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Home My WebLink Aboutbocc.con.104.1993 �'' ' r , ^ .. ._ �'4.`,�::• ' +h,.,. .." : . . ,. ,�„ �,� . .., . ...,;�.. .....,�, . �...�. r.,•. .e ��;.G�z.. �,.i, ...a�.:G.�:..;:F,:2A�e,..�.4. ...- : q - - ��3 ioY . �;.f . . t.��°� ��:;_��:� - 1. ,r . . r`v, � / � � � � y ;i.,, ' . . 1 / v � . -�1;1�' .t•. . � . ' �. Y�� .r J � � :s'`�. "�.�: 4� . . . __ :�.7`. . .�_�r^!.; - October 20, 1993 ;;,.�." ;;�,_. 1 Common Ground Housing Association,Inc. � � C/O Wedum &Associates ;s;��:." � 616 E. Nyman,Suite 102 ;;�. y Aspen,CO 81611 `'w�',i �'� � �` Dear Mr.Tom Buesch: �i ;'°'� ? Subject to the terms and condiUons hereinafter set forth ("Commitment '`��'-- ' Ag�eement"), PITKiN COUNTY BANK & TRUS7 COMPANY fhereinafter "Lender"), ,F.,•; . t hereby offers to provide a loan ("Loan"i in accordance with the fo�lowing: 5 ' 1. BORRDWER: Common Ground Housing Association, Ina ;�i� ` ( ; 2. LOAN ANIOU(1fT: $t,827,500�0 1 . ��:� 3 PURPOSE: This is a business purposa loan tor the purpose of - construr,ti�g 27 residentiai units te be focated at 900 Lane Pine fioad. A parcel of land lccated in Sec:iun 7, Township i0 South, Ra��ge 84 West, Piikin County, Col�rado. � a i �f 4. fF�TERSST RATE OF LOAN: The interest rate shail be .75 percentage � -..�,) points over the prime rate puotec[6; VVatl StrQet Journal.The interest � rais :vill fio2t daily with a floor of 6J5% and a 2 percent maximum � � annual:ncrease,w.ifh a E percer.t maximum increase over*.he life of�the �� "! loan. fhe prime rate±oday is 6°�0, :nerefore, if the loan closed today, � the initiai rate would be 6.75°k. � 5. LOAN FEE: $10.OnO.OQ. �, ; �:� �t�'; �.'_; ;_._�i: �;`� � , ,;�; 1� - — 1+: ` t:_ :''. ! S34 E.HYi11aN AVE. •POST OFF[CE BOX 3677•ASPEN,COLORADO 816t2•pHONE 303/925-6700 � I`� . i . q:;::j�: � ....:...w:.�:___..,_... ._.._...._ ..._._._--_. .. ...._._. .- . ._._.. ....._. . _..._.. . 1 �� ,..... . .._ . -. . . , ' ... -, -�yat4F , . � � � . 9 1" �i: . . . . ... � . . . . �} • � - . . . �+ - . ... . ,�, � � ' , � . � • . � � . � . � .. . i � • � ��•. . . . , � t�,��#. . . . . . . Y.�} �. J � ' . .��. .�.H,v�r,._1��:��., ..., .... ,. �. 4f1�.- �.�.:..yk .,.__.� _ v�1�'.i=:�+L'?^F.-«td.`!k:V�R4k�:�"a:G�'cWweu.yF'vW�fr.r#�YA, '�;i�liai ' __.,_`..�,1 , ' . . t af' - 6 �:� � �,; ++Y� ., � r � ��M,�'LpSS ��. �+•1, - ��,,.' .I� . 1• 1 t . �_ . �.y:��:` - 1. . � ' +�L`.. . 3' �; �,.�:-.: ;:';X � 6. ACCEPTANCE: This commitment shall not be binding untess signed by �::;"�~;;: Borrowers and returned ta Lender no later than November 8�1993. The :`:'+: :�' ' loan fee in the amount of 510,000.00 will be due upon the closing of this loan. �•,,; 7. CLOSING: 7he closing on the loan contemplated by this corrtmitment `'Tj � shail be vn or before November 70, 1993. This commitment will expire ' ; " on November 10. 1993 uniess extended in writing by Lender. :�� l � 8. TERM OF LOAN: The term of the loan will be for twelve S1Z) months. ,� . � ,�`: � � a. If, by the maturity date of this loan, Borrower has not closed its t , permanent loans with "permanent Lenders", this loan shall ��' � automaticalty be extended for an additio�al 90 days. In �' consideration of such extension, 8orrower shali pay Lender on � 3 effective dete of such extension a loan extension fee of ?�� 1.000.00 and such extension shall otherwise be on the same � terms and conditions as the original construction loan. . � i 9. R�PAYMENT SCHEDULE: Accrued interest due monthly with the entire R '. principa(balance plus remaining accrued interest due and payabte in full ' � ai or before maturity, November, 1994. Release provision for full net proceeds of sale on each unit. .F y� 10. SECURITY: First deed of trust on leasehold estate, Assignment of ,L� Lease, Assignment of Architectural plans & specs and construction F `� contract,Assignment of equipment,and inventory and fixtures c�"Real � Property"located at a oarcel of land located in Section 7,Townshio 10 ' , South. Ranae 84 West. Pitkin Countv. CO. i 17. LOAN DOCUMENTS: y . � G� ; a. Borrower shall provide evidence of good and sufficient tiUe in the 4;: � Property in the form of an ALTA Mortgage Title Policy which ?` _ �.,,� ,�_: � �.. � � �4 - i 2 ; � �'� ; :�'. ; ____ _.__ ___ _.._.._ . -----_ _- ----. __. . .._..:,. :.:--_. . ..:_._4_� �. : __.__ . ,.:_. . . „-; .-:.:_ 1 � , f • o -.• � , � • �, � t-.. �, , ' �� ' � ��; . . . , �;::�u_ - , ,.- - .*�� A.�:��:.t.. - ._ p;n�.... ,� . ., . ...._. .. ..� '_ ..r.. ,.. ro .. . . +r.-.,.�n_ .......�. ._..._.._ � q� . . f {��; �'p;� �� l4t - � '„yFi;;�.'�y'y1'§';: ' ,t. Y. protects Lender in addition to standard protection against any risk ;:�:T''.. -�;, associated with mineral reservations,survey problems,mechanics r; ,. �,� _ liens and property an zoning violations. The lender wili close this ;,y:��-f,J ' toan only after its counsel has ascertained that the lien created by . the Deed of Trust, to be executed 6y borrawer, will be a first '•iz, '- prfority lien and the status of title to the morfgage premises is �"•� otherwise acceptabie. � `� . 4;�<:z i .,.':. ' b. Borrower shall execuYe a Note,Deed of Trust on leasehofd estate, E�-x?•��} Assignment of Lease, Assignment of Equipment fixtures and �'� ^� F.:>: ' inventory, Assignment of Architectural plans & specs and �:':�� construction contract,etc.)and a�y other documents required by " Lender to evidence or perfect the security described above. ��'�? f � 7 2. INSURANCE: ^ � � ! a. The Borrower shail provide Builders risk insurance on '�'�- l improvements to 6e made in an amount sufficient to cover the . amount of the mortgage as provided in a standard homeowners policy. Borrovrer agrees to have the Lender added to said ' insurance policy as a first position mortgagee insured, k:' ; . ,- � • ' :13. •CONDITIONS•PRECEDENTTO.LOAN CLOSING: ;Y�� i '�'t� � . Lender shall not be obfigated to advance any funds nor consummate the � Loan untii such time as Borrowers have satisfied all of the following 4 conditions precedent. In the event the Conditions Precedent have not � been satisifed by November 10, 1993 or waived, or the time for + satisfaction extended by the Lender,the Lender's obtigation under this `� j Loan Commitment shall cease and be nuil and void. . _:_i a. Ttte delivery of an agreement executed by the Pitkin County 8aard of , Commissioners ("BOCC") accomplishing all of the following: {i) the ',f. BOCC's guarantee of any cost overruns in connection with the construction project which is ihe subject matter of the loan in an amount � �� of not less than S200,000.00, (ii) the BOCCs agreement to alte�the � category mix of th'e residential units in the event of a foreclosure by ihe ' Lender so as to insure to the lender the Lenders ability to recover the . principaf of the loan, at( interest, both regular and default and its foreclosure costs, attorney's fees, and a(I costs and expenses that are � reasonable and necessary to complete the consuuction of the twenty one � residential units so that they are complete and read for occu ane and "' Y P Y ��, , • � ::. �,; � , 3 , �. � �- ':I:' � _...._. ___.___ _ _. _,.._ . • ---_ ____._.. , ,—__----- _. ' . _ .j,...�..._.....:.: ..:. . ._.,.�... . ,._�� 4 .- . . � • - ' . � . " r :I''.. � -- «. . � y� `` . .t : • l , � . ' i ��;r�'` ' . , • :rn;r ��ti..t� . . • ^�piy �e. . _ . e.�. ...,_ .. . . ._ ._. . ' .s . . .::i1J:.t('':c�n ..�e.irv.>��:^i-��Tr,aa..;r..ae�,.,�vrMh .dr��. . . �`• . �� '`�� :�:� . �{�,,Y,-z <?�;i. . • ""=e•:,.�1;{t.; . ? sale (regardless whether such sums have been expended at the time of '�y, _,: � foreclasure or witl be expended subsequent thereto in order•to ��., �� accomplish the preceding). BoCC will have the responsibility ot said �•�' .. ;r'��-'...7,,s - alteration of the category mix, however said alterations must be _ sufficient to cover Lenders costs noted above. (iii)the Borrower's and ''�` ` f.;,.:.. BOCC's delivery of a release schedule refiecting net proceeds of sates of ; ;..: " the 27 residential units to constitute the release price of each of the 21 �..,�::,�; � units in a cumulative amount sufficient to satis the rinci al amount of 's a:..�..;-, - i fY P P i:.';':.:-:: , �.:::....:� i the loan,and all interest to be accrued thereunder,said scheduie shat(be ; ;r�; : j submitted and approved by Lender prior to partial release of any units. - ; (iv) a legal apinion from the Pitkin County Attorney attesting to the legality,authority and capacity of the BOCC to enter into the preceding � agreements. };,;� b. The satisfaction of the condition described in Paragraph 27 6 be(ow. . �" ; R::, ':, . � The satisfaction of the conditions precedent shall�be determined by the ::�� tender in the exercise of its sole and absolute discretion. ,_�� ' j 14. CONDITIONS PRECEDENT 70 ADVANCS IOAN PROCEEDS: #;�° ' � Lender shalt not advance any funds as set forth in paragraph 18 until �. '• Borrowers shall deliver or cause to be delivered to Lender the following ; items, all of which are to be in a form and substance satisfactory to Lender and,whe�e necessary,duty executed and acknowledged: �::;:,: . 'v�� a. An appraisat of the land and improvements by an appraiser � (licensed or certified as necessaryl which evidences a minimum � value of 51.829.500.00. (Bank will engage the appraiser in - writingl. �. � � 3 b. Cost Breakdown-on a form scceptabie to Lender,a detailed cost � � breakdown of the work entailed in the improvements showing the _� total cost involved (both direct and indirect)in the improvement and the cost for on-site improvements and a "construction i schedule"in a form satisfactory to Lender showing the estimated ; Idate of initiation and compfetion of each major phase of •� `� construction. •� ! c. Construction Contract-a copy af the contract with the general - i ; contractor for construction ot the improvements. � . �. .. d. Utilities-evidence that the water and sewer facilities availabte to V;1 y,. + the property will be adequate to serve the property and evidence 33- �; j9.�. .ZR';' � _ � 4 t. ; ��{ ,�r�.:_ . � � __ _. _ _ ._ �_� ?. _ __--___ -----__ _ , __ . _ : . : 5F i � . , . . . . � � . .. Y .. _ � . . i�:-. - . ' . � ~ ., . � l. .. :�, . ' ! . \ � . . , 1 rTS�. . , ' . .. � . ;:a . ��;:'•y. . :°�I -v�... � , k��.. .,. . . . . ... .._ � '..�. . r./-_, a�.4c.� .. r.e,i.hrt�f.,�.rt«�rr.ucn-....�,b.wi1 ,...�.�... ,. �� ,LL . r,��,� :;� . �;�y^��; , , that all utiiities necessary for the operation ot the project upon � .�• completion thereof will be immediately availabte on such date, - �ti. including but not limited to, water, sewer, gas, electric and ;•,.�'•'•� telephone. = `•. � �. . e. Copy ot buiiding permits,etc.-A copy of the building permits and `•�• �., any other written authorizations issued by governmental � � authorities and/or homeowners' associatio� appticabie to the ��'�: � i construction of the improvements on the Property. K';r' ' i +:: f. Real Estate Taxes: The filing with the Bank of evidence �:`;:�`. • satisfactory to ihe Bank that al!ad valorem taxes and general or �� -- s„.. special assessments that are due have been paid. g. Environmental- Risk analysis or Phase i analysis . -�� h, Plans and Specifications � � , ` � i. Performance bond �" � �t . ; j. Presale/Prefease agreements S k. Government approvafs/building permits, eta 1. Survey °� �:.. � 16. LEGAL OPINION: • An opinion by the 8orrower's counsel satisfactory to the Lender to the effect: if Borrower or any Guarantors is other than an individual,then as to the due formaiion, valid existence, good standing, power and authority of such entity. That the Loan Documents(which for purposes �� of the opinion shali include this commitment agreement) are valid, � __�__� binding and enforceable obligations ot the parties thereto; that the ,; execution anil performance of all things and the making �of al! � representations called for by the Loan Docume�ts and any such other .. agreements and instruments have been authorized by al! necessary � ,�.� parties and will not result in any breach or constitute a default underany �: , other agreement or instrument to which Borrower or any Guarantor are �� a par[y or by which it or they or the security for the Loan may be bound R or affected; that the execution of the Loan documents sEgned in conneciion with the Loan violated no appiicable law, rule or regulation, � ' that no permit or consent is required to be obtained from any state, � �, federal or local authority as to the execution of the Loan documents as r �� . , :�,_, � � - , 5 �'. � ;-..� 7�',�-;. .� •i . �.... _._..___"_ ....._'.�'_.._..._..--._.._ ' . . _. ...... . ..� :.......... ._.__... .._....... ... . ,...._.._,�_. ...... swi'F ... . / .. . . , . . _ . � ...`�h+ .. .. . . . . . � � � . J--:t . ^ � , '� I � (. . � 1 1 M � ,. . � S.. .. . �� . � � ' � . . ' . , . . _ . : i . . � . ' ' �-__s3, . � . . . � . , '7�,; ��' ' . a�'� � � ��. . �-a''"�+�,.��+ - . �..r, ,fy,y;,.' . ��.,��w`x'S.�k.:� valid or legal;that the�aws of the State of Coiorado will apply as to the � �- interpretation and enforcement of the Loan Documents;the Loan is not �'�'�' `'� r, .�:�,. in violation of the usury laws of the State of Colorado;that the Property - and intended use conforms to all applicabfe zoning, bui(ding and '-'`'�� ' .,� subdivision laws; that the Property has obtained all requisite land use - . �• approvals and the Borrower is in compliance with ali conditions of such �'•'`' approval and that there is no threatened or pending (itigation that may � �= affect the Loan or Property. In addition,the opinion shall state that no ��.�''?�. other person or enuty has any daim against the Property that can be �;,;';:...:�;. asserted which would in an wa affect the title of the Borrower or the `� '� y Y � priority of the Deed of Trust in favor of the Lender. 'f 7. F.UNDiNG oF LOAiU: Subjeci to satisfaction of all other terms and � � conditions of this commitment agreement, the Loan shaN be funded ��i;j within "13 days after acceptance hereof by Borrower and Guarantors or this commitment shatl terminate at the option of Lender. i ;.`'� " i 18. FUNDING PROCEdURE: 70 obtain additional advances under the(oan, ��`�' Borrower shali present draw requests on forms accepYable to Lender ,.k;,: ; which have been executed by the general contractor and approved by ' ; borrowers architect. At Lender's option,prior to f�nding,an inspection ! of the improvements shall be made by Lender's representative, at ,il.� i Borrowers' sole expense and cost, for the purpose of inspecting the j state of cortsVUCtion,ihe quality of work, and all materiais used in the 1,�.6.j ! canstruction of the improvements. Borrower understands that as part ,�x'� ; of their loan documentation, Borrower and Lender will enter into a . ' ` construction loan agreement which more fully sets foRh the procedures � for advances for construction of the improvements. ; ; 19. LENDERS EXPENSES: Ail the Lender's expenses incurred in connection � with this loan,or any renewals,modifications,amendments,reieases or � partial releases of collateral and the like including, but not limited to, : � search fees, appreisaf fees, Lender's attomey's fees, recording fees, '� --i documentary fees,title insurance and any other miscellaneous exp'enses '�' I reiating to this commitment a�d to the making and ciosing of the loan {' j shail 6e paid by Borrower at the ciosing. '; '� t ` 20. POST CLOSiNG COMPLIANCE: The undersigned Borrower, in • consideration of the Lender disbursing funds agrees, if requested by Lender,to tully cooperate to correct any olerical,administrative or other er�ors found on l.oan closing documents. Requests may also be made . by Lender which, in it's reasonabie discretion, wili enable it to seU, 1� perfect any coilateral, convey,seek guaranry for,market or insure said '=t° 4: �} ��,�, •�_-;c S�i 6 �. - � . . 7+ i �� ... . ._._._. .._....:._ _. ._... ._ ...._..._._ . ,.......,., . .._..._..,.�--._ . ..._._ ._...._......--._....._ �.........._.. _.�. . . ,.. .... 1}` . _.. ....... .. .... 4 � ; � , - -•• . . � . ` " � . ' 1. . . _ '' \ . .l �,, • \ � i • � .-�»T�� ' - ' . . . ' Z��i� � . . � . , . . .�pyj . � _ _ , t.. L , ��1. � � 1 , �4 �,�.�3 r+ U, :.��'::��<, .�.'�� . Loan. The undersigned eorrower and any Guarantors agree to comply Y�: ': with atl reasonable requests by �ender within 10 days from date of i}�?` �`�• mailing of said requests by the Lender or such tater date as 8orrower or " �`�a _ any Guarantors may reasonabiy require to comply with such request. "s?''��':,:;,-r, :,� _ . 21. REPRESENTATIQN QF BQRROWER: This commitment is issued in '`�`. response to an application for a loan and cannot be amended except with written approval of both parties. When the terms and conditions :�:�:=.%�. �- of this commitment differ from the terms and conditions of the loan - - ' requested, the terms of this commitment shall control. 8orrower ''��=� � � represents and warrents to Lender that ail of the information which has ;k.;�;:_:::` a��`,.,.<;.' • heretofore been or may hereafter be submitted io Lender in connection �f,;..= : with the loan, including without fimitation,the financial documentation °�` ,�:.., ._. Tumished to and to be furnished to Lender are true, accurate and ;s" ti :i'.� complete and wiil be true,accurate and compleie at the time of closing �:.j and Borrower will immediately notify lender in writing of any changes � �'� � with respect to any of that information. Lender's obiigations hereunder �r � are expressly conditional upon the truth,accuracy and completeness of '} that information, on which information Lender is relying in making this �'�*�. commitment �� .:►;tr 22. RESCiNDABIti7Y: This offer to loan may be terminated at the Lender's � sole option shou(d the Lender determine:hat there has been a material -_adverse.change in the .Borrovver's abifity to meet their financiat � obiigations"or any action is takert by or against the Borrower relating in `''� 1 any manner to the borrower's abifity to meet financiai obligations. �"�'"`_ � � ! 23. NON-ASSiGNAB(LtTY: This Commitment Letter is issued io Common � Ground Housing Association.inc.and is not assignabte unless the prior ' written cansent of the Lender is obtained. i ; 24. NON-TRANSFERABILITY: If right,title,or interest of the Borrower in and �, to the property or any part hereof changes in any way or becomes � ---� vested in who(e or in part in any other person or persons,for any reason �` whatsoever, this toan shall at the option of the Lender at once 6ecome ?' � null and void. �� 25. NO JUN10R LIENS: No vansfer, encumbranca,junior lien or purchase ' • money security interest on all or any partion of the Property or the improvements thereon or the fixtures or chattefs,materia(s,furnishings, ' equipment or other tangible or intangible personalty subject to Lender's lien or security interest wil(be permitted. . '•`� � �� ^= � �;•; • . �. ' __ �� _7 �� I+; I b�';i i I �•�?;�j!,:? . . .._. _. _..___.____...._ ._ . . ' - .... .._ ... .. . . _._ . . .. .. , ....,.. _ . -__.— ._.._.._.,. _._.--_.. . ,z . . j.._ . `� x ' , . � .; ; .. _ ` r� ,: �., . . . �. � �, - � , y��, � � ,#�r �:� . ;��. ; , �: r . , }�, `�� ,.:n."�h..,,.[,.:; ... ` ;�rr.. ,>� r. �s�:.. ,� ..�r :.,.--..,. r�r�k.+`-,;�r:t:r�..Y}^!k>,{.�. .;42�C1a1F�nYC+�ac«ir�r..r,.;era:1 • x ��; �. .,, _ Ati (.'�n�t , .:,.;g,-�:�r•� . ' ��:,�ei n�r.: �,. 26. TERMS NOT EXCLUSIVE: The terms and rovisians of the Loan '�� ; p -:t�4:: • documents referred to in this letisr shall not be exc(usive of eny other y".;.;�;, -. terms and provisions which Lender reasonably deems necessary or -;,��;.�•'- desirable to be inciuded in any of such Loan Documents. Each of the ` �= ' Loan Documents will contain customary default provisions for non- ��'�:;- payment of principal and interest on the Loan. 27. PARTICIPATION BY LEiVOER: � � r t i, r . a). 8orrowers acknowledge that Lender may assign a portion or the r ; entire amount of its inieresi in the ioan to another lender. f _. ti b). Participation requirement: This commitment is subject to Lendef 5�,�;, � acting as a "lead lender" but participating in the loan only in an �`> amount of f� percent t50°o of the disbursed funds, not to ��7 � exceed in the aggregate the amount of disbursements of S �� -. ' S913,750. A lender participating in the loan only in an amount uf *'�'� �! fi�percent 50°0) of t(�e disbursed funds but not to exceed an j aggregate of SS913,750 shall provide a commitment letter `r: agreeing to such participation terms in accordance with ail federal .E;'A • � regulations which legally allow Lender to enter into such j participation agreement or agreements. This commitment is �t`• Efurther subject to any conditions as may be set forth in a ; � commitment letter from such participating tender. ,- 1;;�.. u F� f 2 8. T ERMINATION OF COMMITMENT: Lender reserves the right to � terminate its obligation to close the Loan offered hereunder upon the occurrence of any of the following events at any time prior to closing: l . a. Non-payment of any of the fees or expenses to be paid by the s � Bor�ower in connection with this commitment; :' � b. Any representation of Borrower ta Lender, whether in its 'r application, financiaf information or otherwise, proves to be j materia ily fa lse or mis lea ding; '� `� c. Borrower shali institute or consentto a IiquidaUon or composition '� . � agreement or arrangement, or in the event any bankruptcy, ` , reorganization or insolvency proceedings are instituted by or against any such person or entity; _ ! d. There shall be a material change in either the Borrower's or the `�_ guarantors'financial condition; M: •�,;: •�t dl i ( ' 8 , �; -- . _._,__._ --.___. _ �?`_!. ••' : _ --.—_..._�___. ___ _ . ---__._ ,__._.. ......., , _----_ . .._:. . t : . 5i . � � ' � ' �y-. �. . \ � "" � _ . - . _ � � . . . � . . �� r 1; 'l '. � . - � . . M . � . . 1 , � ��, . . � F�;y��. . . � - . � . :?'.;.y: � . �'S�t .�.... .,. .... , , ,. . �.r ,,.« ... _. . � . � . ��: i.,.��,e+.��. .y,r :1::. �a�'1..�^:�•8v,r4r�,,r�.ynA.et.t d a�.�mw��,.ia.�:..-..�....�..�.,. ,a:.- ;��: ?rF cc `�: ir .:�: - � `.�;1r �4�,�� '.a • ' � ��;:�'�'�:' :�,,, e. Any default has occurred and its continuing in the performance of ':: .�� any obligation in the insVUments evidencing or securing any other ;:;.�. Loan re(ating to the proposed security; c , _ _ ;,� '..,' f. The Property, or any portion thereof, shall have been damaged t;=y � and not repaired to Lender's satisfaction or taken in condemnation ?•'• or other similar proceedings,or in the event any such proceeding �°;7_ �; � be pending; . �::` '• et:,�: � g. Failure to supply any documentation as may be required be Lender ?-:� , � per the terms and conditions of the Commitment. {:`�`�'• h. Any pending or threatened litigation or the receipt by Lender of i;4'. ' any conflicting or inconsistent demands or requests from or ` r among Borrower or the Guarantors or,if applicable,any partners, �j . ' shareholders, managers or other persons or en6ties havirtg an � "6" i in2erest in Borrower or the Guarantors. � . / � 29. SURVIVAI: The terms and conditions of this commitment letter shall �: � � survive the ciosing of a loan hereunder and after loan closing any breach �: or�default hereof shall at the cf�oice of Lender be considered a breach ar � defauit of the eniire loan entitling Lender to exercise any rights or �` i j remedies provided under the loan documents. ` i jk � 30. WAIVERS: The Borrower and the Guarantors acknowledge that part of � � the consideration and inducement to ihe Lender to make the loan i� . 1 contemplated in this agreement is their mutuai waivers in the Deed of � �4 . ..Trust.providing far exdusiue.jurisdiction in the Pitkin County District j Court for the resolution of any claim or proceeding beiween them, � waiving a trail by jury,and waiving any right to claim special,exemplary ; or punitiye damages. j • . 31. SIGN: Each Lender and any participant shall be entitled to place a sign . __ � on the Property advertising its rote in the project financing in a location ' designated by Borrower and satisfactory to tender. ' � 32. TELECOPY EXECUT(dN: A facsimile,telecopy or other reproducUOn of - � this letter may be executed by the parties and shall 6e cortsidered valid, \ binding and effective for all purposes. At the request of either party,the � parties agree to execute an origina(of this letter as well as any facsimile, i i telecopy or other.reproduction. 33. SIGNATURE COUNTERPARTS: TFiis agreement cart be executed in counterparts and,as executed shall constitute one agreement binding o� E; �M . , .�•i �.,. � ` � � � !� 9 it t. � �,: � . i , <i.; . i _. _ _ _ .___ ___ _- _ _ ._,____. ._ , - a+� _.. _ _ , _ / . . . . . . , . ��I.tY ;;}' \ � . . � . � � , . y �� ` �> . " '•S..��._.`�-.-' ' � � ' . ' . / , � � . ( - �`�'� . ' � . . ' . `�N,�R� . . . �. . ;��. ��.�. ; . . . . � . .,,.r =�,. .:�` .° � . �-.. .. .� � � � � ,�r;,:: . ` , , "�':3 i � {Y�.�.a: �� r�± ��. i� � x�, y.ai:: �, ,:i. �,. c.�Y„ ^:w?t?l S }...y.i.r,i. ,� ... "r.;�;. �4:,.Pt ' --.4�e�..OEa��d ��'`�.�i't�4._._.tU . , ,..._��v+ie� .. , , � r:t,.- 'i. Y,11 ! �".: �� ' ��T:,��yy' ;.`. i � . P�'..:��rt��.,�•'�.:. . . �° all of the i''. �`''' parties hereto notwithstanding. Alt said parties are not - '�a signaiory to the original or same counterpart. ��:,;•_-• _ ,� _,, � 34. This commitment is subject to finaf review and document preparation by ':�;�` T � the Bank's le al staff. Additional documents may be re uired above '� ' 9 q ;t,;,z,• � these specificatty identified in this commitment. • •'- ' i "�:°:��%t - I ':'; If the foregoing terms of this commitment letter are satisfactory to you,ptease � sign on the li�e provided beiow and return the same to Piikin County Bank &Trust Company, P.O. Box 3677, Aspen, Colorada, 81612. � Very Truly yours, �� • � � PITKtN COUNTY BANK &TRUST COMPANY �?i ��, om r�m . •• Vice President .� k�r TJG/bm . ' ACCEPTANCE I � The foregoing terms and conditions are hereby.agreed to and accepted this : � �-- day of�, 1993. I ' c� � . � . COMMON GROUND HOUSING ASSOC(ATfON, (NC. �� - �1'3 `� 8orrower: /hcR,$ � i Tom Buesch, President Date ,' F __ a, ,� s` . `\ � , � . ; , s . , �:, '� M` 1. . . . ... .. . - � ' . -� i � � . . _ . - �'��. �� i� �� = J �:-;a:::; ;�-:, '�•�.__—_. - -- :..�.,"v,.�_._�.__--_._._____ _..----_...._..__-___ __—_...w.._� . fi�� . ' , -•'� _.... - ._> ;"�4 �.• ` . � � �; _ _ <r,�". . � .�, ` �' '' . � ��, , . ' ��x,,,:k,: . . - ��7. �•.