HomeMy WebLinkAboutbocc.con.065.1979 �
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Recorded at 3:28 P.M. Sep 25, 1979 Loretta Banner Recorder Reception rio: 218185 �
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OPTION TO LEASE
TfiIS OPTION TO L�ASE (hereinafter "Option") made and entered
into this lOth day of September, 1979, by and between TH� BOARD
O1' COUNTY COMMTSSIONBRS OP PTIRIN COONTY, COLORF�DO (hereinafter
"Optioner") and ASP�N-PITKIN Ei�PLOY�L HOUSING, INC. (hereinafter
"Optionee"). '
�
�VTTNESSETH:
� In consideration of the payments made and the mutual cove-
nants �o be kept and performed, all as more fully set forih herein, _�
the parties agree as folloo�s:
'� . 1. DEFINITIONS. �
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' 1.1 PROJECT SITE. "Project Site" as used herein means the ,�
real estate described in Exhibits A �nd B attached hereto and in- ?
corporated herein by this reference as though set forih in fu].1 �
`� I verbatim. :�
; ' 1.2 OPTIONER. The "Optioner" as used herein means the �
Board of County Co�r�cnissioners of Pitkin County, Colorado. �
1.3 OPTIONEE. The "Optionee" as used herein means and �
shall refer to Asren-Pitkin Employee Housing, Inc., and any suc-
cessors and assigns.
1.A OPTION PEFIOD. The option period shall commence on �
the Effective Date of this Opti.on and shall expire on April 1, 1980.
1.5 EFFECTIVE DATE. "Effective Date" as used herein shall
mean the day and year first written above.
1.6 EXERCISE DAT�. "Exercise Date" as used herein means
the date on which Optionee gives written notice of the exercise
of the option herein granted. { v
� 1
Y 1.% APPLICATION. "Application" as used herein shall be
the application of Optionee under the Pitkin County Land Use Code �
, ? (hereina£ter "Code") provisions for subdivision and planned unit r
� development, and Permanent Pioderate Ilousing ("PbiH") rezoning, and I
�' any changes or additions to said application 'for the purpose of de- � �
veloping the Project Site by the construction of 26 restricted �
(under. "PMH" requirements) units. � �
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1.8 APPROVAL. "Ap�roval" as us�d herein shall m�an the
'+ final approval of the Application by the Board of County Commissioners
by written resolution, all as provided in the Pitkin County Land
Use Code. - .
� 1. OPTION RIGHTS.
�i
� 2.1 GRAtdT OF OPTION. Optionor hereby qrants to the Optionee �
' F the exclusive right, privilege, and option during the Option Period, �
as hereinafter described, to lease that real property described in �
� Exhibit "A" according to the provisions and conditions set forth ,
� � under the Site Lease (hereinafter "Lease") attached hereto as Exhibit a
1� "C" and incorporated herein by this reference. In addition, Optioner ±�
� ' hereby grants to t}ie Optionee the exclusive right, privilege, and ' � _.._
� option, during the Option Period as hereinafter described, to use ;
that real property described in �xhibit "B" according to the condi-
� tions and provisions of a license agreement to be agreed to in the �'
i future. !
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2.2 EXERCISE OF OPTION. Optionee may exercise the optibns ;
at any time during the Option Period and after approval by giving ;; �
� written notice of- such exercise to Optionor together with evidence �
`� satisfactory to Optionor that Optionee has obtained permanent fi- , `
nancing for the Project, as refferred to in the Lease. Provided �
that Optionee has exercised the options in accordance herewith, �
3 Optionor shall, concurrently with the closinq in connection with _
� such permanent financing,which must occur during the Option Period, 1
� execute the Lease in substantially the form attached hereto, with �#
such chanqes therein as may be agreed upon by the parties, and de- �
� liver one such fully executed copy to Optionee. At the time of the A
e�:ercise of this Option, Optionor shall have 'good anE, marketable
F title to the land, free and clear of all liens and encumbrances f �
� except as described in paragraph 1.1 above. ' �
3_ APP.LICATION. � �
� (
� 3.1 REVIE�+T BY. OPTIONOR. Prior to any submissions, Optionor � �
� shall have the right to review the Application. The approval of � y
� � Optionor shall not be unreasonably withheld. If Optionor shall �
;� not have disapproved the Application or any part thereof within
: � fourteen (14) working days fron the date of receipt thereof, it �
shall. conclusively be deemed approved. If Optionor shall disapprove �
� �.
the Application or a part thereof, the disapproval shall: (i) be in ;�
writing, (ii) specify all reasons for the disapproval and (iii) speci- �
� fy in detail what Optionor requires for its approval. No approval �
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granted pursuant to this Section shall be construed as an approval
j! • of the Project by the Board of County Commissioners (or any other
� County agency) under the County Land Use Code or other local or !' �
ry
state regulation. � �
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3.2 PROCESSiNG OF RPPLICATION. Optionec will 9iligently
process the Application and agrees to ��ay aIl er.penses in connection
therewith including, hut not limited to, all its legal fees, archi-
tects and planning L-ees, filing fees, the cost of preparing all
site plans, documents, draF�.ings, or renderings, any engineerinq,
geological, soil or other repor.ts, studies or evaluations required
to file, process and complete the Application. Eor purposes of this
paragraph, "diligent.ly process" shall mean prompt.ly taking any rea-
sonable actions necessary to er.pedite ihe approval of the Application.
- "� 4. MISCGLLANEOUS.
4.1 NOTICrS. ]:n the event notica is required to be given
to Optionor or Opiionee pursuani: to this Opt-ion, or any attendant
matters, it sha1Z be deemed suf.ficient for said notice to be given
in person or by regisL-e�-ed or certified mail, posi:age prepazd, ad- �'
dressed as iollows: `
OPTSONOR: The Doard of County Commissioners of •
i Pztkin County, Colorado
506�East Main Street
. Aspen, Colorado 81611
ATTENTION: County Attorney
OPTION�E: Aspen--Pitkin Employee Housing, Inc.
(at such address as Option shall
furnish to Optionor]
Unless sooner received, al.l such notices shall be conclusively be !
• deemed received three (3). days after the date of registration or
aertification.
4.2 FURTI3ER ACTS. The parties aqree that they will execute -
any £urther documen' ts orinstruments and that they will perform any
acts which are or may become necessary to effectuate and to carry
out his Option.
4.3 RECORDING. At Optionee's ree�uesi, Optionor will execute
a short form Opti•�n suffici.ent in form and content to be recorded
and to constitute notice to all third persons of this Option. Sn
lieu;of any short form Option, Optionee may record this entire in-
strument.
, 4,4 ASSIGNAfENT. This Option is assignable.
9.5 BINDING EFFECT, FTC. This Option shall be binding
upon and inur to the benefit of the parties hereto and their
respective heirs, personal representative, successors and assigns;
shall be construed in accordance with and governed by the law of
Colorado; contains the entire agreemeni between the parties and +
supercedes all prior agreements and negotiations; and may not be i
amended or modified except by an instrument in �vriting siqned by �
- the party sought to 'i�e charged with such amendment or modification.
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SN WITN�SS WIiEREOF, the peYties hereto have executed this Opti.on
to Lease the day and year fir.st writi:en above.
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OPTIONOR: ��
The Board of County Commissioners i
z of Pitkin County, CoZorado ;
ATTES�: ' �
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..:�put�.E�kk: and Recorder o � Y - � , h i man
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�'; � � p`' ��• OPTIONEE: t-. .
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As n-i�itkin EmPloyee Housing, Inc.
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� ATTEST: ' Ifwf- ��` --- �
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STATE OF COLORADO ) �
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COUNTY OF PITKIN � ss �
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..The foregoing was acknocaledged before me thi.s
�l day o£ ?
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=`c, , �'',�'� ` , 1979, by Joseph E: Edwards, Jr. and E. G. Stewart, �
'�; .• .,�_i '•:r '•. ' �
:'�thr1� C?i�a.r�an�of, and secretary to, the Board oi- County Commissioners �
� �c. `•���'�-'�': 5,-
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� �f�p,i:;tkY;n.County, respectively. Witness my hand and official seal. .0
`o f` �a� i
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My .commission eapires: �-/'{- p� �
Notary Public �
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STATB OF COLORADO ) �
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c.00�rr�e�:'�o�t�i�xzN ) �
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_ ':_Tk3e� £qregoing was acknowledged before me this �,�Gcday of
= � �� �L��. � ., 1979, by �O�i�-�?.f" O!X-�/C /r�•�� . and �
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�,�°��'� ���,.Q/Z_/j(fyU Witnes, my hand and official I.�
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seal. My commision expires: oZ!¢ �. �
o -y Yubl � �
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EXFITBIT °A° SURVEYORS-ENGkJCEkS ' ' '�'
� � �,a�_��o�,ms,..e�.,,,��� � 3`70 �����3U1
. � � P.O.Box 55�7�4901 6rush CrcoY.Road .
� ,, � ' Snowmass Viliagq ColoreSo 01615 ' �
� - (303132J-3496 , _ i
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September 10, 1979 ;
LE�15� PARCET, i
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A oarcel of land being located in Section 7, Township 10
South, _T?an,qe 84 �Jest of the 6th Principal Meridian. Said parcel
is more full.y described as follo�.s: . �
Commencing at a point c•�hence a brass cap sei� for the center j
1/4 corner of said Section 7 in I.959 bears N 89°29`19" E, 976.8G ti
feet; thence South 25.90 feet to the true point of beginning; 3 .
thence South 40.00 feei; �
thence S 44°33' S•7, 59.90 feet;
thence 281.67 feet around a curve to the left having a radius
' of 167.50 feet (the chord of which bears S 3°3%'29" E, 249.64 �. �
, feet) ; 3
� thence N 64°04' W, 7_78.15 feet;
thence 73.°6 feet around a curve to the left having a radius �
t of 225.05 €eet (the chord of which bears N 73°28'54" W, 73.63 feet) ; �
thence North 68.89 feet; •
thence East 91.22 feet;
thence North 115.Ob feet; �:
thence East 55.00 feet;
thence North 5.00 feet; �
J ' thence East 200.40 feet to the true point of beginning. Said �
� parcel contains 1.378 acres more or less.
� RESERVfNG TO THE BOARD OF COUNTY 'COMMISSIONERS an easement
� for trail.purposes along the Roaring Fork River, the exact location
thereof to be determined at the time of approval of the Application.
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EXHIBIT "B° SURVCYORS-ENGINfERS . �
� ' � Aspen—Snowmass•at•A+pen � 3�� i'A6E VO� ��
' � P.O.Uox 5597•4901 Bru:h Creek Road . . . '�
;� � Snowmau Villape,Cnlu�udo UiGiS � ' � � � • �
� 4 � (303Y 9293496 ,- .�
: � � - � - . � . �
.. . SepLember 10, 1979 . �
• LIC�NS� PARCE7, ' �
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: A parcel of land beinq located i.n Section 7, iownship 10 �
` South, P.anye 84. West of the 6th Pri.ncipal N,eridian. Said parcel , q
'��; is more fully described as follows: y�
Commencing at a point �•�hence a brass cap set for t•he center �.
' 1/4 corner of. said Section 7 in 1954 bears N 89°29'19" E, 976.86
' feet; thence South 65.40 feei:; thence 5.4�}°33' W, 59,50 feet; � -
thence 281.67 feet around a curve to the left having a radius �
of 167.50 £eet (tihe chord of which bears S 3°37'29" E, 249.64
feet); thence N 69°04` W, 278,15 feet to Lhe true point of �
beginniny; � �
� thence h'est 7a.59 feet; . : �
thence North 20.94 feet; 'r�
thence ?3.96 f•eet around a curve to the right havinq a radius �
of 225.05 feet (the chord of which bears S 73°28'S4" E, 73.63 feet} �
to the true point of beginning. Said parcel contains 0.020 acres _ �
; ' more or less. , � �
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EXHIBIT "C"
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, SITE LEASE ,I�J �� ,
_ i; between ` ,. ,
�� . � KU"i il ti, RpCi<&HUl�
' COUNTY OF PITKIN, COLORADO
' ! (Lessor) �
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,::.� ASPEN-PITKSN EMPLOYEE HOUSING, INC.
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Dated , 1980
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, THIS SITE LEASE is made and executed on , 1980 '
by and hetween the CoUNTY OF PITKIN, COLORADO ("Lessor") , a ;�
county existing as a political subdivision of the State o£ �
Colorado, and ASPEN-PITKIN EMPLOYEE HOUSII3G, INC. ("Lessee") , a ;
, Colorado nonprofit corporation, +
W I T iV E S S E T H : it
WHEREAS, Lessor is the owner of certain rea! property !
located in the County of Pitkin, State of Colorado, more par- !
ticularly described in Exhibit A attached hereto and made a
part hereof (the "Project Site") ; and
WHEREAS, it is anticipated that Lessor will issue certain
' of its in@ustrial development revenue bonds {t4e "Bonds") and �
loan the proceeds thereof to Lessee pursuant to a Loan Agree-
i ment to be dated as of 1, 1980 (the "Loan Agree-
` ment"), such proceeds to be used by Lessee to acquire, con- �
� struct, equip and install a 26-unit residential facility, the 3
apartment units of such Eacility to be leased to low and moder- I
ate income persons as tl�eir sole place of residence (the "Proj-
ect"); and �
WHEREAS, the Project will be Iocated on the Project Site; �
�
NOW, THEREFORE, for and in consideration of the mutual � -
agreements hezeinafter contained, the parties hereto agree as
follows:
SECTION ONE
DEMISE, DESTRUCTION AND USE OF PREMISES
� � Lessor leases to Lessee and Lessee hires from Lessor, for
the purpose oP acquiring, constructing, equioping, installing
and operating the Project, and for no other purpose, the Proj-
� ect Site.
SECTION T[VO
TERM I
. ;
The initial term of this Lease shall be for 30 years �
and days commencing on , 1980 and endiag � .
on 2, 2010. As used herein the expression "term I `
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. i"su.di'�§.�`'��'�4�`'�'fk�;,,'��.k,:r.:F.7P�"v?�V.t'�i:.:.+$1E`.�i?"N�'-'D.NA�.�.���:
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hereof" refers to such initial term anc to any automatic
extensions thereof as hereinafter provided. Tie initial term
of this Lease shall be automatica].ly extended for a period
coincident with the Loan Tern as defined in th= Loan ?lgreement,
if such Loan Term shall be extended.
In addition, the initial term shall he autora�ically ex-
� ' tended as follor:s if an event of defauit, as d=fined in Section
; 8.1 of the Loan ?lgreement, shall occur, unless Lessor exerczses
the option set forth in clause (1) of the seco�c'. »aragraph of
Section 3.2 of Elle Loan Agreement:
f Year in �•ihich �vent Date to 9:hich ^his Lease ,,
of Default Occurs Is Automaticel�v Extended
1980 through 1990, inclusive 50 years from 6ate of
� event of default
1991 thtough 2000, inclusive 40 _aeazs fror.i date of
event of deiault I
3000 through 2010, inclusive 30 ��ears fror.± date of I
event of default �
�
, #
Unless this Lease shall have been autonatically extended E
pursuant to the preceding paragraph, tilis Lease shall sooner
terminate upon payment in full by Lessee of a11 a:�ounts oF�ing
to Lessor un6er the Loan Agreement.
SECTION THREE
- REtJT
. (a) Lessee, for and in considerat?on of the Project Site,
-' covenants and agrees to pav Lessor the �ur� of pre Dollar `
($1.00) per annun during the term hereof, sa±c re�tal for the '
initial term hereof payable upon exer_u�ion of tnis Lease �
� ($30.00) , and in advance on the first �ay of each year during �
any renewal term. A11 rents sha11 be oaid to Lessor at any ;
• address specifieo by Lessor. I
f
(b) Notwithstanding subparagraph (a) of th`_s Section 3, if
. the term o£ this Lease shall :�ave been automatically extended
pursuant to the last �aragraoh of Section 2 hereo�, Lessee
shall pay Lessor as rent hereunder from the date of such auto-
matic extension throughout the remainder of the initiaJ. term of
�
' 3:.
i. •
�
- . ,.z. . - ,. . . ,
�'t�',m�ia'x4�.��z�*vt��i;a, s-.,�..;`.t,���T�'G+�'r�t�.r�,.�Y;««hyi 3��:r�''.n.'�r`�`���:'�l�r.°i�_�.�"F-,aY�=�t:�,.
- _ �
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,;..F. . . . . .
� " 4.,- .' �. . . . . . _ . . . . . . .
. �.� .c��,.���`'�t'y`:.� . .. . � . . . . , . ' .
i ...�. . � . . . � � � � � .
'�-•;:,A�':!.�-i^'
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.. 376 r�,��306 . . s�E�'�
. 3
_ this Lease the sum of $ , the fair market rental
value of the Project Site etermined as of the date of such
automatic extension, such rent to be paid in advance on the ;
first day of each month at the address specified by Lessor. i
I
- (c) Nothing in this Lease shall cause Lessor in any way to �
be construed as a partner, a joint venturer or associated in �
_; � any way with Lessee in the operation of said Project Site or
+ the Project, or subject Lessor to any obligation, loss, charge i
' or expense connected with or arising from the operation or use
of said Project Site or the Project or any part thereof. It is � '�
understood and zgreed that this Lease shall be a net lease with ;.
; respect to Lessor, and that all taxes, assessments, insurance, �
� utilities� and other operating costs and all repairs, remodel-
ing, renovations, alterations and improvements, and all other � _
direct costs, charges and expenses of any kind whatsoever 3
respecting the Project Site or the Project shall be borne by �
' ; Lessee and not by Lessor, so that the rent return to Lessor � �
shall not be reduced, offset or diminished directly or in- ,
' ; directly by any cost or charge, nor subject to suspension or �
termination for any cause, f
1
� x
SECTON FOUR �
R
' WARRANTIES OF TITLE AND QUIET POSSESSION �
Lessor covenants that Lessor is seized of the Project Site �
in fee simple and has full right to make this Lease and that
Lessee shall have quiet and peaceable possession of the Project
Site during the term hereof. Lessor shall, at expense of
Lessee, furnish title insurance on the Project Site prior'to
the execution of the Loan Agreement, and such title insurance �
shall insure that Lessor has fee simple title to the Project
' Site, subject only to Permitted Encumbrances, as defined in the
� Loan Agreement.
SECTION FIVE
i
DELIVERY OF POSSESSION
If Lessor, for any reason whatsoever, cannot deliver pos-
. session of the Project Site to Lessee at the commencement of
the lease term, as hereinbefore specified, this Lease shall not
be void or voidable, nor sha1Z Lessor be liable to Lessee for
any loss or damage resulting therefrom; but in that event there
, �
4
a
ti%
i: . �
�t f5G���w..rn.w>fi`6� s..t t�.::a;;:: '. A.:<..,:r ,.�iri �`^ . �h�"1; � t �c'rfi, d � .
T
� �..'����[��",�`��'�����.x
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. .,.�� . . � - . �. . . .. . � � . � . �� . .. .
r�
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!
� 376 f'AG�307 � j��
1 .��F•
. � 4
shall be a propoctionate reduction of rent covering the period
between the commencement of the lease term and the time when
Lessot can deliver possession.
i SECTION SIX
USES PROHIBITED �
i
Unless the term of this Lease shall have been automatically I
extended pursuant to the last paragraph of Section 2 hereof,
Lessee shall not use, or permit the Project Site, or any part i
thereof, to be used, for any purpose or purposes other than the �
� purpose or purposes for which the Project Site is hereby �__.
2eased. In any event, no use shall be made or permitted to be
made of the Project Site, or acts done, which will cause a �
' cancellation of any insurance policy covering the Project -
_.j located on the Project Site, or any part thereof, nor shall
+ Lessee sell, or permit to be kept, used or sold, in or about �
the Project Site, any article which may be prohibited by the 3
standard form of fire insurance policies. Lessee shall, at its � .
sole cost, comply with all requirements, pertaining to the �
Project Site, of any insurance organization or company, neces-
sary for the maintenance of insurance, as herein provided,
covering any building and appartenances at any time located on �
the Project Site.
SECTION SEVEN �
NASTE AND NUISANCE PROAIBITED ! '
During the term of this Lease, Lessee shall compZy with all i
applicable laws affecting the Project Site, the breach of which
might result in any penalty on Lessor or forfeiture of Lessor's I
' title to the Project Site. Lessee shall not commit, or suffer �
: to be committed, any waste on the Project Site� or any nui- �
� sance. �
� � SECTION EZGHT I
LESSOR'S RIGHT OF ENTRY I
Lessee shall permit Lessor and the agents and employees of �
Lessor to enter into and upon the Project Site at all reason- �
able times for the purpose of inspecting the same (including,
unless there shall have been an event of default under the Loan
�
s
; '
;:
c'�s=ea�;�.a�a.iX �:�:i�^'+,r_�,.�.z�a�,.�_�u?�r �.;:�.:�R x.:r^,.,i�;aKW.�-a�:*�,-.=a;r.:,.c�«..'�.���n..�r
� a`` f'� �`:�:.
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r .�-u��e;:
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. �v�;
. �7f� r;,��308 � �r�:.
_�;�-
. 5
Agreement, inspecting the same for the purposes set forth in
Section 6.2 of the Loan Agreement during the Loan Term) or for
the purpose of posting notices of nonresponsibility for altera-
tions, additions or repairs, without any rebate of rent and
without any liability to Lessee for any Ioss of occupation or
quiet enjoyment of the Project Site thereby occasioned.
• SECTION NINE , '
_ I
i
ENCUMBRANCE OF LESSEE'S LEASEAOLD INTEREST; j
SUBORDINATION OF THIS LEASE j
' : (a) Lessee may encumber by mortgage or deed of trust, or '
other proper instrument, its leasehold interest and estate in �
the Project Site, together with all buildings and improvements �
placed by Lessee thereon, including the Project, as security ;
for any indebtedness of Lessee. The execution of any such �
i mortgage, or deed of trust, or other instrument, or the fore- +
closure thereof, or any sale thereunder, either by judicial !
i proceedings or by virtue of any power reserved in such mortgage i
or deed or trust, or conveyance by Lessee to the holder of such �
indebtedness, or the exercisin9 oP any right, power or privi-
lege reserved in any mortgage or deed of trust, shall not be
held as. a violation of any of the terms or conditions hereof,
or as an assumption by the holder of such indebtedness person- (
ally oP the obligations thereof. No such encumbrance, fore-
closure, conveyance or exercise of right shall relieve Lessee
from its liability hereunder.
If Lessee shall encumber its leasehold interest and estate
in the Project Site and if Lessee or the holder of the indebt-
-, edness secured by such encumbrance shall give notice to Lessor
of the existence thereof and the address of such holder, then
' Lessor will mail or deliver to such holder, at such address, a i
duplicate copy of all notices in writing which Lessor may, from I
time to time, give to or serve on Lessee under and pursuant to ,
the terms and provision hereof; such copies shall be mailed or
delivered to such holder, at, or as near as possible to, the �
� same time such notices are given to or served on Lessee. Such ;
holder may, at its option, at any time before the rights of �
Lessee shall be terminated as provided hecein, pay any of the
rents due hereunder, or pay any taxes and assessments, or do i
� any other act or thing required of Lessee by the terms hereof, �
or do any act or thing that may be necessary and proper to be !
done in the observance of the covenants and conditions hereof, i`
I
I
. �
� 3
. � �:�awcv7,.fir�i,�„-�,sa„ s t—P�.;:Ya,x .rt�. -.�e..,.-��.�. ,�� ..�. .r ,.f��_.: .a�.._..�� .,...,,.k-, _ ,. ....1.��%..fi�_.
� � � - - � .. � � . r`- � � . . .
. � ' . . �. . .. . .. . . -" : „ � .. � .
��� � . ... . ' ' � . . � � � . .
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.
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I
( .
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.�:�:.
6
.. or to nre�ent the ternination hereoE; a].1 paynents �o made, and
all things so clone and perform�c? by such holder shall be �s
effective to prevent a foreclosure of the r?ghts of Lessee
thereunder as the same s•;ould have been if done and PerEormed by
, Lessee. +
i
_ • (b) During the initia� term hereoi (incluc�ing any �
" zutonatic ��:tensioa thereof oursuant to Section 2 hereof) and
in any case until 111 the °onds, as ��ell as any additional i
3onc�s (as defznec in the Loan Aqreement) , shall have 5een paic,, �
� th�s Lease shall he suhordinate to the t�SOrtga�e attd Security
:t nqreement dated as of 1, 1°g0, from Lessee
j to � , anfi to the Loan ?�gree:nent, and all
rights and remedies of the parties thereto as thereia
' provided. I '
' 1 SECTTON TEYI �
LEASSi:G ATiP ASSIGNt•tED]T
Lessee may subZet the Project, but not- the Project Si:te, in
s•�hole or in part :•rithout Lessor's consent, provided that an.iess
there shall have occurrec' an event of default under the Loan
Agreement, such leasing shall confozm �;ith Section of the
Loan �greement.
SECTIOt�i ELEVEt�T
i.OTICES
All notices, der�ands or other caritings in this Lease pro-
vided to be given or mace or sent, or which r.!ay be given or
� made or sent, by either narty hereto to the other, shall be
� c7eemed to have heen full_v �iven or nade or sent >>hen nade in
�•�riting and deoosited in t.ie United States mail, registered and + <
postage _nrepaid, and ar;�?re�sed as falloc•�s: i'
` I
To Lessor: Countv of Pit'r.in, Colora�o
County Court4ouse I
Aspen, Colorado
Attention:
To Lessee: Aspen-Pitl:in Count.l Employee
Iiousing, Inc. �
?�snen, Colorado
�ttention:
�,
• �.
'�i�„�'=rzw;ma�+aat�x-,�;�eatt3�:t�x,.k� ✓.. �����
�
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.�:._ r . � .. .� . �. ,.'� . . � . � � � . . ..- . . .
C � i1 'kNF�iYW9'-K'/`�9, �. . � � y. � � . -
-,.:_ ( .:: � ' , ,.. ' . . . .. .. . . � ' .��'. .. � . .
} :.. . . . . � . . .
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4: � �
:
The address to which any notice, demand or other writing �
� may be given or made or sent to any party as above provided may I
be changed by written notice given by such party as above
provided.
SECTION T�tiELVE
• TAXES AND ASSESSMENTS
� All taxes and assessments with respect to the Project or
the Project Site shall be paid by Lessee in accordance with
Section 4.14 of the Loan Agreement.
;++
� SECTION THIRTEEN
REPAIRS AND MAINTENANCE �
J Lessee shall, throughout the term of this Lease, at its own �
cost, and without any expense to Lessor, keep and maintain the �
Project Site and the Project, in good repair and maintained in � .
accordance with Section 4.13 of the Loan Agreement.
SECTION FOURTEEN
� UTILITIES ':
I
Lessee shall fully and promptly pay for all utility,service �
in accocdance with Section 4.14 of the Loan Agreement.
� � SECTION FIFTEEN
LIENS '
� �Lessee shall keep all of the Project Site and every part.
thereof and all buildings and other improvements, including the
Project, free of all liens except Permitted Encumbrances, as �
�
defined in the Loan Agreement.
SECTION SIXTEEN
INDEMNIFICATION OF LESSOR
' Le�see agrees to indemnify Lessor for the purposes and �
events set forth in, and in accordance with, Section 7.2 of the
Loan Agreement.
I'
_ �. . _..-.. ..._.. _
,.... . .. .,
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. ,.,. . � _ . . . .. . v .. .. .:.-��.
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F.:
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1' , . � � . .� � � - �' .. � . ' . - . . . � .
c,�..,�� .r�.,�1
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SECTZO*7 SEVr,WTEEN �
i
ATTORNEtS' FEES �
If any action at law or in equity shall be hrought to `
recover any rent under this Lease, or for or on account of any !
breach of, or to enforce or interpret any of the covenants, �
� terms or conditions of this Lease, or for the recovery of the j
'� possession of the Project Site, the prevailing party shall be �
� entitler3 to recover from t4e other party as part of the pre- 1
vai�ing party's costs reasonahle attorneys' fees, the amount of �
which sha11 be £ixed by the court and shall be made a part of �
any judgment or decree rendered. �
�.. . j
S2.CTIOi1 EZGET�EN �'�
REDELIV$RY OF PP,OJECT SITE �
•. ` �
Lessee sha11 oay the rent and all other sums required to be
( paid !�y Lessee hereun�er in the amounts, at the times and in 1
the manner herein provided, ancl shall. keep and perform all the
terms and conditions hereof on its part to be kept and per-
farmed, and, at the expiration •or sooner termznation of this
Lease, peaceably and a,uietly quit and surrender to Lessor the
. Praject Site, the Project and all other improvements that may
be located on the Project 5ite, all in good order and condition
subject to the other provisions of this Lease.
SECTZODI tdIrlE'P�E\
REt�SEDIES CU[•iULATIVE
Suhject to Section 9(bj hereof, a11 remedies hereinbefore
an�l hereinafter conferred by Lessor shall be deemed cumulative
, and no one exclusive of t[�e other, or of any other remedy
conferred by la�•�.
� S�CTIOP� TI4ENTY
� - INSURAt7CE
. Lessee shall maintain insurance on the Project Site and the
Project in accordance wzth Section 4.16 of the Loan Agreement.
,
_ �,
. �
�..
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�' ':. r .. .-.�. p�K�ppyo""°'.....'.n.vG ..-.- � � .. .
.�.y .
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.. � . . ; _�..�.
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.�C. � � " � - �,}. . � . � � � . .
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�: � . ���. ...;. ,�,�y�` '�°.� ' .. �. �
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� ;. -' . .�� '�' � � -. .. �... � . �_ -' � � . . � �_. .. . �i
. .. . . . ' . . _ ' � . . .
�
t�6�R� �
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t 9 '
• '
SECTIOF Ti'iEI�?'Y-OfIE ;
i �
� NOTICE OF DEFAULT �
.;
, Lessee shal2 not be deemed to he in defa�lt hereunder i
un].ess Lessor shall first give to.Lessee 30 da.�s c:�ritten notice ,
� of such Aefauit and Lessee fails to cure suc� 2efault within an i
. ' additional 30 r.'ays. rotice of such default sha�l also be I
given, and shall not be effective until give^, to any mortgagee �
there may be with respect to the Project. (
. �
SECTIOI4 ?'[?E�I^Y-TS•JO i
� : ��
DEFAULT ? (
j \-
� In the event of any breach of this Lease by i.essee during �
the Loan Term, then subject to the ?�iortgage anc the Loan �
Agreement, or .thereafter vrithout further res�riction, Lessor in
addition the other rights or remedies it may have, shall have '
the immediate cight of re-entry and may reno:�e all persons and , �
orooerty from the Project Site; such gropertv nav be re- noved
and storeo zn a public warehouse or elsewhere at the cost of, �
and for the account of, Lessee. Should Lessor elect to �
re-enter, as herein provided, or should it take possession
pursuant to legel proceedings or pursuant to an� notice pro-
vided for by la�•;, Lessor may either terminate this Lease or it
may from time to time, taithout terminating tzis Lease, re-lPt
the Project Site or any part thereof for suci terr� or terms
(which may be for a term extending beyond th= term of this
Lease) and at such rental or rentals and on such other terms
.-: -, and conditions as Lessor in the sole discretion of Lessor may
deem advisable �ritn the right to ma::e aZterations and renairs
, to the Project Site. On such re-letting (a) L�ssee shall be
imr�ediately liable to pay to Lessor, in ad£�i_icn to any indebt-
edness other. t5an rent due hereuncier, the ex�en=_es of such
' re-letting ar.d of such alterations and repairs, incurred by ,
Lessor, and the amouttt, if any, by s•�nich the r�nt re�erved in �
• this Lease for th? peciod of such re-lettinc (up to but not i
• beyond the term of this Lease) exceec?s the z�oint agreed to be
paicl as rent for the Project Site for such p=rioo on such I,
re-letting; or (h) at the option of Lessor, re�ts received by
, such Lessor from such re-letting shall be ap�lied, first, to I
the payment of any indebtedness, other than =ent due hereunder
from Lessee to Lessor; second, to the naymen� of any exnenses
� � �
� . a
i
� '�
. "''e�*W'f3a?f`�Mx.�;i�.� ,:;i:,.i_ �r7..!�-�.;',il.,.r.«+d.s,/�%; e.Y,".�...ti c�'C '.*.o.:¢",�'s�'x��aN.�T'�.�'c�''��-
, .�: .. �.. ��. � `. . . . . � .
. .�" .. . . . �. . - � � . . � � � , . . .. .
�.��� . - �. � � � . � � � � . �� � ...
.;, r. . . .- . . . . . . . . �
� . . � � .. ' . . � '�. . . . � � .
. �'r� _ . . . . . .. . . . . � � .
� - . � - . .,.+.e41F�ii,a..,+ � � . � . � . � .� . . -
1
+
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of such re-lettinc� and of such alterations and repairs; third,
to the payment of rent due and unpazd 6ereunder, and t'�e resi-
�ue, if any, shall be held by Lessor and applied in pa��ment of
future rent as i:he same may become c7ue and payable hereunder.
If Lessee has been credited e•�ith any rent to be received by
such re-letting under option (a) hereof, and such rent shall
� not be promptly paid to Lessor by the new tenant, or iP s�ch
� : � rentals received Lron such re-letting unc?er option (b) hereof
during any month is less than that to be paid during that month '
by Lessee hereunder, Les�ee shall pay any such deficiency to '
Lessor. Such deficiency shall be calculated and paid nonthly. i
; t•7o such re-entry or taking possession of the Project Site by i
� Lessor shall be ronstrued as an election on �he part of Lessor i� ,i
to teeminate this Lease unless a written noticp of such inten- �
tion is given to Lessee or unless the termination thereof is ! �
- decreed by a court of co�petent jurisdiction. r]otF�ithstanding
? anl suc6 re-letEing without termination, Lessor may at any time
thereafter elect to terminte this Lease for such previ"ous
(. breach. Should Lessor at any time terminate this Lease for any
! breach, in addition to any other remedy it may have, Lessor may
recover from Lessee all camages incurred b_� reason of such �
breach, including the cost of recovering the Project S?te, and
including th? r:orth at the time of such terr.iination of the �
e�ccess, if any, of the amount of rent and charge equivalent to
rent reserved in this Lease for the remainder of the statecl
term over the then reasonable rental value of the Project Site
for the remainder of the stated term, all of which a�ounts
shall be immediately due and payable from Lessee to Lessor.
S ECT I OfI 1�4Ela TY-THREE
LESS03'S RIGHT TO PERFO°.id
� In the event that Lessee by failing or neg2ect�nci to co or �
perforn any act or thing herein provided by it to be done or
psrforr�ed, shall �e in default hereunder and such failure shall
_ continue for a period of 30 days after written notice fror�
_ Lessor specifying the nature of the act or thing to be done or
nerformed, Ehen ?.essor may, hut shall not be reau?red to, do or
perform or cause to be done or perforr�ed such act or t'ting
(entering on the Project Site for sucll purposes, if Lessor
� shalZ so e2ect) , and Lessor sha11 not be heZd liable or in any
way resoonsible for any loss, inconvenience, annoyance or
damage resultina to Lessee on account thereof, and Lessee sha11 � _
�
_ '':
�
.. ' � ,
Ii • •
`
��-��� _ ra�+aran�:.�a�s��,-.,,.r,->� ....�,.:.:�� ....::�.��.4 at� .!; �a, ��. "a' � " ..«c�s.,. ..+i.
f..� . �..��. �a^;::�-��,s:x��;a.,�..�
£ , J. :
:¢ .
,` .
,..:.r:� . . , . . . . . . . . . . . . . . . � � � . .
.._.�; �� �� � . � . . . -.
.. .. ..,� . :.:n
. �. .. , , �,�,�...'. '. . �. . .. . - � -. �. . . � .
. . , . � . . . - J � . . � .
:J:r:'.:-s;er.�n,-�,''-
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n....
u �� , �
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1.� +
� �
_ repay to Lessor on denand the entire expense thereof, including
conpensation to the agents and employees of Lessor. Any act or
thing done by Lessor pursuant to the provisions of this section
shall not be or be construed as a waiver of any such default by
�> Lessee, or as a waiver o£ any covenant, term or condition
herein contained or the nerforMance thereof, or of any other
. right or remedy of Lessor, hereunder or otherwise. All amounts �
payable by Lessee to Lessor under any o� the provisions of this I
Le'ase, if not vaid when the same become due as in this Lease '
provided, sha11 bear interest from the c?ate the�� become due
. until paid at the rate of 8� per annum, compounded annual.Zy.
� . SECTIO�? T[�l�1dTY-FOUR /
EFFECT Or COi?DEAiC:ATIOP7 Ar'D DA:d?�GE OR D�STP.UCTION �
`� The responsibilities of the parties hereto in case of .
condemnation or damage and destruction are set Eorth in Article �
�� V of the Loan Agreement. � .
sLcTZOt� �n•rErTTY-rrva
DISPOSITIOK OF IMPROVEPlE17TS, IPdCLUDIIdG PROJECT,
ON TEffi�tI:dATION OF LEASE
' ,
Subject to Section 9(b) hereof, .on termination oi this
Lease for any cause, 7essor shal.l become the ocaner of any
building or improvements on the Project Site, and if such
building exten8s onto other pronerty ov:ned by the then Lessee
hereunder, such Lessee shall convey to Lessor, on such termina-
tion, an undivided interest as tenant in common in all of the
property covered by such bui.lding which bears the same propor-
, tion to the s•hole as the area of the Project Site bears to the
'^ total area covered hy such building, and Lessor shall conyey to
lessee an undivined interest as tenant in conmon in the Project
Site �al�ich Uears the same relation to the a�Uole thereof as the �
_ � area covered by such build_ng not includeu in the Project Site
bears to the �ahole area covered by such bui].ding.
I
' I
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�:.� .�wpffiW^�'�SaSkbY�aen.�ncs...we.+�..�:�=..:.e.a+c.�'�.: �:� . .. .=. �.. ..,A, , ..,,„_ � .. .
..�Y " ... . �tl+°+�'�£N-l.lSj.A<�n'�'}�/GY3�'r�5�e.�S`f�i{�.w'24;�''��5.'k'SJ��iAer�E:�qilli3kd���".. .
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..�, ' .. . .. � � - � .
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� � 376 ►ti��315 �?�
.ti' Z 2 t
i
:i t
� SECTIOP: TI9ENTY-SIX i
� S•JAI VElt ! _
�
� The ��aiver by Lessor of, or the failure by Lessor to take
= action with respect to any breach of any term, covenant or '
.� conc�ition herein contained sha11 not be deemed to be a rraiver � �
n of such term, covenant or condition, or suhsequent breach of i'
,� the same, or an1� other term, covenant or condition therein
� contained. The subsequent acceptance of rent hereunder by
Lessor shall not be deemed to be a �aaiver of any preceding
� breach by Lessee of any term, covenant or conuition of this _ �
Lease, other ti�an the failure of Lessee to pay the particular � '
rental so accepted, regardless of Lessor's knowedge of such '
preceding breach at the time of acceptance of such rent. �
�� SECTION T�•.TEt1TY-SSVS\
�!
� EFF'BCT OF LESSEE'S HOLDIIQG OV�R
� Any holding over after the expirat?on of the term oE this
� Lease, with consent of Lessor, shall be construed to be a
tenancy from year to year, at the same annual rental as re-
quired to be.paid by Lessee for the period immediately prior to
� the esniration of the term hereoP, and sha1Z otherwise be on
�; the terms and conditions herein specified, so far as
�� anplicable.
� SECTIOp] Tt;ErITY-EIGHT
rt�
PaRTIFS EOUVD
�" v nants and conditions hezein contained shall sub-
� The co e ,
� . ject to the provisions as to assignnent, transfer and sublet-
ting, anply to and .bind t?�e heirs, successors, executors,
adr�inistrators and assigns of all of the parties hereto; and '
, �, all of the parti�s hereto shall be jointlp and severally liable - i
;� hereunder. �
�,
SECTIOP7 T[•?ENTY-nIt•;c^ .
• TIt•iE OF ^tH° .�'.SSEidCE
Time is of the essence of this Lease, and of each and every
covenant, .term, condition and provisio7 hereof.
;,:;
: ,�_:.� . . . : .
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� . . . .� . ��y
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a
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�-s���F�`�a�''v�;�Nu;,��at�,���.f`"'.',�-k���m-�'�:�t�ei��«��':
{S ��
F. - �
�y :
g.
�: _ '�
� ''� - x'.Ri`h�i�r - . . . � � . _ . �
� � �.� .. �.. . �. , . .. � . .. . .. . - . . .
i . � . � . - . . .
�c's` '
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_. , ___
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� 376 �h��31f :; r
. i3 (
. SECTION TfiIP.TY �
REFEP.ENCES TO LOAtd AGR�EI•tEI7T
TO SURVI VE LOBN TEittd
, ,
Es:cept as snecifically provided herein, all references in
, this Lease to nrovisions in the Loan �greement shall survive
, the termination of the Loan Tern. �
' SECTIO�I TNIRTY-Oi:E
":} SECTIOi1 CAPTIOi7S
t • /
, The captions appearing under the section number designa- �
t tions r�f this Lease are for convenience only and are not a part
of this Lease and do not in any way Iimit or amplify the terms �
and nrovisions of this Lease.
�'.i
SECTIOI�T THIRTY-T�•:O �
;.;;�
" COLOP.ADO LA;•�
�
This Lease sha11 be recorded in the reai property records
of the County of Pitkin, Colorado, and sha11 in all respects be
governed by and construed under the la��s of the .State of Co10-
rado.
: IN j9ITNESS T�TAEREOF, Lessor and Lessee have c'uly executed
this Lease the day and year above first written.
[SEALj LESSOR:
THE 30ARD OF COUT:TY CO:�FMIS-
. SIOtiLF,S OF PITKiii COUNTY,
:� Attest: � COLORADO
B! ,9�`
Deputy County Clerk Joseph E. adwards, Jr.,
� Chairman
� "`
,
� �'
. .,. :•, -
� __ .
� : j, '
:� ���
�
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t. �t
y.� ��xY � �
,
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t h��;-'>� . .
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' : , . ...._,. ...— - - y
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. . . . � � . �.;.
. �. 37� rn��317
i 14
j
[SEAT] LESSF,E: j
ASPEiI—PITKIIJ Et•SPLOYEE HODSING, �
INC.
Attest:
i
By
" Secretary President
� �
' ; STATE OF COLORADO ]
COUIITY OF PITKICI J ss.
_. �'
? The foregoing o�as acknowledged before me by Joseph E.
; Ed:vards, Jr., and , the Chairman of and
; Secretary to, respectively, the Board of County Commissioners
of Pitkin County, Colorac7o, this day of ,
�
1980.
' • t•iITPIESS my hand and official seal.
i
�Totarv Public
idy commission expires:
STATB OF COLORADO j
COUI•ITY OF PITKIP] ] S5. .
The foregoing r�as acknowledged before me this day
of , 1980 by and
. , the President and Secretary, respertively, of �
as�en-Pitkin Employee Housing, Inc. :
i^.ITIdESS my hand and official seal. �
i
' �otary Public
� �dy commission espires:
:`{i
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;� - �i:`
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�
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4 . � . . . . . . . ..� - � ..