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ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COIARADOy
APPROVING A SITE LEASE OF LANDS
UNDERLYING THE HUNTER CREEK CONDOMINIUM COMPLEX ,
TO THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY
FOR TIiE PURPOSE OF OPERATING AN EMPLOYEE HOUSING COMPLEX THEREON '
Ordinance No. �2-
(Series 1988) :!:�..3..
;�.�:i..
WHEREAS, the Aspen/Pitkin County Housinq Authority is a duly .
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constituted Aousing Authority pursuant to state statutes wishes
to issue bonds to finance the expansion of the Hunter Creek ;��.;:.:;:.
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Condominiums and to refinance the 1985 Bond Issue concerning that j:,::1.:'�=.':
complex in order to manage �he complex as an income restricted lF��� i
employee housing project; and
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WHEREAS, the Board of County Commissioners is agreeable to
lease the land underlying the Hunter Creek Condominiums for said
� purposes;
NOW� THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY �
,:- .�. .
�
COMMISSIONERS OF PITKIN COUNTY, COIARADO, as follows: �1
;:;�.
1. The Board of County Commissioners does hereby approve .
.'t.
and adopt the Site I,ease Agreement attached hereto, and �
�,. .
authorizes the Chairman of the Board of County Commissioners to
execute such Lease Agreement on behalf of the entire Board.
2. This Ordinance of approval and the referenced site •
:
lease are specifically contingent upon the issuance by the
Housing Authority of its 1988 Housing Authority Multi-Family
Residence Bonds and the refunding oP the current County Bonds on �,
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5.
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this Project. � ;
INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING ON '
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Recorded at �'.��.,�o'clo�k�M 1!�ltl/X�� '".".,�>
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R;;ception No _���i �1�-� ,,, r.:,-s� :.
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SJLVIA DAVIS PITKIN COUNTY RECORDER � �'�'' �'
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THE 11TH DAY OF OCTOBER, 1988.
NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON
THE 13TH DAY OF OCTOBER, 1988.
, APPROVED AND ADOPTED UPON SECOND READING AND AFTER PUBLIC
HEARING ON THE 25TH DAY OF OCTOBER, 1988.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 3RD ;, � ,
:.�.�;;.
; DAY OF NOVEMBER, 1986.
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BOARD OF COUNTY COMMISSIONERS i �'.
ATT�T: OF�RITKIN COUNTY, COLORADO � �
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�eputy Clerk ecorder Chairman �' '. �'
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APPRO AS TO FORM:
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Assis•ant unty Attorney !�r
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SITE LEASE I�'t�
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COU2ITY OF PITRIN, C07AR7►DO
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- ASPEN/PITRIN HOUSING AII4'fiORITY -
(Lessee) "
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Dated as of December 1, 1988
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• • BODK 5S� PaGEC7U/ �K �� �'���
THIS SITE LEASE is made and executed as of December 1, 1988,
by and between the COUNTY OF PITKIH, COIARADO ("Lessor"), a
, county existing as a political subdivision of the State of
Colorado, and ASPEN/PITICIN HOUSING AIITHORITY (together with any
subsequent lessees hereunder, "Lessee") , a Colorado Housing
Authority constituted under Section 29-1-204.5 of the Colorado �
Revised Statutes of 1973 as amended. •
WITNESSETH:
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WI�REAS, Lessor is the owner of certain real property r��••
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located in the County of Pitkin, State of Colorado, mora .,,,, �
. particularly described in Exhibit A attached hereto and made a ;`� '
part hereof (the "Project Site") ; and i_!`�.. ._ .
WHEREAS, Lessee desires to issue its 1988 Housing Authority �`;:..' . ,
Revenue Bonds ("the Bonds"j , and to use the proceeds of the Bonds i�'
used to acquire, construct, equip and install a five (5) unit �' •-
j residential addition to and to acquire and refinance the existing ,:, -
twenty-eight (28) unit residential facility, generally described �� 1�'' �.'
as the Hunter Longhouse project, the apartment units of such
addition and existing facility to be leased to low and moderate
income persons as their sole place of residence (the "Project");
and
..WF�REAS, the Project, including the proposed addition
_ thereto, is located on the Project Site;
NOW T�REFORE, for and in consideration of the mutual
agreements hereinafter contained, the parties hereto agree as
follows: i `�� .
.-'t
SECTION ONE '
DEMISE, CONSTRIICTION AND IISE OF PREMISES
Lessor leases to Lessee and Lessee hires from Lessor, for
the purpose of acquiring, constructing, equipping, installing and �
operating the Project, and for no other purpose, the Project
Site.� Lessor acknowledges the Lessee's present use of the
Project Site and covenants and agrees that the Lessee and any
subsequent purchaser (including any trustee authorized to act on
behalf of the owners of the Bonds (the "Trustee") or lessee of
the Project or the Project Site, has full right and authority to �.
- so use the Project Site as a matter of right.
SECTION TWO .
, TERM i
: F i
The initial term of this Lease shall be for forty (40] �
: years and one (1) day commencing as of December 1, 1988, and �� 1
2 � a i
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ending on December 2, 2028. As used herein the expression !'term
hereof" refers to such initial term and to any extension thereof
as hereinafter provided.
SECTION THI2EE
RENT .
(a) Lessee, for and in consideration of the lease of the ' ' .
Project Site, Covenants and agrees to pay Lessor the sum of one •�;.•j .
Dollar ($1.00) per annum during the term hereof, said rental for .,��.f.:.:
the entire initial term hereof payabie upon execution of this ,:i,:.:�'.'
Lease (receipt of which is hereby acknowledged). All rents shall
be paid to Lessor at any address specified by Lessor. _
(b) 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_o= the �•'=;� � '
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Project, or subject I,essor to any obligation, loss, charge or . �4i:;�,:;..;>.
expense connected with or arising from the operation or use of ��f� � '`
_ said Project Site or Project or any part thereof. It is ��`� '
understood and agreed that this Lease shall be a net lease with
respect to Lessor, and that all taxes, assessments, insurance,
utilities and ether operating casts and all repairs, remodeling,
� renovations, alteratioz�s and improvements, and all other direct
costs, charges and expenses of any kind whatsoever 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 indirectly by any cost or
charge, nor subject to suspension or termination for any cause. ��
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SECTION FOi7R �,
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WARRANTIES OF TITLE AND QIIIET TITLE PQSSESSIQN
Lessor covenants that Lessor is seized af the Project Site' f�
in £ee simple and has fu21 right to make this Lease and that
Lessae 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 issuance
of the Bonds, and such title insurance shall insure that Lessor
has fee simple title to the Project Site, snbject only to
_ Permitted Encumbrances.
SECTION FIVE •
- DELIVERI OE POSSESSIODI
If Lessor, for any reasons whatsoever, cannot deliver • �y
possession of the Project Site to Lessee at the commencement of ' '
� the lease term, as hereinbefore specified, this Lease shall not �' `
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be void or voidable, nor shall Lessor be liable to Lessee for any •
loss or damage resulting therefrom; but in the event there shall
be a proportionate reduction of rent covering the period between
the commencement of the lease term and the time when Lessor can
deliver possession.
SECTION STX
IISES PROAIBITED
Subject in all cases to applicable zoning laws and land use �;r-.��::..
regulations, Lessee shall not use, or permit the Project Site, or =�`�9..
any part thereof, to be used, for any purpose or purposes other f�.:�'.:.:.
than the purpose or purposes for which the Project Site is hereby
leased. In any event, no use sha11 be made or permitted to be �i:'�`�`�
made of the Project Site, or acts done, which will cause a �
cancellation of any insurance policy covering the Project located `'.
on the Project Site, or any part thereof, nor shall Lessee �sell, r� ``
� or permit to be kept, used or soZd, in or about the Project Site, ';"� `
? any article which may be prohibited by the standard form of fire ��
� insurance policies. Lessee shall, at its sole cost, comply with
� all requirements, pertaining to the Project Site, of any � .
r insurance organization or company, necessary for the maintenance �,
� of insurance, as herein provided, covering any building and �'
� appurtenances at any time located on the Project Site. ,
�i � SECTION SEVEN �
l� _
�
�� WASTE AND N[JISANCE PROHTBITED
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� burinq the term of this Lease, Lessee shall comply with all
-a applicable laws affecting the Project Site, the breach of which
'y might result in any penalty on Lessor or forfeiture of Lessor's
°� title to the Project Site. Lessee shall not commit, or suffer to :t
� be committed, any waste on the Project Site, or any nuisance.
:�.
T� SECTTON EIGHT - '
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• LESSOR'S RIGAT OF EN'I72Y
'� `. .
�� Lessee shall permit Lessor and the agents and employees of t
� Lessor to enter into and upon the Project Site at all reasonable �:
times for the purpose of inspecting the same (including, �
;,� inspecting the same for the purposes of posting notices of ;�'
nonresponsibility for alterations, additions, or repairs, without ,,�i
� any rebate of rent and without any liability to Lessee for any �'°
;� loss of occupation or quiet enjoyment of the Project Site thereby i;
- �; occasioned).
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SECTION NINE
ENC(JMSRANCE OF LESSEE'S LEASEHOLD INTEREST;
OPTION TO PURCHI�SE
(aj Lessee may encumber by mortgage or deed of trust, or
other proper instrumenC, its leasehold interest and estate in the �
Project Site, together with all buildings and improvements placed
by Lessee thereon, including the Project, only as security for
the Bonds. The execution of any such mortgage, or deed of trvst, �
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or other instrument, or the foreclosure thereof, or any sale i-_.�
thereunder, either by judicial proceedings or by virtue of any `;�. •�
power reserved in such mortgage or deed of trust, or conveyance ` �{�"'
' by Lessee to the Trustee on behalf of the owners of the Bonds, or #�;�/;<�:':
the exercising of any riqht, power ar privilege 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
Trustee on behalf of the owners of the Bonds personallY'of the �`�'
obligation thezeof. No such encumbrance, Eoreclosure, conveyance `��.=` `:
or exercise of right shall relieve Lessee from its liability ��`,','.::.
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hereunder. •'�'}'
If Lessee shall encumber its leasehold interest and estate
' in the Project Site and if Lessee or the Trustee on behalf of the
1 owners of the Sonds secured by such encumbrance shall give notice
to Lessor of the existence thereof and the ad3ress o£ such
_ Trustee„ then Lessor will mail or deliver to such holder, at
such address, a dupliaate copy of all notices in writing which
- Lessor may, from time to time, give to or serve on Lessee under
and pursuant to the terms and provisions hereof; such copies
shall be mailed or delivered to such Trustee, at, or as near as �S
possible to, the same time such notices are given to or served on � .
Lessee. Such Trustee may, at its option, at any time before the
rights of Lessee shall be terminated as provided herein, pay any
of :he rents due hereunder, or pay any taxes and assessments, or
do 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, oz
to prevent the termination hereof; all payments so made, and all '
� things so done and performed by such Trustee shall be as
effective to prevent a foreclosuYe of the rights of Lessee
• thereunder as the same would have been if done and performed by
� Lessee. '
Nothing in this paragraph (a), however, shall preclude the -'.:.
purchasers of the Project, upon a foreclosure of the mortgage, `.;y`<
from mortgaging or encumbering their interests therein, or their
leasehold interest, and any such purchasers are hereby granted
such right and privilege. ' � '� _
,
' (b) Subject to the following conditions, if an event of � j
default shall have occurred under the Indenture of Trust relating , �
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to the Bonds, the Trustee shall have the right and option, in
conjunction with a foreclosure of the Mortgage, and if directed
by the owners of the Bonds, to purchase the Project Site from the
Lessor at the then fair market value of the Project Site, without
regard to any improvements thereon, but in accordance with its
existing use and any other use reasonably likely under the then
existing zoning and land use laws and considering then current •
enforceable covenants and restrictions on the use of the Project •
Site, all as determined by an M.A.I. appraiser acceptable to the
Lessor and the Trustee. Such right and option is subject to the �� ...:�
Pollowing: (1) after such an event of default, the Lessor shall i;,j"-:;1`"�
first have the right for ninety (90) days thereafter to purchase •��..,:
- or sell or to elect to purchase or sell the Project and the '•.{�`
Project Site for an amount sufficient to pay the principal of and ���f
interest on the Bonds in full, and (2) after the expiration of 1-' = �
such ninety (90) day period (or such reasonable longer period, ,if
the Lessor shall have elected to purchase or se11 the Pro.ject, _
necessary to complete such purchase or sale), the right and
option of the Trustee to so purchase the Project Site, must be _ai
exercised within eighteen (18) months after the expiration of �
such ninety (90) day period (or such reasonable longer period if
the Lessor shall have elected to purchase or sell the Project,
necessary to complete such purchase or sale) . At the end of such •
eighteen (18) months, the Trustee's option and right to purchase
shall terminate.
_ � ' SECTION TEN
� � LEASING AND ASSIGHMENT -
Lessee may sublet the Project, but not the Project Site, in �
whole or in part without Lessor's consent. .�.
:Y
SECTION ELEVEN '
NOTICES
All notices, demands or other writings in this Lease
provided to be given or made or sent, or which may be given or �
made or sent, by either party hereto to the other, shall be
deemed to have been fully given or made or sent when made in
' writing and deposited in the United States mail, registered and
i postage prepaid, and addressed as follows: .
To Lessor: County of Pitkin, Colorado _.�1,
506 East Main Street -
Aspen, Colorado 81611 �
_ Attn: County Attorney
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• • PODK 585 �acE81Z �°'� �78 ��� �t'Y `.
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To Lessee: Aspen/Pitkin Iiousing Authority
506 East Main Street
Aspen, Colorado 81611
Attn: Housing Director
The address to which any notice, demand or other writing
may be given or made or sent to any party as above provided may •
be changed by written notice given by such party as above •
provided.
SECTION TWELVE I � ,'�
TAXES AND ASSESSMENTS ""�'
' All taxes and assessments with respect to the Project or the �i
' Project Site, if any, shall be paid by Lessee. ;
_ SECTION THIRTEEN — '`'.
�`�:.
£ REPAIRS AND MAINTFIIANCE .
! �����.:.'
'' Lessee shall, throughout the term of this I,ease, at its own
� cost, and without any expense to Lessor, keep and maintain the ,
Project Site and the Project, in good repair.
.� .. SECTION F�IIRTEEN
- /j UTILITIES
'� Lessee shall fully and promptly pay for all utility service.
i� .
.; SECTION FIFTEEN a�
� LZENS ^
t Lessee shall keep all of the Project Site and every part �
� thereof and all buildings and other improvements, including the
Praject, free of all liens er.cept Permitted Encumbrances.
ja SECTION SIXTEEN
��
� INI?ErII1IF'ICATION OF LESSOR
�� To the extent permitted below, Lessee agrees to indemnify :f,
± � Lessor from any claims or liability and shall for the purposes
� and events set forth in, and in accordance with, the Loan
Agreement defend Lessor against any such claims arising out of or
�� connected in any way with Lessee's acquisition, construction, �`}
'� maintenance or operation of the Project or the issuance of the �
: Bonds by Lessee for such purposes. �
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sECxiox s�xx�Ex
ATTORNEY'S FEES �
If any action at law or in equity shall be brought 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 recove of the `"'`' °
� rY 1.�-:.
possession of the Project Site, the prevailing party shall be ;;��s
entitled to recaver from the other party as part of the i:��-"�:
prevailing party's costs reasonable attorney's fees, the amount � _
of which shall be fixed by the court and shall be made a part of °<
. any }udgment or decree rendered. `r . .
.F, . '
SECTION EIGHTEEIS i���� I ` '�
_. �r
� j
REDELIVERY OF PROJECT SITE � -
;� �..::' .
Lessee shall pay the rent and all other eums required to be e;� : .
paid by Lessee hereunder in the amounts, at the times and in the � �
manner herein provided, and shall keep and perform all the terms
and conditions hereof on its part to be kept and performed, and,
at the expiration or sooner termination of this Lease, peaceably _
and quietly quit and surrender to Lessor the Project Site, the +
- Project and a11 other improvements that may be located on the
_ Project Site, all in good order and condition subject to the
--. other provisions o£ this Lease.
< �
SECTION NYNETEEN h ,� .
. . _�.
RFalEDIES CQMULATIVE , �`
;';�,I`.
Subject to Section 9(b) hereoP, all remedies hereinbefore �,.
and hereinafter conferred by I,essor shall be deemed cumulative 1" .
and no one exclusive o£ the other, or of any other remedy ,`>, ,
oonferred by law. �.
�. ..
SECTION TWENTY
SHSURANCE •
Lessee shall maintain insurance on the Project Site and the :
- project. "
:t
' SECTION TWENTY-ONE
NOTICE OF DEFAULT ( '
5
F 1
Lessee shall not be deemed to be in default hereunder unless � i
. Lessor shall first give to Lessee thirty (30) days written notice , t �� �..
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, � � ea�a 585 Pac�814 eoac 5�3 �'S.75
.� of such default and Lessee fails to cure such default within an
additional thirty (30j days. Notice of such default shall also
be given, and shall not be effective until given, to any
mortgagee there may be with respect to the Project.
SECTI02i TWENTY-TWO '
DEFAULT • � .
;�,:.• ..
;•.k r; .
In the event of any breach af this Lease by Lessee and , ` �
sub'ect to Section 9 b hereof Lessor in addition to the other �t�j� .-
J � �
rights or remedies it may have,�shall have the immediate right of '�' '.
re-entry and may remove all persons and proparty form the Project �` `:� .
Site; such property may be removed and stored in 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 legal proceedings or • -
pursuant to any notice provided for by law, Lessor may-either �
terminate this Lease or it shall, without terminating this Lease, :. ��
re-let the Project Site to any purchaser or purchasers of the 4, ;
Project or any part thereof for such term or terms (which may be `; •
for a Cerm. extending beyond the 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 with
the right to make alterations and repairs to the Project Site
(sub1ect to Sections 2 and 3 hereof) . On such re-letting (a)
• .. Lessee shall be immediately liable to pay to Lessor, in addition
to any obligations secured by any mortgage, deed af trust, ar
other instrument relating to tha Project, includinq the Bonds, � �
- and other than rent due hereunder, the expenses of such re- 1Oi �.
�� letting and o£ such alterations and repairs, incurred by Lessor, �
and the amount, if any, by which the rent reserved in this Lease �`
for the period of 'such re-letting (up to but not beyond the term ,.;,j,
of this Lease) exceeds the amount agreed to be paid as rent for
the Project Site for such period on such. re-letting; or (b) at � '=
- the option of Lessor, rents received by such Lessor from such re-
letting shall be applied first, to the payment of any � `•
indebtedness, other than rent due hereunder from Lessee to
I,essor; second, to the payment of any expense o£ such re-letting ,
and of such alterations and repairs; third, to the payment o�
rent due and unpaid heraunder, and the residue, if any, shall be '
held by Lessor and applied in payment of future rent as the same .
may become due and payable hereunder. If Lessee has been � '
credited with 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 if such rentals received from such
re-letting under option (b} hereo£ during any month is less than
that to be paid during that month by Lessee hereunder, Lessee �,
shall pay any such deficiency to Lessor. Such deficiency shall k';
be calculated and paid monthly. No such re-entry or takinq ' � �
possession of the Project Site by Lessor shall be construed as an
election on the part of Lessor to terminate this Lease unless a ,
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' written notice of such intention is given to Lessee or unless the
termination thereof is decreed by a court of competent
jurisdiction. Notwithstanding any such re-letting without
termination, Lessor may at any time thereafter elect to
terminate this Lease for such previous breach. Should Lessor at
any time terminate this Lease for any breach, in addition tc any •
, other remedy it may have, Lessor may recover from Lessee all •
damages incurred by reason of such breach, including the cost of
recovering the Project Site, and including the worth at the time
of such termination of the excess, if any, of Che amount of rent 3 .`
and charge equivalent to rent reserved in this Lease for the
remaindez of the stated term over the then reasonable rental �f' �
value of the Project Site for the remainder of the stated term, yz:_-�':.
all of which amounts shall be immediately due and payable from
° Lessee to Lessor.
; SECTION TWENTY-TF�tEE
LESSOI2`S RIGAT TO PERFORM • �yl�:�`�"..'
• �-�;:'_;
a Zn the event that Lessee by failing or neglecting to do or
' perform any act or thing herein provided by it to be done or
� performed, shall be in default hereunder and such failure shall
continue for a period of thirty (30) days after written notiice
' from.Zessor specifying the nature of the act or thing to be done
i - or performed, then Lessor may, but shall not be reguired to, da
or perform or cause to be done or performed such act or thing
- � (entering on the Project Site for such purposes, if Lessor shall
so elect) , and Lessor shall not be held liable or in any way
responsible Yor any loss, inconvenience, annoyance, or damage ::� .
resulting to Lessee on account thereof, and Lessee shall repay to �a
Lessor on demand the entire expense thereof, includinq �'
compensation to the agents and employees of Lessor. Any act or S+
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 of any covenant, term or condition herein
contained or the performance thereof, or of any other right or f+
. remedy of Lessor, hereunder or otherwise. All amounts payable by
Lessee to Lessor under any of the provisions of this Lease, if
not paid when the same become due as in this Lease provided,
shall bear interest from the date they become due until paid at
the rate of fifteen (15) percent per annum, compounded annually.
+,
SECTIpN TWENTY-FOIIR `,�.
:, ..
EFFECT OF CpNDEi�IIdATION AND DAMAGE OR DESTRIICTION
- The responsibilities of the parties hereto in case of
condemnation or damage and destruction are set forth in the .� ,�;
Indenture of Trust relating to the Bonds. '� -
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written notice of such intention is given to Lessee or unless the
termination thereof fs decreed by a court of competent
jurisdiction. Notwithstanding aay such re-letting without
termination, Lessor may at any time thereafter elect to
terminate this Lease for such previous breaeh. Should Lessor at
any time terminate this Lease for any breach, in addition tc any
other remedy it may have, Lessor may recover from Lessee all '
damages inaurred by reason of snch breach, including the cost of '
recovering the Project Site, and ihcluding the worth at the time
of such termination of the excess, if any, of the amount of rent ���.:;`
and charge equivalent to rent reserved in this Lease for the i':_�� ,
remainder of the stated term over the then reasonable rental ,,?i.i. :_
value of the Project Site for the remainder of the stated term, ,ri:,.�:-
all of which amounts shall be immediately due and payable from
Lessee to Lessor.
;��' .
SECTION TWENTY-TfII2EE
I,ESSOR'S 12IGAT TO PERFORM :y":;:: '
�:::_.
. �'+.:i't.:.�.
�•f;. �
In the event that Lessee by failing or neqlecting to do or ;�':'
perform any act or thing herein provided by it to be done or � ,
performed, shall be in default hereunder and such failure sha].1
continue for a period of thirty (30) days after written notice
from.I,essor specifying the nature of the act or thing to be done
-- or performed, then Lessor may, but shall not be required to, do
� or perform or cause to be done or performed such act or thing
(entering on the Project Site for such purposes, if Lessor shall
so elect), and Lessor shall not be held liable or in any way
• responsible for any loss, inconvenience, annoyance, or damage �� �
resulting t� Lessee on account thereof, and Lessee shall repay to � :j.
Lessor on demand the entire expense thereof, including �'�
compensation 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 of any covenant, term or condition herein E'
contained or the performance thereof, or of any other right or �� _
remedy af Lessor, hereunder or otheswise. All amounts payable by �.:_
Lessee to Lessor under any of the provisions of this Lease, if
not paid when the same become due as in this Lease provided,
shall bear interest from the date they become due until paid at
the rate of fifteen (15) percent per annum, compounded annually.
SECTION TWENTY-FOIIR `
EFFECT OF CONDEl4iAT20N AND DAMAGE OR DESTRIICTION
The responsibilities of the parties hereto in case of
aondemnation or damage and destruction are set forth in the :A ;
Indenture of Trust relating to the Bonds. w;�
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sECrxox �xx�c-F�
DISPOSITION OF IMPROVEMENTS, INCLUDING PROJECT,
ON TERMINATZON OF LEASE ,
Subject to Section 9(b) hereof, on termination of this Lease '
for any cause, Lessor shall become the owner of the building or
improvements on the Project 5ite, and if such building extends
onto other property owned by the Lessee hereunder, such Lessee :,_';`,. .,
shall convey to Lessor, on such termination, an undivided ;+�'.�3 . ,
interest as tenant in common in all of the property covered by ;:.��_�, ,:
such buildinq which bears the same propoYtion to the whole as the .:,,:'.;.�,
area of the Project Site bears to the total area covered by such
building, and Lessor shall convey to Lessee an undivided interest _
as tenant in common in the Project Site which bears the same
relation to the whole thereof as the area covered by such
building not included in the Project Site bears to the whole..area :. 1
covered by such building. - �
�::;{:,. .;-,:.
SECTION T4IENTY-SIX "`• �
���
WAIVEIt �
,�`
The waiver by Lessor of, or the failure by Lessor to take �;:
action with respect to any breach of any term, covenant, or
condition hezein contained shall not be deemed to be waiver of
- such term, covenant or condition, or subsequent breach of the
_ same, or any other term, covenant or condition therein contained.
The subsequent acceptance of rent hereunder by Lessor shall not
be deemed to be a waiver of any preceding breach by Lessee of any �
term, covenant or condition of this Lease, other than the failure �'
of Lessee to pay the particular zental so accepted, regardless of '"�K
Lessor's knowledge of such preceding breach at the time of �:
acceptance of such rent. %;3;
SECTIOft TFIENTY-SEVEN ��;
EFFECT OF LESSEE'S HOLDING OVER �'
Any holding over after the expiration of the term of this
Lease, with the consent of Lessor, shall be construed to be a
tenancy from year to year, at the same annual rental as required •
to be paid by Lessee for the period immediately prior to the
expiration of the term hereof, and shall otherwise be on the '.
terms and conditions herein specified, so far as applicable.
SECTION TWENTY-EIGHT
�i
AMENDMENT
�j
Except as otherwise specifically provided herein, this Lease '
. shall not be amended prior to the payment of the Bonds in full �' ,,
11 • M� .' ',
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(or provision for the payment thereof having been made in
accordance with the provisions of the Indenture of Trust selating
to the Bonds) without the written consent of Trustee and the
owners of the Bond and in accordance with the provisions of such
Indenture. �
SECTION TWENTY-NINE
•.;,� ....
PARTIES BOIIND '} '�' '
����.��
The covenants and conditions herein contained shall, subject :;!,%:�<'_;
to the provisions as to assignment, transfer and subletting, �::` :•
• apply to and bind the heirs, successors, executors,
administrators and assignees of the parties hereto; and the
parties hereto shall be jointly and severally liable hereunder.
SECTION TfiIRTY - �
TIME OF THE ESSENCE '�,
:: ; ;..
Time is of the essence of this Lease, and of each and every •
covenant, term, condition and provision hereof.
, SECTION THIRTY-ONE
SECTION CAP'PIONS
The captions appearing under the section number designations �
• of this Lease are for conveyance only and are not a part of this �,� '
Lease and do not in any way limit or amplify the terms and i
provisions of this Lease. :,..
SECTION TFLLRTY-TWO "
COIARADO LAW �
This Lease shall be recorded in the real property records of
the County of Pitkin, Colorado, and shall in all respects be
governed by and construed under the laws of the State of
Colorado.
+.
- SECTION TFIIRTY-THREE
k�:
ESTOPPEL
The Lessor acknowledges for the benefit of the owners of�the �� .
Bonds and the Trustee that this Lease is in full force and `
affect; agrees to give the Trustee notice of any default � ;i
5
. hereunder and the right to cure the same; acknowledges the right , �:;
of the Trustee to foreclose upon the Project and the Lessee's �:
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�' � e�nK 585 PacE81$ r'�`��``=�-
�' � : . �x 578 p,��559
• leasehold interest as mortgaged pursuant to the ldortgage,
Security Agreement and Fixture Financing Statement dated as of
December 1, 1988, (the "Mortgage") from the Lessee to the
Trustee for the owners of the Bonds; and acknowledges the right
and authority of the Trustee to resell the same upon any �
foreclosure pursuant to the Mortgage. '
SECTION THIRTY-FOUR
THIRD PARTY BENEFICIARIES ir4.��' ,':
r.i}�.:;.
The Trustee and the owners of the Sonds shall be third party ;,�;•:�°.
beneficiaries of this Lease, as their interests may appear, and
are a»d shall be granted such rights and privileges as if said _
parties had executed this document, includinq without limitation
those rights, benefits, options and agreements set forth ..in
Sections 9(b) and 28 hereof. _
��
, IN WITNESS WE�REOF, Lessor and Lessee have duly executed
this Lease the day and year above first written. �
ATTEST: LESSOR:
COUISTY O£ PITKIN, COIARADO
,
.. ` .
anette Jone F ed Cro ley
eputy Clerk Chairman, Board f ounty
Commissioners o£ Pitkin ty � �
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ATTEST: LESSEE: ,;'f�
ASPEN/PITKIN COUNTY H�USI2SG
' AUTHORITY ss' .
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ecx'etary� ames L. Adamski
Housing Director
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STATE OF COIARADO)
) ss.
COUNTY OF PITKIN ) ,
e regoing was acknowledged before me this ..°1G� '
day of � � , 1988, by Fred Crowley, Chairman of the �':
Board of County Commissioners of Pitkin County, Colorado. (•-;:::..
.t..,
_ G� ,.. . �� j .
: Witness my hand and official seal. , �
My comiaission expires: /�-�$"�rl�l ° • ; •� � ' �
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yxary Public •• -
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�� .. STATE OF COZARADO)
� � .
- `± COUNTY OF PITIZIN � ss.
�`y The fo egoing was acknowledged before me this � ..�. �
� day of , 1488, by James L. Adamski as`Housing '?
' Director f the Aspen/Pitkin County Housing Authority. � ��,,���"'""°"•�•
�.,�'.c:;•
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' Witness my hand and official seal. -
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EXHIBIT A
PROJECT SITE .
A parcel of land being located in Section 7, Township lo
South; Rand 84 West of the 6th Principal Meridian. Said parcel
is generally described as follows: ;� '�'
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t
Commencing at a point whence a brass cop set for the ,�� � •�
center 1/4 corner of said Section 7 in 1954 bears North .,'#�;.,:..
89'29'19" East, 976.86 feet; thence South 25.40 feet to „!<'.;.;=?•
the true point of beginning; thence South 40.00 feet;
, thence South 44'33' West 59.40 feet; then 281.67 feet ���,'� '
around a curve to the left ha�i:,g a radius of 167.50
feet (the chord of which bears South 3'37'29" East "
249.64 feet); thence North 64'04' West 278.15 feet; ';�
thence 73.96 feet around a curve to the left having a
radius of 225.05 feet (the chord of which bears North -
73'28'54" West 73.63 feet) ; thence North 68.89 feet; �:�i
thence East 64.22 feet; thence North 55.00 feet; thence ` �
East 27.00 feet; thence North 60.00 feet; thence East �
55.00 feet; thence North 5.00 feet; thence East 200.40
feet to the true point of beginning;
COUNTY OF PITKIN, STATE OF COIARADO
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l,3PEN SURVEY ENGINEERS.iNC. �
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��""•° - • LEGAL DESCRZPTION
HUNTER LONGHOUSE LEASE ADDITION �•�"�' '
r
� - F1 PARCEL OF LAND SEING A POFTION OF THE PITh'IN COUNTY
COMMUNITY CENTER PARCEL LYZN6 N�RTHWES7EFLY AND ADJACENT TO THE
EXISTING HUN7ER LONGHOUSE LANDLEASE AS DESCRIHED IN BOOK r
'� AT PAGE OF THE PITKIN COUNTY REC�RDS ALL SITUATED IN THE ` `�"`
;? SOUTHWEST 1/4 OF SECTION 7. TOWNSHIP 10 SDUTH. RANGE B4 WEST OF
� THE bth P_M. DESCF',IBED AS FOLLOWS: �..•.` ,•
:i.:.
;
'� BEGINNING AT A POINT ON THE NOFTH LINE OF THE EXISTING
HUNTER L�NGHOU5E LAND LEASE WHENCE THE SRASS CAF SET F�R THE
,`� CENTER 1/4 OF SAID SECTION 7 IN 1954 SEARS NORTH 69 29'19"EAST
976.86 FEET, NORTH 2:�.40 FEET. APlD EAST 168.40 FEET:
� THENCE NOR7H 45.00 FEET: . f
� THE1�{Cfi A1 Sb 41'04"W 74.38 FEET: - �
THENCE S 45 00'W 60.G0 FEET:
� . THENCE SOUTH :6.00 FEETp �.
� THENCE S 4Q 53'W 35.00 FEETs
� THENCE N 54 00'W 18.00 �EET: � �
�� THENCE S 36 00'4! SB.00 FEET:
THENCE S 54 00 E 18,00 FEET: - f!
THENCE S 03 12'16"W ^3.44 FEETs ��
_THENCE S 00 30'W 71.00 FEET 70 THE' N��THEFLY LINE QF THE
� EXISTING HUNT�R LONGHOUSE LANDLEASE:
� THENCE ALONG THE IVORTFIERLY BOLlNDARY OF SAID EXISTING ,
; LANDLEASE AS FOLLOWS: •
EAST 26.00 FEET.
N�RTH JJ.00 FEET.
� EAST 27,00 FEET, ;
NOFTH 60.00 FEET.
� EAST 55.00 FEET. �
NOR7H 5.00 E'EET.
EAST 32.00 FEET TO THE F�ZNT OF BE6INNING COI�ITAINING `��".~
� SL.OJS S�UARE FEET MOFE pF� LESS. '
COUNTY OF PITKIN •
STATE OF COLOFADO +
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