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. '' ennK 586 ?a�E 1� �'�:c��tion No �
:;!tti�lA DAVIS PITKIN COUNTY RECORDER
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
AUTHORIZING THE AMENDMENT AND RESTATEMENT OF A
SITE LEASE DATED AS OF DECEMBER 1, 1988, � "
BETWEEN THE COUNTY, AS LESSOR AND THE �';"
ASPEN/PITKIN COUNTY HOUSING AUTI-IORITY, AS
' LESSEE, RELATING TO THE HUNTER LONGHOUSE
i HOUSING PROJECT �
i ``'7
Resolution No. 89- 1�
� �WfiEREAS, on October 25, 1988, the Board of County
V� CommissioneYS (the "Hoard") of Pitkin County, Colorado (the
"County"), in accordance with Sections 8.7.2 and 2.8.1 of the
Home Rule Charter of the County, approved and adopted upon second � .
�;_j reading'and after public hearing Ordinance No. 12 (Series 1988) �'-
.� ("Ordinance No. 12"), which has been duly published after
adoption in The Aspen Times on November 3, 1988, and is in fu'll
force and effect on the date hereof; and
� � WHEREAS, pursuant to Ordinance No. 12 the County authorized
�s� the execution of a Site Lease (the "Site Lease") dated as of
-? December 1, 1988, between the County, as lessor, and the
;;?� Aspen/Pitkin County Housing Authority (the ��Authority��), as
lessee, in the form attached thereto, in respect of certain
;?;�'� property owned by the County described in two separate but
� contiguous parcels on Exhibit A to the Site Lease (the "Project
site") and generally known as the location of the existing Hunter
=i� Longhouse housing project and a proposed addition to such project
����:� (the existing project and the addition, the "Project°); and
,� •.
WHEREAS, Ordinance No. 12, with the executed form of the `�;
:�•{ Site Lease attached thereto, was recorded in the real estate
� records of the County in respect of the Project Site on
November 14, 1988, Reception No. 305977, at Book 578, Pages 545
through 562; and
� WHEREAS, Ordinance No. 12 provided that the Site Lease was �
contingent upon the issuance by the Authority of its housing �
� revenue bonds for the purpose of financing the acquisition by the _
Authority of the existing portion of the Project and the �
construction of the addition to the Project; and
$:.:
WHEREAS, in corinection with the execution and delivery of A`
F; -
housing revenue bonds by the Authority for such purposes, the t ;
County shall record in the real estate records of the County in -
respect of the Project Site, the executed Site Lease; and
- . �ri�::'.
:t
� WHEREAS, the Site Lease may be amended in accordance with �'
� the terms thereof; and 'r�'�`=_'
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' ' , F BOON 506 PAGE 15
WHEREAS, in order to facilitate the issuance and sale of the
Authority's housinq revenue bonds for the purposes contemplated
by Ordinance No. 12 it is desirable and necessary to amend '
certain provisions of the Site Lease, which amendments are .
contained in full in the form of the Amended and Restated Site
Lease attached hereto and to restate the Site Lease as so ��'
amended; and �'z��
��n-
WHEREAS, the proposed amendments to the Site Lease do not �
; amend, revise or change the term of the Site Lease, the •
; consideration for the Site Lease or the Project Site leased
i thereunder (except to the extent that the Project Site legal �;,''.�:: '-_i
i description shall be revised to describe one parcel of land) . � .
i
i NOW, THEREFORE, BE IT RESOLVED by the Board of County
' Commissioners of Pitkin County, Colorado, as follows:
� �t
1. The amendments to the Site Lease as contained in the
form of the Amended and Restated Site Lease attached hereto are 1�
`� hereby approved and the terms of the Amended and Restated Site t�.�;:�:,
'�� Lease shall supercede, control and be superior to the terms of
.;,� the Site Lease prior to the amendment thereof. �'
�=
i`
,y 2. The Chairman oE the Board is authorized and directed to ,M1
� execute and deliver the Amended and Restated Site Lease
�� substantially in the form presented to the Board but with such �.
:,,_� changes therein as the Chairman of the Board shall approve, his ;", � "
execution thereof being deemed conclusive of his approval o£ any �
�� such changes. `
3. The officers of the County shall take all action which ��
they deem necessary or reasonably required to give effect to and "
consummate the transactions contemplated by the Amended and �
Restated Site Lease, including the delivery of the executed �3
Amended and Restated Site Lease for recording in the real estate ;;
'�?� records of the County in respect of the Project Site. " �,
_ ,� E;
4. This Resolution may be published after adoption by h!
`°�+ title and short outline only.
i� ,.
`�± INTRODUCED� FIRST READ, AND SET FOR PUBLIC HEARING ON THE i�
;_� SEVENTH DAY OF FEBRUARY, 1989. �
� NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON THE �
NINTH DAY OF FEBRUARY, 1989.
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. - .' � ' � eonH 586 P��E 16
APPROVED AND ADOPTED UPON SECOND READING AND AFTER PUBLIC
HEARING ON THE FOURTEENTH DAY OF FEBRUARY, 1989.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE `� ^ 4.��;.•
DAY OF FEBRUARY, 1989.
�, -
BOARD OF COUNTY COMMTSSIONERS -
{' ATT . �
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J netta Jones, Co7.ette �'enne, Chairwoman �t:-:~
eputy Clerk an ecorder
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?r,4? RECOMI� ED FOR APP O L:
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s, - �x
r. James L. da sk
- :�:�•. Executive Director
`-°� Aspen/Pitkin County Housing Authority
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�.g APPROVE S TO FO �
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"`����� Assis an� P kin County Attorney
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�ao K 58� ��- �� eooH 585 PAGES4� '
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AMENDED AND RESTATED SITE LEASE � �_�
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w�.; COUNTY OF PITKIN, COIARADO :`-i
� ' (Lessor) _ -
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�'i�� ASPEN/PITKIN COUNTY HOUSING AUTHORITY
,'~ (Lessee)
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•fy�� ' " Dated as oP December l, 1988
`,��`,` and Amended and Restated as of February 15, 1989
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eook 585 P��E823
THIS AMENDED AND RESTATED SITE LEASE is made and executed as
of December 1, 1988, and is amended and restated as of
February 15, 1989, by and between the COUNTX OF PITICItl, C�LORr1D0 s�~� .:'
the "Lessor" , a count existin as a olitical subdivision of t'?;� -
( ) Y 4 P �-:._.
the State of Colorado, and ASPEN/PITKI31 COUNTY HOUSING AL3THORITY n='=
(together with any subsequent lessees hereunder, the "Lessee'�) , a ��.�'=���
Colorado Hausing Authority constituted under Section 29-1-20�.5 ?:�-�
of the Colorado Revised Statutes as amended.
�;: �
i WTTNESSETH: �
±._� �, -�c:
WHEREAS, Lessor is the owner of certain real property
located in the County of Pitkin, State of Colorado, more
particularly described in Exhibit A attached hereto and made a
� part hereof (the "Project Site"); and �
. d �' s ..
�� WHEREAS, Lessee desires to issue its Housing Revenue Bonds �. .:
E (Hunter Lonqhouse Project) Series 1989 (the "Honds"), and to usa " 1 `
'' :,;r:j the proceeds of the Sonds to acquire, construct, equip and
install a £ive (5) unit residential addition to and to acquire
�=;=� and refinance the existing twanty-eight, (28) unit residential
';� facility, generally described as the Hunter Longhouse project
�� (collectively, such existing facility and addition, the
"Project"), which apartment units of the Project �are to be leased
:�j:,� by the Lessee to low and moderate income persons, except that in
the case af an event of default under the Indenture of Trust
'�� � "—dated as of February 15, 1989 (the "Indenture") between the
�'i�;� ._
, Lessee and Central Bank of Denver (the "Trustee"), as trustee for
:,.i the owners of the Sonds and foreclosure under the Mortgage,
:;� Se�urity Agreement and Fixture Financing Statement dated as of
•��• February 15, 1989 (the "Mortgage"), from the Lessee to the
;ri�� Trustee, the Project may be operated without the foregoing �
`� limitatinns; and ;;" +s;
� WHEREAS, the Project, inclnding the proposed addition Y
;� thereto, is located on the Project Site; �
;�;i:
NOSJ, THEREFORE, for and in consideration of the mutual
agreements hereinafter contained, the parties hereto agree as �
follows: �`t
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�oH 585 Pa�E824
SECTION ONE
DEMISE, CONSTRUCTION AND USE OF PREMISES
Lessor leases to Lessee and Lessee hires from Lessor, for h �
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 4" '
Project Site and covenants and agrees that the Lessee and any
subsequent purchaser (including without limitation the Trustee) �!.^`
�' or Lessee of the Project or the Project Site, has £ull right and r>`;:� ;
? authority to so use the Project Site as a matter of righc.
::;?� r' .
&
� - SECTION TWO
s TERM
�'�" The initial term of this Lease shall be for forty (40r years
-'r. .',� and one (lj day commencing as of December ]., 1988, and ending on ' �t```
```�" , xpression "term hereof"
;.�, December 2 2028. As used herein the e
refezs to such initial term and to any extension thereof as
�`�"`= hereinafter provided.
`�`'::�
v;^��, �
,; �� SECTION THREE -
"�'ytii ���
� ' RENT
�.;�,
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(a) Lessee, for and in consideration of the Lease of the
�` Project Site, covenants and agrees to pay Lessor the sum of one
"�'� Dollar ($1.00) per annum during the term hereof, said rental for
��''� the entire initial term hereof
;;��;; payable upon execution of this
Lease (receipt of which is hereby acknowledged). All rents shall•
.: be paid to Lessor at any address specified by Lessor. :�,
-=-1
;::�;�: (b) Nothing in this Lease shall cause Lessor in any way to
_ be construed as a partner, a joint venturer, or associated in any
way with Lessee in the operation of said Project Site or the �
��' Project, or subject Lessor to any obligation, loss, charge or
expense connected with or arising from the operation or use of
� � said Project Site or Project or any part thereof. It is
understood and agreed that this Lease shall be a net lease with
respect to Lessor, and that all taxes, assessments, insurance,
utilities and other operating costs and all repairs, remodeZing, +
renovations, alterations and improvements, and all other direct
� costs, charges and exnenses of any kind whatsoever respecting the � ,:,;
Project Site or the Project shall be borne by Lessee and not by "
Lessor, so that the rent return to Lessor shall not be reduced, }''
. ,-� offset or diminished directly or indirectly by any cost or r �•
± charge, nor subject to suspension or termination for any cause. ,;�"5:�
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(c) Notwithstandinq the provisions o£ (3) and (b) above, iY
(i) an eighteen (is� monCh period alter the ninety (90) day
.I perfod described in Section 9(b) hereoY has pas6ed, and (ii) the • =~
rentals in respect of the Pro�ect theh being charged by the ";'''^;�;:•-°
Lessee, the Trustee or any pu�chaser in foreclosure or assignee `�'•'�
thereof az�e in excess o4 the then current low and moderate income "'�
guidel3.nes of Che Lessee, then the rent due hereunder for the :�� t ,�.
remairlder of the term of this Lease shall be incYeased to an ,;h-<,..,r•
amount equal to 25$ of the excess of Gross Revenues of the �:'::?`';'��., :
Project as detined in the Indenture over the sum oP (i) the total �i�:. .
, amounC. of principal of and interest on the Bonds paid durinq such ?:
f�scal year, (ii) any and all reasonable oosts of the Trustee or A�
; any purchaser in foreclosure oT assignee thsreof attributable to �
� an event of deEault under the Indenture or the fozeclosure of Che �::�;,;�.-.�
� Mertgaqe, and (S.ii) Current Expenses of the Project as defined in ���
� the Indenture. Such Yent shall be paid to Lessor on each i�
I f �N,,.
, FebYUary 2 in raspect of the then prior Fisca2 Year as dePined '1n ,
the Indenturs. - `'r���:`
•r: j _ ,�s
� SECTION FOUR '
� WARRAIiTIES OF TITLE AND QUZET TITLE �'OSSESSION
1 T,essor covenants that Lessor is seized of the Projeot Site
�
in fee simple and has full right to make this Lease attd that
' I�essee shall hava.quiet and peaceab7.e possession of the Project ? .
` , Site du7ring the term hereof. Lessor shall, at expense of Lessee, r
furnish title insurance on the ProjecY. Site priar to the issuance
of the Bonds, and such t�.tla insurar�ce shall insure that Lessor
has fee �imple title to thz ProjecL Site, subject only to
PermitCed EncumbranCas.
- � SECTION FIVE
�
1 DELICERY OF POSSE5SION `
Ii
� IE Lessor� for any rsasons whatsoever� cannot deliver `. i
1� possession of the Project Site to I,essee at the commencemen� o�
! the lease term, as hereinbe£ore speciFied, this Lease eha11 not t�� ;
' be void or voidable, nor shail Lessor be li.able to Lessee for any �
loss or damage resulting therefrom; but in the avent there shall r'�
'r Ae a proportionate reduction of rent covering the period between
! the commencement oY the lease teYm and the tilne When Lessor Can
� deliver possession.
s �
, ' � ;
; � � �C,
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. eaaK 585 PacE826
SECTION SIX
' USES PROHIBITED }
}i•i.`.'
Subject in all cases to applicable zoning laws and land use �� �
regulations, (i) Lessee shall not use, or permit the Project
Site, or any part thereof, to be used, for any purpose or �,';.:_
t an the u ose or ur oses for �ahich trie Pro'ect ��^,'�
i purposes other h p rp P P ) �;;
� Site is hereby leased, but (ii) in the case o£ an event of �.� _,�
default under the Indencure and foreclosure under the Mortgage,
the Project Site may be used without .the limitations stated in
- (i) of this senten�e. 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 located ;•
on the Project Site, or any part thereof, nor shall Lessee se11, ' "
'� or permit to be kept, used or sold, in or about the Project Site, �
�={ri any article which may be prohibited by the standard form of fire �.±
" insurance policies. Lessee shall, at its sole cost, comply-with ;�'i`�`,
Y= s..;� all requirements, pertaining to the Project Site, of any ;
insurance organization or company, necessary for the maintenance
��� of insurance, as herein provided, covering any building and
�`� apurtenances at any time located on the Project Site.
�. r
'� SECTION SEVEN
`�?��
.�
�;?„� --�_ WASTE AND PI[TISAIZCE PROHIBITED
L x`kj
-� During the term of this Lease, Lessee shall comply with all
'=�y applicable laws affecting the Project Site, the breach o£ which
=�` might result in any penalty on Lessor or forfeiture of Lessor's
;u;, title to the Project Site. Lessee shall not commit, or suffer to
be committed, any waste on the Project Site, or any nuisance. '�
v� �'
°`{ SECTION EIGHT
,7i�
''',�F LESSOR'S RIGHT OF ENTRY ;
';}` Lessee shall permit Lessor and the agents and emtiloyees of �
Lessor to enter into and upon the Pzoject 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
any rebate of rent and without any liability to Lessee for any -
loss of occupation or quiet enjoyment of the Project Site thereby �
occasioned). �z.�:.��
. , �.3':�ra.
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�j� o ,�,� �-;�,� � �t�;;: �����`��� �"�;�`��"�
Y !! � �!I7�6�..`�' t - �'� - y. 4 � 11 .`G.. ...r�,y. . ,�rt� ��,,1 � j d �' .
J.F.,���ai.��?�°w��,t�\��ii���t��� �{�, w�t��kt3��;;. �i ���'!�l c . „a t � 1S. �k 1�3.
� t:.. 'T�1C. :,.'�lo � �X���.1lY.:.��$.,�.'.T".�"'��,-?l��.u:.�i�.l�+l�.�. .�1� Yit taf.� .
� � � � �oX-- -58� �- I��'
ea►H 585 PacE327
SECTION NINE
,� EtJCUMBRANCE OF LESSEE'S LEASEHOLD INTEREST;
OPTION TO PURCHAS£ ± '�
s•-.
7
; (a) Lessee may encumber by mortgaqe or deed �f 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, only as security for �:`:�
the Bonds. The execution of any such mortgage, or deed of trust,
or other instrument (the "Mortgage") , or the foreclosure thereof, ,
';� or any sale 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 right, power or privilege
reserved in any mortgage or deed oE 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 obligetion Chereof. No such encumbrance, �'"
" foreclosure, conveyance or exercise of right shall relieve Lessee �
��rr from its liability hereunder. ..
��� If Lessee shall encumber its leasehold interest and estate
��'� in the Project Site and if Lessee or the Trustee on behalf of the
:`'� owners of the Bonds secured by such encumbrance shall give notice `
�^r%� - _ to Lessor of the existence thereof and the address of such
;,yV� _`Trustee, then Lessor will mail or deliver to such holder, at such
,.r:�� address, a duplicate copy of all notiaes 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 possible
;'r,�� to, the same time such notices are given to or served on Lessee.
;,:.� Such Trustee may, at its option, at any time before the riqhts of
° Lessee shall be terminated as provided herein, pay any o� the
`;},� rents due hereunder, or pay any taxes and assessments, or do any
other act ar thing required of Lessee by the terms hereof, or do
;�s any act or thing that may be necessary. and propez to be done in
the observance of the covenants and conditions hereof, or to -
-'.�':�. prevent the te�mination hereo£; all payments so made, and all
_m
things so done and per�ormed by such Trustee shall be as
_`� effective to prevent a foreclosure of the rignts of Lessee
'�y,-� thereunder as the same would have been if done and perfozmed by �
Lessee.
�
Nothing in this parag=aph (a), however, shall preclude the
purchasers of the Project, upon a foreclosure of the Mortgage, � :;,
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 „��Y
:i ..
default shall have occurred under the Indenture of Trust relating ' �a:-
;:� to the Bonds, the Trustee (or any purchaser at a foreclosure sale "-
pursuant to the Mortgage or any assignee of such purchaser) shall '`
,:,'
-5-
y --._ � _...__. ...:._... .__.__�. ,.-.... .. __,._....._. ... .._.._ _. ___ _ ..... .. __ . . _.-.___._ �..
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N'Y T'� t
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. . � ., � '����,�"^�'� . � ,yy.�ti ��,
.;, +(,� j�(,r' q!�,� �(t�,� �� �, � � ��`'��e: } ������
?�.54��Wirf:��53t':��/YSOr`�.�R:r�u`'L_�k"•'v2e?+•:_ .h..L',r>��.d'8 � Lb:��•' �. .
�'� � ^����ii.'F�.
. .. � �oo� �8(�� 1��
eooK 585 PacF828
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 I;�•- °`
laws and considering then current enforceable covenants and ":
restrictions on the use of the Project Site, all as determined by
an M.A.Z. appraiser acceptable to the Lessor and the Trustee (or ��,�-._
such purchaser) . Such right and option is subject to the
i following: (1) after such an event of default, the Lessor shall ;4':'�, ;'
j first have the right for ninety (90) days thereafter to purchase -
�:,j or sell or to elect to purchase or sell the Project and the
1 Project Site for an amount sufficient to pay the principal of and
i interest on the Bonds in full, and (2) after the expiration of
,,;� such ninety (90) day period (or such reasonable longer period, if
the I,essor shall have elected to purchase or sell the Project,
;'-;;' necessary to complete such purchase or sale), the right- and '
t ; option of the Trustee._to.so purchase the Project Site, must be �
_�_ r exercised within five (5) years after the expiration of such � � :
ninety (90) day period (or such reasonab�e 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
five (5) years, the Trustee�s and such purchaser's option and
t i4 right to purchase shall terminate.
�.'c�. � '� " -
x,+,� -
.:;,'ia']�'� SECTION TEN
,,-r'�; .
L;�:'x;'d . _
"�� LEASTNG AND ASSIGNMENT
„)� Lessee may sublet the Project, but not the Project Site
`x'� (except as provided in Section 9), in whole or in part, without
•�r�, Lessor�s consent. Notwithstanding the foregoing, if an event of
default has occurred under the Indenture, Lessee (or the Trustee
^�i;`�:;� or any purchaser at a foreclosure saTe under the Mortgage or any
assignee of such purchaser) may assign its interest under this
=�=*t Lease or sublet the Project or the Project Site, in whole or in
�`;��;,> part, withoLt Lessor's consent.
=�:r.�
+":�_
-��j SECTION ELE�N
;`"i '' ;
NOTICES 3
~S�
AZ1 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 �""�`%
, Y;� writing and deposited in the United States mail, registered and �-"
_r poscage prenaid, and addressed as follows: '� °.
�".
:�"' :���'.
= • �;;
�:�
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��
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'��� �ir:w::..:.`.v. '�_,.:.:r�.�c,..�..._,Ya�.�._—W__....... ..�....._._ .a.�_.:... _..,...._ . '__ 'r��.. . ..._.... �.�.�.. ......_...__�__,
..
�,�(� � ....__..... _ :. ...:..�. .
�45�'�1�.'4�iSY• . . ... . � �..� � . . •. .
�1'N.��' . .
;�,4���.. _..
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=.:.;A5�1�`�,'r.;':. '
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:�`+:�,•.� - . .
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�vr� •
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9� .
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; ' � '� � . ��?,��:
.,, A ��..: ' r . � � � t � S .. 4 �1
k��y� Y �� �'�17��'�L� M r�� f � Y':. �� �t�vi:'� . � �t" �'� � .�y �?�'�t��..�..
Lt.Yn � � � 4 �v � 1 M }' �' yf�' ,.
�_ �� . .��������F���-+�t.�.�-�-� .,, .. �- s;�t��.�. �' ��a�;;.
�r
' � �� � � ���� ��� � �� 585 PQ�E829
�
To Lessor: County of Pitkin, Colorado
506 East Main Street
_ Aspen, CO 81611 �(,.-
Attn: County Attorney ;.,,,:�
To Lessee: Aspen/Pitkin County Housing
Authority �'•`-_
� 506 East Main Street ?"-
Aspen, Co 81611 �'�;'' ; ;
Attn: Housing Director �;.:� �':
i
�`i The address to which any notice, demand or other writing may ` '
=a 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. -
•�'!i_
'�"'" SECTTON Ti9ELVE
..�± ;;
.� - TAXES AND ASSESSMENTS �:,�;��'•.
e;
i
•�5"";, All taxes and assessments with respeGt to the Project or the
`�:�:, Project Site, if any, shall be paid by Lessee.
"`�,c
.vt�, SECTION THIRTEEN �
�� -
� ' REPAIRS AND MAINTENANCE
!��:�
`: Lessee shall, throughout the term of this Lease, at its own
,�' costs, and without any expense to Lessor, keep and maintain the
�•<; Project Site and the Project in good repair.
��:
�',
S£CTIDN FOURTEEN �'*i,;
,'!�:�
� .,'t ' UTILITIES `i
:7 i
�=�:� Lessee shall fully and promptly pay for all utility sezvice. ��
:v;:� r
i � �
��K�- SECTION FIFTEEN *
� , a
LI�NS �
�� Lessee shall keep all of the Project Site and every part
4.t:._,. �.
thereoP and all buildings and other improvements, including the "�;_�:�::-:
Praject, free of all liens except Permitted Encumbrances. z1 ; :,
�x`r-
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�, rfir ' �` �� ` �,� ��, ��P!•,r h `���`.�S�ti,aF?
�L �'y1yo, s +���y .1f!�Ni � /�� ��' { � ���`��
d�,�,1(,�I SS� /iV.{ � .� �.. q ,{��t�f*e�pl'+5,� RI � - �
o,� °�i;"'�a`�ti.��1. ..�����f..���.'�5����1':.�h*_..'ti���y�����t�U9�..... "s'.:'i:.• � r. � �4�... 1".�IS ��'t'`:� .
�i ������i:
. ' , " � �c�� SP�(� �� 1��
sonu 585 Pasf830
SECTION SIXTEEN .
TNDEPSNIFTCATION OF LESSOR '
� To the extent permitted by law, Lessee agrees to indemnify ,;;�'�!° ;
Lessor from any claims o� liability which arise out of or are a„ ,.-
� connected in any way wiCh its acquisition, construction, �
maintenance or operation of the Project or the issuance of the � ;'
Bonds by Lessee for such purposes.
i SECTION SEVENTEEN � ,, �"..,.
s -
i ATTORNEY'S FEES -
` If any action• at law or in equity shall be brought to a =
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 a
or conditions of tihis Lease, or for the recavery of the 5.!',°�''�.
;; .j possession of the Project Site, the prevailing party shall be ' .
� entitled to recover from the other garty as part of Che
_ � I'
°.�p prevailing party's costs reasonable attorney's fees, the amount f
-� of which shall be fixed by the court and shall be made a part of ��
� any judgment or decree rendered.
i - . � -
� SBCTION EIGHTEEN �i
��� _ . REDELIVERY OF PROJECT SITE �.� .
� ,�
�� Lessee shall pay the rent and all other sums required to be r� .
.::,� paid by Lessee hereundez in the amounts, aC the times and in the {�
manner herein provided, and shall keep and perform all the ter.ns y;
and conditions hereof on its part to be kept and per�ormed, and, ��
at the exniration or sooner termination of this Lease, peaceably K'
. and quietly quit and surrender to Lessor the Project Site, the
Project and all other improvements that may be located on the
- Project Site, all in good order and condition subject to the
other provisions of this Lease.
�
SECTIQN DIINET°EN 10 i
. � `
R£1•SEDIES CUM[JLATIVE ,
;� .
Subject to Section 9(b) hereoP, all remedies hereinbefore �'!"`�'_
• and hereinafter conferred by Lessor shall be deemed cumulative '
and no one exclusive o£ the other, or of any other remedy • �;-;;'�. `
conferred by law. '�`.':�.;Gk'''
� `t`� :�> .
��
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� :.� +'I � -` 4 ,. '�, Y r �`�„'
' :.�t � xl�A ti '�i� _ ��l r`'f�. y c�. 4�- . � � �"ti� � �`�i t � �`'"�f. ,�y '� ,V�'�P�'i:
i i' :9��� '.0 . tl��R���h�q������:Sr ry'.��, -.. �� � �i� ~��� . . -.r� �4 '�'..
. ... . 7. ._ ._ �� .�a :Y�..t. �JYY
. .: � . ��K -�8� �-d- « �
eaox 585 FacE831
, SECTIO:l 2WENTY •
INSURANCE '�' � _
:�-'"+°�,•'�:
Lessee shall mai^tain ir.surance on t:�e ?roject Site and the ��� <
Proj ect. �:`.;l..;"..'��,'
,;;;=�;.,-_
>,„::
SECTION TWENTY-ONE
: -
� NOTICE OF D£FAULT _
� Lessee shall not be deemed to be in default hereunder unless _
? Lessor shall first give to Lessee thirty (30) days written notice ,., :
� of such default and Lessee fails to cure such default within an
additional thirty (30) days. Notice of such default shall also �4�
5 be given, and shall not be effec�ive until given, to ar.f , � ;
mortgagee there may be with respect to the Project. _
.�
� f . :.
�� SECTIOft TWENTY-TWO,.
� DEFAULT
� "
� Lessor shall not have the right to exclude Lessee from the
Project Site or take possession of the Project Site or to
� r terminate this Lease prior to the expiration of its tern upon any ?.
default by Lessee hereunder. In the event of any default by a
s Lessee hereunder, however, the Lessor may maintain an action for
� damages or, if perrnitted in equity, for specific performance.
� . SECTION T�•7ENTY-THREE
_ j LESSO?t'S RIGHT TO PERFORiR
y
� In the event that Lessee by failing or neglecting to do or
perform any act or thing herein provided by it to be done or
� perfor�ed, shall be in default hezeunder and such fail�ra snai_
� continue for a period o� thirty (30) days after written notice �t�,�
from Lessor specifying the natuze of the act or thing to be done
or performed, then Lessor may, but shall not be recuired to, do
or perform or cause to be done or perfo*_�ed such act or thing �_��
(entering on the Project Site fcz such purposes,. if Lesscr sna11
� so elect) , and Lessor shall nou be held liable or in any way
� resnonsible for any loss, inconvenience, annoyance, or damage t� :�
; resulting to Lessee on account thereof, and Lessee shall repay �o � :
c, Lessor on demand the en�ira expense thereo£, including �:'•.,.k,
{ comtiensation to the agents and employees of Lessor. Any act or �; +� ==
F thing done by Lessor pursuant to the provisions of this Section ti�v,', �;:
shall noL be or be construed as a waiver of any such default by �n
Lessee, or as a waiver of any covenant, te-m or condition herein iti�,
! con�ained or the performance thereof, or of any other righ� or � - �
kremedy of Lessor, hereunder or otheriaisz. All amounts payable by � �j {-.,'
� -9- -�� �
� -
1
� - ..._ ...�.___.._. '
_ , _..... ---= ____..... .. . ....... - --. ,.._-- _
.... .. _
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at� � • ' .
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� � w � � � '�" J {�,�,.��f �
i � � ; -�j r ^t�. . �t �yy6;�.. r�f �w � w� .. �� .� '�� r�'.
...�.�.�I+t. ���;,���hYSi����t � y��b�i 4 r'�'`'�� . i :6�� ` f�.- �„k* `4p�� .
. �' .�': 4�r � �� . «�.:�Y��. �, .
�D�I4- � O� �Q E00�5 5 FAGES3�
Lessee to Lessor under any of the provisior.s 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 percent (15�) per annum, compounded annual=y. "i'��"�
.i;
;r;;;;
� ��•,:
SECTION TWENTY-FOUR �
i _
1 EFFECT OF CONDEMNATION AND DAI'IAGE OR DESTRUCTZON }4�,�
� �,�,'_>;',_'.
,:^�1 The responsibilities of the parties hereto in case of '
_ condemnation or damage and destruction are set forth in the
Indenture.
,� SECTION TF�ENTY-FIVE
,�� +,,`
iirn,i.,_
-� � DTSPOSITION OF IM°ROVEMENTS, INCLUDING PROJECT, _ - a � �.
ON TERMINATION OF LEASE �
'=SY On termination of the term of this Lease, Lessor shall
'n� become the owner of the building or improvements on the Project
"�,� Site, and if such building extends onto other property ownen by
the Lessee hereunder, such Lessee shall convey to Lessor, on sucn
��3� termination, an undivided interes� as tenant in common in all of
>�°i __ the property covered by such building which bears the same
`�`; proportion to the whole as the area of the Project Site bears to
the total area covered by such buildinq, 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 i�
,;y;,� as the area covered by such building-noc included in the Project '
�; Site bears to the whole area covared by such building. '_ ,,,
''':� i;- ��;;
i
SECTION TWENTY-SIX ?
- WAIVER �
2he waiver by Lessor of, or the failure by Lessor to take �
- action with respect to any breach o£ any term, covenant, or �
'� condition herein contained shall not be deemed to be waiver of "
such tex-�, covenant or condition, or subsequent breach of the �
'`� same, or any other term, covenant or condition therein contained. •
The subsequent acceotance of rent hereunder by Lessor shall no�
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 rental so accepted, regardless of '=`r<'!
Lessor's knowledge of such pzeceding bzeach at the time of
- acceptance of such rent. y�°_`,•.
,�:��'�-.
.�a;
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.. -,. �!M;i7:S ��'i==.4t . . - .. .. 4 ��S��i�'s.i>z.c_.:� `'� . ��p"iSr„-
. '.� � - �QO� �8� � 1 ��
BOOK �J� F�GEp�J
SECTION TWENTY-SEVEPI
EFFECT OF LESSEE'S HOLDI:JG OVER
F
f Any holding over after the expiration of the term of tY:is -`�� .'
��<:.:.
Lease, with the consent of Lessor, shall be construed to be a
tenancy from year to year, at the same annval rental as reauired
to be paid by Lessee for the period immediately prior to the '''^^`��
expiration of the term hereof, and shall othen�ise be on the '`-
terms and conditions herein specified, so far as applicable. � �,`_'
^'�
; SECTION TWENTY-EIGHT
+� AMENDFfENT
s;,0
� Th=s Amended and Restated Site Lease constitutes the � ,
{ amendment and restatement in full of that certain Site Lease � .,
��- dated as o� December 1 1988 between the Lessor and the Lessee.
� ta�-,ns o= �`_� Amenaed ana RestaLed Site Lease shall
- � i! suoeroede control and be sut�erior to the.terms of the Site Lease
�� prior to the amendmen� thereof.
,::�.
"�t` Except as otherwise specifically provided herein, this Lease
shall not be amended prior to the payment of the Bonds in full -
• ��� ` (or provision for the payment thereo£ having been made in
�"`a - accordance with the provisions of the Indenture) without the '.
�;�>< written consent of Trustee and the owners of the Bonds and in
accordance with the provisions of such Indenture.
.:7
;Lij SECTION TWENTY-NINE
:x PARTIES BOUND �'f
'i.,.
�' The covenants and conditions herein contained shall, subjecr
- 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 ;j
- parties hereto shall be jointly and severally liable hereunder, 4
� .
SECTION THIRTY �
TIt•fE OF TEE ESSENCE
Time is of the essen�e of this Lease, and of each and every , ,�```'
covenant, term, condition and provision hereo�. �^'
'. ,.:::�;.:
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. �..� � . _ � � �
�=ij ( ,� � `�� ( ����� �i{.�� � . Mr ���
f--� ) yp �y /�� �� •. � !FT.2i k'.X 1 4 V i f�. w�c.�-��µ���',�x�.fy� f.
rtp }�t
. .�_�a��`1��.•.. .�t�������`V����-v �tl�,-.... _. �ilaW:4�u�i s - . ,y .�. � 1��' 11G�S"�j�lt_�•�:
�� +
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eoox 585 P�GE834
SECTION THIRTY-ONE
SECTION CAPTIONS
�•.
i The captions appearinq under the section number designat;.ons �; _-.
Iof this Lease are Por convenience only and are not a part of this �=�"�
Lease and do not in any way limit or amplify the terms and �
provisions of this Lease.
. �
lr
, SECTION THIRTY-T«O
''=;;j coLOn�no rsaw
r�� This Lease shall�he recorded in the real property records o£
the County of Pitkin, Colorado, and shall in all resaects be +
.;j governed by and construed under the laws o£ the State "of
�� Colorado. - -�
<, �: � . 1�` �`.,:
'��:� SECTION THIRTY-TFIRE£ '�
'�$'•� -
ESTOPPEL
��, The Lessor acknowledges for the benetit of the owners of the �
Y,y Bonds and the Trustee that this Lease is in full Eorce and
� . effect; agrees to give the Trustee notice of any default
"" hereunder and the right to cure the same; acknowledges the right
�`� of the Trustee to foreclose upon the Project and the Lessee�s
leasehold interest as mortgaged pursuant to the Mortgage: and
- acknowledges the right and authority o£ the Trustee to resell the
= same upon any foreclosure pursuant to the Mortgage,
,,�,,
<,��
%t
;'it;_ SECTION THIRTY-FOUR h
E)
'� THIRD PARTY BENEFICIARIES �
:•� The Trustee and the owners of the Bonds shall be third party r
':; beneficiaries of this Lease, as their interests may apnear, and �
,;�;; are and shall be granted such zights and privileges as if said
;_;. parties had executed this docunent, including without limitaiion
those rights, benefits, options and agreements sez forth in �
Sections 9(b} and 28 hereof. •
� ff 5� .-
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� • . �op�.�S � � l 8".�-- ,
:; eank 585 PauE835
IN WITNESS WHEREOF, Lessor and Lessee have duly executed
; this Amended and Restated Lease the day and year above first �
� written. �->'`•�
'w,�a
I "s��'�"�.-
;�.4;!;;.:.
ATTEST: LESSOR: �.�;+,,:
COUNTY OF PITKIId, CQLORADO ;F�_:,_,
� �
7 , � /1� t��Z.tfA_.._ �
� �puty Clerk Co�ette enne
Chairwoman, Board of County
Commissioners of Pitkin County �
ATTEST: LESSEE:
.r A5P£N/PITAIN COUNTY HOUSING ` �
-y AUTHO TY _ - y;'`.
i � ��r ti -,�
Y <�
•:�.�
� :
- ,.j Sgcxletary ames L. Adamski � .
:'�'� \� xousing Director i
z,{ �
, '� -
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K� �
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',`,` .. t '4�L, ` ��l, � �. - E�,�'•, �� � �.ry? YI�b{tit :
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� . - �PJOOK 5�J(o ��� l�N�
`
'} 80bK 585 Fa��836
! STATE OF COLORADO )
" ) ss. '
COUNTY OP PTTKIN ) �:`�'�
i1a- �i i;..
The foregoing was acknowledged before me this i'S day of
February, 1989, by Colette 'I�nne, chaizwoman of the Board of --
„County Commissioners of Pitkin County, Colorado. ��=
. . ,i-ii �. ;,-"
i _.,
_• ' sditness my hand and official seal. �4 �.;r
. _ � '�'7 '�� t _
- ���'"`��� kty �ommission expires:
,vz_'G
�.s '`!;�•, '�''�' _1C�
t¢ ��,.�� Notary Public �
->r:�- ... -
�°i� -�._., s''_`.
;.R — n
:;; sTa�E o� cozo�iano ) - . `�'�
Y_ �� ) ss. �s
?''� COUNTY OF PITKIN J .
''�"`� The foregoing was acknowledged before me this /S�day of i
- �4�g February, 1989, by James L. Adamski, as Housing Director of the
Asge,�/.,�itkin County Housing Authority. �' �
;� ��`' , '' ; �
N —.�` �Y t'!1 F '-�
_,,� `�`�C_" �Wii�n�ss my hand and official seal.
: �
`��� ����= �.��'MyYC mmission expires: 1D–� -4Z �
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E7ffiIBIT A
TO AMENDED AND RESTATEB SITE LEASE
;'
,,,_
i � .`
� `;:,
A parcel of land being a portion o£ the Pitkin County Community �- �
Center Parce]. forraerly descrihed in two separate parcels in Book
` 383 at Page 589 and in Sook 578 at Page 562 of �he Pitkin County � r
:i Recoxds; all situated in the Southwest 1/4 of Section 7, Township � :
" 10 South, Range 84 West of the 6th P.M. described as follows:
,; �i:.�
.-:;'4 Beginning at a point whence a BLM brass cap set in 1954 for the
� center 1/4 corner remarked in 1978 as a Special Purpose Monument
bears N.89 29�19"E. 976.86 Et.; thence South 25.40 ft. to the -
true point of beginning; thence South 40.00 ft.; thence S.44
r* 33;00"W. 59.40 ft.; thence 281.6'] feet around a curVe to the left
,`� having a radius of 167.50 feet (the chord of which bears 5.03 ''
�' 37'29"E. 249.64 ft. ; thence N.64 04'W. 278.15 ft.; thence 73.96 ��``• ,
Y; �a; ft. around a curve�to the left having a radius of 225,05 feet
''=� (the chord of which bears N.73 26'54"W. 73.63 ft.); thence North
s 68.89 ft.; thence East 38.22 ft.; thence N.00 3d'E. 71.00 ft.;
�� thenCe N.U3 12'lb"E. 23.44 ft.; thence N.54 00'W. 18.00 ft.; ^
thenCe N.36 00'E. 18.00 ft.; thence 5.54 00'E. 18.00 ft.; thence
v<; N.40 53'E. 35.00 ft.; thence North 28.00 ft.; thence I3.45 00'E.
;�' 60.00 ft.; thence 5.56 41'a4°W. 74.38 ft.; thence South 45.00
f�.; thence East 168.40 ft. to the true point of beginning
�'�� containing 73,561 square feet more or less.
i��5
_ ' County of Pitkin, State of Colorado.
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