HomeMy WebLinkAboutVAIL VILLAGE FILING 1 BLOCK 5C LOT D E BRANDESS-CADMUS CUPH. Michael Miller
Direct Dial: 303.592.8330
hmmiller@spencerfane.com
January 19, 2017
George Ruther
Community Development Director
TownofVail
75 S. Frontage Road
Vail, CO 81657
Dear Mr. Ruther:
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SpencerFane·
I am writing on behalf of our client, Mark Cadmus and Brandess-Cadmus Real Estate, Inc.
("Company''). This letter is to confirm our understanding of the agreement with the Town of Vail
regarding the Conditional Use Permit approved by the Town Council on December 6, 1978
("Pennit") for Condominium Unit 4, the Bridge Street Condominium ("Condominium"). The terms
of the Permit provide that the Condominium may be used as a real estate office by Mr. Cadmus or a
business organization in which he is an active participant. However, upon transfer of ownership of
the Condominium Unit to new owners, the Permit would be extinguished.
This letter is to advise you of a pending transaction between the Company, Mr. Cadmus and
Slifer, Smith and Frampton Inc. ("SSF') under which Mr. Cadmus will continue to be an active
participant and will have an active financial interest in the real business conducted from the
Condominium.
I. Brandess-Cadmus Real Estate Company, as the owner and Landlord of the
Condominium, has leased the premises to Brandess-Cadmus Real Estate, Inc., as Tenant. Brandess-
Cadmus Real Estate Company is a partnership in which Mark Cadmus and Leo Brandess were the
original partners, and subsequently Mark Cadmus and his wife, Marta Cadmus, purchased all of the
partnership interest of Leo Brandess and are now the sole partners. Brandess-Cadmus Real Estate,
Inc. is a Colorado corporation in the real estate brokerage business. This corporation also was
originally owned by Mr. Cadmus and Mr. Brandess; Mr. Brandess then sold his interest to Mark and
Marta Cadmus.
2. Brandess-Cadmus Real Estate, Inc. will assign its Tenant's interest in the lease to SSF.
As a condition of this assignment, Mark Cadmus will transfer his broker's license to SSF, and will
operate as a broker on behalf of SSF. In addition, Mr. Cadmus will have a net profits interest in the
SSF office. Finally, Mr. Cadmus will serve on the advisory committee of the SSF office. This active
brokerage activity and profits interest, of course, will constitute an active financial interest in the
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SPENCER FANE LLP I 370 17'" STREET, SUITE 4800. DENVER. CO 9020:.?·5698 I 303 839 3800 I FAX 303 839 5838 I 1pencerfane com
January 19, 2017
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operation of the Bridge Street office.
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SpencerFane
3. As part of the agreement with SSF, the parties will agree that, upon the occurrence of
the death of Mark Cadmus, if the SSF lease is then in effect, the lease will terminate, SSF will vacate
the premises within sixty (60) days, and the Permit will expire according to its terms.
If the above is acceptable to the Town of Vail, please acknowledge a copy of this letter and
return it to me. Such acknowledgment will confirm that the transaction described above is consistent
with, and will not violate, the terms of the Permit, and following completion of the transaction the
Permit will continue in full force and effect according to its terms.
Should you have any questions concerning this matter, please feel free to contact me.
HMM/nc
cc: Marie Cadmus
Approved:
Town of Vail
By: 11.J?~
[Signature]
6c:o1<c..-ic. 1?urh~
[Print Name]
Very truly yours,
-/(77JL(/Jj~
H. Michael Miller
6iblton
Mark Cadmus, individually and on behalf of Brandess Cadmus Real Estate, Inc.
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