered in any capacrry conceming lhe sale or de!.lopm€nt or
real eslaie: (lfnone, stale "none ")
Rcgrstcrcd S,rbdrr ider in NONE
Lrccnscd Brolcr rn COLORADO
Lrcensed Sile,per'on rn NONE
l0 Answcrail ofthefollowrng(Do[otincludrmisdenreanortraflicviohtions.)
Wilhin the last ren years, has lhe authorized person, dcveloper, direcrors, otlicars or any financially inlerested person lisled in nurnbcr 6 bcen:
(a) Y€s _ No _L (lnirial one) Convrcred or pleaded Nolo Contenders to a felony. or theft relaled off.nse?
(b) \'es No _L (lnrrialone) Ag.eed ro a defeffed proseculron or a d€fened judgmenl (o any felony, ottheft relded offense?
ic) \es_\o \ (lnrrirl unrl ChJr-{cd *ith irny fclon-v. or thcft related pcn-v- offcnse.
'lt \uu rnst|cr yes to crthcr a, b, or a sbole, vou must hsl belo$ the nalura ofaach chrrge or conviclion. You must also obbin and slbmit
lhc addcndum ro lhc.lpplrcuron for Rugrstrilron and Cenrllcatron .t5 a Subdrvrslon Deleloper, Commissron form REC-SAA-97- Failure to
submrl lhe supplemenral rnformallon reqLrrred by form REC-SAA-97 wrll suspend proccssrng ofyour application
Nature of charge or conYiction
Dare: 9/12/83 lo: Pr6cni
Date: toi
i.
3.
I l. H!!c rhere b€en any sales from $e propeny prior to regislrarion? _ Ycs _L No
l! Lrst all lrccnscil rcal csli)!e mrrl€trng companies thrt wrll be conducting sr|ls tctrvilrcs.
Ron B\ rnr & Associstes Retl Eslrle
)\anre Phonc
lEs Eridsr Srrcct V.il Colo.rdo 61657
{Address)(CrryJ (Stufe) (Zip)
IJ. ANSWER THE QUESTION BELOW
I V., D No Do you unde.stand lhal you may not offer thc propeny for salc o, scll piior ro regrstlatron?
B yes f] No Do you u[dersEnd lhal unlcss olherwrse exempted, e subdrvision developer is required to use licenscd tlal cstata brokers
and saletpersons?
Eyes Itlo l{ave you .ead ard do you undersrand rhe Regislration and Cenification of Subdivision Develope!'s Statut. (C.R.S. Title | 2,
Anicle 61, pafl 4.) and the Commission Rules pursuant thercto?
El vcs ! No Do you understand rhat a Subdivision Dev€lope/s Cenificate cxpires on December 3l fotlowing th€ date of issuance and a
rcquesr for renewal on the form supplied by lbe Cornrnission must be made prior to drat dare, accompanied by thc statutory
tcP2
CO-D i-A #96498 v1 2
El Ycs DNo Do you understrnd thrr ifyou do not rcnew on or before Dcc.mb.r 3ld ofany year,1ou may not sell subdividcd land until
you are reinstated?
EV..8No Are rhere any li€ns or unpaid courtjudgments filed against th. Subdivision Deleloper at the present lime? (tfyes,submit
details on separate sheet.)
fl Yes 8l l.lo Are rhere any lawsuits lilcd againsr ih. Subdivision Devclop€r which affect the titl. of the s'rMivided prop.ny? (lf ycs,
submit dctails on a separate sh.el.)
it16l Yes E No Do you undcrstand that .&h suMivision devcloper shall have a continuing duty lo disclose any lis penderN or lswsuit liled
against the subdivision dcv.lopcr wrrhin rhirty (10) days after its .eco.ding or scrvice of process?
E Yes D No Do you undcrst8nd that .ach suMivirion d.veloper shall hav. a cominuing duiy to disclose to the R€al Estatc Commission
any blanket encumbrancc on a subdivision rcgislcred in the Ofncc of the Colorado Real Estate Cornrnission wiihin hlny
(30) days aftcr its c..ation?
14. Type ofSubdivision being registered: Check appropriate box:
! Condominium convcrsions E| Trme-share (Fee) [ Raw Cround
E Cooperaive Housrng ProJect El Time-share (Use) [ Leasehold rime share
(a) Nirlnc of sudivision(s). The R6idcn..r.l Vail llountritr Lodec
(b) Addrcss (Location) of proj.ct:.152 Ersl Maadow Drive. vail Colomdo 8165?
Locarcd ln thc County of Sralc of Coloredo
(c) Number ofunits or lots:Srze offractional inleresls or lots: 52 aired w..kl
(d) Who holds legal title?
(c) List lhe name ofeach suMivision and thc rdentrfyrng number ofcich unit or lol bcing registeredr Residence No. l-E. w€tkt l-52
(0 The developer's interest is cvidenccd by .,/an (check one):
I \{ananry Deed
O Other (explain)
(q) Has or will each site. lot or unit bc sun'eved belore sate or leasel X Ycs No
lfNO, exphrn $hen firs willb. don. or hou the propcny \rrll be rdcntrfied for cuch purchaser
(h) Anrwer the followrng:
I Has a Dlat oflhis subdivision bccn rccord.d? X Yes No Rq9.# 719431 Drte Jrnuarv 3.2000
2. llas a plar ofrhis subdrvision be.n approved by the county or munrcipality in which it is located? X Yes _ No
3. lInol, whcn will !his be donc?
l5 The Subdrvision Developer musr sobmrr with lhis application, a copy ofde sales contracl and disclosure document that contains lhe written
disclosures required by Rule S.23, S-2.1and 12.61-106(l)C.RS The Commisslon has formulstRi aset ofguidelines to bc usrd as a ch.cklist
to help rn completrng rhrs applrcation lfyou do not havc a set ofgurdelines you can conllct lhe Cornrnission staffto obtain a copy, or
download a copy from our homeplgc Thc Commission phone number is 694-2 I66 o!r homepagc is at B!p1@!9I!.!!e!9 j!g4gMl:
I lnstaliment Land Conrract I Oprion to purchase
CO_DO, r f96498 vl
NOTICE
If the applicanr subdivision dcvcloper is thc owner ofor becomes ftc owner ofaddidonal rcal property, from which sales or leascs are
intended, a "Supplem€ntal Applicalion for Regisration as a Subdivision Developer" form musl be completed for each, ald wrrncn
notrce of approval from the Colorado Real Estate Conrmissrou rcceived before any salcs or leasc acrrvlry is conducred.
16. DOCUNTINTATION MUST BE SUPPLIED OF THE FOLLOW.INC: (lF NO1'SUPPLIED. APPLICATION WILL NOf BE
PROCESSED UNTIL COMPLETE.
(a) lf thc appiical1l is a corporate devclopcr, a copy of the Ccmficare of Aurhority to do business in drc State of Colorado ur u
Certificate ofllcorporation issued by the Secretary ofState for the Statc ofColorado must accompany the application.
(b) lfthe developcr ofa subdivision is a liinitcd parmership, proof of regrsuadun in accordance wrh stalc and local requircrrrents
and a copy of thc certificatc of limited parmership, or certificate of authorhy frled with the Colorado Secrerary of Srate shrll
accompany the application.
(c.) lilhc dcvclopc! is a limitetl liubilrty cu., proofofflli g Aniclcs ofOrganizatiou with the Colorad,r Sccrerary oiState or a copy
of rhe Cenifi care of Authority.
(dj Copics ot a recorded decd or othcr docuurints cvideociug thc dcvclopcr's title r.rr other iutercst in tbe supdivision Ar'D AN UP
TO D,A I't TITLE COMMITMENT, POLICY or repon abslract and oprnron, or other evrdence acceptable to the Commission
documenring the condition of such title or interest, If title is evidenced by a contract ro purchase o. optioo agreement, the
dcvcloper must file escrow documenls cscrowing salcs procacds until the devcloper obtains ritle and can dcliver l'rce arrd clear
title to rhe purchasc.s or other acceptable arrangcmenr
(c) Srnrplc copids ofcoutracts ofsale, notcs, dccds, thr disclosurcs requrrcd by Rulc S-23, and othcl lcgal documents ptcpared by
lhe developer or an atlomey represeDtrng the developer which are to be used to effectuate the sale or lease.
(l)lfth.rcisablallkctcncurribLattueuprrtllhclitlcol.thcsubdivisioIt,orattyt'ttltcrtrwttct'ship,lcasehold,oIc(nt[u.lua|ilte[cs|th!|
could dcfeat all possessory or ownership rights ofa purchaser, a copy ofthe ilslrumcnts creating such liens, encumbranccs, or
tnterests, with dates as to the recordrrrg, along wrth documelrtary evideoce tllat any be0et-iciary, nrortgagec or trustce ofa dgsd
of trust or any other holder ofsuch ownership, leasehold, or coltractual interest will release any lot or linre sharc from the blankct
encumbrance or, has subordinated lls lntcrest in thc subdivision to the irtcresl of any purchaser qr has gstablished any other
anaDgement acceptable to the real cstate corrunissiol] that protects lhe rights of the purchase!.
(gi ltccorded copies ofrccordcd covettants. recordcd Jccilraloui. by-laws, and articics ofincorporatiou ot'auy landou,uel or srurilul
association that has bccn fornrcd. The recordcd coplcs must bear rhe recording lnlbrmalion.
(h.1 ,+ subdivisiou dcvelopcr who rcccivcs cash or receivablcs liom a purchnser lor 0u uncourplcl.d plojcct, nrust suburit cupics r.rf
a|r escrow agrcemcnt, wllh an rndcpcndcnt cscrow agent, whereby all funds and reccivables received fronr purchasers are held
pending completion ofpromised amcnitles and improvem.nts or, the developer obtains a lcter ofcredit or boud payable to ao
tntiependcut escrow agenl or any other financial arraogement, the puryose of which is to ensure complelion of thc promised
acconu)odations, lmprovemcnts and f0cililies.
(l) Copics ol rccorded subdivision plat, lund survey or represcututional maps bcaring thc rccording intbmtalion.
l) Wllcrc rn Illstiillueul lal)d contraet is uscd, fte contract fllust pri-rvide for tax paytnctrts lu fie public rrusled pursuanl lo l8-15,126
c.R.s
I I)I:CLARE UNI]ER
S1ATEIVlEl\''fS N1ADE
PENAL] Y O1.' PEIUUI{Y I\ I'IIE SIC]OND RlE PURSUAN'i 'tO 18,8,503 C.R.S., THAl'lHE
TO THE BEST OF MY KNOWLEDCE.
lfunager of RB i\larragcr, LLC
as IMaoacer of VML^ L.L.C.
IN THIS APPLICAT'O' ":ryz
Rouald J. B\ rur
Prrr:t nrmr of Ar.rthorrzed person
ll ! cor pnrll)un, parlueLship or iuriitcd liubiljry co., rhc narurai pdrson siguirg orust bc uutiu.rrizerl uu
or |mited lrabilry co. to sign this documcnt.)
'flrc abor c appJicattlr has beel (approved)
FOR THE Ii.EAL ESTATE COMMISSION
uY
Tirle
beiralf of thc corporanon, pannclshp
(disapproved)
o
CO DOC . 12179 v 2
DATE
Thunday, Dcoember 06, 2ffi I
Ms. LydiaCruz
Director, Subdivision and Liccnring
Colorado Rcal Estatc C;ommisgion
t900 Grant Str€€t, SuitE 600
Dcnvc, Colorado E0203
Rc: Applicetion for Rcgis$ation as a Subdivirion Dwclr4rcr
Vl{I. t!C; Ttc Rcsidcncc at Vail Mormtain Indgc (thc '?tojcct')
Dcnr Ms. Cruz:
Thir lficr ruplcrncnts thc abovc application of VML, LLC with rcgarrd to thc
Projecl spcifically, pragnph 8 of the Apptication- I havc bctn rcceirtly rdvisod of an
urueeolved mrttcr rcgNrding my Colorado rcol €rtstc brokcr's licsr.tc that abould be diecloecd ac
part of paragnph 8 of thc Applic:rtim.
O! October 3, 199?, thc Colorado RcaI Estatc Coqrmisrion (thc'Cotnnission")
proposcd a stipulatcd rtsolutioo md orda of public ccnsure in conncction with Commission Ctsc
No. 970 0008. In this matter, Corylairunt alleged a nisr€prcaentation of lot line bormdnrics
during thc sale of propody in Vail, Colorado. My conpanic's ounql and tistod tho rcal p'topcrty
and I negotiatrd the ransactioa. Co4lainant had earlicr brought a civil suit in fcdcral court
Case No. 95-ZlE70, aUcging fraud and ncgligcat miereprtsentation oo sinilar facb. Tbe jury
fouod in favor of Corylainant onlv with-reeard to ncgligent misrctrcsmtion Foltoring 6c
dishict court dcisioo in Jenuary 1998, Cornplaimnt appcalod to tbc Tcnth Circuit Also
foll,owing thc distict court judgnenq nry otroscl bad fiutts discrxsions with the asdstant
Colorado Attorncy Gcru:ral assignod to thc Comni$ion Case. Thc possibility of r priwte lcttcr
of a&nooition was offcred by tlrc assisurt attorrcy gsncral, but I could lot r€spond b tbat offer
witbout prejudicing nry drfeasc to tbc 8ppeat No finthcr actioo has bm ta&cnr with regard to tLe
Cornrniceion's Crse, to ny howledge. The tcoth Cireuiq in Case Nos. 98-1122 and 9&l 134,
dcniod the appcal of tk Corylzinent.
I beliore thc Comnission's case should bc withdravo sod that no iDtcntional infraction of
C.RS.$12{1-l l3(a) tus occuned. Stilt fris zupplcmcntal informatirn ie provided to firlly
coruply with thc spiril not just tbc letu, of thc Comission'a reguletiorts. Eoclosed are copiot
of Commirsian's lottcr, datcd Octobcr 3,1997 , witb a draft StipulaLion and Finnl Agency Order,
""d a copy of ruy cunr:nt licmec ccrtiticatc in good snnding.
Ronald J.
Enclosr.rre s
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DOCUMENTS FILED IN CONNECTION WITH
THE APPLICATION FOR REGISTRATION AND CERTIFICATION
AS A SUBDIVISION DEVELOPER
FOR VML, L.L.C.
THE RESIDENCES AT VAIL MOUNTAIN LODGE
* Application (located in side pocket)
1. Guidelines [to be provided]
2. SubdivisionDeveloperDocuments
A. Cenificate of Cood Standing and Articles of Organization
3. Wananty Deed to VML, L.L.C., a Colorado limited liability company.
4. Commitment for Orvner's Policy Issued by Land Title Guarantee Company, dated
March 7,2001.
5. Exception documents lrom Schedule B-2 of the Title Commitment (all recorded in the
real property records in Eagle County, Colorado):
A. Riglrts of proprietor of a vein or lode to extract and remove his ore therefron.r
should the same be found to penetrate or intersect the premises as reserved in
Unitetl States patetrt recorded July 12, 1899, in Book 4E at Page 475.
B. Right of *'ay for ditches or canals constructed by the authority of the United
States as reserved in United State patent recorded July 12, 1899, in Book 48 at
page 475.
C. Restrictive covenants *,liich do not contain a forfeiture or rcverter clause, but
onritting any covcnant or restriction based on race, color, religion, sex, handicap,
fanrilial status or national origin unless and only to the extent that said covenant
(a) is exempt under chapter 42, section 3607 of discriminate against handicap
persons, as contained in instrunrent recorded August 10, 1962, in Book 174 at
Page 179.
D. Utility easemelrts as granted to Holy Cross Electric Association, lnc., recorded
July 19, 1971 in Book 257 at Page 587 and Book 257 at Page 588 and July 19,
1978 in Book 272 at Page 441.
E. Easement and nght of way for Gore Creek as it affects property as sirown on the
recorded plat of Vail Village, first filing.
6. Consumer Documents
A. Reservation Agreement
B. Disclosure Statement
CO DOCS A#82174 v4
C. Purchase and Sale Agreement
D. Agreement for Escrow and Closing Services
E. Special Wananty Deed
7. Project Documents
A. Current Amended and Restated Deciaration
l. First Amendment to Amended and Restated Declaration
B. Current Subdivision Plat [Project supplement to be provided]
8. Owners Association Documents
A. Ceftificate of Good Standing and current Articles of Incorporation
l. Aticles of Amendment to Articles of Incorporation
B. Current Bvlaws
l. Amendment to Bylaws
C. Association Budget [to be provided]
D. Rules, Regulations and Reservation Procedures
9. Evidence ofpayment of2000 taxes [to be provided]
10. Modification to Deed of Trust held by WestStar Bank providing lor partial releases [to be
providedl
CO DOCS A tt82174 y4
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TO BE PROVIDED
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STATE RADO
CERTIFICA]3,
I, DOITETTA DAVIDSON, SECRETA.RY OF STATE OF THE STATE OF
COLORADO HEREBY CERTIFY THAT
ACCORDTNG TO THE RECORDS OF THIS OFFICB
wtL, L.L.C.
(COLORADO LIMITED LIABTLITY CODTPANY)
FILE # J-9991227785 wAS FILED rN THI,9 OFFICE ON Decernber O6, 7999
AND HAS COMPLIED WITH THE APPLICABLE PROYTSTONS OF THE
LAUTS OF THE STATE OF COLORADO AND OIV ?HTS DATE IS TN GOOD
STAIiTDINC AND AWHORIZED AND COMPETEIiTT TO ?RAN.9EC? BUSTNESS
OR TO CONDUCT T?S AFFATRS WITHIN THIS STATE.
Dated: March 02, 2001
ffi
*\'u$ (4 ) AS/*
DEPARTMENT OF
t2ll7ll999 16:49 4799467 ROSSDAVIS PAGE O3
1ivt1227183 11I 50.m
SECRETARY OF STAIE
1t-06-199? 13:09:tF
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The undersiped, a natural person of at least l8 years of age, as organizer, bereby forms a
limircd liability compauy by viruJof the Colorado Limitcd Liabiiity Company Act, and adopr the
fotlowing Articles of Organization for such limited liabilig company'
ARTiCLES OF ORGAI'IIZATION
OF
VIUL, L.L.C.
ARTICLE I
Name
The name of thc lirnited liability company is VML, L.L.C.
tf
ART]CLEII
Principal Place of Business
The initiat and principal place of business of the limited liability compauy is:
285 Bridge Street
Vail, Colorado E1657
ARTICLE IN
Registered Asenl
The registered agent of this limited liability company in this state is Ronald J. Byme. Thc
business address ofthe registered agent is 285 Bridge Street" Colorado 81657.
ARTICLETV
Mmaeef,s
The management of the limited liability cornpany shall be vested in its mernbers, The names and
business addresses of the initial nember who is to serve as manager until the lirst arurual m?etiag of the
members or until his successors are elecled and qualificd are as follows:
Ronald J. Byme
285 Bridge Steet
Vail, Colondo 81657lr/
'DEC 1? '99 l?:53 4?946?PAGE.A3
| ..."'::'"'"
16:4e 4794487 ROS€DAVIS PAGE A4
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ARTICLEV
Members
TheremaybetwoolmoremcrnbersofthjslimitedliabilitycomPutyuponformation.
IN WITI{ESS WHEREOF, I have signed these futicles of this 30th day of
Novembcr, 1999, and I achrowledge the same to be my nrre act
Ronald J. B
STATEOFCOLoRADO )
) ss.
CoIJNTYOFEAGLE )
The foregoing Articles of organizatios were signed aad swom to byRonald J..Byme'-as
Orgurizer, who iffinied, under peaalf of perjury, that the facrs stated herein are utre' on this 30th day
ofNovemba, 1999.
Wihess my hand aod official seal.
Mycommission expires "", blfubil)
I
I DEC 1? '99 1?:53 4?%46?PEGE.04
]2lL7lL999 16:49 RI]SSDAVIS PAGE 85
The undersigned consents to his appointnent as the of VIvtL,L.L.C.
Ronald Jl
STATI OF COLOR.A.DO
COUNTYOFEAGLE
1, ftlfl ntfbUKUf/, anotary public, hereby certify that Ronald J. Byme personally appeared
before rne, Sho being by me fust duly sworn, declared lbat he is the pirson whO signed the foregoing
docurnent as registcred agent, and that the statemmts containcd therein are tnre.
ln witress whereo{, I have haeunto set my hand and
My commission orpires ", ftlzbffu
4790467t.:
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30ft &y of November, 1999.
DEC 1? '99 1?:53 479U6?PFGE. 05
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WARRANTY DEED I cl 2l lC,C0 D e .0O ll C.G0 Ettr Q0
|Lililililililil I ilLilril llllllllll llil ilt |I|l
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|Ao& ht|lddrrtt lr 285 Bridge Street, Vall ' C0 81657
ef$c reld Couttt ot Eagl e rd $ta ot COI OrrdO 'l Il':
t'vtTNEsSETfl, Th|l l|i3 tnnrot fot rd b cooddc loo of |h' ruo ot f'r dclttrt rld oth't good od
vrlurblr ooarldrrrtloa DOll,J\8s. tGttf IF rnd rofrclca.? ot t|ib L
rrld c'ultt oa ngLl |Dd S||& of Colo.do dc.cdbd |t lollo?|:
vr I I fin&diro( Cl ub' condoml nl uns 'ii.ipltng Condonlnlun Unlts A..and^B'
;;;;;;i;; ;;";;;'donJonrtntu' r4ae thereor^:::"::1;;;;-ii!'.;-piii iz6-is Receptlbn to:.?9e9??:-111BOoF393 tt Pagc JZo d5 rEqtPr rt'rr rrr"ili iri 6ia- i n i6e. conaont n i un' oecl aratl 9l-::9o19.1'lslii'i9i-.t"pise szg !s RecePtlon llo' 28962{'Ailo
,-;i "16.9 ON eyitBt '4" A?"ACl{so Heedro..flffi;;;ilfti'i#'-'ii rse t. xirbor Dnr'et, vlrt.' co t155?
lhc lbrltotrt lmru|tlot r.r rlmrl.dtld bctorr n |bb z?nd - drt ol Dec$ber' 1999
i' iftir'tis u. Roush, President of M'B'vl^corp:; Gen'rsl Pertner bf
" iwr rgei veli iirrtea PartnarehlP, a colorado LtElted Partnerehlp
ANiI CHUSIO
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ol rb iu cooro ot tlotl rd Sue ol cot.ollto . ir|,|c. rd
V].lL, L.L,C,, a Colorado Lin'ited Lllbt'ltty company
1999 , tdl!.r
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ervcr of dr jnuor, :tia h lu or apity' ot, lo Jrt |o E rbovc hr|rlncd lnnrba' 116 thc hcltdl|rtDdt rnd lDtorg rctl
To nAyE lt{D To HOLII l|! rru pcoL $ovr b|]|rl d |nd dcrcrscd, r|th Ur. |eFn orac..'|n|o lt|c tndla. lh h'k| rd
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ot tl|. t'rnrc!, hb hch rrd |||ltn|, rtrtnd rll rt|d Grlrt Ftroo or Frd|t btnrllt clthfitl.Y. .a:'T-]ll" tt€sloL IL' dof{ht
n'arbci $11 Inclu,tc rhr Dtlnl, lh. plut|t ||r! rhtulrr, rnd tp utc ol.!t tsdlt dutl brPPll6bl. !o rll lca&n'
lN WITNESS WflEnEOlr lh. tdntot h|r cl.cud dth dc'd o'r |hG dr& td tonb $ow'
lnnu, brrjrlnr. rr14, llcnr. utci, r$ct!D.ntt-. :I1ul*-l:'::.!]f-5j*Ir-"J.*:l!*H-1g|jgtocrcr'Grc'Fffiiliixilritd*ittglulc&rrxrxiTlrrbxltiss(nt,txeryutqxruurryryffil'ffi,'"""'.-.?ji*Tii,-;;;;t1o"";J irgtt" or vav, all or tecord' end taxes
for th€ y€ar 1999, not yet a llen due anil Payablc:
.tr! 1r!? vrtL Lrt|rttD PlntNBRSBrt. I
coranADo t txtllD DlRrtfilnaal D
By:e6?h, lts Gener.l P!rtncr
.)t:
rtronrrs r, Ro ush | (' Ltt \\ t^,(
st{. ot New York )
, rr.
c!.!.r ot l{etr York I
TTe'',Oa OVU|n@lrf2tlC.&D
nhx..ttotaflt4l lt'illb
;t'.408 WARRAvfY Frcn G'nnErltrt lYlfltt|twl
Commr$ron ExolrGs Oclobc, 3l'
b EI|IiIBIT A
and as anendqd by the Arnended and Restated Condoulniuu
January 3; 2000 at Receprl.on No. 719434 and as aueniled
and Restated Condoulnlum Declaratlon recorded January
No.719433.
Map recorded
by the Amendeil
3, 2000 at Receptlon
OI/O4/2OOO 03:t1pof 2 R IO.OOD 8OO.OO tl
f32 Srrr Ftrhr
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r lllilt filil ililtlt il llmlil ill ]ililt ilt ililt il] iltl720461 Ol/18/200O 0tt23P 432 Srr.e Ftrhr2 ol 2 R 10.00 D 0.00 N 0.00 Errtr C0
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Land Title Guarantee Company
Date 03-23-2lXll
To:
BALI,ARD SPAIIR AIYDREWS & TNGERSOLL
Attn: CHRISTOPHER PAYNE (SELLER'S ATTY
rt\s t?Ttt sT srE 2300
DENVER.CO 80202
RE: Ynlns
[and Title Guarantee Company
CUSTOMEB DISTRIBUTIOil
Date 03-23-2001
Property Address:
VAILCLIJB CONDOS
RON BYRNE & ASSOCIATES
2E5 BRIDGE STREET
PERSONAL AND CONFIDENTIAL
VAIL, CO 81657
Ann: DONNA
Phone: 970-4?6-1987
F*: 97A4764747
Sent Via US Posal Service
I^AND TITLE GUARANTEE COMPANY
:- rJ030 BENCHMARK RD. #216, PO BOX 3480
r,VON. CO 81620
Kathryn shinr
970-949-5099
970-9494E92
BALI.ARD SPA]IR ANDREWS & INGERSOLL
1225 ITTH ST STE 2300
DEiWER, CO 60202
Attn: CHRISTOPHER PAYNE (SELLER.S ATTY)
Ptone: 303-2D-7345
Fax: T3-296-3956
Sent Via US Postal Scrvice
OurOrderNumber: Vzl0ns
JAY K. PETERSON
108 S. FRONTAGE RD. #305
VAIL. CO 8t657
Ann; (SELLER'S ATTY)
Phonc: 970476{092
Sent Via Couricftr+
BAILEY AND PETERSON
1660 LINCOLN ST #3175
DEIWER, CO E0264
Ann: JIM BAILEY
Phonc: 303-837-1660
Sent Via Unilcd Parccl Service
Forrn 0ELNERY
Land Title Guarantee Gompany
Y0uB c0tuTAcTs
Datez Q3-232OOI
hoperty Address:
VAIL CLIJB CONDOS
Buyer/Borrower:
TO BE DETERMINED
For Closing Assistance:
Kathryn Shinn
OO3O BENCHMARK RD. #216, PO BOX 3480
AVON, CO 81620
Phone: 970-949-5099
Fax: 970-9494892
EMail: kshinn@ltgc.com
Our Order Number: VTOY11
For Title Assistance:
Vail Tide Dept.
Roger Avila
IO8 S. FRONTAGE RD. W. #203
P.o. BOX 357
VAIL, CO 81657
Phone: 9'10476-2251
Fax: 9?04764534
EMail: ravila@ltgc.com
Seller/Omer:
VML. L.L.C.. A COLORADO LIMITED LIABILITY COMPANY
If you have any inquiries or require further assistance, please contact one of the numbers belorr':
ESTIMATE OF TITI-E FEES
Alta Owners Policy 10-17-92
Deletion of Sandard Exception(s) l-4 (Owner)
TBD
TBD
TOTAL s0.00
Fun C0l'ITACT THANK YOU FOR YOIJR OR.DER!
Chicago Title Insurance ComPanY
ALTA COMMITMENT
Schedule A
Our Order No. V270975
Cust' Ref.:
Property Addres:
VAIL CLTJB CONDOS
1. Effective Date:February 23,20Q1at 5:00 P.M.
2. Policy to be Issued, and Proposed lrsured:
"ALTA" Owner's PolicY 10-17-92
Proposed lnsured:
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:
VML. L.L.C., A COLORADO LIMITED LIABILITY COMPANY
5. The land referred to in this Commitment is described as follows:
THE VAIL CLUB CONDOMINIUMS EXCETTING CONDOMINIUM UNITS A AND B ACCORDING TO THE
AMENDED AND RESTATED CONDOMINIUM MAP THEREOF RECORDED JANUARY 3,2OOO AT
RECEPTION NO. 719434 AND AS DEFINED AND DESCRIBED IN THE AMENDED AND RESTATED
CONDOMINIUM DECLARATION THEREOF RECORDED JANUARY 3, 2OOO AY RECEPTION NO'
719433, COUNTY OF EAGLE, STATE OF COLORADO.
ALTA COMMITMENT
ScheduleB-Sectionl
(Requirements)Our Order No. V270975
The foltowing are the requirernents to be complied with:
Item (a) payment to or for the account of the grantors or mongagors of the full consideration for the estate or
interest to be ilsured.
Item (b) proper instrumen(s) crearing the estare 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
and payable.
Item (d) Additional requirements, if any disclosed below:
assessed against the subject premises which are due
EVIDENCE SATISFACTORY TO THE COMPANY THAT THE TERMS, CONDITIONS AND
PROVISIONS OF THE TOWN OF VAIL TRANSFER TAX HAVE BEEN SATISFIED.
RELEASE OF DEED OF TRUST DATED AUGUST 03, 2OOO FROM TO BE DETERMINED TO THE
PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF WESTSTAR BANK TO SECURE THE
SUM OF $5OO,OOO.OO RECORDED AUGUST 08, 2OOO, UNDER RECEPTION NO. 736256.
MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED
AUGUST 28, 2OOO UNDER RECEPTION NO. 737670.
RELEASE OF DEED OF TRUST DATED SEPTEMBER I9, 2OOO FROM VML' L.L.C.' A
COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY
FOR THE USE OF WESTSTAR BANK TO SECURE THE SUM OF $5,O5O,OOO.OO RECORDED
SEPTEMBER29, 2OOO, UNDER RECEPTION NO. 740545.
DISBURSER'S NOTICE IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED .
SEITTEMBER 29, 2OOO, UNDER RECEPTION NO. 740546.
RELEASE OF FINANCING STATEMENT WITH WESTSTAR BANK, THE SECURED PARTY'
RECORDED SEPTEMBER 29,20Cf, UNDER RECEPIION NO' 7i10547.
WARRANTY DEED FROM VML, L.L.C., A COLORADO LIMITED LIABILITY COMPANY TO TO
BE DETERMINED CONVEYING SUBJECT PROPERTY.
NOTE: ARTICLES OF ORGANIZATION FOR VML, L.L.C., A COLORADO LIMITED
LIABILITY COMPANY DISCLOSE(S) RONALD J. BYRNE AS THE MANAGER(S).
3.
4-
ALTA COMMITMENT
ScheduleB-Sectionl
(Requirements)Our Order No. V270975
Continuedr
NOTE: THIS PROPERTY MAY BE SUBJECT TO AN ASSESSMENT BY THE VAIL CLUB
HOMEOWNERS ASSOCIATION. PLEASE CONTACT THE ASSOCIATION TO ENSURE THAT THE
ASSESSMENTS ARE CURRENT.
NOTE: UPON NOTIFICATION OF THE BUYER ENTITY, ADDITIONAL REQUIREMENTS AND
EXCEPTIONS MAY BE NECESSARY.
NOTE: DELETION/MODIFICATION OF GENERAL EXCEPTIONS ARE FOR THE OWNERS
POLICY.
NOTE: ITEMS I.3 OF THE GENERAL EXCEPTIONS ARE HEREBY DELETED.
UPON THE APPROVAL OF THE COMPANY AND THE RECEITT OF A NOTARIZED FINAL LIEN
AFFIDAVIT, ITEM NO. 4 OF THE GENERAL EXCEPTIONS WILL BE AMENDED AS
FOLLOWS:
ITEM NO. 4 OF THE GENERAL EXCE}TilONS IS DELETED AS TO ANY LIENS OR FLNURE
LIENS RESULTING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF VML,
L.L.C., A COLORADO LIMITED LIABILITY COMPANY.
CHICAGO TITLE INSURANCE COMPANY SHALL HAVE NO LIABILITY FOR ANY LIENS
ARISING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF TO BE
DETERMINED.
NOTE: ITEM 5 OF THE CENERAL EXCEPTIONS WILL BE DELETED IF LAND TITLE
RECORDS THE DOCUMENTS REQUIRED UNDER SCHEDULE B-I.
NOTE: UPON PROOF OF PAYMENT OF ALL TAXES, ITEM 6 WILL BE AMENDED TO RE,AD:
TAXES AND ASSESSMENTS FOR THE YEAR 2OOO AND SUBSEQUENT YEARS.
ITEM 7 UNDER SCHEDULE 8.2 WILL BE DELETED UPON PROOF THAT THE WATER AND
SEWER CHARGES ARE PAID UP TO DATE.
ALTA COMMITMENT
Schedule B - Section 2
@xceptions)Our OrderNo. Vn0ns
The policy or policies to be issued will contain exceptioru to the following unless the same are disposed
of to the satisfaction of the Company:
l. Rights 61 gteim5 of panies in possession not showtr by the public records.
2. Easements, sl slaims of easements, not shown by the public records'
3. Discrepancies, conflicts in boundary lines, shonage in area, encroachments, and any facrs which a correct survey and
inspection of the premises would disclose and which are not shown by tbe public records.
4. Any lien, or right to a lien, for services, labor or material theretofore or hereafter fumished, imposed by law and
trot shown bY the Public records.
5. Defects, liens, encumbrances, adverse claims or other matters, ifany, created, first appearing in the public records or
attaching subsequent to the effective date hereofbut prior to the date the proposed insured acquires of record for
value the estate or interest or mongage thereon covered by this Commimnent.
6. Taxes or special assessments which are not shown as existing liens by the public records'
' . Liens for unpaid water and sewer charges, if any.
In addition, the owner's policy will be subject ro the mongage, if :rny, noted in Section I of Schedule B hereof.
RIGT{T 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 JULY 12, 1899, IN BOOK 48 AT
PAGE 475.
IO. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE
UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED JULY 12, 1899,
IN BOOK 48 AT PAGE 475.
1I. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE,
BUT OMITT]NG ANY COVENANT OR RESTR]CTION BASED ON RACE, COLOR, RELIGION'
SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN UNLESS AND ONLY TO THE
EXTENT THAT SAID COVENANT (A) IS EXEMPI UNDER CHAPTER 42, SECTION 3607 OF
THE UNITED STATES CODE OR (B) RELATES TO HANDICAP BUT DOES NOT
DISCRIMINATE AGAINST HANDICAP PERSONS, AS CONTAINED IN INSTRUMENT RECORDED
AUGUST IO, 1962,IN BOOK 174 AT PAGE I79.
UTILITY EASEMENTS AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION, INC.
RECORDED JULY 19, 1977 IN BOOK 257 AT PAGE 587 AND BOOK 257 AT PAGE 588
AND JULY 19. I97E IN BOOK 272 AT PACE 441.
t2.
ALTA COMMITMENT
ScheduleB-Section2
(Erceptions)Our OrilerNo. VnWs
The policy or policies to be issued will contain exceptiors to the following unless the same are disposed
of to the satisfaction of the Companyr
13. UTILITY EASEMENTS AS SHOWN ON T1IE AMENDED AND RESTATED CONDOMINIUM MAP
RECORDED JANUARY 3, 2OOO, RECEPTION NO. 719434.
14. ENCROACHMENT OF B1JILDING ONTO EAST MEADOW DRIVE AS SHOWN ON TIIE.AMENDED AND
RESTATED CONDOMINIUM MAP RECORDED JANUARY 3, 2OOO, RECEPTION NO. 719434.
(LTCENSE AGREEMENT rN CONNECTTON WTrH SAID ENCROACHMENT RECORDED AUGUST 24'
1984 IN BOOK 393 AT PAGE 327.)
EASEMENT AND RIGHT OF WAY FOR GORE CREEK AS IT AFFECTS PROPERTY AS SHOWN ON
THE RECORDED PLAT OF VAIL VILLAGE, FIRST FILING.
ENCROACHMENT OF BUILDING ONTO TITILITY EASEMENT AS SHOWN ON AMENDED AND
RESTATED CONDOMINIUM MAP RECORDED JANUARY 3, 2OOO, RECEPTION NO. 719434.
THOSE PROVISIONS, COVENANTS AND CONDITIONS, EASEMENTS, AND RESTRICTIONS'
WHICH ARE A BURDEN TO THE CONDOMINIUM UNTT DESCRIBED IN SCHEDULE A' AS
CONTAINED IN INSTRUMENT RECORDED JANUARY 03, 2OOO, UNDER RECEPTION NO.
719433.
15.
LAND TITLE GUARANTEE COMPANY
DISCLOSTJRE STATEMENT
Required by C.R.S. f0-11'122
A) The subject real propeny may be located in a special taxing district-
B) A Cenificare of Taxes Due lisdng each taxing jurisdiction may be obnined from the Coumy
Treasurer's authorized agent.
C) The infonnation regarding special districs and the bouudaries of zuch districn may
be obtained from the Board of County Commissioners, the County Clerk and Recorder, or
the County Assessor.
Effective September | , 199'l , CRS 30- 10406 requires that all documents received for recording or filing in the
clerk and recorder's offrce shall contain a top margin of at least one inch and a left, right and botom margin of
at lease one half of an inch. The clerk and recorder may refuse to record or file any document that does not
conform, except that, the requiremeot 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 docume .
Note: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Anicle 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 traruction which was closed". Provided that l:nd Tide Guarantee
Company conducts the closing of the insured traLsactiotr and is responsible for recording the
legal documens from the transaction, exception number 5 will not appear on the Owner's Title
Policy and the I-enders Policy when issued.
Note: Affinnative 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 commiureni 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 purposx of
consrruction on the land described in Schedule A of this Commitrnent within the past 6 months.
C. The Company musr 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 undenaken on the property to
be purchased wirhin six months prior to the Date of the Commignent, the requirements to obtaitr
coverage for unrecorded liens will include: disclosure of certain construction information;
finarrcial information as to the seller, rhe builder and or the contractor; payrnent of the
appropriate premium fully executed Indemnity Agreemens 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.
Nothing herein contained will be deemerl to obligate the company to provide any of the
coverages referred to herein unless the above conditions are fully satisfied.
Form DlscLosuRE
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THE. ITNITEX STATES OF' AIIEBICA.
tt rU lo th.o tb... lr.|oL llrll c.E.t ClEfttttel
dcpqttd tn O;l.ozt Lorrd Ofri. of lh.
Onikd tultt o Ocrt;4la ol tha tu$tb of Lb Latd' Ofia It .--_--ulur&y
t! aw&. ttmt, pur/|aanl ao in .4d of &r{.ctt epproctd la.i Xov, 186t, "To SECVfuE ZOf,tEstE 4DS t(,
Homcgtcad ce*l6cate. N o. -43-fu -)
AppLfcATroN . .fu-&.-{--:-_ | fihu ca$' r^.n t4''
wtd,i'rrt co &a olfitiol PW ol ttu Svrvoy of ti. taiat raDd, rtund b tht ocn.o.o,l Lond olb by thc
&utcyu exaal:
.// .88 Fzlf t:, ryh1gr tt, Jbrdort, gtontd, by ri. IINITtD STATIOS u|,,o tht u.id,ele4-! u.s-ca*_4-Eqx"1ry:--{urs*td--.-.l . .x,cr of t",.d, ob@. itra,n,tu,,a:
^-.,-.--t'-,, ... (1 -_'- ,y't' . ?To H*allrnd12 W)a n" toL u& o1 Lod, vith ti.o appu ,ll>wt lturtof,. r, ,h, "dd!:/y'.A.--*_d:__6/**(*;-f*97*{r'or-dttao...<z(*-.r.dtn-:d"l--*,,"*"-i*;;7*;
lo. d'ad a'ad' tcmoua hb on tlvrclrom, .hould, tic o(,,}'.o be fouul ,g p.nca|elt,or iratr.toc! ,La pc'',isct ;
lvr&y granttl'ar prou td by hto. tZ,t .//:,,.. ":-.- - -^ rr ;/,--;fi./-.(.. -/.-r/" o,-*4-*-.,'uLfif. tl2r.,/#,*^-d-42.-./,.e,rca*J./e-,.|r,"f,/-y'y'tLr.o,.2..tt^:A-/t4--4";&/f.-la'if / i/ r! ri.frEoDy vhrroog l,-.*_.2.'.(n.,,d*-_.-7.t-1fr.k=(_4.....1._.. . .famfD0illilltt!il1$r{m, i
lwvc ot,ttxl tl* c wlart lo bc mad. parsnlt a)d tha s.al of &o auutat tand ofr4t b b htrcunlo afiLrcd..
Glr.A unt r :l{ t.r d, ot ttt (tty of vortindon, tha-:.6ttu $Va*i2 d.
aay of-tf-J:(--st @Z---- , t r ,tu yer of our lard on thous.}'ral .igttl
hurulrql sad.-?lixa,G.*.i_*<--..., orrit ol ttp rnd.p.n4.r.ca d thc llnitcttr
&,atet lht ono t rira n " r...d-d,l.f ,
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'b ibtc't+t attd tctctvoitt usad' ii'' qnnzdiatt uilh uutt uorar ritat, u moy bc ra4ottriu, aad, aclaaouletlla, ;,1,
by lhe local eutomq lewt ond duhioat or h..F t, a,nd, ata nrld kt ,h. rr€ht of rh. proprttro, s o oorn or lodc ,
BT TEE P8E8II'E,TTT:
ncari.d, rd.....-.(..-....-.... rag' -A,Lf-:-.-.naaod.r
.t li. Oaaral hul Ofice ,
D, 1 6'/ /, aL 3l:. o" d4L e.. u,.tthd lcr ntad tt4----.--/2*,..--a"i "t
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ll qp..t t',.l, p,nr-,nl U ia ta ol hrQns anme OUi fq, 186t, -tO EEeVnt f,OttAS"&tDg m
tqIAlL SEffLEnS ltI "EA
PODI'IC DONIIJ|- otrd ,]u dt wp*notbJ uutth, tL. .J4irt ofJ.%.&;./ tt . af /;,
o|al &.ly cotrt,..rrtnnld. t .,lnfonnltlt
/^d"X;/ii>*/.
@rdtDt to tltl Ofn i4l PI4r ol ,lu Survay ol rht rciit land', nh,lrr.ld, b tb ecwn! tar.d Ofu bU th.
&.t-aay* gwal:
'b iaht"t d rcrtruoitt ued rn pnnqlion urth noi 'oale rtthtt, at moy bt "@tnitd, aa4 a^noutdla, til
by th'e bal attbms, la.ut ond d*hbu of 6u t, orrd a,Jro ..a4l.,,t b ,i. "t€M of lho propri&t ol o vdn or lda i
Hoocrtced ccttt6r:lac.No.-& FA-) :
ApplrctTtoN ,-&_&-_t_:*_l Plnrua$, r?rrro h.t'Ht @otud t\:t. gu,rrltrt rand ofiie of u* .
vdad &4t4t a o.rti@ ol tb n lrtla, ol tt6 Lend, otrta a -flf+*-4e=1"*e.*:' . .---rt*rdy
Gtv..z utttlat H- h.a;r.r, af h.cjry ol Veinzgon,
bV oLL7J4Et4-,2-._ , J, tb yaa, of .
fuooxl&,
D. tE//,a-E-:r,a*F.t.
THE. UNITED STATES OI' A[IEBIC^A..
'lro.[ l. ttE tt... ll. .tL rlrtl coaq CaaftMgl
ctov d-crJ-:h-1 .-._,Jrl tb ya. qoar rand onc nLia agrl
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qd,Jlixa6*.-t .ris,-_._, a,rd of ,lu rubgot&na d tic uattott
&4t.t ,h. ot t nnia.o.a4-4:/;';
Ao dd otrld rcmooe ib oto tlt*cftom,.hg.U ,fu tonc bc fovul tg p.rpbeh1r lrlrancl t|rc pr.rrLisct ";
b&y.1ro*dru jomattt:a by t rw. 2.2 ./{),,. )-.u.u -,.,: .t ;{,*-.tf ./-,r. /..r/",.,-,"
2r-,f fr-,^.{--d.Z-1/*- zrB<*Juc>tu (i," F.t- /r-tLr. n!,. Z{^:G,.//A -fi,;.r:*'JL"7';;-i6il;ii-vi.'!.!, t - -.2.,i.a-i, ^!-2.{r*fjJ.--.-.-...hdtrl,g ,ffi'{r#j
lmot ausl tlusc htlan h bc ms'da pet,,.t'' ond rh. ful of tL. ouvnt rand orto. ,o b br.url.b oflrvd,,
Itlld lu *""* Uo** ./2 4:---doy ol1
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t-HOLY CROSS ELECTRIC ASSOCIATIOII' ilIC.
UilDEMR()UTID RIOIT.OF.IIAY EASEI{EIIT
T0 HAVE Al{D T0 H0LD sald rlght-of-way
and privlleges appertalnlng thereto,
til UIIilESS IIHERE0F, Grantor has caused ihese presents to
, 1977.of
SIATE 0F Colorado )---) ss '
COUiln Or Eaqle )
The forcaoing instrument was acknowl edged before me this 1.,]!! day of
by FITZIIUG+I SCoTT-
Hi,': :n g' ll"!,lll."3' f"l'ilfl1,;l'l'*'* ;*
[Vall Athletic Club Rel ocati on : Jobf77-71 32 : consf52-53- z7112177)
2of ra
xilof hL l,lEt{ BY IflEsE PREsEtll'fs, that the underslged'' FITI|UGII SCOTT
{trerbtnafter called xGrantor"). for t good and valuable consideration' the recel pt whereof
is hereby acknorledsed, lffil 6:;bi qli;t-ult; tlq.Y cR6ss ELESTRIS AssgclAT1grl' ltlC.' a
cooperatlve Borporarron *rriia'piiioifice aaoresi-is eienwood Springs, colorado {herelnafter
calied rGranteen)r and to"iii iuci"ssott lnd assigns, the-rlght of ingrress and egress tctlss
iinas of Grantor, siturtl it-utJc",tiy-oi gagte,'stite of c6lorado' described as follors:
A oorcel of land in Tract !, Vail Yillage,.Flrst Flllng'.Toy of-lallr as nore
?riii'iiriir6.o-in siii-ili'ui-iiei.iz-in'ttre Easle cointy courthouse, Eaele'
Col orado.
And. to construct, -reconstruct' repair, change: enlarge' rc-phase' 'oPerate' and naintaln an
rmder-oround electric.t"onitiiiion fr aistriUution tini'-or both, rith the underground vaults'
conduit, ftxtures rno "quii*ii;a ;;-;;.".ui". in conriectlon ther6{lth, together rith
associated equiporent ..qriiii"ilitu-ground ,
-t{i til i n ttte above mentioned lands' upon an easement
describsd as fol I ors:
An easemnt twenty (20) fset-in width, the centerline for which beglns on the
SJrir,iiiy-ii;.-oitiii'piii"t .t "-point fron which the southwest corner of
Iiii"piiiur bea!"s N 45oi3'53n l't' a-distance of l3'56 feet;
il;.:-i-o2"ie;oo" e,'.'irii"nli or-ioi.cr riet, more or less, to the point
i'iij"ol'tig-on the tloriherly 'line of said parcel'
Tooether with the right to nelmve any and all tr€es, brush, vegetatlon and obstructions il'lthln
said strlp of land wrren iucir-ii'ieis6naUly necesii"i for tlie iiplernentation and use of the
rtohts heretnaborc grantii:" l.it;-iil-ii-ercii" bv -Grantee of anv of its riohts heveunder'
Grintee shall pFompgy rilio#'iii iliirili 6r thl'gi;i-io-itJ iotmr conditlon, as nearlv
as is practicabie, and shall pronrptly rcplace ani ina-iit treesr brush, and vegetation renoved
or danriged bY Grantee.
Grantor agrees that all-facilltles lnstalled by Grantee on the above described lands shall
;il;;'t[E'prop""ty "f c;;;;;;;';"a'-irriii'uJ rimovable at the opti'rn of Grantee.
Grantor covenants that he is the osner of the above described lar'ds and that the said lands
are frre and clear ot .nit'l"iniei inO iient of whitsoever character except those held by
the fol lori ng:
lnd easement. together with all. and.slngular the rights
di; c;il4;a;'its-successors and assigns' forever'
be dulY executed on this l3tbaY
ls8[7
fiEftffih.
I
HOIY CRoss EtEtTRtC NsoctATtil, rr{c.
UI{OERGROIJND RIGHT.OF.IAY EASEI.IEI{T
Sl0X AtL llEN 8Y TIIESE PRESET{TS, that:the undersfgned,
SC0TT-ltARTllt C0RpOMTtOil, I Col orado corporation
!
;'!'? istt
the above described lands shallthe option of Grantee.
(hereintfter called xGrantor"), for a good and val uabl e-cons I derati on, the recelpt r'ereofls lrcreby acknowledsed, does hereby srint unto nOti Cnosi-iiiCiiii'aiiOiiATr0N, lNC., acooperattve corporation whose post office aadreil-rs-di"i*6ii-ii'ii"'g'i,-c"roiiJj iiiiiiiiarte.called 'Grantee"), and to lts successors anal-stgns, the_righi'ot iniress and egress acrosslands of Grantor' situate in the county of Eagle,-stiti or ciiirioo,"i.it.ru"a as follows:
A parcel of land ln.Tract B_, vail villrge, Frrst Flilng, Torrn of vail,as more fuilv described in Book 255 at Faie ze6-rn iht'iagil"cJr.iyCourthouse, Eagle, Col orado-
An easemnt. trenty (20) feet-in.ridth, the centerline for which beqins on thesouthertv line of said oarcel at a point iro, *triir,'ii,;-N";;ilr;'iolnel o; sui,rparcet bears H 77"s?'54n x, a aisiafiie"or'idli6"t""t. .o.. or iiirl"'''thence ll 02"18'.00u E,-a glsllnce oI l.?t feet,-more dr ieis-tc'iie'point ofending on the l{ortherly boundary ot saiC piriit.
And, to construct, *.onllly!!l repafl, change, enlarge, r€_phase, operate, and maintaln anunderground electrlc transmission or distrlb;tion lini-'n,. rl,ti ,i;ii-ii-undersround er ectrrc transmi ss ion ;r disrrrb;aion i ini,'or-o6til-iii[-iiionJi,it'-iixir"ji "ia-"iurp*nt-lirii ii-r.iilii"r" connection rhaFe,i+h ".::::n:o:il.vaults,rssocraEeo equr pment requ I red
easement descrlbed as fol I ors:
useable tn connection therewith, togeif,Er-iiirrassociated equipnrent "qqyif! above sround, *iahi; ii;"il;; d;i;;il"i.ffi:'fi;""i;
Together.wi th the.right to remove a4y and all trees, brush., vegctatlon and
'bstructions
ylthfnsald StrlD of land when such is ree<inrhlv ...;;..-., .^-.'L^ .!--.r^---^-^!-. .
wlth the.right to remove any and all trees, brush, vegctatlon and gbstructions yl
l-?i.kli:!:1.::.h i:^I:a:plalry necessai;i i;;-aie i;pG;;;,;i;n-;il'use of therishts heretnabove sranred. Arter trre exirciie-oy'triibi"ir']i.iiff"il;';idi; ilffid;l:Grantee shall promptly Es-tore ttre suiriii oi-itre grouna to iti iormer-ionattion- as n*rl:i'l:T":lil:.fi:T':H fi:liT":*.i*:l.jl j:i::flg,;*:i'itd:i';:riiiil':T"ilHl'v
:: ::'*::.*.ll:;.::o shail promptry ".pi.i. Jny ina-iir-a"d;,';;;;,-!lii';#:;;Jiol'l!1il""uor damaged by Grantee.
crantor. agrces that rll facilities installed by Grantee onr€mal n the property of Grantee, antt shall Ui ilnovaUte at
Grantor covenants that lt ls the o ner of the above descrlbed lands and that the sald landsi[: Iffi;Tlrclear of encu:ifrances end lreni oi-*r'atiJiver-dtr"".ci..-"i."pt *roie-rrcic'by--
T0 HAVE Ar{D T0 HOLD sard.right-of-way and easenent, together with alland prlvlleges appertaining-thereto,- unlJ e"inlie, its-suciestorl ina
caused these presents to be duly erecuted on this l-3th rray, 1977.
SCOTT-I.IARTIII CORPORATI O]I,a Colorado corporatlon
ATTEST:
SIATE 0F Colorado )
courn 0F rag'te j ss'
The foregolng {nstirirent.pas acknoirledced lcfcre nre this
W JT.ilut..f. &44 as tfiu<',;. t , and by _va
and_singular the rl ghts
assigns, fottver.Iil HITfi;SS I{HEREOF, Grentoi has
of JulY
, for SC0TT-IU|RTn C0RPORATI0I{,
Lllllr day of
ilTl{ESS ry hand rnd offlctel serl.lU comlsslon expl res EL0oomi$im.-gry1-Iiv. l7:_l9f1.
-;:I:lyll I Athiiiic Ciub te'ic::i.itn :jet'i?7-?! 32 :cons#52_53_ :l 11? /?71
a Col orado
| 7977,
1's.ggte
S$ffi-r*ffi,*|,n,11*-.'
t09 t8
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:
a,JUL l g
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TO HAVE AND TO HOLD Eaid
iingular the rights nnd
successors and assrgns '
IN WITNESS WHEREOF.,. Grantor
executed on thiE 3 i'/'t daY of
u-r'iDERGliOiiN D RIGII!-OF-I{Ay EASEI{ENT
2'7Zf .i,{l
rlght-of-way and easenent' toqcthol t"i!h alI and
prlvirr:ges "pp"...",,iiii-iiit"t6'
unto crantee''lte
forever.
Kto|| rLL uEN By TIIESE PRESENTS' that the undcrsl'gned'
THEVAILCLI'B'aColoradolinlte'lpartnership
rheraLnafter called "crantor'), for a -good andl valuable c'onsideratlon ' the
J---r',r shereof i" n"iliiTldi"'iias"al ai""-ntteuv grant unto Hol.,Y cnoss
lllii-oie AssocrATroN, rNc., a cooPerati'tt"-iitp"ittion-wnose-post office
..r,Dw..*i "---- - iprinqs, cororado rn"rliilii"i-cirr.a ic;anteer)' and
addrcgs I's Glenwood r
ro irs luccessors.*i'liliiti"l-li.-iigtrt.;;-l;;;;" and-eeress across Iands
of crantor' srtuaEe in-iili"diittiy ot 6aer!' ilit"-"r coloiado' described
as follous:
A parcel of land- in Tract B' vall villaqe' First Filing'
Toim of vair, coril"iol-i=-titttt r"rry-a6"cribed in Book 26r
ar paee 428 in d;';;;i.-aounli coutinousc, Easler colorado'
And, to congtruct,.reconstruct, repair, change, enlarge,.'9:Ph""", operate,
and maintain "n u,,o"iiiouna-"ri"tric t'.;;;;3=i"n "' Sistribution ]'Ine, or
both' w1th .t. onot'ii;;;-";;i;;' tonauii''-;i;l;t;;'and'equioment used or
useabrc in connect:.";'il;;";i;i, - ioq"tn.J',iiii"i."""iated equionrenr required
above sround, wrtnrn'tiii-liit"'-tite"lionea'1;;d;' uPon an easemeirt describod
as f ol'Iows:
An easement for Power facitities as. constructed'l tho approxinate
rocation or wnici-li! ltJ"'"-ii-exhibi;";;-;iii"irea her6to and made
"-Part hereof bY re fe rence '
Together with the.right to renove any-and all trees' brush" vegetation' and
obstructions l.rrrnrn.3lia'I.iii-ii iiita ,fret-such is reasonablv nccessary
for the irnplenenta troi-"na -u"! of the
"
iqii"-h"i" inabove^granted ' After
the exercis. uv c'"ni"-;;;;; oi it=.'i;i;;; iiuiJu"att' Giancee sharr promPtr)'
restore the surrace Ji'til ;;;";; io it"'iJi';;-;;;diti"n' as nearrv as is
Dracticable, ana snaii ptornpily rePrace t;;';;; ill ttoo"' brush and veqeta-
-tlon r"r*.t"d or damaged by Grantee '
Grlntor lgrees that-atI facilities installed by Grantee on thc abovo
described ran.rs snari rcmain the properti-"F cionu"c, rinrr sharl be
ienpvaufe at the option of Grantee'
crantor covenants that lt is the owner of the above-d:"::ibid lands' and
that the said Iands li"-ittt and clear oi encumbrances and liens of
whatsoever "hur....r-!i.ipi-tttii".-rrtra
uy the followins:
has caused these prescnts to be duly
, r9?8.
THE VAIL CLTID
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-@l "..COUNTy gs cOr.ri-L I
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fof THE v111 Q!tl&, a cotorado timlted'Partnarship'
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t{y connrission exPi res:
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PRIORITY CLIENT RESERVATION AGREEMENT
THE RESIDENCES AT VAIL MOL]NTAIN LODGE
VAIL. COLORADO
This Priority Client Reservation
is by and between the VML, L.L.C., a
Agreement (this "Agreement"), dated as of
Colorado limited liability company ("Developer"), and
("Pnority Client").
RECITALS
Developer is the developer of certain real property located in Vail, Colorado, to
be known as The Residences at Vail Mountain Lodge (the "Project"). Priority Client wishes to
purchase a deedcd interval ownership interest ("Residence Estate") in the Residence and number
of weeks designated beloiv:
Residence No.
Fixed Residence Weeks:Winter:Summer
(Wirh Floating Residence Weeks)
Prioritv Price
AGREEMENT
1. Deposit. Simultaneously rvith execution and delivery of this Agreement
by Priority Client to Developer, Priority Client has deposited the sum of S (the
"Deposit") to be held by Land Title Guarantee Company, a Colorado corporation, 0030
Benchmark Road, #216, P.O. Box3480, Avon, Colorado 81620 (Facsimile: 970-949-4892)
("Escrow Agent") in a segregated interest bearing account. The Deposit may, with Priority
Client's coltscllt, be applied torvard the payment of any earnest money obligation and purchase
of a designated Residence Estate. All interest earned on the Deposit shall accrue to the benefit of
Pnority Client.
2. Receipt and Reservation Number. Upon payment of the Deposit and
Developer's receipt of an executed original of this Agreement from Priority Client, Developer
shall (a) indicate in the space at the bottom of this Agreement the date and time that the Deposit
was paid and this Agreement was received by Developer (the "Receipt Date"), and (b) indicate in
the space provided below, the priority pricing to be offered by Developer during the selection
period ("Priority Price").
3. Selection of Interests. Provided the Deposit has not been retumed to
Priority Client, Developer will give Pnority Client Reservation holders at least seven (7) days'
prior written notice of the time, manner and place of the selection of a designated Residence
Estate. With notice, Developer may include additional disclosures or requirements imposed by
the Colorado Real Estate Commission.
CO DOCS A #96482 v3
4. Termination. Either Priority Client or Developer may terminate this
Reservation Agreement at any time for any reason before execution of a final binding purchase
and sale agreement by delivering wriffen notice of termination to the Escrow Agent at the
address given above. This Reservation Agreement shall have no further effect after the earlier
of: (i) termination of this Reservation Agreement; or (ii) the execution of a purchase and sale
agreement which replaces this Reservation Agreement. Upon termination of this Reservation
Agreement the Deposit shall be promptly refunded to Priority Client in full within seven (7) days
of the Escrou, Agent's receipt of written notice. Priority Client understands that he has no
obligation to purchase the Residence Estate until further affirmative action is taken by Priority
Client by execution of the purchase and sale agreement. Priority Client understands that this
Reservation Agreement is non-binding and does not convey a legal or equitable interest in the
Residence Estate, the Residence or the Project.
5. Financial Information. Developer may request financial information from
Priority Client to show Priority Client's financial ability to complete the purchase of the
Residence Estate.
6. Siqnature. This Agreement may be executed in any number of
counterparts, each of which will be deemed an original. An executed version of this Agreement
which has been transmitted by facsimile shall be deemed to be an original.
7. Miscellaneous. Priority Client cannot assign this Agreement without
Developer's prior written consent. Any purported assignment of this Agreement without such
consent shall be voidable at the option of the Developer. This Agreement shall not be modified
or amended unless agreed upon in rvriting by Developer and Priority Client. This Agreement
contains the entire agreement betrveen Pnority Client and Developer, and any other agreement or
representations respecting the subject matter of this Agreement or the rights or duties of either
party relating thereto, not expressly set forth in this Agreement, are null and void.
CO_DOCS_A tt96482 v3
WHEREFORE, Developer and Priority Client have entered into this non-binding
Agreement executed as ofthe date set forth above
PRIORITY CLTENT:
Signatures:
Address:
Ciry:State:
Fax:Telephone:
E-mail:
Executed Priority Client Reservation Agreement and Deposit received:
Social Security No.
Deposit Amount: $
Form ofPayment: Personal Check No.
Zip Code:
ted liability company, its Manager
2001
Date and Time Assigned:
SELLER'S AGENT:
Cash Wire Transfer
DEVELOPER:
VML, L.L.C., a Colorado limited
liability company
By: RB Manager, LLC, a Colorado
limi
By:
Name:
Its Authorized Representative
CO_DOCS_A #96482 v3
o
o
o
DISCLOSURE STATEMENT
FOR
THE RESIDENCES AT VAIL MOUNTAIN LODGE
THE STATE OF COLORADO HAS NOT PREPARED OR ISSTIED THIS DOCUMENT
NOR HAS IT PASSED ON THE MERITS OF THE SIJBDIVISION DESCRIBED
IIEREIN.
This disclosure contains important matters to be considered in acquiring a Residence
Estate in a Residence at Vail Mountain Lodge. The statements contained herein are only
summary in nature. A purchaser should refer to all references, documents and exhibits
hereto, and contract sales materials for complete information.
In connection with that cerlain Purchase and Sale Aereement For The Residences at Vail
Mountain Lodge (the "Purchase Agreement"),, the
"Purchaser," acknowledges that the follo"ving infomration has been disclosed to him anrVor her
as required by the Colorado Real Estate Commission. Capitalized terms uscd belorv rvithout
further definition shall have the nreanings given to thcm in the Purchase Agreement or in the
Amended and Restated Declaration for the Vail Club Condominium, as amended from time to
time, recorded in the real property records of Eagle County, Colorado (the "Declaration').
1. Developer. The name and address of the Developer (hereinafter "Seller') is
VML, L.L.C., a Colorado limited liability company, 285 Bridge Street, Vail, Colorado 81657.
2. Location of the Residences. The Residences at Vail Mountain Lodge are located
within the Vail Mountain Lodge & Spa at 352 East Meadow Drive, Vail, Colorado 81657. The
Vail Mountain Lodge & Spa is a redevelopment of the Vail Club Condominiums, a five-floor
building divided into several whole ownership residential units and various commercial units
sewing as a hotel, conference rooms, employee housing, athletic club, private spa, and restaurant
(the "Lodge"). The Residences will include up to 20 residential condominium units (each unit, a
"Residence") submitted to a program of deeded interval ownership interests, which grant an
exclusive right to use the Residence during a specified number of fixed and floating weeks (a
"Residence Estate"). The deeded ownership interest conveyed to a Purchase as a Residence
Estate is a fee ownership "timespan estate" as defined in C.R.S. $ 38-33-110(8), and as such is a
separate and distinct interest in real property (as further described in Paragraph 12 below). The
Developer has cunently designated four (4) condominium units as Residences.
3. Amenities. Amenities available to the Residences include the hotel services
customarily provided to the guests ofthe Lodge's hotel suites, access to the standard facilities of
the Lodge's athletic club while an owner is in residence, and two personal soft-storage
compartments.
4. Special Districts. To Seller's knowledge, there are special districts existing or
proposed to which the Purchaser may be subject as disclosed in the Purchase Agreement. To
Seller's knowledge, no special district has defaulted on any obligation or has filed for bankruptcy
and no such actions are pending. Seller is not in default on any obligation or payment to any
CO DOCS A #82810 v7
special district. Seller is responsible for paying any special district fees and taxes prior to
closing.
5. No Judgments. There are no judgments nor administrative orders issued against
Seller, the Association or the managing entity which are material to the Residences or the Lodge.
6. Licensed Brokers. All sales within Colorado shall be made by brokers and
salespersons licensed by the State of Colorado unless specifically exempted pursuant to C.R.S. $
12-61-l0l(4). The Cooperating Broker, ifany, identified on the signature page ofthe Purchase
Agreement is not an agent ofSeller or subagent ofSeller's Broker and Purchaser acknowledges
that Purchaser's relationship with Seller's Broker and Cooperating Broker (which may include
Buyer Agency or Transaction-Broker) has been previously disclosed to Purchaser in a notice
from each broker to Purchaser.
7. Access and Utilities. Legal access to the Lodge is available bv public strects.
Water and sanitary sc\\/cr, gas, cle-ctricit;,, tclcplron,-- lrtl crrLrlc ur',' conrplclc rntl u', lillrlrlr- ttr tlr-'
Rcsidences. Thesc scrvices arc not scP.lratclv nrctcrc(l for c-rili I l. i- S i L I r- r
'l c ,-- . Tlrc c,-.st of thcsc
sen,ices is an ovcrall expensc of Vail trloLrtrtuilr Lotl!:c O\\'ni'rs '\sst-rcirtir.n, Inc. (th--
"Association") and each Purchascr pr1's a portion of thc cost rs plr'l ol the anuurl lic. Tlre
Proiect has a ccntral ireatins svstcm for all Rcsidcnccs. u'hich u ill bc n*r'.
8. Condominium. The
Condominium Ownership Act, Article
a common interest communitv.
Lodge is a condorninium pursuant to the Colorado
33, Title 38, Colorado Ro iscd Statutcs. Thc Lodge is not
9. Fees. Annual association fees, which will be the responsibility of the Purchaser,
are estimated S
bedroom Residence and $
Residence. Such fees were estimated on
for a standard Residence Estate (defined below) in a two-
for a standard Residence Estate in a three-bedroom
, 2001. These fees pay for the
management and operation of the Residences and of all Lodge facilities and amenities for which
management and operation are the responsibility of the Association. Fees charged to Owners for
non-assessed items, such as long distance telephone charges, postal charges, and extraordinary
housekeeping services for individual Residences, will be based on the actual cost of services
provided (plus a _% administrative charge for housekeeping services). The Seller is
responsible for paying fees on the Residence Weeks it owns. Purchaser's assessments and fees
may be changed, increased or decreased if the cost of upkeep of the Residences increases,
decreases, or if an Owner of a Residence Estate fails to pay assessments and fees.
10. Bud.qet. A copy of the Association's projected budget for 200112002 is attached
to this Disclosure Statement. There are no services provided or expenses paid by Seller that are
not reflected in the budget and which may subsequently become common expenses. There are
no additional fees or charges for use of the amenities. Each Owner becomes a member of the
Association and may participate in decisions of the Association as provided in the Declaration.
Section 21.8 of the Declaration provides for an assessment of the Residences to fund an
operating budget for repair and replacement of furnitur€, fixtures, appliances, carpeting and
utensils. There are no current outstanding obligations in favor of or against such funds. The
Seller has no right to borrow or to authorize borrowing from such funds. Annual financial
GO_DOCS_A 1t82810 v7
statements are prepared for the Association and made available to the owners. In any transfer of
the Seller's interest as the Declarant to any third person, the third person shall assume the
obligations of the Seller as Declarant.
ll. Control of Association. At this time, the Seller has voting contol of the
Association. The Seller, as seller herein or as Declarant under the Declaration, does not have
reserved rights to control the Association or to appoint or remove members of the Board of
Directors, except as a normal result of its voting power in the Association. Seller shall not have
any financial interest nor will it potentially derive any income or profit from the Association.
The Seller does not have a right to borrow or authorize bonowing from the Association. The
Board of Managers of the Association controls and disburses the funds of the Association.
12. Use. Each Residence at Vail Mountain Lodge will contain 52 week-long use
periods (each week, a "Residence Week"). Purchasers are oflered a minimum of 2 fixed
Residence Weeks during the rvirttcr scason in a spccifictl Rcsitl--nc,-' lnrl 1 fi.rcd Resi,.lcncc \\'ccli
tlLrr i;tq tltc stut)rtt!'r scil:i()n in ,:r.'lt R.'sirl-'ir.':. to::.-'tl;-': r', i:lr l cL'i:.: ;r rr:rrlr:r ol' ll.-r:rll: :
Rcsidcrtcc Wecks, available lbt r;s.'n,atiurrr dLrrirrg urr cxtentietl silr)r)rcl Sril.i,.rir, l i,c nrLrnber oi'
l'lrlatirlg Rcside-rlcc \\'c-c'ks avtril:rlrlc for rr-'Sdl'\',rlitrlt is trtrsc,l (rri thL- ttLl..tl',-t L.;' llr,,-rl rr irlcr
Rcsi.lcltc'-- \\'ccl:s pul'clltsr-'tl. FL'r' .'r'cr-'.' I llr:tl rvirrt:r' Ii.csitle rre e \','e ,i:i I:rr-I:::.'-.L I a.l,.lrlr.rrril
fixetl sunrnrcr Residencc \\:eck anil t udditionul lloating Rcsidcrrcc \\'uck rr iii 'uc irrcluded. For
example, if 4 fixed winter Residence Weeks are purchased, 2 fixed summer Residence Wecks
and 2 floating Residence Weeks arc inclrrdcd in thc Residcncc Estrlr-. For evcr-v otltl nrrrnl't-r of
winter Resideuce Weeks purclrased, I additional lioating Resitleuce Wcck will be inciuded. For
example, if 5 fixed winter Residence Weeks are purchased, the Residence Estate will also
include 2 fixed summer Residence Weeks and 3 floating Residence Weeks. The winter season is
set at 20 weeks, generally corresponding to the anticipated opening and close of the Vail Ski
Area and the summer season is set at l0 weeks generally during July and August. The season for
reserving floating Residence Weeks extends 5 weeks prior to and 5 weeks after the fixed week
summer season. AII seasons are set through an annual calendar established by the Association.
Each Residence Week consists of seven consecutive days beginning at 4:00 p.m. Saturday and
ending no later than 10:00 a.m. the following Saturday. Up to 10 owners may purchase
Residence Estates in a specifrc Residence. The Owners of Residence Estates hold a deeded
undivided tenant-in-common interest in a Residence, which entitles them to the annually
recurring and exclusive use ofa specific Residence during the fixed weeks shown on the deeds
conveying Residence Estates and the floating weeks properly reserved in accordance with the
Association's reservation procedures.
13. Manager. At this time, the Association may but cunently has not engaged a
managing agent or manager.
14. Reserves. A maintenance reserye fund will be established .and will be cash
funded. There are no outstanding obligations in favor of or against the reserve funds. Seller
does not have a right to bonow or to authorize borrowing from this fund. The Purchaser will
receive a periodic accounting from the Association in accordance with Section 8.5 of the
Declaration.
CO DOCS A #82E10 v7
15. Insurance. The Association shall maintain property and casualty insurance on the
Residences, commercial general liability insurance against claims and liabilities arising in
connection with the ownership, existence, use or management of the Residences, and fidelity
insurance on all persons who control or disburse funds of the Association in accordance with
Article I I of the Declaration.
16. Mechanics' Liens and Taxes. The mechanics' lien law of Colorado may
authorize enforcement of a lien by selling the entire Residence. Real property taxes and other ad
valorem taxes are assessed against the whole Residence and payable by the Association.
1'1 . No Exchange Program. The Seller may offer, but does not currently offer, an
exchange program with third parties.
18. Presale Requirement. With regard to certain rcsidential condominium units not
yet designatccl as Residcnces. Sc'llr-r's obligrtiorr t(r conrplL-tc llrc sllc of n Rcsidcircc Est;.ttc in n
ccrtnitt trnit is subject to lltc- cor:rili'.:r f r.'.'.-Ll.'nt tlrrrt Sc.lter lns .-rr-crrl,-'.1 I.rrr'--lt:r:.'r,:li-.!.r'l-.ltls fi,r-
at lcast trvo (2) Rcsidence Estatcs in suclr urrit. Tlicsc tenrrs urc sct ouI niLrrc fully in Sectiorr ]D
o I thc Purchasc r\SrL'cll1ent.
19. Cas :rnd \lineral Riehts. Cololl.l.r lrus a lri;tory of ntiucr;.rl urining as r,vcll as gus
and oil exploration. Your titlc cr.'nrlritnlcnt or title policy has ln c\ccption (usually lbund in
Schedule B) that allou,s sonreoltc llrc rccor(lctl rnd lcgal right ttr crtnrct nrincrrls lnrl./or oil antl
gas from the land you own. Wlut this merlls to 1,ou, is that the party(ics) that o*n thcse lights,
also have a legal right of access and egress across your land in order to extract minerals or drill
for oil and gas; and the right to set and operate equipment. Other Colorado laws dictate the
responsibilities of the mining or drilling company. The mining or drilling company is generally
responsible for damage to real and personal property of surface right land owners that may result
from the extraction of minerals. For information on regulation of the oil and gas industry and the
protection of public health, safety and welfare, the environment, and mineral owners' correlative
rights, contact:
The Department of Natural Resources
The Colorado Oil and Gas Conservation Commission
at 1120 Lincoln St., Suite 801, Denver, CO 80203,
Main office (303)894-21 00
email: dnr.ogcc@state.co.us or
visit their web site at www.dnr.state.co.us/oi1-gas/, or
The Colorado Division of Mining and Geology,
131 Sherman St., Rm 215, Denver, CO,
(303)866-3567, Fax (303)832-8 106,
or visit their web site at: www.dnr.state.co.us/edo/mining.html
Note: Private contracts between the mining or drilling company and the land
owner or ou,ner's association may effect the jurisdiction of the Department of
Natural Resources.
CO_DOCS_A #82810 v7
20. Town of Vail Disclosures. Seller concurrently does not offer financing in
connection with the sale of Residence Estates. Seller's disclaimer of certain warranties,
including statutory warranties, is set forth in Paragraph 13 ofthe Puchase Agreement. Any
deposit made in connection with the purchase of Residence Estates will be held in escrow until
closing ofthe purchase. There are no restaints on the alienation ofthe Residence Estates.
Initial
Initial
@ DOCS A tt82810 v7
o
o
o
THE RESIDENCES AT VAIL MOUNTAIN LODGE
PUTiCHASE AND SALE AGREEMENT
CO DOCS AtE2414 vB
1.
7
3.
THE RESIDENCES AT VAIL MOUNTAIN LODGE
PURCHASE AND SALE AGREE]VTENT
Table of Contents
4.
J.
6.
8.
9.
10.
11.
t2.
13.
DOCS A #82414 v8
14.
15.
Disclaimers.. .........7
Representations, Warranties, Acknowledgements of Purchaser ............ 8
A.
B.
C.
D.
E.
F.
G.
H.
I.
Association Assessments and Fees .............................. 8
Financing Contingency .......................... 8
Corporations, Partnership and Associations, and Trusts ................... 9
Parking; Commercial Use .....................9
Seller's Right to Make Changes ............. 9
Entire Agreement ........... l0
Insulation...... ................. l0
Building Codes .............. l0
Radon........... ---.-.-.......... l0
16.
17.
Covcrli nrr I-arr' ..............
A --;.,,.,.,^,.+nJJl::r lrl-trt
Recordat ion.
Invalid Terms...........
ll
u
1l
ll
18.laAdditional Provisions.... .......... 1..
EXHIBIT A - Floor P1ans............ ...... A-l
EXHIBIT B - Residence Calendar....... .....................8-l
EXHIBIT C - Exceptions to Title .......C-l
EXHIBIT D - Colorado Disclosure Statement...... ......................... D-l
1lCO-DOCS-A #82ala v8
THE RESIDENCES AT VAIL MOIJNTAIN LODGE
PURCHASE AIID SALE AGREEMENT
THIS AGREEMENT is made by and between VML, L.L.C., a Colorado limited
liability company, with offices at 285 Bridge Sheet, Vail, Colorado 81657, Facsimile: 970/476-
6747 ("Seller") and the following purchaser(s) ("Purchaser"):
Name(s):
Address:
State:
City:
Zip Code:E-mail:
Residence Phone: ( ) gusiness Phone: (l_Fax: ( )
Purchaser agrees to purchase, and when executed by Seller, Seller agrees to sell a deeded
Residence Estate (defined below) in the Residence specified below at the Vail Mountain Lodge
in Vail, Colorado, (the "Lodge") on the following terms and conditions. Capitalized terms not
defined in this Agreement are defined in the Amended and Restated Declaration for the Vail
Club Condominium recorded in the office of the Clerk and Recorder of Eagle County, Colorado
(the "Records"), and that certain First Amendment to be recorded in the Records, as amended
from time to time (the Restated Declaration and the Amendment are collectively referred to
herein as the "Declaration").
1. Residence Estate. This Agreement provides for the purchase and sale of the
following real property:
A Residence Estate consisting of an undividedy" interest as tenant-in-common in
Residence _, according to the Amended and
Restated Declaration for Vail Mountain Club
Condominium, as amended by that First Amendment to
be filed in the real property records of Eagle County,
Colorado, together with the exclusive right to
possession and occupancy of said Residence during
Fixed Residence Weeks and durine uD to
Floatine Residence Weeks reserved by
the Member pursuant to the Reservation Procedures.
Each Residence Estate includes an undivided interest in the Common Elements in the Lodge and
an exclusive or non-exclusive right to use the Limited Common Elements associated with the
Residence, as set forth in the Declaration and in the Amended and Restated Condominium Map
recorded in the Records, as supplemented by the First Map Supplement to be recorded in the
Records, and as further supplemented from time to time (the "Map"). Each Residence will be
furnished and decorated in a first class manner with such fumishings held by the Association for
CO DOCS A#82414 vg
the beirefit of all Residence Estate owners in a Residence. Sample floor plans for each
Residence are set forth on Exhibit A attached hereto.
2. Description of the Lodge.
A. The Lodge The Lodge is a mixed-use condominium project containing a
commercial lodging, rental and hotel facility, with conference rooms, athletic club and private
spa and full service restaurant. Also included are several whole residential units and up to 20
Residences, containing Residence Estates submitted to the program of The Residences at Vail
Mountain Lodge.
B. Proiect Legal Documentation. The Residences will be subject to and
governed by the Project Documents including the Amendment and the First Map Supplement for
the Lodge, to be recorded in the Records. By signing this Agreement, Purchaser acknowledges
receipt of the following documents (items (i) to (iv) shall be referred to as the "Project
Documents"):
(i) The Restated Declaration with the Amendment (version );
(ii) The Articles of Incorporation and Bylaws of the Association;
(iii) Rules, Regulations and Reservation Procedures of the Residences;
(iv) Colorado Disclosure Statement (attached hereto as Exhibit D).
C. The Association. All Owners of a Residence Estate shall be members of
the Vail Mountain Lodge Owners Association, Inc., a Colorado non-profit corporation (the
"Association"), and are subject to and governed by Articles of Incorporation, Bylaws, and rules
of the Association in effect from time to time.
D. Presale Requirement. This Secti,on 2.D. applies if the initials of Seller and
Purchaser appear below. In connection with the offer of a certain build-to-suit unit to be
designated as a Residence, Seller's obligations under this Agreement are subject to the condition
precedent that, before Seller has converted such Condominium Unit to a Residence (which shall
be subject to the program of the Residences at Vail Mountain Lodge), Seller has entered into
Purchase and Sale Agreements and received Earnest Money for at least two (2) Residence
Estates in such Residence. If the foregoing condition is not satisfied, Seller may terminate this
Agreement by delivering rvritten notice to Buyer on or before 2002, in which
event Escrow Agent shall retum the Eamest Money to Purchaser and the parties shall be released
from all further obligations under this Agreement. If the foregoing condition is timely satisfied,
Seller shall record an instrument designating the build-to-suit unit as a Residence prior to or on
the Closine Date.
CO_DOCS_A it82414 v8
Seller Purchaser
3.Purchase Price. The purchase price for the Residence Estate shall be
accordance with Paragraph 6(the "Purchase Price"), subject to adjustment in
of this Agreement, payable as follows:
A. Earnest Money. Upon Purchaser's execution of this Agreement, Purchaser
shall pay to Seller twenty percent (20%) of the Purchase Price, which is $("Eamest
Money"). To protect Purchaser's interest in the Earnest Money deposited with respect to the
Residence Estate, Seller has established ar escrow agreement with Land Title Guarantee
Company ("Escrow Agent") and by Purchaser's execution of this Agreement, the terms of such
escrow agreement are incorporated herein. Escrow Agent shall place the Eamest Money in one
or more insured, interest bearing accounts, upon Purchaser's execution of any forms reasonably
requested by Escrow Agent. References herein to the Eamest Money shall include all interest
accrued thereon. The Escrow Agent will hold the Eamest Money until Closing. The escrow
agreement does not permit Seller to use the Earnest Money prior to Closing.
B. Reservation Deposit. Purchaser may have previously deposited with
Escrow Agent certain sums, in an interest bearing account in connection with the reservation of
an opportunity to purchase a Residence Estate ("Reservation Deposit"). Ifso, Purchaser hereby
elects to apply the Reservation Deposit to the Earnest Money obligation as of the Effective Date
(defined belorv) by executing this Agreement beiow.
C. Balance. Purchaser shall pay the balance of the Purchase Price, or
Closing.as adjusted under Paragraph 6 below, in cash or certified funds at the
4. Title and Inspection.
A. Commitment. No later than 5 business days from the Effective Date,
Seller shall deliver to Purchaser a preliminary title insurance commitment issued by Land Title
Guarantee Company, or a reputable Colorado licensed title insurance company selected by
Seller, committing to insure marketable title to the Residence Estate in Purchaser in the amount
equal to the Purchase Price upon payment of the policy premium by Seller and the recording of a
special warranty deed from Seller; together with copies of any documents listed in the schedule
of exceptions to the commitment. The title to the Residence Estate shall be subject to the
following (the "Permitted Exceptions"): real estate taxes and assessments for the year of Closing
and subsequent years; matters set forth in the Declaration and Map, including any covenants,
conditions, restrictions, reservations, easements, rights-of-way, and other matters .affecting title
to the Project expressly contemplated under the Declaration; other covenants, conditions,
restrictions, reservations, easements and rights-of-way of record as of the date of this Agreement
as set forth on Exhibit C attached hereto and incorporated herein by reference; building, zoning
and other applicable ordinances and regulations of Eagle County and the Town of Vail Village,
Colorado; any easements, restrictions and conditions shown on the Plat of Vail Village, First
Filing (the "Plat"); any defect in or objection to title in the Project caused by Purchaser or anyone
claiming by, through, or under Purchaser; and any matters affecting title to the Project that are
waived or deemed waived bv Purchaser.
o B. Title Review. If Purchaser asserts the
other than the Permitted Exceptions which renders title to the
existence of any title exception
Residence Estate unmarketable.
CO_DOCS_A #8241a v8
Purchaser shall give written notice of such exception to Seller within 7 calendar days after
delivery of the title commitment. Otherwise, Purchaser shall be deemed to have accepted title as
shown on the title commitment and to have waived all defects and exceptions to title. After the
receipt of such notice, Seller, at its option and in its sole discretion, may attempt to remove or
cure such exception(s) or to obtain an endorsement to the title insurance commitment providing
protection against such exception(s), at Seller's expense, and Seller shall be entitled to an
adjoumment of the Closing Date (defined below) for a period of 30 days for such purposes, if
Seller so elects. If Seller does not desire to or is unable to remove or cure such exceptions to title
or obtain such title insurance protection before the date of Closing (as extended under this
Paragraph), Purchaser shall elect any of the following actions, which shall be Purchaser's
exclusive remedies in the event title to the Residence Estate is unmarketable:
(i) Waive such exceptions to title and proceed to Closing;
(ii) Grant one or more additional periods of time within which Seller
may continue to attempt to cure, remove, or obtain title insurance protection
against the exceptions; or
(iii) Terminate this Agreement, in rvhich event Escrorv Agent shall
retum the Earnest Money to Purchascr, and the partics shall be releascd from all
further obligations under this Agreement.
C. Inspection by Purchaser. Upon reasonable advance request, Seller will
allow Purchaser and Purchaser's authorized representatives to inspect the Residence. Purchaser
acknowledges that during renovation of the Lodge, hazardous conditions and insurance and
security requirements prevent Purchaser and Purchaser's representatives from entering certain
areas of the Lodge unless accompanied by an authorized representative of Seller. Any such
inspection shall be conducted in full compliance with rules and procedures established by Shaw
Construction Company, or such other reputable general contractor as Seller may select ("Project
Contractor") or imposed by law. Aly tour of the construction site by Purchaser and PurchaseCs
representatives will be at their own risk. Purchaser and Purchaser's representatives waive all
claims against Seller and its contractors, subcontractors, employees and agents and its employees
and agents for personal injury or property damage caused by any person or thing during such a
tour. Purchaser will indemnify, defend and hold harmless Seller and its contractors,
subcontractors, employees and agents against any claims, demands, loss, damages, liability or
other expense arising out of such tour and of Purchaser's inspection; except for those arising
from the gross negligence or rvillful misconduct of Seller or its contractors, subcontractors,
employees, or agents.
5. Closing. Unless
by mail and Purchaser need not
insurance company selected by
collect and disburse documents
occlr on or before
Seller (the "Closing Date"). At Closing, all of
delivered to or as directed by Seller. Immediately
Wananty Deed will be delivered for recording
Purchaser and Seller otherwise agree, Closing shall be effected
be present. Escrow Agent or a reputable Colorado licensed title
Seller shall act as closing agent (the "Closing Agent") and shall
and payments nec€ssary to effect the Closing. Closing shall
at a date, hour and place designated by
Purchaser's funds and documents shall be
following the Closing Date, Seller's Special
in the Records. Purchaser specifically
4
CO-DOCS_A t€2414 v8
acknowledges that Closing may occur prior to the first Residence Week for which a Purchaser
may use and occupy the Residence. If this Agreement is terminated, the Closing d rt shall
deliver the Earnest Money to the parfy entitled thereto and any documents shall be retumed to
the party depositing them with the Closing Agent.
A. Construction Limitation on Possession, Use and Occupancv. Upon use
and occupancy of a Residence, portions or phases ofthe Lodge may remain under renovation.
Seller and its agents, contractors, and employees will have the right to enter on the Lodge as
necessary to complete the Lodge and Purchaser acknowledges that construction activities may
take place on the site after delivery of possession of the Residence. Seller and its agents,
contractors and employees will take reasonable measures relative to the safety of Purchaser and
Purchaser's lessees, guests and invitees and to maintain reasonable access to the Residence.
Purchaser acknowledges that use and occupancy ofthe Residence will constitute agreement that
Purchaser, and Purchaser's family and invitees will remain outside of any fenced or posted
construction areas and any other areas in which work is being performed pending completion of
the Lodge and that Pwchaser will indemnify and hold harmless Seller and its agents, contractors
and employees from and against any and all loss or liability on account of such entry by
Purchaser or Purchaser's lessees, guests and invitees onto restricted access areas. The terms and
covenants of this Paragraph 5A rvill survive the Closirrg.
6. Taxes, Transfer Assessments and Closing Costs. At Closing, Purchaser shall
pay any applicable real estate transfer taxes or assessments, all recording and documentary fees
applicable to Closing and the transfer of title, the premium for the policy of title insurance for
Purchaser's lender, ifany, and all other Closing costs, including special delivery or other charges
imposed by the Closing Agent, except commissions to Seller's agents and the cost of the owner's
policy oftitle insurance referred to in Paragraph 7.
7. Title Insurance. Within sixty (60) days after Closing, Seller shall at its expense
cause to be issued to Purchaser an extended ALTA owner's title insurance policy insuring
Purchaser's fee simple title to the Residence Estate subject to the lien of the deed of trust for a
financed Residence Estate, if any, and the Permitted Exceptions.
8. Risk of Loss. All risk of loss to the Residence shall be borne by Seller until the
date of Closing Date; thereafter, all risk of loss shall be bome by Purchaser and other owners of
Residence Estates in the Residence.
9. Damage to the Project. If casualty by fire or otherwise occurring prior to
Closing damages the Lodge or the Residence, Seller shall repair the damage and rebuild the
Residence as soon as reasonably practicable and the Closing Date shall be delayed as necessary
to allow the completion of such repair and rebuilding work.
10. Delays. Seller shall not be responsible for any delay, modification or other failure
to perform caused by strikes, intemperate weather, litigation, acts of violence, acts of God,
moratoriums, govemmental, transportation or utility company delays.
11. Default and Termination. Time is of the essence in the performance of Seller's
and Purchaser's obligations under this Agreement. If the date for any such performance falls on
CO DOCS A tt82414 ug
a Saturday, Sunday or banking holiday, the date of performance shall be extended to the next
regular business weekday. If Purchaser fails to close or otherwise defaults in the performance of
its obligations, except as otherwise expressly provided herein, Seller may elect either of the
following remedies: (a) terminate this Agreement, in which event Seller shall be entitled to keep
the Eamest Money, not as a penalty, but as liquidated damages; or O) assert a claim against
Purchaser for actual damages. If this Agreement has not previously terminated and Seller fails to
perform its obligations, except as otherwise expressly provided herein, Purchaser may either: (y)
terminate the Agreement, in which case Purchaser shall be entitled to a refund of the Eamest
Money, or (z) seek specific performance of this Agreement or actual damages, or both.
12. Special Districts. PI-IRCHASER ACKNOWLEDGES THAT THE LODGE IS
PRESENTLY LOCATED IN THE FOLLOWING SPECIAI TAXING DISTRICT(S): VAIL
WATER AND SANITATION DISTRICT AND VAIL METROPOLITAN DISTRICT
[CONFIRM]. AS OF THE DATE OF THIS AGREEMENT, SELLER
IS NOT IN DEFAULT IN THE PAYMENT OF ITS OBLIGATIONS TO AI{Y OF THE
SPECIAL DISTRICTS LISTED HEREIN. PURSUANT TO THE DECLARATION,
PURCHASER IS RESPONSIBLE FOR PAYING TO THE ASSOCIATION PURCHASER'S
SHARE OF ANY SPECIAL DISTRICT FEES OR TAXES LEVIED AGAINST THE
PROJECT. SELLER IS NOT AWARE THAT ANY SPECIAL DISTRICT LISTED HEREIN
HAS FILED A PETITION IN BANKRUPTCY OR DEFAULTED IN THE PAYMENT OF
A}[Y OF ITS OBLIGATIONS. PURCHASER LTNDERSTANDS THAT THE LODGE MAY
BE INCLTIDED WITHIN OTHER SPECIAI TAXING DISTzuCTS IN THE FUTURE.
SPECIAL TAXING DISTzuCTS MAY BE STIBJECT TO GENERAL OBLIGATION
INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX
LEVIES ON THE TAXABLE PROPERTY MTHIN SUCH DISTzuCTS. PROPERTY
OWNERS IN SUCH DISTRICTS MAY BE PLACED AT zuSK FOR INCREASED MILL
LEVIES AND EXCESSIVE TAX B{IRDENS TO SUPPORT THE SERVICING OF SUCH
DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A
DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN
MILL LEVIES. PURCHASERS SHOULD I}WESTIGATE THE DEBT FINANCING
REQUIREMENT OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF
SUCH DISTzuCTS. EXISTING MILL LEVIES OF SUCH DISTzuCT SERVICING SUCH
INDEBTEDNESS. AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
This disclosure is required by Colorado statute to be provided in bold-face type.
13. Warranties.
A. Seller is Not the Builder. Seller did not build the Lodge or the Residence.
An unrelated party constructed the Lodge over twenty-five years ago. For this reason, Seller
cannot warrant the Residence and disclaims any warranty. The statute of limitations for bringing
claims against the party that constructed the Lodge and the Residence appears to have expired.
Seller recommends that Purchaser contact Purchaser's own attomey if Purchaser has questions or
concerns relating to construction-related claims, including applicable statutes of limitations.
SELLER MAKES NO WARRANTY OR REPRESENTATION OF ANY NATURE, E)GRESS
OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THOSE OF WORKMANLIKE
CONSTRUCTION, HABITABILITY, DESIGN, CONDITION, OR QUAIITY AS TO THE
PROPERTY UNDERLYING THE LODGE. THE RESIDENCE. OR THE OTHER
CO-DOCS-A #82a14 v8
IMPROVEMENTS CONSTITUTING THE PROJECT, AND SELLER HEREBY EXPRESSLY
DISCLAIMS ANY SUCH REPRESENTATIONS OR WARRANTIES. SELLER
SPBCIFICALLY DISCLAIMS, AND PURCHASER SPECIFICALLY RELEASES SELLER
FROM, A}.IY LIABILITY FOR INCIDENTAI OR CONSEQLENTIAL DAMAGES TO ANY
PERSON OR THE RESIDENCE OR ANY OTHER REAL OR PERSONAI PROPERTY
RESULTING FROM A DEFECT. WITH REGARD TO THE APPLIANCES AND A]..{Y
OTHER ITEMS OF TANGIBLE PERSONAL PROPERTY. SELLER DISCLAIMS ALL
WARRANTIES INCLI.IDING, BUT NOT LIMITED TO, THOSE OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PLIRPOSE
B. Appliance Warrantv. The limitation in Subparagraph A above does not
extend or relate to any items of tangible personal property in the Residence (whether or not such
property is attached to or installed in the Residence) including, without limitation, any range,
oven, range hood and fan, trash compactor, garbage disposal, dishwasher and refrigerator
(collectively, the "Appliances"). Seller will assign to the Association upon Closing of all
Residence Estates applicable to a Residence any unexpired warranties Seller has received from
the manufacturers of such Appliances within such Residence to the extent such warranties are
assignable. Seller shall not be responsible for the perfomrance of any such manufacturer under
the manufacturcr's u'anautics. \\Iith rcspcct to thc Appliances, u hcthcr or not \\'arrrntcd b)'
manufacturcrs, all inrplicd u lrrair',ics arc exprcssly disclaini,-'d lnd clo not app11, in:luding.
rvithout limitation, the inplied rrarrantics of merchantability and fitness for a particular purposc,
if created and recognized under Colorado law.
C. Magnuson-Moss Warrantv Act Compliance. This Paragraph 13 has been
prepared to comply with the disclosure requirements of the federal Magnuson-Moss Warranty -
Federal Trade Improvement Act (15 U.S.C. $ 2301, as amended). With respect to any
Appliances finally determined by a court to be within any warranty described above, all implied
warranties are limited in duration to the period of one year from the Closing Date. This includes,
without limitation, the implied warranties of merchantability and fitness for a particular purpose
if created or recognized in Colorado. Some states do not allow limitations on how long an
implied warranty lasts or the exclusion or limitation of incidental or consequential damages so
the above limitation may not apply to Purchaser. This paragraph gives specific legal rights, and
Purchaser may also have other rights rvhich vary from state to state.
D. Acknowledgementl Survival of Covenants. Purchaser hereby
acknowledges and accepts the foregoing disclaimers and agrees to waive any and all rights
Purchaser may have by virtue of the representations and warranties disclaimed. Except as
otherwise expressly provided herein, Purchaser assumes the risk of damage occurring in the
Residence after the Closing re.qardless of the cause. The provisions of this Paragraph shall
survive Closing.
14. Disclaimers. Purchaser acknowledges that neither Seller nor any of its
employees or agents have (i) made any representations regarding opening and/or closing dates of
the Vail Ski Area in any given year, and Purchaser fully understands that the operator of the ski
area may decide, in its sole discretion, whether or not any and/or all of the chairlifts with the Vail
Ski Area may or may not be open to the public, (ii) made any representation of the conditions
under which Purchaser may exchange use of a Residence Estate for accommodations or facilities
CO DOCS A 1182414 v8
o at another location or the period of time such accommodations or facilities may be available to
Purchaser, (iii) represented or offered the Residence Estate as an investment opportunity, for
appreciation in value or as a means of obtaining income from the rental thereof, or (iv) made any
representations as to rental or other income from any Residence Estate or as to any other
economic benefit, including possible federal or state tax advantages from the ownership of a
Residence Estate. Seller, as owner and operator of the Lodge, may (but shall not be obligated to)
offer a program of rental management services to owners of Residence Estates, but no guarantee
or assurance of income, value or other economic benefit is offered thereby. SELLER HEREBY
EXPRESSLY DISCLAIMS AND REPI-,DIATES ANY REPRESENTATION FROM ANY
SOURCE AS TO ANY POSSIBLE ECONOMIC BENEFIT ARISING FROM OWNERSHIP
OF A RESIDENCE ESTATE IN THE PROJECT.
15. Representations,Warranties,Acknowledgements ofPurchaser.
A. Association Assessments and Fees. Purchaser shall be required to pay the
Assessments, set forth in the Declaration rvhether or not the Residence Estate is used, and shall
be responsible for the other fees and charges associated with the Residence Estate or the use
thereof, all as more fully set forth in the Declaration and the Articles of Incorporation, Byla's's
and mlcs of the Association. Purcllrst-r' u c li n orr'1.'tlg,-'s llrlt Lrnpnirl asscssulcnts, 1te-s antl chargcs
shall beconrc a lien ou Purchnscr's Rcsirlcncc Estrtc. As of thc Closing Datc. thcre *ill be no
unpaid Assessments lcvied againsr rltc Residcncc Estate.
B. Financing Contingencv. Unless Purchaser provides the Pre-Qualification
and Loan Commitment/Rejection in accordance with the following, Purchaser
understands and agrees that this Agreenrent is not contingent upon Purchaser's obtaining
financing at Closing. Should Purchaser desire to fund all or a portion of the Purchase
Price with a first deed of trust loan secured by the Residence Estate (the "Loan"),
Purchaser shall first submit evidence, in a form and substance acceptable to Seller, of
Purchaser's ability to obtain the Loan ("Pre-Qualification") on or before 5 business days
after the Effective Date. The Pre-Qualification shall contain, among other information, a
statement from Purchaser's lender that Purchaser's current financial profile is acceptable
to the lender and a statement that such lender has previously reviewed and approved
loan(s) related to fractional interest project(s) in the Rocky Mountain Region. If the Pre-
Qualification is not received by Seller during such S-business day period, this Agreement
may be terminated, at the option of either Seller or Purchaser, and the Eamest Money
refunded to Purchaser. On or before 30 days after the Effective Date, Purchaser shall
supplement the Pre-Qualification rvith a written loan commitment (subject only to
customary underwriting conditions that are acceptable to Seller) or written loan rejection
from Purchaser's lender (the "Loan Commitment/Rejection"). Provided Purchaser has
timely delivered the Pre-Qualification, if the Loan Rejection is received during the 30-
day period, this Agreement may be terminated, at the option of either Seller or Purchaser,
and the Eamest Money refunded to Purchaser. If this Agreement has not been terminated
by either party prior to the end of the 30-day period, Purchaser understands and agrees
that the Agreement shall no longer be contingent upon Purchaser's obtaining financing at
Closing.
o
CO-DOCS_A #82414 v8
C. Corporations, Partnership and Associations. and Trusts.
(i) Comorations. If Purchaser is a corporation, Purchaser shall deliver
to Seller at or prior to Closing a copy ofa resolution ofPurchaser, duly adopted
and certified by the secretary ofPurchaser as required by the laws ofthe state of
Purchaser's incorporation, authorizing the purchase ofthe Residence Estate,
together with all trade name affidavits and other documents required by Colorado
law to enable Purchaser to hold title to the Residence Estate. Purchaser represents
that at Closing Purchaser will be in good standing and authorized, as necessary, to
conduct its business in Colorado.
(ii) Partnership or Association. If Purchaser is a partnership, joint
venture, limited liability company or other association, Purchaser shall deliver to
' Seller at or prior to Closing a copy ofany approval required by Purchaser's
organizational documents, certified by the appropriate representative of
Purchaser, together with all registration forms, trade name afhdavits, and other
documents required to be filed in the office of the Colorado Secretary of State, the
Colorado Department of Revenue, the Rccords, or othenvise required unclcr
Colorado lau,to cnablc Purchascr to hold titlc to thc Rcsidcncc Estate. Purcltaser
represcnts and warrants that at Closing Purchascr u ill bc in good stancling and
authorized, as necessary, to conduct its busincss in Colorado.
(iiD Trusts. If Purchaser is a trust, Purchaser shall deliver to Seller at
or prior to Closing, a copy of the Trust Agreement, certified by the appropriate
representative of Purchaser, together with an Affidavit of Joint Venturer or
Trustees, as required by Colorado law, or, if the Trust is irrevocable, a Trust
Registration Statement filed with the District Court in the appropriate county of
Colorado, and any other documents required to be filed or otherwise required
under Colorado law or by the Title Company to enable Purchaser to hold title to
the Residence Estate in a Trust.
D. Parkingl Commercial Use. Parking areas within the Lodge have been
designated as Limited Common Elements appurtenant to the Hotel Commercial Unit.
Accordingly, a Residence Estate does not include a right to park within the Lodge
Improvements. The Lodge also includes Commercial Units that will be used to conduct
commercial and retail operations, including without limitation, hotel and restaurant operations.
Certain inconveniences, additional expenses and other consequences may result from such
commercial activities including, but not limited to, noises, odors, increased traffic around and in
the Lodge and additional insurance costs.
E. Seller's Right to Make Changes. Seller reseryes the right to amend the
Project Documents, including the Amendment, the Articles of Incorporation and Bylaws of the
Association at any time or from time to time prior to the Closing as Seller may deern necessary
to make any necessary corrections or to meet the requirements of applicable laws, govemmental
regulations, lending institutions and marketing programs, and as long as such amendments do not
materiallv and adverselv affect the Residence Estate.
CO DOCS A #82414 v8
o F. Entire Agreement. Purchaser represents that it has read and understands
this Agreement and the exhibits hereto in their entirety. This Agreement constitutes the entire
Agreement between Purchaser and Seller relating to Purchaser's purchase of the Residence
Estate. Purchaser acknowledges that except as expressly set forth herein, no other agreements,
promises or warranties have been made by Seller or its salespersons or agents with respect to the
transaction contemplated herein. No amendment to this Agreement shall be effective unless
made in writing and signed by the parties hereto.
G. Insulation. Seller and Purchaser hereby acknowledge pursuant to
Paragraph 460.16 of the Federal Trade Commission Regulations regarding labeling and
advertising of home insulation, that the types, thicknesses and R-Values of insulation presently
installed in the Residence are:
Location
Type of
Insulation Thickness R-Value
Exterior rvalls
Ceiling/Roof
Thc "R-Valuc" indicatcs the resistancc of insulrtion to hcrt flon'. Thc Irigher thc R-
Value, the greater the insulating power. Sellcr has not nradc its o*'n indepcndent dcterrnination
of the R-Value data provided to Seller by the insulation manufacturer.
H. Building .Codes. Spaces such as attics, chase ways, or plenums
constructed within the Lodge improvements or within an individual Residence are restricted
from any altemative use by building and fire, life safety codes, and the Project Documents.
These areas are not available for any Owner's access, improvement. or use,
I. Radon. The U.S. Environmental Protection Agency (EPA) has expressed
concem about the potential health threat faced by persons exposed to above-average levels of
radon in their home. Purchaser acknowledges that radon gas contamination is a naturally
occurring threat throughout the Rocky Mountain region and that such potential contamination
can be mitigated through modifications to the home. Purchaser acknowledges that by executing
this Agreement, Purchaser assumes all risk for any such potential radon contamination.
16. Brokers. Each party represents to the other that no real estate broker other than
the Listing Broker and the Cooperating Broker identified on the signature page hereof, has any
claim for compensation or expenses as a result of this transaction, and each party shall indemnifr
the other against any claims for commissions or other compensation by any other broker or
finder with whom the indemnifying party has dealt. The Cooperating Broker is not an agent of
Seller or subagent of Listing Broker and Purchaser acknowledges that Purchaser's relationship
with the Listing Broker and the Cooperating Broker (which may include Buyer Agency or
Transaction Broker) has been previously disclosed to Purchaser in a notice from the brokers to
Purchaser.
CO-DOCS-A #82a14 vB
l0
t7'.Miscellaneous Provisions.
A. Joint and Several Liability. If two or more persons are named in this
Agreement as Purchaser, their obligations under this Agreement shall be joint and several, and
fitle shall be conveyed to all Purchasers as joint tenants with rights of survivorship wrless
otherwise requested. In this Agreement the singular shall include the plural and references to
one gender shall include the other gender and the neuter, as the context shall require.
B. Governin.q Law. This Agreement is entered into in the State of Colorado
and in all respects shall be interpreted, enforced and governed by the laws ofColorado, without
reference to conflicts of laws principles. In the event of litigation between the parties hereto, the
parties agree that venue shall lie in Colorado.
C. Assisnment. This Agreement is personal to Purchaser, and Purchaser may
not assign this Agreement without the prior uritten consent of Seller, which consent may be
granted or denied in Seller's sole discretion. The foregoing notrvithstanding, Seller shall not
unreasonably withhold its consent ifthe proposed assignment is to a person related to Purchaser
or to an entity in which Purchascr has a significant econon'ric intcrest. Arry puryorted assigunrc-nt
of this Agreernent rvithout Seller's l'ritten corlscnt shall be voidablc and shall placc Purchascr in
delault undcr Paragraph I1, at thc option ofScllcr. Scllcr's rclusrl to collscllt to an lssignnrcrrt
of this Agreemer.rt shall not enlitlc Purclrascr to tcrnrinate this Agrccnrcnt or give Purchaser any
rights or claims for damages against Seller. Seller may assign its interest under this Agreement
without Purchaser's consent so long as the assignee assumes Seller's obligations hereunder. If
any assignment by Seller (or its successors or assigns) shall be for the purpose of securing a
lender to Seller (or its successors or assigns), Purchaser hereby consents to the pledge and
assignment of Seller's rights and remedies under this Agreement to such lender, and agrees to
acknowledge lender as the "Seller" herein in accordance with the terms and conditions of such
pledge and assignment. In the event of a conflict between this Subparagraph and any other
provision of this Agreement, this Subparagraph shall prevail. Subject to the foregoing, this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns.
D. Recordation. Purchaser shall not record this Agreement. If Purchaser
records this Agreement, at the option of Seller it shall become null and void and the Eamest
Money shall be retained by Seller. If recorded in violation hereof, this Agreement shall in no
way be construed as imposing or constituting a cloud upon the title to the Lodge, Residence or a
Residence Estate or affecting any sale of conveyance thereafter. If Purchaser records this
Agreement, Seller may demand that Purchaser promptly execute and have recorded a notice
which voids this Agreement. Recordation of such notice of the voiding of this Agreement shall
constitute a quit claim deed, waiver and release from Purchaser to Seller of any and all right,
title, claim and interest Purchaser may have had or has in and to the Lodge, Residence or the
Residence Estate described herein.
E. Invalid Terms. If any term, condition or provision of this Agreement is
declared illegal or invalid for any reason by a court of competent jurisdiction, the remaining
terms, conditions and provisions of this Agreement shall nevertheless remain in full force and
effect.
CO-DOCS-A #82a14 v8
ll
F. Waiver. Any waiver by
Agreement shall not be conshued as a waiver
provisions of this Agreement.
Seller of any term, condition or provision of this
of any other or subsequent terms, conditions or
G. Prior Sale. This Agreement is subject to the prior sale of the Residence
Estate and shall not be binding on Seller until signed by an authorized representative on behalfof
Seller.
H. Notices. All notices, demands or other communications required or
permitted to be given hereunder shall be in writing and any and all such items shall be deemed to
have been duly delivered upon personal delivery; upon actual receipt, in the case of notices
forwarded by certified mail, return receipt requested, postage prepaid, or as of 12:00 Noon on the
immediately following business day after deposit with Federal Express or a similar ovemight
courier service, or as ofthe third business hour (a business hour being one ofthe hours from 8:00
a.m. to 5:00 p.m. on business days) after transmitting by telecopier to the addresses set forth on
the first page of this Agreement. Either party may change the address to rvhich future notices
shall be sent by notice given in accorclance rr'ith this Subparagraph. An ngent of Seller or Sellcr's
Listing Brokcr may scnd noticcs at the dircction of and in placc of Scllcr. Ilthe're is nrorc than
one Purchaser, Seller shall be rcrprircd to givc notice to orrly thlt party clcsi-r-uatccl on thc fir'st
page of this Agreemcnt by Pr-rrclrascr. lf no ouc prrty is dc-signatu-cl, Scller slrall be dccnred to
have given adequate notice with notice givcr) irr accordauce u,itlr tlris Subparagraph to any'one of
the parties comprising Purchaser.
I. Attomeys' Fees. Should any action be brought to enforce or interpret this
Agreement, the prevailing party in such action shall be awarded and entitled to receive from the
defaulting party all reasonable costs and expenses, including reasonable attorneys' fees (and
reasonable fees of legal assistants), incurred by the prevailing party in such action. For the
purposes of this Subparagraph, the term "prevailing party" shall include a party who withdraws a
claim in consideration for payment allegedly due or performance allegedly owed or other
consideration in substantial satisfaction of the claim withdrawn.
J. Effective Date. The "Effective Date" of this Agreement shall be the later
of the dates by which both Seller and Purchaser execute this Agreement.
18.
herein and
reference.
Additional Provisions. This Agreement includes all documents refered to
all addenda attached hereto, if any, all of which are incorporated herein by this
ExhibitA-FloorPlans
Exhibit B - Residence Calendar
Exhibit C - Permitted Exceptions
Exhibit D - Colorado Disclosure Statement
Other Exhibits or Addenda attached.
X
X
X
x
n
co Docs A1€.2414 vg
t2
RIGHT OF RESCISSION
rN ACCORDANCE WrTH C.RS. $ 12-61405(1)(i) AND VArL MUNICIPAL
coDE $ 5.01.060, PURCHASER HAS THE RJGHT TO RESCIND AND CAI\CEL THIS
AGREEMENT WITH OR WITHOUT CAUSE AND AT PURCHASER'S SOLE OPTION
BY GIVING WRITTEN NOTICE BY TELEGRAM, MAIL OR HAND DELIVERY TO
SELLER OF PURCHASER'S EXERCISE OF SUCH RIGHT OF RESCISSION AT AI\[Y
TIME WITHIN THE LATER OF: (A) FIVE CALENDAR DAYS FOLLOWING THE
DATE OF SIGNING OF THIS AGREEMENT BY BOTH PARTIES, OR (B) THREE
BUSINESS DAYS FOLLOWING DELIVERY OF THE ATTACHED DISCLOSURE
STATEMENT. SUCH REQUEST SHALL BE CONSIDERED MADE IF BY MAIL
WHEN POSTMARKED, IF BY TELEGRAM WHEN FILED FOR TELEGRAPHIC
TRANSMISSION AND IF BY HAND DELIVERY, WHEN DELIVERED TO SELLER'S
PLACE OF BUSINESS. IN THE EVENT PURCHASER SO RESCINDS, ALL SUMS
DEPOSITED WITH SELLER SHALL BE RETURNED TO PURCHASER. WITHIN
SEVEN DAYS AFTER SELLER RECEI\/ES PURCIIASER'S WRITTEN NOTICE OF
RESCISSION..\ND TIIIS.\GITI]Ii}III\T SII,\LI- BII NUI.I.,\\I) \'OII),\\I) TIII-
PARTIES IIERETO SIIALL Illl lil'-1.8.\SI':l) l'-Roll ,\\\' l:Ult'l'lllill I'EIl.l'-Otl\I.\NCli
HEREUNDI|It. TtlE RICIIT OF IiI:SCISSIO\ C.\\NOT DII \\'.\lVED.
PURCIIASER:SELLER:
VML, L.L.C,,
a Colorado limited liability company
By: RB Manager, LLC, a Colorado
limited liability company, its
Manager
Signature
Signature
Date Signed:
Its Authorized Representative
Date Signed:
COOPERATING BROKER (IF ANY):SELLER'S LISTING BROKER:
Name:Name:
By,
Title
Date Signed:
Address:
Phone: ( )
By:
By:
CO_DOCS_A #82a14 v8
l3
o EXHIBIT A
The Residences at Vail Mountain Lodge
Floor Plans
CO DOCS A #82414 v8 A-1
E}ilIIBIT B
The Residences at Vail Mountain Lodge
Residence Calendar
CO_DOCS_A t82414 v8 B-l
EXHIBIT C
The Residences at Vail Mountain Lodge
Permitted Exceptions
1. Any and all unpaid taxes and assessments and any unredeemed tax sales.
2. Rights 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 July 12, 1899, in Book 48 at Page 475.
3. Right of way for ditches or canals constructed by the authority of the United States as
reserved in United States Patent recorded Julv 12. 1899. in Book 48 at Paee 475.
4. Restrictive covenants rvhich do not contain a forfeiture or revefter clause, but omitting
any covenant or restriction based on race, color, religion, sex, handicap, fanrilial status or
national origin unless and only to tlic c\tcnt that said covcnant (.\) is exempt undcr
Chapter 42, Section 3607 of thc United Statcs Code or (B) rclatcs to a hlndicrp lrut cloes
not discriminate against handicap pcrsons, as containcd in instrurncnt rccorded August
10, 1962, in Book 174 atPage 179.
5. Utility easements as granted to Holy Cross Electric Association, Inc. recorded July 19,
1977 in Book 257 at Page 587 and Book 257 at Page 588 and July 19, 1978 in Book272
at Page:l-ll.
6. Utility easements as shorvn on the Amended and Restated Condominium Map recorded
January 3, 2000, Reception no.719431.
7. Encroachment of Building onto East Meadow Drive as shown on the Amended and
Restated Condominium Map recorded January 3, 2000, Reception no.719434.
8. Easement and right of rvay for Gore Creek as its affects properly as shown on the
recorded plat of Vail Village, First Filing.
9. Encroachment of Building onto utility easement as shown on Amended and Restated
Condominium lV{ap recordcd January i, 2000, Reception no.719434.
10. Those provisions, covenants and conditions, easements, and restrictions, which are a
burden to the Condonrinium Unit described in Schedule A, as contained in instrument
recorded January 3. 2000, under Reception no. 719433.
CO DOCS A#82414 vg c-1
EXHIBIT D
The Residences at Vail Mountain Lodge
Colorado Disclosure Statement
D-l
CO_DOCS_A #82414 v8
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AGREEMEIYT FOR ESCROW AND CLOSING SERVICES
VAIL MOTJNTAIN LODGE & SPA
TI{IS AGREEMENT is made and entered into as of the 29ttr day of ftober,
2001, by and between LAND TITLE GUARANTEE COMPANY, a Colorado corporation
("Agent"), and VML, L.L.C., a Colorado limited liability company ("Seller").
RECITALS
A. Seller is developing an interval ownership condominium project (the'Project")
known as The Residences at Vail Mountain Iodge, in Vail, Colorado. The Project is now under
dwelopment.
B. The Project is more fully described in that certain Amended Declaration forthe
Vail Club Condominium (the "Declaration"), to be recorded in the real property records of Eagle
County, Colorado (the "Records") and the Amended and Restated Condominium Map (the
"Map") for the Project, as any of these documeirts may be amended from time to time.
Capitalized terms used in this Agreernent without further definition have the meanings given to
them in the Declaration.
C. Seller intends to sell fixed week undivided interests in certain Residences at the
Project ("Residence Time"). It is contemplated that Seller will enter into "Reservation
Agreemants" and contracts for the sale of such Residence Time ("Purchase Agreements") to
purchasers ("Buyers") prior to the completion of the Project. Residence Time, which is the
subject ofsuch Reservation Agreements and Purchase Agreernents, is referred to herein as
'?resold Residence Time."
D. Buyers of Presold Residence Time will deposit (a) money as provided in their
respective Reservation Agreernents ("Reservation Deposits"), which Reservation Deposits may
be applied toward the payment of Eamest Money under a subsequently executed Purchase
Agreement, or (b) eamest money as provided in their respective Purchase Agreernents ("Earnest
Money'). Agent has agreed to act as Escrow Agent with respect to such Reservation Deposits
and Eamest Money and to provide closing services for Presold Residence Time.
E. Agant and Seller intend for this Agreement to satisfrthe requirements of
Colorado Real Estate Commission Rule S-20 ("Rule S-20").
IN CONSIDERATION of the foregoing, and other good and valuable consideration, the
recerpt and zufficiency of which are hereby acknowledged, the parties agree as follows:
AGREEMENT
l' Subject to the provisions of this Agreernent, the Reservation Agreements, and the
Buyer's Purchase Agreement, Agent will mllect all Reservation Deposits and Earnest Money for
Presold Residence Time and deposit such Res€rvation Deposits and Eamest Money in segregated
CO_DOCS-A #82177 v2
interest-bearing fiderally insured escrow account(s) establistred by Agent at a financial
institution reasonably acceptable to Seller (the "Account"). Unless previously disposed ofby
Agent pursuant to this Agreement, all Reservation Deposits and Earnest Money shall be
deposited into the Account within seven (7) days after receipt by Agent. The Account shall be
established for the sole purpose of holding Reservation Deposits and Earnest Money deposited
by Buyers of Presold Residence Time. Except for any minimum amount required to be
deposited to open the Account, no funds other than Reservation Deposits and Eamest Money
funds shall be deposited therein. The Famest Money shall be maintained in the Account or in
other inveshnents acceptable to the Colorado Real Estate Commission as directed by Seller. All
reasonable bank or third party costs charged to Ageirt in connection with maintaining the
Account shall be reimbursed by Seller.
2. All Reservation Deposits shall be held by Agent until the eadier of,
(i) termination of the applicable Reservation Agreernent and retum of the Reservation Deposit to
the Buyer in accordance with Paragmph 5, below; or (ii) the execution of a Purchase Agreement
to replace the Reservation Agreement and the application of the Reservation Deposit toward the
payment of the Earnest Money as providod in the Purchase Agreemart and as directed by Seller.
3. All Eamest Money shall be held by Agent until the earlier of: (i) closing of the
purchase of Presold Residence Time pursuant to the terms of the Buyer's Furchase Agreement;
(ii) recission or termination of the applicable Purchase Agreernant and delivery of the Earnest
Money to ttre party entitled thereto in accordance with Paragraph 5 or 6 below (as appropriate);
(iii) Agent's election to interplead the Eamest Money, as provided in Paragraph 14 of this
Agreement, or (iv) delivery to a successor escrow agent.
4. Seller shall deliver to the Agent, a copy of each of the original sigrred Reservation
Agreements and Furchase Agreernents for Presold Residence Time and Agent shall hold in
escrow any documents and instruments provided by the Buyer and Seller in connection with such
Purchase Agreernent and any supplemantal instructions to Agent.
5. Seller shall promptly notifo Agent in writing of: (i) any Buyer's termination of a
Reservation Agreernent; or (ii) rescission of a Purchase Agreement during the Buyer's five-day
rescission period, if Agent is for any reason holding such Buyer's Eamest Money during such
rescission period. Upon receipt of timely notice from the Seller, Agent shall retum the
terminating or rescinding Buyer's Reservation Deposit or Eamest Money (as applicable) within
the time required by the Reservation Agreernent or applicable law, and shall return dll documents
held in escrow, to the party or parties which provided thern, Agent shall retain copies of all
documents returned and shall deliver copies thereofto the Seller on request.
6. If any Purchase Agreement is terminated after the expiration of the Buyer's five-
day rescission period, the Seller shall promptly give notice of such termination to Agent. Each
zuch notice shall specifo the n€rme and address of the party who is entitled to receive the Eamest
Money as a result of such terrnination. Agent shall promptly deliver the Eamest Money to the
party specified in the notice. After termination, all docume.nts and instrumeirts held in escrow by
Agent shall be delivered to the parly delivering them to Agent. Agent shall retain copies of all
retumed documents and instuments and shall deliver copies thereof to the Seller on request.
CO-DOCS-A #82177 \r2
7. Agent shall act as the closing ag€nt for Purchase Agreements of Presold
Residence Time, and shall provide the closing services contanplated by each Buyer's Purchase
Agreerrent and supplemental instmctions to Agent, if any. At such time as Seller is in a position
to convey title for the Presold Reside,nce Tim{s) purchased to Buyer pursuant to Buyer's
Purchase Agreement, Age,nt shall promptly schedule a date and time for closing the transaction.
At closing, Agent shall, without limitation: (i) credit against the pruchase price any Eamest
Money deposited with respect to such Purchase Agreernent; (ii) disburse the full purchase price
to Seller less applicable closing costs; and (iii) deliver the deed for recording. Notwithstanding
the foregoing, in no event shall a closing ofthe transaction for a Presold Club Interest occur until
all of the following conditions have been met:
(a) The Map for the Project has been recorded;
(b) The Declaration for the Project has been recorded and all necessary
mortgagees have consented thereto; and
(c) The Project is completed and a certificate of occupancy or tsrnporary
(conditional) certificate of occupancy has been issued for the Residence of which the Presold
Residence Time is a part.
8. All interest eamed shall be deemed a part of the Reservation Deposit and Earnest
Money.
9. Agant shall be entitled to rely on any notice given by Seller pursuant to this
Agreement without further inquiry. Seller shall indemnifr and hold Agent harmless from all
liability, loss, damage, or expense, including reasonable attomeys' fees, incurred by Agent as a
rezult of its reliance on any such notice and good faith performance of Seller's instnrctions
contained in any such notice.
10. This Agreernent shall terminate on the first to occur of: (i) the subsequent written
agreement of Seller and Agent; or (ii) the appointment of a successor escrow agent and the
transfer to such successor of all funds and documents held by Agent hereunder. After
termination, Agant shall not collect or receive any new Reservation Deposits or Earnest Money,
but this Agreernent shall remain in effect with respect to Reservation Deposits, Eamest Money,
and documents held by Agart under Purchase Agreonents pending at the time of termination,
until all such Reservation Deposits, Earnest Money, and documents are transferred to a successor
escrow agent.
11. Agent may receive any payment provided for hereunder after the due date for
zuch payment, unless subsequent to the due date and prior to the receipt thereof, Seller shall have
instucted Agent in writing to refuse any such payment.
12. Agent shall not be personally liable for any act it may do or omit to do hereunder
as escrow agent, while acting in good faith and in the exercise of its own best judgment, and any
act done or omitted by it pursuant to the advice of its own attorneys shall be conclusive evidence
CO_DOCS-A #82177 v2
o
of such good faith. Agent shall not be liable for loss or the outlawing of any rights under any
statute of limitations or by reason of laches with respect to any documents or pap€rs deposited
withit.
13. Agent shall be under no duty or obligation to ascertain the identity, authority or
rights of ttre parties executing or delivering or purporting to execute or deliver any documents or
pap€rs or payments deposited or provided for hereunder. Agent assumes no responsibility or
iiJUitity for the validity or sufficienry of any documents or papers or payments deposited or
provided for hereunder.
14. In the event of any dispute between Seller, Buyer, or any third party as to the facts
of any alleged default, any Reservation Deposit or Eamest Money, the validity or interpretation
of zuch Buyer's Reservation Agreement or Purchase Agreernent, or any other fact or matter
relating to the transaction between Seller and zuch Buyer, Agent is instructed as follows:
(a) Agurt shall be under no obligation to act, except under process or order of
court, or until it has been adequately indernnifid to its satisfaction, and shall sustain no liability
for its failure to act pending such proc€ss or court order or indemnification. If Agent obeys or
complies with any such process, order, judgment or decree of any court it shall not be liable to
any of the parties to any Reservation Agreernent or Purchase Agreernent, or to any other person,
firm or corporation by reason of such compliance, nonvithstanding that any such process, order,
judgment or decree is zubsequently rwersed, modified, annulled, set aside or vacated, or is found
to have been issued or entered withoutjurisdiction.
(b) Agent may, in its sole and absolute discretion, deposit the properry
described herein or so much thereof as rernains in its hands with the then Clerlq or acting Clerk,
of the Dstrict Court in Eagle County, Colorado, and interplead the parties to the applicable
Reservation Agreement or Purchase Agreement. Upon so depositing such property and filing its
complaint in interpleader, Agent shall be relieved of all liability under the terms h€reof as to the
properly so deposited.
15. H Agent is not at fault and if a Buyer asssrts a claim against Agent arising out of
any act pursuant to this Agreernent, Seller shall indernniff and forever defend Agent, paying all
costs, including reasonable attomeys' fees, and hold Agort harmless on account of any and all
losses, judgment and damages. In addition, Seller agrees to pay attomeys' fees and associated
costs reasonably incurred by Agent to enforce this indannity
16. Any notices authorized or permitted pursuant to this Agrwment shall be in
writing, addressed as follows:
If to Seller:VML, , L.L.C.
285 Bridge Sheet
Vail, Colorado 81657
Attrr: Mr. Ronald J. Byrne
CO-DOCS-A #82177 tz
o with a copy to:Ctrislopher Payne, Esq.
Ballard SpahrAndrews & krgersoll, LLP
1225l7th Steet, Suite 2300
Denver, Colorado 80202
l^and Title Guarantee ComPanY
0030 Benchmark Road, Suite 216
If to Agent:
P.O. Box 3480
Avon, Colorado 81620
Attr: Tom Blake
Notices shall be deemed given: (a) if personally delivered, upon receipt; (b) if sent by
regular U.S. mail, three business days after deposit in any post office box, postage prepaid,
addressed as set forth above; (c) if sent via facsimile, upon confirmation of transmission during
normal business hours; and (d) if sent via overnight mail within one (1) day after delivery to the
applicable overnight commercial delivery service for overnight delivery. The addresses and
uddt"ssees for the purpose of this Paragraph 16 maybe changed by giving wrinen notice of such
change in the manner herein provided for giving notice. Unless and until such written notice is
received, the last address and addressee stated by written notice, or as provided herein if no
written notice of change has been sent or received, shall be deerned to continue in effect for all
purposes hereunder.
17. Whenever applicable in this Agreernent, pronouns designating the masculine or
neuter shall apply equally to the feminine, neuter and masculine genders; the singular shall
include the plural and the plural shall include the singular.
18. Any waiver by a parry in any instance of any noncompliance by the other of any
obligations or responsibilities herein shall not be deerned a waiver of other instances or of any
rem"di"s for such noncompliance. All waivers must be in writing and signed by an authorized
representative of the parry seeking the waiver.
19. If any clause or provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws, the remainder of this Agreernent shall not be affected
thereby, and in lieu of each clause or provision of this Agreernent that is illegal, invalid or
unenforceable, there shall be added, as part of this Agreement, a clause or provision as similar in
terrns to such illegal, invalid or unenforceable clause or provision as may be legal, valid, and
enforceable.
20. This Agreement and any amendments may be executed in multiple counterparts,
each of which shall be deerned an original and all of which together shall constitute one
agrcement.
21. This Agreanant may not be amended or modified except upon the'atritten consent
of all the padies hereto.
CO-DOCS_A #82177 v2
o
22. This Agreeme,nt shall b€ governed by and constued in accordance with the laws
of the State of Colorado, without regard to its conflict of laws principals.
IN WITNESS WHEREOF, the parties have executed this Agreernent to be effective the
day and year first above vritteir.
SELLER:
VML, L.L.C.,
a Colorado limited liability company
AGENT:
I-A,ND TITLE GUARANTEE COMPAITIY, a
Colorado corporation
By:
Name:
Title:
By: RBMANAGER"LLC,A
c,o_Docs_A #82177 v2
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o
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SPECIAL WARR.!\TY DEED
THIS DEED, made this _ day of , 20-,
between \ML, L.L.C., a Colorado limited liability company, grantor and
legal address is,whose
of the County of
State of grantee(s):
WITNESSETI{, that the grantor, for and in consideration ofthe sum of
DOLLARS, the receiPt and
sufficiency ofwhich is hereby ackrowledged, has granled, bargained' sold and
conveyed, and by these presents does grant, bargain, sell, convey and confirm
with improvements, if any,unto the grdnte€(s) and its heirs and assigns forever, all the real property, together
situate, Iying and being in the County of Eagle, State of Colorado, described as follows:
A Residencc Estate consisting of an undivided o/o interest as tenant-in-
cornmon in Residence according to the Amended and Restated Declaration for Vail
Mountain Club Condominium recorded on January 3, 2000 at Reception No. 719433 as amended
by that certain First Amendmcnt. recorded (!q19). at (Bqggp!l9d!SJ, and as funher amended
from time to time, and according to the Amended and Restated Condominium Map, the Vail Club
Condominiums, recorded January 3, 2000, at Reception No. 719434, as supplemented by that
cenain First Map Supplement. recorded fu!49), at EqqqpI!q!-N9-), and as further supplemented
from time to time, in the office of the Clerk and Recorder of Eagle County, Colorado, together with
the exclusive right to possesston and occupancy of said Residence during F'ixed Vacation Weeks
and during up to
-
Floating Residence Weeks reserv'ed by the
Member pursuant to the Rescrvation Proccdures.
also kno\4n by street and number as: 352 East Meadow Dnve, Vail, Colorado 81657'
TOGETHER WITH all and singular the hereditaments and appurtenances thcreto belonging, or in anywise
appenaining. and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all
the estate, right, title, interest, claim and demand $hatsoever ofthe grantor, either in law or equity, of, in and to th€
above bargained premises, with thc hcrcditamcnts and apPurtenances;
TO HAVE AND TO HOLD rhe said premises abore bargained and described with the appuftenances, unto
the grantee(s), and its heirs and assigns forever. The grantor, for itself, its heirs and personal representatives or
succcssors, does covcnant and agrce that it shall and uill WARRANT AND FOREVER DEFEND the above
bargained premises in the quiet and perceable possession of the grantee(s), and its heirs and assigns, against all and
every person or persons claiming the lrhole or any part thereoi, by, though or under the Srantoi.
IN \VITNESS WHEREOF. the sranlor has executed this deed on the date set forth above.
VML, L.L.C.
a Colorado limited liability company
By: RB Manager, LLC, a Colorado limited liability
company, its N'lanager
By: Ronald J. Byme , its Manager
STATE OF
COUiT"TY OF
The foregoing instrumenl was acknowledged before me this
-
day of
-,
20-, by
Ronald J. B).rne, as Manager of RB Manager, LLC, a Colorado limited liability company, Manager of
\rlvll-, L.L.C., a Colorado limrted liability company.
Witness my hand and official seal.
My Commission Expires:
CO_DOCS_A #821 78 v3
Notary Public
o
o
o
o
o
o
I
AMEIIDED AND RESTATED
. CONDOMIMUMDECTARATIONFOR
VA& CLfrE GONDOMIMUMS' . coDdoDlllrn
st.rJ
t^
-
Iv
l',,$lJ{',Hll$',l[!l#}[ttlllttl',][!l'lm
*!!nlloo lro!!t!.d-tl-lDc@tlrl!.lot
I
I I llllll lllll lllllll ll lllllll llll Nllll llllllll llll llll
iln4ijr-li7rnt2ilo GlrF ttl t tr tl.tr-
2 .f !| t 2l!.8 D t.tt ll !.t0 Errlr 00
TAET.EOFCONTENTS
Govcrning lr*
Redcdicltion.....
Pape No.
l.
2.
2.1. NrrrLZ Arsocirtion -....Ll Numbcr of UoitrL4 PermittcdSubdlvisioo
l.l "Acccst Erscnrnl'
3.2 'Affcclcd Unh Owncf rnd'Affcctcd Unil orrncr Arncndnrnt-3.3 "arraded Mep'
3,4 "Angplos"3J 'Asscesnpnt"
3.5.1'DcfeultAsscrgrrna'
3J,2 ?criodic Conrmn Argcgmnt'
3.5.3 ?eriodic Hotcl Arrcsrncnt'
3.5.{ -Spccial Asscssnrnt"
3,6 "Associrtion"3.7 "ArocirtionDaunrnat"
3.8 "Assmiation-lnsurrd hoperty"
3,9 "Athlctic Club Unit"
3.10 "Bosd'
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
tl
4
.l
4
4
3,[."CCIOA'I 3.12 "Comnrrcirl Unit"
3.l3 "Comroo Elerrnu"
3.13.1 -Common Elccnts PcrccntrgC'.......
3.13.2 "Gcncnl Comnnn Elcnrnts"
3.13,3'Limitcd Conurpn Elcnrcnts"
3.13.4 -UnitAirSpacc"
3.14 Intcntionallydclcad
3.15 -Corurpo Erpcnscs"
3.16 "Condominiun Act"
3.17 *CondominiumUnit"
3.lE 'Condominium Unit Perccntagc-
3.19 "Convcncd Condominium Unit"
3.20 "Dcclrntion"
3.22A'ErpEnding Owncr"
3.22 'Ernploycc Housing Units"
3.21 Tffccdve Datc"
3228'Erpanding Rcnovrlion"
3.23 'Fint Mortgagc-
3.2{ "Firsl Mongrgcc"
3.25 "C*ncnl Anrcndntnt"-...........-.-......!
3.26 "Horcl Opcrations Coss"
3.2? "Hotcl Opcrating Costs Pcrcenugc"
3,2E 'Hotcl Scrviccs"
I ililil|il|il ililfil il iltftil ]il ililililliltff ililtftl?llrlt 0l/tcl3n Ghtt ttt t|Pa Faar*'-'-----I rl !l t 810.F D a.r il !.00 trrlo G0
Tlotet Unit'.* ....-..............*...-.- 7t.29
3.30
3.31
3.32
3333g
3.35
3.36
3J7
'ltotcl Unit Rcnovuloo"
'Inithl Codominium Unir O*rrcf
'Initirl Condominium Unirl'-lnidrl Owncrc--Jw'f Atnlhts-'twr
'JWThopcny"
"}lrnrgefl
33?A "lvlrtcrlrl Advrnc Affcct'
33E -lvlongr3c'
139 "tvlct34cc-
339A "llon-Erpandin3 Rcnilvrtion-
3.40 -Objcctlng C;ondominium Unit Owoer'
3.4l "OrigimlDeclention-
3.d2 "Owncf
3.t13 'Owncr'
3.44 "Psrcanugc of Hotcl Serviccr-
3.4J '?rohibitcd Usc'
3,4? 'T,cnovrtion"............... t
3.{t'RcridcntialUnits"
3,{9'RcstatcdDcchrarim-
3J0 "Rulcs and Re3ulaliors"
3J | "Spccial Condominium Unit-
3.52 "Spccirl Condominium Unit Owner-
3.53 "SpccielCondominium
3J4 "SpccialCondominium
Uniu Rcquircd Pcrccnugc"
Unit Owocrs An:ndnrnt"
3J5 "Spccified Provision-
3.56 "Unit"
3.57 'Unit A-
3.58 'Unil B"
3.59'UrcRcstrictions-
3.60 'r/uqucz"
3.61 Ottrr Dcfinitlons.-,.-...,,,,4. Amcndnrnts to the Amndcd Map.
5. Dcscription of Condominium Uoit: Rcrtrictiou on Usc; Bcncfis lo Owncrs
J.l Dcfinition
5.2 Conforming Release ead Convcyancc
5,3 Lcgrl Dcscription...-...-...---.... ......:--....-------..5.{ Hotel Unit/Accomnrodrtion Unis- Rertrictions on Usc rnd Convcy.ncc........-.
5.5 Emptoyec Housing Units -Rcstrictions on Usc rnd Convcylncc...,.....,.,.
5,6 Athlctic Club Bcncfits o Spccirl Condominium Units
6. Form of Owncnhip; Alicnebility and Parritionl kasing,..
6.1 Orncahip62 t rsc
to
lo
t0
t0
to
ult
ll
il
t2
t2
tz
t2
12
t25.3 lnrcprrability
6A Scpanc A$cssrDcnt
?. EerenpnBl Eosurnbnnces.t3
I Lllll lllllllillll ll illlll llll illlll lllllllllil llllrffir-lVfframO 3&C ltt 3fr ?l.l|fI rt !l t 2lt.F D l.t ll C.I hrtr G0
7.t Euerrrnts urd Licc$ca Appwrcoltt to hojcct72 Rcleruble Acrcss ErscrrrnB73 En*rycocyAcccs7.a ErrcltnrfotEncrorshrcntr---...-.13 Utillty Er*luotr
& C.codorilnlumAgehdont.l ThcArsoclrtloot.2 Votca
EJ Tnnrfcr of Membcrrhlg
t3
t3
l4
l4
l4
t4
l4
l4
l4
r5
t5
t5
t5
t5
t5
l6
t6
.t6
t7
t7
17
ta Mcmbenhipu Bools rnd
t.6 Horcl Scrvlccrt.? Tchphonc Scrvlccrt.t Prrling for Spcclrl Condominium Uniut.9 Menagcr
t.l0 Commirtcc
t.l t Rights of Action
t.12 Noicc9. Mcchrnic'r Licns..
9.1 NoLiebility9.2 lndcmnificetion
9.3 AsocirtionActioo-..-..-............
|0. Mrintcnencc; Constngion..-
lO.i Mrintcnance by Owncrs-.,..
102 Owrrcr'r Frilurc to Mrintain or Rcgrir....-
10.3 Maintcnrnc,: by Assaietion
10.4 Asrairtion Mrin(cnrncc u Comrron Expcnrc
10.5 Eascnrnt for Maintcnrrrcc
10.6 Assaietion Powcr
I l. lnsurarcc
J7
t7
t7
IEItIt
t8
t9
I 1.1.2 Comprchcnrlvc Urbility l9
I9I t.2 Ccrtificrtes of lnsurame;
t16 Conurnn Expcnscr.
ll.? Fidclity
I l.E Workcrs' Conrpcnsation lnsurance.
I l.t0 Spccirl lnsurencc hovision.
12. Asscsnrnu.
l2.l Btdgct
112 Obligarion .-.------.--...X2
t23 Pcriodic Ascssnrnr.-..-..*.
(r) Periodic Comrnon AsressnrnE....,.
(b) Pcriodic Hotcl A*ssnrnlr
3t
2l
2L
22
z2
Ill
(c) Prymcnt of Pcriodic Asscssstnr n
$,ru{4u$}H|$1t1l$[lllrll]'ril
Spccid Assesscntr
t2-? Prymnt by Mortgrgec-....- ..-.......-.. 23
l2.t Stercmnt of Sutus of A$ctsnrnt Pryrrnt... ,.-.-,..-..24
l2ll Modirtton urd r{rbirrulon fs Comrpn Erpcn!cr....*.,......-.-. .-.......24
t3. Drnu3c c DctrnFtlott.*.*.- ...'..-...-... 25
| !, I Tlfc Rolf Ol thf AtmlrtlOnr,rrr,.r,r.,r.rrrrr,"r,r,'r,'.'"rrrrrrr'.r,.rr,rtr1rrr,.r,.r.,.r,r'rrr,rrrrr.r,.r.rr ,,,,,,,r,,r,,,25
f !.2 btlnltc olDul3cr or Datrucllon.....,.-..- -........,.,...,.....-...; ...-.-..,.25
| 3.3 Rcprlr, Rcplrctmnt rnd Rcconr!rucllon '....... ........... 25
t3.4 UnritcdC;rurnBccntDrmrgc .....'--""--""-"5
l3.J Fundr fc Repalr. Rcptrccmnt rnd Rcsonrtnrclion.--...-.-'..--. """" 25
13.6 Disburccrrni ofFundr for Reprlr. Rcphccncnt rnd Rcconrtruction.. ....-'...'-"""""" 26
t4. Condemnlon ol Common Etctrntr .,.....-.-- ..............-.. 2(r
l.l.l Righ! of Owncn .-...'..-.-.-. """'-"' 26
t4.2 PrAirt Condcnuution: Dirrribution of Awerd; Rcconrtnrction . '......... 26
14.! Complerc Condcnuretion..,.,.,. ....--.. 26
t5.r
15.2 Assairrion Acting rs Anorncy in Frct -.--.--- .....'.'...-.....'-"-"'-.' 27
16. I Righrs of Finr Mongr8cc ...-...-- -----.-------.-.. 27
17. Duntim of Covcnrnu rnd Anrndrrntr """"""""""""" 28
l?.2 Anrndrents in Accordancc with thir Aniclc l?......'... .".......".-"""" 2E
l7J Arrndnpnlt ..................-- "-"""""' 28
t7.4 Mcchenics of Effccting an Alrndrncnt.'....'.. '.......".."":'-"'--""""- 28
tE. t 29
lE.4 Rcsponribilhy...-....'........'..' """"--"' 29
lE.5 Cor;phnc
16.6 RddrrdRcgulations......* "-'-""'-'29
t9. Gcnenl tntcrprctation ftinciplcs ...."... """""'-""-""""" 30
l9J CirodominiumAh....-......-......'-.--..'..-.... '-""""'-" 30
2O Spccirl ftovisions Rcgarding Futurc Work...'-.---'--. """"'-""""""""""' 30
20,i Futurc Rgnov io;s.....-.. "-""""'-"' 30
20,2 Exprnding Rcnoverionr...... """""""' 30
(r) Requirc#nu for Erpending Rcnovaiionr ...'.
iul Mricrirl Advcrsc Aficct. """"'-"""" 3 t
(ci Frrsr Ri3hr of Rcfus:t for Elpanding Owners ..-.... """""""""-"""""' 33
22lL4
l25
12.6
lv
AMEIT{DED AND RESTATED
CONDOMIMUM DECLAMTION FOR
VAIL CLUB CONDOMINIIIMS. r condornlnlun
Thir Anrndcd rnd Rcslrtcd Coodominlum Dcshntion for Yril Club Condominiums. r condominium is
crtcrcd into u of thc Ellcctlvc Drte by ud bcrwccn IWf l9t7 VAILLIMITED PARTNERSHIP. r Colondo
limircd purncnhh Cryf} rofD{ M. ANGETO rnd Jt DIT}I }L ANGELO C'Anrehl-). t{YtJA M.
VAZQUEZ (arrfllcl.). rnd VAjL CLUB CONDOMINIUM ASSOCIATION. INC. r Colorrdo non'profit
corpcrtlon ('A$CeilIiC[) (collccrlvcly, fWl. thc Angclc ud rhc Vr:qucz rrc ron:rlnrl cdlcd trc "llilid
$nso}
A ,WT ir thc oyncr of thc following propcrty:
Thc Vrll Club Condorniniums oxcegtin3 condominium Unils A rnd B eccording to tbc
Condominism Mep rhcrcfor rccorded Augurt 24. l9t4 in Book 393 et prgc 326 ('Mrp') rnd rs
dcfincd rod dcscribcd io lhc Condominium Dccluetioo thsrcof rccordcd August 24. l9E4 in
BmL 39t et pagc 32t. County of Er3lc. Srerc.of Colondo ('tr1LBSg9SI'). Tbc IWTPropcrry' is rlro lnown r Unitr I through J, C throu3h G. l0l firough 10E.203 through 206,209 rhrough
214, 306. 309 through 312. 314 and 409 through 412, VAIL g-LrB CONDOMINIIIMS.
B. Thc Angeloc rrc thc ovncrs ofthc following propcrry:
c.
Rcridcodal Condominium Unit A, Vrll Club Condominiurns according to thc Condominium Mrp
thcrcof recordcd August 24, l9E4 in Book 393 at Prgc t26 end rs dcfincd rrd docribcd in the
Condominium Dcclantion rccordcd August 24, l9E4 in Book 393 et Prgc 32E. Cornty of Erglc,
Sutc of Colondo C'lJnit3).
Vr:qucz is thc owncr of thc following propcrry:
Rcsidcntid Condominium Unit B, Vril Club Condominiums according to thc Condominiurn Mrp
tlrercof rccordcd August 24, l9E4 in Bool 393 at Pagc 326 rnd rs defincd lnd dcscribcd ln rhc
Condominium Dcclrntioo rccordcd August 24. l9&4 in Book 393 rt Pegc 328, Counry of Eeglc,
Srrrc of Colondo ('!Eit_E).
Ey Condorninium Dcclrntion for Vril Oub Condominiurrs rccordcd August 24, l9E4 in Book
393 rt Page 328 in Ergle County, Colorrdo. r ccnrin condominium rcgime wu crcrted thrt
contrincd thc JWT Propcny, Unh A ud Unit B and thc comrmn clcrrnc rppuncnrnt rhcrcto
CeiriulDrlsrtico")
JWT. thc Angclos, !'qr:z rnd thc Asrocirrion now dcsirc to tnrrd rnd rcstltc thc Original
Dcclaratioo rnd to rubnitutc this fuEndcd rnd RcslEled Condorniaium Dcchntion ("[,gggg.gg!
Declrntion') for thc Originrl Dcclantim for rll purposcs cxccpr rr s€r forrh herain.
Oac of thc purposcs of this Rcstatcd Dcclrntion is to rsflcct thc configuration of thc Projecr !s h
currEnily erbts. to ruthorizc th rigtrt o rccontigue rnd cxpand rhc hojcct, rll in accordarrcc
with rnd subjcct to thc provisions of rhir fustetcd Decltnlion.
tr,|!|I|ll|llultiltr .|[f Urttl|ultlrf f zuil I rl
? r? ll I Z!0.!a D t.A I t.A Crrtr CO
D.
E.
F.
f
r,||ul{t[|l!I!| u[ruulllltzuil ilrl
.I rr I t,r..I D a.l. I-r;.. t tia-Co
NOWTHEREFORE, lnconridcntlqrof rhprumofTEN DOLLARS AND NdIODOII.ARS rnd orhcr
good utd vdurblo conri&ntlon the rccclpr rnd rulficicrcy of whhh h hcrcby rcknowledged, the prnicr hctcby
rgrco u follorvr:
t. Govcming hw. To tlro crcnt thlr Rcrtrted Dcclultion hrs thc rubstrntiw cffcct of
rconrplbhing r rcrult not permittcd und* prc.luly l, 1992 condominium hw. thl3 Rcslercd Dcclrntion ir rnrdc
uder Articlc 33.3 of Titlc 3t of Colondo Rcvi*d Sururcr ('!qlQl\il. Nawirhsunding sucl\ thc Owncn
tpccificrlly do no3 clcct tsErtmnt undcr CQOA erccpt to thc cxrcnr rtquircd by Scctior I l7 6sEof. All othcr
trcrurrnt rhdl bc Aurrurnt to Articlc 33 of Tirlc 38 of Colondo Rsvircd Srrtures ftgglggipig4lyl-;.
2. Rcdedicrtioq. Thc Owrsr rnd thc Arrocirtion hcrcby rrrnd rnd rcstrta by thir Rcrtrted
Dcclrndoo, tic phn for the Indlvlduel orrncohip of rhc hoject dcsctibcd on Erhibit rr rruchcd hcrcto. rnd thc
indlvidurl owncrrNg of thc dr rprcc unftr contrincd in thc buildin3 rod tha coownerrhip. r cnrntr in cornnron.
of rll thc rtrnrin&r of thc hojoo rnd lmprovcnrntr thcrcon into thc Uniu rnd Conunon Etcnrnu dcscribcd on
thc Anrndcd Mrp, Thc Owncrs furthcr rtrtc rs followr:
2-1. Narrc. Tltc n:rr of thc hojcct l.r tbc Veil Club. Thc ftojcct ir r condominium pursurnl
10 thc Coodominium Acc
2.2 Arsaiation. Thc nenp of thc Asrocirtion ir Vril Club Condorninium Arrocirrion, tnc..
r Colondo nonprofir corporation undcr thc lrvr of thc Strtc of Colondo.
2,3 Number of Units. Tlrc numbcr of cxistiag Units in thc Projcct is rl0.
2-4 Permined SuMivision. Ech Owncr rcs€rvcr tfic right to subdividc or combinc hir. hcr or '
s Unit rnd cdjaccnt Umited Conurpn Elcrpnt! rppunenmt (o thal Uuit into one or morc snitr as followr: Tlrc
Athletic Club (cuncntly owncd by JWT) nuy bc rubdividcd into no rmre thrn J Unia. Thc Hotel Unil (cunently
owncd by JWT) rnry bc rubdividcd into no moe than 65 Unitr. rhc Rcri.urrni Unit (currrntly owncd by JWf)
rney bc rubdividcd into no more lhrn 5 Unitr. rnd Residcndll Units A (curently owncd by lhc Angelor) end B
(currcnrly owncd by thc Vrzqucz) ruy bc rubdividcd Into no nrcrc thrn 2 uniu cac[ nuting thc marimum
numbcr of Uniu in thc hojcct t3. rnd pmvldcd tlrt thc Hotcl Unit nlrst comply wi& thc unns of Sccdon 5.4
bclow, Notwirhrundinj thc focgoin3. thc Use Rcrric$onr rhrll rt dl tinrcs rpply lo thc Uniu.
3. Definitions.
3,I 'ASgf$l4engg1- mrnr thc right of ingrcss rnd cgms ovcr rnd rcross (i) r portion of
thc Hotcl Unit rr depictcd as 'Relcr:tablc Acccss Eascnrnt" m thc Arrcndcd Map or (ii) r ponion of tlr
Umitcd Common Elcnpns of $c Hotel Unit cumntly u5€d rs! suirwry (the'fa$lLjSBiBI.). and in cach
crsc furthcr dcicribed in Scction 7,2, which Accos Esscm.ni crn bc rclocaud by thc Ovncr of thc Unit lcmss
which thc Acccsr Eescnrnt is gnntcd. in thrt Owncr'r solc discrction. so long u ruch Own* (r) givcs rt lcrst 30
days aoticc of hr incntion to rclocerc cuch Accrss E$.nrnt o r plnce within the Unit to crch Owncr ull thc
fureirtioo, (b) thc rclertcd AccesrErsclEsl provides functionrlly cquitrlcnt ingrcss rnd cgrcrs lo othcr
Owncrr thar will ntisfy thc Town of vril. (c) thc rtlcrtcd Acccss Erscrrnt complicr wirh thc requircmnts of
Section ?2 urd der not clurc r Mruriel Advcnr Effcct to ecur punurnt to Section 20.2(b) hcrcof. rnd (d) rn
rnrndnrnt to thc Amndcd Mrp rignod by (i) thc Owncr of thc Unit rcross which thc Acccrs EaserEnt k bcing
rclocatcd rnd (ii) the Arsairdoo which ccnincs thal thc rcquircd noticc wrr givcn is rccordcd to show thc
o
ll4u#{,g$ll{',$|lluutlrtilurlililr
Artcs Earcnrnt rs rclceEd, rt ttrc rolc coct urd crpansc of tha Owncr rcrosr whosc Unit thc Acccu Eescnrnt
lr bclng rclocrrc& Notwfihlrnding tho forcaolnj rhc prnlcr lrrrto rclnowlcdgc rnd rgrcc lhrt thc Orrnct ol
thc Horcl Unit ruy allmln:tc thc Centcr Strlnny in connccrlon wirh my Erprndlng Rcnovtrloo wlthout
oheinin3 thc conrent of rny Unlt Owncr provldcd lrr ls in cornplirncc with rpplicrblc hwr rad thcrc rcruln:
clcvrtor rscess rnd two rcprnle firt rtllrvt)r rcccr&r.
32 "nfecrca Unit Ouncf lna ' . 'Affectcd Unit Owncr'
rsns rn Owacr or Ovnen thrt must rpprovc u rnr-odr'Ent to Nr Rrstatcd Dsclrndon or rny othcr
Agocirdon DocunEnt bcclusc tlrc irrndnrnt (thc 'Atfcctcd Unit Owncr AnrndnrntJ (i) effccu onlt thet
parriculrr O*ncr (or thclr rcrpcctivc Unlts(r)), (li) hu thc cffcct of depriving thrt Ownc(r) of thcir righb gnntad
in this Rcsutcd Declention or othcr Arrocirtion Deunrnt, (iii) Fnrinr to r Spccified Provisioo bcncfitint thrt
Owne(r) (o thcir respcctivc Unit(s)). or (iv) would increase thc Comrnoo Elcrrnts Pcrccntrgc of r Unit owned
by thrt Ownc(r).
3.3 'AnCAdCC-Mfn" nreru lhc Amcndcd rnd Rcstrtcd Cordominium Mrp rccordcd
concurEntly with thir Anrndcd end RcsLtcd Condominium Declrntioo rnd any lrtcr rnrcndnrntr to thc
Anrndcd Mrp.
3.4 'Altqlgt" ir dcfincd in thc prcemblc,
' 3.5 "A$g$ItgU: shdl havc the nrrning describcd in Scction 122 bctow end inctudcs:
3J.l -Efittll-l\$CrgDelt" dcfincd in Scction 125 hlow.
3J2 "per;oaic Co.rnon lsscss ' delincd in Sccdon 12.3(r) bclow.
3.5.3 -Pcriodic Horcl Asscssmcnt" dcfined in Scctlon lZ3(b) bclow,
3J.4 -Spesid1|g6nqat- dcfincd in Scctiqr 12.4 bclow.
3.6 "Ar:pCiilie[- rrlenr tlp Veil Club Condominium Asseirtion, lnc,, r Colondo
nonprofit corporatiott iB srrccssors rnd urignr. Tltc Arsocietioo wu fornrd for tbc purposcs set forrh in ihc
Asseiation DocunEnc, Thc Associrrion rhrll cnforcc this Dcchririon rnd tho othcr Arsociation Docurrunts,
providcd thet thc forcgoing will not rffect thc right of rny Owncr to enforcc its rights undcr this Rcstatcd
Dcclantion rnd thc othcr Arsocietion Documcntr, Thc Arsocirtion shrll further rct rs rnorncy-in-frct or trustce
for Ovngrs 15 rct forth in thir Dc<lantion but only to thc crtcnt pcrmittcd by Scctions t4 end 15.
3.7 "A$gei!tiqn_pe1111pe$1" rErns this Rcstarcd DechnriorL thc An:nded Mrp. rhc
Articlcs of lncorporation, thc By laws rnd the Rutcs rrd Rcgulrtions of thc Association r! lhcy rrc amcndcd
from tirr to tinr.
3.8 'A$9gilticn:I0$g9d-EpSf111' rnclns thc propcr.y insucd by rhc Association pulsurol
to Scctioo I l.
3.9 "AtUqtisS!$-Utrit-" nrceos Unit t oo the Anrndcd Map. which is currcntly opcrgrcd ls
e hcrlth club urd sps. crccpl to lhc crtcn! it bcconrs a Convcncd Condominium Unit.
Illtilttfilt l]iltil lil]il ill ltlf] tltil[lt il |ltl?tt+$ avB/il flrtl tl! t r. tlrktl rt !l l lL.l 0 a.I i Lt lrrtr C0
3.10 i!91gf rEanr th. borrd of dirccron of t[c Auelrtion, which rbrll be thc srnr rs thc
Boud of Manrgcn u uscd in the Condominium Act"
3-l | 'CCIQA' n:ms Coloodo Cocurpn Intcra:t Owncnhip Act, Anicle 33.3 of Titlc 3t of
thc Cotondo Rsvircd Stetutcr
3.t2 'Cg1tgctrhlll3il- rmult rhc Athlcrlc Club Unit rhc Rcsuurrnt Unir rnd thc Holcl Unit
rnd rny ncwty crcrtcd units dcllgnrtod rr such by $c Erproding Owncr 13 rct forrh in Scctlon 20.2. crccpt to
tlc crtcnt it bcconpr r Convcrtcd Condooilnlum UaiL
3.f 3 -CCOnc!.IJffilt- rr|t|lr rtt Frtionr of rt Prol.cr .tccpt rlE UDiB. Ech Owncr ir
dccrrd to own rn intcrcst in thc Cornnron Elenrng cqud to ruch Orrtcr'r Cornrnon Elenrntr Pcrcentlgc. Each
Osncr'r intcrcst ln thc Conumo Elcnrnu pcnrining to ruch Owncr'r Unit hes bccn celculetcd by dividing thc
qurrc foougc ofruch Unir by thc totrl squrrc foo[3c ofrll Unhr. grovidc4 howavcr. t]rt crscpt rs lct fonh in
Scctionr 3.13,4 rnd 20.2 bclow. crch Orncr rgreer thlt th€ Comrpn Elcnrnu Pcrsenugo thet hrl bccn qlloceted
to ruch Owmrrt Unit es of rhc Effcctive Drtc, ar rcr fonh on Erhilil-E, ir dccnrcd to bc accunlc ud no latcr
compu6rion of quarc footlge (cven if crron rrc shown to havc bccn rndc in cspeit of thc origind
compurrtions) shell rcsult in r npdification ro ruch Or+ncr'c Comrnon Elctrtotr Pst€cntrSc' The Conunon
ElcnbnB coosist of $c Crcncnl Comrrp<r Elcrrnu rnd Limitcd Comnpn Elcnrnts.
3.13.1 '@ nrans' with rupccl lo any Uniu thc
pcrccnregc of Conurnn Erpcnrcr liability dlocrted to ruch Unit on E;,hihi].E ltlachcd hcrcto. Thc Comrnon
bl.ornrr Pcrccnuge for eech Unit har bccn calculrrcd by dividing rhc rqurrc footegc ofsush Unit oy rhe otrl
rqurrc foougc ofrtl Unira providcd, howevcr, $st ercept.t scl forth in Scctionr 3.13.4 rnd 2O2 bclow. cEch
Owner egrccs $rt thc Cornrpn Elcnrntr Pcrccntrgc thrt hrs bccn rltocated such Owncr'r Unit as of thc
Effectivc Darc; rr rcr fonh on EAbibj!-E, is dccnrcd to bG rccuntc rnd no hGr computrtion of rqurrc foorrgc
(cvcn if cnon trc krown lo havc bccn rudc in respcct of rhc original comPutations) rhrll rcsult in r modificrtion
to such Ownct's CorDmon Elclrcotr Pcrccntrgr.
3.13'2 'EcntnlscDoelllrG$t" nrus rtl trngiblc physical Ponion of thc Projcct
crcept rhc Limired Conunst Etcnrntr erd rhe Unirr Wi&our limjution. lll utilitics end utility.dclivery systems
arc irncnl Comnpn Etcnrnu, including rll pipcs, wires, conduitr, rprinkJcr hcads, clcctric bascboard heating.
rhcrnrosurs, rtdiant hcrt panslr rnd o$cr nrchrnirros for dclivcry of utilitics to e Unit' but crcluding pcrsonal
tirlures within r UniL ruch r: rlnlr rrd loilctr.
. 3.13.3 "UtriIgd.,]CpEDA!.EkoilE" tncrns tliosc gins of thc Cotntnon Elemrnr
which are cirhcr limitcd to or rcscrved in this Dcctrntion. on a Map or by lction of thc Associrtioo' for thc
crclusiva ugc of u Owncr of I Unir or rrc limited to and rcscrvcd for thc comrnon usc of srorc than onc but fewcr
tl11n eI Owncn. For tbc evoidancc of dogbt. tlp brlcony rnd t]r rcrncc appuncn$t to r UBit is dccnud to bc e
Limitcd Cornrnon ElcaEnt of ruch Unil
3.13.{ -llnifj'irlnref' Notwithrtrnding thc forcgoin3, howcvcr' thc Owncrs
undersund end egr.. thrr rhc rir sp:cc shown rs'Air Spacc Appuncnsnl to U-nit ppccificd Unill" oo ah€
Anrnded Map ii. p.rr of m rpciificd Unit, rnd will bc rddcd to lhe tguare footage ofthc rcsPcsliYc Unit rnd-to
rhc rctel rqutr. foougc ofrll Uniu upon thc complction ofsuch Unit Air Sprcc as usrble rrca in accordrncc with
the Town of Vril rcquircrrcntr rnd rubjcct to ttr provirions of Articlc 20 bclow'
-v
3,14 lnandorully dclctcd.
I lilill illll lllllll ll lllllll llll lllllll lll lil|| fi Iill?l$sl Cll}Jt?,OL tilrH tll trr ?trlrr
ll o? !l t a||.t| D 3.f || f.Ol lerh 60
3.15 :Cctrtre8-E&$&l'rrcril (i) rll crFnscs exprasrly dcclrrcd to bc cornmon crFnrgt
by thls Dcclmtiorr or thc Bthws of thc Associntion: (ii) rlt othcr cxpcnsar of administering. scrvicing. oFrslinS.
conscrving, mrargln3, rnrinuining (including rnow rcmovel), clcenlng. landscrping, rcpeirin3 or rcglrcing thc
Comrmn Elemnu u rnry bc rpprovcd by thc Board; (iii) insunncc grcmiums for tlr Insunncc clrricd undcr
Articlc I t; (iv) thc cet of utilitier povlded ro rny pwrlon of rhc hoJcct Including thc Crcncnl end Limitcd
Comrnon Elcmns rnd rny Unitr. inclrding but no( limiEd ro, gu, clccuicity, wrter, *wer. clevator. trrsh
removrl. firc nrygression rnd fire rhrm ryrteml tctcvirlon or video whcthcr providcd by ceblc, ntcllitc or othcr
[rrnr, 3clcphonc rwitchln3 cqulpcnl rcccar or similrr fcc chargcd by thc provldcr of larl ud lon3 distancc
rclcphom rcrvicc to provlde tclcphonc rcrvicc but nor includin3 rhc coct of ildivldurl long disuncc telcphonc
crlb, rnd hc col olrny othcr utllltier rppcovcd rr Comnnn Erpcnrcr by thc Borrd (thc tarm utilities is defincd
ro includc utiltty r utilitios. cqirlprrnr rnd ryrtcrnr s defincd tn r tltcnl or lcart rnrc l wetl u in r brsrd
gcncnl rcnrc md rhrll rlso include fururc tcchnologisrl innovrtiom of r similrr n urc); (v) rcpeir cr
rcplrccnrnt of thc Rojcct'r rtructure, 3yrrsm! or cquiprrnt thlt ir rD inrcard or crsential pen of thc function of
thc rcst of thc b{ilding ruch rs but not limitcd o rcprin or rcplacenpnu of rtructunl rnd bcaring rrells.
clccuical. hcaring, ventilrting, rir conditioning and npchenical ryrtenu. (vi) lcaal fecs. accountinS rbcs rnd
nr|mg?rr|cn! fccs. (vii) thc crcefion of r rssonablc rnd edcquatc contingcnct or ot}Fr rcscrve or lurplus fund for
insurancc dcdrrctibles rnd gcncnl routirr mrintcmnce. rcprirs rnd rcphccfiEnt of improvcnrnts within thc
Crcnenl Comrnon Elcnrnr on r pcriodic brsis, rs nccdcd, providcd Ou! in no evenl shell thc foregoing bc urcd
for e Hucl Unit Rcnovation). rnd (viii) rll crpcnrcr lrwfully dcrcrmincd to bc Conurnn Expcnscs by the Board
or which rrc requircd to fulfill thc As:ochtion's obligetionr hcrcundcr (it bcing egrccd fq &c .voidrncc of doubt
thrt (A) thc cosr of rcpairing, rnrintalning lnd. if ncccsrrry. rcplacing, Limitcd Comrmn Elanrnr, including
betconicr lppurtcunt to UniB shall bc r Cornnron Expensc end (B) rhe.co:t of thc rnrintenencc ofthc roolover r
Unir is e Comnpn Expcnse pmvidcd howcvcr. notwithsunding the forcgoing (x) the cost of rcnovrtions to ! Unil
rhell io no cvcnt b. includcd wilhin Conurpn Expcnscr rnd shrll bc paid by rhe Owncr of thc applicrble Unit rnd
(y) tlrc cosu of rcpein c rcplrccrrEnts to rny poflion of thc hojcct (including thc Comrmn Elcnrnts or Limitcd
Conumn ElcnEnts) 3h!lt rpt b€ in.ludcd within Comrmn Erpcnso if srrnc rrc incurred prinurily for *rc bcncfit
of r Cornnrrcirl Unil r if rnp rrc Incuncd rubstanti.lly cootcmponncotrsly with thc rigrificent rgprir or
rcnovation of a Comnrrcirl Unit cvon if such rcpeirs or rcphcenrots consirt of rcprin or rcphcclants io thc
Comrnon ElcrrcnB (c.8.. if r rubsrrntial rcnovrtion of $G Hotcl Unit includes rcprin or rEnovEtions to dtc
Comrnon Elcnpns, thc cost of ttrc rcpairs or rcptecenpntr of thc conunoo clcrentr shrll bc bomc solcly by thc
Horet Unit). Such Comrnon Expcnscs rhall bc prid in amounts rnd at ainEs dcrcrmincd rcasonrblc rnd ncccssary
by thc Associedm. Thc rcrm Comrnon Erpcnscr docr nor includc thc cost of Holcl Scrvicct. Under ccrrein
circurnstrnccs, the dccrminrtion tlat ccnain itcros erc Conunon Expcnses crn bc rncdiatcd or arbitrstcd. 15 scl
forth in Scidon l2.l I bclbw.
3.16 'tp1dOrniniyn.i\q' mcans Condominium Owncrship Act, Anicle 33 bf Titlc 3E of
Colondo Rcviscd Stetutcs,
3,1? 'Cq[dgmidtt0,!lti!- is idcntificd in tlrc dcfinition of Unit hcrcin-
3.tE.@rEus.wirhr"spccttornycondominiunUnil'utc
pcrccnrage obrrincd by dividin3 lhc ComrroD ElqrEnts Pcrcenuge of such Coodominium Unit by thc tot.l of thc
Comrnon Elcnrnts Pcrcentrgcs for ell C.ondominium Unitr.
I
I lllill llill ililil il liltlil lill illilllil lllllr ililltl?l|'l€ allEnf &lril lill lcr llrtrll .f !l t al.t D l.I I t.tt l4b C0
3.19 @' rrans. rllcr tfte Etfcctivt Drte, ray ponion of thc Hoal
Uait" thc ANctic Club Unir, rhc Rccrrunar UniL or Uniu A. B, thc Ernploycc Housing Unitr or Conumn
Etcrrnt thrt, In rccordrncc with urd rubject o thc rcrrns of thir Restetcd Dcchntion (includinS Section 2.4), ir
convcncd inlo r Spc.irl Condominium Unit wi6in thc nrrning of thir Rcstrtcd Dcclantion. Upon such
coovenion, ruch Condominium Unit chrll rutornrtically bcconn e Spccid Condominium Unit unlcss thc
Erprndin3 O*ncr ldentifier ruch Unil rr r Corurrrciel Unit
3:0 "ftg[tgdq1'.rrutr thlr Anpndcd rnd Rcstgted Cmdominiurn Dcchntioa. rc
rupptenrntcd urd rnrndcd in rccordlrcc with the tcrrns hcrcof, rpplicablc to thc Projcct ud rccorded in thc
officc of tllc Ocrl rnd Rccordcr. F.tlc County. Colonda
. 3.21 lEtIcSbf-DlG" rr|tlr thc drre $ir Rcltrled Dcctanrion rnd thc Anrnded Mrp ir
recordcd in thc rccords ofAr Oert urd Recorder ofEaglc Counly. Colondo.
3.tZ -Endgl6ngtIin&]lni31" npens Unis 409.410.41I rnd 412 or ruch othct tubriitutcd
uni6 uscri by rlrc Ownen of rhc Horcl Unit Atlilctis Club or Rcsuurant Unit to serirfy rcquircnrnts of thc Town
of Vail for cmployce housing crcePt (o thc crtent it bcconrs r Convcned Condominium Unit.
3.22A "Ergu{i6S-g^rcf r,enr rll or any of thc Conurrrcirl Unit Owncrs who improvc lhc
cxisting building rs rc! forth in Scction 20,2 bclow.
3.228'Ea8l!I[ing-B!!C!|dg!: rnclns cxpusion. improvcrncnt. llt"trtion. mrinlcl|lncc rnd
rcpair of ponims of rhc hojccl rs funhct dcfincd in Scction 20.2 bclow'
3.23 "Efg-!49g31f3- mrns eny Mortgrgc of a Unk which constilurcs e tirst licn upon ruch
Unit-
3.24 -E$l-l4cgS!Sca" mrnr rny Frson or cnlily who ir thc holdcr of o Fir:t Mongagc'
3,25 '5.rrnenlscnCcnt" mctnr rn enendnrcnt ro this Rqrtetcd Dcclantion thrl i3 nol I
Spccial Condominium Unit Owncrs ArrE dtrEnt or u Affcctcd Unit O*ncn A[EndrDcnL
X.?5 -tlgct-Actltigg:-Ca$- nranr rll costs incurred in conncction with lhc opcrrtion of thc
Horel within thc Horct Unir, irrludin3. without limiution. that cosr of pcrsonncl, out of pclct cosu. chrrtcr.
crFn53t rnd othcr itcms rcerooably incuncd by thc Owncr of lhc Hotcl Unit in conncction with thc provisi66 9;
Horct Scnicer. providcd thlr thc forcgoing witl not include (i) rny capilal iterns (cxcept tbc lclcphonc rwitch or
rimilrr clcctronic ircms), including, without limirrdon, eny rtnovation of thc Hotcl (including rny renovation of
ahc Ho(cl Unit), rny rcplaccnrnt or reprlr of furniturc, furnishihgs, firturcs, equiprtnt or pcrsoarl ProFrtt
lcarcd tbcrcin, (iij any franchisc or mrnagcrncnt fccs or fces in lhc nalurc of rny thcrrof ftll rre prid to third
partier or rflitiaas of thc Owncr of thc Hotcl Unit pcrtaining !o thc opcralioo of hq Hotcl or othcrwise, or (iii)
rny cos6 or sxpcnscs that do not pcnain ro lhc opcradoo of tha Ho(cl (inCludinS, for cxamplc, cosls end cxpcnscs
tbet erc ertendenl upon thc inclusion of rhc Hotel within e netional rnatkrting pmgrrm).
3.27 -@'rrans' with rsPccl lorny Unit' thc Pctccntstc
rllaetcd to such Unir on EthiLiLE rrrchcd hcrcto calculatcd as sct forrh in Scction 3.44 bclow.
I
I lilill l]l| l][il ll lllllll lll lllllll lll lllffi lll llll
?ltfg! tl/Gl/il tlrC? l$ trr Flrhrtl rl !l t t|l.l g !.I ll l.t lerh C0
32t tctfl-&deff: rrc rlrora rcwicar providcd ro thc Spccirt Condominiom Unit Osncn
during rhc dnrcr thrr ruch rcnicer rrc prortdcd to acupenu of thc Hotel Unit. Hotct :cwlccr. rr e mlnknurt
iocbic swlrshborrd cAcruioor, vrla prrtinj, thc ura oi't"ll r1l1f, tont dcEk rtrff rnd concicrge rtrff for ruch
rcwlces j3 rrc culro;rily 0t il rtl) providcd to rhc tucrt! rnd occuprnts of th€ Hotcl Unit by such ruff. Thc
Osmr of thc Horcl Unir rnd lhc Bortd nry crprnd (trut not coatrrct) the rcopc of tlotct S€rYic't rt tlEit
dircrction. Thc cost of Hotcl Scavicrr lnclidcr rhc cost of pcrrornct. out.of-Pockct cosE. ch.r8c!. crFnr3s. rnd
othct iamr rcaronabty chrrged to thc fureirtion q incurrcd by it in providing thc HotclSerric*' Horcl
Scrviccr rpcificrlly ircludcr Innkccpn' lngunncc, crpltrl impmvcnrcnts to thc Hotcl Unit rnd fnnchise fccs.
rll of which rre crFoscr of.thc Owner of rhc Hotcl Unit rnd not Con[non ErPcnscr or crpenses to bc cborged
undcr Hotel Scrviccs. Thc $vrnar of rhc llotct Unit nry cmploy or contncl with one or rprc lcrvisc proYidcrr or
Menrgen (es dcscribcd in Scction E.9 bclow), to provide thc Hotcl Scrviccs'
3.Zg -Hg1qlll&il'rfErns Uniu 3 throu3h 5. C through G. l0l through l0E' 203 through 206.
209 tfuough 214. 3oo, ma SopGuSh 3t2 rnd 314 on rt|c Anrndcd Mrp' which rre currcntly oF rtcd t3 ' hotcl
-i fr"f'.?Ct;bcd in Secrion 5.4 Jrccpt to thc ertrnl it bcconFl r Convcrtcd Condominium Unit'
3.3O 'tfSltutiL8l[gutigo- rErnr rny Fnovlion or capitrt rcphccmenr or incrcrsc in
Cornrmn Erpeno. *irh ,.rp..Gffiull Uiir or Employcc Housing Unit es ir npre Pdriculsrly dcfincd end
dcscribcd in Aniclc 2o bclow.
3.31 '@'nrlns thc Angclos (in rcspcct of lnitiel
Condominium Unit A) urd Vu4ucz (in respcct of lnhiat Condominiurn Unit B)'
3.32 'tnirisrcgldednils.Ihilr" trran3 Unitc A and B'
3.33 'ltrilid-Qsglf- is dcfincd in thc prcamblc'
j.l4 ..LlEAIIili{f" shalt nrcan (i) rny corporarion. partnarship. timitcd liability comPent or
cnthy thsr conrolr. i, .onGll"Jby, ot ir undcr comnpn control wirh. JWT. (ii) Thornas Roush' end (iii) uty
family ntmbcr of Thonus Rottsh"
' 3.35 "ISff ir dcfincd in thc ptcernblc'
3.36 "Ilrleqnrny" ir dcfincd in Rccitrl A
337|!trn4cl:'IEantthcatcnt.ifeny,cmploycdbyrhcAssociltionlomansgethc
fusocierion in rccordrncc with thc dircctiont of lhc Asociltion acring through thc Boad'
trlow.
Unit"
3.3?A "l&&dd3!t!EnEiltcg" rncans tn cltcct on r Unit rs dcscribcd in Sccdon 20'2(b)
3.3E..Mgls|sg''l|F|n3rrngrttlSc.dccdcfuustorrimilarsecuriryinstrurrrntcncumbcring'r
3.39 "l4a4cgfg- flErns rny Parson or cnti]y who is thc holdcr of a Mongrgc'
3'39A..dcrErP$d.ils3$gliliao..rtclnstRgnovationthr.isnotanErpandingRenoverion.
ir,I|l[| illtllluJ lll[Lrr|IJrullrf llllr ril il r
iil;-i-i ?io.n o r.m x t.aa lrrlr co
3..10 '@ nrrnr rn Or*ncr objecring to rn itcm of crpcnre
or rllocrtion thcrcof bcing includcd in Connmn Erpenrcr rlt purrulnt to Scction 12.l I bclov'
3.41 -gifiulDrcl$rfic!' hu thc nrrning 3ircn it in Recitel D'
3,42 -eg49j'nrrns rhc rccsd owncr. whcthcr onc or molc pcrsonr or cntilicr, of thc fec
rimptc tirtc ro any Unit whictr il r prt of rm nopr. inctuding rhc lnirirl Owlcrs urd rulccssor Owners. but
cxciuding thorc hrvint ruch inrarcrt crcly rr rccutiry for thc pcrforrnnncc of rn obligrtion- Erch owncr shell
bc e npmbcr of rhc Vrit Club Condominium Arsocirtion loc. in ecsordance with thc provision: of thc
Arociarion Docur6nu rnd under thc Colondo Nonpmfit Corpontiotl Act 5o lont rs hc' shc, or it ir an Ovmcr'
Thc votcs in rhc Associrrion rhrll bc rllocltcd ro ash Condominium Unit rs sct forth in Exhibit B. ruachcd
hcrcro, rs supplcnrnrcd. Thc fore3oinS provirions of this pengrrpb ere subjccl rq rny othcr provision in thir
Dcclantion ihat cxprcssly provider for voting bascd on pcrcenugcs of Uoit Owncrs.
,.43 i'Qg3cCf3.Cfg3- r:lrs ntmbcrt of lhc Owncr's frmily' or thc Owner'r rgcnl
ernployc+ invitcc, liccnrcc, tucst or tcDlnl.
3.44 "Erg$$Sc-etllgd&rvjss' nrrnr, with tEsP€ct ro sny Unit' thc pcrccntrge *cribcd
to ruch unit in such colunu * E SjlirE. Each owner's PcrccnuSe of Hotcl scnvices h|r bccn-derctmincd by
fint rloc4ing 2.i* ro rtrc Rcruunnt Unir. rccond allocrtin3 2.5t ro *rc Athtcdc C'lub Unit. end third rllaating
rho rcrnrininjgsgb ennng thc rcruining Hotct unit rnd units A md B (end eny convcrtcd condominiun
cnritled to H;tcl Scrviccs u lct fonh in Scctioo 3-28 rbove) by dividing Oc squrrc footage ofeach such Unit by
thc to(rl sguarc foo{agc of ruch ranraining units. providcd howcvcr, clcb owner rgrccs rhil thc Pcrcc rte of
Hotcl Scrviccs lhat has bccn allocatcd to rucb Owncr's Unit as of the Effcclive DrG. rr 3cl fonh in thc column
cntillcd..Ho{ct opcraring cosrs Pcrccntagcs- on E4UU!E, ir Cecmd to bc accuralc tnd no latcr compulation of
squsrc fooragc (even if cnors c rhown to havc bccn madc in rcsgcct of thc originol corDPltllio$s) {ball ruult in
r modification ro such Owncr's Pcrccnugc of Horel Scrrices, crccPt !5 nuy bc ncccsslry by thc rccelcuhtion to
includc a Convencd Condomjniun in Hoal Scrviccr. or crccPt r! 3ct fonh irr Scctions 3'13'4 rbovc or 20'2
bclow.
3.45..acDibiFillE-rrFlns.nyurcthnt(x)woulds'calclnuirancc(lrdescribcdinScctiorr
lS.3). (y) is thc souree of uffiii6iinnoyrlcc tL rcsid€nt3 or which inrcrfcrcs with thc P€rccful cnjoymcnt or
;;;i;;;;J propcr use of rhc nojccr ty iis rcsidents (the forcgoing to includ^c-. without limitation' anv usc thrt
oroduccs udreasonable noire. Jor or othcr offcnsivc coodhion that aifccts my unit other tlren thc unit in which
il;;.i;. odor or offcnsivc condirion cnunrEs). of (z) ir pruricnt in nrrurc,
3.46 -ftqi9E1- ncans Orc condominium propcdy, including lrnd rnd impmvcmnts. bceling
rhc nafirc vail Club Condominiurru siruatc in thc Torvn of vril: County of Eaglc. Sutc of Colorado. submittcd to
rhc provisions of rhe condominium Act end. for the timitcd purposcs describcd hcrcin. ccloA. by thc rccording
of this Dcchntion md Anrndcd Mrp. Ttrc Pojecr is dcscribcd in Exhibit A'
3.47 "BEnoviligl' nErns Erpending or Non'Expanding Rcnovations'
' 3.4E -Rcsidenrial [hirs.'rrcans Units prirnarily intendcd for owncr-occuprncy or lonS+erm
rcntrl (rlthcr tban shorr-lerm rcnrel or rccontnodslion unitt). rnd thc Employce Housing Unis'
I
f
r,|Iul{1,!!!lut
uf uttllill||t l[ tgil rlt ffi l
ll el ll t lI,I D f.tt X t.F trrle C0
3.49 -8$frfd,.klfllli9!" nprnr this Anrndcd rnd Rcstotcd Condomrnrun Eleclontion for
Vril Oub Coodomlnlwnr
3.49.A '89$$tt$tlhil'rrrrrrr Unit 2 on thc Arrndcd Map which lc cumntly opcntcd u r
rrsuurrnt crcePt to thc ertenl it bccontr r Convcned Condominium UniL
3.50 *B$$-1trC-Bcajthtig11'nrrnr thchules and Rcgulrrionr of lhe Associ'tion duly
rdoptcd fiom tlrrr to lirn by the Arocirtion in rccordrncc with thir Dcchntioru
3Jl "Slrfirrcg3jggti3itttrllglt'shrtt nrrn rtt Uniu erccpl Commrcial Uoitr and cxccpt
Employcc Housing Unitr
3.52@rha|tnrenlhcownerofespccie|Condominjum
Unit.
3J3 -spccial Condominium Unitr Rcouired Pcrcentage" nrenr-6?*,providcd. howcvcr. in
ruking e dcrcrmi*rior, (.fi onFfilil. Unir B "na .,ty Convcncd Condominium Unir rhrll bc talen into
;;;;J (B) no owncr of . [bnr.n.e Condominiom Unit rhrlt bc cntiltcd to vote or hevc its Condorninium
U;t,i;;d;; inctudcd in rny dcarminuioo rs long_as (i)ruch Owncr is JWT or a JWT Aflilia!' or the or"n€r
of tlr Horcl Unir, rhc R.surrr-r Unit or rhc nrhlerie-Club Unit or rny aftitietc of.rny owncr of lhc ownct of eny
i"J Ui,,, or (ii)if ruch Owngr ir not rs dcscribcd in claurc (i), thc dwncr of such ConYcrcd Cordomirrium Unit
rsrccd with r pcroo dcsribcJ in .i.uti til t" o how lrch Owncr would volc on roy maucr or $ing grior to thc
d-arc that such bwrrr rcquircd such Convcrtcd Condominium Unit'
1.54 " rncrnt an rrnndnrnt lo this Rcaratcd
Dcctaration*"..irou"@anddocsnotaffcctanyothcrowncrl
,,55 "SgsilicC.Ecvjdst"rEsns:
(i)Sccrion2.4(PcrmiradSubdiviriooinrcrpcctoforcUnitowrrct(s)bcnctited
thcreby);
(ii) Any prcvision hcnof rhat prtnins to or rcfcrcncci r Spccirl Condominium
Unir owncr in rcspccr of the *n.ii i'oirt.t J upon such Spccirl Condominium Unit owncr' iocludlng without
f ffirii*i.i rhc iefir,ition of iorct Scni..s in'section 3.2i. (b) Sccrion 5.6 (for Athlcric Club Bcncfirs to
Spccial condominium unirr i" ;;;ioiil t"it ownc(r) bcncfitcd therebv)' (c) Sccdon E'6 (for Hotel
ift:;, 1].|;il.iin ilrii-o*ir.(r) bcncfired rhcrcby), (d) scction E.E (for Prkins for spccial cordominium
u"i,i-i" irp..', of rhc Unh ownc(s) lir,3fircd thcrcby).ind (c) Rcnovrtion er delcribcd io Aniclc 20'
3.56 "Utr'- somtinps rtfcrred to 15 | 'f.9!d9!njd!m!Djl".or rn individurl rir rprcc unit
rrrrns (as pnoiircO unAcrfftOri;fffiryrtion of thc hojcct which is dcsignatcd for reparatc owncrshiP
;;;";;t; u" uouno"riei oir,Lri"t oinnca in thc tuE;dcd Mrp. A Unit crcludcs rll utilitics and
udliry dcliv;ry systcms rr uc defincd to bc Gcncnl Cotrunon Elcrrntt'
3J6.1 Eech Unit is shown on rhe Arrcndcd Map rnd is idcnrifrcd lhctcon by I
numbcr. which rogcrhcr with thc itu"t.ir in tbe Common Elcrrnts lPPuncnont to such Unit' identificr thc
Condominium Unit.
o
I ||lilr lilr illill ll lllllll lll llllill lll illll ll llll?tllls atla0/il lSrF 13! lsr llrhr
1l rl !l t 3F'I D l't I l't tllh Go
iJ6J Thc cxrct bounderict of I Unit ars thc intcrior unfinirtrcd rurfrces of such
wrlls, tloos. rod cclllngr or thc rsiut*J m.nC.tl ptrao dcscribcd hercin or rs chown oo thc Anrndcd Mrp
whlch orrk rhc pcsi*tc, Dor{dri; ril .of rn4 w'herc found rlong tuch-wrlls,.tloon, rnd ceilingr, rh fircbr
-iln,iri*.u.rlc* of bultr.iifipi... *io rrrat flu* in r clorcd porition rnd windowr rnd dmn in thcir
;;;p";id* ,nd rhc Unlr lrrirr-JJi Jtft rft p".tionr of rhc building ro dcrcrihd. thc-eir rpoco ro cncompuscd.
.,16 rogetpr *lrfr rll lixt,rcr rnd lrg-".rr*nu rhcrcin containcd bui not rny Gc6nl Common ElctrEnts which
r-y 5! *rrrtr" r Unft- rilhh rcs$-io ,r* it"r uni,. it ir rpccificelty rgrccd.thel thc eq'unrd boundrry planc of
rlr Horct Unlt ls g rfrown o tliaAindcd Map md nor oei*serily rhc-incrior unfinishcd rurfecc of thc walls of
cech Unlt comprlrlng thc Hucl Unit
3.56.3 lf coorl3uour UnlE rrr cornbincd by ttr orrncr thercof (such combination
bcing cxprcsrly pcnr-rineo. r;h c;rnbinriion of Unitr rhrll rlro combine dl rppunaunt intcrlsts in thc
combincd Unira Tbc rurrcrurJ lcponrlonr Ucrw*n ruch Uniu, or bctwecn r dcslgnrtcd Unit thrt is lelted on
rmre thrn onc flmr. or rny ,p... itti"tr would be occupled by nrh rtnrcturrl scpantions but for thc cristcncc of
r mulri-tloor Unir or thc comLinrtion of such Uniu $ri bcconrc Limitcd Convnon Elenpnls lP9urrcnrnt to such
Unir or combincd Uair. If, thcrerftcr. rucb Unitr rrB rcPsntcd, thcn tl|G intercrU rnd Uraltcd rnd Gcncral
€omrnon Elcnpnl! rppuncnlt|t ro crcir Unit pric to rhcir combinadon shrll be tbcrcupon rcstored.
3-57 '!Jdt3" ir dcfincd in thc Rccinl B'
3JB "!hiLD" ir defincd in the Rcciul C'
3.59 'I&3c!tdslig!f" shrll nprn tha following:
(i) ln rcspcst of Unirs A rrd B, rhc rcquiremnr ther such Units bc urcd only for
midcntial usc'
(ii) In rcspcct of rhc Horct Unit nnd subject to thc provisionsof Sccrion 5.4 bclor.
rhc rcquircmnr rhar such unit bc uscd onty for horcl ss€, residcntial condominium use (i.c.' ths cxirting hotcl
*i,irirrrt* Hucl unii rnay bc convcncd inio up ro 65 condominium units for rcsidcntirl us€) or aprrtmcnt u3e
ii",. ir *r horel wirhin rhc Horel Unit is discontinucd. thc Horcl Unit ruy bc uscd fc epenrncnt us€) or rny
conrbination of thc forcgoin3.
(iii) In respccr of rlrc Arhlctic oub Unir rnd thc Rcstaunnt unit' thc rrquircnrnt thrt
tuch Unh bc used only for rsc $ rn rthlctic club, r rEslrurrlrt, trtril sbrcs or rny otlrcr hwful usc that (x) docr
;;i;;; r nuiran.c ina gl ao", no, inrcrfcrc in eny nratcriat rcspcct with thc urc of thc othcr Units for
rcridcnrirl utc.
ln addirion, sod wirhout limiurion of tic forcgoing (A) no Unit rhrlt bc used for a hohibircd Usc
'nd
(B) thc usc'
of rny Unit (rnd -y .n-e. oi ;i*.i.uri.r rt'i iirrr uc subjcct to.ell appliceble 6ws' rules and rcgulations
;if*id rt" h"jeci. tnctuaint. wirtt*i titiurim. rny asrictionr. rutcs rnd rcgulationr of thc Town of Vail'
t.6t) -Yllgud ir dcfincd in the grcnmblc'
3.6t Orhcr Definirions, Alt rppticrblc ponions of thc dcfinitions as conuincd in Colorido
Rcviscd Statutcr S..,ion 3E-33-103. rtrltt tppty ro rtris Dcchrstion rnd the Projcct cxccpl rs modificd or changcd
by indiviJurl definition connincd in this Dcclention'
l0
o
trruLr llt!!!l!llJ ][lullrlllrllllilLrull rrr rilr
ifii n-r rm.n o t.t ll r.!l lrrlr oo
4. @. Arrrndtrnu to rhc Arendcd Mrp nuy bc tilcd tor rccord
in wholc or in paru, t ai*t, *-tupptcmnu. Erch ruch Mrp rhatl contrin tltc cclif|lE o.f r re3irrcrcd
profc*ioort eiginccr or tlccorcd rrctrlrcg a torfr. ccnlfylng'thrt thc Mrp rubrtrothlly dcplcu thc locetion rnd
thc horizontrt end yEst-rrl rrErrutclrrntr of rhc Unlrr. thc Unlt dcsiSrutionr. ccillngr eonrtnrtcd. thc
ctcvrtionr of thc unnnirhc{ floorr rnd thrr ruch Mrp wr! prcAutd rller rubUnthl complerion of thc
imprwcnrnu. In inarprctlng rhe Mrpr, thc cri:rin! plydcai UounUrrlcl of crch rcprrltc Unit s conltructcd
shall bc cmclurivcly prcsunrcd to bc l13 boundrig crCcp to thc c cnt rn esrumd boundrry plrne ir indicercd
I rct forth in Scction jJ6,2 rbovo. Thc A$alrrlon rcrcrrct thc rl3lr ro rrrnd rha Anrndcd Mrp from tinr to
thrr to rc0cf,t chugcr ln thc loclrlor of ury CommoO Etcmnl escdtnlr (Ecofding to thc proccdurcc rct fotth
in Sccrion 3.t rbovc for thc Accar Erscnrnt) c othcr chrnger tb* hrvc bccn duiy rpprovcd by thc Owrrrs.
ptov'xlc{ hotveycf, uty ruch rnFndrrnf will bc rmdc ln rcCordurcc with rnd rubjzc ro th€ PtoYitionr of Scction
l?.3 urd Scctioo Z).2 Ercof.
j.l DfIhiliCD. Thc projccr ir hcrcby dividcd into thc fca rimplc cstaEr $ sct fonh in tbc
Descriprior of Conao.iniutn Unirr ruchcd hcnro |' E$iDif-B |nd u dcpictcd on thc Anrnded Mrp' Erch Unit
Owncirhrlt own thc rhrrc of Comnron Elcnpnt!. bc lilblc for tho Pcrccnlr3c of Comnpn Erpcnscr rttributcd to
thar unir. rnd hrvc rhc numbcr of votcs rl sct forth on ElhihilE $ rPpuncnr11t to ruch unit"
5.? Confrming Rclersc and Convcyence. To thc cxunl r C;ondominium Unit dcscribcd
hcrcin md shown oo rtre ArrJed Mrp ir within rndhcr Unit or r Comnpn Etcnrnl rhown in thc Originol
Dccltrlion or thc Originrl Mep. [rc undcrsigncd relesc rnd convcy rll right. tirlc. lnd intcrest in such ponion
ttrcrcof ro thc Own"6 of ttrc Conaominium Unig crarted hcrcby, all rs sbown on thc rruchcd Eliihit-E lnd
;,;;;;;; ,t* Anandcd Map, rnd o rny Mongrgccc of such owncrs, ro that from and eftcr lhc Effcctivc Date of
this Declrrrrion rnd thc rccording of $; AnE;dcd Map. prccxisring lcgrl dcscriptions rhrll describc complctcly
thc Coodominium Unirs crcatcd hcrcby.
j.3 l.cpal Descrinrion. Evcry contracL dctd. lc*e, dccd of trust. mongrgc, will, tnsUbr
orher insrrunEnr rnaT legrlly describor Condominium Unit by its idenrifying Unit dcsigrrtion followed by: 'Vdl
Club Condominiunu, eccording to thc filcd urd recordcd Mrps rnd Dcclrration"' Thc-rcfcrcnce to MaP3 'nd
Dcc6ndon in rny insrurrrnr itutt Ue Accnra to lncludc this Anpndcd urd Rcrutcd Coodominium Dcclrntion'
thc Anrndcd Mrp and rny rupplcnrnu rnd lr'Endnrnts to thcm without spccilic refcrcncc thereto' Evcry srch
Jescripion rhrU bc good .rd rufticicnt for rll purposcs to scll' convcj' rnnsfcr, cncumbcr' os othcrwisc 'ffcct
nA on'fy rft Urit, bri'dro thc Gerrcnt Consnon Elcnpnts ud thc Limitcd Common Elcnrn6 appurtcnrnt
rllcrao. Each ruch dcrcription shllt bc consrrucd ro inctudc thc noncrclurivc, relaatablc crscfiEnts for ingrcss
;|,.,,.f;O*n"f .'Unir rcross thc Aicerr i'.nrnt &signrlcd in rhc Atr.ndcd Mrp (rs it may bc
rmnicd from tim to tirnc). $c usc of thc Gcncral Conrrnon Eicrpnls. erd lhc usc of dcsignatcd Limitcd
Comnron ElcnrnS. Each Owner shrtl own thc undividcd lPPurtcntnt fcc simplc increst in snd to rny ncw
rddidons ofGcncral and Limital Comrnon Elcrrntr
5.4 Horcl Unir/Accommodrtion Units-Restrictions on Use rnd Convevancc. Thc Ownar of
thc Hotcl Unir rhstl ensurc th8;ruflicicnt numbcr of rccommodadon unitt for rhon+erm rcntrl rrc in cristencc
ud usc to srrisfy rcquirenrnr thcn cxisting by $c Town of Yril with rcspect lo lhc Hotcl Unit' So lon8 !s thc
i*i"ing is complicd wirh. thc Owncr of thc Hotcl Unit nuy su6ividc such Unit to provide onc or morc
ll
I llllll lllll lllllll ll lllllll llll lllllll lllllllll ll llll
ii-ldit'iiitr/d.a- -;r ltl rn flrlq
ia-ai-ri-i-1..i o-r.r t t't r'rlr c0
Rcri&ntlrl Uniu rhar $rtl bccom Conwrtcd Condorniniurn Unlu (urd. rccordln3ly. Spccirl Condomlnlun
Uniu) upo3r thc Inctruion witlrin thc An:ndcd Mrp of r rtrtcrrnt tlut thc sbdivldcd unit ir r Convcncd
Condominium Unit (urd. rcco'rdingly' r Spceirl Oondonrlnlun tlnitl
SJ Emllovee Hourlnr Unlrr -Rcrrlctlonr on Urc rnd Convevrncc. ihc urc of U|c crirtinS
Ernploycc Ho1in3 Unlrr r.y U. .f"ry.d, .nd rho Enployco Houring Uniu climinetc4 rubdlr klcd or combincd
a nconfigurcd ty rtrc Ownci Ucnof, prwldcd that ruin chrngc ir rude In complirncc wlth thc rtquiremnu of
rhc To'fln;f Vrit rnd rhc usc lt not . Prohibir"O U*. So long u thc forcgoing il complicd with. the Ovncr of thc
Employcc Horin3 Unlrr may ruUlvldc or comblnc ruch Unlr to provldc sne or morc Rcrtdcruiel Units thrt
rluil b.conr Convcrrcd Condominium Uniu (lrd. rccordingly, Spcciel Condominium Unitt) upon dr inclssion
wirh.rhc Anrndcd Mrp of r rutcnrnt thrt thc rubdividcd Unir lr r Convcrtcd Cmdominium Unit (end.
rccordin3ly, r Spccirl Condomlnium Uru').
j.6 Arhlctlc Club Ecncfirr ro SDcclrl Condominium Unit!. Whb rcspccl to Spccirl
Cmdominium Uniu. rc lor,g u thc orrocr. r . ,rrmbcr of thc Ownet'r lrrurrdirrc frmily. b in ecupency of the
rcrFdve UniL t;osc occugloc and uty guesu in occupancy wlth rhcnr rhatl havc rhc ritht ro udlizc the baric
frcilitics of rhc Athlcric Ct;b (ro long u Jrrh Unit ir opcntid rr rn rthtetic club, spr. lrcalth club or similrr
frcility). wirhour chujc. T!. - rijhr rJ usc basic frcilirier mcans thosc righrs to use ilrc fecilhics rvrilEblc to e
p.-r*,i *no ft6 r -rrriderd" trritrU"ohip for rlrc Vail Athtctic Club. Such besic frciliticr do not includc thc usc
6i sp. fr.ifiti.t or orhcr frcilirier for which r Vril AtNctic Club sundrrd mcmbcr would bc chuged in addition to
*rsiranarrd nrmbcrship fec. providcd. howevcr' notwithrtrnding thc forcaoing. brsic frcititics rhll rt rll drrr
includc srrctr ficilitics oi thc Athleric Oub tc o which r 8ue5t of rhc geEt ulit would not bc chrrged (i.a. if r^
g*uif ;. lto,"l Unir would bc cnrirlcd io r frcility in rtrc ert l"tic Club without crtn chrrge. thcn $c forcgoing
6**i t"r inu*liarc frmily nrmbcrs if in resilcnce rr rhc hojcct rnd rny gF1: in occupancy with thcm) of
ip..ioiConaont;niurn Unisshall rt5p bc cnrirled to srch frciliry in rhc Athlctic Ctub wirhout cxtra charge. Thc
iJ,-ioing f i..n* is grenrcd by JWT, rs ovncr of 0rc Arhletic Oub rnd shrll bind futurc Owncrr of ttrc Arhlctic
CtuU for rtrc bcncfir of Spcirl C;ondominium Unir.
6, FormofOwnenhio: Alicnabilirv.Fdltdlia[iltlli[g
6.lowncnhip.AUnitrnrybchcldandownedinenyrcelproPcfrycstrlcoflcnrncy
rclalionship rccognizcd undcr rhc laws of thc Sue of Cotorudo. Subjcct to tlrc provisions of this Dsclgntion. the
Uniu shrtibc frElly rlienrblc. Furrlrcr. crccpr er providcd for hcrein, no unir shall bc penhioncd rnx'n8 lhc
owncn $crcof, rod thc Gcncnl cornnDn ElcfiEntsl which rrc owncd in somnpn by thc owncn, shall not bc
dividcd or panitioncd emong thc Ownen'
62 l*lfc. Any lcrsc or rciirrl t3ricn:nt affccting rny Unit is crprclrly subject to thc
provisions of this Dcclstrtion' thc inictcs rnd Bylewr of thc Asocietion. lnd tlrc Rulcs rrd Rcaulrtions,of thc-
Lr,ocirdon. provided, howcvcr. norwirhsunding thc forcgoing. nothing contrincd hcrcin rhell hrvc thc cffcct of
pit iUi,ing or rnatcriaf 'advarscly impairing $c right of rny Condominium Unit Owner to lcrsc, tubleasc or
ii.rnr. ,ulh Condominium Unir Owncr! Condorninium Unit provlded that thc usc made thcreby rcruins io
rccordancc with ttrc provisions of lhir Reslllcd DccLntioo'
6.3 lnseoanbilirv. Each Unit, rogethcr with its appurtcn.nt undividcd intercst in thc
Comnpn ElcnEnu rnd its rightr of rcccss ovcr thc Accctr EascnEnt. lotcthcr comprisc onc Unit' shall bc
inscprrablc, rnd nray be conveycd. learcd, dcviscd, or cncumbcrcd only rs r unit
t2
6.4 SngfgAllllmf Thc Arcirtlon rhdl dclivcr to thc ErSilc County' Colondo
Ascssor r cogy of thb Rrsutcd Dcchnrioo rfter h ir rcco'rdcd urd thcrcrftcr thc usc$or rhrll clrrt csch
Condonrlnlum Unll ofl thc tu bokr rr r rcprntc urd dlrtincr prrcct rnd rlt rrrct' r3rettmcni rnd othcr chrrSes
rhrlt bc rrrclsed rnd collcctcd on erch Unlt rccodln3ly'
7. Eascnrnls: Encumbrrrrcr.
7.1 FrrsenEnls rnd Lilct$et A4rurrenlnr lo hoiect. Attrchcd rs ESlhilils ir thc rccording
infqcution for rccrdcd crscsEtlU urd liccucr rpguncnrnt to or inctudcd in rhc hojecl or to vbich
'ny Ponion
of thc Projcct ir or may bccorr subjccL
7.2 Rcloirtrble Accesr Earcn*ntr. Thc Amndcd Mrp rhowr Acces.Eascnrnu rcross
cenrin of thc Unirs or thc timircd Conrrmn ElerEntt thctBof for rhc PurP$c Of providing.in3rC$ to rnd cgrcss
fiom othcr Uniu. rrd cech Owncr of the Unit (or thc rclrred Limited tomrnon Elenrntl) through which such rn
Acccrr Ea:crrnt ir locercd, t.rcUy ffrntr ro ri* othcr Orvncrr rnd cach Owncr'l A'enl' r P*pctu'l' non'
crclusive rithr of ingr."s to ;;;.1t irom rhc oihct OwnGG' Uni.' (or thc rclrrcd Limitcd Conrrnon Elcnrnu)
ovcr rhe Acc*r Ersenrn,.. rio-fi, d"iiJ. t o*.".t, rhrnhc owner of ach unh (or thc rcletcd Limitcd
Comnpn Elcnpntr) throuBh which such rn Accsss ErterDcnt ir tccatcd. hcreby rcscrvcs thc right to relcrte ruch
Acce$ Ers€rfcnr .t rny !inE, uPon 30 dryr' prior writen notice to rffccrcd owncn, to lnolhcr l*rtion ro thrt
crch ownct wlll continuc to il;;i;;;tlly cquivrlcnr ingresl 19 ya :rrcf from thet owncr'r Unit (or thc
rcle,.d Umircd Corrn*n el.;*i rtrat *itt Lrirty rhc Towlo of Vril. Any Owncr who dcrircl to rclertc an
Acccss Ers.rEnt which is locrtcd in rht Owncr'r
-Unit (or thc rclercd Limitcd Comnpn Elcn:otr) shrll prcaarc
en rnrndnrnt to g* e,r-na.a rrr.f13 L, r"ir, in scction 3.1. showin3 thc rcteation of thc Acccss Eescrrnt.
rll rr rhet Owner'r solc eorr ;J;il;. Eech Owncr of e Unit (or thc rchted Limiad Comrpn ElcnEnrs)
rsrircs which an Acccrs EascnEnt is locllcd rhell bc entitlcd to tsmpocarily closc or obctru<t thc Acccss Erscrrnt
tor rnainrcnence, rcrrurAefing. I;;J. t"i*"if"i *
"lhcr
rimilar purposcs undcr the following conditions' crcePt in
cescr of cnrrgency whcn closuncs shall bc nrrdc on e noodiscri-minatory basis and in such e rmnner rnd with
sucir notice as is rcssonablc undtr thc circumslrncct:
7j-l If rhc clo3uG win crcccd 24 hours. thc Owncr shall only clos. thc Accesr
Errcnrcnrs following noricE to owncrs of thc purposc md lcngrh of thc ctosurc rt lc$t thiny dryr prior to such
clorurc.
7.22.|^ellcrscscxcipinrncrErtc'rcyorwhcnellOwncrrbcingno|ifiedhrvc
rgrccd otlrcrwir in wriring rhc owncr tcrnpo(rriiy cloriog rhc Acccrs Ersclrnt rhrll provldc rltcrnete
"-rrrrg.n.y
ingrcrs erd cgrcr3 lo lll o'her Owncrs during lho Pcriod of closurc'
Nuwithstanding thc forcgoing provisions of this scction ?.2, (i) no Acce$ ErscsEnt mll be.locrttd rcross or
-
rtuough any Concominium uiii (or rhc rchtcd Urdtcd Conunoo Elcrrcnts) without thc conscnt of thc o\rncr of
,uch Condominium Unit (or the ictrtcd Limiad Corurpn Elerncnts). (ii) lny relocation of rny Accs$ Eascrncnt
ly ,rr. o*n* orthc Horcl Unit sh:ll bc rcconrplishcd in such e rnanncr so thrl (x) tarc is no nuterial rdversc
cffccr on rccess lo rny Condominium Unit (or thc rclatcd Umitcd Common Elenrn$)' (y) thcrc ir no Matcrirl
Advcrre EfTcet on units A rnd B rs providcd in Scction 20,2(b). rnd (z) rr all tinrs during eny clor;urc (as
grovidcd rbove) rhcrc shalt bc rcccsi ro rll Condorninium Unis (or thc rcletcd Limitcd Conunon Elcnrns)' (iii)
rhc owncr of thc Horcl unit lhall lr rll litlEt snrurc that therc is clcvltor rrrd sbirwry rcccss tolll condominium
Unhs rhrouSh lhc Horet unit, rnd (iv) rny rclarrion of rny Acccss Eascmcnt thst cffecB unit A or Unit B
r3
| iltlil ililt il|ilil il ilfil] ]il tiltilt ill ilililt il |||l
?tf{33 tll!3rm |NrC < tlrr TlrhrA .J n t Z|O.t D l.I ll !.t0 lerh C0
purtumt !o thc provirlonr of thtr Scstion ?J rhrll bc rn Exprnding Rcnovation lnd. recodin3ly. rubject to thc
plovislonr of Soctior 2IL
7.t En:rgcncy Accerr Flrrcnrnr. A gcnc6l GrrG[Ent lr hercby jrrnted ro rtl policc. rhcriff.
tirr protccfiog, rmbshncE rJ oahcr rlrnilrr cmt3ancy eScncier or pcnont lo Gntct uPon tho Frojecf in thc PfoFs
gcrfununcc of thcir dudcr
7.4 erruflgllll9lelncnfr. lf rny ponlon of thc Gcncnl Comnnn Elenrns
cnsrorehcr upoo r Unit or Unitt itt t y ntino" rcspcq or lf ury Pottion of I Unil cncrorchcS upon thc Gcrrnl
Corurrn Elcrrnu c upon rn rdjoinin3 Unit or UniU in lny minor rcspcc! r vrlid crrctncnt for lhc
cncrorshrcnt end for thc rireinenrncr of rer1g, to lon3 rs it standr. rhall end docr erist' Such sncrgschttEnls
rnd cascnrntr rhrll ncr bc coorldcrcd or dctcrmincd to bc ancumbranccscithcr on thc Gcncnl Conrmon Elemcntc
c on thc Unir for purpocer of nnrlcnbility of titlc or othcr PurPos€r'
7S Utilitv Eercnrntr. Thcrs ir hcrcby crerrcd rn crscrFnt upon' rctors$ oYGr' in end undcr
rhc project fc thc bcnctit of Ol Comrpn gtnFnts rnd thc Uniu rnd thc rtrucluict rnd inprovcnrcnr rlrurtcd
on tlrc irojcct re ruy bc rrcc$rry fo,r rccct3 (lo bG uscd |r rct fonh in Scction tos). for iortrltrdon' rcplrcioS
rcpairlng ind rnrintrining of dl ;lidca. iffludint. bur not limitcd to wrrct tcscrr t;lr. telcplrcoc. clblc
rclvision rnd clcAricity. Srid cercnrnt imludcs futurc utility *rviccs not Prclcntly- rvritrblc ro $c Unitr which
mry rcrsonrbly bc Eg;rcd in rhc futurc. By vinue of Oir cascrrnt. rnd subjcct to thc noticc Provisions io
Scctioo t0.5. it shalt tc crpessly pcrmissiblo for hc comgrnics providing utilitics lo crcct end meintlin thc
neceisart cguipgFnt in lny of thc Uniu rnd to rffir rnd nninuin clcctrictl a1ldtror rclcPhonc wircs. citcuit3.
. conduirs enJ pipcs on, rbovc, rcross ud urdcr thc rofs end ertcrior watts of thc improvenrnu. lll in e rarnncr
custoilury f; st ch comprnics in thc uta rurounding thc hojcct' rubjcct to rpprorrl by the Associllion 'r to
larrions. Thc Assaierion shall nor gnnt utilify crscmnts within any Condominium Unit or which will
odverscly and rnatcrially rffcct r$y C;ndominium Unit without rhc priolnrincn cmscnt of $c Owner of thcsc
UniU, md othcrwisc shrll nor Snnt cr!.t6nl3 thrt r€rtrict, limit in lny wry. unrcrrcnrbly impair, crurc r
disturbcncc or orhcrwicc rdvcrscly etfcct rn Owncr'r usc of thc Ownct's Unit'
t' Condominium Associotiorr'
&l 1trei$'sb$en Evcry Ovncr of r Unit shsll bc r nrmbcr of thc A*ociation md shell
rcrnain r nrmbcr during tnc Iinr rtrlr tr. strc oi it il rn owncr. Mcmbcrship shall bc lppurtcnlBi to rr|d rmy not
bc scprntcd fmm owncrchip of r Unlt
E.Z ygg$ An Owncr of ! Unit i! eorittcd ro thc numbcr of votcs rllocrtcd lo thrl Unit rs i5
s€r foilh on ElhhlLE rtuchcd hcrcto'
t.3 Transfcr of Membcrshio. An Owncr shrll not rransfcr, Plcdge or alicnaie hil trEmbc6hiP
in thc Associltion in any wry.crcePt uPoo lhc salc or crumbrencc of his Unit and thcn only to thc purchascr or
Morrgrgcc of hh'Unir. Thc A$eiirion shalt no( crcrtc r dtht of lirst tEfural on any Unir rnd Owocnr tnty
tnnrfcr owncrship of rhcir Uniir fitc froro eny 3uch dtht'
t4
L[lut|l|,!lrul| u||!lJrllJilu!|.|||l]!!I r ffi |
ii-ji-r-r er.lr o l.r r l.r lrrr co
&a tr4fUlmtiS. Tlrc Associrrion rhdl hlve onc (l) ctrrr of mmbenhip consisting of ell
Owncn Erch rrcnrbcr rhrll bc carittod to vac In Asrairtion rnttcrr Tlr intcrcstr of rll Owrcn rhrll bc
3ovenrcd enC rdmlnhtccd by thc Arroclrrloo Docur*nq
tJ DCAtlld.Sflgdf. Thc A$aletlcn rhrll kccp dcuilcd, accurelc rpcotdr of lhc receipts
rnd crpcuditug rllectiq rtr Crcnorrt rrd Llrrlrcd Corurpn Elcnpntr. Srrch tecordr euthorieing tho pryrtntt
rhll t rvrltrblc for crairlnatlon by the Orrncn rt convcnicnt weckdry busincu hour. Thc A$airtion sh.ll
nrtr tvrihblc fc lnrFction, uFn rqucst" druing nqnrl b'urincrr hour of undcr o0rer rcrsonrblc
circumrluccs, to Owicrs rnd ro ltlongigecr. cumnt copicr of thc A.rocirtioo Deunsnts rnd thc bookt. rccordr
md finrnciet rtcrEntr of ths A*ociition prcpeEd purtu$r lo thc Bylewr. T'ttc Asseierion my chrBc I
rcr:onablc fce fqf cogyi.ng such nutcrirtr. 'ilrc Asrciation rhatl rnrinuin ruch books rnd rccordr u nuy bc
required un&r COOA iu rppticrblc to thir condominium rcairrr). lhc Condominium Acl or fta Colondo Non
P-fir,t g Thc Asrocietion siill provide rn rnnurl rcpon to crch Owner which rnry bc en ruditcd rcPotl. if the
Boud decnu pproprlarc in iu rcrronrblc dircrcdon. tf rudilcd sutenrnu ut not rvrilrblc" rny Owncr or rny
Mong.gaa r*i iut .n.,raicd rurcnror grcputd rt thc t€qucsting Owncr'r expcrrsc, ptovidcd thrt if the sc3ulls
of rn! iuctr tuiit rhow dircreprncicr ln cxiers of 5S of rhc rnnurt Aressnrn$ ofthc Arsoclerlon. then thc
Asocirtion rhrll bc rcsponriblc for thc Arynrnt of t}c coct of lrch rudit'
E.6 Horel Scrvicat. With rcspcct to cach Spccial Condominium Unit. thc Owncr of thc Hotcl
Unit rhrll provid. g6tct Scr"ic.J to thc o*n.n, guests end/or other ccupents ttrcrcof during such tinrs |t Horsl
Scrvic6 .; evril$lc to eny of rhc ecupenu of tba Horst Uniu Such Spccirt Condominium Unit Owncr shnll bc
obtigatcd to pry irs aspccrivc Horcl Opiring Costs Pcrccnugc of Hotal Opcrrtionr-Cors. In eddition. thc
Owncrs of 0t Arhlcri;Club md rlp Riruur.ir Units shrll rbo bc obligetcd to pry drcir rtspcctiYc Hotcl
Opcnting Costs ;trcenuges olHorcl Opcntioos Cosu which rhcy hercby rclnowlcdgc ir fair end rcasonablc for
thc ecrionrl usc of Horcl Scrviccs by cach of thcut
t.7 Telc9hoip Scrviccs. Thc Arsocietion shalt ecquirc and providc, rs r Cornnon Erpcnsc.
rclcphonc rervicc (currcnrly through rhc Horcl Unit rwitchboard) to rll Unirs. provided lhrt lny Owncr of a
Condominium Unit rnay rmnge for its own scpsralc tclcphonc rcrvice at thc sole cosi lnd crlpcnsc of such Owrrcr
(rnd iu ruch Evcnt ruch Owncr ghsll bc grrntcd r rcgonablc casetrEnt over thc Gcncral Comrnon Elcmsnts for
ruch putporc).
g,E hrkint for Socciel Condominium Units. Thc Owncr of tha Hotcl Unil shall rsrign r
dcsignrld prrking rp* it th;p-kir,g Erog. hrr L r l.imitcd Corlurpn Elenrnt appurtnrnt ro thr Horcl Unit
for u-lc by cach of-rlu O*n"rt oi SpccirrconOomlnium Units whilc thc Owncr of thrt Unit is in occuprncy
rhcrcof, providcd r}et at lcast 24 hourr noricc is givcn 30 thc rllDatcrrtst prior to rhc-Owncr'r srPcctEd rrivrl.
Acccss'o urd from rlrc rssigned grrting spse nay rcquirc movenrnt of othcr vchiclcl by rhc sr|ff of ilE partint
ErraBc.
8.9 Mrnrqer. Thc Associrtion rnay cmptoi or conFrct for lhc scr'riccs of a Manrgcr ro
whom thc Board rnry delcgrrc cenain powcn. functions or duticr ofthe Arsocietion. ar providcd in thc Byhws of
thc A*ocirtion. Nothiq conuined bcrcin shatl bc dccnrd to rcstrict in any wry the rights of a Manrgcr to wbom
rhc Ascocirtion.r po*cri rnd obli3rrions ere dclegatcd to conduct eny othcr busincss or-activity whllsocver
(including rctiviricr rhar corppcrc iirh rhorc of rtrc Assairtion). but thc Mrnrgcr rhrll bc rcquircd to dcvote such
iirrr.r iJn.".rt"ty to thc pcrfonnance of thc dutics dclegarcd by thc Assciation._ Thc.tlrnagcr shell not havc
,t-irif,ori,y ro rna'kc cxpcnditurc3 crccpt (i) in rccordancc with thc rpproved Budgcl. (ii) es othcrwi:c dircctcd
ty *.,c Borro, rnd (iii) in rrmunb nor crcc.ding tl.mg in rny Ascssnrnt ycer for sit"rrions decn:d
itrgcncia.r by rhc Monrgct. Thc penies rcknowlcdgc rnd rgcc lhat thc Associltion rhall hrvc thc right to usc
t5
thc srnrc pcnon or sility rs Mrmger tht ir drc manrger or opcrrtor of thc Hotcl Uniq rnd rll Ovncrr wrive thc
conflicr of inrcrtrt cagcndcnd thcnby. povidcd, howcver. if thc Arsochtion cngrg* tk r:rr rnnegcr er thc
lloral Unlt, ruch mutrgcr murt (r) rgrcc in yriting in itr conrrct to menagc tlrc Associrtion. thrt it will not
dirriminrre rgrinrt rny Unit ln i!' duticr for thc Arralrdon hcaure of othct mlnrtcrrEnt e:ponaibiliticr
(including thotc for Us Horlt Un[r, tt) rhrtl noq in rlE pcrfonnanca of itr rnrn tcrtnl dutiet, disctim;nrrc
rgrinrt rny Unir in thc rnrnncr prohibircd by ctrurc (x) abovr, rrd (u) rhdl funhcr rpccificdly rBrE to rnrn.Sc'
rnO *utt rnanrge. In rccorderrc with rundar& for rimilrr mircd-usc projccf in thc Town of Vail.
6,10 Comrniuec. Thc Bord rnry crc.to ruch commirtcea for tuch Friodr of tinr u il dcctttt
ncccsssry to rclonplish thc objectivcr of thc Borrd.
t.l I Bigh$-CtAetip!. Thc Asrocirrion rnd rny Owncr rhrll have tbc right bttt tlot lhs
obtfrrlon ro cnforcc thc A$6lrdon Docurrnu by rny prcccding tt trw or in eguity. or es rcr fonh in thc
Arrocirtion Docunra'u, or by nrcdirtion r bindin3 rrbitntion lf the prnica !o rgrcc- Thc prcvriling pany in rny
e;llrndon c judlcirl rcllcf rhrll bc cndrlcd to rcirnburscflEnl from thc nooarcvrilinS prrty or Prniss. for rll
rcrroneblc cootr rnd crpcnret, lrrtudinj rttorncyr' fccr in coolrcction with luch.rrbiurrion cJudisirl rclicf.
Frllurc by lhc Artochaion to cnforse coapllurec wlth rny provislon of tbc Arseirtim Docur-nrr rhrll nor bc
dccrrd e wrivcr of thc right to enforca rny provision tharceftct, rc lon3 rs cnforccnrnt il frir rnd non'
dlrdndnrtory.
t,l2 Noricc. All noticcs, offcn or o$cr corununicrtions rcquircd or pcrmitted to bc aiveo
pu6nnt ro this Dcctrndon shrll bc in wrlting rnd shrll bc considcrcd rs popcrly given or- rnede (i) upon thc detc
ofpcnonal dclivery (if noticc is dcliycrcd by pcrsonrl delivery). (ii) on thc dry ooc (l)-buincsr dry rftcr dcposit
wirh r nr:ionatly rccognircd oremi3ht couriei rcnicc (if nahc is dclivcrcd by nationrlly rccogni:cd ovcmi3ht
couricr scrvicc). (iii) on tlrc fifrh (5th) busirrrs day following rnailing from wirhin thc Unitcd Srltes by ftrst clrss
Unircd Snres rneil, posragc prcpaid, certificd rnail rcturn rcceipt rcqrrstcd (if noticc ir givcn in ruch nunrcr). (iv)
upon rr.nsmisrion (if noticois dclivercd by telccopy and r cogy of such tclccopy confiqnetion is promgtly mailed
Uy US. rnr;t, reguler delivcry) end in rny irc tdduscd to thc Assciation I thc rddrct3 td fonh bclow rnd
addrccscd to lhaunit Owncrs tt ahc rddrcsscr for srrh partics furnishcd to thc Associ$lon from tinr lo tirr.
Thc perries eclnowlcdgc rhrt thcir rcspective rddrcsscs for noticc purpoccs heve bccn fstnishcd lo thc
Asscirtion rs sct fonh on E!,hihiLD hcrcto.
If to tlrc Asscirrim. to:
Vril Club Condominiurn Assocletion" Irc.
352 East Mc.dow Ehivc
Veil, ClC E1657Attcntim: Sun C.opc
Phoni: 9?G4764700
Frcrimils 970-47f'4'{f,.t
At any rinr upon rcqucst, thc fusociation will fumish to e rcqucstint Unit Ownc(-lhc rEsPcctivc
rddrcss6 of ire oltrciunit Owncrs. Any Unit Owncr mly chrntc thsl Owrcr's notisc nddrcss by ooticc Sivcn
Pursurnt lo this ParaSnph.
| illl] lllll lllllll ll lllllll llll llllill lll llllll l1 lll?l}l|t lt/F/il GlrCil llt E r. Fl.lrf,V tJ Ol t zlt.m D C.E ll C.t0 lrlle O0
t6
I
9. l4cehuirllJol.
I ||lilr lllil lllllll ll llllll llll llllill lltlllllll ll lill
il-rdit-lrrnrzr,tn rltp tll tr. Fldsii-.i r t 3|...| D l..3 f, t.r lerr oo
9.1 No Ltebillw. Urny Owmr rhrtl crusc rny nutcriel ro bc furnirhcd o hir Unlt or rny
tebor to bc pcrfonncd thcrcin or fiercon. no Orrncr of rny o$cr Unit. nor thc Arraiotion. rhrll undct rny
circumrtrnccr bc lirble for the pryrrnt ofrny cxpcnrc incurred or for thc vrluc of rny worl dorc or rutcrid
fumirhod. Atl ruch vorlr rhrlt be u thc crpcnrc of thc Owncr crusing it to bc donc end ruch Owocr rhlll bc
rotcty rcrponrlblc to colrnctffr, hborsn, nrtcrirlnrn rnd oftcr penonr fumishing hboi or trutcriilt to his
Uniu
92 . Indcrrrnificstion. lf. bccrurc of aoy rct c ornirsion of rny Owncr. eny nrcchrnic's or
othcr licn or ordcr for tlic ptymnt of nnncy rhetl bc filcd lgeinst thc Conunon Elenrnts or rS.insl atly o{hcr
Owncr.r Unit or rn Ovncr or thc Arsocittion (whcthcr or not such tien or otdcr ir vrlid or cnforcclblc rs ruch).
rhc Owner wtprc rct or omi$ion formr thc barir for ruch licn or ordcr rhell rt his own co6t rnd crpcnsc cause
$c |.nE to bc crmcllcd rnd dirchrrgcd of rcsord or bondcd by r rurcty cotnPrny tcrsonebly rcccpublc ro thc
Associrdon. or to such o{hcf Qlyncr or Ow6n. wlthin twcnty (20) drys rfter thc drtc of filing ftcrcof. rnd
funhcr rhdl in&nnify urd revc rlt thc oahcr Owncr rnd tlp Ars*irtion herml,csl from rnd eglinrt rny rnd rll
costri crpcnrcr, clrirnr. lorscr or drrorgcr including. *ithoul lininion. rcasomblc utorncyr' fecr rcrulting
0Erchorrr
g,l Aseirtion Action. lbor perfonrrd or rmtcritlr furnirhcd for tho Conunon Elcnrnu.
ifduly ru6orizad by rhc Arsocirtion in tccordencc with this Dcclantion or t|rc Bylaws' shall bc thc basis for thc
filinjof r licn purruAnt to hw rgrinst thc Consnon Elerrcnts. Any such licn shrll bc limited to thc Corntrpn
Etcrrnr rnd no licn rney bc cffcslcd rgainrt en individuel Uoit or UniB'
10. Mtintenancc:Conslnrction.
tg.t Maintenrnce bv Ownen. Each Owncr shall rminoin and tccp in rcpair thc interior of
hit hcr or irs Unil inctudiag rlE fiirurcr thcrcof to thc crtcnt currcnt repair rhall bc necc-srary in ordcr o evoid
Jinuging ortr"r O*r.rr. -d rhc nufrccs of Umiad Corrunon Eterncnu etlocrted to lhc Unh. Roofing elcnrnts.
Unft j'oorl wlndowr. rcrccns, crtcrior dccks ud nilings which ruy ohcrwisc bc dclincd es Comnron Elcnpns.
rhril bc mainUincd rnd govcrncd by thc A$ociedon in order lo mainuin uniformity of thc extcrior of thc hojccl
iiJ -nio* of tlc Projir viriUle ro ortrcr Uaiu (tbc forcgoing rneintcruncc by thc Arraiation to inclrde.
*irfr'rrur Umiurton. rhar-rcquircd by Scction 3.15 rbovc rnd crpiul rplaccnrns io thc cltcltt nescaslry. bst
oaiuoirU n"in,"n.n.c .nd,for ,.pirccrrnrt rr woutd_bc_ Includcd within r rcnovrtioo of . Unit by en Owner
whlch niinrcnrnce rndor rcprln wltl be prkl by ruch Owncr). All finurcr rnd cquipnrnt instrllcd within thc
Unit shall bc nrinrrincd rnd lcpt in rcprii by rhc Owncr of ruch Unit An Owncr rhrll.do no rct or rny work thal
*iii ine* ,f,. ,*crunl toundnesr or lnpgriry o[ rlre Cornrnon Elsrrnts or inrpeir rny Gr3crncnt. Ench Owner
.",.o ih.t rny couuuction donc in thc Oimci's Unit or ln connection with Llmitcd Common Elenrnts
,iprn.i-, 16,frrr Unir shall bc donc in rccordrncc wlth rppliclblc lrws. ordinatrccl rnd regulrtions. h the
cllnt of crp.nsion rubjecr ro end m rct fonh in Scction 20.2. subdivirion or combination of rn Owrrcr'r Unit. thc
6*i"r il frlr"Uy grrnrcd rhc righr ro cnrcr into. rcnovrte. dcmolish or reconstruq thc Comrnon Elcrrnts for the
futpos" of ructr c'onrrrucriol rid t]rc rcsulting Unit(r) and Cowrpn Elcnrnts shall bc as idcntiticd in thc
i#oaca Urp a.rcribing such change and consistcnt with thc dcfinltions of Unit and Comrmn Elcmcns
connincd hcrcin. Erch Owncr rh{l be rcsponsiblc for thc nuinlenancc of thc intcrior non-suPPortinB wrlb of lris
Unh. rnd thc surfrcc rnarcriels rbcrcoo rucir rs phrtcr. drywrll. Psncling. wlllplpcr. print. tile rnd crrpcrin3 of
thc Frinrtcr *ells, ccilings and llmrs within thc Unit.
j 17
I |nilt illlllllllll ll lllllllllll lllllllllllllllll lllilltuall lllF/zn 3tF ttl lx! tldnii-ri-r-r art.r D a.t tl l.r lrrh co
l0.Z Gpncr': Frilure ro Mrintrin or R.eprir. ln Oc cwrt thrt r Unil (inctudin8 thc dlocrtcd
Linitcd Corumn Etcrrag) hnot propcrly minnlncd md rcprlred. urd l( thc rnalntenrncc responllbility for the
unrninraincd ponion of hc Unlt thr whh rh Ownc of thc Uniq or in thc cwnt thrt thc Unit ir drmr jed or
desuoycd by rn cvcnr of cuualty rnd thc Orncr dcr not trLr rE$onrt tc trltuto rc diligcnlly pursuo thc rcpair.
rcphcrnroi rnd rcconsn Aion of lhora potions of thc drrnegcd c &stroytd Unit forr which thc Owncr ls
rupoosiblc ro rubrontirtly thc nnp conditior in vhich they crircd pric to thc duorge r dcstrrrtion. thcn the
furcirtim. aller notica io $! OvnEr. rhrlt hrvc rhc right to cntcr upon thc Unit ro pcrform lucb worl rs ir
rrucr$ly roqulred o rtrrqe thc Unit to r conditior of 3ood order urd rcprir. All cotr incuned by thc
Arsaietioo in connccrion with thc rErtontlon rhrll ba rcir$uFcd to thc Agocietioo by thc Owncr of thc Unit.
upon dcrnrnd. Alt unrelrrtnrncd coru rhrll Dccont r Specht Arrclrn:nt rnd ba r tien upon thc Unit uniil
rrirnbg6cnrnt ir rnrrlc. Ttrc llcn rnry bc cnforccd In thc rrnr mrruFr rt r llcn for m unprid Arrcrrlrnt levicd
in rccordure whh thlr DcclrndqL-
tOJ lv{elnrenrncc bv Arsmiatlon- Erccpt s otbcrwirc r't fcrtlu Oc Arroclrtloo rhell bc
rwponriblc fo. rh: tt intcu*c. rcp.ir tad npl.c.r:nt of thc Comnpn Etcnpntr. wtrthcr lclcd insidc or
*rlU. of Uni" trhc foregolng rnaiiranrnse Uy rm ersociation to include. wihout limiution. thlt rcquircd by
Scction 3.t5 rbovc urd cipiUl rcplrcclrnu to tbe cgcnt nccc$rry. but erclrding nuintcnrnce rndor
;tl.;;;it ; woqld bc includcd wirhin r rcnovrtion of r Unit by rn Owncr which maincnonce and/or rcprin
,itt Uc pia by such Owner). Excegr u orhcnrisc arovidcd herein. no Owncr rhrll hrvc rhe ri3ht ro pcrform eny
wort on or causc rny chrnger 10 thc Gcncnt Cornrfion EtenEnts without thc rpcciftc writtcn conrcnt of thc
fusociation.
to..f Associltion Mrintenaircc es Comrrc'n Exgcnsc. Thc cost of nrrinlcnancc bt thc
Arrairtioo rs ser forth in S".lion 103 th.ll bc r Corrrmn ErFnsc of rll of thc Orvncrs. to bc rhrrcd by cech
o*mr eccoruing to such ornsr's coryrpn Etcnrcnu Percenugc. pmvidld lhrt caPil.l rcplecenrnts end/or
,-iircn.rf. ,fr.i would tr included wirhin a rcnovrtion of e Unit lhatt be pria by thc Owner of such Unit'
O.r*go to lh. interior or rny pan ofr Unit rerulting froq rhc rnaintcnencc. repair, cnrrgency repriror.
iot.cirr.nt of .ny of rhc Comrmn Elcr:nU or g r rcsult of cmcrtsncy rcpairs wirhin rnorhcr Unil lt thc
i;5;;;iil Asi;ii,r* it"rr etso bc Corurnn Erpensc of rn of thcbwn:rs. All darnegcd impmvcnrnts shell
bc restorcd substanrirlly to th. 5.rrE cooditioo in which thcy cxisted prior ro lhc drrnrEc.
loj Eescrncnr for Mainrenancc. Thc Arsairdon rhalt hrvc rhc incvocrblc righL ro bc
creriscd by rhc Muragcr. thc Borrd Or officcn or cmgloyccr of$c Associltioo, to htve rcrsonrblc rcccls io
erch Unit from tirr to rinrc during rcrson:blc houn s nuy bc ncccssrry for thc ruintcmnCe' rcgrir or
rcphcer:nt of uy of fhc Corunon ElcnEnts thcrcin or occcsrible tlrcrcftor1 or rt rny hout for maliag
clrgcncy r"p"irs, rnaintcn.ncc or inrpcction thcrcin ncc$rery to Ptrvc drr$g? ro thecc'mmon Elcmnts or
anothcr UniL !n thc cvent insurancc procccds under Scction I I rrc pryable to rn Owner bul lhc rnainGnancc
aspoosiUility of qtu ses to which suih praccds relrtc ir thc Associrtlon't. &c Atsocirlion rhell comglctc any
rUCh reprir or rcplrccnrnt lt thc Owr|cr'l cogt, ln rll Crses. cxCcpl cnrrgencics. whcn Such noticc es thc
circunstancc rnry pmrit shall bc givcn. thc Associrtion will givc rt least 24 hour noticc to cach Owncr bcforc
cnrrring into I Uqil s6 ilewing cntry into r Unit by a rrvicc providcr'
10.6 Assaiation powcr. Thc Association shqll hrvc thc rigt[ tnd powcr to prohibit ltoragc or
othcr rctivifics rErronably dccnrcJunsefc. unsightty. unmronably noiry or othcrwisc offcnsivc to t[c rcngcs md
p.".piif. f."r rnorhcr-Unir or thc Comrnoo Elcnrntr, No Owncr shetl rnatc rny addition or ottrr rhcruioo ro
liiplJ* "f ,n Comnron Elcnrnts, no nurlcr how minor. without thc crprcss writtcn conscnt of thc Bogrd.
l8
uJ[:!rlql$l' $lHtllr.l$|llllll!!ill
rr !l
ll. lnsunnca
ll.l Generrl lnsunncc hovisions. Tbe furocirtion rhrll rcguirc md pey for. out of thc
rsrcrisflEnt! levicd undcr Articlo 12 belor. thc foltowing insunncc policics cldcd whh rcputablc inrunncc
comprnics rulhorizcd o do businc$ ia Colmdo:
Il.l.t Hozlrd lnsunnce Cover8$c. hrururc loi lire. with crtcndcd covcngc.
vrndalirn mrliclour rrirchlcf, rll*irh rephccrrnt coct. rnd such othrr covcrlgcr rnd In ruch urrunu rt mly
bc nrsonebly dcarmincd by titn Boud (hrt not lcrs $rn'th. full thcn currcnt inrunblc repleccrrnt cort evrilabtc
rl Frronrbb rrtor of thr brlldlngt l*rtcd on tho Ppforty) lncludln3 rll oltho Corrurpn ElsrFntr. Such
Inrunncc rhell lncludc bollcr ud mrchlncry Inrunnca Mulrnum dcduc.tlblc rnpuntr for rucb poticy shell bc
dercrmincd by thc Borrd. Erch Omcr rhell bc crponriblc fc obrrinlng condominium inrunncc (lmludia3
3caenl lirbillty coven3c) covrring hls, her or hr Unlt rnd pcrsonrl proFny thcrtitr"' Thc Ow'ncr of thc llotcl
Unit thrll bc rtsponriblc lor obtelnlng lnrurutcc surtomsily obtrincd by hotel opcntoo. nrch rs innlrecpcn
liability insunnce, rnd chrll nrnr c*h othcr O*'ner rs rdditionrl inrured. Thc Asrocirtion rhall not bc obligatcd
lo rpply tnt insunncc procccds !o rtrrorc rn rtfccrcd Unit to r coodilion bcttcr thrn rhc condition erirtin3 prior
ro |hc d!ru8c.
t t. t.2 Cornprehenrivc Liabiliry. Corprchcnsivc gcncnl public lhbility and
gropcny drnuge insurancc for thc ProJcct in such rnrountr rs thc Eoard rcrsonably dccms dcrinble, providcd
thrl such covenge shell bc for rt lerst 510,0@.000 for bodily injury. iocluding dcrths rnd propcny drmagc
uiring out of a singlc occuncncc insuring ths Association, thc Board, hc Mutagcr or rnanaging agent. or both, if
my. end lhcir rcspcctivc a3enu rnd employccs. rnd thc olrncrr end rhcir respcctivc MonSaSEcr from liebility in
cooncdion with rhc opcntion. [Bintcnurcc and usc of Comrmn Elcnrntr and must includc | "scverebility of
interest" cleusc or spccific cndorrcrncnt. Such covcntc thrll rlro inclsde lcgrJ lirbility rrking out of conlncas
bf 0r Associcrion rnd such ottrr risks as rrc curtomarily covercd with respcct to cc;*lominiums rimilrr to thc
Projccr in thc Vril. Cotorrdo orct inctudin3 autonpbilc liebility iosurrncc if rppropriate.
tn rhc Asscirrjon'r diccrlrio . thc iosunnce policlcr nry bc crrdcd in blaolct policy form nemiag thc
Associltion as thc insurEd, for tic usc rrd bcnefit ofrnd rs lttorncy-in-fect for thc Owners and crch Owncr shall
bc en inrurcd pcrson uldcr thc policy wirh rerpcct to lirbiliry rriring out of srrh Ownct't increst in thc Comnron
ElcnEnB or nEmbcrship in thc Assairtion. If ruch bhnkct policicc rrc obtrincd. thc Arsocirtion nuy chrrgc thc
cost for rhc Owncr'l covcrrgc to thc mpcctive Orncn $ rn additionel Pcriodic Asscsrrncnt. Eich Mort3rgcs
rnd its ruccessors or rssigns shall bc r bcncficirry of thc policy in thc pcrccntagcs of Comrmn Expcnscs for thc
Unir which rhc Mongrgc cncurtcn nrc insunnce comgany rhall wrivc its rights of rubrogrtion undcr thc
insurnncc policy egainsr rny Owncr or rrmbcr of lhc O*ncr'r houschold. No act or omission by ury Owner.
unlcss rcting within thc ropc of ruch Owncr's ruthorily oo bchalf of thc Asscirtion, $all void thc insurencc
policy rv bc r coodition to rccovcry undcr the insurancc poticy.
ll.2 Cenificrrer of lnrurrnce: Crnccllrtlon. Ccniticatcs of inlurtncc rhell bc is:ucd to ca€h
Owncr rnd Mon3rlcc upon rcqu3rt. All plicia nquirod 1o b crnicd undcr thir Atlicb | | rhrll providc r
rtrndrtd non{onmlbulory riortsr3co thurc ln frvot of crch Plnt Mortgrgce of r Unlt rnd ilull prcvldo tlut ruch
policy crnnot bc crnccllcd by thc lnsurrncc sompnny without rl leasl ftirty (30) days prior writtcn noticc to each
Ovnrcr and crcb Firr Mortgagcc. tf thc insunnce dcscribcd in Aniclc ll is not rctronrbly rvlilablc, or if tny
policy of ruch insurancc is canccllcd or not rcncwcd without r rcplaccnrnt policy thercforc hlving bccn obtaiacd.
J
l9
I
thc Associrtion promPllit 3hdl clutc notlcc of th.t fect ro bo hrnd dclirrrcd or scnr prcprid by uoircd srrrcs rneil!o rll Owncn rnd ro rlt Fint Mon3tgecr
I lJ lnsurlnce hoccedr. Any ro* covercd by .nc propcny insunncc poricy dscribcd inscctlon t l'l must be rdjusted *lrrt no .ttr*iuil" u* ,r. intu"n.. ir*".a'. for rhrr lJs rhell bc payrblc ro rhcfusoclnioo erd aot rc ury holdr orr rccury rniciru t rr.o.L,ion rhrfl hold rn1r Inrunnsc procccdr intnst fs thc owncn rnd Mon8rtmr rr-thcir inrccnr n i.pro. subjcct ro oc provirionr ofsccrion l l.5bcloq thc procccdr mun bc dirhmcd nnr ro. oc rcg.it'or rcrronilon of rhc dunrgcd propcn , rrd lhcAsrcirtioa' orncr rnd Morqriecr rrs not cntitledio rcceivc plyr*nr of rny ponloa of rhe prcccds unlersthcrc is r rurptur of praecds rtler,rrt o.r*gJ fifiy r". u.n .orprcr.rr ,rp"iJ o, ,€lror.d or rhc rcgimcrutcd by rhir Dcctrnrlon ic tcrnlmcd.
I l'4 lnsurcr obliration. An insurct thrt her i*ucd rn inrunncc policy for lhe iasurenccdcscribcd in scction t t.l end I l.? c iu r3cnt rhrll issrrc ccnificrtcr or npnprrndr of ineunncc ro thsAssocirtion rnd. upon trqucsL to rny owncr or Mon3rgec. unless orherwir. p;"id.d;;;rs*. rhc insurcrissuing thc policy nlrv nor cerccr or rcfusc ro trr** iiuiiii,r,iny (30) drys rfti, nai". of ,r,. propon ocrncelletion or nonrcncwd hrr bccn ruilcd to thc Asseierion rnd ro cech orncr end Mortgegcc lo whom .ccrtificrtc or nrmo<endum of insurrncc hrr bccn irsucd rt th"ir r.spotir- lrst lnown rddrcsscs.
- I l '5 Renri! anC Beghceqrent. Any portion of the conrmon ElcnrnE for which iasurence isroquired undcr this Anictc which.ir drru3ed or c.oroyt must bc rcpircd or rcplrccd prorptry by rhcAss*irtion unlcsr;
I lJ' l Rcpair or reptrccnrnt would bc iltcgal undcr rny srrtc or locel srrtutc orordinrncc govcming hcahh or sefcty; c
r lJ.2 Therc is r vorc nor ro rcbuitd by (r) fifry pcrccnr (50%) of rhc owncrs (bescdupo-n thcir prcscribcd pcrccntrgc of ro0l rllocrrcd vores in hc Associsrion) rnd (b) cviry ovmcr of r unit orrrsigncd Limired Comrnon Elcnpnt th1 will nC bc rebuih. - -'' ---- \-' - --'' '
Thc cort of rcprir or rcplrccnrcnt of comnpn Elerrns in crcesr of insutlncc procecds lnd rcscrvcs is rcomrnon Expcnsc' tf all thc comnron Etcnpnls rnc no( rcprircd o rcphccd, rhc insunnce procccds rrtributable1o lhe dsrnsgcd comnron Elcnrnrr mu3t bs utcd to ...tor. th. d.nngcd rrcr to r condhion comprriblc wirh rhcrcmaindcr of thc hojcct urd srccp( !o thc cxlcnt ruch prcccdr rrr urcd to rcgrir or raplrcc thc darnagc, rhcirunnce procccds murt be disrriburcd to dt thc owncrs or Mortgagecs, as rhcir intercsl mry appar ingroponion to cach Unit Owncr's pcrccntrgc of Comrnon Erpcnscr.
t l'6 comrnon Erocnres, Premiumr for insurrncc th.t thc Asrocietion ecquircs rnd orhcrctPcns€s connected with rcquiring ruch insurancc rrc Comrnon Erpcnscs, providcd. howcvcr. ther if thcArsociatioo's lirc rnd cxtcndcd co-vctage inlurrncc covcr firturar, cquipnrnt or othcr propcny within rny or alloftlrc units or othcr inrurancc dtributrblc to roy orell ofthc units (rucir rs boi,lcr insuiensc). rhc Acsociutionrcscrvcs rhc righr 1o cherge thc Owncn of :uch Uahr for which thc Agocirtion providcr rddiliond insunncccovcruge,8n rrnount cqual to thc prcmium rtrriburablc to such additionll inrur"i.c cor.rrge.
20
I $$:!uquHl[1*'r$ll|$[lt!t![r luill
tl'? Fiderhy rnsunncc. Fr&rity iosunncc o tidctity bond, nurt bG rnrinuincd by rheAsociatior o protttt tsti*t dith-*t;rr.1 *ilil; ofriccrr d-irecrors, *ri*, ."a
"rproyccr rnd ontlrc prrr of rtl atrcr* IncludinS rny qry3cr hir.d br rhearociarion" who trurat or arc niponsibrc for hrndringthc fundr bclmSln3 to or rdrruhirtct e uirr" et ".ioi'iL'ii'- *unr nor rers rhrn rhc grcorcr or (!) rwcnly-fivcIho's*rd dottrn (s25.@0)oro) rl,..rri;;;;;;oiruner,ino,ai.s;;;;ffi:in
rhccusrod, orrhcA*ocirtion or nnnr8cnrnr r4cnt .-thc crrc *y t" .a-i fivcn tinr duriig ,i* "-, .i-ir, policy rscdculucd from rhc cuncnt bodrcr oroc errei.i;;;;* ."*! re$ o,!,, r rum cq'er .o .nG! (3) Bpnrn".rt'ltr. $re$nrnB pr'r nscrrr fud: I djiu_*.iircspon*uirtty for handrin3 fundr 6 dcrcgrtcd ro rMrnr3cr' ruch Insunncc s bondr rnrsr bc ou,.in a uy - rol rhc Manrycr ud r,, Jrr,.lo-, .rployccs ud r3enrs.rr rpplicrblc' such
'i&lity
insunncc or bondr rhdl n.rrr o. er.*i.rion ., inr*J.nl-r,ictr ortcr pnniel as rhcAssxirtion rnry diresi rnd rhil contrin *.1*.r "i.iillr."*t b*cd upon rhc cr.t*io,, J p.oons scrvingwithort compcnsrtion from thc &finirron oi'.-proi.J.-ji'limitu rc.n s or exprcsrions.
ll'8 wo*eFl ComqsnsrtioF,lnsunnce. Thc Borrd shall obrrin workers' compcnralion or
;Tl,1,t$ffi;ithrcspcct totu '-plofffiffi.. in.hcsmoun*r"a i""*lr r*y noworhcrpafrcr
ll'9 other lnsurrncc' Thc Arsociltloo rhall rnrinlrin flood hsunncc if rny pan olthchojcct is laatcd witlin r Spccirl n""o Ht-ru er..in-. nooo rnrurrncc furc Mrp. cqud to thc lcsscr of l(xl%of thc insunblc vrlr,. of thc hojccr o, rt.,n *i',urn-rirrirgc r"rirlUta under rhc approp,riarc Nrtionrl Ftoodlnsunncc hognrn Tlrc Associntioa shatl dso rnrint.in in*rr*" to thc crtcnt Msonably avaiteblc ud in such
:ffiL: ilfr:r:f#?.:*oneblv dccm rpprop'i'rc oi b.h.tr or rh. ao.,u ,g"inri .iy ri.uiri,y ."..n.a
so*d. rhcsoa' *;r#,|:trff'JJ',TJlrt:'#T:l?;i.":,_1'#'"ll",,lmn,*'tfor,r*
rcasonrbly dccrn approprierc with rcspcct L *r. erro"i.ri*,s rcspoosibilitics rnd duricr.
lI'to soccial In:unnce hovision. Notwithrtanding rnything to thc contrrry conrrinsd hcrcin(i) in no cvenr shrll rny owrrr (orhc, rl-G-", J,r," gorcr Uoir-) u. r.rinriir ro. o" ..pt".cmcnt of aniuninsurcd tosr pcneining o t: Horcj Unirc pcnrininf ro rhc rcrioor or omissions of th; owner of rhe Horcl Unirrnd (ii) in no cvcnt shrll rn, owncr bc obligarcc ,o.*t-."y pltrr'nt ro rc3torE rny drnu3c or dcsuuctionoccesioncd to tlrc Projcct or any unhto thc crtcnr rr,.r.ny lr*rr aarnagc or dcrtrucrion i. cor.r.o tor,cqulrcd tobc covercd) by inrunnce to bc crnicd !y oc Asraiation'hcrcunacr.
lZ Alsclsrrnrs.
rLt B'deer'. within rhiny (30) drys rftcr thc rdoprion of rny progoscd budger for rhcArrociarion, tha gorrd rhrll nuil, by ordinrry firsr*lrrr JL oc orhcr*ic. a.fi"., . ,."rr"ry of the budgcr ao rltthc Owncrs end shrll sct I drrc for r nrcting of rhc O*n.n ro conridcr .dficrtion of,i. iuog., n* tcss thrnfounccn ( 14) nor more tlun rirly (60) dayr ifrcr nuiling ororhcr dcrivcry or rr,c surnmrryl unlcss et rhar nrctingr nnjority of votcr crrl rt tlr nrcting rcjccu rtrc uuac;, rhc budgct shrll bc dccnrd ro t.". *.n ntincrj.whcthcr or nol r guotum is prcrcnl rt lllc mcctlnt' &rljlc cr.nr thlt the owncr of thc Hocl unit dcsires to bcrcimburscd for Hael opcntiol_lost1 thcn rbc f,udg-cr prcparea by rhc Arairtion shrll L bifurcarcd lnro rcomPoncnt for con'rsr Erxnscr rnd r .orpon.nrio.ilolt op.nrions coru. I; ;; ;;, $c proposed budgeris rcjccrcd, rhc budget r't
^rrfied by thc ownca rrri u.
"on,inued
untit ruch tr* .rir,. o**rr.rify rlubscqucnt budgct proporcd by th€ Boctd' Thc Boud rl.it .aopt a budgcr and submir rhc burtgct to r vorc of rhe
2l
I
I
llf]tl ult tfltfltft ililil ilf l]til ilt tfililt il tills#,i'i?ffs ri5 fl.filifs
otnrcn rr provided hccin no lcss frcgucntty thrn rnnurtly. Thc focgoing ntilicrtion of r budgct by thc owncrs.t rfacsrld rhell not rffca thc righr oi e coodoarlnium unit o*ncr to rhcr€lllcr tubmir to ubirnrion thedctcrminetion of mnrrr Includcd within lrh hrdge u commn Erpcnscr. which right of rhc condominiumUnit owncn shltt contlnuc in ctfcct notwithsurdiig rny srrch nrificrtion. Thc BoarJ rhall hvy end rsrcsr rhcFcrlodic Comcno AsscalnEntr rnd Pcriod'rc Horct i,rscJrnEnu in rccordrncc wirh rho rnnurl bud3cu
122 thligtign Erct Owncr of rny Udt b obligrtcd ro pry ro rhc Atsocirrion (t) rhcRriodic Conursr Alcsrnrnul (2) 0rc ftriodtc Hout iucrrnrnrr.lf rpplicrtic. (3) Spcchl Arcsrmcn:si rnd(4) Dcfrult Asrcsrrrnu (lndiyldully. rn.Ascgncnr'or collcctivcln;Lorrrriu.i. Arr*rnsrr forPcriodic comnpn furccsrtntt utd spccirl Arrcrmnu rhrll be madi In rcrpccr of unit (hyrcn b$cd on rhci,rcspcctivc Comrnon Eenrng Pcrccntrgcr. ArrcsrnrnB for Pcriodic Hotct Aiscssnrnrs shrll be mrde in respcctof Unit Owncn bucd on thcir rcspcctivc Horel Opcnting Cosu pcrEcn3.tc3.
t2.3 RriodicAssessrrrnrs.
(r) pariodic Comrnon Asscrsncntt. Unlcss thc Bodrd othcr*irc dlrccrs, pcriodic$scssnEnlr rhall bc mrdc for Comrnon Erpcff.r (.,periodic Con Jnon Asscss ghrll bc bescd upon rhcctlitrutcd mnurl cuh requircnrnr of rhc Associrtioo fot cor*o E*[n."tEh bwncr ruett pry o rtrcAsrociation rs Periodic Cornrnon Arrcssrpnts ruch owncr'c Corunon Ll.rrrnr, pcrccntrgc of such pcriodic
.
Cornrpn Asrcssnrntr.
(b) Periodic Hotct Asressrrrnts, Unlcs thc Borrd orhcrwbc direcu. pcriodices!.ssnEnrr rhrll bc n''de for Horcl opcretionr cosrs (..pr.riqdis.ugEla$$$0ror$) rhrlt bc bescd upon rhe' crtimucd ennuel cesh rcquircnents ofthc Horcl Unit for Hotet Openrions coeii. g".n o*ncr shrtt pry to urcHorcl Unit Gvncr s Pcriodic Hotct Asscssnrntr ruch ownc/r Horcl openting Com pcrcenrr3c of suchPcriodic Hotel ArscasrrEnrs
(c) Prvnrnt of Periodic Asressments. Pcriodic Cornrnon Ars€ssnrnu rnd pcriodic
Hotel Arrcsrrrnrs rhrtl bc pryabtc rnonrhty on thc fint oiy of cnch nrooth unle$ tbc Board othcrwirc dirqcts.
114 soccial Asscssmnts. h rddirion to thc Pcriodic Comnon Als€rsnEnu. thc Arsocilionnay lcvy in rny fiscrl yeu orr or rmre Spccill Asscssnpnts, payablc ovcr ruch r pcriod rs the Asseirlion maydctcrminc' for the purpoec of dcfnying. in wholc or in part. thc cort of rny consrn cdoo or rrconsr:nrctim.
uncrpcctcd rcprii or rcphccnrnt of improvcnrnr wirhin thc Gcncral Comrmn Elcmcatr ther woutd otherwisc bcinclrdcd widrio thc dclinhion of comnron Expcnscs. Thir scction t2,4 3heu not be connrucd es rn indcpcndentrcurcc of ruthority for thc Arsocirtion to incur cxpcasc, but chalt bc construcd to prucribc ttrc mrnncr ofrsscssing crPcnscs ruthorizcd by otlrcr rcctionr of tlis Dcclrrstiorl Any rmounc rsscrscd pursuent to this
Section shsll bc sscsscd to owlcn rccording to their Comrnon Elcmns Pcncntrgcr subject to scction 10.4.Notice in writing of thc rrmunr of lrch spccirl Arscssnrnc rnd rhc rinn for peytrinr of ir Spccirl Asscssncnrrhall bc aivcn promply ro rhc owners. rnd no prynrnt rlutt bc duc lcss tnan rcn 1to; dlys rftcr such noricc rbrtlhrvc bcen given.
lLs . All rnoncur1r lincs rsscsscd egrinrt rn Owner pursuanr to thcAlceirtioo Docunrnu. lrte chrgcs. intercst and costs of collaction, including but not limitcd to rttomcy.r fccs.or rny othcr qpcnsc of hc Association wbich is thc obliguion of an Owner oiwhich is incuncd by rbc
22
Arsociation on bchlf of rhc owncr Pursulnt to thc Arsairdo-n Docurrcntr shrll bc r Dcfrult A$cssrncnr rDdrhell bccom r ticn rgrirut'rc_h.or;:rtur'r;#;",i'i.,"*""* *;,-;;;;;cd rr providcd in rhisDcchntioo' Noticc of thc 'munt rnd duc drrc of ruch 6cliutr e$c!rrr-n, ,r,irr o. ,.i,ii rhc owner rubjcsr roruch Asscssnrn3 rt lctst tco (10) d.y, prrr ,iir,.'a* ai". rr..p, rhor no nodce ir nqulred for pcriodicComrrcn Arrcsrrrcnu o bc in defeulr-
tz6
ffi,Tfi ,? Xff*ffi ,,T iff :.#THXH: i,T,T;s r
^cr
i rd.c d'*hrt bc &tinqucnr-- rr en e'**'*'i i"'"ffi; tiil, fi 'ffiil trnTi,TJ,1ii,i.tiil1wrivcd by thc Boud. in ta rch diwctl*. "r. ,i*-i"iiij[ .ctionr:
(l) ' . Arrcsr r llvc pcrccnt (5%) ha chrrye for crch detingucncy in ruch rnp'na rsrhc Asocirrioo dccmr rpFoprirc; rrd
(ii) - Ir not rconcr prid. rstcs: rn inurcrt chaqe from one rnonth rfrcr the duc dltcuntil paid et thc v*'tv ,"r: :r::.(5)poia.' ;;;,r* ;* ,-.".r,.rgJii ,lliri'""i,i*.. banr. or such orhcr. 'wful 're er 0r Board mry cstrbrish' n* .r.Jiig ,;.nry,onc Frccnr (2r96) pcr ycea
ir:i|ltJt#ifi of Asscssnrnr dctinqucncv. thc Asrocllion. in irr rorc discrction. nu, n*c rhc folowinS
(i) Accclc'tc elt rcnuining Arscssn*nt insoltnrnir so that unpaid Asscssrncn. forrhc rerneindcr of rhc fiscd ycar rhrll bc duc rod pry.if.-., o*",
ucliDq*nr A$c$r*r*rtlllo Bring en rcrion sl trw rgrinsl any owncr pcrrcnrlly obligrtcit o pry rhc
(iii) procccd wirh forcclosurc rs sct forth in rnore dcteit bclow.
Ats'sttrFnts chargcabtc to rny unit shatt constitutc r licn on srrh unir" Thc Asseintlon rory insritutcforcclosurc procccdings rgrinrt thc d.r.ulring o*n..ll uni, in ,r" ..*cr fr foreclosin3 e mongagc on rcalpropcny undcr thc lewc of rhc Starc of Colondo In $c cvcnt of sry ruch forcctosura, rtrc Own"r strOl bc lirbtcfor lhc ernounl ofunprid Arrcsrnrnr, rny pcorltics rnd intarErt $crcon. rhc cost rnd crpcnscs ofsuchprocccdingr' the cosl rrnd cxPcnscs for liling t}c naicc oirh cteim rna rien, .na .ii,ri"mebtc rnorocy.r fccsircurrad in co'rncction with thc cnforccrnni of rhc l;;.-;hr owncr rhril bc rcquircd ro pay rhc A.ssocilrion rhcnrcnthly Asscsrrrclt instetl'pntr.for ttrc uqir durinS thc pcriod.of ral ror*r*,1*. ir,. itssocirrion shell bccndrlcd to r rcccivcr during forcclosurc end il,. err-oci.ii-orr shlll hrvc thc povsl to bid on ! Unir Et forcctosurcrelc lrd to rcquirc and hold. lcesc, nrortgrge .*
"oor.y tha aa*.
lZ7 plvnsnt bv Mon"ro.., Any Mongrgcc holding I licn on r Unir may pry rny unpaidArscssnrnt plylbtc with tcspccr to such unit" togc,t., *i,rr rny_"nd rtt co:ts .na .*p.ia", incurtcd wirh rcspcctto thc licn' rnd upon such paynrnt thrt Mongrgclc shrll hrvc r licn on tlre unir for rhc unounts prid wirh rhcsa'rpriori'lvr'he'icnor'lhcMo.grgc'
llll|l|,l!{l|J||il#uttui'ttJflirrrtiffifirnrr $ cr t zrf.oo o l.n i-i.ot -.;l;;b
23
ru!{ffi #!,*',$ll,$!$l!llJl]
rf]
Iz8 st$?lflttttttr o'fArlc!,,,.n.P,",,** upoo prynrenr of r rcrronrblc fcc ,.t fromti,* no tirt by thc aota -a urn-ffiffifoilo'ing rcceip oi#ncn rcg'cst ro rhc A*eirdqr.rrcaisrcred r3car by pcnooel dctivcry;;il fi:iot*|.r. ponrr3c prcprr4 rcrum rccctpr. rny o*acr.dcrignee of Grntn **l:n
llrpt"rivc rrrmg.s* o. p*rp..rirr purchrrcr of r unir shrll bG furnishcd wirhr Prittcn rulrnrnt rcttins fort'l thc rnrounr or rtJdprH Arscssnrnr, lf rny. with rcsFst to ruch unit. unlessr*h s'r*r*nr rhlrt bc isucd by ecnonrr ocrifr J{r ccnitica rnair, rinr;i; ;;;. p*F.idr r.rurD rccciprrequ*to4 to thc irquiringF tv (in wtrlctr ctrnr-rtp a.rl
"f ;;;;il;';ff;ldra ordcrirary) wrhiorotutcnr (t4) dryr rtrrr rcsctprorr|. .rc*drh ;,i-l.rion rr,rri t rvc i; ;il;;; . risn upon rhc Unirorcr thc Inquiring prrty'r intcrest fot -p.ro ir*.,-*"" which wcrc duc s Jr trrc a.rc orrrrc rEqucst.
' tzg rohr Llrbili!'. Erccp fc r Fi.,t Mongrgcc r,rtiDg rirtc throuth rorrclorurc or dccd inlicu of forcclosutt' o" 3rtnrct of .Gl rurr-J;"h,ri.r,a *rr,.lty liablc wirh rhc gnntoc (or dl unpridArscrrrrnu rgeinrr thc anrrtc.for o..rr."*', p-rr#rion.* ,h.r. of ,h. cor,nnn-rr,pcn&5 up ro rh€ dnE offr fi:L"Jf;::j:c' without prcjudi". . ,r,. !.1,1;' 'iel, ,o i*"., t,n ,ii'ril,", .r enrcunrs prid by
12' 10 Priqritt' Each orvncr rgrccr that thc Arsociation's licn m r unit for Asscalnrn*. rndthc Asleiedor'r right to rctt runir in..tr.in .ilro,*unces scr fqrh hcrein rhrll bc supcrior lo rhc HorncserdExcmpdon providcd by cotondo Rcvircd srrturcs il;td:;, ;;;;;r:lln.r r,.,u,. of rimitrriffi ,:ilfi HJ,Xinfr :i1';nu..*-".r-ccorrunirlrilii*J,J,lio,"r..*,.n,
l2'll Medirtion rqdr{rbirrarion for common Extcnrcr, tf r coodorniniurn unir owncrobjcca to the incl'sion by thc Asso"i.u* ot r"rilffiilny crpcn,c irern or itemr or rhc r'errioc $ercof rs rcomnpn Expcnrc' irrluding. withourlinrirarion, ;";fi; b1r condominiu, unii o*n.r." ro rhc eilocerionof rn crgensc lht it Plid for rr r singlc ch*c. b", *;i;;nainr bol|r ro Hora s.*i"o *u rbc op+rarion of drcrerneining ponioor of thc hojoct C ; ri."ri"r-Co"ioJnir',n Unrr_o*rler-). tic Objccring Condominium Unitowncr rhrll hrvc rhe righr ro rrqu.., froo,dGffir, cxprrnrrim for rhc crFnsc, which shrrr bcprovidcd wilbin liftccn drvr' tf rhc objccti,tg c"naoJoir,n unir owncr ls srirr nor'rrtisd.a, n objccringcondominium unit owner rnry submiithc dirpur. ,i rJiuiion uy nori", ro rr. lrrei.ii* or rr," nrrp. rddrcssrnd phonc nurnbcr of objectln3 condominium unir dlrl. .ccounu rrd r rcguc* for funhcr discusrion bythc Objccting Cordominium Unir O*no,, ..*uian, arrC'rf" Asro"ietioo.r rccoununr. Within fiftcen drys rftcrsuch rcqucst' thc Arsociation'l rccountrnt shdl s*,".r ,t obuj""ring corcomirriui uii or*o',
".counrrnrend rhe rwo eccounrrnr rhert rrv in good frirh ro. . GJ or nn.rn -d.y, ,".;;il il;i;puie. Ttrc objccringcondominiurn Unit owncr rhall pry thc cost of io .i.*""", and thc Arsocir[on shell pry thc cosr of iaaccounblL If thc two rccountants crnnot Esolvc rhc disputc, thcy sha rgrec on.na.pfiin, on bchdf of r]rcAssociarion rnd rhc objccring condominium unir o*".*'. iirra.p-y mjiatorrnd rtJti
"".n pr"r"nr "rttentnt of the dispuc lo such rDcdiator. rollowing which the objcciing cmafinrurn unir o*ncr .na rmAssaiuion $rll rubmit o the nr'dietion in good rii,r,. ilr i p.ri"u or nL tcsr rt rn ,iiiilyr. The objectingc;ondominium unit owncr rnd rrrs ersociuiln (es a C"-n
"
g-p.nsc) shrll cach pry hrlf of rhc cost ofmcdirtion rnd for thcir own rlbrncys end ecc*iano.--it nJ r.solution of rhe dispur. i, ,".crr.a rt rougt,otdirlion' cithcr Fny ttrry tubmit lhcdispu,. t" iiJi"g .Jirarion undcr rhc ;i;;F.h;ir*ricrn ArbirrorionAssocirtion' erch to pry its own coss lwith thc Assairtiont cosls. rs r comnpn ErFnsc). Durint rhe pcriodlhc rccountanF lnd ilrird'pany rrrdirror lrc ""'np,iog,;dvc thc dispurc. the objccting condorninium Unirowncr rhrll havc thc riShl to withhold thc rnp-,?6orr*n Expcnrc rher rucb o;;:l; good fairh. creims ir
24
f$:!quH#,*,,1,{,fflrngrffi
rttibutrbh b tha objccrioo tctn3 rnrdc.
'rd no cnrdicr f* non-prynrnr rhrrt bc cnforccc r3rinst rhc objcctingcoodorniolurr uarro*r*ddnlr*r, irr* ir*roi"iin3r,*tLnarr.a pod;;it,r,,,rn ErFn$iNotwithstrndlng thc forcSoin3provldons of rhis seiion iirr.ln rr*.".n,',h.r .n.i.ilr,'ri* of r dispurcpunurnt hcrcto it is dctcrmircd thor u' t l e*hi*'iinclurioo of .n it"r io corron Erpcnrcr wrrima'ct rnd (v) ruch Incturroo
'crs*J';;,*t ilil {ry"*11or r t2 nonrh pcriod by rmre rhen 196,thn thc A$eietion rhrl h_tic.,"d_" Fi ilfil;;; .f rhc rrtrirrrion rn4 in idahioo. rcimburre rhcobjccting condonrniura unit orircr r* i*l
",1
.rp.-i'of irs rccounrrnl
13. DrrmF or llertnraion
l3'l ?rc-Roje of thc Associrtio,n- Erccpt r providcd in scction I lJ, in rhc cvcnr of dernegc!o q deswcrion of ell c prrr ofrny cGiEG-niliip_".rr_1l or orhcr propcrry covercd by insunncc*riucn in lhc nam of rhc Asrocierion ,r*., S*-,i* jf. t'# *r*iorion shrll rrnngc for rnd rupcrvisc rheprorpr rcprir 'rd rcsrirrdoa of rhc rtlugcd pfopcni i,r," p-pny i"surcd by ,r,. irro"iirion punurnr .osccrion lt ig sonrrinrcs rcfcrrEd ro rs ,r":.as;i;;oJ;;Eg&*Er).
l3'2 Btlmetc of Drmaecs or Dest^rtion, As soon ., pncticrblc aficr rn cvcnl ceusingdtru3c to or d*tnrction of rny prtt of ,*-Gi-iffir.d prop,€ny. d'. Associrlion she , untcrr suchdarmSe or destrrcrion sball bc minor' ohein an *iir-,.-- *,i*rcs rhrr it &cmr rcliablc rnd complcrc of rhccosu of cprir' rcplrccnrnt rnd rcconsurction. 'R.p.i;.;;...,*nl 'd rccontrructioo.. ' u.rcd in rhir Anicrcrhrll rrcan rcprir' rcplrccarcnt ua ooct*isc ratrJrig ir," ulr*g.d or o.suoyed improvcnrnrs 1o substrntielythc $s: condi$on in wbich rhcy erisrcd prior ,o o. l'-iJo, dcsrrucrioo untcrs rny condidon rpoclficd inScction llj'l or ll'5'2 occurs' Such corrr ,*t.t;J;'ffi professioorr fccs rnd prcmiums for ruch bonds esthc Arsocietion or thc inrurancc lutcc, if any. dercrmlncl to bc ncccssry.
'*surtt' nsPtacenEnl lnd Reconstruclion. As ron rs pncdcal eftcr thc darnrgc ccurt
:o1##ifi.:,:f.:,:"T":."H,ou..in.a.EGiffi ,r,iltouigcnrrypurs,;tJcJmpnbnrrrcrcprir.
13.3 Reorir. Rcola
t3.5
rptaccrrnr urd rccon$nrcrion orrhcdrnugj *d.;;J;r;;#;:lli.ffi;ilr:"ffi::l$.:_?::l
for tic orvncrs' subject o scction ts' rtt alto"i.rioniliat. ,ny
"nc
rll nccessary or appmprierc ecrion rccffcct tprir' rcplrcerpn! ud rcc.onstnrtion orany a.r*g" ro tbc Association-tnsurcd proFny. |||d no sonscnror othcr acdon by eny owncr shrtl bc ncccssary. irt rrinu or tl,. Associarioo snrtt nor L ruatcd during rbepcriod of insunnce ldjurrnrntr rnd rcprir.. rcpirc.".ni -i ,."*rtrustion.
l3'4 Lir"itecJqnrwn Ehrnenr DlmaSc. In thc cvcnt of darnagc ordcsrrucdon of r urnhedCorumn Elcnrnr ftom eny crusc. tt. rt"n O*niliffifinitr to which fic Limiicd Comnpn ElcrsEnt ir
:fiffi*Tt rhrll bcrr cquallv thc cxPcnsc to rcp.ir * r.iuita o" r-i"tiiia io-r"mo et#irr ro ir, pr.riou.
igq. The procccds rcceivcd by rhc
rcpteccnrnr and rsconsrrucrioo of thc Associ"i"".r"rr*i6.iy'd t.-fr# ffil"fr
lf thc procecds ofthc Arsocialion's insuraacc erc insufficicnt to pey the csrirnrred or rctuel cosr of ruchrcprir' rcPlaccnrnt or rcconstnrclion. or if upon comptcrion of suctr.rvori ,i. r"r"r-a. pio"..o, for thc prynrcntof $rh wo* rrc insufficicnl lhc fusociarion ruy, piri"*i t s.crim t2.3. lcvy, rsscss and collccr in rdvsnccfmm thc owners a Spccirl A$css'Ent tufiicicnrioiro"ioc funds to pry sucb cstin.r.a oi rcruet cosrs ofrcprir.
.25
tlPhcEr*,'t o oconrtn8dm' Funhr lcvicr nuy bo nrdc in-titc rnrnncr tf thc rrnounts concctcd provcinruflicicnt to compleu thc npdr, npt*;;; ;;;*
t3.6
coortitut*ruadrcrtrnrrll.gro..*;;;;;;ffi #{tril:trfr ::if H:L1,,,1,,;:;ff ;"cc€rEd thrt $. fint rnoacy dirhrncd In prynrnt i-if,.l*o
"f r.prlr. rcgtrccnrnt rnd rtconstruction rha bcnrde from Inrunncc pteccrrr, urd rh. b;t;.c-i;,tsi"r.r e.i.;;o. i;L,.,Jil.Lr.n.. rr^iningrftcr payrrnt of llt cortr orttrtr np.ir. ,.pt ".t*"i .io rl-r,nrtlon, ruch brtucc rhall bc disrriburcd ro rhcffi*T.lffi :il*ffi If ; ;?;;;' il;; pE
"'n!r8es, f i ,,t ro rhc Mon3rsccr rnd thcn ro
14' l Rhhtr of o'"ncr:' whcnevcr rll or eny prn of $e conunon Elc*nr rhel bc nkcn byrny ruthority heving powu ofcooatnn"rtm or crnii.t lor*i' o, *hcncvcr rtt or rny prn of $c con'nonElenrnE is cotvcycd in licu of a uking unJ"r iil;
"i.l'a"rrrn.ri* by rb" essocirri'oi ecring rs ruomcy.in.fist for all owncn un&r insT!:."t rg1 "u ;,r,iry L"ing lh. poro. or.ona.ir.iion or cmincnr domain.cecb owncr shdl bc cnrirlcd ro nodct of th. t rio;;.i"*yNl sr .;.", ,o s..,ioi'iiir," e.ro"i.,ion sha, rcr
i'.iil$H;l;l'J]
ror ell owncn in rhc precaiii' i'.iil "ir" ".ia.,-,,h ;;;ins. unrerr oorcrrvirc
t4'2 P*tirl Cendctrrnrtinn: r\ittrib.tion pf 'wad: Rcconstrucrirn. Thc rwrrd nu& for ruchtrking shell bc pay'bts to rh" 'qtt*i.ti* f-Gffii .l,c orvncn end Mongrgecs rnd. unress orhcrwiseGqqircd under thc Condominium Acr. rhc rwrrd ,f"fi ilirU*r.a ., foltows:
If thc taking involver r ponion of thc comrnoo Elcnrnts on whjgh irnprovcrncnr heyc bccn conslruclcd.lhcn' unlesr wirhin mc irundrcd t*",y i-r'ml arirner s,rctr nung condominlum unit owncrs thrtrEPtEs€nt at lcast thc corn'''on Elcmnts'Pcrccnrfuc of dr con =ii.iu"iir -J o" n r, uorrgr3ecr, ifrny. for rhc unic o*ned.by r*t o,ri", ,r,.ii'ift*rri*.gn . ,h;;il;lh.r nrrc.c or r.pr.ccsuch improvcnrn,' *jf:1r]h" ;;d";i*jl;crudj in rrrc c.m ii"#nr ro rhc :rtcnr reodsrrc eveilrbjc fc ruch rcrtonti- otr.pt."rriii ii.c"oru.r,co *ith pturr rpprovcd by tlc Assetrtion.fim:fl:l:.trllTl ! yu;i* i''.i',r,. pmvirims iri sccriJn' n ruove re3rrdiag thc
d,.rrrinsdocsa".li".l"xf ;ff"T:fllgffi ffi;[:**:;f n:il*jli1;*[;;,,nor !o Eprir or resrorc, or if thcrc'c n.t rrJt ir-inir,linrr6;;;;,;;; or rcpraccnrnr iscornprcrcd, rhcn such awrrd or-rrr ru'ar *rtiL-iirrritula ro #o;;;;;Iruance wirh rhcirfiffil":r::ffn Elcnrnts Pcrccn"s.', fitriio i-;. r"rongie..i *J'ir*"'i?rr.-b**rr. rr 6cir
r'f'J comorctc condcmn*ion. tfrrt of rhc hopcny is takcn. condcmncd. rord orodEn isedisposcd of in ticu of or in evoidrncc ,f ."Jil.J"i ,fr.n',f," ,"gir*
"rcarcd by rhir Rcslrrcd Dsclrndon shetl
fil|tr,#Sffi:J.';tl:"*d"'rtion awrrd
"i,au",.ul. ro rhc commn el.n*nii-rn"n bc dbrriburcd rs
lt[u!|llllllilI| l[|[ruulLt|lnil |]t |||l
t8 rt !r I 2rr.6 0 r.0. r a.p i.iii co
t4.
a,-
It
26
lJ.
I
l5'l Alr?olntmnl Erch GmcrtrcEby irnvarbly rgpoinrr th ArseiHion rr rhc owncr.strucrd hvfut rnomcy-in.fic forGpq:"fiaii;irin3..1:#n,ii"rstit,oG,icr ?. (b)purchmingrnd neinuining-insurucc punuaot to S."ion r r' incifring rhc coltecrion rnd rpproprirrc disgoririoo of rhcPrEcc6 lhcrcof' tDc neSotirtim rnd rctdcrrlnr ori"ir.iir,a.^ccurion of retcrils o?ii.uiliry. u,. crccurion ofrll docurnntr' rnd thc pcrfona'rcc orrn orrrcr rirr iJrsrry to purchrsc rnd ruintrin insu'ncc rs wcll 'dcrting with rny lnprovimnrr covead by lnsunocc *riucnin rtrc nur. of &. Ar;ilon upon rheir drrargc ordcstn'rctloo rr povldcd in Scctlon tr. to icrrniroc c.ch 6*n.r., spccificrtty rcr fmh In this Dcclarorion or (d)ttcguirting'rd dcallng with rny .urtroriry r,."1-niG porir of condcfliarior'-.n inriicor-in rclrdn3 io rcorpletc cp'tirl trling u providcd in locriqr-ta;f"; Notwidtrnding rnything ro rhc conrrry conraincd inthi3 Rcsutcd Dcchndon (includ.ing vibour finUlrfon UilScerion lj), rhc righl of h. Arsairrion to rcr liruorney-in-frct for eny otmcr{i) tt.rt not p.trlirtirlbrm ro r.te rny rcdon rhrt is inconrirtent virh rhctcrmc of thir Rcatred Dcclrnrion. (iD *uu na pcJi ru erralulon ro tarc uy rcrioo on bchrtf of rn orrrcrthrt would orhcrvirc rcouin thc vol of:$ o@;-uilran! ro rho annr hcno6 (iii) rbrtt no1 pcrmir rhcfusocletion to rrodifv or wrivc rny ri3ht in frvor oiiny orvner proviaca ro. r"iii
"l *iumpl.rcd hcrcby. rnd(lv) rhrtt nor parnrrt rhc A*ciarion ,.-*, *-Jrr.li "il"-o.-lr:" ;r; .i;t;riJp.-inins o chrnscs inllotcl scrriccr, prrklng or rny-rrtocerion orcoca t t*.li irou op"rrrion, c*,i ,*-For*on Erpcnscs.Acccpuncc by r grrntcc of r dccd-or chcr inlh;ri oi.*".y.ni. * lny other instrunrnt convcying enyPorriol of the Propcny shrll corstitutc .ppoinrt,.ii oi rdarro.iacon rs $e gnnrcc.r rrtomcy-in-frcr. end rhc' Arscirtion rhall hrvc full ruthori-1,igg. iirrr .na [*ir ,o ,-r., .r."ur. .nl d.tiro .oy conr'cL $ritnnEn..dccd, wrivcr oc othcr insrrunrnr wirrr rispcir roitrc'in;:ilil;ilJ, -iin?i-fik.rrro,o.r.Gisc rhcpowen grrncd to thc Associuion t rttocncy.in-frct
l5'2 Asseioljon Acliqe rt Anomev in Frct. Thc Associetion shrlt not rct in l runncl' tocffcct rny dccision cr dctcrminetion rt"r (iih.t thrffiid.priving any owr,cr of rhc ri3hrs gnnrcd ro suchowr|.r in thir Declendon or thc Assahrion Dcunrnr. (il) would rcquire an rnrndlrEnt to this Dcctrrtion orury ofthc Associrtion Docunrnts. or (iii) favor thc inrcrestr of thc Hotct Unit ovcr rhc lnrcrcsrs of lhccondorninium unit ownerr otlcr lhrn thc Hotcl unit (including. wirhour limirrtion. rcting in e mrnncr thrtyould hrvc thc cffcct of rllocrting crPcnrcs that should bc propcrly r[ocrrcd to th€ HoGl Unir ro rhcCondominium Unilr othcr thrn rhc Hotcl Unit).
16, Mongescc Riehts.
16' l Rizhts of Fint Mongasec. Nonrithcranding rnything to rhc conrrlry conrrincd hcrcin. ifI Unir ir cncumbcrcd by a First Mongrgc, tlen (i) rhe Owncr of such Unir shrl nd btvc rhc right ao comcnr to !nurrndnrnt to this Doclrntion without fint obrrinin3 thc cooscnt of thc First Morgagcc that hot& ruch FirslMongagc. rnd (ii) thc Fint Morrgagcc tha! is rhc holdcr of rsch Firr Morrgagc ,nJt L .itirua to $c righlrothcrwisc providcd ro Fint Mongrgces hcrcundcr rnd undcr thc A..o"i"d; ;;;;;;:'-
16'2 Noticc. Thc holdcr. iosurcr or gurrantor ofthc First Mongagc on rny unit is cntirlcd totin*ly wrirtcn noricc of:
l6J' t Any con&mnrtion q cerurlty losr tlrr rffcct! chhcr r nutcriel ponion of rhcProjcc'lorthcL'rni'lrccuringiuMong':ge:
ruUg;llffi!fi[t4ijtEffiiinittS rl El I aI.CO D t.t0 il 0.00 lrrtr oO
27
ru$qw|#lHr$lf rg|r.rilru|lil'r
orn.r of rny uni * *ifff n#ffiHffIocv ia thc pvmnt of rsrcrsnrnu or chrrycr owcrt by rhc
bond rnrinhincd b, ,t..frH.,il:P!c' crnccltrtioo o( mltcrid rrodificrtion of rny insunncc poticy or fideliry
elgiua Mmgrg! r,oroofaa
Any popoccd raion thrt rtgui|t! lhe conrcnt of r rpecilied pcrccnu3e of
To obteia thir infomntioa' riro '5nr Morqrjac' inrurBr or tusnnbr must firt ,.nd I wrincn rsgucrr to rhcArrocirtion rudn3 lr nrnr, raarur, rct"ftril-c
"ir"'u.r."0 dr Unlr numbcr * *ii.i'i r,.,,hc Morrgrgc.t?. Te.rn: Ar":ndlnu.
t?'l Ilto T}c cownra$ rnd rcs&ictlorr of oir Anrndcd Dectrntion shr run wirh rndbind rhc lend in pcrpcruiry, ruUiccr ro rle pivl;;;;,h. Condominium Act.
172 Aftllmn! in Accordrncc wirh rhis Anicle I7. Norwilhsrrnding aayrhing ro rhccmtnry coaulncd hcrch' nciilrcr thi. R.*.rJtilitn nor rhc ortri esso.i.tlcn oo.ur*n.. or.nypmvirioo rhcnof. rry bc rnrnded crsep,., pirjiJli
"ir Aniclc l?.
nodificd onry *'l;,tr*rf***' Thir Rerntcd Dcchntion orrny provisions rhercof. rnry bc anrndcd or
' (i) A Gcnenl Anrcndnrnr may.bc cffccrcd rr rny rim by borh (X) owncrs hordingnor less rian 67% of rhe comrnon_Er.*ilh;;;,;oi-.rr prr,rrrr"iol unrrs rna fi) Spccirr condominiumunil owncrs hotding rhc Soccirl c""a""t"i"m uffi"d;; Rcquircd perccarrgc of rhc spccirr condominiumUnirs, end pmvidcdihar ir.r rr" r;"-Li.nv;;:;#'..r Ancndrncnr, ,r*i-ri. i-r* uorrgrgcc wirhrEtpccr !o I Unir' rhcn no rDorovrt orm. pffiriJct=,,Iii,rrr*norrrn, bt ilb;;;;riuch unir shr, bacffcrrivc wirhour rhc .ppro""t orr,*r, iriliiilirfll.o-
(ii)
_A Spccirt Condominium Uij1.O*"T fryndnrnr rrlry.bc cffccrcd ar eny rinrbv unit o*ncn holdine 9o% or rrrc bonn',oi iii.#i"i."*.""rc of ril specirt ilJ'JrJni"- uniu. providcdlhrr tf rt rhc rim of eny prcporcd sp"ctl conao-mi'ffi iinf, oi".o erJ"ar*";;Hl r Firrr Mongrgccwrn
''spccr ro a unil rhcn no approvrr or rrr profirJ-sr"i.r q"4"JJ;'ffi dil A*ndrncnr by rhcoracr of such unir shalr bc crtcrri"c *i,h*; ri"^ffiviriif suctr F'sr uontrgec.
(iti) An Affccrcd unir ownc. Ansrdnrnr rnry bc.bffcc'd rt rn, drrc [. -\ iicrs.byboth (r) ell AJfscad Unir owrrc(sl_rnd (v) owocrs rr"ia"g ozr-"r,* i;;; .
.ilils perccarrgc of rrluniu (which mry inctudc em*rci u"ir ii;;;l;r;;'d"irhs, il.rl .t rirrc of rny proposcd Arfcccd unirowncrr Anrndnrnr. thcrc is r Frrsr r"r""g.i*;ifi;ril ',o. unir, rhcn ;r;p]tfifiih. ptoposed AffccrcdflH,fff." Arncndrncnt bv rr'c o*n.' oiiil; ii;;;""iru cffcsrivc wirhout rE rpprovri of such Firsr
17'4 uccnqieuqrc*leu-tucnocu.
.Any Anrndnrcnr musr bc crccurcd by rhc
fri'{;-fl "i;F*,;lT;:m 11 ";ffi ,-;ffi ;; by a *mhins r
Unir Ownc' in rccord"nic *irh il,.;,ms;irhi;.;;l;;ff.l"trruncnr ccnifying rhc npprovrl of rhc iguirirc
2E
^._
.
U
18. Miscclhncour.
t8'l &$ No rnlrnrl of rny tlnd shell bc nircd. bred, or kcpr on rhc projccr. crccpr rhrr r*:;iilllffi ffi lXoJ,
*y u. i.p,, ;bj*i.i, r., .no,.sur,,t; J;; ;* rnrndcd by.rhc
182 siqnr: Busintsses. Thc owmrs cech rclnowled3c thrr thc hojcct ir r mircd.usc projcctrnd that r horel' rlhlctic cluu rna nsreunnr uc ,tr ;; buslncs'ctiyitier bcing corrictt on, and that rnllic,noirc rnd comrrcrcc will cri$ rt the pmJcct f* ii.* _J
",f"r tlvfut rcrivitics, providcd. howcvcr (i) lrhurllic' noicc rnd conurrce rhell
"ot' h.*t;;;;-;o;; tevcr of r nuirucc prohibirrd undcr scction lE.3 bcrovrad (ii) ruch rrtlic rrd noisc rhall nor cmtrirur. i iliiiirca u* xor*i,t ruJira rt. ior.going. no unri3hrryobjocrr or nui$ncet thdt bc ar*&d' Pl"c.d .r;;;rJ; rcr in on rhe hojcct nor shatt thc ftojccr bc uscd inilt;ifl$nv purposc which nry cndengcrthc tr.trtr of rtrc o*..or.iy CJoinlnium unir or rny
tE'3 Nuisancc' No nuisrncc:, whcthcr ruditory. visurl or olfrctory. rhell bc dlowcd on rhchoject' nor rny usc or rcrivhy *hich ir rhc sourci of unrcasonablc ennoyrncc ro rcsidcnrs or which inrcrfsrcswith thc pcrccful enjoyrrnt or poscssion end propcr ur. ir rl* r-;cc, [y i".ria."ii. io derice crceringunrcesonrblc clccuicel q clcctrpnic dirturbrncr' inrcrfcrcncc. oc ovcrlording rha[ bc urcd in rny unit. All prruof thc Projcct shlt bc kcp in r clcan erd t nir..y
"onai,i*, rnd no rubbish, rcfusa or garbagc shall bc rllowcdlo rccumuhrc nor rny firr hr:erd to cri,' No owncr sh:u pcrmit eny usc of hi: unil J nutc usc of thc.comrnon Elcnsnrr which wi[ incrcrsc rhc rac of i;;".;;. upon rhc projccr. Thc Associerion ma, EdoplBylrwr'rd rulcr end rcgurrrions rcrativc ts ab.rc;ni ,rrainlun"tion of nuiranccg,
l8'4 Respqnsibiliu' owncts shrtl bc rcrponsiblc for thc rctions of 0rcir owncr's Agenrs.providcd that no owncr shrtl.bc *pooriblc ror arrnagc oiiasuilry ro rhc building to rhc crrenr thrr rny rrrh
ffitilftty is covcrcd by insunncc dtrt is ,.dird ro bc mainuincd uy rri erro"i.rioo purrurnr ro rhc
l8J comolirrrc *ith.L'ew' No impropcc offcruivc, or unlawfut usc shalt bc Frmirt.d ormdc of thc hojcct or rny prn hcrsof. All vdid lews, ordinanccs, rnd regulrtions of rll govcmnrntrl bodicsheving juridiction $rll bc ob*rvcd
tE 6 Rulcs r4d Rqqulationt' Rcrsonabtc rulcs and rcguletions rn y bc rdopcd by thc Bcnrd ofDircctors conccming aad govening thc ruc of.rheG.ncral-rnd Ltmired io,"r*" EI;;,;;providcd. howcvcr,thal such rules rnd regulrtions rhall bc unifonn rnd nondiscriminrtory, copicr of rtt iucfrulcs ano rcgulrtionsrhell bc furnishcd to Owncrr prior to thc rirrl rhrr *ry teiinrc cfccrivc.
!l'{ll,'J{|uru'#!H,1,{g$[1,{ruffi ill
19.u[t|l{lgl$ugflsrllf l[|rtry,{rull,J$l|I{l#xJ lryHllu[|ll|{,{ufli rf ]rr rr n r ilf;- t-i:e it.;!*iJii"i$t9.l _ Prniel lnvrlldirJ. g6
r rrord' or rhe rppri".ri-,r*rjrTT"'.,0::j:9:-"IlLlcJrgiol or rovprngnph rcnrcnsc.clrultPhnscor*o'u'irr'-ffi,ffit"ilT"1TJf:l-ol-lb.Y'Tdo'ro'rDvprnrrrphrcnrcncc
aorrffccr thc vdidity of rhc rcrnrindcrof rhir rhcterri,.. .-lT.lli:s:ll bc-lnvdidrird, ructr in"liairy rhriaot rffccr rhc vrlidiry of rhc rtilil;;;il;t;il||y*tjlr"*"'Ecr' rhrll bc invdidrird-. ruch invrtidiry rhrtcntcncc. ctrusc, pr-* *-*rg ln rny odrcr circrimrrr,!... .|F_toJr"*" of rny ruch provirion. e.igo;trcnrcncc. crr.sc, prursa c wo,rd,'' .;,,;;;;.-#;.J,;.:;ffJtfl:T3g ilffij
- I9'2 condqninbn 'ct Thc provbior of rhis Dcclrnrion rhrll bc in rddirion ro rndrupprcmnrrr ro rhc condornhirr o;ilt t ;;"i,iril""
" a.londo rnd ro a, orhcr provisions of raw.
19.3 plunt. l,Vlspyo urcd hccin. unlcsr rhc contcxl rhrll othcnvisc provide. thc ringulrrnumbcr rhrt incrudc thc prurrr. rhc prunr ,rt";r;;;il. .J * "* J;;;;;ffi ili"* a, scndcrr.
rh. t.rL rl. ,*, 1i;1, ,.H'
Prizgnph dtlcr rre fs soortniancc ontv. ta c*c of connicr bcrwecn r ridc rnd
lgj counrLqranq' Jlis Anrndcd rnd Rcsrarcd Decrrarion rnry bc crccutcd. in onc or rrorccosnrcrplntr which rekcn rogcrhcr. rhatt coruritu;;';fi" srrE deur.ena.
20.
-U
20.1 Fururc Renovations. ln thc cvcnr thrt thc Owncr of thc Hotcl Units, thc Owncr of 6cE''trPloyc' Houeing uniu' ttrc-owns of lhc Rct"r."i r]rl , ,r," o*n", or rr,. ani.,r"-di"i urla or rhr owner ofUnirr A or B scck ro ecrforrn R:i::$.:i Fffied ffi.:.^nictc 20, il,cn (i) ilrc Rcnovrdons rhail bcIsffi ;rr'*?:;slffffi grjm...t'l#or"*,*,lii'#;.Iol"sLno".rion,rh.
rd rpdir,cd in rhc rnuncr providca rJ hcrcin;i,.d;;ffirfi:.,ffir:ffi:AiililX,T"T;,**rlrrE tttc righr ro do ro subjccr o-rhc rcrms of rhl o..i.l,il".ti*tuoing rlris enicie i6l_.-i ,o.orptirncc wirhffL::3l":l'.:'.Tfi fill,"lJ;'ff *::mi,*,;Hf ffi fl
'ff :';"11.unacr je*Any.'
m.2
(r)thcrorcgoinsscc"*':,;*offi llT"ttx*:,.i?'lf,l1'Y''#fi g
[:ffiJl,H]',ffff:::1,:x**l'l',:ft,:!i;iilF.'*,ovcc Housing unirs.,hc owncrorrhcRcsrrururr unir, rhc o*rrcr or rrr.,arhr.r" C-rii'dul .lll,r'"ffiffi.ffile?HhrT.,lr.l,H.,,sotc rirk, corr and crpcnsc. crccr upon. crpud. rrp-".. oilr. ,*inr.in rid di, ;;;;;', ,f rhc hoject(ircr.ding wirhour rimiurion. rhc,Lr"".;;il;;;i6-r"io*_,*,
"o Limircd corrunon ircrrenr rhe, bcerccrcd upon. cxpanded. improvcd. or rtrcr.a ,nu.. ,iili..ri_ ,O *irhou, thc rpprov{ of lhc Owncr of lhc, Unirto which ruch Limircd Con'aon_Et.T"::.,..d;;;.;;;*rcndy
unimprovcrt orpania[y improvcd.insludin3 dennlidon' brcehing into' crcrtion. conr*.,ior.
,,oon-rrrucrror
rnd inrcgnting such improvcnrcnrs inroIhc erhing btritding (rn 'Ernandins Renovriio;l:o--,i.J.g1t11no Erpanding Rcno-varion shet hrvc eMateriel Advcrre Affccr on Unir A or Unir p; riil ,iio*n.riinctuiing ;.,o;;"r;il"tu A ud B) rrc givcc
30
I
I
1 ililt ilil lililt il liiilll illl llllll ill lllll lill lill
3ls,!'iT33$ ri$ fi.:ri:ifs
not l$r tho tilny (30) dryr priot rrrittcn notlc! of!n Erprnding Rcnovrrlon rnd rrc cntiltcd to rcyicw 1 thc
Projcct cogics of thc phns end rpcciticerimr for rhc Erpndiq Rcnovrtioo.
(b) Mrtcrirl Advcne AfTcct. lrn Erprnding Rcnovation shrlt bc decmed to havc a
Mrtcdrl Advenc Affccr if:
(i) Thc ri3ht of lngnsr or eFrs to Unit A or Unit B il rnarcrielty advcrscly
rtlcctcd (it bcing acknowlcdged urd r3red thar h ls r Metcrirl Adverrc ElTcct if (A) thc cunsn! tcccss door (or
rny fuurc rcccsr door Ort nuy hcrcrftcr bc crcrtcd by thc Owncr of Unit A) frorn Uniu A or B ro rny public
conldor c ro thc Rclcroblc Nsccs Errcnpnt rdrcent to Unltr A ot B (or to rny pubtic cocidor or Rclcrrrblc
Accrsr Ersetrcnt hcrerllcr crcated on thc fifth (5th) tloor of thc Pmjco) trc obsrnrcrcd or rctocercd or cgrsss or
lngrcsr thcrcto lr impaircd in rny rnanncr or (8) thc cuncnt rcccss dmr from Unit A to thc rdjaccnt porrion of thc
Hotcl Unit shown rs Unit 314 on ilrc Arncndcd Mrp ir elfccrcd in rny nianncr. pmvidcd rhrt er ruch rinr as iuch
Ponion ofthc Hotcl Unit bccorps e Coovcncd C.:oodominium Unit such rcccss dooc roay bc sceled off by rhe
Osncr of thc Horcl Unit):
(ii) S.:ch Erprnding Rcnovlion ettocarcs (or p.oporca ro rltocrrc) Comrnon
Elpcnrcr arisin3 from thc Erpendin3 Rcnovalion or rny improvcrrnrt crcrrcd rhercby upon Unit A or Unia B
naicsr thc Eiprnding Ownc(3) tgrEcs to pry ruch Comrnon Erpcnscs rr rccalculecd rs set fonh in Sccrion 3.13.
3.*4nd?O.Zt
(iii) Such Erpcnding Rcnovarion hat thc cffcct of dcprivint rhc owrrr of Unir
A or Unit 8 fmm thc bcncfits sct fonh in lhir Dcctantion. including. without limitation, thc Spccined Provi5 jgng
rffordcd to rhc Specirl Condominium Uniu.
(iv) Srrh Exprnding Rcnovttion encompasres thc taking or ure of the
Limitcd Comrmn Elcnrnts eppuncnanl lo.nothcr UniL unlcss thc owncr of thc Unit whosc U 'tcd Co:rrrron
Elcn*nas arc takcn rpprovcs ruch uking or use;
(v) Such Expnnding Rcnovetion prcvidcs for congrucrion in the Unir Air
Sprcc dircctly rbovc Unitr A or B;
(vi) Such Erprnding Renovrlioo imprirs thc vicw from rny window or
belcony in rcspcct of Unit A or Unit 8. provided. howcvcc nolwitbsunding thc focgoing. an Expmding
Rcnovrtion thrt rdvcrscly affccts the sigh(lincr of Unit A from thc barhrmm window olT lhc masrcr bcdroom in
Unit A shrll nol bc deenrd to hrvc r Mrteriel Advcrsc EffecL For thc rvoidancc of doubt. thc partics rtrEc $rt
rn Erpanding Ownct 3hsll not bc pcrmiucd to requirc that rhe windows appunenant !o Units A or B, othcr than
thc said bathrmm window. bc nndilicd. obsuuctcd or chaoged in rny nunncr, including, by placemnt of a
railint thcrclri
(vii) Such Erprnding Rcnovelion cithcr (x) adversely effcctr rhc rbilhy ofrhc
owncr of Unit A or Unit B to ohrin eny urility service provided lo such owncr prior to ruch Erpmding
Rcnovation or (y) incrcascs thc cost of rny such utiliry scrvicc (it bcing rcknowlcdgcd thnt if r dispure arises from
the pmvisions of ihis clause (y) thcn thc only rBsrEdy !n owncr of Unir I or Unit B. rs rppticeblc. shatt 6lve is ro
3l
illlll ilil ililfil il ilil] ffi iltilt tft ilff lil ilft?llati 3l/!t/3!il ltrtf t3t 3l.r ?trhrtl.rl 3t t 2ft.!0 0 0.S lt !.f lrrtr G0
rvril 0rcmsclver of tlr provirions for Mcdiuiqr rnd Arbitntiqr for Common Expcnscs rr rct fonh in Scction
l2.tl rbovch
(viil) Srrh Exprnding Rcnovetion climinrter r rnrtcritlly rcduccs ctcvetor
stricc or rtrirwrt rccctr (othcr rhrn rccasr to thc Gntcr Suirwry) to rhc tloor of thc improvenrnu on which is
riturted rcccg ro Unit A or Unit B:
0r) Srrh Erprnding Rcnovrllon ellminatcr or rub{rntirlly rcduccs (wirhour
cplrcing) thc rizc of thc gange undcr thc Ahletic Oub Unit (it bcing rcknoylcdgcd rblt if. rfter rtrh
rerovrdqt thcrc crirs e garr3e urdcr- thc Athlctic C|ub Unit q undcr or contrimd within rny orhcr portion of
thc Projcct thcn tlr pmvisions of Scctioo t.t rinll rpply ro ruch grngs);
inrent or rhis Dccrargrion. i""hdlll, *r,f"::1,*ffi*::ff:il'j'ffi* iliT'"'I,f#:'""tff:'i:i"
Rcstrictions; or
(xi) Such Ergending Rcnovllon rcrulrr in cirhcr (i) rn incrcsc in thc
Corurno Erpcnrcr pcnrining to Unit A or Unii B or (ii) rny othcr cortr ofowncrrhip or mainrenerrcc of Unit A
oc Unit B (it being rcknowlcdgd ther if r dirputc eriscr ftom thc provirloor of thir clrurc (ri) thcn rhc ooly
rcnrJy ra owncr of Unit A or Unit B. rr rpplicrblc, rhrll hrvc ir to rvril thcmsclvcs of thc provisions for
Mcdirtiott rrd Arbitntioa for Corwpn Erpcnres rr let fonh io Scction l2.l I rbovc): providcd. howcvcr,
notwiotstuding thc forcgoing. thc tcmPorlry (but not pcrrnrncnt) r:tocrtion of rn Acccsi Ers€n*nt as providcd
in Scction ?.2 rhall Dot constilut n Maerial Advcrsc Effcct pmvidcd that thc provisiors of thc lact sentcncc of
Sccrion ?.2 uc complied wiA.
ln thc cvent thet rn Expanding O*ner effceu rn Erprndio3 Rcnovltion (or ei$cr thc owncr of Unit A or
Unfu I crcrtcr rdditionrl sguare foougc in thc Unit Air Spacc dinctly rbove thcir rcspcctivc unit or othcrwiic).
thcn inurcdiealy upon fis complction thcrcof. thc Comrmn Elcnrnu Pcrrcnugc nnd thc Hotcl Ogcnting Cors
Perccnugc for rll Owncrs rhrll bc rccatcuhlcd to rtflcct thc frt thet thc Exprnding Owncr (or thc owncr.of
Unit A or Unit B) will havc r larger Cornrnon Elenrnu Pcrccntrgc rs rcsult of thcir rccretioo to r ponion of thc
Conumn Elenrents (such rccalculation to bc in thc mnn€r &1 forth io Scction 3.13 or 3.44. rs epplicablc, teLing
into.rccount thc rquarc fotr3c of new Uniu consructd or srpurdcd by thc Erplnding Owncr (or thc owner of
Unit A or Unh D) rnd thc new sublo rrrr .ttribuhblc to thc Unlt Alr Sprco rppurtcnrnt lo Unit, if rny).
So long u thc forcgoing conditions rrB rnct. rnd an Approvrl Ccrrificrtc hrs bccn irsucd es rcguird by
Scctim 20,4 b.low, thc Expanding Owncrr rnry fron tinr to tinr dcvclop glrnr, rubmlt thc rrn* to thc Town ol
Vell rnd/or othcr apgroprirtc cntitics for lpptovalr. permis. ud other ncccrrrry govcmnrcntal ruthority to
complete thc proporcd Renovelion and undcnekc and complctc such Rc$oyation. Thc Erprnding Owncrs shell.
rt ilt orftcirrclc cost sDd cxpcnsc. prcpsrc rnd rccord !n rccurotc mp which rhrll anrnd rhc Annnrlcd Mrp to
rhow thc chrngcr nurlc by thc Erpanding Owncnr such rrEndrrnlr bcing dccnrd Affsctcd Unit Ovucr
Amndmntr. All Erpandin3 Rcnovrtions sfrall comply with thc construcrion and othcr rcquircrncnts of Sccrion
20.6 bclow. Thc proccdurcr bclow shrll be followcd by the Erpanding Owncrs so lhat othcr Unit Owncrs arc
infonrrd of rntisiprtcd changcs.
32
I rililr illll illllll ll lllllll lil llllll lllllll Il|| ffl
?ltlsl atlGl/ta l?t.t? lll Lfl rr!.rii-ri-ll r 3x,r D t.r ll 0.6 lrrlr co
(c) Flnt RiEht of Refunf for ExEndint Osncrs. Thc Erpanding Owrcrs rhall each
hrve thc riglrt to undcnrlc Rcnovrtlon. but ruch righu rc grentcd to rnd shrll bc cxerciscd in thc following
ordcn fint to thc Orvaer of thc Holcl UniE (or if thcrt ir morc rhen onc, thcn to rhc Owncr of r mrjority of thc
Hotel Unitc), thrn to lhc Own6 olthc Rcstrunnt Unit rnd finrlly ro thc O\vner of thc Athlctic Club. tf thc
Ovncr of tha Horel Unlts desircr to undsnrlc Rsnovrtion or ifcrch of the foregoing unis is owncd by rhc s.nt
Owncr. no wdtrr of thc othen ir rcquired bcfcc rpplying for en Approvrt Cenilicrta from thc Arrocirtion. tf
thc Owmr of thc Rcstrunnt Unh dcrig !o undcnltc Rcnovrtlon. lhet ovncr must fir oboin thc wrivcr of thc
Orncr of thc HoEl Unit rnd rubmit srch veivcr wlth rhc rpplicetion for rn Ap'pmval Ccrtlficlc fmm thc
Arsoclrtion" lf thc Ovner of thc Athlctic Oub dcairs ro undanske Rcnovation. thet ovnct tnu3t firsr obrain O*
wrivcrr of thc Owncr of thc Hotcl Unit rnd the Owncr of thc Resrrunnt Unit rnd aubmit ruch wrivcrr with thc
rpplicrdon for rn Approvrl Ccnilicrtc from thc Assoclrtlon. Norhlng rhall prrwnt &c Erprnding Owncrs from
joining tqethcr o pcrform ruch Renovetio:g providcd ahrt r wrivcr fmm onc cntitlcd to crcrcisc rights as rn
Erpending Owner. but who ir not nuling rpplicrtion er en Expanding Owncr. is firrt otteincd. if ruch woivcr is
rcquircd by lhir rcctioo.
. m.t Aoolication. lf en Owncr vishes to undcnaka a Rcnovation, such Owncr must first tilc r
writteu applicrtion with thc Assairtion describin3 in gcncnl thc naturc urd laation of thc irnprovcn*nts or
convcrsion proposcd. end includa env waivcn rcquircd by Scction 2O,2(c). lf thc Borrd linds rucb proposel ro bc
wirhin thc gcncral intent end gurpocc ofthc Rcsurcd Dcclrretion rnd na rnatcrirlly rdvcrscly rffccting othcr Unit
Owncrs, thc Assaietion shell givc corrcptull epproval to thc Owncr ("Approvrl Ccnificetc'). Srch appmval
shell nor bc unrcasonably withhcld or dcleycd urd rhe Associrtiont failure to rcspond within 14 drys shdl bc
dccnrd approval ofthc rpplication end thc Exprnding Owncr rney issue ir own Appmvrl Ccrtificrte ccnifying
the Asrocirtionl failurc to respond rnd lhc Erpanding Owneds cornplirncc whh thc Rcsutcd Dcclrntion.
Notwithsunding thc fortgoing. cach Owncr rcknowlcdgcs ther thc Assaiatlon has rpprovcd ftc Ptoposcd
Rcnovriions ro Unit A (thc 'Prc-Approvcd Unit A Renovations') as dascriH in that ccnain Unit A Rcnovation
Approvrl Ccrrificatc end Acknowlcdgrrn! AgrrcrEnL detcd as of the Effcctivc Datc. providcd that. in
conncclion wr.lr such Prr-Approvcd Unit A Rcnovrtions thc Owncr of Unlt A shall bc rcguired to comgly witb thc
provirions of Sccdon 20.6 (rs rndifrcd by tha llt scntcncc thcrcof).
20.4 Construcrion Prohibited Without Aoorovat. No conrlruction. convcnion or Rdrov8tion
identified in Scction 20,3 above shrll bc rnade prior to tlr Approval Ccnilicetc.
20.5 C*cgorizrtion of Cenain Renovrtionr, . Thc prnics ecknowlcdgc lhtt (i) t Rcnovation
rh.t subdiyidcr m Owncr'r Unit shrll bc dccncd to bc r Noo-Erpanding rcnovrtion rnd (ii) r Renovrtion that
ddr usrblc squarc fmugc to r Unit rhatl coDstitule !n Erplnding Rcnovation, providcd, howcvcr.
$ot$rithsundint rhc forcSoing (A) thc panics rcknowlcdSc thst thc pcrforrnancc of rcnovationr by thc Owncr of
Un[ A ln rhe Unir Air Sprcc inctudcd wirhin Unit A shdl bc dccnrd to bc r Non-Erpanding Rcnovrtion and (B)
rhe cnctosure by thc Owner of Unit A of sprcc within the Umitcd Comnron Elenrnts tppurlcnlnl to Unit A shrll
bc pcrmirrcd ro bc complctcd by thc Owner of Unlt A rs pmvi.tSd in thc Unit A Renovrtion Approvtl rnd
Acknowlcdgcnrnl Agtcerncnt (notwithsunding thc frct thet $rnc would orhcrwise constilutc rn Expanding
Renovrtion) in which cvent (r) the Amndcd Mrp shall bc onrcndcd to providc thrt such Limited Common
Etcnrnrs rrc includcd whhin Unit A rnd (y) thc provisions of thc pcnultinnte paragraph of Scction 20.2(b)
(pcnrinint ro thc modilicetion ro thc C-omrnon Elernentr Pcrcentage and thc Hotcl Opcraring Costs Percentagc)
sball bc cornplicd widt
20.6 Rcouirements for Construction. Any Rcnovation shall bc subject to thc following
conditiont Dotwithstanding thc isrulncc of rn Agprovrl Ccrtificatc.
It
${HqryH'#!["]t{$rnJ,rrurilff |
e .. -!o@hncc wlth rhc Town ol Vrit end Counry of Ergle, Colondo building.clcctricrl, firc rnd or}cr rP-plicrble coder rnd rcautarioor (it bcin6 .crno*fcJg'Jitoi-c.ih owncr:hall bctclPon$o-lc l(r oottininS rll rlPtoYrl3. tlctnscs. rnd pcrmiu .r rnry bc rcquircd prior ro comnrlcing
construcdon).
b Atl conrnrrioo rcdvitics shell bc ptrnocd rnd crrricd oul wilh . minimum ofdisrupion. unslghdincst rnd noira
c' All worl rhrll preecd dili3cntly. Abandonnrnt of thc work shrtl void lhcBordl rpprcvrl. -
d' All imgrovcnrnts shrll bc consnrtcd only io rccordancc wirh ptens rpprovcdconccpturllt by thc Asseirtion.
a By undcnrkin3 lny tpp-rovcd worl. thc Owncr agrccs to defend. indcnurify rndhold hrrm':ss rhc Associadon rnd rll othcr oin"o
"j.insr rny tirbiliry rhrr rrr.ylniit iir*- rs o rerult ofsuchworl'.including wih rcrpcct to drmaSc to propcrty. inlury to pcnonr'oi licnr for. rhc-pryn*nr uf *o* or-'
---"
metcrieb. Thc Arsocirtion her thc ri3trt to rcquirc rtrei eiproirirrc bcndl. insurrnce or'g1hcr rc"uriry oruturrnccl bc pmvidcd by thc owncr for thc 6onctit of thr Aixr:lrtlon rn.l th. orh.r ownorr,
f' Erccuri6n oft writtcn r3rccnrnt contrinin3 ruch othcr r3rccnEnll or covgnrnrf
fl:T--9:g ,l ,l/ T nrilnrhlt fpl,It,prirtc unrler tlrl rir€unrrrfrcc!, $ietr eonrtirioni rtli€h,ru! tf,ltltpoled l9cn rnrf lhc l|rurncc oflhc Unit A Appovrl, nuy Includc (l) nulnlcnrncc of ttrc rcrthctlcr of rny
churges to r Unir rhat crn bc vicwcd by rny otd; Ucir, or from ]hc outside. !o bc conslstcnt with rhc look tnd
cbarnctcr of t}r cxisting building,-(ii) chrngcs !o Limitcd Comrnon ElcnEnr thar may reguirc rpcciel
rnainrcnence by the Assaiarion. (iii) chrngcs to be in compliencc with $fcty rnd inrure#c rcguircnrnts. rnd(iv) ruch oticr cooditions rs nny typicrlly rnd rcasonably
-bc
imposcd in comparablc pmjects in rhc Srltc ofColondo.
E' Such Renovrtionr shrll no( "iltr,. .ny pro"ision conreincd in this Dccl16rion,
h Such Rcnovarimr rhefl not givc risc ro a prohibitcd Urc.
Nowirhslrnding the foreSoing, all0wncr rclnowtcdge rhc Prc.Appmvcd Unir A Rcnovrrion rigncd
corcurrcntly hcrcwith end rcknowlcdgc the rtght of Jotu M. a4cto rnC f udirh H. Angclo, or cithcr of thcm lburnot rny of thcir transfcrccs. lrcssor. hcirs or urignr) to comglcrc thc Rcnovetion oaunit A rs epprovcd
thcrcin in compliancc with lh€.h.-APproycd Uoit A Rcnovrtion. wNsh Prc.Appmvcd Unit A Rcnovrtion shdl
not bc subjcct to (r) thc sccond scntensc ofchusc (c) rbove (end rlre obligation io preeca with work diligcntty rsstetcd in $c first rcnlcrrc ofclrurc{c) rbovc rhalt rpply only rt ruch tina u wodi to bc pcrformea Uy rfi o*i.,
of Unit A ii rctuatly commcnccd). (b) ctrusc (d) rbovi. icl rhc lag rcnrcncc ofcteurc Al rUor.. o, tJi "itr.'ii"iofchuse (f)ebovc. providcd. howcvcr. (A) thc Acsocirtion rhrll rcl rcasonrbly in impoiing sondilions undcr
chuscs (i)' (ii) rnd (iii) ofchusc (f) abovc. (B) complirncc by rbc Own* of Unh A in rcspicr ofctrusc (i) ofclrurc (f) ebove shetl nor rcquirc.srid Owncr to modify rny cxisting windowc in Unit A nor to impair lny vicw
from rny ruch cxisting window (idcluding impairnrcnl by ptrccrrEor of r railing or ohcr obsrrucrion in fiont
thcreof crccpt to Slrc crtcnt thlr sucl irnplinrEnt or phccnrcnt of:riling is rcquircd by tlw). (C) comptirncc bythcOwnerofUnitAinrespccrofchuse(i)ofc[usc(f)abovcshaltrcquircontyrtrarsaiObwnirrcrionabl5'
conform alErations to lhc cxtcrior of said Unit A to thc chrrscrer of rhc-rcmaind-cr of tbc improvcmcnu. and 1D;rhc owncr of Unir A shall nor bc.obligitcd ro comply wirh said clrusc (i) of said churc (f) ro thc e.,.;i ,h;;;
srch cornplirncc would bc violrrive of any rpplicrblc. lew. rulc or rcgulrrion.I
14
. -
20.?. I irnilatiQlt orn Aoomvrl. Alt rpprovrls rre limircd to thc rnaking of thc spccificimpmvcnrntr foc wlrich rpplicetion rrs nrrdJ No impbvcnrcnt nuy bc undcnrkcn that requircr bringingcxifling Cocunon Eenrnlr to ncw code rundrrdr crcipt u specificilty rpprotcd by rhc Bord in itt totcdircrctlon' which rppovrl rnry bc coodirioncd upon th; plynEnr by thc Owner of thc cost of improving lhccristing Comnon Elcmntc.
- 20.t No Rqlrricriqn fn Relocrtion of Acccss ro Unhs A rnd F, Notwifhsrrnding rnythin3 tothc contnry contrlncd hccin tbctc rh.tl not bci tsstrilioi upon thc owner of Unir A or I in rchirting ir-rcspcctiYc dltlst !csr$ to thc publiccorridor (1c.. thc o*ocr of Unh A or 8. rs oppticablc. rnay rdd o. rubrnctcrltt ortntrurcc3 o ruch publlc conidor withour rcsriction orhcr rhrn ro rcrsooeLiy conform'ri. ipti;.bil---lcccrr dor to lhc shrnctcr rnd phyrlcrl chrnncri*ics of rhc otlrcr dooc in ruch public conidorl- -
20.9 SDcclll ObliSrtion of Hotcl Unit to Owner of Unit A Rcgardinr Fururc Agorcvrls,
Na$rithstrndin3 rnything to thc cmhry conuincd hcrcin. if rhc own.r ol rlr. Hotcl Uiir nr.lccs .r, .pplicrrion rothc Tor'n ofvril pcnrining lo zonln3. prrung. rubdlvlrlon or denrlry rcquircnrntt rs srl1c rpply to tL HoretUnlt. thcn said owncr vitl (i) in good hith rnrtc rcasonable cffons 16 ouiin from thc Town oi vril .ppro""l ofthc suMivision of Unit A intotw.o (2) rcprntc Condominium Unirs. which rpprovrt.rhall bc unconditionrl rndrhall not restricl rhc usc of Unh A (including, without limirarion. rhc right ofbvncr of Unir A ro rcprnrety
convcy crch of the subdividid units of Unit A rc lon3 rs srrh rubdivision docs nor nutcrirlly rdvencly rli,ecr rhczoning. parling ordensity reguircnrnu pcnrinin3 ro rhc Horcl Unit) rnd (ii) provide r copybf such ep'pticrrim
ao thc O$ncrr of Uni$ A rnd I at leart thiny (3O) dtys prior ro rhe rubtnirsim of ruch rppiicrrion ro itrc Town ofvdt.
(Signeturcs on Nert PsBe)
ilililtllilililtllil ilil]][ Lililil] ilIr llil iiii?lDrsl t1/Gl/1!00 &lril l$l tem FldrIt rf !l i 210.6 0 t.0| H l.!ll Ce.lr 80
J 35
Exccrtion rs of thc datc statcd in thc first paragraph hcrcof.
t
TWT I9E7 VAILLMITED PARTNERSHIP.
r Colorado lirnited partncnhip
Btc M.B.V. Corp., rn Ohio corporation.
Chncrrl Parrncr
By
Thoma.r C. Roush, hcsidcnt
Nylsa M, Vazquez
VAIL CLT'B CONDOMINIUM ASSOCIATION. INC.
a Colorado non-pmfit corpontion
By
ll'{'ltllll{ffiryHlt|Jr{ll ql rHllll rf Il
I
STATEOFI,IEW YORK )
couNTYoFNEryro** i*' --r
- ^-- - T: forc6oing insrnrmcnr wls rcknowlcdgcd bcrorc mc rti#{ ,, ., [ilhJ+1999 byJohn M. Angclo.
hand md
My commirsion erpires:
rou6ff,fle.11rrzor@
STATEOFNEWYORK )
) ss:
COUNTYOFNEWYORK )
Thc forcgoing insrrumcnt war acknowlcdged bcforc me rhi
1999 by Judith H. Angelo.
Mycomrnission cxplrcs: rcuorclllllf ,i;,..Fi|, -,th. orlu!(xlDaotqdnthrr;Hiia" /eg.flnJ..rr f.r,.- -.f" fA &l
,.-.-'-"'-2.'l
H$:![l qHH#!$'$lH|[1|ilrx fi ill
,'" "" llj
Erecutlm u of thc drrc rtrcd in rhc fint grrr3rryh hc-rcof.
'WT
I9E7 VAIL UMITED PAR'TNERSHIP.
r Colondo limitcd prnncrshlp
John M. Anjclo
,udi6 !L Angelo
Nylsr M. Vazgucz
VAIL CLTJB CONDOMTNIT'M ASSOCTATION. INC.
t[]$|l[|{'.!llll' $1[,l['l''$|Jll!!l!!
ril rrrl
8y M.B.V. Corp. rn Ohio corpontion.
r Colorrdo.peira;ofi t corporation
F
srAn:oF N*rbftt- )
cor.rNryoF Nw rytpl*
Notrry Fublic
Angelo.
Witness my brnd rnd officirl rerl.
lr'xrry Public
My comrnission erpir:s:
STATEOF )
)s:couNTYoF )
Thc focgoing instrunEnt wes rcknowledged bcforc nr this _ dey of _. 1999 by Judirh H.
Angclo,
Witncss my hrnd snd ollicial scrl.
My commission crpircs:
Thc forcgoirrg instsurEnr wlr rchno*tcd3cd bcfo rc mthisl/Lary otfu4ilk, r,99 by Thonus d
I srArEoF Nutur[Af
couNrYoF NAtffv t*'
Thc forcgoing instrurrnt wrr rcknowledged bcfore nr rhir _ &y of _. t999 by Nyln M.
Vrzquca
\\rirncrr my hrnd aod otficirl rrt.
Notrry [\rblic
My commirsion cxpircs:
Na'P**STATEOFC€{fR|dO )
couNry or Nd W'r*
.-,, - h. forcaoing instnlrrnr was lclnowledged bcforc rrrc Us !-t ary otfuaafitrpgg ro,
l-tutw,-90{bh--s YatdQlf of vAtL GLUB coNDoMIN[.M AssoctATloN. tNc..
r Colondo nonarofit corpontioo.
l!,{1.:!{||,!l!H' j[!Htr+|$r rilJlll! ril il r
Notery Public
_ Dl?rooftrrEdirr,tcrlr z. lit9 al9 rl
Execudon as ofthc drrfitcd in tbc 6r* parrgaph hrrEof
Ohio rcrporadorq
Joha }!. Angcto
Judirh lL Angclo
NTT, t9t7 V.AIL UMIIED PARTNERSHIP,r golondo lirnitcd prmrenhip
VAIL cl.t B CONDOMINILTT\,i AssocIATION, INC.a Colondo non.pro6t corporarion.
By:
-'
U
.coLot{IAL SAVIilGS, F. A.,Valley Federal Savinrrs i os Serviclno Aqent
Loan issoc.
for
8y:
Ti tl e:
| il]]t ililt illill il lililt |lL t]ilt il iltff ilt til?tt*I! !l/tt/?;G!it 3/ltffi 1!t 3rr.r Ttrhre
. 17 o? !l t 210.86 D C.00 ,l !.G0 Errh C0
Otl@0 rl9115ei1
Gctrcral
srArEoF P.-,1 rL; )
cpr;NTyoF Molnf,, i*'
forrgoing inrtrunrn wrr rcknowlcdtcd bcforc nr hir Z? 6s,Vuquca
. Srincrs my hand trd oflicirl scrl.
My comrnisr ion crpircs:
STATEOFCOLORADO )
couNTYoF it"
Thc forcaoing instrunrnt wrs ockno*tedgcd bcforc nr thir
-
dry of
-.
t999 by
e Colorado non-profit corpontion.
Wirncss my hlnd nnd oflicil! sat.
of VAIL CLUB CONDOMTNIUM ASSOCIAT|ON.INC..
Nuory Public
My comrnission cxpircs:
l'il1,|l'rlt'l$# $lH
|
!+r
l$|lu l[]u r |'|l
R'E
'i DryTn{hEd&DTlr,. lg'' tI9 p
Excotion a! of tbc d$g rurd in ric ftn prngnph b$cot
NYT. I 937 V.AIL IJIdTED PARTNERS}IP,r Colondo limired prruerstip
By MB.V. Co Ohio coqpontio4
G€ocral
BF=
Joha lvt Angelo
Judith !L Angelo
Nylsa M. Vszquca
VAIL CLT.JB COIYDOMINILTJVI AS SOCIATION N.rC.
a Cotorado non-proEt corpontion
By:-
Tirlc;
| ililil lllll lllllll ll lllllll llll llil!l lll llllll lll llll
irgca otrt3rzulo trn ltt t.Fe Flrherl rl !l t 2L.E 0 0.0o X C.00 lrrh C0
}*t
*rlee u,,.lao .lsttovrt
COLONIAL SAVII{GS' F. A., ls Servicino Aqent for
solEREIGr{ aa,rx-nreorrc. re
37
STATEOFTE (AS )COTJNTYOF )s,:
Tbc foregoiag_ryFnc-nt.w{ rclnowlcdgcd bcfore 4c this ?9_ day of
ar A.Vlcc kes-ilEnl' l1
COLOMAL SAVINGS, F.A., r FederE
Witncss my hrnd and
My comrnission cxpircs:_-1fllflQ
o
EXBIEITA
ITGAL DESCruPTTON OF PROJECT
A prrccl of lend ln Tnst I, Vrit Vllh3a Firrt Filin3. Town of Vrlt. Ee3te County. Colondo. nrcre prnicuterly
dcrribcd rr folloe3:
Conrrrncin3 rt thc Northcart c€mcr of nid Tnct B; thcnce N 79.46ID" 9/ rtong thc Norrherly line of Veit
Vlllrgc. Fint Filin3, rrd rlon3 thc Northcrly lim of nid Tnct B 622-t6 fccB rhcncc S 06?652- W r disrurcc of
341.E3 fcct to Oc Southwcct comcr of thlt prrcl othnd dcscrihd in Boot 19 t rr P.8c 139 rs rEcordcd Janurry
10. t966 rnd filcd in Reccpioo No' 10297t io thc Eegle County Rccords. r:id corncr dro bcing thc True Poinr
-of
Bctinnint: thcnce S ?9?l!E" E rnd rloog thc Southcrly line of nid puccl 200.00 fcct to thc Sourhcrst corner
thcrcof; thcnce N 62'52!(f E rnd rlong thc Nonlrcrly line of thrt parccl of tend dcscribcd in Bml 222 r! Prtc
513 u ccotdcd in l97l io thc Erglc Cornty Rccordr, r dbunce of 66,7t fcet to the Nonhcrsterly corncr of reid
perccl of lud', rrid c9m91 bclqs on thc Wcncrly rl3ht+f.*,ry line of Gorc Crccl Rord. rs phusd in Vril Vitrrge,
Fitlh Filing thcncc N 27'13'37' W r dirtrm d 77.37 ler rlong rid Werrcrly rlght.of-wry linc of Gors Caeck
Rord; tlrcncc N 8929112" W r dirtrncc of l2t0 fcct to thc Nsrthcrtcrly coracr of $rt prrcel of hnd dsscribcd
in Book 19l. Pege t39 ri rccordcd Jenurry lO 1966 rnd litcd in Receprion Nq 1029?E in thc Eegtc Gounty
Rccords; thcncc Nonhwcrtcrly 26.51 fecr dor3 thc rrc of r 3?.50 foot ndiur curvc to thc lcft hrving e ccnrrel
rnglc of 40'30r0t0" whsc shord bcrr N 53'i|(m" lY I disoncc oi 25.96 fecr to . poin! of r.nictlcy: thcnce N
?3'J5t0" W end elong slld rrngcnr 166.114 fcct: thcncc N &4'43!9- W r dirrrncr of43.72 fca ro rhc
No<rhwcstcrty corner of thc Mountein Hrus Puccl; thcncc S Ol'ltw'W end rloca thc Elsrerly linc of rdd
Mountein Haur Percel e disuncc of 100.9t fca ro thc Southcrsterly comcr thcreofi rhcnce S 3E'3752"E r
disuncc of 33.36 fcct to thc Truc Point of Bcginning.
!F$:!{|qru'ulul[l'utryruill''l
O
EXHIDITB
DESCRIPTTON OF ALII}CATED INTERESNT
E_;XI
H:-t9r
t==!
!)I.,I
N-
l---
;-g-!rB=e-r:lIt-
-I
3TIEt{:
!!=!
--
F
a
It-t
It
FI
E
PI
-
O
it
lll
a
aI
Unlt I Typc ol Urlr th.
Sqrrrc
FcGt
Comnoo
Ehocotr
Pcnccotrlc
Holcl Optntln3
C.ants Fcrttotrrc Yot.s
I Comnrrcirl Athlctic Club 23,179 t6.74%LJ0&,ft?1
2 Comnrrcial Rcstaumnt 4.152 6.4J%250*6..f3
J Comnrrcirl Hotcl 8.t35 t2.ffi%2Lg%t2-60
4 Comnrrcirl Hotel 1.071 1.6%zn%t.66
5 Comrrrclel Hotcl t.l':2.Ol%3.63%LVt
A Rcsidcntirl Owner0ccupicd 7,?70 1.29%6.tt%1g)I Resldcntial Oryner4ccuoicd l,g)4 1.09s 5-52%3.011cAccommodatioo Unit Hacl t. t59 t.80s 3.21%1.80
D Accommodrtioo Unil Hotcl I,OgE lJ0*3.fiS t.n
E Accomnndltim Unit Hocl 1,299 2.0t%, 3.60*z0l
F Accomrrodation Unit Hotcl t.356 2.1oft .5-27%zt0cAccomrrodat ion Unil Hotcl r.m6 t.67*LgE%Iti,
t0l Accomrrodation Unit Hotcl 438 .68S l.2lC'.6E
t(n Accomnpdation Unit Hotcl 421 .65t6 t.t7*.65
t0t Accommodation Unit Hotcl 472 ,7J%tJtft .7t
104 Accomnroda tion Unit Hotcl &+.72*1.29%:t2
t05 Accomrnoda ti cn Unit Hotcl ,165 .72%t29%:r2
t06 Accorn modr tion Unit Hotcl 463 .72%l.2E%.72
t07 Accornmodation Unit Hoal 434 .6?%t.20%67
I(B Accommodatioo Unit Hotcl 63 1.03%t.81%l.o,
201 Accommodation Unit Hotcl 513 .u%ljt%..E{
2&Accornnrodarlon lfnit Hotcl 546 -t5%t.5ts .85
205 Accommodatioo Unit Hocl 67 12%t.30*.72
?.Ut r\ccommod rt ioo Unit HoQl 4(tl Jl%t.2t%JI
2V)Accomsrod ut ioo Unit Hotcl 433 .61%1.20{b .a
2r0 Accommodation Unit Holel 482 .75%t.t9s .?t
2ll Accommodation Unit Hotcl .t il,.79*l.4l,h ,79
zlz Accommodation Unit Hucl 947 4.47%2.$q.1.17
213 Accommodution Uhit Hotel 55E .86*t.55r,.E6
o|D
Ei=.5-<rlr:
.-9--g=
-;=
TIG'II-\:-NriE=arl:riEiit=rB=
:.r-8[=
5 r!E!. ]--i8t=
==:II
-
Uall I Tvoc ol Unlt Urc
Squrn
F:rt
Gom
Ecnalr
hrt?DlttC
tlotcl Opcrrtln3
Coclr Pcrccalrgc Volct
214 Accommodation Unit Hotcl 5il ,7vb 1.42%.v)
106 Accommodation Unil Hotcl 462 .7tt,t.?8*JI
36 Accommodatico Unit Hotel 175 .71%t.l2*.71
310 Accommodation Unit Hotel 511 .n%t.42%.80
3l t Accomnrcdation Unit Hoacl 637 ,99%t.?Estt2Accommodltion Uirit Holcl 1.193 t.85%3.3tS
3t4 Actommodatim Unit Hotel 155 .?0%t.26%.70e,Accomnrodatim Unit
(Emplorca Houini)
Employcc Hooring 1.09E 1.10%0.m*t.?0
4r0 Accommodation Unit
(Employcc Housinr)
Employec Houslng 192 .6t%0.m6
4ll Accomrnodatiqr Uhit
(Embloycc Housinc)
Emplrycc Housing 492 .16%o.wh J6
4t2 Accommodat icr Unit
(Emoloycc Housinr)
&nploycc Horsing 42r .65t o.fiIf,.6t
.fOTAL 645Sr tqL00t lfiLmr
'Tl
art
ETHIBITC
RECORDED EASEMENTS
t. Ri3ht of propricrc of r vcln q lodc lo q;trrct rod rcnpvc hlr orc thcrcfrom rhoutd thc sanr bc found to
Fnctrllr or Incncct rhc prcmircr l' Hsrvcd lo Unitcd Snrcr potcnt rccordcd July 13. tE99. in Bool 48
rl PrSc 475.
L Right of wry for rlltchcs or carulr consnrctcd by &c lurhoriry of rhc Unitcd States rs rcscncd in Unired
Srrrct prtcnr rccordcd fuly 12. tt99, in Soot rt u Prgc 415.
3. Rcslticlivc covenantr which do not conlain r forfeiturc or rcvcrtcd clrusc, but omitting rcstrictioos. if
rny. blrcd on racc. color. Eligion" or nrtiorrl ori3in. rr containcd in instnmnl rccorded Augusr 10.
1962, in Boh 17{ r Pr3c 179.
4. Utilhy erscnrnts rr $rnacd (o Holy Cross Elcctric Associrtion. Inc., rccordcd July
19. 1977 in BooL 257 rt Pagc 5E7 rnd Book 257 er Prge SEE rnd July t9. i97t in
Book 272 et Pr3c ,141.
5. Encroachmnt of building onto East Merdos Drivc rs shown on Condominium Mrp prcparcd by Eaglc
Vellcy Enginccring & Survcying. lrr. drtcd April 20. 1984.
(Liccnsc Agrccnrnt in conncction with said cncroachnrnl rcrordcd August 24. l9E4 in Bmk 391 at
Prge 327.)
6. Eascmntr, rcsrictions rnd rightof-wrys. including cnrcrEnr lnd right of way for Gorc Crich ar it
rffcctr propcrty rr rhorvn on th! rcordod pht of Vril Vilhgc, Firrt Filing.
7, Ercrorchnrcnt of building ooto utility crre nrnt u shown on Condominium Mrp drtcd August 24. tgE4
in Bool 393 rt Prgc 326.
t. Errcrpn$. tcrcrvrtionl rBrlrictioos rnd rlghtt of wrys rs rhown or rcscrvcd on the Condominium Mep
recodcd August 24. 1984 in Book 393 rt Prgc 326.
9. Tcrms, conditions rnd provisionr of rgrcenrnl bctwccn thc Town of Vail, r Colondo municipat
corporatior rnd Thc Vril Club. r Colondo lirnitcd prnnerhip rc€ordcd August 30. l9&{ in Booh 393 at
Prgc 6EE,
I0. Those provisions, covcnans rnd conditions, eascnrcnts snd rcstrictions, as containcd in instrurrnt
sccordcd August 24. 1964. in Book 393 rt Pegc 32E.
liltll,ll't'_'{llll'$1$r$|It$|#J!!l|I|||l|]
E'fiIIITD
NTNAL NOTICE ADDRESSES FOR OWNERS
Unir A:
do Angclo. Godm & Co.,lJ.
245 Prrt Avcnua 26'Fto*
Ncw Yorlq New Yort 10167
Artcntionl Mr. John lrl Angclo
Wlth r copy ro;
Duvrl & Stechcnfcld llf
300 East 42r Sr&sL 3i Floor
Ncw YorL Ncw Yort' l@17
Atrcndou Brucr M. Suchcnfcld
!Ioid.:
Nybe Vrzgucz
215 hivrtc Cosn Boulcvrrd
Mirrdcro. Mryrgeur, Pucno Rico
Hotcl Unit:
JWT lgt? Vril Limited Prnncrship
232 Elst 6l'Strcct
Ngs Yorl. Ncw Yorf 10021
Ancntion: Dr. Thornrs W. Roush
With r copy to:
Ernctl H, Gclrun, Eq,
lrw Offlce of Emot H. Cclrrlln
667 Mediron Avcnuq 24h Floor
New York, Ncw York lfl)21
Restgurant Unit:
JWT 1987 Vril Limiad Prnncrship
232 Easr 6lt Suect
Ncw YorL. Ncw YorL lfi)21
Aucnaion: Dr. Thom* W. Rourh
rffith r copy to:
Erncst H. Calrun. Esq.
bw Oflice of Erocat lL Celtrrln
667 Madison Avenuc, 24D Floor
New York, Ncw York 10021 !!Ir[['l||{'tjll' $l!u,Fl''$ltH
Jlll!!!
il rrrr
c
I Athlctic Oub.
tWT l9t7 Vril Umircd purrnhip
232 Frst 6l{ Stlcr
NcwYorl,Nceyo* l00ll
Ancndoo: Dr. Ttomg St Rourh
Wirhecopyro:
&ma H. Gclnun, Eq.bw Offrcc of Erneq }L Gclnan
667 Mrdison Avcnuq 24. Flmr
Ncw Yorl, Ncw york t00lt
il'{,1,,:!quH#![rt'Jf rgru,u|l|ilrn|
CTIt
o
o
o
this
FIRST AMENDMENT TO AMENDED AND RESTATED CONDOMINIUM
DECLARATION FOR VAIL MOUNTAIN CLUB CONDOMTNIUMS
YAIL, COLORADO
This First Amendment ("Amendment") to the Restated Declaration (defined
below) is made and entered into by and among VML, LLC, a Colorado limited liability company
("VML" or "Hotel Unit Owner"), John M. Angelo and Judith H. Angelo (the "Angelos"), Nylsa
M. Yazquez ("Vazquez") (VML, the Angelos and Vazquez are hereinafter referred to as the
"Owners") and the Vail Mountain Lodge Owners Association, Inc., a Colorado nonprofit
corporation, fMathe Vail Club Condominium Association, Inc. (the "Association"), and is dated
day of 200_ and shall be effective upon recordation.
RECITALS
A. The Amended and Restated Condominium Declaration for the Vail Club
Condominiums was recorded with the Clerk and Recorder for Eagle County, Colorado (the
"Records") on January 3, 2000 at Reception No. 719433, (as amended, the "Restated
Declaration"). Capitalized terms used but not otherwise defined herein shall have the meaning
set forth in the Restated Declaration.
B. The Amended and Restated Condominium Map for the Vail Club Condominiums
was recorded in the Records on January3,2000 at Reception No. 719434 (as amended, the
"Amended Map")- In connection with this Amendment, the Owners are recording that certain
First Supplement to the Amended Map (the "First Map Supplement") depicting a portion of the
Hotel Unit as Converted Condominium Units and as Special Condominium Units.
C. Pursuant to Section 2.4 and 5.4 of the Declaration. VML. as Owner of the Hotel
Unit, may subdivide and combine portions of the Hotel Unit as shown on the First Map
Supplement into Converted Condominium Units and designate such Units as Special
Condominium Units.
D. The Ou'ners desire to amend the Restated Declaration as a General Amendment,
in accordance with Section 17.3(i) thereof, to provide for provisions governing the submission,
creation and operation of timespan estates generally referred to as The Residences at Vail
Mountain Lodge, and the Association desires to approve the additional powers, rights and
obligations granted and imposed herein.
E. The Owner of the newly formed Special Condominium Units desires to submit
such Units as Residences (defined herein) to the program of The Residences at Vail Mountain
Lodee.
NOW, THEREFORE, the Owners hereby declare and publish, with approval of the
Association. as follows:
Conversion of a Portion of the Hotel Unit.The portions of the Hotel Unitl.
shown on the First
CO DOCS A #89350 v4
Map Supplement as Residences 1,2,3 and 4 are hereby subdivided and
combined into Converted Condominium Units (and designated as Special Condominium Units)
in accordance with Sections 2.4 and 5.4 of the Restated Declaration and as depicted on the First
Map Supplement.
2. Reallocation of Percentage Interests. The Common Elements Percentage,
Hotel Operating Costs Percentage, and Votes allocable to each Unit in the Project are hereby
restated and re-allocated as set forth in Exhibit A to this Amendment which amends and restates
Exhibit B to the Restated Declaration, "Description of Allocated Interests," in its entirety.
3. The Residences at Vail Mountain Lodge. The Restated Declaration is
amended to include the followine Article 2l:
ARTICLE 2I
The Residences at Vail Mountain Lod.qe.
2l.l Submission of Special Condominium Units to The Residences at
Vail Mountain Lod.qe. The Hotel Unit Owner hereby reserves the right to submit
all or some of the Special Condominium Units in the Project to The Residences at
Vail Mountain Lodge as set forth in this Article. The provisions of this Article
relate only to those Special Condominium Units submitted to The Residences at
Vail Mountain Lodge and shall govern the ownership of a Residence Estate in
said Residences and the rights, duties and obligations of Residence Members. So
long as the Hotel Unit Orvner owns the Hotel Unit, the right to submit a Special
Condominium Unit to The Residences at Vail Mountain Lodge shall extend only
to the Hotel Unit Owner, its successors and assigns, and shall specifically not be
available to other Owners in the Project except with the prior rvritten consent of
the Hotel Unit Owner. Submission of a Special Condominium Unit to The
Residences at Vail Mountain Lodge shall be subject to the prior written consent of
any First Mortgagee of such Unit. The provisions of the Declaration shall apply
to all submitted Residences and to the Residence Estates created hereunder;
provided, however, in the event of an inconsistency between this Article and the
remaining provisions of the Restated Declaration with respect to the ownership of
a submitted Residence or of a Residence Estate and the dghts, duties, and
obligations of Owners, then the provisions of this Article shall control.
2l.2 Definitions. Unless lhe context expressly requires otherwise, words
shall have the meanings designated belorv with respect to those Special
Condominium Units which are submitted to The Residences at Vail Mountain
Lodee.
(a) "Costs of Enforcement" means all monetary fees, fines, late
charges, interest, expenses, costs, including receiver's and appraiser's fees,
and reasonable attomeysr fees and disbursements, including legal
assistants' fees, incurred by the Association in connection with the
collection of Assessments or Residence Assessments. or in connection
CO_DOCS_A #89350 v4
with the enforcement of the terms. conditions and oblieations of the
Association Documents.
(b) "Fixed Residence Week" means the annual right a
Residence Member to use and occupy a specified Residence for a certain
Residence Week during the Winter Season and the Summer Season as
assigned on the Member's deed to his or her Residence Estate.
(c) "Float Season" means the period of ten (10) Residence
Weeks available for the reservation of Floating Residence Weeks by
Members during the periods from (i) 5 weeks immediately prior to the
beginning of the Summer Season, and (ii) 5 weeks immediately following
the end of the Summer Season. The Association wiil determine and
annually publish the exact opening and closing dates for each Float
Season.
(d) "Floating Residence Weeks" means those annual pre-
reserved Residence Weeks when a Member can use the Residence or send
guests to use the Residence at no additional charge, except for
housekeeping fees and incidental charges, as may be published by the
Association from time to time. Members have the opportunity to reserve
Floating Residence Weeks based on the number of Fixed Residence
Weeks owned as shorvn in the follo'uvine chafi:
Fixed Residence Weeks (Winter):
Fixed Residence Weeks (Summer):
Floatin,q Residence Weeks:
Total Residence Weeks:
l0
!?21144tt
46810t2 14 16 1820
Floating Residence Weeks may be reserved only during the
Reservation Period.
(e) "Occupant" means any member of an Owner's family or an
Orvner's guests, invitees, servants, tenants, employees, or licensees who
occupy a Residence or are on the Project in connection with the Owner's
Residence Estate for anv period of time.
(0 "Records" means the office of the Clerk and Recorder for
Eagle County, Colorado.
(g) "Reservation Procedures" means the reservation procedures
established by the Association pursuant to Section 2 1 . 10(b).
CO DOCS A #89350 v4
(h) "Residence" means a Special Condominium Unit that is
submitted to The Residences at Vail Mountain Lodee.
(i) "Residence Assessment" means the assessment paid by the
Members pursuant to Section 21.8.
0) "Residence Calendar" means the calendar prepared each
year by the Association, which shall at all times establish the dates of each
Residence Week at least five (5) years into the future.
(k) "Residence Estate" means an undivided interest as tenant-
in-common in the present estate in fee simple in a specified Residence
together with an exclusive right to possession and occupancy of such
Vacation Residence during (i) the Fixed Residence Weeks assigned to the
Member in the deed conveying such Member's Residence Estate; and (ii)
a specified number of Floating Residence Weeks reserved by the
Residence Member pursuant to the Residence Procedures.
(l) "Residence Furnishings" means all fumiture, appliances,
moveable equipment, utensils, carpeting, accessories, and other personal
property located within a Residence, an undivided interest in which is
owned by the Members in the percentage assigned to the Member's
Residence Estate.
(m) "Residence Member" or, "Member" means the Owner
vested with legal title to a Residence Estate.
(n) "Residence Week" means a period of exclusive possession
and occupancy of a Residence as assigned to the Member by deed or
properly reserved pursuant to the Residence Procedures. Residence
Weeks for each Residence are established each year for the dates set forth
in the Residence Calendar. Residence Weeks will consist of seven (7)
consecutive days beginning on a Saturday with arrivals and departures to
occur on Saturdays.
(o) "Residence Year" means the period fiom November lst
each year to October 3 I st of the succeeding year.
(p) "Summer Season" means the period of ten (10) Residence
Weeks beginning in late-June of each year and ending in early September
ofeach year.
(q) "The Residences at Vail Mountain Lodge" means the
system of mutual use rights and mutual obligations created and established
by this Restated Declaration for the benefit of Owners of a Residence
Estate.
CO DOCS A #89350 v4
(r) "Winter Season" means the period of t'wenry (20)
Residence Weeks beginning no later than the published winter opening
date of the Vail Ski Resort and ending no earlier than the published winter
closing date of the Vail Ski Resort (usually between mid-November of
each year and early April of the following year); provided, however, if a
greater number of weeks is required to give each owner of a Residence
Estate his or her Fixed Residence Week, the Winter Season shall be
extended the required number ofadditional rveeks.
21.3 Submission of Condominium Unit to The Residences at Vail
Mountain Lodge. The Hotel Unit Owner may submit a Special Condominium
Unit to The Residences at Vail Mountain Lodge either by recording a properly
acknowledged notice executed by the Hotel Unit Owner describing the
Condominium Unit to be submitted to Residence ownership and reciting the
intention to do so or by the Hotel Unit Owner's execution, delivery and
recordation of a deed conveying a Residence Estate to a Member. Upon such
designation, the Residence shall include those appurtenant rights, among others,
to hotel services and athletic club benefits as set forth in Sections 8.6 and 5.6 of
the Restated Declaration, respectively. Such appurtenant rights shall not be sold,
assigned, transferred or pledged apart from the Residence, or any Residence
Estate therein. The parking benefits of Section 8.8 of the Restated Declaration
shall not be included with the Residence and shall continue to reside rvith the
Hotel Unit Owner and the Ou,ner of the Residual Residential Estate (defined
below). This last sentence shall apply only to Special Condominium Units
submitted as a Residence and on'ned by the Hotel Unit Owner. By acceptance of
a deed to a Residence Estate, each Member waives his right to bring a suit for
partition except in accordance rvith the provisions of this Restated Declaration.
21.4 Conveyance by Purchaser. Each Residence Estate shall constitute
an estate in real property separate and distinct from all other Residence Estates in
the Residence and other Condominium Units, which estate may be separately
conveyed and encumbered. A purchaser may acquire more than one Residence
Estate and thereafter convey or encumber each Residence Estate so acquired
separately. In no event, horvever, shall a Member convey or encumber less than
the Residence Estate shown on his or her deed, or attempt to subdivide a
Residence Estate into lesser interests. In the event all Residence Weeks in a
Residence are acquired by one Member, such Residence may, at such Member's
election and with the written consent of the Association by notice duly recorded,
be withdrawn from The Residences at Vail Mountain Lodge.
21.5 Legal Description of Residence Estate. A contract for sale of a
Residence Estate written prior to the date the Amendment is filed in the Records
may legally describe a Residence Estate by reference to the Residence Number,
the purchaser's fixed weeks and the purchaser's right to use and occupy the
Residence during floating weeks reserved pursuant to the Reservation Procedures,
or by completing the following legal description:
CO_DOCS_A #89350 v4
A Residence Estate consisting of an undivided
% interest as tenant-in-common in
Residence according to the Amended and
Restated Declaration for Vail Mountain Club
Condominium, as amended by that First Amendment to
be filed in the real property records of Eagle County,
Colorado, together with the exclusive right to
possession and occupancy of said Residence during
Fixed Residence Weeks _ and during up to
Floatine Residence Weeks reserved bv
the Member pursuant to the Reservation Procedures.
After submission of a Condominium Unit to The Residences at Vail
Mountain Lodge, every contract for sale, deed, lease, mortgage, trust deed, or
other instrument relating to a Residence Estate will legally describe the Residence
Estate as follows:
A Residence Estate consisting of an undivided
interest as tenant-in-common in
Residence according to the Amended and
Restated Declaration for Vail Mountain Club
Condominium recorded on January 3, 2000 at
Reception No. 719433 as amended by that certain First
Amendment, recorded (d99, at (Reception No. ), and
as further amended frorn time to time, and according to
the Amended and Restated Condominium Map, the
Vail Club Condominiums, recorded January 3, 2000, at
Reception No. 719434, as supplemented by that certain
First Map Supplement, recorded (de@, at CCSgpllg!
Ng.J, and as further supplemented from time to time,
in the office of the Clerk and Recorder of Eagle
County, Colorado, together with the exclusive right to
possession and occupancy of said Residence during
Fixed Vacation Weeks and
during up to _ Floating Residence Weeks
reserved by the Member pursuant to the Reservation
Procedures.
Any legal description substantially in the form provided above or which is
otherwise sufficient to identify the Residence Estate shall be good and sufficient
for all purposes to sell, convey, transfer and encumber or otherwise affect a
Residence Estate and all General Common Elements, Limited Common Elements
and easements appurtenant thereto.
21.6 Administration and Management. The administration and
management of The Residences at Vail Mountain Lodge shall be performed by
the Association. The Association shall have all powers necessary or desirable to
CO DOCS A #89350 v4
effectuate any of the purposes provided for herein. A Member, upon becoming
the owner of a Residence Estate, shall be a member of the Association and shall
remain a member for the period of his or her ownership. A Member shall be
entitled to a vote, the size of which vote shall be based upon the number of
Residence Weeks owned by such Member. The Members shall constitute a
separate class of members in the Association for purposes of voting on all issues
affecting the administration and management of The Residences at Vail Mountain
Lodge.
21.7 Powers and Duties of the Association with Respect to Residences.
By way of enumeration and without limitation and in addition to the powers and
duties of the Association provided for in the Declaration, the Association shall
also have the following specifrc powers and duties with respect to Residence
Estates:
(a) coordinate the plans of Members for moving their personal
effects into and out of the Residence with a view toward scheduling such
moves, so that there will be a minimum of inconvenience to other
Membersl
(b) cause each Residence to be maintained in a first class
manner and condition. The Association shall determine the color scheme,
decor, and furnishing of each Residence as well as the proper time for
refurbishment, redecorating, and replacement thereof;
(c) acquire and hold title to all Residence Furnishings. The
Association shall, on behalf of all Members, hold title in its name to all
Residence Fumishings, and no Member shall have any right, title, or claim
thereto, and the Association shall have the right to deal with Residence
Fumishings for all purposes;
(d) bill each Member for the expense of occupancy of a
Residence during which occupancy the Association determines the
individual expenses of the particular Member, including, but not limited to
long-distance and other extraordinary telephone charges, extraordinary
repairs or charges for damage to the Residence, its fumiture, furnishings,
equipment, hxtures, appliances, and carpeting caused by a Member or his
guest, firewood, other charges rendered by the Association, Manager or
Hotel Unit Owner on behalf of the particular Member and maid service in
addition to the standard maid service provided for each Residence Week
and included within the Residence Assessment provided for in this Article;
(e) fix, determine, levy and collect the Residence Assessment
provided for in this Article;
/A\r,
administer
CO-DOCS-A #89350 v4
establish, subject to modification at any time, publish, and
the Reservation Procedures as provided for in this Article and
such other rules and regulations as the Association deems necessary or
desirable, specifically including but not limited to impose and collect fines
and restrictions on use and occupancy if a Member is not current on
Assessments or is otherwise in violation of the provisions of the
Association Documents;
(g)prepare the Residence Calendar; and
(h) enforce the remedies for non-payment of the Residence
Assessments set forth in this Article.
21.8 Residence Assessment. In addition to the Periodic Assessments set
forth in Section 12.3 of the Restated Declaration and established by the
Association to meet the Common Expenses and the Hotel Operations Costs of the
Project, the Association shall also establish a separate Residence Assessment,
which will be assessed against the Residence Weeks to cover the Periodic
Assessments for the Residences and the additional costs of operating the
Residences as part of The Residences at Vail Mountain Lodge. The Residence
Assessment for each Member's Residence Weeks mav include but is not limited
to, the following:
(a) the allocated share of the liability for Common Expenses
and Flotel Operations Costs attributable to each Member's Residence
Weeks;
(b) maintenance, and regularly scheduled cleaning and maid
service and upkeep ofthe Residence;
(c) repair and replacement of the Residence Fumishings;
(d) any additional premium for property or liability insurance
occasioned by the operation of The Residences at Vail Mountain Lodge;
(e) real and personal property taxes assessed against the
Residences;
(0 management fees assessed by the Manager to cover the
costs of operating The Residences at Vail Mountain Lodge that are in
addition to the management fees set by the Manager for management of
the Condominium Project;
(g) a reserve for refurbishment and/or replacement of
Residence Furnishings ; and,/or
(h) any other expenses incuned in the normal operation of the
Project attributable to operation ofthe Residences as part ofthe Project or
as part of the program of The Residences at Vail Mountain Lodge and not
CO-DOCS_A 149350 v4
otherwise within the defrnition of Common Expenses or Hotel Operations
Costs provided for in the Declaration.
The Residence Assessment shall be assessed and prorated among the
Members on the basis of the number of Residence Weeks owned by the Member,
the size of the Residence occupied, and the seasons in which the Owner is entitled
to use the Residence. The Residence Assessment shall be paid by the Member
pursuant to a schedule established by the Association. These assessments shall be
the personal and individual debt of the Member and all sums assessed but unpaid
shall constitute a lien on the Residence Weeks. The Association shall have all of
the rights in connection with the collection thereof as it has in connection with the
collection of unpaid assessments for Common Expenses.
21.9 Acceptance of Residence Ownership; Enforcement;
Indemnification. By acceptance of a deed to a Residence Estate, a Member agrees
to be bound by the terms and conditions of the Restated Declaration. In addition
to all remedies provided to the Association in the Restated Declaration, the
Association shall also have the following special remedies rvith respect to any
Member who fails to pay the Residence Assessment or is otherwise in default of
any provision of the Association Documents:
(a) In the event any Member fails to vacate a Residence after
termination of a reserved Residence Week, a Fixed Residence Week, or
othenvise uses or occupies or prevents another Member from using or
occupying a Residence Week, that Member shall be in default hereunder
and shall be subject to immediate rcmovai, eviction or ejection from the
Residence wrongfully occupied; shall be deemed to have waived any
notices required by law with respect to any legal proceedings regarding
the removal, eviction or ejection; and shall pay to the Member entitled to
use the Residence during such wrongful occupancy, as liquidated damages
for the wrongful use ofthe Residence, a sum equal to two hundred percent
(200%) of the fair rental value per day for the Residence wrongfully
occupied as determined by the Association in its sole discretion for each
day, or portion thereoi including the day of surrender, during which the
Member wrongfully occupies a Residence, plus all Costs of Enforcement
which amounts may be collected by the Association in the manner
provided herein for the collection of Assessnrents for Common Expenses.
(b) Any Member who suffers or allows a mechanics' lien or
other lien to be placed against a Residence Estate or the entire Residence
shall indemnify, defend and hold each of the other Members harmless
from and against all liability or loss arising from the claim or such lien.
The Association may enforce such indemnity by collecting from the
Member who suffers or allows such a lien the amount necessary to
discharge the lien and all Costs of Enforcement incidental thereto. If such
amount is not promptly paid, the Association may collect the same in the
manner provided herein for the collection of Assessments.
CO DocS A tt89350 v4
(c) Withhold use or possession of the Member's Residence
Estate during a reserved Floating Residence Week or Fixed Residence
Week, prohibit the Member from making any reservation pursuant to the
Reservation Procedures, and upon notice, cancel any reservation
previously made by the Member and rent any Residence Week or Fixed
Residence Week to which a Member is entitled.
(d) Except as to a transfer to a First Mortgagee by foreclosure
or deed in lieu of foreclosure, no transfer of a Residence Estate shall be
permitted unless and until the proposed transferor is current as to all
Assessments due to the Association and is otherwise not in default under
any other provision ofthe Restated Declaration. Any purported transfer of
a Residence Estate while a Member is delinquent or is in default on any
other obligation shall be null and void.
All of the remedies granted by the Association Documents, specifically
including the specific remedies provided for in this Article are cumulative, and
the exercise of one right or remedy by the Association shall not impair the
Association's right to exercise any other remedy. The Association shall not be
limiled to the remedies set forth herein and may invoke any other or additional
remedies provided for or allowed by the Act, in lau'or in equity. The Association
may pursue any of the remedies provided for in whatever order is determined by
the Association. The failure by the Association to insist in any one or more
instances upon the strict compliance with any provision of the Association
Documents, to exercise any right or option contained therein, to serve any notice
or to institute any action or proceeding, shall not be construed as a waiver or
relinquishment of any such provision, option or right.
21.10 Reservation Procedures; Rentals; Owner's Residual Residence
Weeks. All Floating Residence Weeks are subject to the following reservation
procedures:
(a) Reservation Procedures. All Members shall be entitled to
make reservations with the Association for the Floating Residence Weeks
the Member desires to use pursuant to the reservation procedure from time
to time established by the Association by rule and regulation (the
"Reseryation Procedure"). A Fixed Residence Week is annually recurring
on the week assigned to the Member by deed and shall not require
reservation through the Reservation Procedure. The Reservation
Procedure shall specify the manner in which reservations are to be
requested and confirmed. The right to reserve a Floating Residence Week,
if unused in any year, is lost and does not accrue. The Reservation
Procedure shall contain such schedules, conditions, restrictions and
limitations as are deemed necessary or desirable by the Association. The
Association may from time to time, without the consent of the Members or
CO DOCS A #89350 v4 l0
First Mortgagees, amend the Reservation Procedure to include, by way of
enumeration and without limitation. one or more of the following features:
i. A preferential reservation system for holidays, such
as New Year's Day, Martin Luther King Jr. Day, Presidents
Weekend, Memorial Day, Independence Day, Labor Day,
Veterans' Day, Thanksgiving, Christmas or other holiday period
which allocates the opportunity to reserve the more popular
holidays among the Owners of a Residence Estate;
ii. A procedure for determining priority of reservation
by lot, drawing, rotation, or otherwise on an annual or rotating
basis:
iii. Restrictions on use and occupancy of a Residence
Week if a Member is not current on assessments or is otheru'ise in
violation of the provisions of the Association Documents;
iv. Penalties, including forfeitures of reservation rights
for the calendar year, for untimely canceliations or reservations;
v. Short term reservation procedures for otherwise
unreserved Residence Weeks in the Float Season. or portions
thereof:
vi. A schedule of fees to be separately charged to
Members who use a portion of a Residence Week or who use a
Residence Week on a short-term reservation basis, to cover the
additional expenses of such use, including but not limited to,
additional administrative, ianitorial and maid service costs.
vii. Such other conditions, restrictions and limitations as
the Association shall deem necessary under the circumstances to
assure a manageable and fair system.
(b) Rental. The Reservation Procedures may prohibit or limit
the right of Members to rent or to allow use by an unaccompanied guest of
any Residcnce Week otherwise properly available to or reserved by a
Member.
(c) Owner's Residual Residence Estate. After sale of all
Residence Estates in a Residence to third parties, the Hotel Unit Owner
shall still own twelve (12) Residence Weeks, plus any Floating Residence
Weeks that are unreserved and available for use and occupancy during the
Float Season (the "Residual Residence Estate"). So long as the owner of
the Residual Residence Estate is the Hotel Unit Owner. the Owner shall
CO DOCS A #89350 v4 ll
have the right to use, occupy and operate the Residence during the
Residence Weeks available under the Residual Residence Estate for . .'
commercial use permitted by law and under the Restated Declaration,
including without limitation, hotel, lodging or rental purposes, in
accordance with the followine:
i. The Owner of the Residual Residence Estate shall
be, alone, entitled to the receipts, rents, profits, proceeds and other
consideration paid or payable from such Owner's commercial use,
operation, lease or sale of the Residence Weeks available under the
Residual Residence Estate:
ii. The Residual Residence Estate Owner shall pay its
share of the Residential Assessment pursuant to the schedule
established by the Association. In the event Owner fails to timely
pay its share of the Residential Assessment, the Association may
exercise its rights and remedies under Section 12.6 of the Restated
Declaration, but in no event may the Association disturb the rights
of any guest, tenant, or other Occupant who is properly authorized
by the Owner to occupy the Residence so long as all amounts
payable to the Owner by such Occupant under such occupancy
agreement are delivered to the Association until the Owner's
delinquency is paid in full;
iii. The Association shall not amend or modify the
Reservation Procedures without the prior affirmative vote or
consent of the Residual Residence Estate Owner.
4. Notice of Submission of Special Condominium Units as Residences. The
Hotel Unit Owner gives this notice and states its intent to submit those certain Special
Condominium Units shown on Exhibit B attached hereto to The Residences at Vail Mountain
Lodge. The prorated share of the Residence Assessment allocated to each Fixed Vacation Week
(which includes the right to use a certain number of Floating Residence Weeks) and to the
Residual Residence Estate is set forth on Exhibit B also.
5. Approval of the Association. In accordance with Section 17,4 of the
Restated Declaration, the Association hereby approves of the amendment of the Restated
Declaration with the addition of Article 21 and to the additional powers, rights and obligations
granted to and imposed thereupon the Association.
6. First Mort.qagee Consent. As provided by Sections 16.l and 17.3 of the
Restated Declaration, the First Mortgagee executing this Amendment below hereby consents to
the subdivision. combination and conversion of the Hotel Unit into Converted Condominium
Units (and accordingly, into Special Condominium Units) and the designation of the resulting
Special Condominium Units into Residences, which are subject to the program of The
Residences at Vail Mountain Lodee.
CO DOCS A #89350 v4 12
1 Miscellaneous.
a. Conflict Between Documents. In the event of any conflict between the
provisions of this Amendment and the Restated Declaration, this Amendment shall
control. A reference to the Restated Declaration or Amended Map in any document or
instrument shall be deemed to include this Amendment and the First Map Supplement
without any further or specific reference thereto.
b. Number and Gender. Unless the context provides or requires to the
contrary, the use of the singular herein shall include the plural, the use of the plural shall
include the singular, and the use of any gender shall include all genders.
c. Captions. The captions in this Amendment are inserted only as a matter of
convenience and for reference, and are in no way to be construed to define, limit, or
otherwise describe the scope of this Amendment or the intent of any provision of this
Amendment.
d. Vesting of Interests. Any interest in property granted under this
Amendment shall vest, if at all, on or before the date of the death of the survivor of the
now living children of Prince Charles, Prince of Wales, plus twenty-one years.
e. Choice of Law. This Amendment shall be construed and interpreted in
accordance with the laws of the State of Colorado without resard to its conflict of laws
principles.
f. Counterpart. This Amendment may be executed and acknowledged in two
or more counterparts, each of which shall be an original, but all of which shall constitute
one and the same document.
Executed as ofthe date first set forth above.
VML, L.L.C., a Colorado limited liability
company
By: RB Manager, LLC, a Colorado limited
liability company, its Manager
By:
Ronald J. Byrne, its Manager
STATEOFCOLORADO )I ss:
COL]NTY OF EAGLE )
CO DOCS A #89350 v4 13
The foregoing instrument was acknowledged before me this _ day of
by Ronald J. Byrne, Manager of RB Manager, LLC, a Colorado limited' liability company, as Manager of VML, L.L.C., a Colorado limited liability company.
Witness mv hand and offrcial seal.
Notary Public
My Commission Expires
@-DOCS-Affi9350v4 l4
John M. Angelo
STATE OF
COUNTYOF
The foregoing instrument was acknowledged before me this
-
day of
by Johr M. Angelo.
Witness my hand and official seal.
Notary Public
My Commission Expires
Judith H. Angelo
STATEOF
COL]NTY OF
The foregoing instrument was acknowledged before me this _ day of
by Judith H. Angelo.
' Witness my hand and oflicial seal.
Notary Public
My Commission Expires
o [Signature Page to First Amendment to Restated Declaration]
CO-DOC$-A #89350 v4
)
) ss:
)
)
) ss:
)
l5
Nylsa M. Vazquez
STATE OF )
) ss:
)COUNTY OF
The foregoing instrument was acknowledged before me this _ day of
Witness my hand and o{Iicial seal.
i
My Commission Expires
Notary Public
o
o [Sigrrature Page to First Amendment to Restated Declaration]
cb_oocs3*os3sova 16
VAIL MOUNTAIN LODGE OWNERS
ASSOCIATION, INC., a Colorado
nonprofit corporation; f/k/a Vail Club
Condominium Association, Inc.
By:
Its President
Attest:
Secretary
STATEOFCOLORADO )
) ss:
COUNTYOFEAGLE )
The foregoing instrument was acknowledged before me this
-
day of
by , ?s President, and by
, as Secretary of Vail Mountain Lodge Owners Association, Inc., a
Colorado nonprofit corporation/ fMaYail Club Condominium Association, Inc.
Witness mv hand and official seal.
Notarv Public
My Commission Expires
[Signature Page to First Amendment to Restated Declaration]
CO DOCS A #89350 v4 t7
o MORTGAGEE:
The undersigned First Mortgagee hereby consents
to and joins in the execution and recorrdation of this
Amendment and the First Map Supplement.
WESTSTAR BANK, A
By:
Name:
Its:
STATEOFCOLORADO I
)ss
COTINTY OF EAGLE )
The foregoing instrument was acknowledged before me this day of
2001, by of Weststar Bank. a
My comrnission expires:
Witness my hand and ofTicial seal.
Notary Public
[Consent Signature Page to First Amendment to Restated Declaration]
OO-POCS_A #893.50 v4 l8
EXHIBIT A
TO
FIRSTAMENDMENT
Restated Description of Allocated Interests
CO-DOCS_A #89350 v4 A-1
EXHIBIT B
TO
FIRSTAMENDMENT
Special Condominium Units Submitted to
The Residences at Vail Mountain Lodee
B-lCO DOCS A 1fi89350 v4
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TOTII OF VAIL
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B, VAIL VIIJ.AGE, FIRST FILING
EAGI,E COI'NTY, COIORADO
3.GE6r-(|!ICAE
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P.O. BOX 1062
AVON.CO 81620
(9701 74&lO274 FAr( (970) 74&9021
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RADO
CERTIFICATE
II DOtrTETTA DAVIDSON' SECRE?ARY OF 9TATE OF THE STATE OF
COLORADO HEREBY CERTIFY THAT
ACCORDTNG TO THE RECORDS OF THIS OFFICE
vArr. cLw coNDoMrNruM AssocIATION, rNC.
( COLORADO NONPROFTjI' CORPOP"ATION )
FrLg # 79977777610 WAS FTLED -rN ?HrS OFFTCE ON oetober 27, 1997
AND ITAS COMPLIED WITTT THE APPLICABLE PROYTSTOIVS OF THE
I,AWS OF THE STATE OF COLORADO AND OIV THIS DATE TS .ru @OD
sTEfiDINC AI{TD AWHORIZED AND COMPETENjT lIO ?RANSAC? AU.9.TNESS
OR TO CONDUCT T?S AFF'ATRS WITHIN TITIS STATE.
Dated: March 02,-20oI
STAIE
,
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3[.r'ffi\\O
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DEPARTMENT OF
SECRETARY OF STATE
Page I ofl
@
ARTIGLES OF INCORP1ORATION
OF
vArL GLUB CONDOllllNlUlS ASSOCIATION, lNC.
ln complianc€ wlth th6 Goloredo NonPrsfil
unclersignad p€rson, acting as incorPorgtor, 3i9ns
foltowing Atricbs of Incorporation for llis corporation.
ARTICLE ONE
NAME
The nam6 of lhis co(Doretion i3
Corporation Act. lho
and ad(novledg€! the
t977t171610 ilr 50.00
SECRETARY OT STATE
10-27-97 12.7225?VAIL CLUB CONDOMINIUM
ASSOCLATION. lNC.. hereinsfler reterred io as the 'Associauon'.
ARTICLE TV\'O
DURATION
ThG perioct of dur€tion of this Associstion shall ba petP€nEl.
ITICLE THRI
PURPOSES
Th€ purposes tor vvhich thi! Association i3 form€d grs:
3-1 . To exercise ell ot th€ po\rr.ers and privilegs3, p€rform all of lh€
duties, and tuifill all of the obligations of the Associ€tion described and provi<l€d
tor in that c€rt€in Condorninium Oeclar€tion tor Vail Club Condominiums
r€corded in Book 393 at Pag€ 326 in the ofrice ot th€ Clork snd Rocorder ot
Eagle County, Colorado, as il may be amend€d trom tim€ to tim6. hereinefter
referred to €a the 'Condominium Declaraiidr', and to Provide an €ntity for lh€
furlhejanc,e of the interests of €ll sf the Owners, includir€ tho D€clarant named in
th€ Condominium Oeclaration. of condominium units in th€ Vail Club
Condominium Proj€ct, with the obi€ctiv€s of €stabli3hing and msintsining ltr.
Proiect as 3 prim€ condominium ownershiP Projed ot the high€st porsibls qu€lity
and value and enhsncing and proleciing its value, d€sirability, snd edraciiv€n€ss'
3-2. To fix, levy, coll€c{. and errforce paym€nt by etl lewful meanr of ell
ctrerges €nd ass€ssments mad€ Pursuent to th€ l€rms sf lh€ D€clsration; to Pey
att eipenses in connection thsrewith anct all office and other expenses incun€d in
ex€rcising th€ Associ€tion's pow6rs and p€rforming its tunctionsi to mgnege,
control, op€ret€, maintein, repair, replso6, amprove, and €nlarg€ ths common
€lementsi to enforc€ th€ lerms, coven€]nts, restrictlons, res€rvationa, conditionc,
u3€s, limitations, and obligations s€t torth in ihe Condominium Declaration, the
*fr--
.../image3rint_form.forte&doc_yrl997&doc_type=1&doc-seq=I71610&amd;n=0&amd-t1tp 3n3l0l
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Assodguon Bylaws and to mak. snd errforc€ th. rules and rsgulations aa
p.ovided lh€rain
3€. To Purchasa, acquire, o\rn, hold, lea!€ eith€r e3 l€34€€ or l'3sd,
se , c;-vey, exchange, morlga96, deed in trust' boarolv ageinst. impror''.
co"=rrua, riairtain. equip. operat-, End g€nerally deal in r€al proP€rty end dly
"nO rtt proPerty ot any finO and €very kind or description' u'heur€r resl q
psrsonal, or any interest th€r.in-
Y. To P€rtorm and carry on sny lawful gctivity whatsocver *'hicft this
Associst-ion may d6em proper and convenient in conncction wtlh lny of ttlo
ioiegoing purpoles or otherwise, or whlch may be catculsled diractly of indirFcdy
to -i.o-6tc ihe interegt d thia Associatlo; or the €ntranca or furlhcf, th.
accbmptisnment of any of ils Po\ /ors, PurPoses, and oti€ets; lo- conduct -h!
ousirre'ss eithsf insicts or or,rrside th€ st3ts of colorado; to hc\r€ and lo exercaat
"rt
-tr|€ po*ers corfefrect by ths lau/3 of ihe stat€ ot colorscb upon no.rP.ofit
Eorpo."iione formed under the lswa Pursuent to st€ under \ lhicfr lhi3
Asioclation i3 formed, as Sucfi lawa are no* in eff€ci aard may 6t eny tittF
hsresfl€r b€ gmon<16d.
3-5. To carry out sll or eny pan of $|€ foregoing Pufpo36s a3 Prin.ipel'
aoent. Fotnerwis€, ;ither slon€ or in conjunction with eny P€rron or buain€r3
eititv- anO in any Part of th€ world; to employ independcnt contractoG end
"-pioy."", tnctuiirig specifically onG or trtor€ Y"lsgtt€ Agcntr.ro carry out ltt
o.rr'poi.s; and tor th€ purposc ot obtsinir€ or tLrthering dly of its purpoEca, to'rnsie anO perfOrm oontracls ot any tawful kinct and description wit1. eny P4'rgon Or
business €ntity, govemm€nt, or fiov€mm€nt€l 8ubdiviaion. to do Etjch acts and
thir,gr, to sue-gnd b€ aued in iti orrvn nam€, gnd to €xercir€ arry and all arch
oo*-.ri. a! a natural person could lawfully mak€, P€rform' do or exertlta.
-oroviOeO that th€ samo shell not be inconsistenl wilh tlp 1aw3 of lh€ Staf€ of
Colorado.
ThB fo.egoin€ stalement of PurPoseg shall be consrued ac a ltat€m€t d
both purposes ind Powers, €nd th6 Purposes and Pow€tr3 sletad In arch clau!.,
ei".if "rrr".. oth€rwis€ express€d, shall b€ in no way limited._or r€strict6cl- b!,
referLnca to ilp t€m6 or provisigna of any oth€r daus€. but Ehall b6 tEgerd€d sB
inclepencl€nt PurPoaa€.
ARTICLE FOUR
Thi3 Associstion ia organized PurBuar to th€ Coloraclo NonProfit
Corporation Act. No psrt of th€ incomG or Prolit ot thl! Association ia
Ji=tiiu',rt"ot. to its memb€rs, direclors or oltica6, €xcapt that lrmrne or protlt
may be distribuiable to a memb€r vtrrich i3 anotfFr nonProfit corporation.
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Page 1 of I
REGISTERED AGENT
The eddres3 d rh€ inltlal r€gistered oftioe €nd the prindP€l placs oJ
business of the Asso€ietion shall oe dt ras Eest Meaclow Driv€. suit€ 49E, Vsil.
Colorsdo. The initial registered ag€nt st lhe regist€red otfics 3hall bs Bruca O.
Chapman.
ARTICLE SIX
BOARD OF OIRECTORS
Th€ aftaira of this Association shall b€ tnaneged by an iniliel board of
threc direciorg. Th€ numbor of ctirectoru shall be establish€d by th€ Byla's ot
lhe Associetion as amend€d from lim€ to tim€. The nam€3 8nd sddr€sse3 of tho
p€rsons who Eae to serv€ as tho inilisl directora ar€:
352 Eest Meadow Drivc
Vail, Color.do 81657
352 East lvleactow Drlv€
Vail. Coloredo 8'te57
143 E. Meedot Dr., Suite 498
Veil, Colorado 8'1657
Tl|omas \N. Roush
Stanley P. Cope
Bruc€ D. Chapmrn
I In th€ event of ths ctissolution of thg Asgociation, either voluntarily by fh€
members hereot, by the op€ration of lerfl, or oth€rwis6, thon th€ a3sets of thi3
Association shall be de€m€d to b€ ourned by th€ mcmb€rs in ProPortion to sach
memb'er's ownershlp of th€ gen€rd c,ornr|c n 6lem€nl8 of thc Vail Club
Condominiums.
ARTICLE EIGHT
MEMBERS - VOTING RIGHTS
8-1 . Each record ownet, wtrgthet cnr€ or tnor€ Peraonr or enlitiag, of a
tec simple rille to any condominium unit in the vAlL CLUB CONDOMINIUMS.
Town of Vail, Eagls County, Colotado. including contract s€llers, but €xcluding
thos€ having such int€rost m€rely as sacurity for thr p€formanco qf sn
obligalion, shEll b€ a m€mb€r ol th€ Association, ss moro fully sat forth h th€
Condominium Declaration 6nd Association Bylg*€.
ARTICLE SEVEN
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Thomas \ /. Rouah
Stsnl€y P- Cop€
Bruc6 D. Chapman
352 East M€ado\./ Driv€
vail, Colorsdo 81657
352 East Meadow Drive
vail. Colorscto E1657
143 E. M€€do\^, Or., Suite 498
vail, colorado 81657
Page I ofl
ARTICLE FTVE
REGISTERED AGENT
The address o{ th€ initisl register€}d offic€ and the Pnncipel pla€ of
business ol the Assocjation shall b€ at 143 East Meadow Driv€, Suil€ 498, Vail,
Colorado. Tho inilial regist€red agent 9t the regist€red o'ffice 3hall bo Bruco O.
Chapman.
BOARD OF DIRECTORS
Th€ aftairs of this Association shall b€ managed by an initiel boa.d of
ihrae direclor-s. The numb.r of directors sh6ll be establiehed by tt|€ 8yl9wr of
the Association as emend€d from tim€ lo tims. The nem€s and adclr€s3€s of th€
persons wtro are to serve as thc initial dlrec{ors are:
o In th€ event ot the dissolution ot tF|€ Associelion, eith6l voluntarily by lha
members hereof, by the op€ration of lgw, or otherwise, then ttre assets of ihla
Association shall be de€med to b€ olvnect by the membore in Proporlion to eech
memb€/s c rvnership gf the Oeneral common el€m€nts of th€ Vaal Club
Condominiurns.
ARTICLE EIGHT
MEMBERS - VOTING RIGHTS
gL Each record or,\,Y|er, wheth€r one of mor€ perlions or entltia!, of a
fe€ simple titl€ to any condominium unit in the vAlL CLUB CONDOMINIUMS.
Town of Vail. Eagle County, Colorado, including contract sellct8. but exclrding
thoge having suc,. int€resl m€r6ly .s security for th€ pGrform€nca of gn
obligation, shatt b€ a member ot tha Association, €s ,nor€ tully s€t forth in the
Condominium Declaration arrd Association Bylawc.
ARTICLE SEVEN
.../image3rint_form.forte&doc3rr:1997&doc-type:l&doc-seq=171610&amd-yr--O&amd-tip3l23l0l
Page I ofl
A-2. Each €ondominium unit shalt be enritled to votg in th€ €lecnion of
dir.cfoE;nd on esch matt.f sutrmitt€d to a vote of members lnd lh€ numb€r of
""f"s for each condominium unit shall bc as Provicred in paragraphs 3'14 end
12.5 of the condominium Dgclaration. voting may be in Person of by ptory'
a3. Cumulstive voting shall not b€ sltowEd in lho election d dircctor3'
ARTICLE NINE
EX4UICIN
These Articles of Incorporation ere sign€d rhis zOD day of Odob€! -1-997by Brucs D. Chapman, 143 E. M€adow Orive, Suite 494, Vail' Coloredo 81657'
STATE OF COLORADO )) ss.
CoUNTYOFEAGLE )
The toregoing instrum€nl \r€s sckno.,l/ledged and signsd b€forc tn€ th€
2c6 day of oc'tob€r, 1997. by Brucs D. Chspmen.
\^/ITNESS my hanct and ot'ticaal s€al.
t\rty commisgion 6xpir€s: ,...
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DISSOLVD - SECRETARY OF STATtsVAn fJB coNDoMINILJMAssocIATIu{,l}iE
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DISSOL\d - SECRETARY OP STATB '
VAIL GI.'B CONDOMINITJM ASSOSATION, TTiG.
tvponrrmBYllw 2m11$82t6 113 95.$
SECRETARY OF STAIE :
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APPLICATION FOR REINSTATEMEI{T
NONPROFIT CORPORATION
Rehlm b: Secteay of Stab
1560 Broed*ay, Sb 2m
Dcm/Gr, CO 802{tr!. (303)894-225r.
Fer (303) 89+2242
FILE 1 Rped.odgird + I cow
(PlG$. hdrrdr ! s.lddrrlr.d rnYrlF)
. t. . Thc corporate name at the time of dissolutlon wac: Vafl Club Condominium AssoclaUon, l1|o.
The nerr name under vrhich the corporatlon b to be pinsfated (this proGion apptles only il thc
original coporate name el the time ofdissolution is no longer avallable)
Th€ street eddress of the regislered ofice: 1660 Llncoln SL, Ste. 31?5, Den\er' CO 80284
Name of Registered AgenL
Signatjte of .Reglstered
The corporatibn $las
Pleas€ cfEd( O the approprHe bOt
The grounds tur dissolut'ron did not erist
)O( The groirnds for dissolution harp been eliminat€d
1.
5.
on(date): 4/1/00
Pursuant to CRS r 7-i3+2qt, the undersigned h€reby€r€qrt€8 th€ bllot{im:
P.C.
Fdn APptov.d ScsrtttY oa Strb U98
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ARTICLES OFAMENDMENT
ARTICLES OF INCORPORATION OF
VAIL CLUB CONDOMINIUM ASSOCIATION. INC.
Vail Club Condominium Association, Inc., a Colorado nonprofit corporation (the
"Association"), having its principal office at 143 E. Meadow Drive, Suite 498, Vail, CO 81657,
hereby certifies to the Secretary ofState ofColorado that:
FIRST: The name of the Association is Vail Club Condominium Association. Inc.
SECOND: the Articles of Incorporation of the Association are hereby amended by
deleting in its entirety ARTICLE ONE, SECTION3-1, ARTICLE FIVE, ARTICLE SEVEN,
ARTICLE EIGHT and by substituting in lieu thereof the following:
ARTICLE ONE
NAME
The name of this corporation is Vail Mountain Lodge Owner's
Association, Inc., hereinafter referred to as the "Association."
ARTICLE THREE. PURPOSES
3.1 The Association does not contemplate pecuniary gain or
proht of the members thereof. The primary purposes for which the
Association is formed are (a) to provide for the operation,
administration, use, and maintenance of certain connnon areas and
other property more fully described under the Amended and
Restated Declaration for Vail Mountain Lodge Condominium,
recorded in the office of the Clerk and Recorder of Eagle County,
Colorado, as amended or supplemented from time to time,
including without limitation, by that certain First Amendment to
the Amended and Restated Declaration (the "Declaration"); (b) to
preserve, protect, and enhance the values and amenities of such
property; and (c) to promote the health, safety, and welfare of
members of the Association. Unless otherwise specified,
capitalized terms used in these Articles of lncorporation shall have
the same meanings as such terms have in the Declaration.
ARTICLE SEVEN
DISSOLUTION
Upon dissolution, the assets of the Association will be distributed
to the Owners in accordance with the provisions of Sections 7-134-
101, et. seq., as amended and superceded from time to time, of the
Colorado Nonprofit Corporation Act ("Nonprofit Acf').
CO_DOCS_A #86528 v3
ARTICLE EIGHT
MEMBERS -VOTING zuGHTS
Each Owner shall be a voting member of the Association, as set
forth more fully in the Declaration and bylaws of the Association.
Cumulative voting shall not be allowed in the election of directors.
THIRD: The Articles of Incorporation of the Association are hereby amended by adding
thereto the following new ARTICLE TEN and ARTICLE ELEVEN:
ARTICLE TEN
LIMITATION OF LIABILITY
No member of the Board of Directors of the Association shall have
any liability to the Association or to its members for monetary
damages for breach of fiduciary duty as a manager, except to the
extent such exemption from liability is not permitted under the
Nonprofit Act. Any repeal or modification of the foregoing sentence
shall not adversely affect any right or protection of a manager in
respect of any act or omission occurring prior to such repeal or
modification.
No member of the Board of Directors. or officer of the Association
shall be personally liable for any injury to person(s) or property
arising out of a tort committed by an employee except to the extent
such exemption from liability is not permitted under the Nonprofit
Act.
ARTICLE ELEVEN
INDEMNIFICATION
The Association shall provide indemnification either directly or
indirectly through insurance policies or otherwise, to the fullest extent
permitted by larv, for any individual who serves as a member of the
Board of Directors, officer, employee, fiduciary or agent of the
Association against liabilities and expenses asserted against or
incurred by such individual in connection with holding such position.
Such indemnification shall not extend, in any event, to any act or
omission occurring prior to the date of incorporation of the
Association.
Whenever such an individual seeks indemnification by the
Association against any liability or expenses incurred in any
threatened, pending or completed proceeding in which the individual
is a part because he or she holds or has held any such position, the
Association shall proceed diligently and in good faith to make a
determination, in the manner permitted in the Nonprofit Act, whether
indemnification is permissible in the circumstances. If
CO_DOCS_A #86528 v3
indemnification is determined to be permissible, the Association shall
indemnifu the individual to the fullest extent permissible, provided
that any indemnification for expenses shall be limited to the amount
found reasonable by an evaluation conducted in a manner permitted
by the Nonprofit Act.
This Article shall not be interpreted to limit in any manner any
indemnification the Association may be required to pay pursuant to
the Nonprofit Act, any court order, or any contract, resolution or other
commitment rvhich is legally valid.
FOURTH: The above-referenced amendments to the Articles of Incorporation of the
Association were recommended to the members by the Board of Directors, pursuant to and in
accordance with Sections 7-128-202 and 7-130-103 of the Nonprofit Act.
FIFTH: The above-referenced amendments to the Articles of Incorporation of the
Association were adopted by the members, pursuant to and in accordance with Section 7-127-
107 and 7-130-103 ofthe Nonprofit Act on ,2001.
SIXTH: The number of votes cast, which were represented by the written consent of the
members, was sufficient for approval of the amendments under the provisions of 7-130-103 of
the Nonprofit Acl
IN WITNESS WHEREOF, the Association has caused these Articles of Amendment to
the Articles of Incorporation of the Association to be signed on its behalf by its duly authorized
officer as of 2001.
VAIL MOUNTAIN LODGE OWNER'S
ASSOCIATION, INC., a Colorado
nonprofit corporation, f,4</a Vail Club
Condominium Association. Inc.
By:
Name:
Title:
ATTEST:
Secretary
CO DOCS A #86528 v3
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BYLAWS
OF
VAIL CLUB CONDOMINIUM ASSOCIATION, INC.
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TABLE OF CONTENTS
INTRODUCTION..........................1
ARTICLE l: OBJECT.....
...............3
2.4 MajorityVotc........3
3.5 Waiver ofNotice ...............4
4.12 Waiver ofNoticc .......t
5.t Designation............................9
5.t Limitations l0
ARTICLE 6: INDEMNtrICATION........................ t0
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6A Right to Impose Conditios to Indemnifiriatiotr...'......-.--..... """"12
6.5 Non-Liability ofthc Directors. B@r4 Offices and Declararf """"'lZ
ennCf,f Zt *m,rOf"mmS """"""""'12
7-l Bylarvs............ """"""""""""""12
z.Z fiiparariotofAmendments """""'13
7.3 Limiations """".''t3
ARTICLE 8: MISCELLAI'IEOUS....-.--......-..- """"""""" 13
8.1 Notice to fusociation '.........'... """"""""""""""' 13
s2 it*f"f0""ership.........'.... """"'13
8.3 Cornpliancc................-.-.......-..' """""""""""""" 13
E.4 C'luractcr of Association....'..... """"""""""""""' 13
ti ConvelanccsandEnormbrances.. """"""""""""'13
3.6 Inspe.cion of Records...'..' """"""'13
t.t Statement of Unpaid Assessments """"""""""""' 14
8.8 Limitations """""'14
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BY-I"AWS
OF
VAIL CLUB CONDOMINITJM ASSOCIATION, INC.
INTRODUCTION
These are the Bylaws of Vail Club Condominium Association" Inc. (the "Association")
which shall operate under the Colorado Revised Nonprofit Corporation Ac( as amended
("Corporation Actu), the Colorado Condominium Ownership Acq as amended (the "Act'), and the
dolorido Common Interest Ownership Acq as amended ('CCIOA'), to the extent it is applicable.
Terrns, which are defined in the Declaratioq shall have the same meanings herei4 unless
othendse defined herein. The word member or members as used in these Bylaws means and shall
refer to Unit Owne(s) or Owner in the Condominium.
ARTICLE I
OBJECT
l.l Purpose. The purpose for which the Association is formed is to:
l.l.l govern and operate the condominium project known as Vail Club
Condominiums (the 'Condominium") located in Eagle County, Colorado, in
accordance with the Corporation Acl the Act, and CCIOA
1.1.2 promote the healt\ safety, welfare, and common benefit of the Unit Owners
and residents ofthe Condominium; and
1.1.3 be and constitute the Association to which reference is made in the Amended
and Restated Condominium Declaration for Vail Club Condominiums (the
"Declaration") which is recorded in the oftice of the Clerk and Recorder of Eagle
County, Colorado, and to perform all obligations and duties ofthe Association and
to exercise all rights and powers ofthe Association, as specified therein.
1.2 Owners Subject to Bytaivs. All present or future Owners, tenants, funue tenants, or
any other person that might use in any manner the facilities of the Condominium are s:bject to the
terms and provisions set forth in these Bylaws. The mere acguisition or rental of any of the Units,
or the meie act of occupancy of any of the Units witl signiff that these Bylaws 8re accepte4'
ratified, and will be complied with-
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ARTICLE2
MEMBERSHIP. VOTING. OUORUM PRO)fiES
' 2.1 Membership. Ownership of a Unh is required in order to qualif for membership in
this Association. Any person on becoming an Owner of a Unit shall automatically become a
Member of this Association and be subject to these Bylaws. Such membership shall terminate
without any formal Association action whenever such person ceasss to own a Unig but such
termination shall not relieve or release any such former Owner from any liability or obligation to the
Association or impair any rights or remedies which the Association may have against zuch former
Owner arising out of or in any way connected with ownership of a Unit and membenhip in the
Association No certificates of stock shall be issued by the Associatiorq but the Executive Board
may, if it so elects, issue membership cards or certificates to the Owners. Such membership card or
certificates shall be sunendered to the Secretary whenever ownership ofthe Unit designated lhereon
shatl terminate.
2.2 Votinc.
2.2.1 Votes are allocated among the Members as set forth in the Declaratioa If
title to any Unit shall be held by two (2) or more persons, then each such person
shall be a Member of this Association, provided, however, that the voting rights of
such Owners shall not be divided but shall be exercised as if the Owner consisted of
only one (l) person in accordance with the proxy or other designation made by the
persons constituting zuch Owner. If only one (l) of several Owners of a Unit is
present at a meeting of the Associatiorl the Owner present is entitled to cast all the
votes allocated to the Unit. If more than one (l) of the owners are Present, the votes
allocated to the Unit may be cast only in accordance with the agreement of a
majority in interest ofthe owners. There is majority agreement if any one (l) of the
Owners casts the votes allocated to the Unit without protest being made promptly to
the person presiding over the meeting by another Owner ofthe Unit.
2.2.2 Votes allocated to a Unit may be cast under a proxy duly executed by an
Owner. If a Unit is owned by more than one (l) persoq each Owner of the Unit
may vote or register protest to the casting of votes by the other Owners of the Unit
tkough a duly executed proxy. An Owner may revoke a prory given under this
section only by actual finen notice of revocation to the person presiding over a
meeting of the Association. A proxy is void if it is not dated or purports to be
revocable without notice. A proxy terminates eleven montlu after its date, unless it
provides otherwise. The Secretary ofthe Association must bring all proxies to each
meeting where the Owners are entitled ro vote and all proxies shall be available fior
inspection by the offrcers of the Association and by any Owner in attendance at zuch
meeting. A prory need not be an Owner. All proxies must be in witing and may be
either general or for a particular meeting.
2.2.3 The vote of a corporation or business trust may be cast by any offrcer of that
corporation orbusiness trust in the absence ofexpress notice ofthe designation ofa
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specific person by the Executive Board or bylaws of the owning corporation or
business tnrst. The vote of a partnership may be cast by any general pattn€r of the
partnership in the absence of express notice of the designation of a specific person
by lhe partnership. The vote of a limited liability mmpany may be cast by any
manager of the limited liability company in the absence of express notice of the
designation of a specific person by the limited liability company. The moderator of
the meeting may require reasonable evidence that a person voting on behalf of a
corporatior\ partnership, limited liability company or business trust owner is
qualified to vote.
2.2.4 Votes allocated to a Unit owned by the Association may not be cast.
2.2.5 The Declarant" its
allocated Units owned by it.
2.2.6 Cumulative voting
permitted.
successors or assigns, may exercise the voting rights
in the eleslion of the Executive Board shall not be
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23 Ouorum. Except as otherwise provided in these Bylaws or in the Declaration, the
presence at the beginning ofany meeting ofthe Association in person or by prory ofnventy percent
(ZOoZo; of tt. votes entitled to be cast shall constitute a quorum present throughout the meeting.
2.4 Majoritv Vote. The vote of a majoriry of the Owners present in person or by proxy
at a meeting at which a quorum shall be present shall be binding upon all Owners for all purposes
except where a higher percentage vote is required in the Declaratio4 these Bylaws or by law.
2.5 Limirations. The provisions of this Article 2 are subject to the provisions of Section
8.8.
ARTICLE 3
ASSOCIATIONMEETINGS
3.1 Place of Meetings. Meetings of the Owners shall be held at the Condominium or at
such place in or out of the State of Cololado as lhe Executive Board may determine, so long as such
ahernate location is reasonably conveniirt to the Owners. Any or all of the Owners may particiPate
in any meeting of the Owners by telephonic communication or by any means of communication by
whicir all persons participating in the meeting may hear each other during the meeting. fui Owner
participating in a meeting by such means is deemed to be present in person at the meeting.
3.2 Annual Meeting. The annual meetings of the Association shall be held each year on
such date as shall be selected by the Executive Board, provided that such meeting shall ocqrr in
each year no later than six months after the end ofthe Association's fiscal year. The first annual
meeti;g shall be called by the initial Executive Board of the Association. At each annual meeting
membeis of the Executive Board shall be eleaed by ballot of the Owners in accordance with the
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provisions of Article 4 of these Bylaws. The Ovmers may tansact such other business of the
Association as may properly come before them at these meetings.
3.3 Special Meetings. Special meetings of the fusociation may be called by the
President of the Associatiott, by a majority of the members of the Executive Board, or by Ovners
having twenty percent (20%) ofthe votes in the Association
3.4 Notice of Association Meetings. It shall be the duty of the Secretary of the
Association to cause notice of meetings of the Owners of the Association to be hand-delivered or
sent prepaid by United States mail to the mailing address of each Unit or to any other mailing
address designated in writing by an Owneq not less than ten (10) nor more than fifty (50) days in
advance of a meeting. The noticc of any meeting must state the time and place of the meeting and
the items on the agenda, including the general nature of any proposed amendment to the Declaration
or to these Bylaws, and any proposal to remove an offrcer or member of the Execulive Board. The
cenificate of the Secretary of the fusociation that notice was properly given as provided in these
Bylaws shall be primg-.hgic evidence thereof
3.5 Waiver of Notice. Any Owner may, at any time, waive notice of any meeting of the
Association in writing, and the waiver shall be deemed the same as receipt of notice. Anendance by
an Owner at any meeting of the Association shall be a waiver by him of the time and place thereof
3 .6 Adjourned Meetings. If any meeting of the Association cannot be convened because
a quorum has not attended or ifthe business ofthe meeting cannot be concluded, then in that event,
a majority of the Owners who are present, either in person or by proxy, may adjourn the meeting
from time to time for periods of no longer than one (l) week until a quorum is obtained or until a
conclusion can be reached. At any such adjourned meeting, any business which might have been
transacted at the meeting as originally called may be transacted without further notice.
3.7 Order of Business. The order of business at all meetings of the Owners shall be as
follows:
3.7.1 Roll call or check-in procedure;
3.'l .2 Proof of notice of meeting or waiver of notice;
3.7.3 Reading of minutEs of preceding meeting;
3.7 .4 Reports of officers;
3.7.5 Reports of committees;
3 .7 .6 Election of members of the Executive Board (when required);
3.7.7 Unfinished business;
3.7..8 New business; and
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3.7.9 Adjournment.
3.8 Rules of Meetings. The Executive Board may prescribe reasonable rules for the
conducl of all meetings of the Executive Board and Owners and in the absence of zuch ruleq
Robert's Rules of Order shall be used.
3.9 Limitations. The provisions of the Article 3 are zubject to the provisions of Section
8.8.
ARTICLE4
E)(ECUTT\IEBOARD
4.1 Association Responsibilities. The Association has the responsibility to manage the
Common Elements and to administer the Condominiunr, in accordance with the provisions of the
Declaratiorl acting through an Execulive Board. In the event of any dispute or disagreement
between any Owners relating to the Condominium, or any questions of interpretation or application
of the provisions of the Declaration or Bylaws, such dispute or disagreement shdl be submitted to
the Executive Board. The determination of such dispute or disagreement by the Executive Board
shall, if consistent with the Declaratioq be binding on each and all zuch Owners, subject to the right
of Owners to seek other remedies provided by law after such determination by the Executive Board.
4.2 Number and Oualification. The Executive Board shall be composed of ttuee (3)
persons elected from among the Owners. In the case of Declarant or other corporate or partnership
Owners, the ofticers, directors, employees, partners or agents of such entities may be members of
the Board. The number of directors may be increased or decreased by amendment of these Bylaws;
provided, however, that the number of directors shall not be reduced to less than three (3) nor
increased to more than five (5).
4.3 Powers and Duties. The Executive Board shall have the pow€rs and duties
necessary for the administration of the affairs of the Association and for the operation and
maintenance of a mixed-use condominium proj€ct. The Executive Board may do all such acts and
things as are not by law, the Articles, these Bylaws or the Declaralion either prohibited or directed
to be exercised and done by the Owners directly.
4.4 Other Powers and Duties. The Executive Board shall be empowered and shall have
the duties as follows:
4.4.1 to administer and enforce the covenants, conditions, restric{ions, easemeflts,
uses, limitations, obligations and all other provisions set forth in the Declaration and
in the Articles and these Bylaws;
4.4.2 to establis\ make and enforce compliance with such reasonable rules and
regulations as may be necessary for the operatiorq use and occupancy of the
Condominium and the Common Elements with the right to amend same from time
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to time, provided that no such rule or regulation shall be inconsistent ''ith the
Dectaration A copy of zuch rules and regulations shall be delivered or mailed to
each Owner promPtly uPon the adoption thereo{
4.4.3 to keep in good order, condition and repair all of the Common Elements and
all items of'perional property, if any, used in the enjoyment of the entire
Condominium;
4.4.4 to obtain and maintain to the extent obtainable all policies of insurance
required bY the Declaration;
4.4.5 to periodically frx, determine, levy and collect the Assessments to be paid by
each of thg Owners towards the Common Exprntes of the Association and to adjust,
decrease or increase the amount of the Assessments, refund any excess Assessments
to the Olvners or credit any excess of Assessments over exPenses and cash reserves
to the Owners against thi nerit succeeding assessment period; to assess Periodic
Hotel Assessm.ni, to
"pptopriate
Owners ai set forth in the Declaration; to levy and
collect Special Assessmlnti in accordance with the provisions of the Declaratiorl
whenevei in the opinion of the Executive Board it is necessary to do so in order to
meet increased oierating or maintenance expenses or costs, or additional capital
expenses, or because oiemergencies, provided that all ofthe foregoing shdl be
consistent with the Declaration;
4.4.6 to impose penalties and collect Delinquent Assessments by s'rit or otherwisg
and to enjoin or seek damages from an Ownei as is provided in the Declaration and
these BYlaws;
4.4.7 to Protect and defend the Condominium from loss and damage by strit or
. otherwise;
4.4.8 to bonow funds and to give security therefor in order to pay for any^
expenditure or outlay required purr=u-t to the authority granted by the-provisions of
the Declaration or these ilylaws and to execute alt zuch instruments evidencing zuch
indebtedness as the Executive Board may deem nec€ssaly or desirable, P,to\{d94
however, (a) the Executive Board shail not borow funds. on behalf of the
Association without fiit obtaining the prior consent required for a General
Amendment to the Declaration and fu; -y ioun so obtained shall not grant a lien to
the lender upon the Common Elements or any Unit;
4.4.g to enter into contracts within the scope of their duties and Powers' Provtl$
however, that any agreement entered into while a majority of the members of the
Executive goard is- appointed by JWT or a fWT afliliate, must prwide for.
termination by either p.tty *itttout payment of a termination fee on no less than'
ninety days' notice to the btt e, purty provided further that.(A) no zuch contracl or
agreement shall be inconsistent wittr ttre Declaration unless the consent of the
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Condominium Units is obtained and (B) no contract or agreement shall be entercd
into with the owner of the Hotel Unit" the Athletic Club Unit or the Restaurant Unit
or with an affrliate thereof unless either (x) such contract or agreement is on market
terms and is terminable on not more than ninety days' notice by the Association
without penalty or (y) the prior consent of the Special Condominium Unil Ovmers
required Percentage of the Ownen of Special Condominium Units is obtained;
4.4. l0 to establish bank accounts which are interest bearing or non-interest bearing
as may be deemed advisable by the Exeortive Board;
4.4.11 to keep and maintain detailed, full and accurate books and records showing
in ckonological order all of the receipts, expenses or disbursements purs-uant to
appropriate lpecificity and itemization and to permit inspection thereof 8s is
pioUa.a in thl DeclaiatiorL and to explain and investigate any disputes of an Owner
iegarding expenses ofthe Association, as set forth in the Declaration;
4.4.12 to prepare and deliver annually to each Owner a statement showing all
receipts, exPenses or disbursements since the last zuch statement;
4.4.13 to designate and remove the personnel necessary for the operatiorq
mainlenance, repair and replacement of the Common Elements; and
4.4.14 ingeneral, ro carry on the administration of the Association and to do all of
rhose thinis necessary and/or desirable in order to carry out the goveming and
operating ofthe Condominiun; except as expressly prohibited by the AA'
4.5 Manaeing Agent. The Executive Board may employ for the Association a
Managing Agent (at a
-*rl-.*ution established by the Executive Board provided that if sltch
M;;diG ajent ii an affiliate of the owner of the Fiotel Unit, then zuch compensation must.be on
murt Jt term, and be terminable by the Association on not more than ninety days' notice withottt
p.*fryl, to perform such duties and services as it shall authorize. The Executive Board may
la.gut;.ny ofrhe powers and duties granted to it but" notwith'standing such delegatioq shall not be
relie-ved of its responsibility under the Declaratio4 the Articles or these Bylaws'
4.6 Elecrion and Term of O{ce. Members of the Executive Board shall be elected by a
majority of the Owners uJingit th;;ffi"I meeting of the members of the Association. The initial
term ofone (l) member of thi Executive Board shall be for one (1) year, the initial term of one (l)
member of the Executive Board shall be for two (2) years and the initial term of one (l) member of
the Executive Board shall be for tlree (3) years and itreteafter until such direao/s successor is duly
eleoed and qualified, unless such director is removed in the manner hereinafter provided. f! each
annual meeting the members shall elect the same number of directors whose terms are expiring at
the time of each election for a three (3) yeu term.
4.7 Vacancies. Vacancies in the Executive Board caused by any reason other than the
removal of a direaor by a vote of the Association shall be filled by election by the remaininglr
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direclors, even though they may constitute less than a quorum. Each person so elected shall serve
out the rimainder oithe term and thereafter until a successor is duly elected and qualified'
4.g Removal of Directors. At any annuat or special meeting of ttre Associatio4 duly
called any on" 19 ornloriiFfr, directors may be removed, with or without causg by the.volegf
O*it r"pr"r.nting an aggregate ownership interest of at least sixty-seven-percent (67lo) of thc
;;;;;;;nt *i "ntifid tlo .rrorc at any iuch meeting and a majority -of Owners voting at such
;;"ti"g;.y then and there elect a successor. Each person so eteAed-.shall serve out the remainder
oittre i"rm-anO thereafter until a successor is duly elected and qualified to fill the vacancy thus
created. Any director whose removal has been proposed by the Owners shall be given an
opportunity to be heard at the meeting.
4.g Organizational Meetins. The first meeting of a newly elected Executive Board shall
be held within thirty dayi of such eliction at zuch plac- as shall be fixed by the directors at the
;;ii[ "i*t;.fr zuch dir.crors were elected, and no notice shall be necessary to the newly elected
diredois in order to convene such meeting providing a majority of the new Board shall be present
at zuch election meeting.
4.10 Rezular Meetinss. Regutar meetings of the Executive Board may be held at such
time and place "*h.ll b" d.t"t ined,-from time to time, by a majority ofthe directors' but at least
*" r*t L."ings shall be held each year. Notice of regular meeiings of the Executive Board shall
U" gi.r.n to eachlirectog personally or by mail, telephone, telegraph or telecopy, at least ttree (3)
days prior to the day named for zuch meeting.
4.ll Special Meetings. special meetings of the Executive Board may be called by the
president, on tii* ;niti.tiue on ihr". (3) daysi notice to each director, given personally' oJ
-by
111.it, iet.ptrone, telegraph or telecopy, *ttict noti.. shall set forth the time, place and purpose of the
,..ii"g-'Sp.ci"l mi"tings of the iiecutive Board shall be called by the President or Secretary in
like manner and on like ,iotice on receipt of a un-inen request to call such a special meeting from at
least two (2) direaon.
4.12 Waiver ofNotice. Before or at any meeting of the Executive Board, any director
may, in writing wai* *tt.. "f t"ch meeting and such waiver shall be deemed equivalent to the
giving of zuch-;otice. Attendance by a director at any meeting of the Board shall be a waiver of
;;i#by him of the time and place ihermf. If all thidirectors are Present at any meaing ofthe
Executive Boar4 no notice sh;U be reguiired and any business maybe transacted at such meeting'
4.13 Executive Board Ouorum. At all meetings of the Executive Board, a quorum is
deemed|,.,.nt@fpersonsentitledtocastfiftypercent(50/o)ofthevotes
on that btud are present at the beginnir* of the meeting. The act ofa majority dlt"lo" P*,T:j:t^""
meeting at which a quorum is present shall be the acts of the Executive Boatd' lt at any meettng oI
the Executive Board there be less than a quorum Present, the majority of thnse present Tuy ."dj:*l
the meeting from time to time for periodsbf no longer than one (l) week until a quorum is obtaneo'
a,
"ny
*Jtr adjourned meeting any business whiih might have been transacted at the meeting 8s
originally called may be rransacted without further notice.
to
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4.14 Comoensation: Fidelitv Bonds. The mernbers of the Executive Board shall serrrc
without salary or compensation. Fidelity insurance or fidelity bonds must be maintained by the
Association to protect against dishonest acts on the part of its offrcers, direstors, trustees and
employees and on the part of all others, including arD/ manager hired by the Association, who
nanAte or are responsibll for handling the funds belonging to or administered by the Association in
an amount not less than the greater of (a) fifty thousand dollus ($50,000) or (b) the estimated
maximum of funds, including reserve funds, in the orstody of the Association or management agent
as the case may be, at any given time during the term ofeach policy as calculated from the current
budget of the Association but in no event less than a sum equal to thee -(3) months' sggr€gate
asseisments plus reserve funds. In additioq if responsibility for handling funds is delegated to a
Manager, tu.h insurance or bonds must be obtained by or for the Manager and its 9fticers,
employeis and agents, as applicable. Such fidelity insurance or bonds shall name the Association as
insurei and shalicontain waivers by the issuers of all defenses based upon the exclusion ofpersons
serving without compensation from the definition of "employees," or similar terms or expressions'
The premiums on such bonds or insurance shall be paid by the Association.
4.1 S Limitations. The provisions of this Article 4 are subject to the provisions of Section
8.8.
ARTICLE 5
OFFICERS
5.I Desienation. The officers of the Association shall be a President, a Secretary and a
Treasurer, all of whom shall be elected by the Executive Board. Further, the Executive Board may'
in its discretion, elect one or more Vice Presidents, an Assistant Secretary and/or an Assistant
Treasurer. The same person may hold the offices of Secretary and Treazurer.
5.2 Eleaion of Officers. The ofticers of the Association shall be elected annually by the
Executive Board at the organizational meeting of each new Board and shall hold office at the
pleasure of rhe Board. All officers must be members of the Association and the President must be
elected from among the Executive Board.
5.3 Berlqva!_QfQl[ggEg. Upon an alfirmative vote of a majority of the members ofthe
Executive SoatJ, any oflicer may be 5emoved, either with or without cause, and. his zuccessor
elecred at any regular meering ofthe Exicutive Board, or at any special meeting ofthe Board called
for such purpose.
5.4 President. The President shalt be elected from among the Executive Board and shdl
be the chief executive officer of the Association. The President shall preside at all meetings of the '
Association and ofrhe Executive Board. The President shall have all ofthe general powers and
duties which are usually vesled in the office ofthe president ofa non-profit corporatio4 including
but not limited to, the power to appoint commineeJfrom among the members from time to time as
may be deemed appropriate ro ririst in the conduct of the affairs of the Association or as may be
est;blished by the Eoard or by the members ofthe Association at any regular or special meetings.
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5.5 Vice President. The Vice Preiidem shatl have all of the powers and authority and
perform atl the functions and duties of the President, in the absence of the President or in the
Fresident's inability for any reason to orercise zuch powers and firnctions or perform such duties.
5.6 Seqetarv. The Secretary shall keep the minutes of all the meetings of the Exeq,rtive
Board and the minutes of all meetings of the Association;the Secretary shall have charge of zuch
bools and papers as the Exeortive Board may direct; and shall" in general perform all the duties
incident to the oftice of Secretary. The Secretary shall compile and keep up to date at the principal
ofticc ofthe fusociation a complae list of members and their last-known addresses as shown on the
records of the fusociation Such list shall also show opposite each membeCs name the number or
other appropriate designation of the Unit owned by such member, the percentage interests in the
Common Elements attributable thereto and a description of the Limited Common Elements
assigned appurtenant to each Unh. Such list shall be open to inspeclion by members and other
persons lau{ully entitled to inspect the same at reasonable times during regrlar business hours.
Assistant secretaries, if any, shall have the same duties and powers, subjea to zupervision by the
Secretary.
5.7 Treazurer. The Treasurer shall have responsibility for Association funds, shall keep
the financial records and books ofaccount ofthe Association and shall be responsible for keeping
full and accurate accbunts of all receipts and disbursements in the name, and to the credit" of the
Association in such depositories as may from time to time be designated by the Executive Board.
Assistant Treasurers, if any, shall have the same duties and powers, subject to zupewision by the
Treasurer.
8.8.
ARTICLE6
INDEMNIFICATION
6.1 Definirions. The Association shall indemni$ its officers and the members of its
Executive Board to the full extent permitted under law, norwithstanding anything contained herein
to the contrary. For puqposes ofthis Article 6, the following tenns shall have the meanings set forth
below:
6.1.t Proceeding. Any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative and whether
formal or informal;
6.1.2 Indemnified Party. fury person who is or was a party or is tkeatened to be
made a party to any Proceeding by reason ofthe faa that he is or was a director or
ofticer ofthe Association or a member of a committee formed by the Association oq
while a direoor or ofticer of the Association or a member of a committee, is or was
serving at the request of the Association as a director, offrcer, member, partner'
lrustee, employee or agent of another corporatior\ partnership, joint venture, trusl
\nUWKE\CORPI4CI.|:4O3!-DOC!325.0200r203oj41..
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Novembcr 22, 1999 l2O3 PE
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he basis
t ofthe
)unts as
liability
sasan
against
re right
i such
in each
ing: (a)
ilie or
nnified
ne and
rgainst
of any
J, and
aSsurc
:sutive
br any
gctOrS,
'urt tO
:neral
lasses
r the
undcr
thing
rnder
:r the
thing
r the
r the
to
comrnittee or other €ntefprise including without limitatio4 any employee benefit
;i;;;irh. Association foi *ti"t, -y ,u-.h p.rron is or was serving as a tru$ee, plan
idrinisttatot ot other fiduciary
Indemnification
6.2.1 Except as provided in paragaph 6'24 of this Section 6'2' the Association
shall indemnify against tiaiil-i-ty incu-nea in any Proceeding an lndemnified Party if:
I. He condusted himself in good faith;
tr. He reasonablY believed:
(a) In the case of conduct in his official capacty.with the
association that his conduct was in the fusociation's best
interest; or
(b) In all other cases, that his conduct was at least not opposed to
the Association's best interests; and
m. h the case of any criminal proceeding he had no reasonable cause to
believe his condua was unlaufirl'
6.2.2 An Indemnified Party's conduct with resPect to an employee benefit plan for
;;til; ili*ro*utv-#[""J to u" in the interests of the participants in or
beneficiaries of the Pi;lt *"a"" that sarisfies the requirements. of zub'
subparagraph Ol oi Jpatagraph tr of paragraoh 6'2 of this Seoion' tul
Indemnified Party's conduct *itt' it'pt"t to an empfoyee benefit plan for a Purpose
that he did not r".roilri'u.iil;1;b. in the inteiests of the participants in or
beneficiaries of the prin'shatl be deemed not to satisry the requirements of
zubparagraptr t of paragraph 6'2 ofthis Section
6.2.3 The termination of any proceeding by judgment' ".td*'.:tllient' or
conviction, or upon . ptet of
'noto *nttn-dt'i- * iti tquit'ottnt' -is not of iself
determinative that the iiil"ri"i'a1i nj ;a rhe standard of conduct set forth in
puagnPh 6 -2.1 of this Section'
6.2.4TheAssociationmaynotindemnifyanlndemnifiedPartyunderthisSeclion
either:
I. In connection with a Proceeding by or in the rigtrt of the Association
in which the Indemnifred Parti was adjudged liable to rhe
Association; or
tr. In connection with any proceeding charging :tp:o?"l Peforyl
benefit to the Indemnified Pafty, *titt'o oi not in*tuing action in
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7.2 Preoaration of Amendments. The President and Seoetary of the Association may
preparg execut{certi$ and record amendments to the Declaration'
7-3 Limitations. The provisions of this Article ? are subject to the provisions of Section
8.8.
ARfiCLE 8
MISCELLANEOUS
8.1 Notice to Associa'tion. Every owner shall dmeiy notis the Association of the name
and address of uny VortgilIJilhaser, iransferee or lessee of his Unit' The Association shall
maintain such information at the offrce of the Association'
8.2 Proof of ownership. Except for those owners at the date of these Bylaws, every
person thereaft., t".orninfrnffier shall lmmediately furnish to the Execuiive Board a photocopy
ii " c.nin.a copy of th-e recorded instrument vesting in that pe-rson zuch ownership, whic!
instrument shall remain in the files of the Association. A-mernber shall not be deemed to be in good
standing nor shall he be entitled to vote at any anaual or special meeting of members unless this
requirement is first met.
8.3 comoliance. These Bylaws are intended to comply with the requir-ements of the
Ad, ccloA (to the exteniapplicable), and the corporation Aa. If any provisions of these Bylaws
conflict uith the provisions of any of such Acq as the AAs may be amended from time to time' it is
hereby agreed that the provisions of the appropriate Aas will apply'
8.4 character of Association. This Association is not organized for profit' No member'
member of the ExecutiulEo.tA, offrco or Petson for whom the Association may receive any
property or funds shalt receive any pe.uni"ry profit from the operation thereof, and in no event shall
any paft of the funds or assets of if,i Xsociition be paid as salary or compensation to, or distributed
to, or inur. to the benefit o{, any of the Executive Board, offrcers or members, except upon a
dissolution of the Association, prwided, however, (1) that reasonable compcnsation may be P|{ to
;;t;;;b.;, ;r"ager, directoi, or offiier while acring as an agent or employee of the Association
foiservice rendereJin etrectingone (l) or more ofthJpurposei ofthe Association, and (2) that an{
member, manager, direcror, oi om."i may, fiom time to time, be reimbursed for his actual and
reasonable expenses incurred in conneaibnwith the adminisrration of the affairs of the Association
8.5 Conveyances and Encumbrances. Corporate property-may be purchased' *-T*y*.
or encumbered fo, ,."urity of ,n*i", bonowed by artttotiiy of the As.o"iation and/or the'
Executive Board. Conveyance or encumbrances shall be by instrument executed by the President or '
Vice President and by tie Secretary or the Treasurer oi an Assistant Seoetary or an Assistant
Treasurer, or executed by such other person or persons to whom such authority may be delegated by
.
the Board.
8.6 Inspection of Records. The Executive Board shall make all financial and other
records available fo, ,*"ti*t',on by uny Unit Owner and such Owner's authorized agents' Further'
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the Association shall make available for inspeaion during normat business hours, to any Owner,
Mortgagee, Agency, insurer or guarantor of any Mortgage and to any prospective purchaser of a
Unig cunent copies of the Declantiorl Bylaws, Articles of Incorporatio4 Rules and Regulationq
and most recent financial statements ofthe Association
8.7 Statement ofUnpaid Assessments. The Association shall furnish to a Unit Ourner or
such Unit Orvner's designee or to a holder of a security interest or its designee, upon writtcn request
delivered personally or by certified mail, first-class postage prepaid, return receipt to the
association's registered agent and payment of a reasonable feg not to exceed fifty dollars ($50.00),
a written statement setting forth the amount of unpaid assessments o:rrently levied igainst such
owner's unit. The statement shall be firmished within fourteen calendar days after receip of the
request and is binding on the associatiorl the Executive Board, and every Unit Owner. If no
statement is furnished to the Unit Owner or holder of a security interest or his or her designeg
detivered personally or by certified mail, first-class postage prepaid, retum receipt requested, to the
inquiring pady, then the Association shall have no right to assert a lien upon the Unit for unpaid
assessments which were due as of the date ofthe request.
8.8 Limitations. Notwithstanding anything to the contrary contained hereirq no vote of
the Owners shall be inconsistent with or have the effect of amending the Declaration unless the
requisite votes of Owners as is required under the Declaration is obtained and no such votc of any
Owner shall be deemed to have occuned unless such Owner shall have acrually attended a meeti$g
of the Owners and voted in favor of zuch action or if such Owner shall have consented in writing to
zuch aaion. Without limitation of the foregoing rhe failure of an Owner(s) ( a "Non-Attending
Owner") to anend any meeting of the Owners (whether or not proper notice is given thereof and
whether or not a Non-Attending Owner shall have waived notice, including a notice placing a
proposed amendment to the Declaration on the agenda) shall not permit the remaining Owners,
whether or not such remaining Owners act in accordance with the provisions of hereof, to take any
action as is covered by the preceding sentenc€ without obtaining the prior written consent of zuch
Non-Attending Owne(s).
The foregoing Bylaws were adopted by the Executive Board as of 1999.
secretary
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AMEI\DMENT TO
BYLAWS OF VAIL CLUB CONDOMINIUM ASSOCIATION, INC.
n/k/a VAIL MOLJNTAIN LODGE OWNER'S ASSOCIATION,INC.
In accordance with Section _ of the Colorado Revised Nonprofit Act and upon the
unanimous consent and ratification of the Members, the following sections of the Bylaws of Vail
Club Condominium Association, Inc. (the "Bylaws") are amended and/or restated as follows:
ONE: Pursuant to those Articles of Amendment to the
Condominium Association effective as of
Articles of Incorporation of Vail Club
2001, the name of the
Association has been changed to and is now Vail Mountain Lodge Owner's Association, Inc.
TWO: The last sentence in the Introduction to the Bvlaws is herebv amended and restated in its
entirety as follows:
INTRODUCTION
The word member or members as used in these Bylaws means and
shall refer to Owner(s), Unit Owner(s), Owners of Residence
Estate(s) and Residence Member(s) as defined in the Declaration.
THREE: Article 3 is hereby amended to add the followine sections:
ARTICLE 3
ASSOCIATION MEETINGS
3.10 Waiver of Meeting and Consent to Action/Action in Lieu
of Meeting. Whenever the vote of Owners at a meeting of the
Association is required or permitted by any provision of these
Bylaws to be taken in connection with any action of the
Association (including, without limitation, a vote on ratification of
a proposed Association budget) the meeting and vote of Owners
may be dispensed with and the action in question may be approved
if all the Owners eligible to vote conceming such matter consent in
writing to dispense with the meeting and consent in writing to the
action in question. Additionally, any action that may be taken at
any annual or special meeting of members (including, without
limitation, any ratification of a proposed Association budget) may
be taken without a meeting and through voting by mail, if the
following requirements are met;
3.10.1 a written ballot is distributed to every Owner entitled to
vote on the matter, setting forth each proposed action and
providing an opportunity to vote for or against each proposed
action;
CO_DOCS_A tt98515 v3
o 3.10.2 the solicitation for votes by written ballot (a) indicates the
number of responses needed to meet the quorum requirements for
authorization or rejection of the proposed action; (b) states the
percentage ofvotes needed to authorize or reject each matter, other
than election of the Executive Board (or, if the proposed action is
ratification of a proposed budget, states that the budget will be
ratified unless rejected by a majority ofthe total votes cast at such
meeting); (c) specifies the time by which a ballot must be received
by the Association in order to be counted; and (d) is accompanied
by written information (including, if applicable, a summary of any
proposed Association budget) sufficient to permit each person
casting such ballot to reach an informed decision on the matter;
and except for ratification of a proposed budget, the number of
votes cast by written ballot within the specified time period,
authorizing or rejecting the proposed action, equals or exceeds the
quorum required to be present at a meeting authorizing or rejecting
the action, and the number of votes in favor or against the
proposed action equals or exceeds the number ofvotes in favor or
against that would be required to authorize or reject the action at a
meeting at which the total number of votes cast was the same as
the number of votes cast by written ballot.
A written ballot provided pursuant to this Section 3.10 may not be
revoked.
FOUR: Article 4 is hereby amended as follows:
ARTICLE 4
EXECUTIVEBOARD
Section 4.2 is amended to add the following sentence:
At all times. at least one member of the Executive Board shall be
an Owner of a Residential Unit or a Residence Estate in the
Condominium.
Section 4.4.8 is hereby amended and restated in its entirety as follows:
4.4.8 to borrow funds and to give security therefore in
accordance with the Nonprofit Act.
Section 4.4 is hereby amended to add the following:
4.4.15 to institute, defend or intervene in litigation or
administrative proceedings or seek injunctive relief for violations
of the Association Documents in the Association's name. on behalf
CO DOCS A #98515 v3
of the Association or on behalf of two or more Owners in matters
affecting the Condominium Project;
4.4.16 to hire and discharge employees, independent conhactors
and agents in addition to Managers;
4.4.17 to provide for the indemnification of the Association's
officers and the Executive Board to the extent provided by law and
maintain directors' and offrcers' liability insurance;
4.4.18 to appoint any committee as required or permitted by the
Declaration or these Bylaws, and by resolution, establish
committees, permanent and standing, to perform any of the above
functions under specifically delegated administrative standards as
designated in the resolution establishing the committee;
4.4.19 to coordinate the plans of Residence Estate Owners for
moving their personal effects into and out of the Residence with a
view toward scheduling such moves, so that there will be a
minimum of inconvenience to other Members;
4.4.20 to cause each Residence to be maintained in a first class
manner and condition;
4.4.21 to acquire and hold title to all Residence Furnishings, on
behalf of all Owners of Residence Estates, and have the right to
deal with Residence Fumishings for all purposes;
4.4.22 to bill each Residence Estate Owner for the expense of
occupancy ofa Residence during which occupancy the Association
determines the individual .expenses of the particular Member,
including, but not limited to long-distance and other extraordinary
telephone charges, extraordinary repairs or charges for damage to
the Residence, its furniture, fumishings, equipment, fixtures,
appliances, and carpeting caused by a Member or his guest,
firewood, other charges rendered by the Association, Manager or
Hotel Unit Owner on behalf of the particular Member;
4.4.23 to fix, determine, levy and collect the Residence
Assessment provided for in the Declaration;
4.4.24 to establish, subject to modilication at any time, publish,
and administer the Reservation Procedures as provided for in the
Declaration and such other rules and regulations as the Association
deems necessary or desirable, specifically including but not limited
to impose and collect fines and restrictions on use and occupancy
if a Residence Estate Owner is not current on Assessments or is
CO DOCS A *985'15 v3
otherwise in violation of the provisions of the Association
Documents;
4.4.25 to prepare the Residence Calendar; and
4.4.26 to enforce the remedies for non-payment of the Residence
Assessments set forth in the Declaration.
A new Section 4.16 is hereby added as follows:
4.16 Executive Sessions. All meetings of the Executive Board,
at which action is to be taken by vote, will be open to the Owners,
except that meetings of the Executive Board may be held in
executive session(s), without giving notice and without the
requirement that they be open to Owners, in the following
situations:
4.16.1 matters pertaining to employees of the Association or
involving the employment, promotion, discipline or dismissal of an
officer, agent, or employee of the Association;
4.16.2 consultation with legal counsel concerning disputes that are
the subject of pending or imminent court proceedings or matters
that are privileged or confidential between attomey and client;
4.16.3 investigative proceedings concerning possible or actual
criminal misconduct;
4.16.4 matters subject to specific constitutional, statutory, or
judicially imposed requirements protecting particular proceedings
or matters from public disclosure; and
4.16.5 any matter the disclosure of which would constitute an
unwarranted invasion of individual privacy.
A new Section 4.17 is hereby added as follows:
4.17 Actions bv Consent. Notwithstanding anything to the
contrary set forth herein, The Executive Board shall have the right
to take any action in the absence of a meeting which they could
take at a meeting by obtaining the written approval of all members
of the Executive Board. Any action so approved shall have the
same effect as though taken at a meeting of the Executive Board.
All or some of the mernbers of the Executive Board may
participate in a meeting by means of a conference telephone or
similar communications equipment by which all persons
participating in the meeting can hear each other at the same time.
CO_DOCS_A #98515 v3
Such participation shall constitute presence in person at the
meeting.
FIVE: Article 5 is hereby amended by the addition of the following section:
ARTICLE 5
OFFICERS
Section 5.9 Execution of Instruments. All agreements, contracts,
deeds, leases, checks, notes and other instruments of the
Association may be executed by any person or persons as may be
designated by resolution of the Executive Board, including the
Manager. Any officer may prepare, execute, certiS and record
duly adopted amendments to the Declaration on behalf of the
Association.
SIX: Article 6 is hereby amended and restated in its entirety as follows:
ARTICLE 6
INDEMNIFICATION
The Association shall indemniff its officers and the members of
the Executive Board to the full extent permitted by Article 134, as
amended and superceded from time to time, of the Nonprofit Act.
SEVEN: Article 7 is herebv amended and restated in its entiretv as follows:
ARTICLE 7
AMENDMENT
7.1 Amendments. These Bylaws may be amended by a vote of
a majorify of a quorum of the Executive Board at a regular or
special meeting of the Executive Board. These Bylaws may be
amended at any regular meeting of the Owners or at any special
meeting called for the purpose of amending the Bylaws, by the
affrrmative vote of a majority of a quomm of Owners present at the
meeting in person or represented by proxy and eligible to vote.
Any amendment shall be binding upon every Owner. Any
provision of these Bylaws adopted at a regular or special meeting
of the Owners may thereafter only be amended at a regular or
special meeting of the Owners. The Owners shall have no power
to amend the Bylaws in such a manner as to materially change the
configuration or size of any Unit, to materially alter or modiff the
appurtenances to any Unit, or to change the proportion or
percentage of any Ownels interest in the Common Elements,
without the unanimous consent of all Owners directly affected
thereby. No amendment shall serve to shorten the term of any
CO-DOCS-A #98515 v3
member of the Executive Board, or conflict with the Articles of
Incorporation of the Association or the Declaration.
7.2 Conflict between Documents. In the case of any conllict
between the Rules and Regulations and the Articles of
Incorporation of the Association, these Bylaws, or the Declaration,
the Articles of Incorporation of the Association, these Bylaws or
the Declaration shall control. In the case of any conflict between
the Articles of Incorporation of the Association and these Bylaws,
the Articles of Incorporation of the Association shall control. In
the case of any conflict between the Declaration and these Bylaws
or the Articles of Incorporation of the Association, the Declaration
shall control.
EIGHT: Article 8 is hereby amended by the addition of the following sections:
ARTICLE 8
MISCELLANEOUS
8.9 Roster. In addition to keeping the other records listed in
these Bylaws, the Association shall annually compile a roster of
the name and address of each of its Members (the "Roster"). The
Association shall provide a copy of the Roster to any Member
upon: (i) receipt of a written request from such Member, stating the
reason for the request; and (ii) execution by the Member, and
receipt by the Association, of a confidentiality agreement and
affidavit ("Confidentiality Agreement"), in a form reasonably
acceptable to the Association, stating that the Roster will be used
only for purposes reasonably related to the Member's interest in the
Association. Each Member who requests and receives a copy of
the Roster thereby agrees that he or she will not make any
commercial use of the Roster and will not distribute a copy of the
Roster or any portion thereof to any third party. The Association
may establish and charge a reasonable fee for processing and
issuance of any Roster requests and Confidentiality Agreements,
and payment ofany expenses associated therewith.
8.10 Comorate Seal. The Association may have a seal or stamp
in circular form having within its form the words: "Vail Mountain
Lodge Owner's Association, Inc."
8.1 1 Fiscal Year. The fiscal year of the Association shall begin
on the first day of January and end on the 3 I st day of December of
every year. The Executive Board may by amendment to the
Bylaws establish a different fiscal year for the Association.
CO_DOCS_A #98515 v3
8.12 Rules and Regulations. The Executive Board shall have the
right to establish, amend, and enforce, from time to time, such
Rules and Regulations as the Executive Board may deem
necessary and appropriate for the management, preservation,
safety, control, and orderly operation of the Condominium for the
benefit of all Owners and Occupants, and for facilitating the
greatest and most convenient availability and use of the Common
Elements by Owners and Occupants. Such Rules and Regulations
may include a system of late charges and/or interest for untimely
payment of Assessments, fees for review by the Association of
matters required under the Declaration, and fees and fines for
noncompliance with the Rules and Regulations and other
obligations set forth in the Declaration and these Bylaws. The
Executive Board shall provide notice of the adoption or
amendment of any Rules and Regulations and make such amended
Rules and Regulations available for inspection by all Owners,
Occupants, contract purchasers and eligible first mortgagees during
convenient weekday business hours at the principal office of the
Association. Such Rules and Regulations may, to the extent not in
conflict with the provisions of the Declaration, the Articles of
lncorporation of the Association and these Bylaws, impose
reasonable restrictions upon the use and occupancy ofany portion
of the Condominium Project as the Executive Board, in its sole and
absolute discretion, deems necessary and appropriate. Each Owner
agrees that all his or her ownership rights shall be in all respects
subject to the Rules and Regulations, and each Owner agrees to
obey such Rules and Regulations as the same may lawfully be
amended from time to time, and to ensure that the same are
faithfully observed by occupants of his or her Unit. Each person
who comes within the Condominium Project shall be subject to the
Rules and Regulations for the duration of his presence therein. A
copy of the Rules and Regulations, as amended from time to time,
shall be made available to Owners, Occupants, contract purchasers
and eligible first mortgagees upon request and payment of a
reasonable fee.
8.13 Rights and Privileges of Members. No member shall have
the right, without the prior approval of the Board, to exercise any
of the powers or to perform any of the acts delegated to the Board
by these Bylaws or the Declaration. Each member shall have all of
the rights and privileges, including but not limited to property
rights and easement rights ofaccess over and use and enjoyment of
the Common Elements, granted to the members by the Declaration,
subject to such limitations as may be imposed in accordance
therewith.
Co_Docs_A #98515 v3
8.14 Suspension of Rights. The Association shall have the right
to suspend the rights and privileges of an Owner as a member of
the Association for the period during which any Assessment owed
by such Owner remains unpaid and delinquent.
NINE: A new Article 9 is herebv added as follows:
ARTICLE 9
COMMITTEES
The Executive Board may appoint such committees as deemed
appropriate which, to th€ extent provided for in the resolution
appointing such committee and allowed by law, shall have the
powers of the Executive Board in the management and affairs and
business of the Association.
The undersigned Secretary of the Association does hereby certify that the above and
foregoing Amendment to Bylaws was duly adopted by the unanimous vote and consent of the
members of the Associatron on 2001.
Secretary
CO_DOCS_A #98515 v3
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ASSOCIATION BUDGET
TO BE PROVIDED
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VAIL MOUNTAIN LODGE
OWNERS ASSOCIATION, INC.
RULES, REGULATIONS AI\D RESERVATION PROCEDURES
FORTHE RESIDENCES
THESE RULES, REGULATIONS, AND RESERVATION PROCEDURES FOR THE
RESIDENCES (these "Residence Rules"), are promulgated and effective as of the _ day
of 2001 (the "Effective Date").
ARTICLE I INTRODUCTION
These Residence Rules govern the reservation, use and occupancy ofthe Residences at
Vail Mountain Lodge located in the Vail Club Condominiums, Town of Vail, Colorado (the
"Residences"). They shall remain in effect until amended by the Board of Managers of the Vail
Mountain Lodge Owners Association, Inc. (the "Association"), and shall apply to and be binding
upon all Owners and Occupants of the Residences. Owners and Occupants of the Residences
shall at all times comply with these Residence Rules and use their best efforts to ensure that such
Residence Rules are fully and faithfully observed by other Owners and Occupants. These
Residence Rules are subordinate to the Amended and Restated Condominium Declaration for the
Vail Club Condominiums, as amended from time to time (the "Declaration"). in the event of
any conflict between these Residence Rules and the Declaration, the Declaration shall control.
ARTICLE 2 DEFINITIONS
Unless otherwise specifically defined in the Residence Rules, all terms used in these
Residence Rules have the meanings given to them in the Declaration. For your convenience in
reading and understanding these Residence Rules, certain key definitions contained in the
Declaration are also set fonh belorv, together with some additional definitions:
Section 2.1. "Fixed Residence Week" means the annual right a Residence Mernber to
use and occupy a specified Residence for a certain Residence Week during the Winter Season
and the Summer Season as assigned on the Member's deed to his or her Residence Estate.
Section 2.2. "Floating Residence Weeks" means those annual pre-reserved Residence
Weeks when a Member can use the Residence or send Unaccompanied Guests to use the
Residence at no additional charge, except for published housekeeping fees and incidental
charges, as outlined in Section 5.3 below. Members have the opportunity to reserye Floating
Residence Weeks based on the number of Fixed Residence Weeks owned as shown in the
following chart:
FixedResidenceWeeks(Winter): 2 3 4 5 6 7 8 9 l0
FixedResidenceWeeks(Summer): I I 2 2 3 3 4 4 5
FloatinsResidenceWeeks: L ? Z 1 1_ 4 ! t t
CO_DOCS_A #82569 v7
Total Residence Weeks:46810 12 14 16 1820
Floating Residence Weeks may be reserved only during the Reservation Period.
Section 2.3. "Float Season" means the period of ten (10) Residence Weeks available
for the reservation of Floating Residence Weeks by Members during the periods from (i) 5
weeks immediately prior to the beginning of the Summer Season and (ii) 5 weeks immediately
following the end of the Summer Season. The Association will determine and annually publish
the exact opening and closing dates for each Float Season.
Section 2.4. "lVlembership Group Letter" Each Member will receive a Membership
Group Letter upon the close of his or her purchase in a given Residence. For example, upon the
sale of all Residence Estates in a Residence, there will be up to ten (10) Membership Groups (A-
J) that will be utilized by the Rotational Reservation System in allocating Floating Residence
Week times. Each Member with a Residence Estate in a Residence will be assigned a
Membership Group Letter at the time of purchase corresponding to the time of purchase (i.e. the
first buyer of a Residence Estate in Residence No. 1 will receive "A", the second buyer of
Residence Estates in Residence No. I will receive "B", and so on). Until all Residence Estates
have been sold, the size ofeach group and number ofgroups may fluctuate, but the usage
described herein will not be affected. The assigned Membership Group Letters will never
change.
Section 2.5. "Occupant" means any member of an Owner's family or an Owner's
guests, invitees, servants, tenants, employees,, or licensees who occupy a Residence or are on the
Project in connection with the Owner's Residence Estate for any period of time.
Section 2.6. "Resen'ation Period" means the 30-day period from February I't to
March 1" of each year, during which Members can reserve their Floating Residence Week(s) for
the upcoming Float Season.
Section 2.7. "Residence Estate" means an undivided interest as tenant-in-common in
the present estate in fee simple in a specified Residence together with an exclusive right to
possession and occupancy of such Residence during (i) the Fixed Residence Weeks assigned to
the Member in the deed conveying such Member's Residence Estate; and (ii) a specilted number
of Floating Residence Weeks resen'ed by the Residence Member pursuant to these Residence
Rules, A Residence Estate includes privileges for the Residence Member, his or her spouse, and
those dependent children designated in writing by the Member.
Section 2.8. "Residence Member" or "Member" means the Owner vested with legal
title to a Residence Estate.
Section 2.9. "Residence Week" means a period of exclusive possession and
occupancy of a Residence as assigned to the Member by deed or properly reserved pursuant to
the Residence Rules. Residence Weeks for each Residence are established each year for the
dates set forth in the Residence Calendar. Residence Weeks will consist of seven (7) consecutive
days beginning on a Saturday with arrivals and departures to occur on Saturdays.
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Section 2.10. "Residence Year" means the period from November I't each year to
October 3 ltt of the succeeding year.
Section 2.1l. "Rotational Reservation System" - A Rotational Reservation System
has been established to insure that the floating use of the Residences by its Members is fair. This
system is described further in Schedule I and includes an illustration ofthe rotating process.
Section 2.12. "Sleeping Capacity" means the number of persons permitted to lodge in
a Residence. The Sleeping Capacity of a Residence is the number of bedrooms times two, plus
the number of sleeper sofas times two. Infants are not included in the Sleeping Capacity count
and, ifadditional sleeping space is requested, rollaway beds are available (and will increase
Sleeping Capacity by the number of rollaway beds requested).
Section 2.13. "summer Season" means the period of ten (10) Residence Weeks
beginning in late-June ofeach year and ending in early September ofeach year. The Association
will determine and publish annually the exact opening and closing dates for each Summer
Season.
Section 2.14. "Unaccompanied Guest" means any guest who lodges in a Residence
without a Member during a Member's Fixed Residence Week or a confirmed Floating Residence
Week at the request of such Member. A Member requesting lodging for an Unaccompanied
Guest (a "Sponsoring Owner") must provide the Association's reservation office with written
notice of the Unaccompanied Guest's name, address and telephone number at least l4 days prior
to such guest's arrival so that the Association's reservation office can send a notice to that
Unaccompanied Guest, confirming the terms of their stay at the Residence. Unaccompanied
Guests are required to pay all extraordinary housekeeping fees and incidental charges upon
checkout unless payment has been arranged in advance by the Sponsoring Owner. The
Sponsoring Owner is responsible for any damages to Project facilities caused by their
Unaccompanied Guests. The number of persons lodged with an Unaccompanied Guest in a
Residence cannot exceed the Sleeping Capacity. An Unaccompanied Guest may only use the
Residence during a Member's Fixed Residence Weeks or confirmed Floating Residence Weeks.
Section 2.15. "Winter Season" means the period of twenty (20) Residence Weeks
beginning no later than the published winter opening date of the Vail Ski Resort and ending no
earlier than the published rvinter closing date of the Vail Ski Resort (usually between mid-
November of each year and early April of the following year); provided, however, if a greater
number of weeks is required to give each owner of a Residence Estate his or her Fixed Residence
Week, the Winter Season shall be extended the required number of additional weeks. The
Association will determine and publish annually the exact opening and closing dates of each
Winter Season.
ARTICLE 3 RESERVATION PROCEDURES
Section 3. I . General Procedures. The Residence reservation procedures have been
designed to insure that all Members have equal access to their Residence during the Float
Season, and have been carefully formulated in an attempt to be fair and equitable to all Members.
CO DOCS A #82s69 vz
Section 3.2. Float Season Reservations
3.2.1. Reservation Forms. On or before Februarv lttof each year the
Association's reservation office will mail to all Members, a reservation form, requesting that
Members select Floating Residence Week dates for the upcoming Float Season. Each Member's
Group Letter will be noted on that form by the Association's reservation office. lf the reservation
form is not received by the Member by Februarv l4th, the Member should immediately notifu
the Association's reservation office.
(a) On or before March l" of each year Members will have returned
the completed reservation forms for the Float Season to the Association's
reservation office. It is the Member's responsibility to complete and return the
reservation form by March ltt to preserve priority rights for the upcoming Float
Season. If the reservation forms are received after March 1", they will be handled
on a first-come, first-served basis after the reservation forms received in a timely
manner have been processed.
3.2.2. Priority Assignment of Residence Weeks. OnMarch 2nd, the Association's
reservation offrce will begin booking each Member's requested Floating Residence Weeks by
utilizing the Rotational Reservation System, as illustrated in Schedule 1. This will be done as
follows:
(a) First Residence Week - The Association's reservation office will
initially book each Member's first requested Floating Residence Week. If
demand for a time period happens to exceed the supply of lodging, thenthe lowest
Membership Number in this priority Group at that time will be confirmed first.
(b) Subsequent Residence Weeks- After the first Floating Residence
Week is confirmed for all Members in a given Residence, reservations are then
confirmed for additional Residence Weeks. During this confirmation process for
each Member's second Residence Week, Members wishing to book their two
Residence Weeks consecutively, may do so at this time. When demand for
certain dates exceeds lodging supply, the Memberships with the highest
Membership Number in this priority Group at that time will be confirmed first.
3.2.3. Written Confirntation By March l5th, the Association's reseryation office
sends written confirmation of the reserved Floatins Residence Weeks to each Member.
Section3.3. Miscellaneous
3.3.7. Resenatiotr Request. Except as otherwise provided herein, all written
reservation forms and requests shall be sent to the Association's reservation office via first-class
CO DOCS A 1182569 v7
mail at the following address, or at such other address as the Association
designates from time to time by written notice to all Members:
Vail Mountain Lodge Owners Association, Inc.
c/o
Vail, Colorado 81657
Attention: Residence Reservations
Phone:
Fax:
Each Member shall designate one individual who carries the responsibility of submitting
the reservation form to the Association's reservation offices in a timelv manner to secure their
priority bookings.
3.3.2. Cancellation/Failure to Cancel or Use. If a Member wishes to cancel a
Floating Residence Week, but retain the usage rights associated with the canceled Floating
Residence Week, a written request for cancellation must be received by the Association's
reservation office, at least l4 days prior to the Member's scheduled arrival at the Residence. If
the notice of cancellation is not received in writing at least l4 days prior to the scheduled arrival,
the Association will deem all of the Floating Residence Week days for which proper notification
was not received to have been used. There is no guarantee that, even ifproper notice of
cancellation is given, the canceling Member will be able to secure another reservation in that
same Residence Year, unless another Member is deemed to have used the entire Residence Week
for which tlre reservation was made, or another Member reseryes that Residence Week after
notice of cancellation was received, in which case the canceling Member is entitled to request the
reservation of another Residence Week in the same Residence Year on a space-available basis.
(a) No Carrv Forward of Use Rights. It for whatever reason, a
Residence Member, members of his or her family, his or her guests, tenants,
licensees or invitees do not use the Residence Week(s) that such Member is
entitled to reserve or use in a particular Residence Year, the unused time cannot
be accumulated and carried forward for future use at the Residence, and such
Member shall remain responsible for complying with all of the provisions of the
Declaration and Residence Rules, including but not limited to the payment of all
Assessments and other amounts levied by the Association against his or her
Residence Estate.
(b) Amendments. As permitted in the Declaration and Association's
Bylaws, the Association reserves the right to alter these reservation procedures
from time to time as conditions warrant. Changes that intentionally discriminate
against use of any category of Residence Estates are not permitted.
ARTICLE 4 TRANSFER, LEASE AND INTERNAL EXCHANGE
Section 4. I . Transfers. All transfers of Residences and Residence Estates shall be
govemed by the terms, conditions and restrictions contained in the Declaration and these
CO DOCS A #82569 v7
Residence Rules. Immediately upon any transfer of a Residence or a Residence Estate as
permitted by the Declaration, an Owner shall give written notice thereof, by registered or
certified mail, to the Association. The written notice shall state the name and address of the
transferee and shall be accompanied by a non-refundable adminisffative fee of one hundred
dollars ($100.00). Said notice shall also be accompanied by a true and correct copy ofthe
applicable recorded deed or other instrument of transfer, pursuant to which title is vested in the
new Owner. Upon any transfer, whether by foreclosure or otherwise, the transferee must pay or
cause its seller to pay any delinquent Assessments and late penalties.
Section 4.2. No Transfers. Except as to a transfer to a First Mortgagee by foreclosure
or deed in lieu of foreclosure, no transfer of a Residence or a Residence Estate shall be permitted
unless and until the proposed transferor is current as to all Assessments due to the Association
and is otherwise not in default under any other provision of the Declaration. Any purported
transfer of a Residence or a Residence Estate while an Owner is delinquent or is in default on
any other obligation shall be null and void.
Section 4.3. Leases. A Member may rent or lend his or her Residence Estate in a
Residence during Fixed Residence Weeks and confirmed Floating Residence Weeks. Such
Occupant will be deemed an Unaccompanied Guest of the Member under these Residence Rules.
Any lease, license, use or occupancy agreement of a Member's Residence Estate shall be subject
to these Residence Rules and shall contain a covenant to the effect that the Occupant shall
comply with these Residence Rules and all Rules and Regulations of the Association then in
effect.
Section 4.4. Internal Exchan.qing of Floatine Residence Weeks. Members may
exchange their confirmed Floating Residence Weeks with other Members. Members will be
provided a reservations calendar after Floating Residence Weeks have been confirmed for the
Float Season. Exchanges should be arranged directly between Members. Written notice of an
exchange must be provided to the Association's reseryation offices at least 14 days prior to the
arrival date of the Member using the earliest Floating Residence Week involved in the exchange.
ARTICLE 5 PAYMENT OF RESIDENCE ASSESSMENT AND OTHER FEES
Section 5. I . Pavment Dates. Payment of the annual Residence Assessment shall be
due in four, quarterly installments, on January ltt, April 1", July Itt, and October ltt of each
year. The Association shall bill each Member quarterly, and shall (if necessary) provide an
estimate of any Residence Assessment that will be due prior to the commencement of a
Member's Residence Week, at the time that a reservation request is made for such week in
accordance with Article 3, above. A Member's failure to receive a bill shall not excuse payment
of an installment. In addition to all other remedies set forth in the Declaration and Residence
Rules, failure to pay an installment within thirty (30) days of its due date shall result in the
addition of a late fee in the amount of five percent (5%) of the unpaid fee. All unpaid
installments and late fees shall bear interest at the rate set forth in Section 12.6 in the
Declaration, until the unpaid installment(s), late fees and accrued and unpaid interests are paid.
Section 5.2. No Reservations. The Association will not allow a Member to make a
reservation or to occupy a Residence and, upon notice, may cancel any reservation previously
CO DOCS A #82569 v7
made by the Member, if the Member is delinquent on his or herpayment of Residence
Assessments.
Section 5.3. Use Fees. ln addition to Residence Assessments, Members shall be
charged fees for extraordinary housekeeping services (as described in Section 6.3 below), as well
as other incidental charges attributable to the day-to-day occupancy at the Residence, such as
long distance telephone charges and postal charges ("Use Fees"). Unless a Member makes prior
arrangements with the Association, Unaccompanied Guests shall be charged Use Fees upon
Check-Out Time. Use Fees will be set at rates established by the Association and distributed to
Members each year, along with such Member's Floating Residence Week reservation forms and
will generally be based on the actual cost of such incidental charges and services plus a _o/o
administrative charge for housekeeping services.
Section 5.4. Cumulative Remedies. All of the remedies granted by the Declaration and
Residence Rules, specifically including the specific remedies provided for in this Article are
cumulative, and the exercise of one right or remedy by the Association shall not impair the
Association's right to exercise any other remedy. The Association shall not be limited to the
remedies set forth herein and may invoke any other or additional remedies provided for or
allowed by the Act, in law or in equity.
ARTICLE 6 OCCUPANCY OF RESIDENCES
Section 6.1. Check-In and Check-Out Time. Check-in time shall be 4:00 p.m.
("Check-In Time") Saturdays, on the first day of any Residence Week. All Members and
Occupants shall vacate and remove all personal belongings from their Residences no later than
l0:00 a.m. ("Check-Out Time") on the last day of their Residence Weeks. The six (6) hour
period between Check-Out Time and Check-In Time is to permit the routine cleaning and
maintenance of Residences by the Association. Horvever, a Member or Occupant rvho has
reserved or is otherwise entitled to consecutive Residence Weeks in the same Residence shall not
be required to vacate his or her Residence during the period of time between such Check-Out and
Check-In Times. Exceptions to the arrival and departure times may be made at any time by the
Manager.
Section 6.2. Failure to Vacate. If a Member or Occupant fails to vacate his or her
Residence at the prescribed time, the Association shall take such prompt action as may be
necessary to remove such Member or Occupant, together with the personal belongings thereof,
from the Residence wrongfully occupied. In addition, such Member will be responsible for
whatever liquidated damages, costs and expenses are incurred by the Association in connection
with such wrongful occupancy as described in the Declaration and these Residence Rules.
Except for belongings left in the Residences' personal soft-storage facilities, neither the
Association nor the Manager shall be liable or responsible in any manner whatsoever for the
value ofany personal eflects left in a Residence or elsewhere in or about the Project at the end of
a Residence Week. All such personal effects shall be considered abandoned and may be sold or
otherwise disposed of by the Association.
Section 6.3. Housekeeping Service. In general, housekeeping services will be
provided to ensure that each Residence is clean and neat at the start of a Member's or Occupant's
CO_DOCS_A #82569 v7
Residence Week. The Association shall provide a mid-week "touch-up" as well. However, if a
Member or Occupant desires additional housekeeping services, or causes additional cleaning or
housekeeping services to be required over and above that which would ordinarily be provided,
then such Member or Occupant may be charged a Use Fee for such additional service.
Section 6.4. Kevs; Access Cards. Each Member and Occupant shall retum to the
Manager upon Check-Out all keys and access cards to his or her Residence. Members and
Occupants shall be responsible for all lost keys and cards. No Member or Occupant shall alter
any lock or install a new lock on the door or access of any Residence or portion of the Project.
Section 6.5. Emergencies. In case of an emergency originating in or threatening the
condition ofany Residence, portion ofthe Project or Residence Furnishings, or the health or
safety ofany person, the Association, through an authorized representative thereof, including but
not limited to the Manager, shall have the right to enter any Residence for the purpose of
remedying or abating such emergency. In order to facilitate such right of entry, the Association
and the Manager may retain a pass key to each Residence.
Section 6.6. Proiect Vehicles. In its discretion, the Association may make Project
vehicles available to transport Members and Occupants, while in residence, within the Vail
Valley at no charge on a first-come first-served basis.
Section 6.7. Personal Property. Except while in residence, the personal property ofall
Residence Members shall be stored within the Residences'personal soft-storage facilities. The
Association and Manager shall not be responsible for any belongings left by an Owner or
Occupant in an undesignated location, including within Residences.
ARTICLE 7 GENERAL USE RESTRICTIONS
Section 7.1. Obstruction of Common Elements. There shall be no obstruction of, nor
shall anything be stored in, the Project without the prior written consent of the Association or the
Manager. No garbage cans, supplies or other articles of any kind shall be placed on the patios,
decks, balconies or entry ways, nor shall any linens, cloths, clothing, curtain, rugs, mops, laundry
or other articles be shaken or hung from any windows, doors, patios, decks, balconies or entry
ways, or be exposed in any part ofthe Project. The Project shall be kept free and clear ofrefuse,
debris and other unsightly material. No fire exits shall be obstructed.
Section 7.2. Exterior Surfaces of Buildin.qs. Except as otherwise may be expressly set
forth in the Declaration, no sign, advertisement, notice, other writing, awning, canopy, shutter,
screen, radio or television antenna, or other object shall be displayed ftom, affixed to or placed
upon the exterior walls, windows (both exterior and interior), doors or roofs of the Residences or
from, to or upon any portion of the Project without the prior written consent of the Association or
the Manager. The exterior of the Residences and the Project shall not be painted, decorated or in
any manner modified without the prior written consent of the Association, which consent may be
withheld on purely aesthetic grounds, in the Association's sole discretion; provided, however,
that the Declarant under the Declaration shall have such rights with respect thereto as are granted
bv the Declaration.
CO DOCS A #82569 v7
Section 7.3. Storage in Common Elements. While in residence, the personal properfy
of all Owners and Occupants shall be stored within their Residences. No Owner or Occupant
shall place or store baby carriages, playpens, wagons, toys or fumiture on any part of the Project,
except in those areas that may expressly be provided for such purpose. No Owner shall store or
leave any boats, trailers, bicycles, mobile homes or other recreational vehicles anywhere within
the Project, except in such areas, if any, as may specifically be designated for such items and as
expressly approved in advance by the Manager or the Association.
Section7.4. ProhibitedActivities
7.4.1. No industry, business, trade, occupation or profession of any kind,
commercial, religious, educational or otherwise, shall be conducted, maintained or permitted
within the Project, other than those conducted by Declarant or the Association, sr otherwise
expressly permitted by the Declaration or these Residence Rules, as the same may be amended
from time to time. Absolutely no solicitation shall be permitted at the Project, unless specifically
authorized in writing by the Association except for solicitation by Declarant in connection with
its marketing of Residence Estates, Residences and Condominium Units.
7.4.2. No Owner or Occupant shall allow anything whatsoever to fall from the
windows, patios, decks, balconies, entry ways or doors of the Residence, nor shall he or she
sweep or throw from his or her Residence any dirt or other substances outside ofhis or her
Residence or in the Common Elements of the Project.
7.4.3. No Owner or Occupant shall direct, supervise or in any manner attempt to
assert control over the employees or other agents of the Manager or the Association.
7.4.4. No Owner or Occupant of a Residence shall make or permit any disturbing
noises or offensive odors, nor do or permit anything that will interfere with the rights, comfort
or convenience of the other Owners and Occupants. No Owner or Occupant shall play upon or
suffer to be played upon any musical instrument, or operate or suffer to be operated a stereo,
television, radio or sound amplifiers in his or her Residence in such manner as to disturb or
annoy other Owners or Occupants. The Association shall have the right to abate all nuisances in
or about the Project.
7.4.5. No radio, television installation or other wiring shall be made without the
prior written consent of the Association.
7.4.6. No barbecue grills of any type may be used on balconies, decks, or patios,
within a Residence or on the Common Elements except in areas specifrcally designated for such
use, ifany.
7.4.7. No inflammable, combustible, explosive or otherwise dangerous fluid,
chemical or other substance (including, without limitation, fireworks) shall be kept in any
Residence, except such as are required for normal household use. Owners and Occupants shall
not allow any illegal materials or substances to be brought upon the Project or kept in the
Residences.
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Section 7.5. Disposal of Refuse. Refuse and bagged garbage shall be deposited only in
areas as are expressly provided for such purpose.
Section 7.6. Conduct of Occupants. Owners and Occupants shall be responsible for the
conduct of members of their families, their guests, tenants, invitees and licensees. Owners and
Occupants shall ensure that such persons' behavior is neither offensive to any Owner or
Occupant nor damaging to any Residence or portion of the Common Elements or Residence
Fumishings. All Owners and Occupants are encouraged to observe quiet time in and about the
Residences from l0:00 p.m. each evening to 8:00 a.m. the next moming.
Section 7.7. Complaints: Violations. Complaints regarding the operation and
maintenance of the Project and violations of these Residence Rules should be made or reported,
in writing, to the Manager or the Association.
Section 7.8. No Pets. No pets or animals of any kind may be kept in any Residence or
elsewhere within the Project, except properly licensed and certified service animals for disabled
persons.
Section 7.9. No Smokin.q. No smoking is permitted in the Residences or the Project
interior Common Elements. Members smoking in exterior areas will comply with all Residence
Rules, including without limitation disposal of refuse and prohibition against offensive odors.
Section 7. 10. Parking. No parking shall be permitted within the Project, except in
designated parking areas and during time restrictions adopted by the Association.
ARTICLE 8 INSPECTION OF ASSOCIATION RECORDS
All records maintained by the Association or the Manager are available for examination
and copying by an Owner or by his or her duly authorized attorneys, at the expense of the Owner
requesting such examination or copies, during normal business hours. Any Owner who seeks to
inspect and copy any ofthe Association's books or records, whether pursuant to the provisions of
the Association's Bylaws or any applicable provision of law, shall make such request in writing
to the Manager at least five (5) business days prior to the date on which such inspection is
sought. Personal inspection ofthe Association's books and records can be arranged by
appointment with the Manager during the Manager's regular business hours.
ARTICLE 9 DEATH, DIVORCE AND BANKRUPTCY
Section 9. I . Death. Upon the death of an Owner who held a Residence Estate as a
tenant in common with one or more other Owners, the surviving Owner(s) shall within thirty
(30) days of the death of an Owner provide written notice to the Association of the death, and the
rutme and address of the personal representative of the estate of the deceased Owner. If the
deceased Owner held the a Residence Estate as ajoint tenant, the survivingjoint tenant shall
within thirty (30) days of the death of the Owner provide notice of the death to the Association
and a copy of the death certificate. The Association may record the death certif,rcate and an
afftdavit stating that the deceased was a joint tenant in the a Residence Estate.
CO OOCS A #82569 v7 l0
Section 9.2. Dissolution. In the event. of a dissolution of marriage or of a legal
separation of a co-Owner resulting in a new disposition of the a Residence Estate, the L 'ners
shall within thirty (30) days of the date the dissolution of marriage or legal separation is final,
provide written notice to the Association that a dissolution of marriage or legal separation has
occurred. The written notice shall also contain an explanation of the provisions in the final
separation agreement dealing with disposition of the a Residence Estate.
Section 9.3. Bankruptcv. Any Owner who voluntarily or involuntarily files for
bankruptcy shall provide written notice to the Association of the bankruptcy in accordance with
the rules of the Bankruptcy Court.
Section 9.4. Enforcement. If an Owner fails to provide notice of any of the events for
which notice is required by this Article, the Association shall assess a fine of fifty dollars
($50.00) for which such information was not provided. Such fine, if not timely paid shall accrue
default interest at the rate set forth from time to time in the Residence Rules for nonpayment of
assessments. The Association shall have the authority to waive the fifty dollars ($50.00) f,rne if
in the Association's discretion the circumstances rvarrant the waiver.
ARTICLE 10 MISCELLANEOUS
Section l0.l . Additional Residence Rules; Amendments. The Association reserves the
right to promulgate fiom time to time such additional rules and regulations and/or to amend
these Residence Rules as may be deemed necessary or desirable, in the Board's sole discretion,
without the consent of the Association's members.
Section 10.2. Authoritv; Enforcement. Pursuant to Section 8.9 of the Declaration, the
Association, acting through the Board, may delegate the power and duty to enforce these
Residence Rules to a Manager. All Owners and Occupants are subject to and bound by the
Association's delegation of its enforcement rights to the Manager. Any duty or power specified
to be exercised by the Association or the Board, or right reserved to the Association or the
Board, in these Residence Rules may therefore be exercised by the Manager. The Association
shall be entitled to recover and shall be awarded all monetary fees, fines, late charges, interest,
expenses and reasonable attorneys' fees and disbursements, including legal assistants' fees,
incurred in connection with the enforcement of these Residence Rules.
Section 10.3. Supersedin.e Rules. These Residence Rules supersede in full all prior
Rules and Regulations regarding reservation procedures and use of the Condominium Units
submitted to the Vail Condominium Club, and shall remain in force until superseded by revised
Rules and Regulations promulgated by the Association.
CO DOCS A #82569 v7 ll
SCHEDULE 1
ROTATIONAL RESERVATION SYSTEM
The Association will employ a Rotational Reservation System to ensure all Members have fair
and equal access to each of the Residences during the Float Season. The following is an
illustration of the Rotational Reservation System.
Rotational Reservation Svstem
Each Member will receive a Membership Group Letter (A to J) based on the order in which he or
she purchased a Residence Estate in a specified Residence. (For example, the first Residence
Estate in a Residence purchased is labeled A, the second Residence Estate is labeled B, ... and
the last Residence Estate in a Residence purchased is labeled J.) If a Member wishes, he or she
may choose a higher Membership Group Letter than that which would otherwise be assigned in
order to ensure a higher reservation priority in a specific, upcoming year. The Membership
Group Letter is established upon purchase, and will not change fiom year to year. However,
until all Residence Estates in a Residence have been sold, the size of each group may fluctuate,
but the usage described herein will not be affected.
Priority booking of the First Floating Residence Week in Year I will begin with Group "A", and
will finish with Group 'T." Priority booking of subsequent Floating Residence Weeks in Year I
will be performed by reversing the order of that for week # I . In other words, priority will begin
in Group "J", and rvill finish rvith Group "A."
Beginning u'ith Year 2, and following with every subsequent year thereafter, the Membership
Groups will be rotated one position. Therefore, in Year 2, priority will go to Membership Group
"B" when booking week #1 and priority will go to Membership Group "H" when booking
subsequent weeks. In Year 3, priority will go to the Membership Group "C" when booking week
#l and priority will go to Membership Group "G" when booking subsequent week, and so on.
The following chart illustrates one full cycle of the Rotational Reservation System for
Residences.
CO DOCS A #82569 v7 Schedule 1-1
O ""* 7 lst week
Next Weeks D
YEAR8 lst Week H
Next Weeks C
YEAR9 lst Week I
Next Weeks B
YEAR 10 lst Week J
Next Weeks A
One Cvcle - Rotational Reservation Svstem
IJ
9r0
IJ
BA
JA
AJ
AB
JI
BC
IH
CD
HG
DE
GF
EF
FE
FG
ED
GH
DC
HI
CB
GH
78
GH
DC
HI
CB
IJ
BA
JA
AJ
AB
JI
BC
IH
CD
HG
DE
GF
EF
FE
FG
ED
F
6
F
E
G
D
rl
C
I
B
J
A
A
J
B
I
C
H
D
G
E
F
E
5
E
F
F
E
G
D
H
C
I
B
A
A
I
B
I
C
H
D
G
CD
34
CD
HG
DE
GF
EF
FE
FG
ED
GH
DC
Membership:
Group Letter: A
Order of Selection: 1
YEAR I lst Week A
Next Weeks J
YEAR 2 lst Week B
Next Weeks I
YEAR3 Ist WeeK C
Next Weeks H
YEAR 4 lst Week D
Next Weeks G
YEAR 5 lst Week E
Next Weeks F
YEAR 6 lst Week F
Next Weeks E
I
B
TJ
A
A
J
B
I
C
H
H
C
I
B
J
A
A
I
B
I
CO DOGS A #82569 v7 Schedule l-2
o ARTICLE 7 GENERAL USE RESTRICTIONS ......... 8
Section 7.1. Obstruction of Common Elements....... ..,........ 8
Section 7.2. Exterior Surfaces of Buildings.. ...................... 8
Section 7.3. Storage in Common Elements ........................ 9
Section 7.4. Prohibited Activities .................9
Section 7.5. Disposal of Refuse...... ............ l0
Section 7.6. Conduct of Occupants ............. l0
Section 7.7. Complaints; Violations ........... l0
Section 7.8. No Pets......... ........................... 10
Section 7.9. No Smoking ...... l0
Section 7.10. Parkins................... ................. l0
ARTICLE 8 INSPECTTON OF ASSOCIATION RECORDS................:.............i....................... 10
ARTICLE 9 DEATH, DIVORCE AND BANKRUPTCY .............. 10
Section 9.1. Death............ ........................... l0
Section 9.2. Dissolution... ........................... 1l
Section 9.3. Bankruptcy... ........................... I I
Section 9.4. Enforcement. ........................... l l
ARTTCLE l0 MTSCELLANEOUS ............................ ll
Section 10.1. Additional Residence Rules; Amendments ........... ............. I I
Section 10.2. Authority; Enforcement.................. .............. ll
Section 10.3. Superseding Rules... ................ I I
VAIL MOUNTAIN LODGE OWNERS ASSOCIATION,INC.
RULES, REGULATIONS AND RESERVATION PROCEDURES FOR
THE RESIDENCES
o
o
o
o
TO BE PROVIDED