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BOOH �JHS PAGE79� �i��� SiLUlA DAVIS PITKIN COUNTY RECORDER �z�{��r, ';',
AMENDED
RELEASE OF DEDICATTON
OF REAL PROPERTY
(EiUNTER IANGHOUSE)
THIS AMENAED REI,EASE OF DEDICA�'I�N, is mafle and entered
into as of this Fifteenth day of February, 1989, by and between .
Pitkin County, Colorado, a Home Rule Charter County, and the City
of Aspen, Colorado, a Home Rule Municipal Corporation, sometimes
hereinafter referred to jointly as "the Grantors", and the +���;��;!° `
Aspen/Pitkin County Housing Authority, a multijurisdictional ,,;r:`:::�
i Housing Authority established pursuant to Intergovernmental �;�;>- �
iAgreement and C.R.S. 1973, §24-1-203, sometimes referred to , ' _
hereinafter as "the Grantee," for the purpose of amending a Y'";?
! restriction which appears in the oriqinal Release of Deed ��"' � ',i :
Restriction betweeh these parties and recorded at Book 578, Page
873 of the Pitkin County Fublic Records.
WHEREAS, f.he crantors and Grantee, by a Dedication dated �
December 2, 1985, and recorded at Book 500, Pages 646-651 of the
Pitkin County Records, did restrict and dedicate that certain �y
parcel oE land referenced therein, and known generally as the . 1
"Hunter Longhouse Site" as permanent low and moderate income "`"•
� �.;.:.
-� ' housing, and
WHEREAS, Grantors have deterntined that said dedication has �
adversely affected the Grantee from marketing its Revenue Bonds
which would be used to refinance and to expand the employee
housing on the referenced site.
i
' Grantors do hereby, in consideration of the sura of Ten
i! Dollars ($10.00} in hand paid by Grantee and other good and
valuable consideration, the receipt and sufficiency of which is
F acknowledged by Grantors, bargain, sell, and grant to Grantee a `
- release of all interests or rights which they may now have
'• arising out ot that certain "Dedication of Real. Property Ta
` Emplayee Housing Restrictions and Guidelines (HUnter Longhouse),"
' dated December 2, 1985, and recorded at Book 500, Pages 646-651
o;E the Pitkin County Records, provided however, that said grant
� is specifically conditioned upon the issuance by Grantee of its
Housing Authority Revenue Bon�s, Series 1989, on or before
February 15, 1989. This release is granted by Grantors with
`! respect to all of the property or lands described in the
referenced dedication.
ATTEST: BOARD OF COUNTY COMMISSIONERS OF 't�"
PITKIN COUNTY, COLORAD
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� n � L �� By: .
�anette Jon Colette Penne �
�Deputy Cler and Recorder Chairwoman F
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i P�K 585 PA�E798 r ;,;U,;
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ATTEST: THE CITY OF ASPEN, COIARADO
(!1'�L"c.�nJ �/�-/F L..�� $}r; '~/��' ��'��� —
� Kathryn �och William L. Stirling
City Clerk Mayor
'� , ':
� STATE OF COLORADO ) '��'" _
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iCOUNTY OF PITKIN ) i.::$;:."_'
� The foregoing Correction �telease of eGd Restriction was � >,
iacknowledged before me this „�� day of i _ �� , 1989, by ,-.,.�.,; -
� Colette Penne, as Chairman and Jeanette Jones as " uty Cl�erk and � ,
, Recorder of the Board of County Commissioners of Pitkin County, � r"�-
� Colorado. ,{.,r�},)��''` �`
� _ �, � _
Witness my hand and official seal. ::�i �_. ,,
1yConMWone.p+raswz7ro2 ' '
My commission expires: . �; . i � ; ,
�� . \�.\ G�'• ',.��' �i}`
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..�. .� No✓ary Public ...
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4 Address �,
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� STATE OF COLORADO ) �+
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'� COUNTY OF PITKIN ) �
`� The foregoing Correction Release of Deed Restriction was "
�^� acknowledged before me this � day of �� , 1989, by � '`
William L. Stirling, as Mayor and Kathryn Koch as City Clerk of
the City of Aspen. �TM�..
Witness my hand and official seal.
My commission expires: `������ •' ,;�.�a"-- '
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eooH 585 P!!GE 199 � � �����;}-.;
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STATE OF COLORADO ) "' �" aj
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COUNTY OF PITRIN ) � _:
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WHEREAS, Pit}:in County, Colozado (the "Gounty") , a County ��-.
existing as a poli�ical subdivision oP the State of Colorado and ;��'��;�>°
Central Bank of Denver a bankin cor oration as Trustee (the �' `�'i-
� 4 P � .��
"Bank") entered into an Indenture of Trust dated as of �
Deaember l, 1985 (the "1985 Indenture") ; and i�'
��'a': -
; 47EiEREAS, Aspeh-Pitkin Employee Iiausing, Inc. (the
i "COmpany"), a Colarado nonprofit corporation, entered into a -
Mortgage, SecuYity Agreement and Fir.ture Financing Statement
j dated as of December 1, 1985 (the "1985 Mortgage"), with the .Bank
� as mortgagee thereunder; and �
i
� WHEREAS, the 1985 Indenture was recorded in the office of 1ti
the County Clerk of the County on December 31, 1985, and recorded c� �
� in Book 502 at Page 550; and �
� �;.r.?�:'?,,
WHEREAS, the 1985 Mortgage was recorded in the of�ice of the
� County Clerk of the County on December 31, 1985, and recorded in
- Book 502 at Page 559; and
� WH£REAS, that certain Site Lease dated as of December 1,
F 1985 (the `�1985 Lease��), whereby the County leases the site (the - _
• Q "Site") to the Company was recorded in the office of the County
j Clerk of the County on December 3Z, 1985, and recorded in Boak
'r. 502 at Page 532; and ! .
. �
� WHEREAS, ;he 1985 Tndenture secures the payment o� the
� Coun�y's Industrial Develobment Revenue Refunding Bonds (Aspen-
Pitkin Employee Housing, Tnc. Project) Series 1985 (the "1985
4 Bonds") by establishing a lien on the Site and certain o�her
� property (deFined collectively in the Indenture and hereina�4er
� � xefexred to as the "Trust Esta�e"j ; to wit:
t
� A parce]. of land being located in Section 7,
Township 20 SoLth, Range 84 West of `he 6th Principal
Meridian. Said parcel is more fu12y described as
l follows: �`
I Commencing at a point �:hence a brass cap set for :�`�
; the center 1/4 corner of said Section 'I in 1954 bears :'�
North 89 degrees 29 minutes 19 seconds £ast, 976.86 .�.
feet; thence South 25.40 feet to the ��-ue boint of .-',. :.
beginning; thence South 40,00 �eet; thence South 44 ��
degrees 33 Lzinutes West, 59.40 �ee�; tnence 281,67 Peet r` ,�;
, around a curve to �he le�t hav_ng a radius of 167.50 . �'.'�;=_:.� '�•
feet (the chozd of which bea�s South 3 ciegrees 37 '''`�s�,
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• minutes 29 seconds East, 249.64 feet) ; thence Nor�h 64
degrees 04 tc;itfutes Y"vest, 276.15 feet; thence 73.96 feet
around a curve to the left havinq a radius of 225.05
feet (the chozd of which bears North 73 degrees 28
minutes 54 seconds West, 73.63 feet) ; thence North 68.89
feet; thence East 64.22 feet; thence 2iorth 55.OU feet,
thence East 27.00 feet; thence North 60.00 feet; thence
East 55.00 feet; �hehce North 5.00 feet; thenoe East
200.40 feet to the true point of beginning, con�aining
1.412 acres more or less; i:;',t:'., �`
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WFiEREAS, the County loaned the proceeds derided £rom the ��'"""�
�,.._.,.,.
sale of tne Bonds to the Company as borrower pursuant to a Loan ��
Agreement dated as of December l, 19E5 (the "1985 Loan � ° '
Agreement") , in order to refund the County's Industrial ''
Development Revenue Bonds (Aspen-Pitkin Emp2oyee Housing, Inc. `-'
! Project), Series 1980; and
� - '?:i:
� WHER£AS, the County assigned its rights under the� 1985
� Lease, the 1985 Loan Agreement and the 1985 Mortgage to the Bank ' ;
i as Trustee under the 1965 Indenture; and ��i
� s
' WHEREAS, the 1985 Mortgage secures the payment of the ].485 �. ,
Bonds by establishing a lien on the Trust Estate described above '•.r':':
T.. ,
! and also consti�utes an assignment of rents and leases 6erived r `
t from the operation of the Trust Estate; and
1
W:iEREAS, the conditions for satisfying and defeasinq the
1985 Indenture, the 1985 Mortgage, the 1985 Loan Agreement and
�
the 1985 Lease have been met; -
j NOW, THEREFORE, THIS IZELEASE WITNESSETH:
� i
f
The undersigned are a duly authorized o�ficer for the Bank,
t as Trustee under �he 1985 Indenture, the Chairman of the Board of
County Comraissioners of the County, and �he President of the
a Company, respectively. As authorized oificers of the Bank, the
County znd the Company, respectively, and in conside�ation of the
� premises and o� the pzovisions made for the Pull payment of tne
iprincipal o� and interast on the 1985 Bonds, the receipt of which
� is hereby acknoH�ledged, we ha��e this day and do hereby xemise,
release, dismiss the claims and liens, and forever discharae the
Trust Estate from said claims and liens and confi±�n unto the �
� County, as i�s interest appears, and its successors and assigns, {
the liens and claims here�ofore er_isting on the Trust Estate `
� described hereinabove by virtue ox tne 1985 Tndenture, the 2985 „`,:.
Lease, the 19E5 Loan Agreement and the 1985 4Sortaage TI?E 1985
INDENTU?2E, THE 2985 L£ASB, T:iE 1985 I,DAN AGREEMEI�T AND THE 1985
MORTGAC-E F.RE HEREBY DECL_�RED F43LLY RELEASED PND SP_TISFIED UNDER 1:'�
ALL RECORDINGS Tf:EA£OF F>ND ALL FINANCING STATEM?.NTS REITTING -
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THERETO AND ARE HER£BY TERN.INATED. AZ1 parLies to the 1985
Indenture, the 1985 Lease, the 1985 Loan Agreement and the 1985 :
Mortgage hereby acknowledge and consent to such release.
CENTRAL BANK OF DENVER, a
banking corporation
By: l�.b� +.x�,{+„ "
Title: ''_
":�t:,;••,
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COUftTY OF PITKIN COLORADO ?`�"ti:�
ATT T: ' c';' t�
-��,.� gY; / r
unty Cierk a Recorder Chairman, Board of County '�
,/ Commissioners ;�;�
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"� ASPEN-PITKIN EMPLOYEE HOUSING, ; ,
TNC.
BY� �g Gcn-v, Y n.-��. �-*�� -
Title: Presid t
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DATEA as of February 15, 1989 Z .
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STATE OF COLARADO ) �eooK 585 pAGEOU�
j ss.
CZTY AND COUNTY OF DEi�ER }
' The foreqoing instrument was acknowledged before me this
; 15�1i;�day of February 1989, by Renneth B. Buckius, as Vice
,,.,�Q=e$ic3ent�; of Central Bank of Denver, a banking corporation,
:'�,�'Denver;;t��Colorado. ,.�..
i 1:=�;�: �,. :.�- :;a
� i`v •_,?(SEA�yr� '. �,�� ,� � �2"—� �F� -
t=,'� � Notary Fublic for°the State of
� ���..•,..�5 COloz'ad0 '� :
S • C� ��Ay�Cf,7i7.1£��ii:J:p"N�.S:J�Li.iD:�U . ,�:
; My��COmmission expires:
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� STATE OF COIARADO )
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,� ss. i
COUNTY OF PITKIN ) j
I�.,,
: The foregoing instrument was acknowledged before me this !. �4
>F, � ";,��55'th,��day-of Fehruary Z989, by Colette Penne, as Chairwoman of the
_' '�:••Board.,t4f County Commissioners of Pitkin County, Colorado.
;'� _ _ )du7��; , _
�� ��•' L(`s��Ll:c,
'%y;;-- Notary Public for the e of "
� • ��..�J;,�c Colorado p� .
•� ,��Kl:/iil.l�rf�ll..�'�, �I .
�'� My Commission expires: �'�"`���'"� _
� � .
4 STATE OF COLORADO ) �
';� ) ss. �
COUNTY OF PITKIN )
The foregoing instrument was ac}:nowZedged before me this �.
15th day of Febxv.ary 1989, by Aarry Truscott, as President of
Aspen-Pitkin Employee Housing, Inc., a Colorado nonprofit
��"�""'°�rporation. ,
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?y`.,� � 'S�i'r� ' ��
_ .,o- (S BAIr� �[e�,rw �� '
� _- _ v1 _ ��L;b; Notary PubliC �or the State of .�
.:t - Colorado
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� �;`� � DEED, AS52GNMENT AND
� `r o BII.L OF SALE
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TFiIS DEED, ASSIGNMENT AHD BILL OF SALE, is made as of this
15th day of February, 1989 by and between Aspen/Pitkin Employee
Housing, Inc. ("the Nonprofit"), a colorado not for profit �';+`;;`� '�
corporation whose principal place of business is in Pitkin °'''��•
';�;�.;.::...;:
County, Colorado, and the Aspen/Pitkin County Housing Authority �i
("the Authority"), a duly constituted multijurisdictional housing _
authority established pursuant to C.R.S. 1973, Seceion 29-1-
204.5, whose address is 130 South Galena, Aspen, Colorado 8161i. r ;
WITNESSETfI: �
� .. E
; The Nonprofit, for and in consideration of the sum-of ten
� dollazs ($10.00), in hand paid by the Aathority, and other good � :
l+ and valuable consideration, the receipt and sufficiency of which i, �:. �
� are hereby acknowledged by the Nonprofit has remised, released, '
sold, conveyed and QUIT CLAIMED unto the Authority and by these � �,
�. presents does remise, release, sell, convey, and QUIT CLAIM unto
,i the Authority, its successors and assigns, forever, all the
� righ�, title, interest, claim and demand which the Nonprofit has
in and to that certain paroel of land which is more particularly
described on the attached "Exhibit A", a21 af which land is
•1 situate, lying and being in the County of Pitkin, State of
� Colorado; to have and to hold the same, together with aI1 and
', singuiar the appurtenances and privileges thereunta belonging or
-' in anywise thereunto appertaining, and a17. the estate, right, • 4
':`� title, interast ahd claim whatsoever, of the Nonprofit, either in
law or in e it to the �
qu y, proper use and benefit oE the Authority,
, its successors and assigns forever.
,:�
7 Further, for the same recited consideration, the Nonpro£it
! does hereby grant and convey to the Authority, its successors and
assigns, all of its goods and chattels, including, but not `*i
�; 2imited to all equipment, supplies, appliances and other
i fixtures, which it now owns and are 2ocated at the property
:� described in Exhibit A, commonly known as the Hunter Longhouse
Rental Project.
; Further, for the same recited consideration, the Nonprofit �
1 does hereby assign and convey to the Authority all of its right, (t<.
. title and interest in and to all accounts, agreements, leases,
and rights of action which it may now have arising out of its !-`
ownership and management of the impravements existing upon the =.�`
lands set out on Exhibit A, commonly known as the Hunter '�, : .
Longhouse Rental Project. -
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. �� eooH 585 FacE804 ��"�`
IN WITNESS WHEREOF, Aspen/Pitkin Employee Housing, Inc. has
executed this document as of the date fiYSt above written.
� Signed and Delivered in the `��-� .� `
� Presence �'_ -
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I ATTEST: ASPEN/PITKIN EMPIAYEE HOTJSI�Hd•;�"" r.,�_
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�+ I BY' f�I�-=- --� F�
ecretary Chai n - �,:, -.
_ �f �
STATE OF COLORADO ��?'r�:::
.. � ) SS. �_T�;`.\
r....
� County of Pitkin )
,� The foregoing instrume-�}t was cknowledged before me this
� day of February, 19 by l�����.�ipISL , Chairman and _
� �� ..�c , Secr ary of Aspen/Pitkin Employee _
a �s•igxg, Inc. as the voluntary and duly authorized act of said
��orPVrd�.,.ion.
. }-� � -•./S' .-'f _ �
j � �{:'�if-i�� Wztriess my hand and oPficial seal. t;'
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� ��i���ammission e�cpires: /C�'"�—�7.�—
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E:�iIBIT A
PROJECT SITE
A parcel of land being located in Section 7, Township 10 ..•',
5outh; Rand 84 West of the 6th Principal Meridian. Said parcel c;-:�;,� �=
is generally described as follows: �F -;-
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Commencing at a point whence a brass cop set Por tha t{�f� j =
center 1/4 corner of said Section 7 in 1954 bears North e�'"' -
89'24'19" East, 976.86 feet; thence South 25.40 fee� to r��`���
the true point of beginning; thence South 40.00 feet; a �'
' thence South 44'33' West 59.A0 feet; then 281.67 feet ,
� � around a curve to the left having a radius of 167.50
; feet (the chord of which bears South 3'37�29" East -
j 249.64 feet) ; thence North 64'04' West 278.15 feet; t ;;. .
thence 73.96 feet around a curve to the left having a �
radius of 225.05 feet {the chord of which bears North ��i
73'28'54" West 73.63 feet) ; thence North 6H.89 feet; �v
thence East 64.22 feet; thence North 55.00 feet; then�e �,`�.:-`?:
East 27.00 fee�; thence North 60.0o Peet; thence East Z':' �,:�•
55.00 feet; thence North 5.00 feet; thence East 200.40 ,' :
�:: feet to the true point of beginning;
COUNTY OF PITKIN, STATE OF COLORADO
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SITE T�A.SE
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COUN'rY OF PITRIN, COIARADO } '" �
(Lessor) . � �
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T.:_ . . . � . � :\.��
_ and ;'` . ��
ASPEN/PITKIN HOIISING AIITHORITY
(L'essee) �
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� Dated as of December l, 1988
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' EODK 5J� P,iGEOU ( 'EUO(( � t:] �''���� ��?"`s
THIS SIT£ LEASE is made and eY.ecuted as o� December 1, 1988,
by and betWeen the COUNTY OF PITI:IN, C07ARAD0 ("Lesso:") , a
county er.isting as a oolitical subdivision of the State cf
ColoZado, and ASPE17/PITRIN HOUSING ADTHORITY (together wi�h any
subseauent lessees hezeunder, "Lessee"), a Colorado Housing �
kuthor±ty constituted undar Section 29-1-204.5 of t:�e Colorado
12evised Statutes of 19�3 as amended.
WITNESSETH: '';;�:',�' :
=.,it
WHERF.AS, Lessor is the owner of certain real property ,'?'� -�
I located in the County of Pitkin, State of Colorado, more '-�.�r:•...
particularly described in Exhibit A attached hereto and made a ;"`?;`:'
part hereof (the "Project Site"); and :.ir
WHEREAS, Lessee desires to issue its 1988 Y.ousing Authority `� .�
� Revenve Bonds "the Bonds" and to use the roceeds of the Bonds �`� -
( ) � P �:
used- to acauire, constzuct, equip and install a five (5) unit
,' residential addition to and to acquire and refinance the er_isting 1 .•;
twenty-eight (2S) unit residential facility, generally describe3 3
as the Hunter Longhouse project, the apartment units of such
addition and existing facility to be leased to low and moderate ,�,,':..; '
Y. income persons as their sole place of residence (the "Project");
`:� and
9 .Wf�REAS, the Project, including the proposed addition
•� _ thereto, is located on the Project Site; ^
NOW 27�REFORE, for and in consideration of the mutual
, a agreements hereinafter contained, the parties hereto agree as
follows:
�'�
SECTION ONE t
,� DENIISE, G021STRIICTIOK AND IISE O�' PR£MISES
�=i Lessor leases to Lessee and Lessee hires from Lessor, fcz
' the purpose oP acrluiring, construc�ing, equipping, installing and `'�"
'�� onerating the Project, and fo� no other pu:-pose, the Project
Site. I,essor ack.�owledaes tne Lessee's present use of the
;� Projec� Site and covenants and agrees that the L,essee and any
:; subsequent purchaser (including any trustee authorized to act on '�,
behalf of the owners of the Bonds (the "Trustee") or lessee o° �
t:�e ?roject or trie Projec� Site, has `ull right and autnor_�y to `�i
so use the ?roject Site as a natter of right. t�
�_,
asECTZOx Two ,
Tsxrs
` The initial term of this Lease shall be for forty (40) ;;..'���.r��:;i:.�
' years and one (1) day commencing as of Decembe� 1, 1986, and �''�J�:;;;:YY:`
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. � P.DDK 5J5 ?qGE0O:7
ending on December 2, 2028. As used herein the expression "term
hereof�� refers to such initial term and to any extension thereof
as hereinaftar provided.
SECTION Tf�2EE '
RENT
�:��{s:;,,; ;_
(a) Lessee, for and in consideration of the lease of the �t i: -
e ,: :
Project Site, covenants and agrees to pay Lessor the sura of One �+"� �
Dollar ($1.00) per annum during the term hereof, said rental for r� s
the entire initial term hereof payable upon execution o� this , '
' Lease (receipt of which is hereby acknowledqed) . All rents shall
I be paid to Lessor at any address specified by Lessor. •` ' �
�
1 (b) Nothing in this Lease shall cause Lessor in any way to x
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 o- "
expense connected with or arising from the operation or use o� � '
?� said Project Site or Project or any part thereof. Tt is �`�'-�
"I understood and agreed that this Lease shall be a net lease with 4�: ��:�;;�
�, � respect to Lessor, and that all taxes, assessments, insurance, T�� ' �' '
1 utilities and other operating costs and all repairs, remodeling,
,' renovations, alterations 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
�7 Lessor, so that the rent return to Lessor shall not be reduced, ,
:a o�fset or diminished directly or indirectly by any cost or -
i charge, nor subject to suspension or termination for any cause.
� �
i,�
i
I SECTI02d FOIIR �
�
,� WARRA2�`TIES OF TITLE A1SD QIIIET TITLE POSSESSION
1 I,esso� covenants that Lessor is seized o= the Project Site
j in fee simple and has full right to make this Lease and tha� ° '
� Lessee shzll have auiet and peaceable possession of the Projec�
Site during the tenn hereo�. Lessor shall, at axpense o� Lessee,
'� furnish title insurance on �he Project Site nrior to the issuance
of the Bonds, and such title insurance shall insure that Lessor
has fee simple title to the Project Site, sabjec't only to
I Permitted Encumbrances. '<
{ 't�.
� SECTION FIVE ''`,
DELIVERY OF POSSESSION '�`
If Lessor, for any reasons whatsoever, cannot deliver � ;?
possession of the Project Site to Lessee at the commencement oP ` '
the lease term, as hereinbefore specified, this Lease sha12 not �,. �Y��
�er � �
3 4y:
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800Y, �
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
fieliver possession.
SECTION SIX �
IISES PROHIBITED `�''�''�` -
'�t:
�,�r.';• _.
Subject in all cases to applicable zoning laws and land use rZ � �
regulations, Lessee shall not use, or permit the Project Site, or '
any part thereof, to be used, Por any purpose or purposes other �
than the purpose or purposes for which the Project Site is hereby ;^r,
I leased. In any event, no use shall be made or permitted to be -
� made of the Project Site, or acts done, which will cause_ a • '
� cancellation of any insurance policy covering the Project located � -
on the Project Site, or any part thereof, nor shall Lessea �sell, ``
� or permit to be kept, used or sold, in or about the Project Site, �"i ;
� any article which may be prohibited by the standard form of fire '�t �• i
insurance policies. Lessee shall, at its sole cost, comply with k �
� 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 f '
appurtenances at any time located on the Project Site.
-
� SECTION SEVEN
WASTE AND NIIISANCE PROHIBITED �
i� During the term of this Lease, Lessee shall comply with all � .'
applicable laws affecting the Project Site, the breach o� which
� , aight result in any penalty on Lessor or ior�eiture of Lessor's �
,A title to the Project Site. Lessee shall not commit, or su_°fer to
�e be committed, any waste on the Project Site, or any nuisance.
:.�
a
SECTION EIGFiT
_-`j _ .,::.
5
j LESSOR'S RSGI3T OF �N'IRY
��.� Lessee shall perr„i� Lessor and the agen�s and employees o�
�`; Lessor to enter into and upon the Project Site a� all reasonable j';
' times for the pu�ose of inspecting the same (including, �:
�l.� inspecting the same for tne purposes o� posting notices o� �
, nonresponsibility for alterations, additions, or repairs, without �"
any rebate of rent and wi�hout any liability to Lessee for any �%
'{ loss of occupation or auiet enjoyment of the Project Site thereby '} ,
� occasioned) . �'
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. EODH �J5 P,�GEJ1O � � °�„�,`:��
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� �:�11»'iP3_c��..
SECTION NI2iE
ENCIJMBFWICE OF LESSEE'S LEASEHOLD It7TEREST;
OPTION TO PURCHASE
(a; Lessee may encumber by mortgage or deed of t�ust, 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 i^;;;�>�''
the Bonds. The execution of any such mortgaqe, or deed of trust, -'�•`-`
or other instrument, or the foreclosure thereof, or any sale `�`^'A��=
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 of trust, shall not be held as a violation_:of 4 ,
, any o� the terms or conditions hereof, or as an assumption k�y the �'r:'
� Trustee on behalf of the owners of the Bonds personally=of the
; obligation thereof. No such encumbrance, foreclosure, conveyance
`j or exercise of right shall relieve Lessee from its liability !
� hereunder. �
'� ;..::
If I,essee shall encumber its leasehold interest and estate � f ,'
" .:.:� 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 �
�'1 to Lessor of the existence thereof and the address of such
4I _ Trustee„ then Lessor will mail or deliver to such holder, at s;
such address, a duplicate copy of all notices in writing wnich �,
,i Lessor may, from time to time, give to or serve on Lessee under � �--
and pursuant to the terms and provisions hereof; such conies �'
shall be mailed or delivered to such Trustee, at, or as near as �
�`� possi.ble to, the same time such notices are given to or served on
Lessee. Such Trustee may, at its option, a� any time before the �'
v; rights of Lessee shell be te�ninated as provided herein, pay any
oP the rents due hereunder, or pay any taxes aad assessments, or
'Y� do any other ac� or thing recruired o� Lessee by the te�-ins hereof,
'`� or do any act or thing that may be necesszry and proper to b=
done in the obse-vance of the covenzn�s and conditions hereof, o= �
i to p=event the ter7eina:icn hereo�; all nayments so made, and all
s things so done and perPo=-med by such T`-ustee shall be as �
,:� e��ective to prevent a foreclosure of the rights of Lessee h
�j tnereunder as the same would have been if done and performed by
' Lessee.
'7 :��
�:� Nothing in this paragrzph (a), however, shall preclude the
purchasers o° the Project, upon a foreclosure of the mortgaae, '
�rom mortgaging or encua.bering 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 i� � �
default shall have occurred under the Indenture of Trust relating
; Y � ,
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. eooN 585 PacE811 �����'':'%`
�� 5� �5a?
' 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 �'�':�"�`_
.,�.F_
Lessor and the Trustee. Such right and option is subject to the �.� ;
; following: (1) after such an event of default, the Lessor shzll � :�
i first have the right for ninety (90) days thereafter to purchase �°:;:;"'-
or sell or to elect to purchzse or sell the Project and the r'��;,
! Project Site for an amount sufficient to pay the principal of and
interest on the Bonds in full, and (2) after the expiration of '
I such ninety (90) day period (or such reasonable longer period, if �
, the Lessor shall have elected to purchase or sell the Project, k
� necessary to complete such purchase or sale) , the right and
' option of the Trustee to so purchase the Project Site, must be � ��
exercised within eighteen (1S) 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, '''�'��:
T> necessary to complete such purchase or sale) . At the end of such ����
i• :i-
eighteen (18) months, the Trustee's option and right to purchase
�:y shall terminate.
,a
.3 '
y _ " SECTION TE2�I
� -
T'RASTNG AND ASSIGNMEIdT . .�
�7� Lessee may sublet the Project, but not the Project Site, in
whole or in part without Lessor's consent.
,� SECTION ELEVEN
NOTICES
P_11 notices, demands or other writings in this Lease �'`s
' provided to be given or made or sent, or which may be given or
made or sent, by either pzrty hereto to the o.`.her, shall be
dee�ed to have been fully given or made or sent when made in
writing and deposited in the Uni�ed States �ail, registered and
postage prepaid, and addressed as follows:
,`� . t
�" To Lessor: County of Pitkin, Colorado t"'
�� 506 East Main Street
a Aspen, Colorado 81611 '}
Attn: County Attorney :�
1
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� P�x 5�5 °AGE81� ��,'°
To Lessee: Aspen/Pitkin Housing Authority
506 Ea5t Main Street
� Aspen, Colorado 81611
- � Attn: Aousing Directior
i The address to which any notic:e, demand or other a•ritinq ,
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. ��'�"�" -
. ':`��:
SECTIDN TWELVE �,'!'Y':�":,''"
i:f'.,:
TAXES AND ASSESSMENTS
E
; All taxes and assessments with respect to the Project or the
Project Site, if any, shall be paid by Lessee.
- SECTION THII2TEEN =. :w�;�"•:�;, �
1 : s
REPAIRS AND MI�.INTENANCE � ; � i
Lessee shall, throughout the term o£ this Lease, at its own ,��', .
.� cost, and without any expense to Lessor, keep and maintain the
<;.;
Project Site and tYxe Project, in good repair.
� . SECTXON FOIIRTEE2i ^
,� UTILITIES _
Lessee shall fully and promptly pay �or all utility service.
* �
;:
SECTION FSFTEEN
ISEN5
Lessee shzll keep all of the Project Site and eve*_y part ::
thereof and all buildincs and ather improvemants, including 4he `��
_ �� Projec�, free of zll liens except PermiL�ed Encumbrances.
i
�� SECTI02i SIXTEEN
y !`
`� I2IDEaftIIF'ICATIQN' OF LESSOR
:G
To the ea-tent permittad below, Lessee agrees to indemnify E"
• Lessor from any claims or liability and shzll for the pu�-poses
and events set forth in, and in accordance with, the Loan '� , .
� Agreement defend Lessor agains� any such claims arising out of or -
' connected in any wzy with Lessee's accruisition, construction, '�`�`:`-�
maintenance or operation of the Project or the issuance o� the � '
Bonds b Lessee for such ur oses. { '"•�''
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� �� 5�5 �a�r813
� SECTION SEVENTEEN
ATTORI7EY'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 ar.y ='-�''_
breach of, or to enforce or interpret any of the covenants, terns �''t}�"� `
,tt;t:^ -
or conditions of this Lease, or for the recovery o� the �`,a;;_,,;.��'
: possession of the Project Site, the prevailing party shall be `'��•:,,-=
entitled to recover from the other party as part of the ��'',�'
prevziling party's costs reasonable at�orney's fees, the amount ����-;'.''�
iof which shall be fixed by the court and shall be made a part of ;., :`
� any judgment or decree rendered. .
j SECTION EIGFiTEEN Y'
i -
i - ,
REDELIVERY OF PROJECT SITE =
i ,
t Lessee shall pay the rent and all other sums reguired to be <.'.'��'' �
t paid by Lessee hereunder in the amounts, at the times and in the ����'�7•
i� ; rr,.,:.
'` manner herein provided, and shall keep and perform all the terms 'r ~ `
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 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. " `
,� SECTIOH HINETEEN
REMEDIES CIIMDZ�ATSVE +
''� Subject to Sec�ion 9(b) hereof, all remedies hereinbefore
��.'� and hereina�ter conferred by Lessor shall be deemed ct:aulative
z�d no one exclusive o� the o�her, c= o� any other remedy
';4 conferred by iaw. _ �
SECTION TWEIITX
.�
;� I?ISDRIiNCE �
Lessee shall maintain insurance on tne Project Site and the '�
Project.
��
rs
SECTION TWENTY-ONE �°
<_� '
NOTICE OF DEFAIILT
� Lessee shall not be deemed to be in default hereunder unless � t: -
�s,
� �essor shall first give to Lessee thirt 30 da s written notice :;.�•�`�' "
Y ( ) Y ,�,.:
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;�n ;T;
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fR t'lf � .. . . - . �R-.J��
µcF�p��` . � -. ' a^. . � � , . ' .
:QISy���-- � ._.. ' � � .. � � .. .
-.�g �"� � . . . ' .
1�+"3"'
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-r::,iozi.�;.." . .- . . ,
..r:�, ��^ . . . . . �. .
�, _ . . _ , , ., . . .
. �N�i�,.�, . � . . _ .
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Y'=@ar�j,�h�q,�l1 _ .
�'.:��4.��A'.,.y�; . . . . .
.,.s ��..�..
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of such default and Lessee fails to cure such default within an
additional thirty (30) days. 17otice of such default shall also
be given, and shall not be e�fective until given, to any
mortgagee there may be with respect to the Project.
SECTION TWENTY-TWO '
DEFAULT •
In the event of any breach of this Lease by Lessee and . �'A'i:' �-
subject to Section 9(b) hereof, Lessor in addition to the other ����»;--'�
rights or remedies it may have, shall have the immediate right of 7 �-
re-entry and may remove all persons and property 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 k • `'
; pursuant to any notice provided for by law, Lessor may=either
I terminate this Lease or it shall, without terminating this Lezse,
=� re-let the Project Site to any purchaser or purchasers of the
Project or any part thereof for such term or terms (which may be �
' for a term extending beyond the term of this Lease) �nd at such �
,;.j rental or rentals and on such other terms and conditions zs ;�=``>
Y, '�.,,:
,<.� Lessor in the sole discretion of Lessor may deem advisable with
.,� the right to make alterations and repairs to the Project Site
(subj.ect to Sections 2 and 3 hereof). On such re-letting (a)
'A� Lessee shall be immediately liable to pay to Lessor, in addition
'�T� to any obligations secured by any mortgage, deed of trust, or
other instrument relating to the Project, including the Bonds, ._
. ��'� and other than rent due hereunder, the e}:penses o� such re- -
;:_.� letting and of such alterations and repairs, incurred by Lessor,
'.�':� and the amount, if any, by whicn the rent reserved in this Lease
�or the period of such re-letting (up to but not beyond the term
�_� o� this Lease) exceeds the amount agreed to be paid as rent �or
the Project Site for such period on such re-letting; or (b) a�
�'`:;� tne ontion o� Lessor, rents received by such Lessor from such re-
'�`"{ letting shall be applied first, to the payment of any
;�;cy indebte3ness, other tnan rent due hereunder from Lessee to ;
^"�� Lessor; second, to the payment of any expense of such re-letting a '
,,;; end oP such alterations and repairs; �hird, to �he payment o°
`:.;� ren� due and unpaid hereunder, and the residue, i� any, shall be -
;;;� held by Lessor and apDlied in paym_nt o� future rent as the szme
`'^;�'� may become due and payable hereunder. IP Lessee has been
,`y�i credited with any rent to be received by such re-le�ting under �
option (a) hereo�, and such rent shall not be promptly paid to n
Lessor by the new tenant, or if such rentals received �rom such �
re-letting under option (b) hereof during any mon:h is less tnan ti
that to be paid during that month by Lessee hereunder, Lessee
shall pay any such deficiency to Lessor. Such dePiciency shall
�! be calculated and paid monthly. No such re-entry or taking
:+ possession of the Project Site by Lessor shall be construed as an ,;` _
election on the part of Lessor to terminate this Lease unless a �;: } %
_:.�Y::
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. _. _._.._...... ..._._.......... ._.. ._. ._.._......_.-...__ . ..... .._ :, .... . _ .._ . . .
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� eooH 5�5 PacE815 eanv ��� ����:�;;�;
written notice of such intention is given to Lessee or unless the
termination thereof is decreed by a court o� competent
jurisdiction. Notwithstanding any such re-letting without
' termination, Lesso_ may at any time thereafter elect to
terminate this Lease for such previous breach. Should Lessor at
i any time tern�inate this Lease for any breach, in addition to any
other remedy it may have, Lessor may recover from I,essee all .
' damages incurred by reason of such breach, including the cost of
recovering the Project Site, and including the worth at the time _
o� such termination of the excess, if any, of the amount of rent �::;:?y� .-
and charge equivalent to rent reserved in this Lease for the �'.='`'`:�
remainder of the stated term over the then reasonable rental �-`� �,_�-�
value of the Project Site for the remainder of the stated term, ! -t_::: -
all of which amounts shall be immediately due and payable from
Lessee to Lessor. `` F '
�:; :.
SECTION TWE27TY-THI2EE
LESSOR'S RIGHT TO PERFORM � _
� ti�
In the event that Lessee by failing or neglecting to do or ��`t'
�, ;� 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 notice � !
from .i,essor specifying the nature of the act or thing to be done
j or performed, then Lessor may, but shall not be required to, do
�J or perform or cause to be done or perfor,ned 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 to Lessee on account thereo�, and Lessee shall repay to
Lessor on demand the entire er_pense thereof, including. �
��� compensation to the agents and employees of Lessor. Any act or %
`� thing done by Lessor pursuant to �he provisions o� this section
.'�'� shall no� be or be construed zs a waiver of e�y such dePault by
,,;� ?
Lessee, or as a waiver of any covenaat, te�n or conditioa herein i;
contained or :he perfor.nance thereo�, or ef any other right or '
'":� remedy of Lessox, hereunder or othe�-wise. P_11 anounts payable by ;
�.j Lessee to Lesscr under any of the provisions of �his Lease, i� x
no� 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 annuzlly.
�'i �•
_�'? SECTION TWENTY-FOIIR Z
'' EFFECT OF CONDEP4IATION AND DA23AGE OR DESTRIICTION ��
.� The responsibilities of the narties hereto in case o� � ,
,� condemnation or danage and destruction are set forth in �he
;y Indenture of Trust relating to the Bonds. �
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� eon►s 53� Pac�816 �����::;:
eooK ��� �e�s��� F��.�.��,;;,.�.
SECTION TWENTY-FIVE
DISPOSITION OF IMPROVEl�NTS, INCLUDING PROJECT,
ON TERMINATION OF LEASE
Subject to Section 9(b) hereo�, on termination of this I,ease
for any cause, Lessor shall become the owner of the building or
� improvements on the Project Site, and if such building extends
j onto other property owned by the Lessee hereunder, such Lessee "� � .
shall convey to Lessor, on such termination, an undivided "��#i' -
j -
interest as tenant in common in all of the property covered by ��*`�'� -
I such building which bears the same proportion to the whole as the =yt;�?I.�,'�; '
i area of the Project Site bears to the total area covered by such �
building, and Lessor shall convey to Lessee an undivided interest r �
zs 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
covered by such building. _
�, ;.
� SECTION TWE2iTY-SIX �
� WAT VER �'�'�`;
I 1 -.?
�� The waiver by Lessor of, or the failure by Lessor to taY.e ��' �
: action with respect to any breach of any term, covenant, or
condition herein contained shall not be deemed to be waiver of
_ such term, covenent or condition, or subsequent breach of the
sane, or any other �erm, covenant or condi�ion therein contained.
f The subsequent acceptance of rent hereunder by Lessor shall not ,
�� be deemed to be a waiver oi any preceding breach by Lessee oP any �
term, covenant or condition of this Lease, other than the failure
F� of Lessee to pay the particular rental so accepted, reaardless o� ',
Lessor's knowledge of such preceding breacn at the time of ;.�
'� acceptznce of such rent.
,� SECTIOH TWENTY-SEVEN
i
EFFECT OF LESS£E'S HC�LDING OVER
:'i , -
Any holding over a°ter tne expiration of the term o� this
Lezse, with the consen� o_° I,essor, shall be construed to be a
'� tenancy xrom year to yeer, at the same annual rental as reauired
'i to be paid by Lessee ior �he perio3 imaiediately prior to the �1,
exoiration of the te�.-m hereof, ann shall otherwise be on tne
'; te=-ms end conditions herein specified, so far as applicable. <,.
t`" ;
SECTION TWENTY-EIGHT `'i
;' AMENDMENT '� ,
`i ;
� £xcept as otherwise sneci�ically provide� herein, this Lease '
' shall no� be amenfied prior to the payment of the Bonds in full - � �,� + '
��'� '`���.,
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� ;
(or provision for the payment thereof having been made in
accordance with the provisions of the Indenture of Trust relating
, to the Bonds) without the written consent of Trustee and the '
owners o� the Hond and in accordance with the provisions of such
Indenture.
SECTION TWENTY-NINE
:::a.;;:;,,`:
PARTIES BOUND �'::�`., -
��=J
F'!:' --
The covenants and conditions herein contained shall, subject
to the provisions as to assignment, transfer and subletting, ����
,»;.y;;
i apply to and bind the heirs, successors, executors, , .i ;
� administrators and assignees of the parties hereto; and the -
Iparties hereto shall be jointly and severally liable hereunder..
- SECTION TIiIRTY = 1:
e�;"�r
TIME OF THE ESSENCE
� �..
k.'..;.,.. .
�.�r.�<..:; �
Time is of the essence of this Lease, and of each and every +.
L covenant, term, condition and provision hereof. ',��''i;'`•
- _ r
:;, , SECTION THIRTY-ONE
` ,� -
� SECTION CAPTIONS
�`.
• 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 '� �. '
:,
provisions of this Lease. +
�`1�1 SECTION TIiIRTY-TWO
i
� COIARADO LAW
This Lease shall be recorded in the real property records of
� the County of Pitkin, Colorafio, and shall in all resnects be
`] governed by and construed under the laws of the State o�
a Colorado.
,�
_:a SECTION TFIIRTY-TF�2EE `�
.N t
� ' ESTOPP£L t� ' '
,, :,1
The Lessor acknowledges for the benefit o° the owners of the �. '
Bonds and the Trustee that this Lease is in full force and
j affect; agrees to give the Trustee notice of any default -
� hereunder znd the right to cure the same; acknowledges the right a �� ,� .
� of the Trustee to foreclose upon the Project and the Lessee's ? :�
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�I ' � • P�tOK �J� FaiiE�1� BOOK 57$ Fa�5�9 A��','�
leasehold interest as mortgaged pursuant to the Mortgage,
Security Agreement and Fixture Financing Statement dated as of
Decer.iber 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
£oreclosure pursuant to the Mortgage.
i
SECTION THIRTY-FOUR �''`�F=i�?"'
�! ' ir:3�:; -
j �Y,..:
j TfiIRD PARTY BENEFICIARTES -
' �"i ;.
iThe T:-ustee and the owners of the Bonds shall be third party
beneficiaries of this Lease, as their interests may appear, and �',,.;,:
' are and shall be gzanted such rights and privileges as if said
� parties had executed this document, including without limitation
those rights, benefits, options and agreements set forth ..in '-'`,�
`i Sections 9(b) and 28 hereof. _ � "'�
r�:�,:;.
IIN WITNESS WHEREOP, Lessor and Lessee have duly executed ,,
" this Lease the day and year above first written. �;�
i�\t
rt: ATTEST: L£SSOR:
`;�; COUNTY OF PITICIN� COIARADO
j,
' . • � � _
anette Jone F ed Cro�ley ��
• eputy Clerk Chairman, Board f ounty
�� Commissioners of Pitkin ty
,� � .
ATTEST: LESSEE:
ASPEN/PITKIN COUNTY HOUSING
.;� AUTHORT_TY ;�,
1 � ` : _, �
� �,� .� �����.�.
ecre�ary J'ames L. AdamsY.i '
Housing Direc�or
•I� Rt��.
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-� ' eoax 57�' ?'ti_56� > ''vr..
. � eoaK 585 pacr819
STATE OF COIARADO) �
) Ss.
! COUNTY OF PITKIIi )
� `: ,
� �e f,oregoing was acknowledged before me this �G�_
+ da of (/r*�`�l �� , 1998, by Fred Crowley, Chairman of the, "����' ,:
Y �±,;;:�,,_
� Board of County Commissioners of Pitkin County, Colorado. , :;,,;r;.
: �� '-:}:t.;
I • - GJ �. � - �
Witness my hand and official seal. ��
ry
I My commission expires: _ /�-�3-�14 ° �, .j. � :'`::`
3,:,�:`- , . �- F
-7.' ' •E' . },;_
; . .,,
JN�s� .,,
_ � 2�b�ary publi� � . � .
.;
U ;
Ac�lress
�`.�.
�: tLa9��f... k/f f�
,#�� .. STATE OF CoIARADO)
� ) 55. - -
COT3NTY OF PSTKIl3 )
� The fo egoing was ac?:nowledged before me this �
;� day of . , 1988, by James L. Adamski as,Aousing
'.' D�rector bP the P_spen/Pitkin Caun4y Iiousing Authority. �� ,o�"";"'""'�°• ;
l ��'`�
Witness my haad and of�icial seal. �`�''' '
�. _
- D.y coa,mission es�ires: //-/�-�i ?.,'-''� �„ '>
.-,
c�: V`_ , - :�
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,
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" eooK 585 aac.�20 ec�aK 573 ���-
��zszT a
PROJECT SITE
; A parcel of land being located in Section 7, Township 10 •:�;'�••'.
South; Rand 84 West of the 6th Principal Meridian. Said parcel �.^�+;�•,>:'�
; is generally dascribed as tollows: ��i'`;x�=-�
�; :.
Commencing at a point whence a brass cop set for the �`
_r, ,.
� center 1/4 corner of said Section 7 in 1954 bears North ->••r•
89'29'19" East, 976.86 feet; thence South 25.q0 te�t to ' ,y'.��.;'
the true point of beginning; thence South 46.00 feet; —
thence South 44'33' West 59.40 feet; then 281.67 feet
� around a curve to the left having 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 havinq a i,'- ' •
�� radius of 225.05 feet (the chord of which bears North �
;� 73'28'5A" West ?3.63 feet) ; thence North 68.89 feet; �`�
, thence East 64.22 feet; thence North 55.00 feet; thence �,;�;:'� ,
'I= �i East 27.00 feet; thence Narth 60.00 feet; thence East ti'�
"j 55.00 feet; thence North 5.00 feet; thence East 200.40
�,�,� feet to the true point of beginning;
,Ft COUNTY OF PITKIN, STATE OF COLORADO
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ASPEk SURVEY ENGINEERS,INC. ' ��.
210 S.G�Icm SL •
Aspen.Gnlondo 81611
� ;�-S. (303�9253816 .
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I -••� •.. , LE6AL DESCRIF'TION '
HLJNTEF: L�NGHOUSE LEASE ADDITION ��`�5-�'
1 . : r �'
,� - A PARCEL OF LAND BEIN6 A PORTION OF THE PITf:ZN COUNTY
COMMUNITY CEWTER PARCEL I.YIN6 NORTHWES7ERLY AND ADJACENT TO":THE
� _ EXISTING HUNTEF: LON6HOUSE LANDLEASE AS DESCRIBED IN BOOk:w___
� AT PA6E __ _ OF THE PITf:IN COUNTY RECORDS ALL SITUATED' IN THE +
SOUTHWEST 1/4 OF SECTION 7. TOWIJSHIP 10 SOUTH. RANGE B4 �JEST OF iy
THE bth P.M. DESCRIBED AS FOLLOWS: 4� '
`i= � . BEGINNIN6 AT A POINT ON THE NORTH LIN� OF 'fHE EXISTING 4:r:e:1i`;, ,
� - HUNTER LON6HOUSc LAND LEASE WHENCE THE SRASS CAF' SET FOR THE ��i,;
- ' . . CENTEF 1/4 OF SAID SECTI�N 7 IN 1954 bEARS NORTH B9 29'19"EAST
, 476.86 FEET, NORTH �5.40 FEET- AND EAST 168.40 FEET:
,� THENCE NORTH 45.00 FEET:
- ` THENCE N 56 41'04"W 74.:�8 FEET: '
;� THENCE S 45 UO'W 60.U0 FEET: -
i . THENCE SOUTH ?B.OU FEcT:
�.'� TH�NCE S 40 53'W �5_00 FEET: ,
THENCE N 54 00'W 18.00 FE�T: j :
THENCE S 36 00'D1 18.00 FE�T: Z•
� THENCE S 54 00 E 18.00 FE�T: -
•� THENCc S 03 12"16"W 23.44 FEET:
;..�{ .THENC� 5 00 SO'4! 71.00 FE�T TO THE ` N�F,THERLY LZNE OF THE
� EXISTING HUt�ITER LON6HDUSE LANDL�ASc:
� THENCE ALONG TH� NOFTHERLY SOUNDAFY OF SAID EXZSTING ^
,� LANDLEASE AS FOLL�WS: �'
EAST 26.00 FEET.
NOFTN JJ.UO FEET.
� EAST 27.00 FEcT. � '
NORTF{ 60.00 FEET.
_ EAST S5.OG FEET, � ;'�;
i NOf:TH 5.U0 FEET_ ;<e
�� EAST 32_UO FEET TO TH� POINT OF BEGINNING CONTAININ6 �
,; 1�.0�8 S�UAFE FEET MOF:� OR LESS. - `.`'y .
;�: .: �
COUNTY OF PITKIN ' • '='.
, STATE OF COL�FADO �
• s>•�.f�:;'S!,.
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COUI�TY OF PITKIh, COLO�DO '
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ASP�N/P�Sti2N COLT'T_° HOUSING nUT50R_TTY
. '�� (Lessee)
- - -_ ��
'� � ' Dzte3 zs c_° Decer..beY 1, 1983
�i• anc P�endec a�d �ces�aten zs o� reb=-t:z=y 'S, 1959
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Ti?IS ht•:�1:D�D FJ:D REST�T�D SITE :.EnS� is r..ace ar.d eYec::te�' zs
c� Decea�ber 1 198E, anc is amended and res.ated as o:
FebTUa=y 15, 2989, by an� bet��een the CO:J1:T] OF PITI:II:, COi.Or'2r'.DO
' (the "Lessor") , a co::ncy er:st?ng as a pc_?tical subc'_visicn oF
the SLOte o` ColorHdo� ano kSP=I7/PITF:I)7 COU1:T" NOCSI1iG :,UTY.OnIT�'
(toaether w'_th any subsequent lessees ne:eunce=, �he "iessee") , a
Colorado Fionsina Autho�ity cor.s�i�uted under Sec:ion 29-1-20ti.5
of the Colo�ado Revised Statutes as amended. %
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WZ^_`NESSETY.: '��'�''%�-
y�z
F� �
! k•F?�P.EAS, Lessor is the owner o� certain real prc�e�t)•
,r..:;.
I locatec in the County o� Pi�kin, Star.e o_° Coloraco, nore -
particularly desc_ibed in Exhibit 1. a�tached here�o and nade z �,',,';
part hereo� (the "Project Site") ; and
WHEREAS, Lessee desizes to issue its Housing Revenue Bonds =";'.`,'. >.-.
(Hunter Longhouse Project) Series 19E9 (the "Boncs") , anw >to' tse `�°'��
?'`c;:.;:'•
the proneeds of the Boncs to acquire, cons�ruct, equi5 znc
instzll e £ive (5) unit residentiz? addition to and to zcci:ire ' �` °
anc _e�inance the er_isting twenty-eigrit, (2S) uni� resider.aal -
facility, generally described as the Hur.te� Longhouse project �+.,
�collec�ivel such existin facilit and additior., tae �'�'�
Y. 4 Y . �:-•.
'�' "Project"), which aoartmen� uni�s o£ the Projec� �are �o be lezsed
' by the Lessee �o low and moderate income persons, exceo� tha� in
�=' the case of an even� of default under the Indenture o° m_-t:s�
�;� "--caten as oF Feb=uary 15, 19E9 (the "Inden�u=e") be�ween the
Lessee and Ceatrzl Bank o� Denver (the "T`-ustee"), as tn:s�ee �or
` �y the owne_s o� tile Bonds and £oreclosure unde= tne Mortgaae, -
�� Security Ag_eemer.� and Fixtu_e Financing StaLemer.� da�ed as o_`
February 15, 1929 (the "Mcr'tyage") , �rc� c.he Lessee to �he r .
i+' T='i:s�ee, tne Projec� may be operated withou� �ne �oregoing
limi�et_o.s; zr.3 1 '
4r:=7�zS, the P_cje..�, ir.cludiag the ^_opesed zdci�_oa
:here�o, is loca�ad on t:e ?=cjec� Site;
NOjv, T-_?,_°O_�., _c= a.^.3 ia cc^s_c_=a==on c° �:e aa��a? :;�'.
ac ___.�s he=__.^.e=�e= c�..��iae3, �ne pa=�_es he=e=o ec=e_ as
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eoor, 535 Pas�824 �'�'����;�
S�CT_ZON Oi:E
DE:.T_S'� C0125TP.UClION AT:D USE OF rn�?:IS�S
Lesso= leases to Lessee and iessee 2:i=es ::o:n Lesso:, °cr
�he nurpose o`_ acct:_rinc, construct`_no, ec1:i?�ina, ins�all_na and
operzting the P=ojec�, and �or no other pL=�ose, :he P=cject
Si:e. iesso� aci:nowlec�es the ;..essee's p:eser.t use c° tne
� Project Si�e anc covenan�s and aarees that �he iessee and any '��";^�::�.-.�
! subsecuen: purchaser (incluBina wi�houL limi�ation the T�-uscee) �`'r;-;..:
; ,�syh
� or Lessee of the Project or the Project Si;.e, hzs full =ight and .� =
authcrity to so use tne Project Site as z mat�er o: �icht. � '
` i:G�''c�:.
� _ �;;:
SECTION TWO �':` i'
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I
� T�RM �
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'The initial term o_° this Lezse shall be £or _°or�y (<O-r years '
and one (1) day commencing as o� December 1, 1985, anc endzng on - ��`�
Decemaer 2, 2028. As used herein the e»session "te:-m hereo_" �� „
refers to such in_tial ze� and to any ey:�ension thereof as
hereinafter tiroviaec. 6`r'��;',
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SECTIOh T:�:E� j
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� RFNT
I (z) Lessee, for and in cons?deration o� �he Lease of t^e �
( ?rojec� S=te, covenzn:s and acrees �o paV iesscr �he sum c° One
Doller ($1.OD) per aanum ct=_ng �n_ te=-m hereoF, said rental `_o:
�he e:t_re ini�_a1 �e�-r� h=rec_° �zy�ble upcn execL�icn cP �__:s �r �
Lease (.ecei�� o� �ahicZ is n_reby aci�oule3gec). F11 �en�s snzll
be oain �o �e=_sc: a� zny acc-e=_s s�ECZ�ie� by �_=_so�.
i -
(b) rct'�_�c in �his L�=_ese shall ce::se �esso= =a eZy wzy =o
be .. ^_s==t:e3 zs a �z°�_=, z jci:� ve:��=�=, c= essoc'_a�e3 _n �-y
wey^:;i�z Lessee i� -_._ o�e=a�_oa o� sa_d 3=oje�� Site c_ t.._
P=ojec=, c= s•,::jec= L_ssc= �o eay e�??ga�`_�:, less, c:a=ce cr
ex�e�se coaasc�e» w:�a c_ e__s_a� __c� �^e c�era_:c� c= cse o'
sa?d Project S_�e c= P=�jec� o_ a^.y ne_� �he=°o_`. _� is
un3ers�ood and ag=een �hzt �.is iease shzll �e a net leese wi�n i
:es�ec� �o �essc=, an.a. �`�a� a'_1 �exes, assessmer.�s, __^.sL=znce,
L�ilities and otner op=_ra�_r.g costs aac z'_2 _e�ai_s, remode�zng. �
reno�a�ions, zltera�ic:s znd i��rove�ea s, ar.3 zll c�^_sr cirec� '!"
cos�s, c?:e=ces ar.� e>.�eZSes o° zr:y Y__:d w:.e�soever =es�ec�_ng �he M ' -
Projec= Si�e o= �ae P=ojec� sne11 be bc_�e by Lessee anc no� by .
Lesscr, so t!:et tne rer.� _e��=n �o *_.essc_ s:zell not be recuced, I ;�f
e"se� o: ci::inis"r.eu ci_ec�ly c_ in�?_ec�'_y by am' ces� o=
: cherga, nc_ snbj_c� �o s�spea=_ion o= te�?;e�_c� �o= e.^.y cz�se. � i\ L ,
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P.O�M. 5�5 �ac.��� ��4>V`
(c) NoLM•ithsta^dinq the provisions of (a) and (b) tbave, i` '
(i) an eiqhteen (1S) mcnth period t:Ler the nine:y (90) day
perioC desc-�bed 'n Sect:on 9(b) hereo� has p�ssec, an3 (ii) the
- zen�als °n respec: of the Pre�ec: then being charoed 'ay the
Lessee, ::�e =us:ee o: any pu_chaser :r, _o:eclosure or ass:.gnee
tAereo° are in cxcPss c: �he tihen cu�.en� �e:.� and moderate inceme
guidelines o_ t5e Lessee, then the rer.t dqe hereunder fc: Che
remainde= o: ;,he ten o= `!:is Lease shall be �ncreased to z7
amount eat:ti to 25�t o` the eY.cess o° Gross Revenues o� the ^:.;fi:�,_-•
?roject as ce'ined in the Indenture over the sum c� (i) the total '.'••?: -
` p {P ' paid during such ,'���•?`...
amount o� rinc. a_ of and ir,terest on the Bo:�ds ��'.'�:i;=
i fisczl year, (ii) any and all reaso:�able costs oP the Trustee o� ;�.'�3:;;'::'
any purchzser ir. °ereclose:e er assignee thereo� at�r{butable �o �'`?`4^'-
I an event o� ce.°a::l� uncer the Inden�ure or the �oreclosure o: the ��`�=`
2,cr.cage, a�d (111) Currer.t Expenses c: the Project as defined in '''_'
t�e Indenture. Such rent shall be paid to Lesso� on each
I Feb�ua�y 2 17 raspect of the then p:ior Fisc�l Year as de�ined in y,;;�,,:::. �
the Znder.ture, - '
' � c:;;''-;
;� . i ;'
t SECTION F�UR '�
y
W1iFtR7tNTIES OF TIT_7� F.ND QUIET ".'ZT:..: POSSiSSION , �,�'rv, %.
z. �.:.
Lesso: covenzats tk:at Lessor is seized o� the Projec� Si�e
�?! in fea si�ple and has full rigl=t �o nake ±his Lease and �haC
� Lessee shall htve_cl:iet ar.d peaceable possession oP the Projac:. ^
Si�e dL:iny the te`:n herec�. Lessor sha?1, a� ea�pease o� Lessee,
Y::r:�ish ti�le inss:a^ce on tha Project Si�e prior to the iasuance
-� . a� the Bonds, and such tf�le iasurance sha?2 ir.sure �hat Lesso= �
' has °ee si�ple �itle to the ?=ejec� 5=e, subjec� only to
� Pe�<_tted En::s,�rancas.
{ '
S�CTIGN FT_��
;� D�I.="v�RY OF ?OSS:;SS=ON
;� I: Lesscr, �c= z�y _ensozs hha�soeve=, ce-::ot de2?ve_ ''�s
assessie, c° �he _:oject Site �o :,essee at t.*.e c�..-�enceu.e.;t ^`
'� _'�e lease te:n, as V_*_erei:.be=cre s�eci�iec, �h_s Lease snall �c�
;;i{ be void o: voidable, r.o_ shaii �essc: be li2ble :o Lessee �or a-y
1 loss c= dz-..ace r�sn1�?ng `::e�e�:c,;, bs;� i� G.'�e ever.t the±e shall
be a p=opert±c::ate :e3uct'_on o� =eat co�e=iag �he �e=io3 betwee�
,j the co�.me,ce�e;t c` t�e 2ease te^i and �he tine t�?�ea Lessa� can �`
',� delive= possessio.^.. ��.
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£OON 5a� f:�GEO�E
S£CTION SIX
L'5ES PnOEI°TT�D
SLbject in all cases to app.icable zoning laws anfl ianc use
_eoulzticns, (i) Lessee shall no� use, o,- pe�-cai� t2:e ?rc}ec�
S1LE� or any part the:eo:, to be used, fo: any pLrpose cr '
pL=poses other �han the oL�pose o_ our�oses �c� whic:: �:�e Prcjec� "'•`'
S:te is hereby lease6, but (ii) in the case c° an ever,� o° yY:�'';�'i:° �-
default unde_ �he Indentn�e an6 fo_eclosure under �he Mor�gaae,
the Project Site may be used without the ?inita�ions stzted in ��"�'�'
(i) c: this sentence. No use shall be made or pe^�zt�ed �o be I �_r
nace o` the Project Site, or acts done, which uill cause a �. �;_ ` .
cancellation o� any insu�ance policy covering �he Project locz�ec '. , ;
on the Projec� Site, or any ptr� thereor, no= shall Lessee sell, -"
j oz pe:-nit to be Y.ept, useci or sold, in o: aboLt the Projec� Si�e, � .. .
1 any article which may be prohibited by the standard for- o< <ire
��-';��:
insurance policies, Lessee shall, at its sole cos., conply�'kith ,.;,;:.;, .
zll �recuiremen�s, pertaining to the Project Site, o� any {� ;
insurance orcanizztion or conozny, necessary �os the mzintenaace C1<<,'
o_° insurance, zs herein provided, cove.:ing any builcing znd . �� �
aourtenancas zt any tine located on t?�e Projec� Site. G1�.Y,:;
(s � f
� �SECTION SL��ft I r
� �`�
( WAST: AIGD NUSSnNC� PRO?:.i3=T�D
(
j Du=i:�g �he te_-�n o° this Leese, Lessee shz�1 ccrzply with all '", --
i eaa�icable la�,s e�fec�ing �he Project Site, the b=eac� o° whica
�ich� result in any penal�y cn S.essor cr fc_�e±t�re o° Lesso='s
title to �he Projec� Site. Lessee sha12 not co::�i�, or sufier �o '
be con::.i��ec, any was�e oa t:�e 2rojec� S=�e, o= any nu=sznce. �'
� sicmTox _TC_T
;
I:_:SSG3'S B=G-_� O? ?h���'
Lessee shall p_^_� Le=_sc= za3 ��e ece._s a.^.3 e-�1�}•eas c°
; r•esso: �o e;�:_: _-_0 2;3 •�cn -:e ?=0j0C: SSZe at 2�? :E25C:ad;1e
� �res �e_ tae ,5t:r�ase �c° :as�ec�?::g tze sa.:�e (ia�lu�i�., l
iaspect'•ng �;^.e sase =o= �h_ pL�oses c: pos��ng no�ices c�
� no.res�onsib=li�y °c= zl�e=a�=o.^.s, ac�?�_c�s, c= =e�ai=s, wi�:cL�
zny rebace c� ren� znd wi�_*.�n� a.y 1'_abi2'_�y to Lessee �c= zny ,f'.�
Zoss c_° oceu�a:._on or c�?e� enjoyne:-i� o� �he B_ojec� S��e �heraby '�
occasioned) .
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£17CiJ1�:'ntZ's1:CE OF LESS:E'S i.E7,S�i?OLD I1:TEFEST;
0?^_'I017 TO PiinC::i:SE
(a) Lessee nay encu:..ber b}' mor.caae or deed r, ,..ust, c:
o�:�e= prope= ir.s�=umen�, its leasehold inte=es� and estate '_n �:�e
Frojec� Site, toaether w�i�h all builZinqs ar.� ir..�rovemen�s placec '
by Lessee L'nereon, inclucina the Projecc, only as secnr_��• :er :`"+'.��- '
the Bonds. The execu�ion o: an such mort age cr deed of t:LS" `� �'"
Y 5 � �1..�:,
or other inst±-ur�en� (the "T;or;.caoe"), or the foreclosure �herec_, �
or any sale �hereunde-, either by judicial proceedings or by � '
vi=tue o° any power rese`ved in such mortcaae or oeed o� t:LS�, -
' o: conveyance by Lessee :o the Trustee on behal� o� �he owners o� �.`", ,
! tne Boncs, or the •exercising o� any right, powe= o= privileae
� rese�-ved in any mortgage or deed of t_ust, shall not be held zs. z
� violation of any oP the te�-rs o� condi�ions hereof, or zs �an
i
t assunp�ion by the Trustee on behalf of the owners o� the boncs
,i personally oi the oblie=�:on the=eo�. No such encun�rance,
foreclosure, conveyance or er.ercise o`_ righ� shell relieve Lessee �ti,
�.' frcm its liability hereunder. _ � . !
3 Z� Lessee s*�all encunber its leasehold in�erest and es�ate �,"'•
in the Projec� Si�e and if Lessee or the Trustee on benal: o: tae
'i� owners of the Bonds sec�refl by sucn encua:�rznce sna11 g_ve �o�_ce
�{ - _ to Lesse: o: the e�_istence thereo: and the aac:ess of suc:
� �T:-t:stee, thea Lesso� will mail o: celive: to such holner, at svc?�
acc-ess, a duplicate copy of a11 notices in wri�ing which Lesse= '
�zy, �rom time to time, give to or sex-ve on Lessee unfier and �;; _
pu:suant to the te�s and provisions he=eo°; such copies snall be
.` �a_led cr celivered to sucn T_�stee, a_, o- zs nee= as poss_b1e
�:: to, �'1e sa�e tile such no�ices are given to c= se:ved on I,essee.
SL�h '?`=�stee ray, at its o��ion, a� any �ine be°_c�e :.he =ig2:cs c_
:, .
- Lessee s'r,ell be te=,:.�=a�ed es provice3 herein, aay eny o� ,.__
j =e-=s cue he=eua3e�, cr pay a::y �ar_es znd assessne:�s, cr n� yay : .
�� c�ae= act c= ^i _ =ec�i==_3 0= Lessee by ti:e �e^s ::e=eo:, a= co �'
'!� z-y ac= o_ ...?:-igny - r,zy be :�_cessz=-y anu = �o be con_ --• �
' �*e cbse=c-aace c°^�z� ccvena:�s znd co�?_-icrs nerecr, or �o ;�.
:j _rev_^� ��e �e�i::_cica h_=ec�: a12 �ay�e-=s so mace, en� ell �' ,
`� t�_��s so cc�e znd pe=i^—_c by sacz _.-�.:stee-^ srzll be es
;,,,� er°ec��ve t� _=_ver,� z ��_eclost_e o_ �:e ___._�s c= i,a=sEA
_.� �Z_=e_a:fier as �he se:.�e „rouid have been __ coae z^3 a_=_o�aed by
Lessee. •
�� 2:o�}_:� `_n th?s pe=z5;zpa (a), howeve_, shzll preclude tne ti� �
nnrc.ese=5 0: tne 9_cjec�, t;pon z �c_eclesn=e e= �he Mo^ca�e, ,� ,
,� �_c� mc_�cag'_�v or encL,.-.be__ag �he== =r,�e_es�s t:�sre=n, or �he__ ?,
lezse!�old ���e=es�, en3 zny suca n�.=c:ase=s a=e hereby crza�E3 ,�,
� sucz _ich� aa� _==v:lece. �
� (b) Seajec� �o t::_ fcllow:na ccac���_or.s, �° en ever.� o` ��
.� de_°zult shali hzve o�c�=-e3 L;�de= ��e T_ncencu_e a: '?'__st rela�ing s ',;
to ��,e �oac=_, ��e T��stee (c_ any p::_c;eser z� z fc_eclosure sz:e $:��,,
�L_suzr.� �� �he *,c_�cage c_ an�� ass=caee c° s::c� pn�c�eser) s:;a,? ���;:,�,,,.
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have the r:gh� and ontion, in cor.junction with a �creclosure c�
the *;o��caoe, anc _� d:rected by the owners c°_ the Boncs, �o
, p::rc5ase the Projec� Site f_o;,i `he iessor at t.`.e t:�en :air nar?:e�
value oF t'�e Psciec` Site, Hi�hou� regar� �., any inprcvener.�s
thereon, buc in acco=cance a•:th its er.istinc use and any o�he=
use reasonably 1�}:ely under the �hen er.is::r.g zoninq ar,� land use
laws and censiderinc t:�en cu==er.� enforceable covenan�s a�d
res�:ictions on the use o° the �=ciec� Si�e, all zs dete�-nined :,y
an 2,.�,.I. appreiser accep�able to the Lessor and �he Trustee (or :��":�°��- '�_
!I such pt:rcAase=) . Such rig:� and op�ion is subjec� co t2;e i_X'���.:;
followir.g: (1) afte= svch an even� of de�ault, �he Lesscr shzll ��' �=_
�i-st have the right for ninety (90) days thereafter to pu_chase � �
�...._
o= sell or to elecL to purcnase or sell the Projec� anc �::e �f3
Projec� Site for an amount su��icien� to pay the principal of znd � , ;
interest on the Bonds in :ull, and (2) a=ter �he exaira:ion o. -
� suc:� ninety (°0) day pe:iod (cr such reasonable lcnoe= period, '_°
tne Lesso= shall have electe3 to purchase o= sell the Proj,ec�,
1 •
necessary to complete such purchzse o� s�le), the righL- and
option o= the Trustee .to.so purchase the Projec� Si�e, riest be `,t,
�
eae�cised c;i�hin five (5) yez:s a�ter the e�:p_�a�ion o� suc� F� ._;
� ninety (90) cey pe�iod (or such reasonable longer period i'_` the y �
Lessor s?�all have elected �o purc?�zse or sell tne ?rojec�, v
y �'�°;;`
Y; f necessz_y Lo comalete sucn purcnase or sale) . kt �he enc of such .>i �
1 five (5) years, the Srustee's and such pLrcheser's on�ion and 4i
_± �_ch� to purchzse sha31 te^.ainate. �
� 1`
SECTIOt7 T�N
L�ASi]'7G F�D liSSIG17]•�IrT
Lessee mzy suble� t!:e ?rojec�, but nc� he ?�oject Si�_ 1
(exce�� as providec '_n Section 9), in c;hoie o=�_a paY, wi�hcut �
� Lessor's cc:sea�. No�ai�`:s�aac_�g the forecoing, _ zn ever.� o`_
ce�ault hzs occL_=ed 1n3e_ the I_^.�e��•��e, I�zs=_ee (c_ �.*.e _rt=_�e_
cr ar.y Dl:=C=�SE= 2� z �c_eclost_e sal_ i�cer c�e *;o_�caae o= aa�•
' assiyaee c� scc: �u_caaser) zazy ass;cn _�s _:�e=e � La�e= � •:s
� _eas_ c_ s1:::_e� �:.e P=c;ec= c_ __._ ?_cjec� 5�_ce, _a w"r_ole o_n`_n
i
Dc_"�� H_'li�_: �—SSC=�S G.^_:.S2a:�. .
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� F11 no�:ces, de:aen3s c= o�:ze= t�'ri=ines in this L=_ese '.t�
t�ov_ce3 to be cive: e_ �ace c= se;�, c� wc:c: r:�ay be givea o: `;
r,=_ce c_ ser�, by e_�:e= pa*_'c}, he_e�o to �?;e other, =_hall be -, '
d=e^��' ta nz��e been `1??y czven o= ra�e c= sent wne7 �aee ia
' w_:�_ag and ce�os'_ce3 '_n t'�_ L`n_ted Sta�es zai', =°S=s�e_ed ar.c t
pes�a�e �-��e_c, enc ecc=e=__<e� es °cllows: -
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To Lessor: County o° PiJ;?n, Colorado
506 East N,zi7 S�ree�
nspen, CO 61611
- Atta: Coun�y bt�crney
To Lessee: Aspenf°itkin County Housing
! Authori�y
i
' S06 East T;ain St�ee� ;;�: �
� Aspen, CO 81612 '��''i;'.
i Attn: Housing Director :��'�;'
i 3:..>:'�;�:
' The address to which any notice, demand or other wziting ;.-ay + '�;:r=�:•.
be aiven o_ made or sen:. to any party as above provi6ec ma}� be � ;4'
chanaed by written no�ice given by such party as above providec. 't �
. 3;:
� SECTZ017 TWELV£ �� �
i _ _ .�;;,:;'
I � TA>:�S A1:D ASSESS]•iE?:TS w ,
�
All ta�_es and essessments with resoect �o the Pscjec� o= :.;e k��.'
Project Site, i� any, shall be paid by Lessee. 4 �,�:s.
:.'.'1.^[
Y, 9
S:C'�IOI�i T.T?IR^_"�TI
�--- R.°hI�S AhTD N,AI2:T:TANC£
Lessee shzll, throughou� the te�-Ta �� this Lease, at i�s own
costs� znd w:thoL� zny exper.se to Lessor, keep and �zir.�ain �he
Project Si�e and tne Projec� in good retiai-.
i ?'
S�CT?ON FOL'?T==27
U^,_?.�TI°5
Le=s=_e sY,eZ'_ `t?'y a^3 p_oapc.ly �ay �cr z�l ut_'_?cy se:-vice. ,
�
1 S�C-_GIr --_-_:Y
I � Y__'�j � 'l��
I
� Lessee shel? kesp ail o_° �he P_oject Site aad eve=v yar= ,��.
,
�hereo� and z1Z :ouilc'_nes and o�hes ir..p=ovemen�s, inclu�ing ti,e F�,
Projec�, free c` a?1 ?iens er.cep� Pe�i��ed �ncur..b=znces.
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eoa� 5�� Fa�.�30 �;��i;';,:.
SEC'_"IO.`S SIY.TrrN
, Z):D�PII7IFTCnTION CF LF.SSOR y
To the ex�en� pe�itted by law, Lessee ac:ees to inde:n^i°�•
Lesscr ro� any cla:�:�s c: liability which a=ise out o� cz a=e
connected in any way with its acrn:isit�on, const�c�ion, ,
nain�enance or operat_cn o= the P:ojec� o= the iss�ance o° �:e
Soncs by Lessee �c: such purposes, ' �
•.:�.1`; .
��.!n
x•���
i SEC':`ZOI� SEV:NTEEN �
� � Ys :.
� P;'TORIdEY'S FEES s `ti
� ��� }r:�-�, r ;
I_° any action at law or in eauity shall be broug::� to.
recover any rent under this Lease, or for oz on accour.t o_ zny
� breacl� of, or to enforce o. inte�:e� any o� :he covenants,-te^:is ;
! or conditions o� this Lease, or for the recovery o°_ :.he ���,;s,�: '
j possession o° t?�e Project Site, the prevai?_r.g party shall be
ya:;
� entitled to recover from the o�her garty as part o' the ,.
p-evziling pa�ty's costs rezsonable attorney's fees, the amouat �``
. � o: khich shal? be fir.ed by the courc and shzll be made a pa=� oP � �; �
eny judgment or decree rendered. , j �.
_ _ ! _ " �
sLCTION �I6'r.T£?N
i
� _ _ R.:D?LIVERY OF P30J�CT S?m: ^ -
; Less=e shall oay tn=_ ren� znd z?1 o't:=_� su;as rECUi_ed to be
+i neid by I,essee nereunde= _n �`�e zmoun�s, at the tzmes ar.c in �1_ '
aa:-iner he=Ein p=o:*iced, anfl shell k__a and �=_='c� ai 1 �he �_^s '-.
and ccnc'_�ic:s ne:ec= cn ..�s oz=� to be }:ep� z�td pe�ro±-ied, z�c, +
� 2^ �he e�-p=_eticn o_ socner �e—?a��_on o� _.=s L�ace, peacea_1v
z..a en=Et?y e-s_� an3 sL�_=n�=__ to iesso� ��e Prcjec� S=te,
� Pzoject aa3 a11 0.=_= - =o:-e�e::_s ...�� r.,zy be loce�ed ca �:�e
. { P=ajec= c_�_� ell ir. eoo� o_cer a^.3f co.�_�ica si:'�jec_ to ;.ae _ `,
� o��e= _ov?sicns c� =s =_ese. ":�,
i -
;� S�CT=^;I r T�°_-_.:.N
F:..
?tiT._.J.��S C�U_.T:�IJT'"_L� �
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t Sebje�:. �o Secc;oa 9(b) he_ec_` all re�e?ies nere�^be'cre F
a�3 nere_aa��e= confe__ed by Lessc=�sha!1 be deemec cLaulz�_ve s�� '
' a�3 no oae es:cltsive o_° t�e o�he_, o= or any c�he= remecy �
� coa�e�_ed :^,y 1aH. '
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e�oK 5 � ��31 ��:�;��;''
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s�cT*o:r Tw��rTY '
T1st;naJ,cr
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! Lessee shail rai::�ain ir.sL=ence en �:�e 2ro�ec: Sice an3 �ne
Projec:.
SEC:'IO1: TT•7£hTY-0).� '+":
.;'i;' -
NOTICE OF DEFAULT � . '
t,'
Lessee shall not be deer.ied to be in dePzult hereunder ualess ��.:
Lessor shall :irst give to Lessee thirty (30) dzys wri��en nct'_ce '..; :`
o� such defzul� and Lessee fails to cu=e such de�au?� wi�::?� an
additional th__�y (30) days. hotice oP such de_aul� shell also "
be given, anc shall not be ef:ective until given, to an•,• "'.` -
mcrtgaaee there nay be with resoect to the Project. _ - ,�ti�?�;
.. �� i
� SECTIO\ Ti�ET:TY-TWO.. K�.,;':'
k
.r, � D:FnULT � r �;`•
f
`� _ Lessor shell not have the right to exc?ude T_.essee �_ca ".:e I
P±-oject Site or take possession o� the Prcject Site o� ��o ;
i �te^ina�e tnis Lease grior to the erDirz�ion o° its te� upo� any
1 default by Lessee hereLnder. In th� event c� anv de�z�l� bv
' Lessee hereuncer, however, t�e Lessor mzy neia�azn an ac�ion `o= �
� dznaqes o:, _� pe�i��e3 in ecs_�y, ro= s�eci�ic pe_=o—zace.
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t ' S?CT_-0N TT':°_I�l'_'-'?'.?.?� {
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t L5503'S B=G:'_' mp �3pp?_.1
I:� �'�e even� �:at Lesse_ by _`a='_ing o= ae�lec�±ag �o co c=
pe__°c^ any ec� o= -'.ing ae_=ia =o�*_de3 bv _� =o be ccae c_ . `�,
b°- --°d� S`=-- :..a '-n ce=anl- he__�r.ce= ��� _ �-- =�=--_- ==e_-
co:.�i�v_ _,._ a p� ., c= �'�i_cy (�o) ca�•s z`�e_ w�_� _�_
�ea ac�
=-o� L£550= SD?C==1�iq ,..._ �a�__e c_° �he ac� c= �--- �o be cc�e
c= per=o-aed, t.`1en Lesso_�zz}, bL� shall r.a� be _ec�__efl �o, co �
cr ae:=a-a er czLSe �o be co�e c= �er�e�e3 suc'a ec� o_ th=:;q
(e,��__^c on '-`�e ?rcjec� S+_- =c_ suc'� p+_-.�cses, __ ' ssc= s_:11
so elect) , anc i,_sse= s:zll� no� be helc 1_zble �c:Jin any rrzy ,t`-:
res�oasible _c_ any loss, _.,�er.ver.ieace, z:�oyznce, o= de�eca v;
res:tl_?:g �o iessee e: acconr� :erec', and Lessee sha'_1 re�av �o
Lesso= c:: cenza� t�e e.^.�_e e�_�ense �ae=ec`_, inclLC`_ag �
cc��er.se�_ca �o �:e zee^�s aa� er,.aloyees o° =�essc=. Fny a:� c= �
_^ ocne by ie_=sc= p�_suar,� �o �:e pro�-_sic_^.s o� th_s Sec�_c: - --
s:zl noi be c= be cc::s�_uec es a waive= c° z^y snc: ce°ae?� by �
• ��t': �
�°=_=e_, o� as z waiver o° e.^.y coveaen�, te^� c_ c�-c±�?on he-e_: ,
:�
cor�e_�ec c= the per'e=.-„ance �?:erec°, c= c_ any ct:=_r _ic:� c= � ..� r� r,
- �
relecy c_ =,essc_, �eseLade_ c= oc;er.:•_sz. �.'_1 aac�r_s pzyable by `
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R � � j �i� , ��'fL �
' �00� .�a �� � � a ����'%
:l �oz� 5�5 F:,�=83.� �`
i.essee �o Lessc: unce: ar.�: o: `he F=ovisic^s c° ":is �.ease, _
nct pa=c �:hen che sa�,e becone ycne as ;.n �::zs :.ease providec,
shall bear cerest _:ca: �he da.e chey beco:e cue un�_'_ paic zt
� tY.e =ete c: ___�ee,^, pe-cenc (i5%) pe= a�r.�::, cc �cu^ced anr..:a�_,
�
SECTION T1��1:^_Y-FOIIrZ •`-
. � `+:�i:,n
� r•�.�t: �.
EF?ECT OP CO3dD'?•,TI'r.TIOW F�3dD DAI�,AG� oR ^�.STRUC'_'T_Ol: `�t,;:_;.<-
�;j" -_
m'�e respo�sib?1i�ies o� the oa=�ies he�ezo in case c=
cendemnation o= dzmaae and des�_uc�ior. are se� fc=�:� in c;e z..;ti;;°�
Inde::�use. r ;
,� SiCTloli '^{d:NTY-PIVE -
( _ DISDQSITION OF _TM9B0�'E*S:17T5, 2NC?.UDI1�'G PROJ�C'", - - -
OI1 TERiT_27F.TION O:' I�.nSE S '�
r
�
On te�-rinaticn c= the �e�s o� �h:s Lease, Lessox shall �'
. r�::
become the ownex o` tne bn_ld_ng or imp�ovenen�s on the P_ojec� �, t,:•.
_. � S3�e, znd _{ sucr buzld:ng er_cencs on�o other p�c�e��y owyee by
;;� the Lessee,hereunder, suc: Lessee shall ccm�ey ta Lessor, on s�ch
te=-ri;z�ion, an uncivided inteses� as �eaa.^.� _n ca:.unon in ail o°
__ the o=oper�y coverec by suca b�il�in� whi�a bea=s L'ne se:as
',I pYDDC��icn to the wnole as tne a_=_a o,: the Prcjec� 5_�e bears to
I �he `.ct21 arsa ccva_=_c �y suci �s-1c=n5, an� ?.2s=e_ snzll cc,-oep
to Lessee an t=na:v�de3 interes� as tenar.� in cor.�on in tne
7 ?=oiec� Si�e wnich bee=s ��e same rela�ic� �o �ine whole :.nerec_
:� zs `_^_e erEa covera:, by sucz b:::lci.^.q ao� _nclaflec in �^e P=cjec_ �.
'• Site bezrs �o �n� wrcle e_ee cove�e3 by suc� b�'_13_nc. �
i _.
:;; 5�C�?OId '=Fi=1:iY-5=?:
� _ �;,
Yir_��3 '*f;
i
---- c:z:ve= �}- Les=_c_ c°, .._ �'�e °ai1::== b�� ?.�esse_ to ��}:e
1 ZC— Oif^4:1: �E5�2C� t'J Z:�V .ti'.'°_2C_. C- c: ..E1� C.^,V2^2^� .._ .
j co�c �_ca ..-re=-. ..__.�c_aec saai3 ...,� %e _=�e� =o �e -_ve= c`_
' snca �e=:,^ covenzn-_ c_ ccnc_uc�1^�r sn^secue:� �-eac� .^'_ �'�e :.
�� sa�e, or z::y c�_^.er te�, cove^.aa� er^canci-_ca :'�ereia con�z_tiec. '`�:
� '_':e s��se��er.� ac�en:.a-�e o` =e:= ae=eL��e= by _=s5�= s:a?1 _^.c� <
� be ceemec to be z wz_ve_ o� a�y �-ece_i^a breec� by Lasse_ o° eay 'tY
�e�, cove�e^= c: ce�w'_�?ca c° �'_:_s Z.ezse, o�:e= ^zn �^e `_zi1�=_ '
e� _essae �o pay -.._ p�_c_�..'_a= :e^�_i so zcce��e�, regzrciess e= �'l
Lessc='s }:no��ledce� c` suc:z _r=_aec_n? _=eac: a� �ne .._-e c=
acce��a��e c` sL�: =e:_.
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S�C:I017 TIiENTY-S=VE27 �
EF£�C: OF LESS�;'S HO:..D�::G OVER
I
P.ny holcinc over zfte!- �ne er.pira�ion o� the te=-ra o: `::is
� Lease, wit`� the cc^ser.� o� Lessor, shall be ce�s;.rued to be a ,
j tenancy f:c:n yeaz to year, at t:�e szme annual =ental as rect:'_:ed
� to be paid by Lessee fcr the period innedia�ely pr?or :o the -:;-�r;;.,�.
� +.•:�.,,..,.:.:
i exoiration o� the te:-m hereo�, anc shall o�her,.•ise be on �;e ^�� t. -
y.;,-;...
� Lerms and conditions herein soeci�ied, so �ar as a��licable. !;�'�•�.•<.;
;.:3:: -
! �K.:°':.:
S£C':'ION ?'WENTY-EIG'r.T �;l`I�`1`'
:.�.�'r ;��.
A2•iE1:D3•iEP;T
Th_s kmended znd Restzted Site Lease cor.stitutes. �'�e � '
amend:nen� and resta�ement in :ull o' tna� ceruin Si-e-. Leese ��'>` °�'"
dzted as or Decem.i�er 1 1985, oe�ween che Lessc_ and :ne�Lessee. � �
'_::° �a_^as o' =`_� :unended anci Res�zted Si�e :.,ease sne?1 �
, su�e�cece, canLrol anri be su�er�cr �o �he.�e^:,s o= �he Si�e Lease `�<-�,�`-
��ior �o cne anencnent Lhereo'. � �- ;i.\
t
Er.cept as otnerwise sneci�icaLy provided he_ein, this L�ase
- shall no� be amended p-_or to the pa}�nen� o° the Boncs in �ull
" ,� (or provision fo= the naymen� t�e±�eo� having been aade in
• accordance Mi�h the provisions of the Indenture) witnout the
- �:rit�en consen� o° Tn:stee anc the owners o� tne 3oncs and in
acco=dznce wi�n the nrovisions c� such Indentu:e.
� S�CTT_ON TS':=Nmv_11INi i�
i'
?iRTT_-S 30U2�D
^_'he cove�enu an3 ca:a:�_e.^.s he=e_n co-�eined shall, sn�jec�
to tze p�ov===o�s as �0 2551_:Tfl:=� �=a^s�e_ and s.�l__�_a�.
ap�ly •�o anc bjad �ae 'r_ei=s, successe_s, e>:eov�crs,
ac.:.i^_s�—=",_s anc ass; -:e�s c° �___ �z===es �e_e�.,, a�3 �:e
pe_:ies 'r___e�o sha_1 be jo?.-:�_y ar.c seve_ally l�z�le :er�Lace=.
I S�C':?021 '�'iramv ���
;....
t
! T-.'� 0= T=: ?55:17C: e
��F e'
T_we is e° �:e esse.^.�e o� t�.is =,=_as=, a:�d cF eac: z.^.fl eve=:; ��
covenar,�, �e=-, co��i�ion anfi �rovision he=eo=.
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I &EC�'iO7� °'h1:2T`_�-Oi1E
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� ! S'C==O;I CnP=IC1�5
i
± The ca�tions a��ez_:ng ur,cer the sec�?en r,n^be= desicne_'_cr.s
io` �'.:is Lease are =c= conver.ience c::l}� and a:e ;ct a �zr� c: ,..._s '
i Lease and do nc� in ar,y wzy lir_� oz arpi�=y t:�e te:-r..s anc =�--''
i piovisions o_ th?s Lease. '•��'��y `
'�It;
x;„;;
� ^'
SECTION TY.=RT�-iW0 c;,�.
"';::
COLORi,DO Iv1W ;"-.�',
� This Lease shal? be recorded in :he real preper�y reco=cs c_'
the Conntp o° Pit}:ia, Colo_zoo, and shall in all resoec�s .;De -
� � gove:7ed by anc const=ued under the laws o` the S�a�e of � "�'
� Colorado. - - �-�:••
. — ��-
. i
� l�
SLC�'IO1: T.°_�R^_V_T;;;�, '.�•'.+;:.
��:�:
�>
£STODO_�
: ,� :
,'� Tne Lessor ac3-.now�edaes �o_ the bene�?t o= t'�e o�*ners c= �ne �
, Bones anc the T_1s�ee ,.:.e� this Lease �s in full �orce and o .
� ` eP�ect; acrees �o gzve the T_ustee notice o° any de�au?� � .
hareunder an3 the =ic:� to cLre tiie same; ac},aowlecces the *-�c^- � ^ _
oi the T=t:stee to _o_eclose upon t11e ?�ojec� enc �ne I�essee's !;
lezsehold in�er_s� zs �,c_�ce�sd DL`�512A� �o tne ?:c:�cace; e7c �
i;� ac?'tiowlecces �?;a �iG»� a�c zuc:o__�y o= the ?'=nscee �o resell _.._ � :
� ! sz.�e i:pon ar.y =erec'_ostre pLrsuar.� to the ?�!c=�gage,
.� s��
.:� g ..
`� S?C':'SON _==3=5-FOL"Z �
�•
'T=-=3D -=3=Y =_2v_-_C_r�==5 � _
a ✓
l�I ^_I�8 ^_'=�S�E_ 2^: L:2 O�:1E=5 C_' _ BC_:::5 S..Z_� �'JE _^:=� ^,8--�•
:�i tJE::_= ..=c_=E5 C_ .."_5 cc52� c5 '__� _'�fl=ES� 'c}' c_^.._^..°a_� Z^� '
�'�� d:0c B:14 S:ic_� DE C=:!':or° StiC: _ ��5 dA: _:V leaes 25 52_� '
� r' � �3'-�_ES }:=C 2XEC �E1 -�{5 GOC ._..�� _^.Gl:.....__ {n'_��?O.__ �_ �'-=C� -1 .
_ . �n_. � �.. -... � � -,.
tZCSe =i;=�s, �e�e°i�s, c�_ic:s a_^.3 zc=eeme:�s se� ��c=:.a� _� �
Sec__or.s 9(�) a^� 23 herec'.
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i
' I11 FIT17ES5 kr:iR£OF, Lesso� and Lessee have duly er.ecLted j
this �,menced and Res�eted Lease the day and year above �i=s� '
uritter.. y
F:TT£ST: LESSOR: �
COUNTY OF PIThIN, COLORADO ;,,_.;{'��" ,
���
w / �� �/ i"/� . �L� X.�:;c,.
• . . . �.� i ��� L��
IYepu�y Cieri: Cole�te enne '� �``;_
/� Chairwoman, Doarc of Count}• !�` s
� �� Comnissioners o� ?itY.in County �` - t 1
ATTEST: T,ESS�r: ' `
ASP£N/PITAIII COUNTY HOUSING .�.-._,_ .
- AUTHO TY - - � ' '
�F
.�M . , �� ��� ����...�- '�
S�c��a_y �fJames F�. F�danski k 1. 4
Y, \J Housing Direc�o�- �t�h�
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S:AT� OF COLOR'nD0 )
) 55.
covr:m� oF DT:�f:_t; �
� �
� '"he =oreao?na was ac}:nowledged bePore me �his IS dzy c:
� Feb=ua:y, 19S?, by Cole�te `Fen�e, Chai:-�:oaan oP �hE Boa=d o=
,.CC:.:r.ty Cor:�issioners o� PitY.in Coun�y, Colo=ado.
,,,�;'.:.
• " .;3ki�ness �^y rznd and o�_icial seal. �'���.�; `-
., �.. .. � -�� 9� ��-�.�;:,..:
� ' � i:"' =.� M�y comnissicn e>:pires: ' '�•..
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STAT� OF COIARnDO ) {S •• `
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COUi:TV ps aT_rr,y � 41 ,
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.� The forego_ng was zclsowledaed before me th_s /S�aay c� ���,; ',
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'*- � Februa_y, 1524, nv James L. Aca�s}:i, zs Fionsi�g Direc�or of the ,
.;.� Asnen/„�itkin County Iiousing :,utho==ty.
b - -�.�`'`'����;ilil� /.� �'"'•;
,1 `�o��.,' •�Svi�Irlss my hznd and o_`_°_cial seal.
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EXHIBIT A
TO AMENAED ATiD R.ESTATED SITE LEA�E
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A parcel of land being a portion of the Pitkin County Community
Center Parcel formerly described in two separate parcels in Book ?
383 at Page 589 and in Book 578 at Page 562 of the Pitkin County i ;��..'-•-
Records; all situated in the Southwest 1/4 of Section 7, Township �;�°'i�;��->:`'
10 South, Range 84 West of the 6th P.M. described as follows: �::�.'�}i,,:.:.
+ Beginning at a point whence a SLM brass cap set in 1954 for the �;�
� center 1/4 corner remarked in 1978 as a Special Purpose Monument �' �
I bears N.89 29'19"E. 976.86 ft.; thence South 25.A0 ft. to the :�'Ji�','�
{{{ true point of beginning; thence South 40.00 ft.; thence S.44 7�'�`� '�'���•
I 33;00"W. 59.40 ft. ; thence 281.67 feet around a curve to the left
i having a radius of 167.50 feet (the chord of which bears..S.o3 . �:
37'29"E. 249.64 ft.) ; thence N.64 04'W. 278.15 ft. ; thence 73.96 -
ft. around a curve to the left having a radius of 225.05 feet i`-''
1 (the chord of which bears N.73 28'S4"W. 73.63 ft.) ; thence 23orth 4`
68.84 ft.; thence East 38.22 ft.; thence N.00 30'E. 71.00 ft.; {; � �
thence N.03 12'16"E. 23.44 ft. ; thence N.54 00'W. 18.00 ft.; ���, t :
thence N.36 00'E. 18.00 ft.; thence 5.54 OD�E. 18.00 ft.; thence 4,;r� ,
� ;; N.40 53'E. 35.00 ft.; thence North 28.00 ft. ; thence N.45 00'E. P'�
6�.00 ft.; thence 5.56 41'04"W. 74.38 ft.; thence South 45.00 j• `.
ft.; thence East 168.40 ft. to the true point of beginning
i
containing 73,561 square feet more or less.
� County of Pitkin, State o£ Colorado. =
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ASPEN/PITB•IN COUNTY HOUSING AUTHORITY '_�
(Mortgagor) ��
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CENTRAL BANK OF DENVER, A BANKING CORPORATION k�'rs
(Mortgagee) t�",t i
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MORTGAGE, 5ECURITY AGREEMENT
AND FIXTURE FINANCING STATEMEIdT
'� Dated as of February 15, 1989 ,
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eooK 585 PacE839 ":�_�;�:�
This Mortgage, Security Agreement and Fixture Financing
Statement is a Security Aqreement and Fixture Financing
Statement under the Uniform Commercial Code of Colcrado and in
� ; compliance therewith, the following information is set forth:
jl. The names and addresses of the Debtor and Secured Par`y
are: ;
� Debtor: Aspen/Pitkin county Housing Authority =':`���.
230 South Galena '��"'"'
As en Colorado 81611 ���'?�'
P � r:it.w::.,.'
� Attention: Executive Director �_;>�'-
� Secured Party: Central Bank of Denver, a banking .?t'ti:;,�
-� corporation, as Trustee ; t;`
.� 1515 Arapahoe
`� Denver, Colorado 80292 � '
Attention: Cororate Trust Department -
+� Record owner: Pitkin County, Colorado
506 East Main Street
i,� Aspen, Colorado 81611 �
Attention: County Attorney �
-- ,; �f\�'•
�,rt 2, The property covered by this Mortgage, Secuzity �
Agreement and Fixtuse Financing Statement is described in the
.r, C-ranting Clause hereof and related Exhibits hereto. !�
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3. Some of the property described herein is or shall
;�
become fixtures. �
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i'�� 4. The Debtor is lessee of the real estate described °
herein, a,�d the record owner thereof is Pitkin County, ��
�' Colorado. y
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;+:� THIS IIISTRUNLNT ALSO CONSTITUTES AN ASSIGNMEA'T OF RENTS `E
AND LEASES �
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eooH 585 PacE840 �.����;,;:..
THIS MORTGAGE, SECURITY AGREEMENT AND FIY.TURE FINANCING
STATEMENT (which also constitutes an assignment of rents and
leases) dated as of February 15, 1989, between Aspen/Pitkin
County Housing Authority, a Colorado multijurisdictional housing
authority created pursuant to intergovernmental agreement and the
provirions of Section 29-1-204.5, Colorado Revised Statutes, as
amended (the "Mortgagor") , and Central Bank of Denver, a banking
corporation with its principal office located in Denver,
Colorado, as Trustee (the "MOrtgagee"). '
•;a�:`.,>
W I T N E S S E T H: ���"���
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i That the Mortgagor in consideration of the issuance of its
� Aousing Revenue Bonds (AUnter Longhouse Project) Series 1989
(the " Bonds") in the aggregate principal amount of $1,775,000, �` , -'
' the proceeds from the sale of which are to be used to acquire, F� -
; construct, equip and install a five (5} unit residential addition
� to, and to acquire the existing twenty-eight (28) unit
� residential facility generally described as the Hunter Longhouse
� Project (the "Project�') , and as security for the Bonds, does by --
these presents GRANT, BARGAIN, SELL, CONVEY AND MORTGAGE unto '
.�'� the Mortgagee and grant -a security interest to the Mortgagee in, � - '
all of the hereinafter described properties, rights and :�:?>:x,
in teres ts, w he t h e r n o w o w n e d o r h e r e a f t e r a c i r e d c o l l e c t i v e l � r''"
%� 4u ( Y r-...�,: ..
�� referred to herein as the "Mortgage Property"):
;:� � ;
=;i , (i) the buildings and improvements located or to be �:
� constructed as part of the Project on the land situated in �
Pitkin County, Colorado, and described on Exhibit A hereto
'�� (the "Site"), together with all fixtures and other property � "
';� of the Mortgagor, real and personal, which may integrally �
I belong to, or be or hereafter become an integral part of or �
,`� located on or in such buildings and improvements, whether
attached or detached, including any additions, extensions,
repairs, renewals, replacements, substitutions, modifica-
tions and improvements to such buildings, improvements,
�ixtures and other property, a1Z as further described in
Exhibit B attached hereto;
'�� (ii) the Mortgagor's interest in the Site Lease dated
..� as of December 1, 1988, as amended and restated in full
,i pursuant to the Amended and Restated Site Lease dated as of
Pebruary 15, 1989, which Amended and Restated Site Lease �
.,� supercedes, controls and is superior to :.he Site Lease dated
• as of December 1, 1988, each between the Mortgagor as lessee �'
� and Pitkin County, CoZorado, a county duly created and �--.
'', existing as a political subdivision oP the State .of Colorado ,.-,
(the "County" or the "Site Lessor") as lessor (collectively, '
! the Amended and Restated Site Lease and the original Site �;�
- Lease, as from time to time amended or sunplemented, being :�+:;:::,.:
referred to herein as the "Site Lease") ; '
' r� �.,:;:`:
(iii) the Mortgagor's rights and interests under the -_ °
Mana ement A reement dated as of Februa 15 1989, between -''�'''� .
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the Mortgagor and Aspen/PitY.in Employee Housing, Inc. (the
"Corporation") , a Colorado non-profit corporation, relating
to the Project and any replacement or subs�itute manaqement
agreement;
(iv) any and all ge�eral intangibles, including without
limitation, goodwi2l, trademarks, trade styles, trade names,
books and records, customer lists, vendor lists, accounting
software, franchise rights, option rights, purchase ,
contracts and leasehold interests relating to the Project; Y:':�;_`.,.�
:1; .
(v) any and all water and water rights, ditch and �"'`'��`
ditch rights, reservoir and reservoir rights, stocY, or ;,�{�
interests in water, irrigation or ditch companies, `��' � '
l..,,:�
royalties, minerals, oil and gas rights, and lease or
leasehold interests owned by Mortgagor, naw or hereafter
used or useful in connection with, appurtenant to or related
to the Mortgaged Property; _ -
�
(vi) all licenses, permits (including building
' permits) , authorizations or approvals of any type or nature �1, •
� whatsoever, now okmed or held or hereaftez acquired, which a�l . '
relate to the use, development or occupancy of the Mortgaged � ;,:..:,
i, I Property; r.,r-•.,:,;
� � ,
i (vii) all insurance moneys and condemnation awards •j
( relating to the Mortgaged Property, and all funds, moneys,
� certi�icates o� deposit, instruments, letters of credit and
deposits of Mortgagor held by, deposited with, or paid or
�� payable to the Trustee; and =
� (viii) any anfl all proceeds of any and all of the
� Yoregoing Mor�gaged Property (including, without 2imitation, !.
nroceeds which constitute property of the types described in �
pzragraphs (i) and (ii) above) ;
iand also hereby grants, conveys, moz�gages and grants a security
interes� in all of tne rents, issues, uses, prcfits and right to
nossession of tne Mortgaged Property as hereina��er provided
(the "Rents") to the Mortgagee from now until the Bonds shall be
� oaid and aZl o�her obligations secured hereby or tnis mortgage
' lien and security interest is sooner released pursuant to terms
� hereinafter provided.
,� l:
The Mortgaaor hereby covenants with the Mor'.:aagee, or its ,
successor in anterest, that the Mortgagor is the owner and holaer �
of the Mortgaaed Prope�y; thzt it has good and lawful authority �t ��
to sell, convey and mortgage th2 same; that the Mortgaged
� Property and the Rents are free ar.9 clear of all liens and :;�.
encumbrances whatsoever except as may be above stated and except .� :.;; .
foZ certain "Permitted Encumbrances" (as defined below) ; and the
Mortgagor covenants to warrant and defend the Mortgaged Proper�y �� �, ,,.,:
aaainst the lawful claims o•°_ all persons whomsoever, except as - -
may be above stated. ` �"};`•.
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CONDITIONED, HOWEVER, that if the Mortgagor, as issuer of
the Bonds, its successors or assigns, shall pay, or cause to be
paid, or provision for such payment shall have been made in
accordance with Article VIII of the Indenture of Trust (the
"Indenture") dated as of February 15, 1909, between the
Mortgagor, as issuer, and the Mortgagee, as trustee, for payment
of the principal of, premium, if any, and interest on the Bonds
due or to become due thereon, at the times and in the manner
provided in the Bonds, and shall cause the payments to be made on '_i�;�:,_°_
the Bonds as required und�,r Article II of the Indenture and the `� '•`+
resolution (the "Bond Resolution") of the Mortgaqor adopted `;��'-�.^`='
February 15, 1989, authorizing the issuance of the Bonds pursuant -
to the Indenture, or shall provide, as permitted by the `'`.�
j Indenture, for payment thereof by depositing with the Mortgagee ','��� , ;
; the entire amount due or to become due thereon, and shall well —
`• and truly cause to be kept, performed and observed all of its
icovenants and conditions pursuant to the terms of the Indenture �;:.'�'_
and the Bond Resolution and shall pay or cause to be paid to-the �-: ��
Diortgagee all sums of money due or to become due to 3t in `'
' accordance with the terms and provisions of the Indenture and the iti'
� Bond Resolution, then upon the Pinal payment thereof the mortgage ,� '
� lien rights hereby granted shall cease, determine and be void; b<':`::
f otherwise to be and remain in full force end effect. � r`';'` '
�� ,f As used herein, the term Permitted Encumbrances means, as of
1 any particular time, (i.) liens for taxes and assessments not then
i delinquent, or which the Mortgagor may, pursuant to the
; provisions of Section 4.09 of the Indenture, permit to rema}n
} unpaid, (ii) this Mortgage, the Indenture, the Site Lease and any -
;a financing statements naming the Mortgagor as debtor and naming
{ the Mortgagee as secured party filed to per�ect the security
interests granted by this Mortgage and the Indenture, (iii) ! •
�I existing utility access and other existing easements and rights
of way, restrictions and exceptions that the Mortgagor or its
authorized representative certifies will not interfere with or.
impair the Project, (iv) any mechanic�s, laborer's,
materialman's, supplier's or vendor's lien or any right not filed
or perfected in the manner prescribed by law and (v) such minor
defects, irregularitias, encwmbrances and clouds on title as
normally er.ist with respect to property similar in character to
the Project and as do not, in the opinion oP Independent Counsel
(as de=ined in the Indenture) , materially impair the property
affected thereby for the purpose for which the Project is to be
used as stated hereinabove.
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� 1. TAXES. The Mortgagor shall nay all taxes and special
assessments, if any, o� every kind now or hereafter levied
against the Mortgaged Property as provided in the Indenture. Z
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2. INSURANCE. The Mortgagor shall keep in force insurance
upon the Mortgaged Property as provided in the Indenture. 4 �
3. i•SAINTENANCE OF PiORTGAGED PROPERTY. The Mortgagor shall • ,
maintain the Mortgaged Property as provided in the Indenture. r�k�� �_,�.
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4. ATTORNEYS' FEES. Zn case of any action or any ^'''�`�'"'"
proceedings in any court to collect any sums payable or secured
by this Mortgage to protect the lien o� title herein of the
Mortgagee, or in a�y other case permitted by law in which
attorneys' fees may be aollected from the Mortgagor or charged
upon the Mortgaged Property, the Mortgagor agrees to pay
reasonable attorneys' fees.
5. ADVANCES OPTIONAL WITH MORTGAGEE. It is expressly `
understood and agreed that if the insuzance above provided for is ". '
not promptly effected, or if the taxes or special assessments "���:��; �-
assessed against the Mortgaged Propezty sha21 become delinquent, "'r'�i?::�,'_
the Mortgagee {whether electing to declare the whoZe mortgage due �. 9;' '
and collectible or not) may effect the insurance above provided '�s.� :r��--
for, but is not obligated �o do so, and may and is hereby `+" ..
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authorized to pay said taxes and special assessments c,;,. _
{irregularities in the levy or assessment of said taxes being
er.pressly waived) , but is not obligated to do so, and all -such � .
j payments if so made with interest thereon at an interest zate of x
� twelve percent (12�) per annwn from time of payment shali be a
' lien against the Mortgaged Property. 1�`
6. ASSIGNMENT OF RENTS AND LEASES. �.�-i^;:, � ;
� r. E.
" (a) As further security for the Bonds, the Mortgagor he�eby
absoluteZy grants, transfers and assigns unto the Mortgagee ail ���
Rents now or hereafter due or payable for the occupancy or use of �'
I the Mortgaged Property, and all leases and subleases, whether
� written or oral, with all security therefos including all
guarantees thereof, now or hereafter aPfecting the Mortgaged
Property {the '�Assignment") ; provided tha� the Mortgagor shall
� have the right to collect and retain such Rents prior to any
i event oP default heraunder or under the Indenture; the same �
{ having not beea heretofore sold, assigned, transferred or set
� over by any instrument now in force and will not at any time
during the life of this Assignment be so2ct, assigned, transferred
i or set • over by the Mortgagor or by any person or persons }
� whosoever except upon being subjec� to this Mortgage; and the
Mortgagor has good right to sell, assign, trans£er and set over
; the same and to qrant to and con�er upon the Mortgagee the �,
rights, interes�s, powers and authorities herein granted and
conferred. Failure of the Mortgagee, at any time or from time to
time to enforce the Assignment under this Section sha1Z not in
any manner prevent its subsecruent enforcement, and the Mortgagee �
is not abligated to �ollect anything hereunder, but is
accountable only for sums actually collected. �
a�-
(b) The Mortgagor shall give the Mortgagee at any time updn
demand any �urther or additional forms of assignment or transfer .'!
of the Rents, and security in the Mortgaged Property as may be
reauested by tne Mortgagee, and shall deliver to the Mortgagee _
executed copies of all leases, subleases and security. � :;'
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(c) The Mortgagee shall be entitled to deduct and retain
from moneys received hereunder for its services or that of its
agents in collecting said moneys, a just and reasonable
compensation. Any moneys received by the Mortgagee hereunder may
be applied when received from time to time in payment of any :
taxes, assessments or other liens affecting the Mortga�ed
Property regardless of the delinquency, such application to be in
such order as the Mortgagee may determine. The acceptance of •
this Mortgage by the Mortgagee or the exercise of any rights by
it hereunder shall not be, or shall not be construed to be, an -�;�..�<'
affirmation by the Mortgagee of the existence of any �enancy or �''`�?•
lease nor an assum tion of an liabilit under an such tenana �`��'="`-
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or lease. `-7-'-,.-
(d) (i) Upon the occurrence of an "event of default"
pursuant to the Indenture (as that term is dePined therein) and _
' (ii) failure to cure such event of default within ninety (9�)
� days after the occurrence of such event of default, or any time
thezeafter, the 2+.ortgaqee may, at its option, without notice, and �°
whether or not the principal of and interest on the Bonds shall '�<��'��
( have been declared due and payable, either in person or by agent, � .
� with or without bringing any action or proceeding, or by a
receivez to be appointed by a court, (i) enter upon, take � ,
` possession of, manage and operate the Mortgaged Property, or any � ,r,�t ;
� pzrt thereof (including, without limitation, making necessary
�� repairs, alterations and improvements to the Mortgaged Property) ;
� (ii) make, cahcel, entarce, or modify leases; (ii) obtain or
1 evict tenants; (iv) fix or modify Rents; (v) do any acts which
�:� the Mortgagee deems reasonably proper to protect the security
l hereof; and (vi) either with or without taking passession of the
� Mortgaged Property, in its own name sue for or otherwise collect
and receive such Rents including those past due and unpaid. In ��
t'-� connection with the foregoing, the Mortgagee shall be entitled
and empowered to employ attorneys, and management, rental and
other agents in and about the Mortgaged Property and to effect
the matters which the Mortgagee is empowered to do, and in the :i ..
event the Mortgagee shall itself effect such matters, the �
Mortgagee shall be entitled to charge and receive reasonable �
` management, rental and other fees therefor as may be customa`-y in � '
�?i the area in which the Mortgaged Property is located; and the ';°
,� reasonable fees, charges, costs and expenses of the Mortgagee or
such persons shall be additional amounts secured hereby. The
�:` Martgagee may apply a11 funds nollected as aforesaid, less costs
= and expenses of operation and collection, including reasonable
I,� attorneys' and agents' fees, charges, costs and expenses, as
aforesaid, to the payment of the principal of and interest on the i
; Bonds and in such order as the Mortgagee may determine. The
entering upon and taking possession o� the Mortgaged Property, :
'i and/or the collection of such Rents and the application thereof :�.
I as aforesaid, shall not cure or waive any default or waive, :y :-;;
modi£y or affect notice of defauZt under or related to the Bonds
I or invalidate any act done pursuant to said notice. \
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. � (e) Any tenants or occupants of any part of the Mortgaged
Property are hereby authorized to reaognize the claims of the
Mortgagee hereunder without investigating the reason for any
action taken by the Mortgagee, or the validity or the amount of
the outstanding principal of and interst on the Bonds, or the
existence of any default in the payment of the przncpal of and
interest on the Bonds, or under or by reason of this Assignment,
or the application to be made by the Mortgagee of any amounts to
be paid to the Mortgagee. The sole signature of the Mortgagee `��� �
::�:..>..
shall be sufficient for the exercise of any rights under this rc:�y -
Assignment and the sole receipt o£ the Mortgagee evidenced in
writing for any sums received shall be a full dischazge and '�
release therefor to any such tenant or occupant of the Mortgaged � -
Property. Checks for all or any part of the Rents collected
under this Assignment shall be drawn to the exclusive order of '
' the Mortgagee. �',.'4;,'
i! � � � �
. (f) The Mortgagor further agrees that it will reasonably
' perform and observe or cause to be performed and observed all of
� the terms and provisions on a lessor's part to be performed and � ,
,j observed as lessor under any and all leases of the Mortgaged '� '
! Property.� Nothing herein contained shall be deemed to obligate ��'�
a..::.
3 the Mortgagee to perform or discharge any obligation, duty or �:_r�•t-.;
liability of a lessor under ahy lease of the Mortgaged Property,
° � and, to the extent as may be allowed by 1aw, the Mortgagor shall
•y and does hereby indemnify and hold the Mortgagee harmless from
�, any and all liability, loss or damage which the Mortgagee may oz
� might incur under any lease of the Mortgaged Property or by
t reason of this Assignment; and any and all such liability, loss ,.
or damage incurred by the Mortgagee, together With the costs and
'} expenses, including reasonable attorney's Pees, incurred by the
`.� Mortgagee in defense of any claims or demands therefor (whether �
successful or not) , shall be additional amounts secured hereby }.�
and the Mortgagor shall reimburse the Mortgagee therefor on
idemand, together with interest at the rate of twelve percent
; (I2�) per annum from the date of demand to the date of payment,
`; solely from the Net Pledged Revenues of the Projec�, as defined
; in the Inden�ure.
1 7. LEASEHOLb MORTGAGE PROVISION. With respect to the Site
� I,ease the Mortgagor hexeby warrants and represents as follows:
(i) the Site I,ease is in full force and effect, unmodified by any
', writing or otherwise; (ii) all rent, additional rent and other !`
charges resez-ved i,n the Site Lease have been paid to the extenL
�, they are payable to the date hereof; (iii) the Mortgagor enjoys '�
the quiet and peaceful possession of the property demised by the t`
Site Lease; (iv) �he Mortgagor is not in default under any of the �-
terms of the Site Lease and, to the best of its knowledge, there '�
, are no circumstances which, with the passage oP time or the
giving of notice or both, would constitute an event of default
thezeunder; and (v) to the best of Mortgagor's ]rnowledge the Site
Lessor under the Site Lease is not in default under any o� the _
terms or provisions �f the Site I,ease to be observed or performed ,J.:;,;;?::�
on the part of the Site Lessor. �:-�';°'-`�'-
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Further, with respect to the Site Lease, the Mortgagor
covenants and agrees as follows: (i) to promptly and faithfully
observe, pezform and comply with all the terms, covenants and
provisions thereof to be ohserved, performed and complied with on
its part, at the times set forth therein, without any allowance
for grace period, if any; (ii) not to do, permit, suffeT or
refrain from doing anything as a result of which there could be a
default under or breach of any of the terms of the Site Lease; �••.
(iii) not to cancel, surrender, modify, amend or in any way alter �;•-. `"
or permit the alteration of any of the terms of the Site Lease; ;a-.._
(iv) to give the Mortgagee immediate notice of any default by '
anyone under or pursuant to the Site Lease and to promptly �,..� ,
� deliver to the Mortgagee copies of each notice of default and all �`:�'
other notices, communications, plans, specifications and other ;;`�? , ;'
� similar instruments received or delivered by the Mortgagor in -
i connection herewith; and (v) to furnish to the Mortgagee such '`
_rj information and evidence as the Mortgagee may reasonably require ��, ---
1 concerning the Mortgagor's due observance, performance -and �
compliance with the terms, covenants and provisions of the Site
� Lease. �
�
_� In the event of any default by the Mortgagor in the
-<, performance of any of its obligations under the Site Lease not �:, � •
,� cured within the applicable cure period provided therein, �,i '
'" ,'.;i� including, without limitation, any default in the payment oP rent
;,.� and other charges and impositions made payable by the Mortgagor
::,� thereunder, then, in each and every case, the Mortgagee may, at
its option and without notice, cause the default or de£aults to
;`F� be remedied and otherwise exercise any and all of the rights of •-
�f the Mortgagor thereunder in the name of and on behalf of the
`':':� Mortgagor and/or the rights of the Mortgagee as provided in the
Site Lease. The Mortgagor sha11, on demand, reimburse the
�`*�: Mortgagee for all advances made and expenses incurred by the
Mortgagee in curing any such default (including, without
limitation, reasonable attorney's fees), together with interest
tnereon at the rate o£ twelve percent (12�) per annum, solely ;
` •`_rom the Net Pledqed Revenues of the Project, as defined in the
'�u� Indenture. �;
`�;,;� It is hereby agreed that the fee title to and the leasehold �
: estate in the Site demised by tne Site Lease shall not mezge but �
shall always be kept separate and distinct, notwithstanding the
�.;� union of said estates in either the Site Lessor thereunder, the
,:;� Mortgagor or a third party, whether by purchase or otherwise. If �
':� the Mortgagor acquires the fee title or any other estata, title t .
o� interest in the Site nemised by the Site Lease, or any part �M� '
� thereof, the lien of this Mortgage shall attach to, cover and be
a lien upon such acauired estate, title or interest and same ::�., :
� shall thereupon be and become a part of trie Mortgaged Prope�y
Gith the same force and effect as if s��ecifically encumbered
� hereby. The Mortgagor agrees to execute all instruments an6
documents which the Mortgagee may reasonably zequire to rztify, -=�
� confirm and further evidence such lien on the acuuired estate,
r.,=.,._
� title or interest. Furthermore, the Mortgagor hereby appoints �° ��',
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the Mortgagee its true and lawful attorney-in-fact to execute and
deliver all such instruments and documents in the name and on
behalf of the Mortgagor. This power, being coupled with an
interest, shall be irrevocable as long as the Bonds remain
outstanding.
If the Site Lease is cancelled or terminated, and following
such cancellation or termination if the Mortgagee shall acquire
an intexest in any new lease of the Site demised thereby, the ~�
';Y:",`:;'-,:.
Mortgagor shall have no right, title or interest in or to the new • {:., -
lease or the leasehold estate created by such new lease. �� _
2lotwithstarding anything to the contrary contained herein, ��� ,.
this Mortgage shall not constitute an assignment of the Site "�''
Lease within the meaning of any provision thereof prohibiting its ' �
assignment and the Mortgagee shall have no liability or
iobligation thereunder by reason ot the acceptance of this ` ' .
� Mortgage. The Mortgagee shall be liable for the obligations of
the Mortgagor arising under the Site Lease (except as provided �
I �
j herein) for only that period of time which the Mortgagee is in ��
possession of the Mortgaged Property or has acquired, by 1.
1 foreclosure or otherwise, and is holdinq all of the Mortgagor's ��� '
� 1:; s;_
! right, title and interest in and to the Mortgaged Proper�.y and i r���•.,
I then only far such period of holding. - . . '
4 � 8. ACCELERATION OF MATt3RITY A2dD FORECIASURE. In the event s
of the occurrence af an "event of defauit" pursuant to the
Indenture (as that term is defined therein) and trie acceleration
of payment of principal of and interest on the Bonds by the ,
Mortgagee pursuant to Section 9.02 of the Indenture, the
Mortgagee, or its successors or assigns, may, personally or by
agents may, subject to compliance with any mandatory legal
requirements, aad pursuant to the applicable statutes of the ' ,� �
State of Colorado in such case made and provided, either with or
w�thout taking possession and either before or after taY.ing
oossession and c�ithout instituting any legal proceedings
khatsoever and having first given notice of such sale by
registered mail to the Mortgagoz once at least thirty (30) days
� prior to the date of sucn sale, and any other no�ice which may be
� required by law, sell and dispose of the Mortgaged Proparty or
I any part thereof at pu*alic auction cr private sale to the nighest
� bidder. Such sale end disposal may be in one lo� as an entirety
i or in separate lots (the Mortgagor for itself and for all who may
claim by, through or under it hereby expressly waiving and
releasing all rights to have the property covered by tine lien of i
this Mortgage marshalled) , and either for cash or on credit and '�
on such tezZns as the Mortgagee may determine. Such sale and M �"
disposal shall occur at any location designated in the notice ��
znove referred to, whether or not it is �he location o£ the
Mortgaged Propexty or any part thereof. Psy such sale or sales
may be adjourned from time to time by announcement at �he time
and place appointed for such sale or sales or for any such
adjourned sale or sales without fu�.her published notice. i� ., :;
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ennK 585 v��E848 `�' '��"'
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Upon (i) the occurrence of an "event of defaulf" under the
Indenture and (ii) failure to cure such event of default within
ninety (90) days after the occurrence of svch event of default,
the Mortgagee may proceed ta protect and enforce its rights by a
suit or suits in equity or at law, or for the specific
performanae of any covenant or agreement contained herein, or in
the aid of the er.ecution of any power herein granted, or for the
foreclosure of this Mortgage, or for the enPorcement of any other
appropriate legal or equitable remedy.
In case oP any sale of the Mortgaged Property, or of any `'i`�.1:
art thereof ursuant to an ud ent or decree of an court or 'rY"'"��
P . P Y 7 4m Y 'j�„=,.;�;:
otherwise in connection with the enforcement of any of the terms r�� "
of this Mortgage, the Mortgagee or any owner of Bonds may bid and �'�wy' .t '`-
become the purchaser. If at any foreclosure proceeding the ''r��``�'
Mortgaged Property shall be sold for a sum less than the total f '__
amount of outstanding principal of and interest on the Bonds tor
which judgment is therein given, the judgment creditar shall be _�
entitled to the entry of a deficiency decree agains� the �
Mortgagor for the amount of such deficiency payable solely from �
; the sources specified in Section 2.03 of the Indenture. Any ?�'�
� amounts held by the Mortgagee as a result of such foreclosure in �
� excess of the payment of the principal of, premium, if any, and ',� `
� k �:.
! interest on all Bonds outstanding and any other amounts owed by r•,;•.,
�- the Mortgagor under the Indenture or this Mortgage shall be paid „
to the Mortgagor. Nothing herein shall limit the Mortgagee from ,
exercisinq any and all other remedies available to it at law or
in equity or otherwise provided by Article IX of the Indenture.
: Upon (i) the occurrence of an "event of default'� under the
Indenture and (ii) failure to cure such event of default within
j ninety (90) days after the occurrence of such event of default,
� the Mortgagee may exercise any remedies afforded to it as a ;
secured party under the Colorado Uniform Commercial Code, or ,�
iotherwise as provided by law.
j 9. ENVIRONM�A`TAL MATT£RS. The Mor`�gagor hereby warrants
and represants that the Mortgaged Property and the Si�e and the
use tnereoP are in compliance kith, and the Mortgagor will
maintain the condition of the Mortgaged Properiy and the Site so
�nat they sha11 remain in coa:pliance with, all applicable laws,
i statutes, ordinances, rules and regula�ions of any governmental
+ or auasi-governmental authori�y, speci£ically including without
� limitation the Resource Conservation and Recovery Act and tha �.
Comprehensive Environmental Response, Compensation and Liability
Act, both as amended, and aZl other environrnental protection or i
� toxic waste or hazardous subs�ance handling, treatment, storage "•�
or disposal laws, statutes, ordinances, rules and regulations.
The Mortgagor agrees to provide the Trustee and any ��
Registered Owner of more than twenty-five percent (25%) of the
aggregate principal amount of the Bonas then outstanding n=ith ;,�;>-
copies of any notiPications of releases o£ oil or hazardous
materials or substances or of any environmental hazards or
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potential hazards which are given by or on behalf of the ���f,s�,,�:,
Mortgagor to any federal, state or local agencies or authorities
or which are received by the Mortgagor from any federal, state ar
local agencies or authorities with respect ta the Mortgaged
Propexty or the Site, Such copies shall be sent to tne Trustee
and any Registered Owner of more than twenty-five percent (25�}
I of the aggregate principal amount of the Bonds then outstanding
! concurrently with their bei.ng mailed or delivered to the �
� governmental agencies or authorities or within ten (lo) days
aPter they are received by the Mortgagor.
The Mortgagor agrees �o provide the Trustee and any `�''z';.�,,:'
RegistPred Owner of more than twenty-five percent (25�) of the �"°°`'
aggregate principal amount of the Bonds then outstanding with ��3'.�, .
copies of all emergency and hazardous chemical inventory forms
; (hereinafter "Notices") with respect to the Mortgaged Property or
the Site reviousl ��'�
; p y given, as of the date hereof, to any fedexal, � `
; state or local governmental anthority or agency as required �
pursuant to the Emergency Planning and Community Right-to-Know
Act ot 1986, 42 U.S.C.A, Section 1101 et sea., and to provi6e the _
Trustee and any Reqistered Owner of more than twenty-five percent
:� (25�) of the aggregate principaZ amount of the Bonds then
� outstanding with copies of all such Notices subsequently sent to �
� any such governmental authority or agency as required pursuant to �-,
� the Emergency Planning and Community Riqht-to-xnow Ac� oF 1966.
Such co ies of subse +- ��''`'
P quent Notices shall be sen.. to the Trustee t : :.
�:,� and any Registered ownex of more than twenty-five percent (z5$) t
of the aggregate principal amount of the Bonds then outstanding !
� concurrently with their being mailed to any such governmental �
�'� authority or agency. �
�"i � ,
To the extent allowed by law the Mortgagor hereby covenants
and agrees to inaemnify, protect and hold harmless the Trustee '
'�� and any purchaser at a foreclosure sale pursuant to this Mortgage � .
lj� and any assignee of such purchaser �rom and against any and a21
elaims, demands, liabilities and costs, includinq without �
limitation a�tcrneys' fees, arising from (a) any "release" (as � ..
nePined abave) o� threat of a "release," actual or alleged, or
�ny "hazardous substances" (zs defined above) upon or about the =
Mortgaged Psoperty oz �ne Site or respecting any products or '�
�` materials previously or now located upon, delivezed to �r in `��
,� transit to or Prom the Mortgaqed ?rope�y or the Site rega:dless
�:� of whether such release or threat oP a release or a11'eged release
ar �hrea� o: release hzs occurred prior to the date hereof or 't'
.'y hereaf�er occurs and reaardless of whetner such relezse or threat �
::;� of a zelease or alleged release or tnzeat of a release occurs as t'
the result of the neg'!igence or misconduct of the Mortgagor o- fe
�' any third party or otherwise, or (b) any violation, actual or
-' alleged, of or any o�her liability under or in connection with
� any law, statute, ordinance, z-ule or regulation o� any
;� governmenLal or quasi-governmentzl authority, speciPically
_-� incluc'ing k>ithont 2imitation the Resource Conservation and
' Recovery Act and the Comprehensive Enviranmen�al Response, '; �
;� Compensation and Liability Act, botn as amended, or any otner - ' `
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eonK 585 PiGE05O �':�''���'
. �� environmental protection or toxic waste or hazardous substance
handling, treatment, storage or disposal laws, statutes,
ordinances, rules or regulations, upon or about the Mortgaged
Property or the Site or respecting any products or materials
, previously or now located upon, delivered to or in transit to or
from the Mortgaged Property or the Site, regardless of whether
such violation or alleged violation has occurred prior to the ' .
date hereof or hereafter occurs and regardless of whether such
violation or alleged violation occurs as a result of the i,�;:?,,,-�
negligence or misconduct of the Mortgagor or any third party or f�;?� '
...;�„•.'
otherwise. This Section shall survive any termination of this
Indenture. 3 _
10. DEFINITION OF TERMS. Unless otherwise expressly � `-
stated, the word '�Mortgagor" as used herein includes successors � '-..'
in interest of the Mortgagor and the word "Mortgagee" as used
� herein includes successars in interest of the Mortgagee. �
11. NOTWITHSTANDING ANYTHING IN THE FOR£GOING PROVISICJNS OF �`;;,��;-r
THIS MORTGAGE TO THE CONTRARY, TAIS MORTGAGE DOES NOT AND SHALL �'�'`<'-
:::,�?,,,_.
;� NEVER CONSTITUTE THE D£BT OF THE MORTGAGOR OR ANY PARTY TO THE ;:,,;��:'
t: INTERGOVERNMENTAL AGREEMENT PURSUANT TO WIiICH THE MORTGAGOR IS ` �' 1
CREATED WITHIN TFiE MEANING OF ANY PROVISION OR LIMITATION OF THE ��� ,
CONSTITTJTION OR STATUTES OF THE STATE OF CDIARADO.
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eooK 585 PacE851 %���-<'�
' EXFiIBIT A
PROJECT SZTE
A parcel of la�d beinq a portion of the PitY.in County ,
Community Center Pzrcel formerly described in two separate
parcels in Book 383 at Page 589 and in Book 5�8 at Page 562 of �
tne PitY.in County Records; all situated in trie Southwest 1/4 of _
Section 7, Township 10 South, Range 84 West of the 6th Principal '.�����'•-''-
Meridian, described as follows: '�:�;�t:-;;:
,-,�*
� .
1 Beginning at a paint whence a BLM Brass Cap set in 1954 for -
I the center 1/S corner remarked in 1989 as a special purpose �s-,;;'`, '�
� monument bears North 89 degrees 29 minutes 19 seconds East 976.86 ;. ; ,'
; feet; -
i
i Thenae South 25.40 feet to the true point of beginning; -
� Thence South 40.00 feet; -
� Thence South 44 degrees 33 minutes 00 seconds West 59.A0 -
� feet; � ,
� Thence 281.67 feet around a curve to the le`t having a G� `;"'
r radius of 167.5o feet (the chord of which bears South 03 degrees t1..•:,'
�; ; 37 minutes 29 seconds East 249.64 feet); I����i:`'�. '
,� Thence North 64 deqrees 04 minutes West 278.15 feet; f `
�� Thence 73.96 feet around a curve to the left having a radius
of 225.05 feet (the chord of which beazs Noxth 73 degrees 28
minutes 54 seconds West 73.63 feet) ;
; Thence North 68.89 teet;
,y Thence East 38.22 feet; -
Thence North o0 degzees 30 minutes East 71.00 feet;
Thence North 03 degrees 12 minutes 16 seconds East 23.44
�� feet; t .
Si Thence North 54 degrees 00 minutes West 18.00 feet;
1f Thence North 36 degxees DD minutes East 18.D0 feet;
� Thence South 54 degzees 00 minutes East 18.00 feet;
j Thence Ydorth 40 degrees 53 minutes East 35.00 tee�;
�� Thence North 28.00 £eet;
Thence North 45 degrees 00 minutes East 60.00 feet;
Thence Sou�h 56 degrees 41 minutes 04 seconds West 74.38
� €eet;
?� Thence South 95.00 feet;
Thence East 16B.40 Peet to the true point of the beginning. ,�
'�i
COUN'!'Y OF PITKIN, j�
STATE OF COLORADO �.;,.
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E�IBIT B eooK 585 PacE852
MORTGAGED PROPERTY
;
The Mortgaged Property consists of 28 one- and two-bedroom �
apartment units located in two three-story buildings, plus a five ;r��:•'
5 two-bedroom unit residential addition to be installed and `
( ) :��i;�+s::.-.
constructed on the Site (the "Site") described on Exhibit A "'�i;.; .-
("Exhibit A") to this Mortgage, Security Aqreement and Fixture "0�'
i Financing Statement of which this Exhibit B forms a part, and any 1 -
i fixtures and other property, real or personal, which may �,-,:� -
I integrally belong to, or hereinaPter become a part of, such '`'r'
� buildings and improvements, including any additions, extensions, `-'
repairs, renewals, replacements, substitutions, modifications and
,i improvements to such buildings, improvements, fixtures and other
'� property. The Site is an approximately 73,561 square foot tract
of land owned by the County of Pitkin, Cnlorado and located just y°r+
J� north of the Aspen, Colorado city limits. The apartmenfs are ''
rented to persons of low and moderate income. The 28 existing ti � �
i.� apartment units consist of 14 one-bedroom units oP 560 square �
� feet each and 14 two-bedroom units of 812 sauare feet each. The �.�,.��. .'
,k, five (5) new residential units to be constructed wilJ, be 2- Y ,
bedroom units of 84o square feet each.
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eook 585 va�E853 ����fE=.
IN WITNESS WHEREOF, �he MoYtgagor has caused this instrumerit
to be duly executed in its name and its seal hereunto affixed and
attested, all by its duly authorized officers, and Mortgagee has
, evidenced its acceptance of this instrument by having caused this
,,,.�,ns�rument to be duly executed in its corporate name and with its
, ; �c��orate seal hereunto aPfixed and attested, all by its duly
i •-. auth�.�:ized officers, all as oP the date first above written.
i = `' .
�J [SEALf� : ASPEN/PITKIN COUIITY HOUSZNG a ��
•' .r� � • AIJTHORITY �'�:? '
`-� .C.. �}.= :�s:;::.
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. ` ..;A��e'st: BY� �� ..._�+-�+�1,-�.� [� �" tis '-
�hazrman, oazd of Dzrectors '..r ,`
' By: �.� V � � _
� S c etary - `
f�._::�— ��, �t+ .
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s{SEAL] '- CENTRAL BANK OF DENVER, a banking �� �+'
Vy��, Y F��n ��;' cosporation, as TTUStee �, s:
-i �° �o ..;R r. �• +'"1':;'
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, ; STATE OF COLORADO) BOOK 5p� PAGEO��# '
' ) ss.
� COUNTY OF PITKIN j
� The foregoing instrument was acknowledged before me this
' 15th day of February, 1989, by Harry Truscott as Chairman of
Aspen/PitY.in County Housing Authority, and by James Curtis as ,
Secretary of Aspen/Pitkin County Housing Authority.
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a eonH 585 PA�E855 : �:F.`
STATE OF COZARADO )
CITY AND ) ss.
i COUNTY OF DENVER )
1
! The Eoregoing instrument was acknowledged before me this
� ��:15th. day of February, 1989, by Kenneth B. Buckius as Vice
- ,,,Pr•esident of Central Bank of Denver, a banking corporation, and
'`r ;;,•,hy 3�(,�"•Margaret Walker, as Assistant Secretary of Central Bank of `'`�'�
:t;::,�.;:
�i�;'�'.••D'eiiV�ea��a banking corporation. �?.4i�, ._
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':� ` „ .^,� � % No'tary ublic for the State of '
Coloraao , ,.
_ ! My Commission expires: ►f"Cc•�ri�°i,a�Exprreslulyi1.i990 — �� .-
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ASPEN/PITKIN COUNTY AOUSZNG AUTHORITY
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CENTRAL BANK OF DENV'ER, �µr, �.
A BANRING CORPORATION , �;_ :
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- as Trustee
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INDENTURE OF TRIIST
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Dated as of February 15, 1989 _ -,
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INDENTURE OF TRUST eODK 505 PAGE05l
TABLE OF CONTENTS
This Table of Contents is not a part of the Indenture of
! Trust and is only for convenience of rePerence.)
� PdQe t';,''
� ..15::.:.
IPARTIES ............... ......................... ....... 1
jRECITALS ....... ...... .............. .................. 1 t
� GRANTING CLAUSES• 13 �,,:;�,:
� 1�
! ARTICLE I r.. -
.. �
DEFINITIONS _ -
Section 1.01. Terms Defined in Preamble and Recitals . I-1 __
Section 1.02. Certain Funds and Accounts I-1 ''
y .......... ..... . �
Section 1.03. Additional Definitions .•.• . •... I-1
sJ },".
� ARTICLE II
�'�•,
-i. :a w(
i:��i� THE BONDS a
_ �,�
::� Section 2.01. Authorized Amount of Bonds ............. II-1
-'' Section 2.02. Issuance of Bonds II-1 �<
�� Section 2.03. Execution; Limited•Obligation. .......... II-2 � . ,-
u� Section 2.04. Authentication ......................... II-2
,::� Section 2.05. Form of Bonds ................ .......... IT-3 ,�
�.
"' ...... ...... .... II-3 �.
ti:�x Section 2.06. Delivery of Bonds ...... �
` Section 2.07. Mutilated, Lost, Stolen
�� or Destroyed Bonds ........... .......... II-3 fi
,:f� Section 2.08. Registration and Exchange of ;
,;_ Bonds; Persons Treated as Owners ....... II-4 F
'':� Sectiqn 2.09. Destruction of Bonds ................... SI-4 �
'{ x , `�i;
';� ARTICI,E III �
„l s
,;,,y REDJNiPTION OF BONDS BEFORE MATURITY
-�;� Section 3.01. Optional Redemntion ....... .......... III-1
" � Section 3.02. Extraordinary Redemption................. III-1 �� �
�'� Section 3.03. Miscellaneous Redemption•Provisions.:::: III-1 ° . �
Section 3.04. Notice aP Redemption . =II-1 �
� Section 3.05. Redemption Payments ............ ......:: III-2 3
Section 3.06. Cancellation ......................... III-2 ���:
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GENERAL COVENANTS
Section 4.01. Payment of Principal and Premium, �
if any, and Interest ............. . ..... IV-1
' Section 4.02. Performance of Covenants:...... . .. ....... IV-1
' Section 4.03. Instruments o£ Further Assurance ....... IV-2 ;
Section 4.09. Recording and Filing .......... ...... .. IV-2
Section 4.05. Inspection of Project�Books .... ........ IV-2 �x??`
,.: �
Section 4.06. Rights Under Site T,ease ................ IV-2 ��:;;' '
Section 4.07. Designation of Trustee as Bond =
Registrar and Paying Aqent .... ........ IV-3 =
Section 4.08. Maintenance and Modification of•Project -
byIssuer.............. .... ... . ... IV-3
Section 4.09. Taxes, Other Governmental�Charges and� i�.�.:� ,;
Utility Charges.. .. IV-4 .. ;
":�'� Section 4.10. Charges for PubZic•Utilities•and•Common �
� Expenses....................... ... ....... 2-V-4
Section 4.11. Insurance.......... ................. IV-5
..... . .
" Section 4.12. Other Insurance Provisions...... .. ....... IV-6 �
Section 4.13. Use of Insurance Proceeds....... ......... IV-6 ;
�'ss Section 4.14. Advances.. ....................... ....... IV-6
Section 4.15. Costs of Issuance..... .. .. ...... IV-7 ��`
�` - Section 4.16. Damage, Destruction and.Candemnation..... IV-7 `',�r``
,:.,
Section 4.17. Application of Net Proceeds............... IV-7
_ �.,,.: '�'s: .
�r�" Section 4.18. Insufficiency of Net Proceeds............ IV-8
:,G,
-r:<„�j Section 4.19. Inspection of `he Project................ IV-8
"`"� Section 4.20. Rental Rate Covenant..•.................. I�T-9 `
�}°�
Section 4.21. Security Deposits........................ IV-9
';�y Section 4.22. Budgets; Financial Statements, etc....... IV-9 -
� ^:x� Section 4.23. Tax Matters.. IV-10
i;i��• Section 4.24. Construction of•Addition................. IV-11
'° Section 4.25. Environmental Matters.................... IV-12
�;�;� ARTICLE V
thy
<'�-� REVEN(7ES AND FUNDS
`i
�;�;-� Section 5.01. Saurce of Payment of Bonds ............. V-1 _
,y: Section 5.02. C�eation of Bond Fund .................. V^1
Section 5.03. Payments into Bond Fund ............. V-1
+� Section 5.04. Use of Moneys in Bond F'und.::::::::::::: V-1 i
Section 5.05. Creation of Reserve Fund V-1
rv Section 5.06, Rebate Fund... ......................... V-2 i
__;,� Section 5.07. Nonpresentment�of Bonds ................ V-2 � �
r.�.;;.
5ection 5.08. Acquisition and Construction Fund,...... V-2 +�.
;
::� Section 5.09. Moneys to be Held in Trust ............. V-5 � <
Section 5,10. Repayment to Issuer from Trust Funds ... V-5 ''
'.:,y� Section 5.11. Additional Amounts Payable.............. V-5
'-_� ARTICLE VI y
�'."�
`:� INVESTMENT OF MONEYS ...............................••- VI-1 -' -
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-� �xT2cr� �z= e�H 585 PAGEO59
RIGHTS OF ISSUER
, Section 7.01. Rights of Issuer . ....... ... .. ... VII-1
Section 7.02. Granting of Rights•in and to Project .. . VII-1
; ARTICLE VIII
I ".. _'
iDISCHARGE OF LIEN ..................... ........ .... . ... VIII-1 �+v=�� '_
I '?;;i.
ARTICLE IX -f
iDEFAULT PROVISIONS AND REMEDIES OF TRUSTEE ��,��
AND OWNERS
, � -i ,
Section 9.01. Defaults; Event of Default ............. IX-1 fr
�:s Section 9.02. Acceleration ..... ...... .............. IX-1 :,��.-
� Section 9.03. Other Remedies; Rights of.Owners ....... IX-1 '""� '
Section 9.04. Right of Owners to
;,� Direct Proceedings ..................... IX-2
.;'j Section 9.05. Appointment of Receivers ............... I�-2
':�� Section 9.06. Waiver ................................. IX-3 �T
Section 9.07. Application of Moneys ............... IX-3 �� ��`
'�= ,�� Section 9.08. Remedies Vested in Trustee ....:::::::::: IX-5 �'��'
Section 9.09. Rights and Remedies of Owners IX-5 � �
- � Section 9.10. Termination of Proceedings ............. IX-6
_';� Section 9.11. Waivers of Events of Default ........... IX-6 ���:
Section 9.12. Notice of Defaults Under Section 9.01; x
�` Opportunity of Issuer to Cure Defaults . IX-6 � ,
`� ,i .
,. ARTICLE X ��
i:;
TRUSTEE
�.,
�e
- Section 10.01. Acceptance of Trusts ................... X-1 `4
Section 10.02. Fees, Charges and Expenses of Trustee .. 3:-4 �
Section 10.03. Notice to Owners if Default Occurs...... a-4
Section 10.04. Intervention by Trustee ................ X-4 § ,
Section 10.05. Successor Trustee ...................... X-4
`:� Section 10.06. Resignation by Trustee•::::::::::::::::: X-4
Section 10.07. Removal of Trustee X-5 '
'> Section 10.08. Appointment of Successor Trustee �>
,,� by Owners ..............•••............. X-5 11,
� Section 10.09. Concerning Any Successor Trustee ....... X-5 ,' �
.ia Section 10.10. Right of Trustee �t
':�� to Pay Taxes and Other Charges ......... X-6 , ,
� Section 10.11. Appoin'-..ment of Co-Trustee .............. X-6 :i
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ARTICLE }:I
eooH 585 Fac�V�L ����xG;
SUPPLEME2tTAL INDENTURES
Section 11.01. Supplemental Indentures Not Requiring
Consent of owners . ...,.... ........ XI-1
! Section 11.02. Supplemental Indentures Requiring
i Conserit of owners . ......... ... XT-1 '
+ Section 11.03. Proposed Supplemental.Indentures to be r. �
i Furnished to Certain Registered Owners.. XI-2 .
��,�} .
! ARTICLE XII :�� , ":
s AMENDMENT OF HOND RESOLUTION. MORTGAGE �n'r�- �
� AND SIT£ I,EASE _
f
� Section 12.01. Amendments. Etc., to Bond Resolution, _ .
+ Mortgage and Site Lease Not Requiring - �r'�';' --
f Consent of owners ........ ......,. XII-1 ' '
� Section 12.02. Amendments,•Etc-: to•Bond.Resolution:••. `k�
Mortgage and Site Lease Requiring Consent �S:
of Owners . XII-1 s: � �
. . ...
i_ � Section 12.03. Proposed Amendmente to be Furnished to f
Certain Re istered Owners.. � ��=�`.
_" "'� g ............. XII-1 a':;t
ARTICLE XTII
�j MISCELLANEOUS
`+ Section 13.01. Consents, Etc. of Owners ............... XIII-1 -
Section 13.02. Limitation of Rights .... ............. XITI-1
i:' Section 13.03. Severability ........................... XIII-1
Section 23.04. Notices .......... ....... ........ XIII-1 � •
Section 13.05. Paytnents Due on Saturdays, Sundays i
and Holidays ....................... .... XIII'2
Section 13.06. Counterparts . .... ................ XIII-2
Section 13.D7. Applicable Provisions of Law ........... XIII-2
Section 13.08. Rules af Zntezpretation ................ XIII-2
Section 13.09. Captions ............................ ... XIIT-2 :�.
TESTIMONIi7M ....... ............................ .. .... 15
SIGNATURES P.ND SEAI,S .................................. 15
ACItNOWLEDGMENTS ....................................... 16
i .
EXEiIBIT A--Project Site .......................... A-1
-j E�iIBTT B--Project Description .... ......... ..... B-1 `
,� EXHIBIT C--Certificate/Acquisition and Construction �
iFund Aisbursement........................... C-1 ��
EXHIBTT D--Completion Certificate...................... D-1 1`�:
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INDENTURE OF TRUST BOOK 5H5 Pa`EC)U� ".";�"`?'t';�
THTS ZNDENTURE OF TRUST (with any future amendments or
supplemen�s thereto, this "Indenture") , dated as of February Z5,
1989, between the Aspen/PitY.in County Housing Authority (the
"Issue:") , a multijurisdictional housing authority duly organized
and existing pursuant to an Intergovernmental Agreement (as :
hereinafter aeEined) and under the laws of the State of Colorado ,
(the "State") and Central Bank of Denver, a banking corporation
' with its principal office located in Denver, Colorado, as Trustee w:_,;��;;,�.,,
� (the "Trustee") . '_-
� � � �..ia'F;, r.-
i W I T N E S S E T H: � t•�:i `_..i�
� �'-'�i'�,.,
' WHEREAS, pursuant to a resolution approved and adopted on �K ''
I February 15, 1989 (the "Bond Resolution") , by the Board of ' �
i Directors {the "Board") of the Issuer, the Issuer has authorized
� the following: _ � ,
1
� (i) the leasing of the site ("Parcel I") of ?
' the 28-unit residential xen�al housing project �'y '
j described as the Hunter Longhouse Project and an �� ;
' adjacent site ("Parcel II") �rom Pitkin County,
�,
Colorado (the "COUnty") , the owner of Parcel I and � r:
Parcel TI (collectively Parcel I and Parcel II, the ' ~ y
- "Site"), pursuant to a Site Lease dated as of { '
1 December 1, 1988, as amended and zestated in full ;
pursuant to an Amended and Restated Site Lease
dated as of February 15, 1989, which Amended and
Restated Site Lease supersedes, controls and is .
' superior to the Site Lease dated as of December 1,
; 1986, each between the County as lessor and the :
�� Issuer as lessee (collectively and wi�h any future s :
amendments thereto, the Amended and Restated Site =.
Lease and the original Si'Ee Lease, the "Site
Lease"), w?�icin Site is desc:ibed as Exhibit A to
tne Site Lease and to this Indenture;
1 (ii) the acauisition of the Hunter Longhouse
Project from Aspen/PiLkin Employee Y.ousing, Inc.
(ths "CorDOration"), a Colorado nonpro=it
corporation, pu=suant to a Dead, Assignmen� and
Biil o� Sale (the "Deed") dated as of February 15,
'� 1989, between the Corporation as seller and the
Issuer as puzchaser; `"
',i
• (iii) the construction of five additional ��'
units of rental housing for the Hunter Longhouse-
Project (the existing Hunter Longhouse Project, .
' such addi�ional units in respect of the Hunter �� ;
Longhouse Project and any o�her ad3itiohs, ' '
extensions, repairs, renewals, replacements, =
A
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EOOK 585 Pa�E86Z '�� M�a'�
���Y�,.•,�'.,,
,'�'
subs�itutions, modifications and improvements
thereto or thereof hereinafter referred to as the
"Project" and described in Exhibit B hereto) ;
(iv) the issuance of its Housing Revenue Bonds '
(AUnter Longhouse Project) Series 1989 (the
, "Bonds") in an aggregate principal amount of
$1,775,000 pursuant to the Bond Resolution and the
terms of this Indenture;
! ::rf";:',.-i:'`.:'.
i (v) in order to secure the Bonds, the !;;=,�?�,,.,:.
� granting of a mortgage on and a security interest • '•`�
� in the revenues of the Proj ect and the properties +��..� '
� constituting the Project pursuant to a Mortgage, -; -
Security Agreement and Fixture Financing Statement ��'�`
j (with any future amendments thereto, the ' ��
"Mortgage") dated as of February 15, 1989, from the
� Issuer ae mortgagor to the Trustee as mortgagee;_ _
and �
i (vi) the continued operation and maintenance * ? `.
� of the Pxoject as a residential rental housing '�° �
project providing dwelling accommodations at rental ��� s',
pzices within the means of families of low and r�k.�_ '
� moderate income pursuant to a Management Agreement ;,rr:�r:;
"` .; (with any future amendments thereto, the
.� "Management Agreement") dated as of February 15,
1989, between the Issuer and the Corporation; and
WI�REAS, the Issuer expects that the Net Pledged Revenues as
� hereinafter defined from the Project will be sufficient to pay -
1 the principal of and interest on the Bonds when due or required
to be prepaid and related expenses; and
i� 1
WE�REAS, the Bonds and Trustee's certificate of ; .
authentication to be endorsed on the Bonds are to be in
substantially the following forat, with appropriate variations,
omissions and insertions as permitted or required by this
Zndenture, to-wit:
,.�
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�FO� 4F BoN�, �o�t 585 Fa,�863 ����;.,t���
Regis�ered Registered
� UI7ITED STATES OF AMERZCA
STATE OF COLORADO
ASPEN/PITICIN COUNTY IiOUSING AUTHORITY
FiOUSING REV'ENUE BOND :.;�`� ��.
(FNNTER IANGHOUSE PROJECT) � '�" �
SERIES 1989 ��'`�`� `
,��':
No, R- $ `�.r-
-- �,:;:
CUSTP.. �,'.';:.:�;
_.
� Interest Rate Maturity Date Dated Date Number
- 9$ December 1, February 15; 19B9 �
I
�±� REGISTERED OWNER:
� PRINCIPAL AMOtFNT: � ;�}� �
.� �r ',
ASPEN/PITICII3 COUNTY AOIISING AUTHORITY, a multijuris-
- `�A, dictional housing authority duly organized and existing pursuant
to an Intergovernmental Agreement arid under the laws of the State
_'.-� o£ Colorado (the "Issuer") , for value received, promises to pay,
but solely from the funds and revenues hereinafter described, to
,;;� the Registered Owner hereof (shown abave) or registered assigns, � _
the Principal Amount (shown above) on the Maturity Date (shown ..
;� above}, in lawful money of the Unitefl States o� America, upon '•
'�� presentation and surrender of this bond at the principal offioe
� of CentraZ Bank of Denver, a banking corporation, in Denver,
;-�rv� Colorado (the "Trustee"), and in like manner to pay interest on
�he Princip�l Amount from the Dated Date (shown ai�ove) or such
:;x� later date as to which interest has been paid un�il the Maturi�y
Da�e (unless this Hond shall be ca2led for prior redemp�ion) at
:,;,� the ?nterest Rate per annum (shown above) to the Regis�ered owner
^� hereof as of �he close of business at the principzZ of£ice of the
Trustes on th� Record Date, by check or draft mailed to sucn
'�°�' Registered Owner at his address as it appears on the bond
� registration books of the Issuer kept by t'�e Trustee under the `
�3 within-mentioned Indenture, such interest payable semiannuaZly on �
.:� June 1 and Decexaber 1 of each year, commencing June 1, 1989, �
�?' until payment of tha Principal Amount has been made or provided
' ' for. Notwiths�anding the foregoing, in the case of registered ;�`
;.:1 owners of $100,000 or more in aqgregate principal amount of the ti
� Bonds of the series of which this bond is one, the Trustee is to
pay the Princinal Amoun� hereof and the interest hereon when due
by kire xansfer o° funds to a bank account designated by such •
_� registered owner if and only if such registered owner has ; _
furnished written instructions to the Trustee regarfling such wire ��';;.�.
�� transfer and designated bank account and specifying the interest ,,;#�,`
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eonK 585 ��E864 ��^hy^�'`��`�'.
�rt.f,;�:;
payment dates to which the written instructions are applicable. F�':���btr.;,
The Record Date is the fifteenth day of the month preceding each
interest payment date. In any case where a payment date is a
Satuzday, Sunday or holiday, payment may be made in respect of
this bond on the next succeeding business day. The Issuer shall
pay to the Registered Owner hereof interest on any principal of
this bond which has not been paid when due or when otherwise
payable in accordance with the �erms hereof and the terms of the
Indenture and, to the .er.tent permitted by law, on any interest on
this bond which has not been paid when due or when otherwise �
papable in accordance with the terms hereof and the terms of the ;�;:;,;:�,> :_
Indenture at the rate of twelve percent (12�) per annum. �
'7 -
REFERENCE IS MADE TO THE FURTHER PROVISI�NS OF THIS BOND � `
SET FORTH oN THE REVERSE HEREOF OR APPENDZX HERETO WFiICH SHALL �`�-D� "
�r-, ,
FOR ALL PURPOSES HAVE THE SAMB EFFECT AS THOUGH PULLY SET FORTH � � ,
� HEREIN. •
I AS MORE FULLY PROVIDEA ZN THE INDENTURE AND THE WITHIN-
I� MENTIONED BOND RESOLUTION OF THE ISSUER, THIS BOND AND THE ��= .
! _
INTEREST HEREON ARE SPECTAL AND LIMITED OBLIGATIOftS OF THE ISSUER k,
PAYABLE SOLELY OUT OF AND SECURED BY AN IRREVOCABLE PLEDGE OF THE Fti<
� NET PLEDGED REVENUES OF TEiE PROJECT AND CBRTAIN OTHER MONEYS OR
PROPERTY AS HEREINAFTER DESCRIBED. THIS BOND AND THE INTEREST 'J�`�•,
-�: i,:�"
f HEREOAT DO NOT AND SHALL NOT CONSTITUTE THE DEBT OF THE ISSUER OR �.`
1 ANY PARTY TO THE INTERGOVERNMENTAL AC-REEMENT UNDER WiiICH THE
ISSUER IS ORGANTZED WITHIN THE MEAZIING OF ANY PROVISION OR ;
( LIMITATION OF THE CONSTT_TUTION OR STATUTES OF TAE STATE OF
{ COIARADO.
I .
� It is hereby certiPied, recited and declared that all ° -
, conditions, acts and things required by the Constitution or
�; statutes of the State of Colorado, �he Bond Resolution o� the :
.Issuer under which this bond is authorized or the Tndenture to '
exist, to have happened, or to have been performed precedent to +
or in the issuance of this bond exist, have happened and have
^j been performed.
1
This bond sha7.Z not be entitled to any benefit under the
, `.i Indenture or any indenLUre supplemental thereto or the Sond
� Resolution, oz become valid or obligatory for any purpose until
'+ the Trustee shall have signed the certificate of authentication
�� hereoh.
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EOOH �05 PaGE065 ���v'.
IN WITNESS WHEREOF, Aspen/Pitkin County xousing Authority
has caused this bond to be signed in its name and on its behalf
by the facsimile or manual signature of the Chairman of its Board i
o� Directors, and a facsimile or an imprint of its corporate
j seal to be afPixed hereon and attested by the facsimile or
imanual signature of its Secretary and this bond to be dated the
date above stated.
;
[SEF,L] ASPEN/PITKIN COUNTY AOUSING '��'..
AUTAORITY �'��'-i�`,''�''-
�';_';:
I; $Y• ��n-
Attest: Chairman, Board of � .� .
Directors ~�':";':�r��—,
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� Secrezary ��} +x'
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- eonk 585 Pac�866 ,.,.�.
CERTIFICATE OF AUTHENTICATION
This bond is one of the Sonds described in the within-
mentioned Indenture.
CENTRAL BANK OF DENVER, A
� BANKING CORPORATIOH, as Tz'ustee
i`
By t �'' '-
Authorized Representative ��;�;:.�•`
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�FOxrz oF ASSIGNME7dT) °onH 585 PacE867 �'�,�':;�
FOR VALUE RECEIVED, the undersigned hereby sells, assigns ,
and transfers unto
Print or Type Name and Address of Transferee
I :^,��._
Social Security or other tax identification number of Transferee •• _
� the within bond and all rights thereunder, and hereby authorizes �v?3'--
the transfer of the .within bond on the books kept by the Trustee �:� -
I for the registration and transfer of the Bonds. �;``' '�
� �'.lx`
Dated• ''r',
NoTICE: The signature to this
assignment must correspond with �
- the name as it appears upon the �-',_ �
� Pace of the within bond in '
every particular. �:
� Signature Guaranteed By: C�y';`�=`K` '
� "'��
Y. k�;,�
[SEAL OF BANK] "
{Name of Bank)
By
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BQOK �O� PAGE06:7 ��*���s,�
. (ABBREVIATZONS) ���1�'`
The following abbYeviations, when used in the inscription on
the face of this Bond, sha1Z be construed as though they were i
� written out in full according to applicable laws or regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties i .
JT TEN - as joint tenants with the right of
survivorship and not as tenants in common '='�`'-.
I :�,_:>.-;.:
UNIF GIFT MIN ACT - Custodian +�"?'�"'"
� (cust) (Diinor j .�-�
under Uniform Gifts to Minors Act r
r
( �' } ,
! (State) .
i
i _ Additional abbreviations may also be used _
� though not on the above list. � ',
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TEXT OF REVERSE OR APPENDIX
eoaH 585 Pac�869 ''�'���5'�'`
This bond is one of a duly authorized series of bonds o:
the Issuer designated �'Aspen/Pitkin County Housing Authority
Houeing Revenue Bonds (Huntez Longhouse Project) Series 1989," in
the aagregate principal amount of $1,775,000 (the "Bonds") issued
under and secured by the hereafter-described Indenture and Bond
Resolution for the purpose of acquiring, and constructing an
addition to, a certain residential rental housinq project (the
"Pzoject") to be owned, operated and maintained by the Issuer in �:-:,��„��
order to provide dwelling accommodations at rentaI. prices within -�� -
the means of families of low or moderate income in accordance "?"''`��
«.�,
with the guidelihes oP the Authority which may be in effect at x:�
any time.
j-.:
The Bonds are issued under and are equally and ratably '
� secured and entitled to the protection given by the hereafter �� ` :'-j�
� described Hond Resolution and an Indenture of Trust dated as of -
February 15, 1989 (the "Indenture"), between the Issuer and the
� Trustee, puzsuant to which the Issuer's right, title and
interest in the Net Pledged Revenues derived from the ownership ,y;
and operatzon of the Project, as more specifically provided in '
{ the Indenture, are assigned to the Trustee as security for the ���
�. ( Bands. Reference is hereby made to the Bond Resolution and the r;� ,,
;j Indenture for a description of the provisions, among others, with
� respect to the nature and extent of the security for the Bonds,
the rights, duties and obligations of the Issuer, the Trustee and
,I� the owners of the Bonds, and the terms upon which the Bonds are
issued and secured.
• The Bonds are further secured by a Mortgage, Security
Agreement and Fi�t'ture Financing Statement dated as of
��� FebruaYy 15, 1989, laetween the Issuer and the Trustee (the
; "Martgage"), wherein the Issuer gran�s to �he T=ustee a first i .
' mortgage on and security interest in the real and personal
ra property constituting the Project and its leasehold estate_
i created pursuant to a Site Lease dated as of December 1, 1988, as
amended and restated in full pursuant to zn Amended and Restated
� Site Lease dated as of February 15, 1989, which Amended and
Restated Site Lease supersedes, controls and is superior to the
,� Site Lease dated as of December 1, 1986, each between Pitkin
j County, Colorado, as lessor anc3 owner of the site on which the
Projact is and will be located, and the Issuer, as lessee
`' (collectively, the Amended and Restated Site Lease and the '�
original Site Lease, the "Site Lease") , subject to Permitted
Encumbraztces, as defined in the Mortgage. t<
, Optional Redemotion. :`�
The Bonds are subject to optional redemption prior to their �'
matuzity dates, in whole or in part, in inverse order of maturity
and by lot within a maturity, on December 1, 1998, and ori any x��� S ;
interest payment date �herea�ter, at a price eaual to the
principal amount of each Bond so redeemed plus accrued interest k°'
. �r;% .
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,
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eonk 585 oacE87O �„�`�;��v�
thereon to the redemption date and plus premiums as follows:
Redemption Period Redemntion Premium
December 1, 1998 through June 1, 1999 1�
December 1, 1999 through June 1, 2000 1/Z of 1$
Decetnber 1, 2000 and thereafter ��
Extraordinarv Redemption. -
»::;+��., ,-
The Bonds are subject to extraordinary redemption if and to '-'"i:' -
;..�.a.
ti''ez:..,.��.� �
the extent provided by Section 4.17 of the Indenture in the event .�,..'...:
��: �.
that the Issuer shall elect to prepay the principal of and r;,-_;;_;,
interest on the Bonds in the event of damage to or destructioh of f -
the Project or any part thereof or condemnation of the Project or
any part thereof, on any interest payment date, in whole or in '_
! part, and, if in part, in inverse order of maturity and by lot '�
i within a maturity, at a redemption price of 100� of the principal t`;::'. �
� amount thereof plus accrued intezest to the redemption date.—
�:;;:.
s
{ In the event any of the Bonds are called for redemption as ,�
� aforesaid, notice thereof idehtifying the Bonds to be redeemed
� is to be given by the Trustee by mailing a copy of the redemption �.�,`y
notice at least thirty (30) days and not more than sixty (60) i,,'r��,-.;
� t days prior to the redemption date to the owner of each Bond to
'� be redeemed at the address shown on the registration books
maintained by the Trustee. Any notice of redemption is to state
� the date and place of redemption, the numbers of the Bonds or
� portions of Bonds to be redeemed (and in the case of the
i redemption of a portion of any Bond the principal amount therEOf ,. -_
being redeemed), the redemption price and that interest will
:� cease to accrue from and after the redemption date. All Bonds
so called for redemption and for which sufficient funds have ,
f been deposited with the Trustee for such purpose will cease to ; �
� bear interest on the specified redemption date and sha12 no
� longer be secured by the Yndenture and the Bond Resolution and
shall not be deemed to be outstanding under the provisions of the
'1 Indenture and the Bond Resolution.
1 - ='
The Bonds are issued pursuant to and in full compliance - `�•
wi:h the Constitution and laws of the State of Colorado, and
pursuant to a resolution adopted by the Issuer (the "Bond
Resolution") which authorizes the execution and delivery of the
Inderiture, the Mortgage and the Site I�ease. Payments sufficient
'.:;i for the prompt payment, when due, of the principal of and ,
iaterest on the Bonds are to be paid to the Trustee by the i
Issuer solely from Net Pledged Revenues of the Project and +�"
;� deposited in special funds created by the Issuer and designated `: -
"Aspen/Pi.tkin County Housing Authority, Housing Revenue Bond ':� .
Fund" and "Aspen/Pitkin County Hausing Authozity, Housing Revenue
� Bonds, Reserve Fund," and such payments have been duly pledged -
' and assigned for that purpose. �� z -
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eooH 585 PacE871 �4 7(
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t� �;,_�
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The Bonds are special, limited obligations of the Issuer.
The principal of and interest on the Bonds are payable solely
out of �he Net Pledged Revenues of the Project and the mortgage
interest in the Project (except to the extent payable out of
moneys attributable to the proceeds derived from the sale of the
Bonds or to income from the temporary investment thereof and, •
uncier certain circumstances, to proceeds from insurance and
condemnation awards) . THE BONDS AND THE INTEREST THEREON DO NOT
AND SHALL NEVER CONSTITUTE THE DEBT OF THE ISSUER OR ANY PARTY TO _'': �
THE INTERGOVERNNE2�'TAL AGREEMENT PURSUANT TO WHICH THE ISSU£R IS ���;?,'
CREATED WITHIN THE MEANING OF ANY PROVISTON OR LIMITATION OF TAE `' -
CONSTITUTION OR STATUTES OF THE STATE OF COLORADO. The owner `?,�`•' �
� hereof shall never have the right to demand payment of this Bond
' or the interest hereon out of any funds raised or to be raised by
i
taxation. `.'.r .
�
� It is hereby declared and represented that the Board has L
covenanted and agreed to acauire, construct an addition _to,
; operate and maintain continuously the Project; to establish and �
continuously maintain rental, use, occupancy, and other charges y�;'�,;_ -
� su�ficient to pay the reasonable operation and maintenance 1
� expenses thereof, the principal of and interest on the Bonds as 1
each Bond matures, and as such interest is due, and to establish �- �?,
_ ; and maintain the required reserve as is more fully provided in
,� the Indenture and the Bond Resolution; and that it will assure � �
maximum use and occupancy of the Project.
�
{ The owner of this bond shall have no right to enforce the
provisions of the Indenture or the $ond Resolution or to _
; institute action to enforce the covenants therein, or to take �
` any ac�ion with respect to any event of default under the
,! Indenture or the Bond Resolution, or to institute, appear in or
1 defend any suit or o:her pzoceedings with respect thereto, + �
' except as provided in the Indenture. In certain events, on the
�
+ conditions, in the manner and with the effect set forth in tne
,; Indentu-e, the principal o� zll the Bonds issued under the
j Indenture and the Bond Resolution and then outstanding may become
or may be declared due and payable before the stated maturity
;1 thereof, together with interest accrued thereon.
I
� The Indenture pe-mits, uith oertain exceptions as tnerein
{ nrovided, the amendment thereof and the a�dification of the
rights and obligztions of the Issuer and the rights of the owners �
'� o� the Bonds at ahy time by the Issuer with the consent o� the
owners o� two-thirds (2/3rds) ±n aggregate principal amount o� :�
the Bonds at the time outstanding, as defined in the Indenture. 1`
� Any such consent or waiver by the owner of this bond shall be '�:
conclusive and binding upon such owner and uoon alI future owners _,� .
of this bond and o� any bond issued in replacement thereof
whether o: not notation of sucn consent or waiver is made u�on "
this bond. The Inc3en�ure also contains provisions permitting the ,
Trustee to waive certain past defaul�s under the Indenture and ' �
the Bond Resolution and their conseuuences. _ � a ��;
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eoQK 585 PacF8`7'� °r�.F,:�;:
,,_�;�y.�:..
The Sonds are issuable in the form of fully registered F�"�
bonds in the denominations of $5,000 or any integral multiple
thereof. Subject to the condi�ions and upon the payment of the
! charges provided in the Indenture, the owner of any Bond may
� suzrender the same (together with a written ins�rument of
; transfer satisfactory to the Trustee duly executed by the
+ registered owner or his duly authorized attorney) in exchange for
� an equal aggregate principal amount of any other authorized
� denominations. Transfers and exchanges are to be made at the "
expense of the transferor or exchanger. The Trustee will charge
! a fee not in excess of $5 per tzansaction for any transfer or •:�.;�+'"'
exchan e and ma also re p ym '-'rZA- �
g , y quire a ent of a sum sufficient to , h:._-:•
defray any tax or goveznmental charge that may hereafter be 'u �
imposed in oonnection with any transfer or exchange of this bond. '
�1:ti -"
This bond is transferable, as provided in the Sndehture, `.:. r:`
� only upon the registration books oP the Issuer kept for that
! purpose at the above-mentioned office of the Trustee by -the -
1 re istered owner hereof in r;�
g person or by his duly authorized
'� attorney, upon surrender of this bond together with a written ! ,1
instrument of transfer satisfactory to the Trustee duly executed y
by the zegistered owner or his duly authorized attorney, and �
�� thereupon a new fully registered bond or bonds in the same ��;`
T i aggregate principal amount shall be issued to the transferee in `
exchange therefor as provided in the Indenture, and upon payment ����"'��
:.� of the charges therein prescribed. The Issuer and the Trustee " ' :
may deem and treat the person in whose name this bond is
,� registered as the absolute owner hereof for the purpose of `
receiving payment of, or on account of, the principaZ or
redemption price hereo£ and interest due hereon and foz all other
purposes.
l,.; (£ND OF FORM OF BOND) �
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eooK 585 Pa�E873 ����,K'�,'
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WH£REAS, al2 things necessary to make the Bonds, when ���„n.,ti.
authenticated by the Trustee and issued as in this Indenture
provided, the valid, binding and legal obligations of the Issuer
and to constitu�e this Indenture a valid, bindinq and legal
� instrumerit for the security of the Bonds issued pursuant to the �
Indenture, in accordance with their terms, have been done and
� performed;
NOW, THEREFORE, THIS INDENTURE OF TRUST WITNESSETB:
GRANTING CLAUSES ;':��;',�.�
.L -
That the Issuer in consideration of the premises and the �" _
acceptance by the Trustee of the trusts hereby created and of the F�
purchase and acceptance of the Bonds by the owners thereof, and �' f '
�f�,��•_, -
of the sum of one dollar, lawful money of the United States of
'.'� :"
America, to it duly paid by the Trustee at or beEore the
execution and delivery of these presents, and for other good and
valuable considerations, the receipt oF which is hereby ,�i.`:
acknowledged, in order to secure the payment of the principal of,
�; .
premium, if any, and interest on the Bonds according to their ,, . .
f tenor and effect and to secure the performance and observance by �1,;:
the Issuer of all the covenants expressed or implied herein and F ?
i in the Bonds, does hereby assign and grant a security interest in t�:;.`,,. �
z• � the following to Central Bank of Denver, a banking corporation, ��.:f'r''•�
Denver, Colorado, as Trustee, and its successors in trust and r �
assigns forever, for the securing of the performance of the
� obligations of the Issuer hereinafter set £orth:
, S GRANTSNG CLAUSE FIRST
� The Net Pledged Revenues of the Project, as hereinafter
� de�ined.
� ! .
� GRANTING CLAUSE SECOND
�,� The 5ite Lease, the Management Agreement and any
replacement management agreement relating to the Project,
! together with aIl right, title and interest of the Issuer
:� pursuant thereto or thareunder, including, but not limited to,
the present and continuing right to brinq actions and proceedings
' thereuncier or for the enforcement thereof; provided, however,
i� that the Issuer sha7.Z carry out all of its �bliga�ions thereunder
' and shall be entitled to all the benefit thereof unless it shall ,.
�� default :.hereunder or under this Indenture or the Bond
Resolution.
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EODH �S5 PAGES(4 �t��u,`
GRAIvTING CLAUSE THIRD
All moneys and securities from time to time held by the
Trustee under the terms of this Indenture, except far moneys
deposited with or paid to the Trustee for the redemption of Bonds
or held in the Rebate Fund created hereunder, notice o� the
redemption of which has been duly given.
TO HAVE AND TO HOLD all and singular the Trust Estate,
j whether now owned or hereafter acquired, unto the Trustee and its `,;'"�,'' _
� respective successors in said Trust Estate and assigns forever; ���,;.;':'�
j •?.
� IN TRUST NEVERTHELESS, upon the terms and trusts herein
i set forth Por the equal and propartionate benefit, security and �""`°�°`
' pzotection of all presenf and future owners of the Eonds, from
Itime to time, issued under and secured by this Indenture without
� privilege, priority or distinction as to the lien or otherwise of
I any of the Sonds over any of the other Bonds; — i`:,.. -
`1
PROVIDED, HOWEVER, that if the Issuer, its successors oY �
assigns, shall well and t±-uly pay, or cause to be paid, the �
� principal of and premium, if any, and interest on the Bonds due � �
��:
•- �� or to became due thereon, at the times and in the maaner �'''.
mentioned in the Bonns according to the true intent and meaning r�''`
�;? thereof, and shall cause the payments to be made on the Bonds as � '. '
'� recruired under Article TV hereof and the Bond Resolution, or
� shall provide, as permitted by Article VIII hereof, for the �
�"` payment thereof by depositing with the Trustee the entire amount r.
�,� due or to become due thereon, and shall well and truly cause to
be kept, gerformed and observed all of its covenants and �; . -
�`Q conditions pursuant to the terms of this Indenture, and shall �
,�� pay or cause to be paid to the Trustee all sums oF money due or
to become due to it in accordance with the terms and provisions
_ hereof, then upon the final payment thereof this Indenture and
,- the zighis hereby granted shall cease, determine and be void;
'?� otherwise this Indenture to be and remain in full force and �
;
effect. r
,�� THIS IDIDENTi7RE £URTN.ER WTTNESSETH, and it is er.pressly € *i.
declared that, all Bonds issued and secured hereunder are to be �
issued, authenticated and delivered and all said proner'cy, rights �
and interests and any other amounts hereby assigned and pleaged
i ` are ;.o be dealt with and disposed of under, upon and subject to `y
.'� the terms, conditions, stipulations, cavenants, agreements, Y
_ trusts, uses and nurposes as herein expressed, and the Issuer has j�
agreed and covenanted, and does hereby agree and covenant with �`'
'i:j the Trustee and with the respective ownezs of the Bonds as +
follows (subject, however, to the provisi�ns of Section 2.03 �:
� hereof):
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� DEFINITIONS
i
� . � Section 1.01. Terms Defined in Preamble and Recitals. The
; following terms shall have the meanings seL forth in the preamble
and recitals hereto:
i
i
� Board Management Agreement ,
! Bond Resolution Mortgage
+ Bonds PTOject Y;;i?,_:
Corporation Site ;��z:' '-
i County Site Lease I�;�:+;�-`'��.�,:
Deed State ;;•�';��':�'
I Indenture Trustee '
j Issuer
�
�� Section 1.02. Certain Funds and Accounts. All referehces
herein to any Funds and Accounts shall mean the Funds and
� Accaunts so designated which are established pursuant to Article +r*'
! V of this Indenture.
F:i:::_�•.!�.
�.� � Section 1.03. Additional Definitions. The following � _�� i
additional terms shall have the meanings specified below: �
.I � .`
t. "Bondholder" or "holder" or "owner of the Sonds" means the
-- �,;, registered okmer of any Bond.
� "City" means the City of Aspen, Colorado.
�;
, �.
� '�COde" means the Internal Revenue Code of 1986, as amended.
, :i ' :
�;� "COSt of Project" means any and all costs which �.he Issuer �` '
or the Corporation as the Issuer's agent under the terms oP the
Management Agreement shall be regui=ed to pay, under the terms oP
,L� any contract or contracts, including the Deed, far the � :
acquis�tion, construction, instal2ation or equipping of the �
.:,� Project, including but not limited to: ?
i 4
'_� i the acauisition
(') price stated under the terms � ..
i oP the Deed;
,,:! �
;'.;) (ii) obligations of the Issuer incurred for labor �
4
� znd materials in connection with the acquisition,
construction, improving or equipping of the Project, �, _
?� including reimbursement to the Issuer or the Corporation ;.;
� for all advances and payments made prior to or after
'' delivery of the Bonds;
��{ (iii) the cost of pezPormance or other bonds and any .
and all types of insurance that may be necessary or
-•:� appropriate to have in effect during the course of
; construction o� the addition to the Project; t�;.::
:`j s � :
1 :aN:.;`;:.t`.
I $1:.
I_1 q. rt��:ry:
o �t'�•"'.:
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EOOK 585 FQ��076 �} 4::.e�;'
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(iv) all costs of engineering and architectural
services, including the costs of the Issuer or the
Corporation for test borings, surveys, estimates, plans
and specifications and preliminary investigations
therefor, and for supervising construction, as well as
for the performance of all other duties reguired by or
consequent to the proper construc�ion of the addition to �
the Project; �
(v) all expenses incurred in connection with the - �.
�� issuance of the Bonds, including without limitation, ','�'-<^ -
i compensation and expenses of the Trustee, compensation `';%'='"=�
to any financial consultants or placement agents, legal ���`-=`�
� fees and expenses, costs of printing and engraving, -
� ;
recording and £iling fees and costs of insurance; and
� Y�y . '-,.
� (vi) any sums required to reimburse the Issuer or � ,
t the Corporation for advances made by either of them for_
i any of the above items or for any other costs incurred
which are properly chargeable to the acquisition and -
� construction of the Project. �
;� "Current Expenses" includes all necessary operating y :,,.,
� expenses, current maintenance charges, properly allocated share �'r:`•
�• of charges for insurance, any deposits which may be required to
be made to the Rebate Fund, and all other expenses incident to
the operation of the Project, but excludes depreciation, all � �
`� 'v e enses of the Board, ca ital
;� general administrati e xp P t.
�,, improvements and extraordinary repair and replacements to the
Project the cost of which is paid by the Issuer from the Repair - _
';� and Replacement Fund. ��
i'
,:� "Default" and "event of default" mean any occurrence or
i event specified in and defined by Section 9.01 hereof. �.
`� Y
� "Fiscal Year" means the period January 1 to December 31.
♦� �
�;� "Gross Revenues" means all revenues in each Fiscal Year of �
the Project including rates, fees, charges, and interest earned
''tj on all Project funds to the extent not subject to federal ��
,i arbitrage rebate requirements.
{
.%.� °Independent Counsel" means an attorney duly admitted to
practice law before the highest court of any state and who is not •
�;� a full-time employee of the Issuer, the City, the County or the '
� Corporation. ti•
��..�
' "Intergovernmental Agreement" means that certain `i
i Intergovernmental Agreement dated January 9, 1984, between the _� •
City, the County, the Board of Commissioners of the Housing _�,;;,;,;
Authority of Asnen, Colorado and the Board of Commissioners of
� :1ie Pitkin County Housing Authori�y, as the same has been and may � -��°�� �
' i._x:;,s;,,�',-
be amen6ed from time to time.
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, eook 585 Pac�877 ��t':;�:
�'Net Pledged Revenues" as applied to the Project for any
Fiscal Year meahs the Gross S2evenues thereof and Other Pledged
Revenues minus Current Expenses thereof during such Fiscal Year.
"Net Proceeds" means when used with respect to any insurance
proceeds from policies required by Section 4.11 of this Indenture
or any condemnation award, means the amount remaining after
deducting all expenses (including attorneys' fees) incurred in �
the collec�ion of such proceec3s or award from the gross proceeds
thereof. +y
�i;� �-
��Other Pledged Revenues�' means legally available moneys, +
other than Gross Revenues, deposited in the Bond Fund and �,',
irrevocably pledged for the purposes of said Fund. �'` '
�,�
��outstanding" or "Bonds outstanding" mean all Bonc3s which '�,;`, -
_j have been authenticated and delivered by the Trustee under this ;;, •." .
! Iadenture, except: _ _
� (a) Bonds canceled after purchase in the open -
;.5� market or because of payment at or redemption prior to
maturity; +
�., �
� (b) Bonds for the payment or redemption of which ,�:
r::l cash funds shall have beeri theretofore deposited with :i :
��a the Trustee (whether upon or prior to the maturity or
' °;:j redemption date of any such Bonds) ; provided that, i£
- such Bonds are to be redeemed prior to the maturity
�;;;� thereof, notice of such redemption shall have been given
or arrangements satisfactory to the Trustee shall have
, ;;;� been made therefor, or waiver of such notice
satisfactory in form to the Trustee shall have been
i::�� filed with the Trustee; and
i
;'�� (c) Bonds in lieu of which others have been
authenticated under Section 2.07 hereof.
i�
`;�� "?ermitted EncumbranCes'� means "Pe�it�ed Encumbrances" as
defined in the Mortgage.
"Qualified Investments" means all inves�men�s pe±-missible
1;nder applicable state law for a goverrunental unit such as the
';;; Issuer including, but not limited to, the following: (i) bonds `
;;`:� or other interest-bearing obligatiotts of the United States of � . .
-? America, (iij honds or other interest-bearing obligations, the '
��j payment of the principal and interest of which is unconditionally ��
guaranteed by the United States of America, (iii} certificates of �
deposit issued by, and time deposits in, state banits, na�ional �;
banks, or state or federal savings and loan associations in � �
`�{ ColoracZo which is, at the time the deposit is made, a member of
; the Federal Deposit Insurance Corporation ("FDIC") or the Federal
Savings and Loan Insurance Corporation ("FSLIC��j to the extent � f , .
- that the denosit is insured by the FDIC or the FSLIC, (iv) :
repurchase agreements with any bank or trust company oraanized ��`�s . �s..
?� � -.
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EDOK 585 Pa��878 ��`�"'4�7`+
t�i:itist:,,
'��"�:
under the laws of any state of the United States of America or . �'�,�'
any national banking association, in each case that is under the
jurisdiction of the FDIC, including without limitation the
�rustee, which are secured by obligations described in clause (i)
or (ii) of this definition and which shall have a market value,
exclusive of accrued interest, at aSl times at lease equal to the
principal amount o: such repurchase agreements, provided that in
each case the Trustee shall take possession of the collateral
obligations and have a petfected security interest therein and
hold such collateral obligations Eree and clear of all claims o� Y;a�`:,,� -
third parties. "'',}i.
� _
"Rebate Amount" means the aqgregate of the amounts computed
as of each anniversary of the date of issuance of the Bonds for ��=:?�?'-
each year beginning on the date of issuance of the Bonds or an
-`�'�"`�:i
anniversary thereof, consisting of the excess of: " t`
(a) the amounts earned on investments (other than_
in tax-exempt obligations) of gross proceeds of the �'; ..
Bonds held in the Acquisition and Construction Fund and
�,'
i the Reserve Fund including unrealized gains or losses . `�
upon the retirement o� the last Bond, but excluding y
amounts earned on (i) obligations described in Section t,�;;,
lo3(a) o£ the Code and not described in Section ��.!''•,
`" J 57(a) (5) (C) of the Code and (ii) any other obligations
� designated by the Internal Revenue Service as ��' �
� obligations for which no yield computations need to
� made, over
�f (b) the amounts that would have been earned on �
such investments at the yield on the Bonds determined on
� a present value basis from the date of issuance of the ,,
i Bonds without adjustment for oosts of issuance. � :
f Notwithstanding the provisions of this definition, the ,
! Issuer shall construe the term Rebate Amount in confo:-mity with
! all applicable federal statues and regulations as the same may be
� amended from time to time.
!
� "Record Date" means the 15th day of the month preceding
i each interest payment date on the Bonds.
"Registered o�mer" means the person or persons in whose name
jor names a Bond shall be registered on the books of the Issuer i`..
kept for that purpose in accordance with provisions of this
Indenture. `<
F�.
"Reserve Fund Recruirement'� means $177,500.
"Trust Estate" means the property conveyed to the Trustee ��
pursuant to the Granting Clauses hereof.
`t
"Trustee" means Central Bank of Denver, a banking . _
corpora�ion, Denver, Colorado, and its successors and any ' =-:.kt`
� � '
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EDOH �O� PAGEO!9 ,�"4:w�:
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; corporation resultinq from or surviving any consolidation or
� mergez to which it or its successors may be a party and any �
i successor trustee at the time serving as successor trustee ?
� hereunder.
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' eonH 585 Fac�38 = �-��
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ARTICLE II
THE BONDS
Section 2.01. Authorized Amount of Bonds. No Bonds may
be issued undez the provisions of this Indenture except in
accordance with this Article. The total principal amount of
Bonds that may be issued is hereby expressly limited to
$i,775,000.
i�,',i:i.�����_�
Section 2.02. Tssuance of Bonds. There is hereby " - .
����"iiy;:..,`;�
authorized to be issued hereunder and secured hereby an issue of _;*;"•,c�-=:
bonds designated as the "Aspen/Pitkin County Housing Authority, >;{`--=
� Housing Revenue Bonds {Hunter Longhouse Project) .^ The Bonds n�,..�';;,:''
l shall be issuable only as fully registered bonds in the
denomination of $5,000 and integral multiples thereof, and shall � '
� be numbered in such manner as the Trustee shall determine. . ”
t
� -
� All Bonds shall be dated February 15, 1989. All Bonds shall
� bear interest payable semiannually on June 1 and December 1,
; commencing June 1, 1989, from their date, except that Bonds which �
� are authenticated upon transfer, exchange or other replacement " �
shall bear interest-from the most recent interest payment date to �.::t,
'i which interest has been paid or duly pravided for, or if no ;;r'�:�::; ,
i: interest has been paid, from the date of the Bonds. If interest
on the Bonds shall be in default, Bonds issued in exchange for
Bonds surrendered for trahsfer or exchange shall be dated the
date to which interest has been paid in full on the Bond
surrendered.
;� The Bonds shall bear interest at nine percent (9.00�) per "
• annum and shall mature and become payable in the principaZ
amounts and on December 1 of each of the years as set forth �
�� below, subject to prior redemption in accordance with Article III +•
; of this Indenture:
December 1 Principal December 1 Principal
;:) Year Amount Year Amount
19B9 $ 25,D00 2004 $ 50,OQ0
' 1990 15,000 2005 50,000
1991 15,000 2006 55�000
� 1992 15,000 2007 60�000
;.� 1493 20,000 2008 60,000
1994 20,000 2D09 B0,000 ;��
_ 19°5 20,000 2D10 B0,000 't�t
� 1996 25,000 2011 SS,ODO ,�,
1?97 25,000 2012 95,000 •
I 1998 30,D00 2013 105,OOQ _�-
; 3999 3D,D00 2014 110,000
p�':;-.;-:
2000 35,000 2015 120,000
2001 °�,000 2016 135�000 •�\�
2002 40,000 2017 � 145,000 • `
2003 95,000 2018 160,000 ^c„
�� � �
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Payment o� the principal of the Bonds sha11 be made upon �"�"�'��"
the presen�ation and surrender of the Bonds at the principal
office of the Trustee. Payment of the interest on each Bond
shall be made by the Trustee on each interest payment date to the '
person eppearing on the registration books of the Issuer
maintained by the Trustee as the registered ownez thereof on the
Record Date by checY. or draft mailed to such registered owner at
his address as it appears on such registration books.
Notwithstanding the foregoing, in the case of Registered Owners
of $loo,000 or more in aggregate principal amount of the Bonds, _:::;;�: � .
i the Trustee shall pay the principal of, premium, if any, and �'•�:;,
! interest on the Boncs when due by wire transfer of funds to a ''�'y�-�-'�
! bank account designated by any such Registered Owner iP and only '�;`s"���'
if 6uch Registered Owner hae furnished written instructions to ��,�>•;:-,..
the Tzustee regarding such wire transfer and designated bank �'t".;`�';�
account and specifying the interest payment dates to which the - : + .
written instructions are applicable.
section 2.03. Execution: Limited oblivation. The-Honds �``�� •
sha11 be executed on hehalf of �he Issuer with the manual or
� `t;',;':;..;.'
facsimile signature of the Chairman o� its Board of Directors,
t and shall have impressed or imgrinted thereon the official seal �� :;
� of the Tssuer and be attested with the manual or facsimile � ,
signature of the Secretary of the Issuer. All authorized r ""
���j:,"., .
' facsimile signatures shall have the same force and effect as if
manually signed. The Bonds shall be special, limited obligations
� of the Issuer payable solely Erom the Net Pledged Revenues of the
, Yroject and the mortgage and security interest in the Project and
the Issuer's leasehold estate (except ta the extent paid out of
moneys attributable to the praceeds derived £rom the sale of the
�; Sonds or to income from the temporary investment thereof and, "
under certain circumstances, to proceeds fram insurance and
�? condemnation awards) and shall be a vaZid claim of the respective `y .
owners thereof only against the Bond Fund and other moneys held i.
by the Trustee and the amounts cierived with respect to the
Mortgage, which amounts axe nereby pledged, assigned and
.,� otherwise secured fa= the eaual and ratable payment of the Bonds
and shall be used for no other pu=-pose than to pay the p�incipal
of and pzemium, if any, and interest on the Bonds, excep� as may
� be o`herwise ex-pressly authorized in this Inden�ure and tne Bond
i Resolutior.. The Bonfls and tae interest thereon do not and shall
� never constitute the debt of the Issuer or any party to the
Intergovernmer�tal Agreement within the meaning of any provision
r.; or limitation of the State Canstitution or State statutes. The ;!�
owners of the Bonds shall never have the right to demand payment
of the principal o� or interest on the Bonds out oP any furids ,',�
raised or to be raised by taxation. �`
�,:
' 5e�tion 2.04. Authentication. No Bond shall be valid or '_"�
obligatory for any purpose or entitled to any security or benefit
under this Indenture and the Bond Resolution unless and until a `
! certiPicate of authentication on such Bond substantial2y in the '
form hereinabove set forth shall have been duly executed by the � _ t -
� Trustee, and such executed certi�icate of the Trustee upon any ,y �y:,
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such Bond shall be conclusive evidence that such Bond has been ���'�-='�-
authenticatec and delivered unfler this Indenture. The Trustee's
certi�icate of authentication on any Bond shall be deemed to have
been executed by it if signed by an authorized officer of the :
Trustee, but it shall not be necessary that the same o£ficer or
representative sign the aertificate of authent.ication on all of
the Bonds.
Section 2.05. Fo`-m of Bonds. The Bonds issued under this
Indenture shall be substantially in the form hereinabove set
forth with such variations, omissions and insertions as are ��-
permitted or required by this Indenture. �t. �,�1 '
�'%"�;';..�.:
� Section 2.06. Delivery of Bonds. Upon the execution and �'���:- .�
delivery of this Indenture, the Issuer shall execute and deZiver �;,�<;�`'=��'"
to the Trustee and the Trustee shall authenticate the Bonds and
j deliver them to the purchasers thereof as directed by the Issuer -
� as hereinafter in this Section provided. _ t,: , •`
7 _
Prior to the delivery by the Trustee of the Bonds there
° shall be filed with the Trustee: �,
s
� 1. A copy duly certified by the Secretary of the ��
Tssuer, of the Bond Resolutzon adopted by the Issuer 1
authorizing the issuance of the Bonds and the execution ' �
� and delivery of this Indenture, the Site I,ease, the
�j Mortgage and the Management Aqreement.
's
j 2. Original executed counterparts o£ this
� Indenture, the Site Lease, the Mortgage and the
� Management Agreement.
;
;�� 3. A request and authorization to the Trustee on �
behalf of the Issuer and signed by the Chairman of its � •
i Board to authenticate and deliver the Bonds to the i
� purchasers therein identified upon payment to the
'; Issuer, of a sum specified in such reques� and
t.; authorization plus accrued interest thereon to the date
of delivery. Tne proceeds of such payment shall be paid
'r over to the Issuer and paid or deposited in the
�
i Acauisition and Construction Fund pursuant to the Bond
Resolution and this Incienzure.
;;'1
' Section 2.07. Mutilated, Lost Stolen or Destroyed Bonds.
'"' In the event any Sond is mutilated, lost, stolen or destroyed, �'
:; the Issuer may execute and the Trustee may authenticate a new ;'v
� Bond o£ like series, date, maturity a�d denomination to that f�.
mutilated, lost, stolen or destroyed; provide8 that, in the case
� o£ any mutilated Bond, such mutilated Bond sha].1 first be +�
surrendered to the Issuer, and in the case o£ any lost, stalen or _�.
destroyed Bond, there shall be first furnished to the Issuer and ',,`..,.-,;::
• the Trustee evidence of such loss, theft or destruction
satis�actory to the Issuer and the Trustee, together with an S� ' ;°.=
f indemnity satisfactory �o them. Tn the even� any such Bond shall = '_.-�.;',;�
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have matured or been called for mandatory redemption, instead of
� issuing a duplicate Bond, the Issuer may pay the same witnout
surrender thereof making such rer,uirements as it deems fit for
its protection including a lost instrument bond. The Issuer and
the Trustee may charge the owner of such Hond with their
reasonable fees and er.penses in this connection.
, Section 2.06. Registration and Exchanae of Bonds; Persons .
Treated as Owners: The Issuer shall cause books for the
registration and for the transfer of the Bonds as provided in _
this Indenture to be kept by the Trustee which is hereby ''';`}�:,,,"'
constituted and appointed the Bond Registrar of the Issuer. Any ''':::
Bond.may be transferred only upon an assignmeht duly executed by �1='=� �
the registered owner or his attorney duly authorized in hriting -
in sUCh form as shall be satisfactory to the Trustee, such �J�:''
transfer to be made on such books and endorsed on such Hond by k '
the Trustee. �
i
7 � _
1 The Trustee shall not be required to transfer or exchange
� any Bond after the mailing of notice calling such Bond or portion :
� thereof for redemption has been given as herein provided, nor 1
:;� during the period of 15 days next preceding the giving of such � \
notice of redemption.
'�`:'=;
; ti,'� -
The person in whose name the same shall be registered wi?1
�`" ,� be deemed and regarded as the absolute owner thereof for all
purposes, and payment of or on account of the principal of and
interest on any Bond shall be made only to or upon the written
1 order of the registered owner thereof or his legal
j representative, but such registration may be changed as �-
; hereinabove provided. All such payments shall be valid and
�r effectual to satisfy and discharge the liability upon such Bond
' to the es:tent of the sum or sums so paid.
,� ; '
5 The Trutee will charge a fee not in er.cess of $5 per
transaction Por any t:ansfer or exchange of any Bond and may
� require payment of a sum su�ficient to de�ray any tar. or
governmental charge that may herea�ter be imposed in connection
i with any transfe: or exchange of any Bond.
� Section 2.09. Des�?-uction of Bonds. Whenever any
; outstanding Bond shall be 4elivered to the Trustee for
cancellation pursuant to this Indenture, upon payment of the
� principal amount or interest represented thereby, or far t
� replacemen� pursuznt to Section 2.07, such Bond shall be promptly
cancelled and destroyed by Trustee and counterparts of a �<
- certi�icate of destruction evidencing such destruction shall be ��.F
�urnished by the Trustee to the Issuer.
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REDEMPTION OF BONDS BEFORE Ml,'TURITY
Section 3.01. Optional Redemption. The Bonds maturing on
or before December 1, 1998, shall not be subject to optional
redemption prior to their respective maturity dates. The Bonds
maturing on or after December 1, 1999, shall be subject to
optional redemption prior to their maturity dates, in whole or in
part, in inverse order of maturity and by lot within a maturity, -s;:. -
on December 1, 1998, and on any interest payment date thereafter, �'=�';°•� �
at a price equal to the principal amount of each Bond so redeemed �:�'�=':`�-.
plus accrued interest thereon to the redemption date and plus ��_�,_'�
premiums as follows:
Redemption Period Redemntion Premium `" ` '
;j .
; December 1, 1998 through June l, 1999 l� _
! DecemDer 1, 1999 through June 1, 2000 1/2 of Z�- -
December 1, 200o and thereafter 0�
i
Section 3.02. Er,traordinary Redemption. The Bonds may be �
called for eYtraordinary redemption if and to the extent �'�!;•;, '
Y- ,..,� permitted by Section 4.17 of this Indenture upon instxvction of r`'';''!';
the Issuer to the Trustee in the event that the Issuer shall �:', '
_;: elect to prepay the principal of and interest on the Bonds in the
'� event of damage to or destruction of the Project or any part
=� thereof or condemnation of the Project or any part thereof, on
`'� any interest payment date, in whole or in part, and, if in part,
,^i in inverse order of maturiLy and by lot within a maturity, at a � --_
• redemotion price of 100� of the principal amount thereof plus 3
;r;=� accrued interest to the redemption date. ^
�� Section 3.03. Miscellaneous Redem�tion Provisions. The 1
Bonds shall be called for redemption by the Trustee as herein ti
� provided upon receipt by the Trustee at least �orty-£ive (45)
4� days prior to the redemption date of a certificate of. the Issue= u
`� for such redemption, except as otherwise provided. Such -
_:� certificate shall specify the principal amount of the Sonds so
to be called for redemption, the applicable redemption price or
prices and the provision or provisions of this Indenture pursuant
to which such Bonds ere to be called for redemption.
Section 3.04. Notice of Redemntion. Notice of the call for �.
;:� any redemption, identifying the Bonds or portions thereof to be t• ;
``' redeemed, shall be given by Trustee by mailing a copy of the �
' redemption notice :oy registered or certified mail at least thirty �
� (30) aays but not more than sixty (60) days prior to the date
fixed for redemption to the registered owner of each Bond to be �, :
redeemed at the address shown on the registration books;
tj provided, however, that �ailure to give such notice by mailing, -
� or any defect therein, shall not aftect the validity of any
proceedings for the redemption of any Bond with respect to which ',` ' `
`"'i no such failure has occurred. �':�;�'�
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� Any notice mailed as provided in this Section shall be
conclusively presumed to have been duly given, whe'-,.her or not the
registered owner receives the notice.
� Section 3.05. Redemption Payments. Prior to the date �ixed
for redemption, �funds shall be deposited with the Trustee to pay,
and the Trustee is hereby authorized and directed to apply such �
funds to the payment of, the Bonds or portions thereof called, '
! together with accrued interest thereon to the redemption date and
; any required premium. Upon the giving of notice and the deposit •''� _
of sufficient funds #or redemption, interest on the Bonds thus ,.'`�:`• `
; called shall no longer' accrue after the date fixed for -3�`�:`
redemption. "},F;:<,°;:'
;,��,..;
Section 3.06. Cancellation. All Bonds which have been ::i(
; redeemed shall not be reissued but shall be cancelled and
destroyed by the Trustee in accordance with Section 2.09 hereof. -
_ -- ;;�_�"
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GENERAI, COVENANTS
Section 4.01. Pavment of Principal and Premium, i� Any,
and Interest. The Issuez covenants that it will promptly pay the
principal of and premium, if any, and interest on every Bond
issued under this Indenture at the place, on the dates and in the •
manner provided herein and in the Bonds according to the true
intent and meaning thereof and in accordance with the provisions y;�:�:._
of the Bond Resolution, but solely from the Net Pledged Revenues ,q.�; -
oP the Project and the mortgage and security interest in the �t,>-�-..:
Project and the Issuer's leasehold estate (except to the extent �'r'�''�'.;`��
paid out oP moneys attributable to the proceeds derived from the
sale of the Bonds or to income from the temporary investment '
thereof and, under certain circumstances, to proceeds from �-•�:'i';
insurance and condemnation awards) as further described in ':� '
._j Section 2.�3 hereof. The principal and premium, if any,_and � •
� interest on the Bonds are payable solely from the Net Piedged
i Revenues and otherwise as provided herein which amounts are
,.� hereby specifically pledged to the payment thereof in the manner
and to the extent herein and in the Bond Resolution specified, � ,
and nothing in the Bonds or in this Indenture or the Bond
�1i Resolution shall be construed as pledging any other funds ar ��;;;..`-
i assets of the Issuer or any party to the Intergovernmental y`;';'`.`
�" (;'j Agreement.
i
a�
�.� Pursuant to Section 29-1-204.5(2) (d) , Colorado Revised
`�� Statutes, as amendec, the Intergovernmental Agreement may not be
rescinded or terminated so long as the Bonds are outstanding, ;
•.; unless provision for full payment of the Bonds, by escrow or �
'�t:� otherwise, has been made pursuant to the terms of the Bonds and �`
this Indenture.
�� Section �.02. Performance of Covenants. The issuer
covenants that it will faitnfully perform at all times any and 3
all covenants, undertakings, stipulations and provisions
contained in this Indenture, in any and every Bond executed, y
`r authenticated and delivered hereunder and in all of its
` proceedings pertaining hereto, including the Bond Resolution. ?
�c;`� The Issuer covenants that it is duly authorized under the �
Constitution and laws o� tne State, including particularly and
� without limitation the Authorizing Legislation as defined in the ;;
�,�j Bond Resolution, to issue the Bonds authorized hereby and to
% execute this Indenture, to assign the Site Lease and to pledge �:,
��' tYxe Net Pledged Revenues in the manner and to the extent herein �
=:? set forth, that all action on its pa�-t for the issuance of the ��
Bonds and the execution and delivery of this Indenture has been �
, duly and ePfectively taken, and that the Bonds in the hands of
the owners thereof are and will be valid and enforceable ��'
obliqations of the Issuer accozding to the terms thereof and '
hereof. �, ` :
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Section 4.03. Instruments of Further Assurance. ':he Issuer `�`"�`��'�;��
ki11 do, execute, acY.nowleage and aelive: or cause to be done,
er.ecuted, acknowledged and delivered, such indentures
supplemental hereto and such further acts, instruments and
transfers as the Trustee may reasonably require for the better
assuring, transferring, conveying, pledging, assigning and
confirming unto the Trustee all and singular the amounts pledged
hereby to the payment to the principal of and premium, if any,
and interest on the Bonds. The Issuer, except as herein and in
the Mortgage and trie Site Lease provided, will not seJ.l, convey, w:.;�-: '�._
i..1..�.y.`
mortgage, encumber or otherwise dispose of any part of the Net •�.7:
Pledged Revenues, the Project or its rights under the Site Lease. '`"L.a�;`�%;.'
Section 4.�4, Recordinq and Filinq. The Trustee covenants ;.�� _
that it wi11 cause all financing statements related to this �w?`,":5<�
In@enture, the Bohd Resalution, the Management Agreement, the `� � �
Mortgage and the Site Lease and all supplements hereto and
thereto, as we11 as suah other security agreements, financing ' 1
! statements and all supplements thereto and other instzuments as �
; may be required from time to time to be kept, to be recorded and
� filed in such manner and in such places as may from time to time ^'�` ''' ='`
i be required by law in order to preserve and protect fully the ,��
security of the owners of the Bonds and the rights of the Trustee ,`^•
�• i hereunder, and to take or cause to be taken any and all other ;,:�;,:;
� action necessary to perfect the security interest, Ziens and -
� other interests created by this Indenture, the Site Lease and �' ',
the Mortgage. The Trustee is authorized to rely on an opinion of '�
� counsel in carrying out its obligations undex this Section.
Section 4.05. Inspec�ion of Project Books. A1Z books and
• i records in the Issuer's or the Co:ooration's possession relating "�
� to the Project and the amounts derived Prom the Project shall at
� all reasoriable times be open to inspection by such accoun�ants or �
other agencies as the Trustee may from time to time designate. 7, �
Section 4.06. Riahts Under Site Lease. The Site Lease,
s duly executed counterparts of which have been filed with the
` Trustee, set forth the covenants and obligations of the Issuer
'! and the County, including provisions tha� subsecruent to the
issuance o` the Bonds and prior to their paymen� in full or
; provision for payment thereof in accordance wit.h the provisions
� hereo� the Site Lease may not be effectively amended, changed,
+ modified, altered or terminated without the written consent of
� the Trustee, and reference is herebp mafle to the same for a f,
detailed statement of said covenznts and obliga�ions oP the
Issuer thereunder, and �he Issuer agrees that the Trustee in its `� `
name or in the name of the Issuer may enforce all obligations of R'� ;
. the Issuer under and pursuaat to the Site Lease tor and on behalf
of the owners of the Bonds, whether or not the Issuer is in `.-�
default hereunder.
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Section 4.07. Desianation of Trustee as Bond Reaistrar and ���� �
PaVincLAaent. The Trustee is hereby designated and agrees to ect
as Bond Registrar and Paying Agent for and in respect to the
Bonds.
Section 4.08. Maintenance and Modification of Project by
Issuer. The Issuer agrees that at all times durzng the term '
hereof it will, at the Issuer's own expense, maintain, preserve ,
and keep the Pzoject or cause the Project to be maintained,
preserved and kept with the appurtenances and every part and :„:,;..�.::
parcel thereof, in good repair, woxkinq order and condition and +�:_iy -
that the Issuer wi11 from time to time make or cause to be made �<"
all necessary and proper repairs, replacements and renewals s`� �-
deemed proper and necessary by it. The Issuer shall, at its own r -_
expense, keep the sidewalks, curbs, parking and other areas on r,.5>
' the Site clean, free from litter, ruhbish and debris and in a � - - %-
a
' good state of repair. The Issuer shall a2so maintain the trees,
� shrubs and grass on the premises in a good state of repair,
+ neatly trimmed. The Issuer shall keep the sidewaZks, paths and
+ other access walks on or which service the Praject reasonably
i
1i passable at all times as weather conditio�s will permit. All � '
j such walks shall be cleared within eighteen (18) hours after the
end of a snowfall. �-•�
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In addition, the Issuer shall have the privilege of �
_;,; remodeling the Project or making substitutions, addi�ions, �
'�"�� mo@ifications and improvements to the Project from time to time
_'•j as the Issuer, in its discretion, may deem to be desirable for
'"' the Issuer's use of the Project for residential housing for low
;,:1� and moderate income persons, the costs of which remodeling, ' _
substitutions, additions, modifications and impxovements shall be S
;k� paid by the Issuer, and the same shall be the property of the
Issuer and be ir�cluded under the terms of �his Indenture as part
of the Project; pTOVided, however, that such remodeling,
;,'� substi�utions, additions, modificati�ns and improvements shall
no� interfere with the cons�ruction of the addition to the
;;� Project or in any way damage the Project; and provided tha� the
' Project, as remodeled, improved or a2tered upon completion o£
-�j such remodeling, substitutions, additions, modifications and
improvements made pursuant to �his Section shall be oP a value
nos less than the value of the Project immediately prior to the
'�,t; remodeling or the making af substitutions, additions,
,: modifications and improvements. Any property for whick� a ;
�s substitution or replacement is made pursuant to this Section may �
be disposed of by the Issuer in any manner and in 'the sole Y
"° discretion o� the Issuer. The Sssuer will not permit any �
mechanic's or other lien to be established or remain against the �'
Project for labor or i¢ate-ia2s furnished in connection with any
- remodeling, suhstitutions, additions, modi�ications,
improvements, repairs, renewals or repZacements so made by the
=j Issuer, provided that i� the Issuer shall �irst notify Trustee of ,_
j the Issuer's intention so to do, the Issuer may in good faath
_� c�ntest any mechanic's or other lien filed or established against '�_. '�
:j the Project, and in such event may pe`-mit the items so cantested ,; ��_Y
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" to remain undischarged and unsatisfied during the period of such
contest and any appeal therefrom unless by nonpayment of any such
items the lien of the Mortgage as to the Project or any part
thereoP or of this Indenture as to the payments will be
materially endangered or the Project or any part thereof will be
� subject to loss or forfeiture, in which event the Tssuer shall
promptly pay and cause to be satisfied and discharged all such
unpaid items.
Section 4.09. Taxes, Other Governmental Charaes and Utility �i;>::
Charaes. The Issuer w'ill pay during the term hereof, as the same
respectively become due, all taxes and governmental charges of
any kind whatsoever, if any, that may at any time be lawfully
assessed or levied against or with respect to the Project, ?`�'-
including the Site, or any building, machinery, equipment or
� other property acquired by the Issuer in substitution for, as a
renewal or replacement of, or a modification, improvement or
='•� addition to, the Project (including, without limiting _the
`! generality of `the foregoing, any taxes levied upon the Project
� which, if not paid, will become a charge on the receipts from the
Project prior to or on a parity with the charge of the Mortgage
`"� thereon or the pledge or assignment to be created and made in ''
� this Indenture) , or any interest therein or the revenues derived �
j'" therefrom or hereunder, all utility and other charges incurred i.n
-� the operation, maintenance, use, occupancy and upkeep of tne
`.."';: Project and all assessments and charges lawfully made by any
governmental body for public improvements that may be secured by
` a lien on the Project; provided that with respect to special
s;� assessments or other governmental charges that may lawfully be
{ paid in installments over a period of years, the Issuer shall be -
� obligated to pay only such installments as are required to be
�`�
,;_:� paid during the term hereof.
'°`� The Issuer may, at the Issuer's expense and in the Issuer's
name, in good faith contest any such taxes, assessments and o�her
, charges and, in :.he event of any such contest, may pennit the
, taxes, assessments or other charges so contested to remain unpaid
�
'?• during the period of such contest and any appeal there�rom unless
`� by nonpayment of any such items the security a�forded pursuant to
"==� the terms of this Indenture or the Morgage will be materiaZly
endangered or the Project or any essential part thereof will be
subject to loss or forfeiture, in which event such taxes,
assessments or charges shall be paid forthwith. In the event "
that the Issuer shall fail to pay zny of the foregoing items �
�_ . required by this Section to be paid by the Trustee may (but shall 4'
�q be under no obligation to) oay the same and any amounts so �'�.
�-� advanced therefor by the Trustee shall become an additional ;
'` obligation of the Issuer to the Trustee which amounts, together .
' with interest thereon at the rate o� twelve percent (12�) per }, .
:� annum, the Tssuer agrees to pay but so2ely from Net Pledged _
t Revenues. -
;�
! Section 4.10. Charqes £or Public Utilities anc Common `
,:! Exuenses. Unless the Issuer shall cause the tenants of the � .,
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Project to do the same, the Issuer shall con�ract in its own name �Y����"�
C�.�n:.
for ahd shall promptly pay or cause to be paid a21 charges for
gas, electrical power, water, sewer, telephone and other utility
services delivered to or used in connection with the Project
during the term hereof.
In addition, the Issuer shail at its own cost and expense,
procure every permit, license, certificate or other authorization
required in connection with the lawful and proper use of the �
Project. s-
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� Section 4.11. Insurance. The Zssver agrees to provide, or �,, .
- cause to be provided, throughout the term hereof (unless not �,y
; applicahle or furnished by another person or Eirm), the following
� insurance with respect to Project: �:,-;``.,'''"
�
i (a) Insurance against loss or damage by fire and r�
� lightning, on a repair or replacement basis if
available, and otherwise to the full insurable value--of
I the Project, with deductible provisions not to exceed -
� $2,00o for any one casualty, and with uniform standard k
extended coverage endorsement limited only as may be �t,
� provided in the standard £orm of extended coverage t�
� endorsement at the time in use in the State; � 5,�,
Y �; �:.�
_� (b) Business interruption or use ahd occupancy and s `
rental loss insurance an the Projeot in the amount af
the total revenues required to maka the payments to the
•:; various Funds, as required under the Hond Resolution,
; for a period of one year;
� (c) A comprehensive general public liability ^
i� insurance policy or policies against all direct or
contingent loss or Ziability �or property damage, ! �.
personal injury or death occasioned by reasons of the i
operation, control or construction upon the Project -
premises, with a maximwn single limit liability of not
less than $500,00o tor personal injury or fieath arising
from a single accident oz event, and $50,000 for a
single occurrence of property damage;
_ (d) Workmen�s compensation insurance affording the
statutory benefits unner the laws of the State;
.� (e) An ALTA policy (1975 form) of leasehold loan �'
title insurance in an amount equal to the principal
- amount of the Bonds, issued by a title insurance company �t�
' satisfacto-y to the Trustee, insuring that the Trustee
' has a first mortgage lien on the Project and the �
� Issuer's interest under the Site Lease subject only to .��
Permitted Encumbrances; and
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. (f) Flood insurance in an amount considered
sufficient by an independent insurance consultant to ,
cover such risY..
In the event that any of the foregoing insurance coverage
shall, in the opinion of the Issuer, become unavailable at
reasonable cost, the Issuer shall employ an independent insurance
consultant to recommend alternative arrangements with
substantially similar coverage or with such other coverage as is -
acceptable to the Trustee (and if more than fifty percent (50$) ;�:j;:,_ .=
of the aggregate principal amount of the Honds outstanding are ����...',,,`s'•.;-;,:
owned by a single Registered Owner, such Registered Owner) , and �''" _
the Issuer will either implement such recommendations or maintain z�
!
the insurance coverage xequired hereby. ,�,.` '-
Section 4.12. Other Ihsurance Provisions. Al1 insurance " ='
� policies shall name the Issuer, and the Trustee as insureds as
� their respective interests may appear, shall have standard loss `i::''
payable clauses in favor of the Trustee, and all policies will be �`
� fieposited with the Trustee. All required insurance policies '��""`_'
shall be reviewed at least every three years by an independent Ft�
insurance consultant appointed by the Issuer and acceptahle to •
the Trustee (and if more than fifty percent (50�J of the ,�;.,,,
aggregate principal amount of the Bonds outstanding are owned by W..f'�; :
' a single Registered Owner, such Registered Owner) and the report
of such insurance consultant shall be delivered to the Trustee
,`;� and any Registered Owner of more than twenty-five percent (25�)
:i of the aggregate principal amount of the Bonds then outstanding.
� With respect to fire and extended coverage insurance, the full
insurable value of the Project sha11 be maintained at all times. ,. _
J
Section 4.13, Use o£ Insurance Proceeds, proceeds received
;� from payment ot insurance claims shall be used as follows: �s .
i
�� (a) Casualty insurance proceeds trom damage or
� destruction and any flood insurance proceeds shall be
`:� used by the Issuer to repair or reconstruct the Project �
��.� or used to redeem the Bonds, all as provided in Section
;' 4.16 hereof;
i
� (b) Use and occupancy insurance pzoceeds shall be
�+ deposited in the Revenue Fund of the Sssuer created
uhdex the Bond Resolution; and
�,; (c) Title insurance proceeds shall be used to
I remedy any title defect resulting in the payment thereof <
I or used to redeem Bonds.
i Section 4.14. Advances. In the event the Issuer shall fail �� ,
� :.o maiatain the insurance coverage required by this Indenture or . ;
� shall fail to keep the Project in good repair and operating �f` �``=
I condition, the Trustee may (but shzll be under no obligation to) ,
take out the recruired policies of insurance and pay the premiums `-
� on the same or may make such repairs or replacements as are � ,
i �� ��u�a�
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_�
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' e��K 585 Pa�E892 r �r���� �,
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�ac ,?7!..:,:
I>�:
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� necessary and provide for payment thereo�; and all amoun�s so r��axj�,'�
advanced therefor by the Trustee shall become an additional
obligation of the Issuer to the Trustee, which amounts, together
kith interest thereon at the rate of twelve percent (2z�) per
annum, the Issuer agrees to pay but solely from tdet Pledged
Revenues.
Section �.15. Costs of Issuance. The Issuer hereby agrees
to pay any costs of issuance associated with the issuance of the
Bonds. "^�`'
;�.�;;.-,.•'
I:
Section 4.16. Dama4e, Destruction and Condemnation. Llnless .=,±';Y`;;;:'.
the Issuer shall have exercised its option to prepay the amounts �.'�2:�'"-:�"
payable under this Indenture pursuant to the provisions of r�;:?',�; -
Section 3.02 hereof in whole, if prior to full payment of the
Bonds (or provisions for payment thereof having been made in ' '
1 accordance with the provisions of this Indenture) (i) the Pzoject
or any portion thereof is destroyed (in whole or in part} or is -
� damaged by fire or other casualty or {ii) title to, or the �';
; temporary use of, the Project or any part thereof shall be taken - `
Iunder the exercise of the power of eminent domain by ahy S
t governmental body or by any person, firm or corporation acting ��
� under gove=nmental authority, the Issuer shall be obligated to
.. .� continue to pay �rom Net Pledged Revenues the amounts specified ,�rv.�':
� in the Bond Resolution, the Bonds and this Indenture.
._
;! Section 4.17. ApAlication of Net Proceeds. The Issuer and
� the Trustee will cause the Net Proceeds oP any insurance groceeds
`4 or condemnation award resulting from any event described in
Section 4.16 hereo£ to be deposited in a separate construction
fund of .the Issuer. All Net Proceeds so deposited shall be
;,� applied in one or more of the following ways as shall be elected �
! by the Issuer in a written notice to the Txustee within ninety
;i (90) days of the event described in Section 4.16 hereof:
,:�� (a) To the prompt repair, restoration, ; ` _
,`� modification or improvement of the Project by the
Issuer. If the Issuer chooses to so repair, restore, �
modify or improve the Project, the Issuer shall file
with the Trustee with the notice described above a
w:-itten statement o� the Issuer to the effect that �
within one year from the date of the event described in �
Section �.16 hereof, the Project will be restored to
substantially the same condition it was in prior to said �,
;� event, so as to operate as designed. Any balance of the
Net Proceeds remaining after such work has been �<'
completed shall be transferred by the Issuer to the Bond
i Fund to be appZied to the payment of principal of and
premium, if any, and interest on the Bonds, or if the .
' Bonds have been fully paid (or provision for payment � •
; thereof has been made in accordance with the provisions _
j of this Indenture), any balance remaining in such -,,;;
.� separate construction fund may be retained by the '' ' '
-� Issuer. ,:,•;:*;°.x,;.
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�w.. hc..�. � � . �_..., �,,,.,. .;..-..-� .. . ., .. . ._ .• . . . _ . . _ . �. _. .... .. �
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{ � a:i�
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ecnr 535 Pac�393 ��:���`;.i';.�
(b} To redemption of the Bonds on the next
succeeding reciemption date, by transfer from such
separate construction fund to the Bond Fund, as
specified in a written notice by the Issuer to the :
Trustee, but only to the following extent:
(i) For redemption of the Bonds in whole,
from the Net Proceeds of any insurance or
+ condemnation award and other available moneys in �'�`'�
the event that substantially all of the Project is ?'��;�{'i" .
damaged or destroyed, or title to, or the temporary w`,;;;,"=:.��
� use of substantially all af the Project shal], have �'� . �
' been taken under the exercise of the power of _
; eminent domain by any governmental body or by any
; person, firm or corporation acting under � r'
� governmental authority, or in Part from the Net ' -
Proceeds of any such insurance or condemnation •� ,
award if a portion of the Project is so damaged or- �-�''-
:� condemned and the Issuer furnishes to the Trustee a _
certificate of an authorized representative of the �
� Issuer stating that- the property forming a part o�
the Project that was damaged or destroyed by such � , "
`r- � casualty or was taken by such condemnation �` ;
,;� proceedings is not essential to the use or
„) possession of the Project by the Issuer or its
�� leasing of the same, including derivation of Net
Plenged Revenues sufficient to pay debt service on i
the Bonds; or i
�;,i � ,._
� (ii) For redemption of the Bonds, in whole or
�<ti� in part, from the Net Proceeds of any insurance or
� condemnation award, in the svent that the Project ',
has been restored to substantially the condition ;?�
thereof. immediately preceding such damage or
•,{;� destruction or condemnation, and such Net Proceec3s
��-�7 exceed the amount required therefor.
r,�
I
.� Section 4.18. Insufficiency of Net Prooeeds. If the Net ,
Proceeds are insufficient to pay in full the cost o£ any repair, '+�,
restoration, modification or improvement referred to in Section
, 4.17 hereof, the Issuer will nonetheless complete the work end
- wi11 pay any cost in excess of the amount of the Net Proceeds
solely �rom Net Pledged Revenues. The Issuer agrees that if by
- :';., reason of any such insufficiency of the Net Proceeds, the Issuer •
:'s'.j shall make any payments pursuant to the provisions of this i:
`.� Section, the Sssuer shall not be entitled to any reimbursement y
therefor fzom the Trustee or from the o�*ners of any of the Bonds, i
`�:;� nor shall the Issuer be entitled to any diminution of any amounts �
payable from Net Pledged Revenues pursuant to the Bond
�+ Resolution.
;{ SeCtion 4.19. 2ns�ection of the ProjeCt. The Issuer agrees z
� that the Trustee and any Regis�ered owner of more than twenty- ,�;"�
�� five percent (25�} of the aggregate nrincipal amount of the Bdnds :�
,�;....
.'1 ��4.
�
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eon►c 585 P.:��$94 a*, �
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then outstanding and the duly authorized agent of any of them ����}`��'
shall have the right at all reasonable times to enter upon the
Site and to examine and inspect the Project. The Trustee and any
Registered Owner o� more than twenty-five percent (25�) of the
aggregate principal amount of the Bonds then outstanding and the
duly authorized agent of any of them shall also be permitted, at
a�l reasonable times, to examine the books and records of the
Sssuer and the Corporation with respect to the Project.
Section 4.20. Rental Rate Covenant. The Issuer hereby _ '�:�' ,
;",v:'�e:�.�
covenants that during the term hereof it shall charge tenants of -_:;�:
the Project such rentals as are sufficient, together with ,..,
anticipated earnings on the Bond Fund, the Reserve Fund and the �
tunds held by the Issuer in connection with the Project in each �; . ,�.
' Fiscal Year, to result in Net Pledged Revenues in such Fiscal �
� Year, equal to at least one hundred fifteen percent (115�) of the �
� amount required to be deposited by the Issuer in the Bond Fund in i
� such Fiscal Year pursuant to the Bond Resolution and this �;;;� "'
Indenture (without regard to any credits) . - — _
l Section 4.21. Security Deposits. The Issuer shall retain y
in a separate escrow the security deposits of eliqible tenants. ;�
� Said deposits shall be held by the Issuer only for the purposes
stated in the tenant leases and shall not be security for the r
" .� payments due under this Indenture, the Bond Resolution or the ' ""
.,� Bonds.
j
� Section 4.22. Budqets; Financial Statements, etc. At least
,y one month before the first day of each Fiscal Year, the Issuer
shall prepare a budget of anticipated Gross Revenues, Current �. ,
';; Expenses and Net Pledged Revenues, including but not limited to
-; operation and maintenance expenses, ordinary and extraordinary �
repairs, anfl reserve payments, for the succeeding Fiscal Year, �
,�� and shall submit a copy of such budget to the Trustee and zny �
Registered Owner o£ more than twer.ty-fzve percent (25%) o£ the )'
aggregate principal amount of the Bonds then outstanding. During
',;;� �.he course of a year the Issuer may revise its budget and submit t;
a copy of sucn amended budget to the Trustee and any Registered �
� Owner of more than twent1-five percent (25�5) of the aggregate � .
;� principal amount of the Bonds then outstanding. The budget shall
be prepared so as to comply with Section 4.2o hereof.
�
,�� The Issuer shall keep proper books o� record and account in
which full, true and correct entries will be made of all dealings
,� or transactions of or in relation to the business and a��airs of :�
the Project in accordance with generally accepted principles of t
; accounting consistently applied, and will furnish to the Trustee
and any Registered Owner of more than twenty-five percen� (25�) -
of the aggregate principal amount of the Bonds then outstanding: �
(a) within �5 days after the exniration of each of _
' the auarterly fiscal periods of each Fiscal Year, a , _
statement of unrestricten fund revenue, expenditures and . ; ;,. 5�
transfers o� the Project through such period, and a +�ti�;
'� �..�_;F".
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� e�ok 585 Fac�g95 ;������,�';��;
. , balance sheet as of the end of each such quarterly
Riscal period, all in reasonable detail and certified,
subject to year-end adjustment, by the treasurez or
another authorized financia2 officer of the Issuer or
the CorporaCion;
(b) within 12o days after Che last day of each
Fiscal Year, a complete annuai report covezing the
operations o! the Projsct for such Fiscal Year and
containing a balance aheat as of the end of such Fiscal }'.;�;:" "_
Year and a atatement of unrestricted Pund revenue, 1e,rr::;s,��
expendiCUras and transfexs for such Fiscal Year, showing __:��<<'.'�=
in each case in comparative form the figures for the ':.".:','.-;._
precaQing Fiscal Year, whfch, 3f requested in writing by
any Registered Owner oE more than twenty-five percent : , ;"
(25�) in aggregate principal amount of the Bonds then
outstanding, shall be certi££ed by an independent
certiPied public accountant acceptable to such � '"�
`� -
; request.in.g Registered ownex' and shall include .a separate , '
written statement of the independent cartiPied public
i {h;• •
dccountant preparing such report that such accountant ,
has obtained no knowledge of any event of default, or if {t�•
i�..�,
� such independent certified public accountant has 1<:�..
; obtaiaed knowledge of any such event or events of � r��'
,� dePault, it shall disclose in such statement the event ' `
or events of dePault and the nature thereof;
�:{
� (c) within 120 days aEter the las�k day of each
` Fiscal YeaY a�certificaCa oE the 2ssuer signed by its
Chairman or Treasurer or other authorizsd oPEicer o£ the
Issuer, stating thdt Issuer has mads a review of its
1,� . ' ecctivities during the preceding Fiscal Year Por the �
purpose of determining whether or not the Issuer has ' •
Complied wi�h all oP the terms, provisions and �
� condit3ons of this Indenture and the Issuer has kept,
,� observed, peYformed and fulfilled each and avery
covenant, provision and condition of this Indenture on
;•I its part to be performed and is noC in dePau2t in the
� parformance or observance of any of the terms, -.
`� covenants, provisions or conditions hereof, or i� the
Issuer shell be in default such eertificate shall
„ specify all such defaults and the nature thereof; and
`I (d} suCh additional infor.matioa as the Trustee, or ��?
'� the Registered owners or owner oE twenty-five percent '
_; (25$) or mora in aggregate principal amount of the Bonds t�....
i then outstanding may reasonably request concarning the ,5
Issuer or the Project. �
J Section 4.23. Tax Matters. Tha Issuer shall not make�, or ��
i _
cause to be made, any nvestment or other use of the proceeds of
j the Bonds at any time during the term thereof which, if such ;�
investment or other use had been Yeasonably exoected on the date - +..
the Bonds were issued, would have caused the Bonds to be t:��'�=�:<:'�w.
_.�,._
t IV-10 ;=r ky
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�#1�`•:tk'r'•'.
e�nk 5H5 PacE896 �';�7"
X���7:.i;•>
arbitrage bonds within the meaning of Sec:ions 103 and 148 of the '���'^''"��
Internal Revenue Code of 1986, as amended, and shall comply with
all applicable federa2 income tax laws and regulations throughout
the te�tn of the Bonds.
The acquisition, construction, improvement and installation
of the Projec�, undar the terms and conditions provided for in
this Indenture and the Bond Resolution, are necessary,
convenient, in furtherance of and will at all times be used in
connection with the Issuer's governmental and proprietary �'"`• �
purposes and functions and is in the best interests of the �''"�:'�- '
�•„_,;,' .
citizens of the City and the County and no portion of the Project ,;;���::.;�
� will be used directly or indirectly in any trade or business ;�:��`'"
carried on by any person other than a governmental unit of the --
state.
:a The Issuer will not sell, lease or assign. its interest in Y
the Project or the Site Lease (except pursuant to the Mortgage) � •
or entez into any management agreement for the Project or -permit
'+ any other person to use the Project it such management agreement
I or use would cause the Bonds to become "private activity bonds"
,� under the Code. �
�, � Section 4.24. Construction of Addition. The Issuer shall `�
enter into a construction aontract on or before May 15, 1989, for �•{''``
the construction of the addition to the Project for which the �`.
Bonds have bean issued. The construction contract shall be in
` the form of a standard AIA Guaranteed Maximum Price or Stipulated
•: Sum Contract, shall provide for the construction of said addition r
,� in accordance with the plans and specifications therefor for a ^
guaranteed maximum price or a stipulated swn not to exceed the �
sum of $400,000 pZus any amount set aside by the Issuer in a
'=s� separate account to be used solely to pay Costs of the Project. `;<.
The Sssuer shall cause said addition to be acquired, constructed, '
ecruipped and installed in accordance with said plans and �,
saecifications and said construction contract as promptly as
'?:� p�acticab2e and with all reasonable dispatch and in any event
snall cause such addition to be completed by January 1, 1990.
The Issuer may make any changes in or modifications of said *i
construction contract a�ter it is executed and delivered and may
make any deletions from or suhstitu�ions or additions to said
addition (such completion, changes, modifications, deletions,
substitutions and additions being toge�her herein called "change �
_�j orders") , subject to satis�action of the following conditions: �
� i:
(a) Such change orders do not materially alter the �.
size, scope or character of said addition or impzir the
structurzl integrity or utility o� the Yroject.
., •
�� (b) Prior approvaZ of the contractors' surety
shall have been obtained;
:�_�:,'�:51.�
"s (c) To the extent `hat any change order, together `:<�` `
':w'>,-.�'z,
. �',.
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e�nx 585 FA�E�97 ��.�,;":"�_
with all prior change orders, will cause the estimated
remaihinq Costs of the Project to exceed the amount
remaining in the Acquisition and Construction Fund and
any amount set aside by the Zssuer pursuant to this
Section, the Issuer shall have set aside in a separate
account to be used solely to pay Costs of the Project
and sufficient to pay such excess.
No change order shall be effective until delivered to the Trustee ="`•'�,
in accordance with the £oregoing provisions. ��"`�'`
,��:i�:.
The Issuer shall complete the acquisition and construction �`� -
of the Project from funds legally available to it to the extent Er
that the proceeds of the Bonds are not sufficient to pay all of ��-- �'
the Costs of the Project. If the Issuer shall pay any portion of ''� r ,'
the Costs of the Project pursuant to this Section, the Zssuer
shall not be entitled to any reimbursement therefor from the _
Trustee or the owners of any of the Bonds, nor shall the Iss.uer ''
be entitled to any diminution other principal of or interest on _ ': ��
;� the Bonds or in the amount of Net Pledged Revenues to be �
deposited to the Bond Fund as provided in the Bond Resolution and
� this Indehture. �,;; ,
s,s•:
Y- ,� Section 4.25. Environmental Matters. The Issuer hereby }���`'
,,,� warrants and represents that the Project and the Site and the use
; thereof are in compliance with, and the Issuer will maintain the
i condition of the Project and the Site so that they shall remain
in compliance with, all applicable laws, statutes, ordinances, �,
'; rules and regulations of any governmental or quasi-governmental t
�;� authority, specifically including without limitation the Resource �, .
- Conse=vation and Recovery Act and the Comprehensive Environmental .
;Yq Response, Comuensation and Liability Act, both as amended, and
211 other environmeatal protection or toxic waste or hazardous � '
.-+ substance handling, treatment, storage or disposal laws, u
s�atutes, ordinances, rules and regulations. `
•r� The Issuer agrees to provide the Trustee and any Registered �
Owner of more than twenty-five percent (25$) of the aggregate �F
';� principal amouat of the Bonds then outstanding with copies of any �
� notifications of releases of oil or hazardous materials or
substancas or of any environmental hazards or potential hazards
wnich are given by or on, behalf of the Issuer to any fedexal,
;::� state or local agencies or au;horities or which are received by
"� the �.ssuer from any federal, state or local agencies or
� ,.
authorities with respect to the Project or the Site. Such copies �
�:-; shall be sent to the T*_ustee and any Regis�ezed owner of more `�
' than twenty-five percent (25�) of the aggregate vrincipal amount
:� of the Bonds then outstahding concurrent2y with their being
j mailed or delivered to the governmental agencies or au�horities :�
or within ten (lo) days after they are received by the Issuer. �,':::;
-r
; fihe Issuer agrees to provide the Trustee and any Reqistered � s }:;
; Owner of more than twenty-five percent (25�) of the aggregate . :�;..hY�
i principal amount of the Bonds then outstanding witn copies of all � •;
.�' �'.,
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' BOOK 5S5 PllGEL77J ��''��;'`'•
e •_L
; �.�`:}'...,
:�':��k�<a.:�::,
emergency and hazardous chemical inventoz-y forms (hereinafter
"Notices") with respect to the Project or the Site previously
given, as of the date hereof, to any federal, state or local
� governmenta2 authority or agency as required pursuant to the
; Emergency Planning and Community Right-to-Know Act of 1986, 42
U.S.C.A. Section 1101 et sey., and to provide the Trustee and any
� Registered Owner of mox-e than twenty-five percent (25%) of the �
aggregate principal amount of the Bonds then outstanding with •
copies of aZl such Notices subsequently sent to any such
governmental authority or agency as required pursuant to the �;�,'`,>;;
Emergency Planning and Community Right-to-Know Act oP 1986. Such �`�•.'-`
copies of subsequent Notices shall be sent to the Trustee and any i"���"�`-�
Registered Owner of moze than twenty-five percent (250) of the �--,
aggregate principal amount of the Bonds then outstanding ,.��'`t`''`
concurrently with their being mailed to any such governmental '��"'
authority ar agency. � '
,
�;..':; -;
`� To the extent allowed by law the Issuer hereby covenants_and
� agrees to indemnify, protect and hold harmless the Trustee and
; any purchaser at a foreclosure sale pursuant to the Mortgage and
;� any assignee of such purchaser from and against any and all �
claims, demands, liabilities and costs, including without � `
limitation attorneys� fees, arising from (a) any "release�� (as
i defined above) or threat of a "release,�� actual or alleged, or f,',.
�`` ,� an "hazardous substances"
y (as defined above) upon or about the
•;� Project or the Site or respecting any produats or materials
;) previously or now located upon, delivered to or in transit to or �
f from the Project or the Site regardless of whether such release F
or threat of a release or alleged release or threat of release � ,
i has occurred prior to the date hereoF or hereafter occurs and ..
'�j regardless of whether such release or threat of a release or ��
alleged release or threat of a release occurs as the result of j
;?� the negligence or misconduct af the Issuer or any third party or
? otherwise, or (b) any violation, actual or alleged, of or any � �
} other liability under or in connection with any law, statute,
,� ordinance, rule or regulation oP any governmental or quasi- y _
governmental authority, specifically including without limitation
the Resource Conservation and Recovezy Act and the Com�rehensive
,i Environmental Response, Compensation and Liability Act, both as ;;-
1 amended, or any other environmen�21 proteation or toxic waste or
hazardous substance nandling, treatment, storage or disposal
a lahs, stafutes, ordinances, rules or regulations, upon or about
i�,� ''�.he Project or the Site or respecting any nroducts or materials
previously or now located upon, delivered to or in transit to or �`
from the Project or the Site, zeaardless of whether such 1
�� violation or alleged violation has occurred prior to the date Fi4
hereof or hereafter occurs and regardless of whether such
' violation or alleged �iola�ion occurs as a result of the �y
�� negligence or misconduct of the Issuer or any third party or •
otherwise. This Section shall survive any termination of this .�:,;:, :
� Indenture.
<':�=;:�s, -
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cooK 585 Pac�899 :�.;�s,:�
• ARTICLE V
REVENLTES AND FUNDS
Section 5.01. Source of PaVment of Bonds. Pursuant to the
Bond Resolution the Net Pledged Revenues are to be remitted
, directly to the Trustee by the Issuer and deoosited in the Bond
Fund or the Reserve Fund, as the case may be. The Net Pledged
Revenues are pledged to the prompt payment of the principal of
and premium, if any, and interest on the Bonds. ,`:�,'..,, ..
.•c,l;
' Section 5.02. Creation of Bond Fund. There is hereby �'-`�`�-'
created by the Issuer and ordered established with the Trustee a ���-:, ,�
trust fund to be designated "Aspen/Pitkin County Aousing �'-5''�-
Authority, Housing Revenue Bond Fund, Hunter Longhouse Project,"
which shall be used to pay the principal of and premium, if any, "
and interest on the Bonds. • �.
�� Section 5.03. Pavments into Bond Fund. Theze shall be
I deposited into the Sond Fund (a) all accrued interest received,
,i if any, at the time of the issuance, sale and delivery of the 1,
Bonds, (b) all capitalized interest received from the proceeds `
of the Bonds, if any, at the time of the issuance, sale and ��t;•�
t� delivery o� the Bonds and (c) all other moneys received by the i�i;�?:�
" � Trustee from the Issuer pursuant to the Bond Resolution and this , .
�:i Indenture which are required or which are accompanied by
°� directions that such moneys are to be paid into the Bond Fund.
i The Issuer hereby covenants and agrees that so long as any of the
� Bonds issued hereunder are outstanding it will deposit, or cause
� to be paid to the Trustee for deposit in the Bond Fund for its ,: .,
;y account, in accordance with the provisions oP the Bond �•
Resolution, sufficient sums from the Net Pledged Revenues, �
<<� promptly to meet and pay the principal of, premium, if any, and
interest on the Bonds as the same become due and payable �.�
(whether at maturity, by redemption or otrierwise).
J .
Section 5.04. Use of Monevs in Bond fiund. Moneys in the
Bond Fund shall be used solely for the payment o£ the principal
of and premium, if any, and interest on the Bonds and for the
redemption of the Bonds prior to maturity.
Section 5.05. Creation of Reserve Fund. There is hereby
created and ordered established witn Trustee a trust Pund to be
r: designated "Aspen/Pitkih County Housing Authority, Y.ousing
f Revenue Bonds Reserve Fund, Hunter Longnouse Praject." An amount
1 egual ta the Reserve Fund Requirement shall be denosited therein 4�,
1 �rom the proceeds oP the Bonds, and any deficiency therein snall
i not create a de�ault hereunder if payments are made by the Issuer 'y
� in an amount su�ficient to restore the amount in the Resexve Fund ;�. ,
to the Reserve Fund Requirement from Net Pledaed Revenues
� available therefor and such payments shall be deposited therein. �
Moneys in the Reserve £und shall be transferred on any interest
� payment date to the Bond Fund if moneys in the Bond Fund for the . �.
� purpose of paying interest on and premium, if any, and principal �' `=4_,
f ,.,.
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of the Bonds are insufficient. Moneys in the Reserve Fund may
also be used by the Trustee, if an "event of default" has
occurred under Section 9.01 hereof, for the purpose of preservina
the assets constituting the Project, which expenditures may be
made at the discretion of the Trustee exercising its reasonable
judgment.
Section 5.06. Rebate Fund. Within thirty (30} days after
each anniversary of the date of issuance of the Bonds and not -
later than sixty (60) days after the redemption of the last Bond, �.
the Issuer sha12 compute the Rebate Amount for the year just "��4•'•� "
completed and shall traasfer from the Revenue Fund to a separas.e "rt'.+".`=�
special fund hereby created, established wi�h the Trustee and �`3 :�`-�
designate� as the '�Aspen/Pitkin County Housing Authority, Housing
Revenue Bonds Rebate Fund, Hunter Longhouse Project" an amount
equal to the amount so compuCed. If the amount so computed is n ° }' '_'
negative number, said amount may be withdrawn from the Rebate r `
Fund. All amounts in the Rebate Fund, including income earned ' '
1 from the investment of such amounts, shall be held by the Tzustee
i free and clear of the liens described in this Indenture and the -
� Bond Resolution. The Trustee shall pay over to United States of }�
America, puzsuant to written instruotions of the Issuer, upon ,
i which the Trustee is entitled to rely, not later than thirty {30) 1,`,
days after the fifth anniversary of the date of issuance of the ! .r�;.�;;
-i: � Bonds, an amount equal to 90� of the net aggregate amount
� transferred to or earned in the Rebate Fund during such period -
'` and not theretofore paid to the United States of America and, not
i later than sir.ty {60) days atter the redemption of the last Bond,
100$ of the aggregate amount in the Rebate Fund. Notwithstanding
� the provisions of this Section 5.06, the Issuer and the Trustee f- _
fshall at all times maintain and administer tha Rebate Fund in
conformity with all applicable federal statutes and regulations
�
� as the same may be amenaed from time to time.
a
� Section 5.07. Nonpresen�ment of Bonds. In the event any
! Bond shall not be presented for payment when the principal
,' thereof becomes due, either at maturiLy, ar at the date fixed for
I redemption tnereof, or otherwise, if funds sufficient to pay any
� such Sond shall have been made available to the T�-L:stee for the
� benefit of the owner or owners thereof, all liability of the
Issuer to the owner thereof for the payment ot such Bond shall
forthwith cease, determine and be completely discharged, and
thereunon it shall be the duty o� the Trustee to hold such
fun3s, without liability for interest thereon, for the benefit o£ '��
'i the owner of such Bond who shall thereafter be restricted �; y
� exclusively to such funds, for any claim of whatever nature on '<
i his part under this Ihdenture or ozt, or with respect to, such SfF
Bond.
; Section 5.08. Accruisition and Const-_�uction Fund. There is ':��.,.
hereby created and orderen to be establisheci with the 'Srustee a -
trust fun� to be nesignated the "Aunter I,onghouse Project
Accruisition and Construction Fund." The net proceeds o_° the .
� Bonds shall be deposited upon receipt thereof to the Acquisition °�;:%�.�:vs,�
i C� :.
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, 585 PacE9�1 S�`,y,t:,;,
and Construction Fund and used only to pay the costs of the ,!'�f;'',�'.
� Project. Moneys in the Acquisition and Construction Fund shall
be used to gay for Costs o� the Project. Payment shall be made
from the Acquisition and Constzvction Fund for the Cost of the
Project upon presentation to the Trustee of a certificate signed
� by the Issuer:
I
� (a) requesting payment of a specified amount of
such funds and directing to whom such amount shall be
i paid;
�;':
(b) stating that the amount requested either has ;��;�;,,;
been paid, or is justly due to contractors, ('��'='='`-
subcontractors, materialmen, engineers, architects or ;�`.�:`:�="'
other persons (whose names and addresses shall be `.-":r;;.-•_
stated) who have parformed necessary and appropriate
� work or furnished necessary and appropriate materials in '` ' '
� the accruisition, construction, equipping and
I installation of the Project, and giving- a brief `*. �`--.':
dascription of such work and materials and the several -
; amounts so paid or due to each of said persons in
j respect thereoP; SS
{
! (c} stating that no part of the several amounts ,��`,
paid or due, as stated in said certzficate pursuant to �;:±'+•'�
'`" � subparagraph (b) of this section has been, is being or f '� , `
:� will be made the basis for the withdrawal of any moneys '
in any previous, then pending or subsequently filed
certificate pursuant to this section;
� (d) stating that the amount remaining to be paid - _
, from the Acquisition and Construction Fund to pay the�
Costs of completing the Project will, after payment of
� the amounts requested, be su�ficient to pay the cost of s
completing the Project, it being understood that no i
moneys in the Acquisition and Construction Fund may be
e�ended unless aftez such exnenditure the moneys
remaining in the Acauisition and Construction � Fund,
togethe� W3�h any other funds available to and committed
by the Issuer, are sutficient to pay the Costs of , �;
completing the Project;
' (e) stating that such certi£icate contains no
reguest for payment on account of any retained
, percentage which the Issuer is at the date of such -C,_
,; certificate entitled to retain;
I :4
i • (f) stating that there has not been filed with or ,�;� �
served upon the Issuer any natice of any lien, right to
' a lien or attachment upon or claim affec�ing the xight ::��: , •
� of any person, Pirm or corporation to receive payment o� ;,..,;;.
the respective amounts state@ in sz9.d certi�icate which
� has not been released or will not be released , :, ,
simultaneously �+ith the payment of such obliga�ion; and r: ::_
i�'.
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• (g} attaching invoices, statements, vouchers or
bills for the amounts requested and lien waivers for all
services or materials furnishecl by subcontractors,
except as to any retainage, related to amounts specified
in such certificate.
The Trustee may rely conclusively on any such certificate and
sha12 not be required to make any independent investigation in
� connection therewith. A fo�-m of such oertificate is attached ':>"• �
+ hereto as Exhibit C. a;:�`,-,:�
t).'7:
� C.;�:::......
' Notwithstanding the foregoing, the Trustee shall not make �',�;��:
I any c3isbursements to pay Costs of the constructing the addition -:�-
� to the Project until the Issuer files with the Trustee and any ''``r�`��
� Registered owner af more than twenty-five percent (25�) of the ��;�.,.,
' aggregate principal amount of the Bonds then outstanding the s
,1 following: �
1
� (a) " A fully executed copy of the constructian _
contract meeting the requirements of Section 4.24 of - -
;; this Indenture; -
i
(b) A conditional assignment of said construction �
contract assigning the Issuer's right thereunder in the 4r � `�
� 1'"� event of the occurrence of an event o£ default to the �
,;� Trustee; �,'
':_i
�:.:� {c) PerYormance and labor and material payment �
bonds in the amount of said construction contract naming
the Issuer and the Trustee as dual obligees; and C `
�� �; .
,.1� (d) A copy of the building permit for the
construction of said addition if a building permit is
,1�
required for such construction.
° The Acauisition and Construction Fund shall terminate upon
t2�e presenta�ion to the Trustee and any Registered Owner of more
''��I than twenty-five percent (25�j of the aggregate principal amount
,,:� of the Bonds then outstanding of a Completion Certi�icate, a form � `:�,
o£ which is attached hereto as Exhibit D, and date doum
� endorsements to the �i�le policy fu=-nished pursuant �o Section �
4.11(e) of this Indenture. The Completion Certificate shall be `
�:� signed by the Issuer and shall state (i) :.he date on which the f '
�::';� ?roject was completed, (ii) that aZZ other facilities necessary
;y in connection with the Project have been acquired, cons�ructed, �:
-'� eguipped and installed, (iii) that the Project is in confoxmance `
kith all applicable zoning, planning, building, environmental and
� other similar gove_rnmental regulations, end (iv) that all Costs
:j ��
oP the Praject have been paid. Such certificate may state that �,
j it is gzven without prejudice to any rights of the Issuer that ,,�•,:::::;
� then exist oz may subseauent2y come into being aaainst third
; par�ies. Upon tes�nination as described in this paragraph, any ,
amount remaining in the Accruisition and Cons�ruction Fund shall . '
� be �ransfexred to the Bond Fund to pay the principal of and •'' �';�'-:�-,
� V_4 t�,.�s��•
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� BOOK 5C�.7 PAGt9�J� -�L��
# �'..4;iU�:
interest on the Bonds next due or used to the extent feasible to �`���•`
call and redeem Bonds prior to maturity.
'• Section 5.09. Moneys to be Held in Trust. All moneys
' reauired to be deposited with or paid to the Trustee for account
' ta any fund referred to in any provision of this Indenture shall
Sbe held by the Trustee in trust, and er.cept for moneys deposited
i and held in the Rebate Fund and moneys deposited with or paid to
� the Trustee for the redemption of Bonds, notice of the redemption ;��...:-
oP which has been duly given, shall, whiie held by Trustee, =•u:�
� constitute part of the Trust Estate and be subject to the lien ' ;t1
( or security intezest created hereby.
3
� Section 5.10. Itepayment to Issuer from Trust Funds. Any t =
amounts remaining in the Trust Funds after payment in full of the `�
� principal of, premium, if any, and interest on the Bonds, the �_�
.� fees, charges end expenses of the Trustee and all other amounts ,
required to be paid hereundez shall be paid immediately_ to
� Issuer. - —
°!� Section 5.11. Additional Amounts Payable. Tha Issuer ;'`;:s?;;:.�
'' agrees to pay the fees and expenses of the Trustee hereunder. c;t;�„_:.i
All such payments received by the Trustee sha21 not be paid into � -
z ,� the Bond Fund but shall be set up in separate accounts ��r�`, :
appzopriately designated and shall be da.sbuzsed by the Trustee k
_ >� solely for the purposes for which such payments are received. �
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-! eooK 585 FacE9L4 `'�`
. ARTICZ,E VI
INVESTMENT OF MONEYS
Any moneys held as part o� any Trust Fund or any other fund
shall be invested and reinvested by Trustee at the request of and
as directed by an authorized officer o; the Issuer, in such
qualified Investments as may be legally authorized investments �
for funds of the Issuer. Any such investments shall be held by k--`' �
� or under the control of the Trustee. The Trustee may make any ��;;;;-
•, and all such investments through its own bond department or the
i bond department of any bank or trust company under common control �
with the Trustee. All such investments shall at all times be a
part of the Trust Fund from whese the moneys used to acquire such ��::
investments shall have come, and all income (except as f, :'. � �
� hereinafter set farth) and profits on such investments shall be r. "`
T,� credited to, and losses thereon shall be charged against, such '
funds. Notwithstanding the foregoing, income on investments of
moneys in the Reserve Fund in excess o£ the- Reserve- Fund
i Requirement shall be transferred to the Bond Fund.
i� s �
The Trustee shall sell and reduce to cash a sufficient
i;� amount of such investments whenever the cash balance in any Trust �.,, .,
;{ Fund is insufficient to pay for the purposes for which such Trust ` `
"`� d £und is established. The Issuer and the Trustee jointly and �
severally covenant and certify to each other and �o and for the �
,r�� benefit oP the owners of the Bonds trom time to time outstanding �
„i, that so 2ong as any of the Bonds remain outstanding moneys on
-� deposit in any fund or account in connection wi.th the Bonds, ±'
~;� whether or not such moneys were derived from the proceeds of the � .. --
��� sale oP the Bonds or from any other sources, will not be used in j
-� a manner which will cause the Bonds to be classiPied as �
��� "arbi�rage bonds�' withih the meaning of Sactions 103 and 148 of �•
the Code. Pursuant to such covenant, the Issuer and the Trustee
reasonably expect to comply throughout the tena of the i.ssue of �
the Honds with the reauirements of Sections 103 and 148 of the '"
` Code, and zny regulations promulgated thereunder. �
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ARTICLE VII
RIGHTS OF ISSUER
�
� Section 7.01. Riqhts o£ Issuer. So long as no default has
i occurred under this Indenture, the Bond Resolution, the Site ,
Lease or the Mortgage, the Issver shall have all rights and
privileges set forth in said documents. The Trustee agrees that
it shall execute and deliver any instrument necessary or
appropriate at any time to confzrm, evidence or enable the Issuer �:^iu��.;.'-
to enjoy such rights and privileges including without limitation '�';•1.��-;.,�
those referred to in Section 7.02 hereof. ;sj'^`�r<=;
Section 7.02. Granting of Rights in and to Proiect. The °ry"h�'�-
Authority has executed the Mortgage causing a first mortgage lien JF�r'�
� . � ;.
and security interest to be granted to the Trustee in all real
and personal property included in the Project and the Issuer!.s
interest under the Site Lease, subject only to Permitted
Encumbrances,� in order to secure payment of -principa3 of,
premium, if any, and interest on the Bonds.
�;_ -
`'� The Authority hereby further agrees that in the ,event of a r i
default under the Bond Resolution or this Indenture and ���y>,,;,
-i, acceleration of payment of the Bonds by the Trustee pursuant to ..f-�;;�,.
Section 9.02 of this Indentuse, the Trustee may foreclose its ''.,-
;}. first mortgage lien and security interest on real and personal
property subject to the Mortgage and use any proceeds therefrom
'� Por payment of principal vP, premium, if any, and interest on the g
- '�� Bonds irrespective of any other remedies exercised by the �r .
,K� Authority or the Trustee. Upon payment of all principal of, � :
9 premium, if an y, and interest on the Bonds, such first mortgage �
�-;a lien will be released in accordance with provisions of the
� Mortgage and the Trustee shaZl execute such documents as may be
' necessary to evidence such release.
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. ARTICLE v?II BOOK 585 PpcE9�6 ���{ '�
DISCHARGE OF LIEN
So long as no event of default er.fsts hereunder, if the
Issuer shall pay or cause to be paid to the owners of the Bonds
the principal and premiva�, if any, and interest due or to become
i due thereon at the times and in the manner stipulated therein,
i and i� the Tssuer shaZ2 pay or cause to be paid, or there shall
othen:ise be paid or provision for payment made, to the Trustee �;';';;�"
' and any paying agent all sums of money due or to become due �c
iaccording to the provisions hereof, then these presents and the ti
i esta�e and rights hereby granted shall cease, determine and be `�`:;^,;
� void, whereupon the Trustee shall cancel and discharge the lien �.'�>;;:
� of this Tndenture, and execute ahd deliver to the Issuer such %' ; , r
� instruments ;n kritiag as shal]. be requisite to release the lien �.
� hereof, and reconvey, release, assign and deliver unto the Issuer
i any and all the estate, right, title and interest in and to_any
� and all rights or property conveyed, assigned or pledged to the
i Trustee or otherwise subject to the lien of this Indenture, . -
-� except amounts in the Trust Funds required to be paid to the ��
Issuer under Section 5.09 hereof ahd exoept cash held by the
.{ Trustee for the payment of the principal of and premzum, if any, �
, and interest on the Bonds. The q �".`•
pled e and lien and a11 , �..�
- � obligations under the Bond Resolution shall also be discharged
;, and the Bonds shall no longer be fieemed to be outstanding within
;� the meaning of this Indenture and the Bond Resolution.
I
= Any Bond shall be deemed to be paid within the meaning o:.
�� this A..-�icle VIII and for all purposes of this Indenture and the
Bond Resolution when (a) payment of the principal of and premium,
if any, on such Bond, plus interest thereon to the due date
;`� thereof (whether such due date is by reason of maturity or upon
redemption as provided herein) either (i) shall have been made '
; or caused to be made in accordance with the terms thereof, or
� (ii) shall have been provided by irrevocably depositing with the
•� T*_�ustee, in trust.and irrevocably set aside exclusively for such
payment, (1) moneys sufficient to make such payment arid/or {2)
� Governmental Obligations, as defined hereinafter in this `�i,
+ Ar�icle, maturing as to principal aad interest in such amount
and at such �ime as will insure kithont reinvestment the
� availability of sufficient moneys to make such payment, and (b)
all necessary and proper fees, comoensation and expenses o£ the :�
Trustee and any paying agent pertaining to the Bonds kith resAect
to khich such fleposit is made shall have been paid or the ��
; payment thezeof provided for to the satis£ac�ion of it. At such �
times as a Bond shall be deemed ta be paid hereunder, as •tV
aforesaid, it shall no longer be secured by or entitled to the �
benefits of this In6enture, except for the purposes of any sucn .l
payment from such moneys or Governmental Obligations.
Notwithstanding the foregoing, no deposit under clause '`'`?, ;
(a) (ii) of the immediately preceding paragraph shall be deemed a
: payment of such Bonds as aforesaid un�il: (a) proper no�ice o° ;�_` �`;.
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eoak 585 FacE9�7 �����".=�
redemption of such Bonds shall have been previously given in
accordance wfth ArticZe III of this Indenture, or in the event .
said Bonds are not by their terms subject to redemption within
the next succeeding 60 days, until the Issuer shall have g'lven
the Trustee, in form satisfactory to the Trustee, irrevocable
instructions to notify, as soon as practicable, the owners of
the Honds, in accordance with Article III hereof, that the
deposit required by (a) {iz) above has been made with the Trustee
and that said Bonds are deemed to have been paid in accordance `� '�
with this Article and stating such maturity or redemption date '-;��:ri," �
upon which moneys are to be available for the payment of the : ��::•r:::^
principal or redemption price, if applicable, on said Honds; or �J ����
(b) the maturity of such Bonds. � {.., :.
r., -
Notwithstanding the foregoing, in the case of Bonds which by `:,��
' their terms may be redeemed prior to their stated maturity, r.o
' de osit under the second ara ra h of this Section shall be •
P P 4 P ,:
! deemed a payment of such Bonds as aforesaid until the Issuer,
shall have given the Trustee, in form satisfactory to the :,:'•�'`
� Trustee, irrevocable instructions: y
(a) stating the date when the , principal (and j��->., '.
7„ � premium, if any) of each such Bond is to be paid, _�:i;';.
whether at maturity or on a redemption date (which may "• "'
'�� be any redemption date permitted by this Indenture) ;
,�
�a (b) to call for redemption pursuant to this
ti Indenture any Bonds to be redeemed prior to maturity
� pursuant to (a) hereof; and r
:i --
(c) to mail as sooh as practicable, in the manner
`:� prescribed by Artiale III hereof, a notice to the owners
of such Bonds that the deposit required by (ii) above
� has been made with the Trustee and that said Bohds are
,;�� deemed to have been paid in accordance with this Article '
VIII and stating the matuzity or redemption date ugon '
which moneys are to be available for the payment of the
�� principal or redemption price, if applicable, on said
i
Bonds as specified in (a) hereo�.
;.ij �11 moneys so deposited with the Trustee as provided in this +
� Article VIII may at the direction of the Issuer also be invested
'�� and reinvested in . Governmental obligations, maturing in the
�� amounts and times as hereinbefore sat forth, and all income from
� all Gove?-nmental Obligations in the hands of the Trustee �
•. pursuant to this Article VIIZ which is not zequired for the `
;i payment of the Bonds and interest and premium, if any, thereon %
with respect to which such moneys shall have been so deposited
� shal7. be depasited in the Bond Fund as and when realized and �'
; collected tor use and applioation as are other moneys deposited
j in that Fund. \ "
;:.._
; � .:
j The Issuer and the Trustee hereby covenant that they will . ,�,.'
'; use their best e�fort to see that no deposit will be made or �+t, '�-�
,.�"
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• accepted hereunder and no use made of any such deposit which
would cause the Bonds to be treated as arbitrage bonds within
the meaning of Sections 103 and 148 of the Code.
For the purposes o° this Article, the term "Governmental
Obligations" shall mean any of the following which are non-
callable and which at the time of investment are legal '
iinvestments under the laws of the State for the moneys proposed •.,,�:,.-
; to be invested therein: direct general obligations of, or %�;;;,;...=.
i obligations the timely payment of the principal of and interest E�,'i. '
� on which are fully and unconditionally guaranteed by the Llnited �':`":"
+ States of America. t;
I �t .
Notwithstanding any provision of any other Article of this �
Indentura which may be contrary to the provisions of this '� �_'
Article, all moneys or Governmental Obligations set aside and k: `�:•:'-
held in trust pursuant to the provisions of this Article for the
payment of Bonds (including interest and premium thereon, if
I any) shall be'applied to and used solely for the payment -of the _ "�
particular Bonds (including interest and premium thereof, if any) -
<; with respect to which such moneys and Governmental Obligations �s;->c��' i
have been so set aside in trust. ��;-'`
Anything in Article X hereof to the contrary '+\
` _ notwithstanding, if moneys or Governmental Obligations have been ��/
deposited or set aside with the Trustee pursuant to this Article
.;;� for the payment of Bonds and such Bonds shall not have in fact �
.,� been actually paid in full, no amendment to the provisions of e
w; this Article shall be made without the consent of the owner of =
y each Bond affected thereby.
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ARTICLE IX
DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE
AND BONDHOLDERS
Section 9.01. Defaults; Events of Default. If any of the
I following events occur, it is hereby declared to constitute an �
� �'event of default" after notice and failure to cure as provided •
in Section 9.12 hereof:
����`•'i:' '-
(a) Default in the due and punctual payment of �..•: .
� interest on any Bond; or ���`'``-
='1-_.:.^�-i
; (b) Default in the due and punctual payment of the 'yt''-
principal of or premium, iP any, on any Bond, whether at
the etated maturity thereof, or upon proceedings for �' `-'
� redemption thereof, or upon the maturity thereof by �
,j declaration; or _ _ -
(c) Default in the performance or observance of
`� any other of the covenants, agreements or conditions on �
the part of the Issuer in this Indenture, the Bond
;� Resolution, the Mortgage, the Site Lease or in the Bonds ��`,
contained, including without limitation the Issuer's r'�;;�•,
-'s: .j obligation to make monthly payments of Net Pledged
� Revenues to the Trustee for deposit to the Bond Fund as
- :',� provided in the Bond Resolution.
,� Section 9.02. Acceleration. Subject to Section 9 of the - ,
`; Site Lease, upon (i) the occurrence of an event o£ default and :
•,� (ii) Pailure to cure such event of default within ninety (90)
days after the occurrence of such event of default, the Trustee
may, and upon the written request of the owners of not less than
�� 25$ in aggregate principal amount of Bonds then outstanding �
.I shall, by notice in writing delivered to the issuer, declare the
.,� principal of all Bonds then outstanding and the interest accrued
thereon from the date of the occurrence of such event of default
�'� immediately due and payable, and such principal and interest :,
,� shall thereupon become and be immediately due and payable, solely ;i
from the Net Pledged Revenues of the Pro�ect, amounts held by the
Trnstee in the Bond Fund and the Reserve Fund and any amounts
� derived from the exercise of remedies under this Indenture, the
I 'i,
Mortgage or the Bond Resolution.
�•i Section 9.03. Other Remedies; Riahts of Owners. Upon (i)
:; the occurrence of an event of default and (ii) failure to cure '�
; such event of default within ninety (90) days aPter the 5��
occurrence of such event of default, the Trustee may pursue zny '
! available remedy at law or in eguity to enforce the payment of �_`j
the principal of and premium, if any, and interest on :he Bonds _
then outstanding. • '� -
� :
1 If an event of de�ault shall have occurred, and if requested - t �',-'
so to do by the owners of 25� in aggregate principal amount of f" 'w �;
� `.,.'�l.`....y`y`..
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eaaK 585 FacE91O ���''�y��:,�
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Bonds then outstanding and indemnified as provided in Section F�'��'"`
lO.OZ(1) hereof, the Trustee shall be obligated to exercise such
one or more of the rights and powers conferred by this Section
9.03, as the Trustee, being advised by counsel, s2�a11 deem most
expedient in the interests of the Owners.
No remedy by the terms of this Indenture or the Bond
Resolution conferred upon or reserved to the Trustee (or to the ,
Owners) is iritended to be exclusive of ahy other remedy, but each
and every such remedy shall be cumulative and shall be in `� �
j addition to any other remedy given to the Trustee or to the `�•�.';i;° '
owners hereunder or now or hereafter existing at law or in ��r-?k��':�;'
equity. fi`.`� ._-_
�'y-%:-, -
No dela or omission to exercise an ri ht or �'"���
' Y y g power accruing
� upon any default or event of defau2t shall impair any such right -. � �
� or power or shall be construed to be a waiver of any such
default or event ot default or ox acquiescence therein; and such
i right and power may be exercised from time to time as often as ,;:--,:.�`
� may be deemed expedient. -
r
No waiver of eny @efault or event of default hereunder, ti
! whether by the Trustee or by the owners, sha12 extend to ar shall ``�=�'�: '
� +� affect any subsequent default or event of default or shall impair �.:�,•:.''.
any rights or remedies consequent thereon. ` ` ''
i Section 9.04. Ri_ght of Bondholders to Direct Proceedinas.
Anything in this Indenture, the Mortgage, the Site Lease or the
` Bond Resolution to the contrary notwithstanding, the owners of a
majority in aggregate principal amount oY the Bonds then
outstanding shall have the right, at any time, by ari instrument -
;?� or instruments in writing executed and delivered to tl'ie Trustee,
to direct the method and place of conducting all proceedings to ;
be taken in connection with the enforcement of the terms and �.� .
conditions of this Indenture and the Bond Resolution� or for the
appointment of a receiver or any other proceedings hereunder;
provided, that such direction shall not be oLherwise than in
accordance with the provisions of law and of this Indenture, the
Mortgage, the Site Lease and the Bond Resolution.
, - '�t;
;� Section 9.05. Appointment oP Receivers. Upon the
`=f occurrence o� aa event of default, and upon the filing of a suit
=1 or other commencement of judicial proceedi.ngs to enforce the
� rights of the Trustee and of the owners under thi5 Indenture and
;� the Bond Resolution, the Trustee shaZZ be entitled, as a matter
? of right, to the appointment of a receiver or receivers of the i`
' Trust Estate and of the revenues, earnings, income, products and L�`
I profits thereof, pending such proceedings, with such powers as
i the court making such appointment shall confer.
I Section 9.06. Waiver. Upon the occurrence of an event of ��' '''`
; default, to �he extent that such rights may then Zawfully be t;';€;:;;;;,.'_:
� waived, neither the Issuer, nor anyone claiming throuqh or under • '-;i>`'�. �
; it shall set up, claim, or seek to take advantage of any � �, �v`
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appraisement, valuation, stay, extension or redemption laws now
or hereafter in force, in order to prevent or hinder the
enforaement of this Indenture and the Bond Resolution, and the
Issuer, far itself and all who may claim through or under it,
hereby waives, to the axtent that it lawfully may do so, the
benefit of all such laws. �
� Section 4.07. Application of Maneys. All moneys received •
by the Trustee pursuant to any right given or action taken under :.��-•
�.:,:�
the provisions of this Article shall, after payment of the costs ...,,.;:., ''
and expenses o� the proceedings resulting in the collection of '}
such moneys and of the expenses, liabilities and advances ��%'
incurred or made by the Trustee� be deposited in the Bond Fund ,�
and all moneys in the Tnxst Funds shall be applied as foZlows: �,�,;,,�., '-
(a) Unless the principal of all the Bonde shall ' '-'
' have become or shall have been declared due and payable,
iall such maneys sha21 be applied: _ - - _
" ,R':..._,':';,.�. :
� FIRST - To the payment to the persons entitled H' ,
thereto of all installments of interest then due on the �ti�
Bonds {with interest on installments of interest which iy�
�9:;::.
-F: 1 have not been paid when due or when otherwise payable in �';;
� accordance with the terms hereof, if lawful, at the rate '� �r': °
� of twelve percent (i2�) per annum), in the order of the s :':
� maturity of the installments of such interest and, if
the amount avazlable shall not be sufficient to pay in
� full any particular installment, then to the payment
ratably, according to the amounts due on such
installment, to the persons entitled thereto, without
+; any discrimination or privilege; and
SECOND - To the payment to the persons entitled
thereto of the unpaid principal of and premium, if any,
on any of the Bonds which sha11 have become due (other � �
than Bonds matured or called for redemption for the "
payment o£ which moneys are held pursuant to the
� provisions ef this Indenture), wi�h interest on such �
� `� Bonds from the resnective dates upon which they became � , ;�:
due (with interest on installmencs of principal which
��a have nat been paid when due or when otherwise payable in ;:
;;;� accordance wi'-�h the terms hereof at t.he rate of twe�ve
percent (12�) Aer annum) and, if the amount available �.
;� shall not be sufficient to pay in full Bonds due on any
par`�icular date, together with such interest, then to �!?
`�'i the payment ratably, according to the amount of `�.�.
principal due on such date, to the persons entitled ;
,'; thereto without any discrimination or privzZege; and s
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THIRD - To be held for the payment to the persons
entitled thereto as the same shall become due of the
pzincipal of and premium, if any, and interest on the
Bonds which may thereafter become due either at maturity
or upon call for redemption prior to maturity and, if
the amount available shall not be sufficient to pay in
full Sonds due on any particular date, together with
interest then due and owing thereon, payment shall be
made ratably according to the amount of principal due on
such date to the persons entitled thereto without ahy `;`'{,.',;._,
discrimination or privilege. .r;;;;.,::.
���':"^:�:
(b) If the principal of all the Bonds shall have �
become due or shall have been declared due and payable, �''�'`
all such moneys shall be applied to the payment of the
��\.:.,.� ;
principal and interest then due and unpaid upon the
Bonds, without preference or priority of principal over
interest or of interest over principal, or of anY
installment of interest over any other ihstallment-of
,,{ interest, or of any Bond over any other Bond, ratably, - :.�`;.,
according to the amounts due respectively for principal �
`A and interest, to the persons entitZed thereto without !f:;:' :
any discrimination or privilege, plus if available with '� '�
.. ._� r .
interest on installments of interest or principal which r
have not been paid when due or when otherwise payable in �;
;;� accordance with the te=ms hereof at a rate ot twelve
^� percent (12$) per annwa.
Vi (c) If the principal of a11 the Bonds sha12 have �
� been declared due and payable, and if such declarations � -
,� shall thereafter have been rescinded and annulled under
�� the provisions of this Article then, subject to the � '
�;
' provisions of Section 9.o7(b) hereof, in the event that �'
� the principal of all the Bonds sha21 later become due or
�' be declared due end payable, the moneys shall be applied
�� in accordance with the provisions of Section 9.07(a)
t� hereof. "
si
';� Whenever moneys are to be applied pursuant to the provisions F
of this Section 9.07, such moneys shall be anplied at such �
times, and from �ime to time, as Trustee shall determine, having
due regard to the amount of such moneys available for
application and the likelihood of additional moneys becoming
available for such application �in the future. Whenever the �.',
Trustee shall apply such tunds, it shall fix `�.he date (which 4�; �
shall be an interest payraen� date unless it shall deem another � y
date more suitable) upon which such application is to be made i`:� _
:� and upon such date interest on the amounts of principal to be ''
1 paid on such dates shall cease to accrue. The Trustee shall :� ' .
� give such notice as it may deem appropria�e of the deposit with �
it of any such moneys and of �he fixing of any such date, and
shall not be recruired to make payment to the owner of any Bond � � l .
� un�il such Bond shall be presented to the Trustee for appropriate -; y4,
endorsement or for cancellation if fully paid. `t�t,.
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Whenever the principal of and premium, if any, and interest
on all Bonds has been paid under the provisions of this Sec�ion
9.07 and all expenses and charges o# the Trustee have been paid,
any balance remaining in the Bond Fund shall be paid to the �
Issuer as provided in Section 5.09 hereof.
Section 9.08. Remedies Vested in Trustee. All rights of
action (including the right to file proof of claims) under this
� Indenture, the Bond Resolution, the Mortgaqe or under any of the '��"-
Bonds may be enforced by the Trustee without the possession of �•;;` �-
any of the Bonds or the production thereof in any trial or other
proceeding relating thereto and any such suit ar proceeding ����'''�
instituted by the Trustee sha11 be brought in its name as the
Trustee without the necessity of joining as plaintiffs or �,;`:�
defendants any owners oP the Bonds, and any recovery of judgment
shall be for the equal �nd ratable benefit of the owners of the
=a outstanding Bonds.
� Section 9.09. Rights and Remedies of Owners: No owner of
any Bond shall have any zight to institute any suit, ac�ion or
�r`� proceeding at law or in equity for the enforcement of this
_ Thdenture or the Bond Resolution or foY the execution of any ��;:.`' �
trust hereof or for the appointment of a receiver or any other
x remedy hereunder, unless also a default has occurred of which the t "
Trustee has been notified as provi8ed in Section 10.01{h} �'`` -
�'-;.•� hereof, or of which by said subsection it is deamed to have
"� notice, hor unless also such default (i} shall have become an
.� event of default and (ii) shall not have been cured within ninety
'`.`r.� (90) days aftez the occurrence of such event of default and the
owners of 25� in aggregate principal amount of Bonds then '-
'�� outstanding shall have made written rerruest to the Trustee and
:::?�i shall have offered it reasonable opportunity either to pzoceed
�`'''� to exercise the powers hereinbefoze granted or �a institute such
,^-;i action, suit or proceeding in their own name or names, n�r unless
,'-�� also they have o�fered to the Trustee indemnity as provided in
-:;:= Section 10.03(1), nor unless the Trustee shall thereafter fail
,;7:;, or refusa to exercise the powers hereinbefore granted, or to
' institute such ac�ion, suit or proceeding in its own name; and
';>:� such notification, recruest and ofEer of indemnity are hereby `K.
" declared in every case at the option of the Trus�ee to bs
;;':� conditions precedent to the execution of �he powers and trusts
•'�=5 of this Indenture, and to any action or cause of action for the
;:� enforcement of this Indenture, or for the appointment of a
receiver or for any other remedy he�eunder; it being understood �
':� and intended that no one or more awners cP the Bonds shall have ;
,� , any right in any manner whatsoever to affect, disturb or � ;
°,� grejudice the lien of this Indenture, the Sond Resolution or the �
;�"1 Mortgage by its, his, her or tneir action or to enforce any `
� right hereunder except in the manner herein provided, and that
a11 proceedings at law or in eauity shall be instituted, had and
..:� maintained in the menner herein pxovided and for the eaual anc3 �� _
ratable benefit of the owners of all Bonds then outstanding, i,....,.
i However, no�hing contained in this Indenture, the Bond Resolution ,`�:�;,;�:�°
or the Mortgaae shall a�fect or impair the right of any owner to '�"�=°
^.i �t'y,
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� en_orce the payment of the principal of and premium, if any, and
interest on any Bond at and a:ter the maturity thereof, or the
obliga�ion of the Issuer to pay the principal of and premium, if
any, and interest on each of the Bonds issued hereunder to the
respective owners thereof at the time, place, from the source
and in the manner in the Bonds and the Bond Resolution expressed.
Section 9.10. Termination of Proceedings. In case the
Trustee shall have proceeded to enforce any riqht under this
± Indenture by the appointment of a receiver or otherwise, and ���
;�;ti;:•> `
such proceedings shall have been discontinued or abandoned for '�"'. '
� any reason, ar shall have been determined adversely, then and in ;:�{'':;':-
� every such case the Issuer, the Trustee and the owners shall be '_�:�:_��
restored to their former positions and riqhts hereunder
respeatively with regard to the property subject to this ����`-.�'
Indenture, and all rights, remedies and powers of the Trustee �F- . -
� shall continue as if no such proceedings had been taken. ` � � , .
Section 9.21. Waivers of Events of Defauit: The Tiustee _
may at its discretion waive any event of default hereunder and
� its consequences and rescind any declaration of maturity of ti
.� principal (provided that if more than 50% of the aggregate .
principal amount of the Bonds outstand}�ng are owr�ed by a single �_ ,�
-,: � Registered owner, the Trustee shall not do so without such � r'�'
12egistered owner's written consent), and shall do so upon the
written request of the owners of (1j more than 66-2/3� in
,� aggregate principal amount of �11 the Bonds then outstanding in
`� respect of which nePault in the payment of principal or
'� interest, or both, exists, or (2) more than 66-2/3� in aggregate
� principal amount of all Bonds then outstanding in the case of -
��' any other default; provided, however, that �here shall not be ��
` waived (a) any event aP default in the payment of the principal "
'� of any outstanding Bonds at the date of maturity speci�ied
1 therein or (b) any default in �he payment when due af the � �
�i interest on any such Bonds unless priox to such waiver or 4:
:� rescission, all arrears of incerest, o�- overdue installments of ?
� intezest or all arrears of paymen�s of principa2 when due, as ;;
the case may be, both tiith interest at the rate ox twelve percent r
(22�) per annum on overdue installments, and all ex.penses of the �
'�+ Trustee, in cor�nection with such default shall have been paid or �
provided for, and in cases of eny such waiver or rescission, or
�� in case any proceeding tzken by the Trustee on account a� any
:� such default shall have been discontinued or abandoned or
-; determined adverselp, then and in eve=-y such case the Issuer, the .
' Trustee znd t.he Owners shall be restored to theiz former ;
�;
`; positions and rights hereun&er respective?y, but no such wziver �
, or rescission shall extend to any subsequent or other default, �
OZ', 17DDd12 any righ� conseauent �hereon. •1 � -
�� k
Section 9.12. Notice of Defaults under Section 9.01;
oabo�unity of Tssue- to Cure Such Defanl�s. Anything herein to -
�� the con�rary natwiths�anding, no ae�ault under Section 9.01 ?
' hereof sha11 constitute zn event of default until actual notice ".:�::�! '
1 of such de�ault by registered or cer�i`ied ma:l shall be given � ��
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eonK 585 PacE915 '`�`
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• to the Issuer, the County and the City by the Trustee or by the
owners of not less than 253 in agr,regate principal amount of all
Bonds outstanding and the Issuer shall have had thirty (30) days
after receipt oP such notice to correct said default or cause
� said default to be corrected, and shall not have corrected said
default or caused said default to be corrected within the
' applicable period; provided, however, if said default is a
default described in Section 9.o1(c) hereof and said default be C*.��-,`-'
such that it cannot be corrected within the applicable period, -" �
,�•,.,-.-
' it shall not constitute an event of default if corrective action �'k�;;,;.�
� is instituted by the Issuer within the thirty (30) day period '�'"`
' and diligently pursued until the default is corrected. �`�'�•-=-�
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TRUSTEE
Section 10.01. Acceutance of Trusts. The Trustee hereby
accepts the trusts imposed upon it by this Indenture, and agrees
to perform said trusts, but only upon and subject to the
following express terms and conditions:
' (a) The Trustee, prior to the occurrenpe af an -�:;�i�.,;:,_::
' event of default and after curing of all events of '•-''�3;,. •
default which ma have occurred undertakes to erform �"��" '��
' Y , P !�9`'-:,�-:;
i such duties and only such duties as are specifically set #. ._:,�:.�;
forth in this Indenture. In case an event o£ default �4"'-'°'�-
has occurred r`�f��
(which has not been cured or waived) the � '°'
+ Trustee sha21 exercise such of the rights and powers " L'
� vested in it by this Indenture, and use the same degree
i of care and skill in their exercise, as an ordinary_
f prudent trustee would exercise oz use under a corporate _
j mortgage. �-:
� r4`-
� (bJ The Trustee may execute any of the trusts or � �' �
i powers hereof and perform any of its duties by or r�
T' through attorneys, agents, receivers or employees but �:�,'�,
.� shall be answerable for the conduct of the same in e ?
accordance with the standard specified above, and shall
be entitled to advice of counsel concerning its duties
.� hereunder, and may in all cases pay such reasonable
compensation to a12 such attorneys, agents, receivers
'•� and employees as may reasonably be employe8 in ..
� � connectian with the trusts hereo�. The Trustee may act
;� upon the opinion oz advice of any attarney approved by
the Trustee in the exercise of reasonabZe care. The �
yTrustee shall not be responsib2e for any loss ar damaue �-
resulting from any action or inaction in good �aith in
';.� reliance upon such ,opinion or advice.
(c) The Trustee shall not be responsible for any
;� recital herein, or in tne Bonas (except with respect to :•
' � the certifica�e of the Trustee endorsed on the Bonds), `�
:a or Eor insuring the Project or collecting any insurance
/'� • moneys, or for the validity of the execu�ion by the
Issuer o° this Indenture, oz of any suAplements thereto
' or inst+�uments of further assuranca, or far the
�a sufficiency of the security for the Bonds issued
hereunder or intended to be secured hereby, or for the i
' value or title of `he Project or any lien waivers with
:; respect to the Project; provided tha� the Trustee shall
( no� be bound to ascertain or inquire as to the ��, , .
perfo?-mance or observance of any covenants, conditions
or agreements on the part of the Sssue�, set fo:-t:h
herein except as hereinafter set for�h; but tha Trustee tiL
M may acauire of the Issuer full informa�ion and advice as , ���;'? '
�� to :he performance oP the covenants, conditions and ' a �
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. agreements aforesaid and as to the condition of the
property herein conveyed.
(d} The Trustee shall not be accountable for the
use of any Bonds authenticated or delivered hereunder.
The Trustee may become the owner of any af the Bonds
with the same rights which it would have if not Trustee. .
(e) The Trustee sha1Z be protected in acting upon `�� �
any hatice, request, consent, certificate, order, '�•si;' -
affidavit, letter, telegram or other paper or document �`
believed to be genuine and correct and to have been "`?��"'�.'
signed or sent by the proper person or persons. Any � -
, action taken by the Trustee pursuant to this Indenture �
upon the request or authority or consent of any person ' �
j who at the time of making such request or giving such «`
authority or consent is the owmer of any Hond, shall be
� conclusive and binding upo� all future owners of th�
I same Bond and upon Bonds issued in exchange therefor 'or
in place thereof.
i
(PJ As to the er.istence or nonexistenae of any ��`
- fact or as to the sufficiency or validity in any ,r
instrument, paper or proceeding, the Trustee shall be �, :
'�' entit2ed to rely upon a certificate signed by an � :
:;', authorized officer of the Issuer as sufficient evidence i'
•i of the facts therein containad and prior to the
occurrence of a default of which the Trustee has been
4 notified as provided in Section 2o.o1(h) hereo£, or of � _
which by Section 10.o1(h) it is deemed to have notice, � :
;;) shall also be at liberty to accept a similar certificate =;
to the effect tha4 any particular dealing, transaction
�"` ar action is necessary or expedient, but may at its � '
discretion secure such further evidence deemed by it to
be necessary or advisable, but shaZl in no case be �
bourid to secure the same. The Trustee may accept a
certificate of the Secretary o� the Issuer under the
seal of the Issuer to the effect that a resolution in
the form therein set forth has been adopted by the � `*�;
';� Issuer as aonclusive evidence that such resolution has
been duly adopted, and is in full force and effect.
(g) The permissive right of the Trustee to do
things enumerated in this Indenture shall not be �
construed as a duty and it sha11 not be answerable for �
other than its negligence or willful default. t" ;
(h) The Trustee shall not be required to take � ,
notice or be deemed to have notice o� any default i�'
hereunder except failure by the Issuer to cause to be �,:,'� ;`s=
� made any of the payments to the Txvstee requixed to be .` ,
made by Article IV hereof and the Bond Resolution or ;� � ' .
failure by the Issuer to file with the Trustee any �` �,�'
� aocumen� required by this Indenture to be so filed � � -
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i
EDDA 50� PaGE9�0 ,
subsequent to the issuance o: the Bonds, unless the
' Trustee sha21 be speci�ically notified in writing of
such aefault by the Zssuer or by the owners of at least
! 25� in aggregate principal amount of Honds then
outstanding and in the absence of such notice so
delivered the Trustee may conclusively assume there is
� no dePault except as aforesaid.
(i) At any and all reasonable times the Trustee, ,��;:��_ '
and its duly authorized agents, attorneys, experts, '--°�t,;;:..._:
engineers, accountants and representatives, shall have � � -
the right fully to inspect any and all of the property -`•
� herein conveyed, including all books and records of the
Zssuer and the Corporation pertaining to the Project and .; F ,
the Bonds, and to take such memoranda from and with
jregard thereto as may be desired.
� `�..`- _..
� (j) The Trustee shall not be required �o give any-
f bond or surety, i» respect of the execution of the said _
� trusts and powers or otherwise in respect of the !
premises. j
�:;��
� (k} Notwithstanding anything elsewhere in this •:,!;'�`�':
Y Indenture �:ith respect to the authenticati.on of any
� Bonds, the withdrawal of any cash, the release of any
property, or any action whatsoever within the puz-view of
this Indenture, the Trustee shall have the right, but
S shall not be recruired, to demand any showings,
! certi£icates, opinion, appraisals or other inPormation,
; or corporate action or evidence thereoP, in addition :o
i that by the terms hereof required as a condition of such ;
� action, by the Trustee deemed desirable for the purpose t ,
' of establishinq the right of :.he Issuer to the g
authenticazion of aay Bonds, the �:ithdrawal of any cash
( or the taking of ariy other action by the Trustee.
(1) Before taking the action referred to in
Section 9.03 or 9.06 hereof the T±�uscee may reauire that �;
a sa�isfac�ory indemnity bond be �u=nished far the
reimbu�sement of aZl expenses to which it may be put and
to protect it against ell .liability, except liability
which is adjudicated to riave resulted �rom its
negligence or willful default in connection with any
� such action. The Trustee shall not be required or
ob2igated to Zend moneys to the Issuer or for the :��:�:
preservation of the Project or the Trus� Estate unless
satisfactory indem:.ification, in the judgment of the
Trustee, in respec� of such luan is given �o the Trustee ��
or unless the Trustee receives evidence satisfac�ary to •
it cf the reasonable likelihood of repayment of such �. ;
loan. �� •-
(m) All moneys received by the S_-ustee shall, ':.�
until used oz applied or invested as herein provided, � a �
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be held in trust for the purposes for which they were
received but need not be segregated fram o�her tunds
except to the es:tent required by law.
Section 10.02. Fees, Charaes and Expenses of Trustee. The
Trustee shall be entitled to payment and reimbursement for
reasonable tees for its services rendered hereunder and all .
advances, counsel fees and ather expenses reasonably and
necessarily made or incurred by the Trustee in connectioh with -�� �
:�',�:,z:.:
such services. Upon an event of defaulC, but only upon an event ,•�:�:
of dePault, the Trustee shall have a first lien with right of :
payment prior to payment on account of principal of and premium, �� '
if any, and interest on any Hond upan the Trust Estate for the �'�:t•�-�-
foregoing fees, charges and expenses incurred by it. �"`-�'-�
: � ;
Section 10.03. Notice to ownezs if Default occurs. If a
� deEault occurs of which the Trustee ie by Section 10.01(h)
hereof required to take notice or if notice of default be given
as therein provided, then the Trustee shall promptly (and -in any ,
� event t�ithin two (2} business days) mail written notice thereof �� ;
; by registered or certified mail to the registered owner of each
� Bond and by telecopy to any Registered Owner oP at least twenty- `
five ercent 25� of the a re ate rinci al amount o£ the Sonds � a;''%�
P ( ) 55 g P P i, r�.�;=:. .
�• , then outstanding who has provided the Trustee with its te2ecopy •” '- `
r : .
;� number.
� Section 10.04. Intervention by Trustee. In any judicial
j proceeding to which the Issuer is a party and which in the
7 opinion of the Trustee and its counsel has a substantial bearing
� on the interests of owners of the Bonds, the Trustee may
intervene on behalf of the owners and shall do so if reauested
'� in writing by the Owners of at 2east 25� of the aggregate ;
�j principal amount of Bonds then outstanding. � '
Section 20.05. Successor T�-ustee. Any corporation or
�� association into which the Trustee may be converted or merged, or
��� with which it may be consoZidated, or to �rhich it may sell o:
transfer its trust business and assets as a whole or
?j substantia2ly as a whole, or any corparation or association M=
' i resultinq from any such conversion, sale, merger, consolidatian
or t�ansfer to which it is a party, shall be and become
.� successor Trustee hereunaer and vested with all vf the title to
the Trust Estate and ell the trusts, powers, discretions, !
immunities, privileges and all other matters as was its
' predecessor, without the execution or filing of any instrument or `�
; any further act, deed or conveyance on the part of any of the �"`
parties hereto, anything herein to the contrary notwithstanding. a''•
� ';� .
i Sec�ion 10.06. Resi4nation by Trustee. The Trustee and any
successor Trustee may aL any time resign from the trusts hereby �=`�r;'
! created by giving sixty (60) days' �:ritten notice by registered � :;
or certified mail to the Issuer and to the owner o� each Boad as f � �
shown by the bond register required by Sec�ion 2.08 hereof to be 'lt;;.�:;:;,�'"`
kept by �ne Trustee, provided no such zesignation sha21 take ���� '.
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. effect until the appointment of a successor Trustee by the Owners
or by the Issuer. If, at the end of such sixty (60) days, no
successor Trustee has been appointed, the Trustee may petition a
court of competent jurisdiction for appointment of a successor
Txustee.
Section 10.07. Removal of Trustee. The Trustee may be ,
removed at any time, by an instrument or concurrent instzuments
' in writing delivered to the Trustee and to the Issuer, and �;�: "
i '°^,'.:•-,::-
signefl by the owners of a majority in aggregate principal amount :,;.1
� of Bonds then outstanding. <i;�'f;:a��
��,°.; .
Section 10.08. Appointment of Successor Trustee by
! owners. In case the Trustee hereunder shall resign or be
removed, or be dissolved, or shall ba in course of dissolution or � '. �
liquidation, or otherwise become incapable of acting hereunder, �' ` `
' or in case it shzll be taken under the control of any pubiic �� _
1 officer or officers, or of a receiver appointed by a cour�, a
� successor may be appointed hy the owners of a majority in _
I aggreqate principal amount of Bonds then outstanding, by an
instrument or concurrent instruments in writing signed by such , ,
;# owners, or by their attorneys in fact, duly authorized and a �.
copy of which shall be delivered personally or sent by it ;.
� registered mail to the Issuer. In case of any such vacancy, the
•• .� Issuer, by an instrument executed, attested and sealed by those , �'
of its officers which executed and attested the Bonds, may
��! appoint a temporary trustee to fill such vacancy until a �_
� successor trustee shall be appointed by the owners in the manner
� above provided; and such temporary trustee so appointed by the
`i Tssuer shall immediately and withou� further act be supersede@ �
�•s�` by the Trustee appointed by the Owners. Every such Trustee
apoointed pursuant to the provisions of this Section shall be a �
,;� trust company or bank in good standing having a reported capital
� and surplus of not less thaa $10,000,000 if theze be such an � .
i institution willing, quali�ied and able to accept the trust upon
,� customa?-y te�-ms. �
,.� �
Section 10.09. Concerninci .�nv Successar Trustee. Every
t successor Trustee appointed hereunder shall execuLe, acicnowledge
� and deliver to its or his oredecessoz and also co the Issuer an
� instrumen� in writing accepting such appointmen� hereunder, and
thereupon suca successor, without any further act, deed or
� conveyance, shaZl becoae fully vested with zll the estates, ;.
properties, rights, powers, trusts, duties and obligations of
its predecessors; but such predecessor shall, nevertheless, on E
' the written request of the Issuer, or of its successor, execute .t�
� znd deliver an instrument transferring to such successor all the �%
estates, propez-�ies, �ights, powers and trusts o� such
I predecessor hereunder; and eve�-y predecessor Trustee sha11
i deliver all securities and moneys held by it as the Trustee -
� he:eunder to its successor. Should any instrument in w:-iting �
from the Issuer be reauired by any successor Trustee for more f •
' fully and eertainly vesting in such successor the estaze, rights, • r;yti'
� powers and duties hereby vested or intended to be vested in the --�
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. e�oK 585 �acr921 �'�''`-"
predecessor, any and ali such instruments in writirig shall, on
request, be executed, acknoxledged and delivered by the Issuer,
The resignation of any Trustee and the ihstrument or instruments
removing any Trustee and appointing a successor hereunder,
together with all other instruments provided for in this
Article, shall be filed or recorded by the successor Trustee in
i each recording office where the Indenture shall have been filed
or recorded.
,, ;.;-r:_.::
� Section 10.10. Ricrht of Trustee to Pay Taxes and Other '"-�;��•,. ,."
Charges. In case any tax, assessment, governmental or other �'<""-�
! chaxge upon, or insurance premium uith respect to, any part of -� ,�
� the Project is not paid as zequired herein or in the Site Lease, '"=�:y`"�
� the firustee may pay such tax, assessment, governmental or other
,., r
i charge, or insurance premium, without prejudice, however, to any �,,".:` -,
� rights of the Trustee or the Owners arising in cansequence of § .; •.�,
f such failure� and any amount at any time so paid under this
i Section with interest thereon from the date of payment at-the �':�:::>:
rate of ten percent (lo�) per annum, shall become so` much
� additional obligation secured by this Zndenture, and the same � , .
sha21 be given a preference in payment over any of the Bonds, '
�� and shall be paid out of the Net Pledged Revenues of the Praject, a_,;,,
if not otherwise caused to be paid; but the Trustee shall not be �"�'
T' .;7 under any obligation to make any such payment unless it shall
have been reauested to do so by the owners of at least 25� of
,�� the aoqregate principal amount of Bonds then outstanding and �;
.� shall have been provided with adequate funds for the purpose of �
.;, such payment.
, E l
';a Section 10.11. Appointment of Co-Trustee. It is the �
purpose of this Indenture tha� tnere shall be no violation of
i'� any law of any jurisdiction (including particularly the law o£
the State) denying or restricting �he right of banking �
corporations or associations to transaat business as the Trustee �
in such ju�isdiction. It is recognized that in case o� �
�::� litigation under this Indenture, the Bond Resolution, the S?te �
Lease or the Moztgage, and i.n particular in case of the �
� enforcement og any such doauments on default, or in case the
Tsustee deems that by reason of any present or �uture law of any �
`� jurisdiction it may no� exercise any of �he powers, rights or
,� remedies herein granted to the Trustee or hold title to the
prope:-ty, in trust, as herein granted, or take any other action
_:� which may be desirable or necessa?y in connection therewith, it +`�
may be necessa�-y � that the Trustee appoint an adflitional
individual or institution as a separate or Co-Trustee. The �
�
following provisions of this Section are adapted to these ends. k4,
1 The Trustee may anpoint an additional individual or _�
f institution as a separate or Co-Trnstee, in which event each and :�+ ._;,,,
eve�-y remedy, power, right, claim, demand, cause of action,
� immunity, estate, title, interest and lien expressed or intended � �
by this Indenture, the Bond Resolution, the Site Lease and the - "=`'
( Mortgage to be exercised by or vested in or conveyed to the . _`°�•?��;;�r�
Trustee c�ith xespect thereto shall be exercisable by and vest in �%'�_.':•;;���.;
R-6 � •''��t.
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. such separate or Co-Trustee but only to the extent necessary to
� enable such separate or Co-Trustee to exercise such powers,
i rights and remedies, and every covenant and obligation necessary
! to the exercise thereof hy such separate or Co-Trustee shall run
- f to and be enforceable by either of them.
}
f Should any deed, conveyance or instrument in writing from
the Issuer be required by the separate or Co-Trustee so
appointed by the Trustee for more fu21y and certainly vesting in ''` " �
and confirming to him or it such properties, rights, powers �;`�`.��'""'
' :��i;�..:.:
trusts, duties and obligations, any and all such deeds, '-.l.:.
conveyances and instruments in writinq shall, on request, be :�;'�°;r��
� executed, acknowledged and delivered by the Issuer. In case any t :
separate or Co-Trustee, or a successor to either, shall die, �
become incapable of acting, resign or be removed, all the �'��
i estates, properties, rights, powers, trusts, duties and
4� obligations of such separate or Co-Trustee, so far as permitted
by law, shall vest in and be exercised by the Trustee until-the
apnointment of a new Trustee or successor to such separate or �
� Co-Trustee. �,a�,,_
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. ARTICLE x� e�nK 585 FACE9�3
SUPPLEMENTAL INDENTURES
Section 11.01. Supplemental Indentures Not Recruiring
Consent of Owners. The Issuer and the Trustee may� wlthout
consent of, or notice to, any of :.he Owners enter into
. indentures or indentures supplemental to this Indenture �+hich
shall not be inconsistent with the terms and provisions hereof
' for any one or more of the following purposes: ':�:'t':i,>:`_
Jw 3 ,.
(a) To cure any ambiquity or formal defect or �
omission in this Indenture; '
�;:--
'C;:`:�°;. ...
� (b) To grant to or confer upon the Trustee for �. ; ;'
the benefit of the Owners any additiona]. rights,
remedies, powers or authorities that may lawfully be .•
granted to or conferred upon the Owners or the Trusteep - =
� (c} To subject to this Indenture additional �
� revenues, properties or collateral; ;�
� (d) To modify, amend or supplement this Indenture ? a �
i k.�r',.�.
,T � or any indenture supplemental hereto in such manner as �,.
to permit the qualification hereof and thereo� under the
� Trust Zndenture Act of 1939, as amended, or zny similar
federal statute hereafter in effect or to permit the
qualification of the Bonds for sale under the securities
� laws of any of the states oP the United States of
� America; or -
� l (e) To evidence the appointment of a separate or �,
a Co-Trustee or the succession of a new Trustea i .
hereunder. �
� Section 11.02. Sunplemental Indentures Reauirinq Consent
Io� Owners. Exclusive of supplemental indentures covered by
i Section 11.01 hereof and subject to the terms and provisions
� contained in this Section, and not otherwise, the owners of not
less than two-thirds in aggregate principzl amount of the Bonds
then ou�standing shall have the right, from time to time,
i any`..hing con�ained in this Indenture to the contrary
nothithstanding, to consent to and approve the execution by the
� Issuer and the Trustee of such other indenture or indentures �
I supplemental hereto as shall be deemect necessa±y and desirable
I by the Issuer for the pu�pose of modifying, altering, amending, t...,
� adding to or rescin�ing, in any particulzr, any of the terms or ,
; provisions contained in this Indenture or in any supplemental
i indenture; provided, however, that nothing in this Section or in :�,
SeCtions 11.01, 12.01 or 12.02 hereof contained shall permit,
or be construed as permitting (a) an extension of the matu:i�y :
' o� the principal of, or the interest on, any Bond issued ,, jt .�. ?,.;
! hereuncier, or (b) a reduction in the principal amount o�, or . � �.
'� redemption premium on, any Bond or the rate of interest thezeon, � ;�:
. �� o Si.$;:. .
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. or (c) a privilege or priority of any Bond or Bonds ovez any
other Bond or Bonds, or (d) a reductioh in the aggreaate
principal amount of the Bonds required for consent to such
supplemental indentures, or (e) permit the creation of any lien
ranking prior to or on a parity with the lien of this Indenture
on the Trust Estate or any part thereof, except as hereinbefore
expressly permitted, or (f) deprive the okner of any Bond then
' outstanding of the lien hereby created on the Trust Estate. ,
�
If at any time the Issuer shall request the Trustee to _--;;.�;?„_:
enter into any such supplemental indenture for any of the •'•�-1�., -
�' purposes of this Section, the Trustee shall, upon being '� '.
i satisfactorily indemnified with respect to expenses, cause notice � . �
of the proposed execution of such supplemental indenture to be `�`�r�c�-
j given by registered or certified mail to the owner of each Bond. ��y:`�`
Such notices shall brief2y set forth the nature of the proposed '_�
supplemental indenture and shall state that copies thereo� are
; on file at the principal offfce of the Trustee for inspection by
zll Owners. If, within sixty (60) days or such longer per�od as _
i shall be prescribed by Lhe Issuer followinq such notices, the *
omners of not less than two-thirds in aggregate principal amount ��
� of the Bonds outstanding at the time of the execution of any ;�
isuch supplemental indenture shall have cansented to and approved
� the execution thereof as herein provided, no owner of any Bond i,.�';•:;'�:; .
zs ! shall have any right to object to any of the terms and
� provisions contained therein, or the operation thereof, or in any
� manner to question Lhe propriety of the execution thereof, or to
enjoin or res�zain the Srustee or the Issuer from executing the
� same or from taking any action pursuant to the provisions
` thereof. Upon the execution of any such sunplementaZ indenture _
� as in this Section permitted and provided, this Indenture si►all
• � be znd be deemed to be modified and amended in accordance ;
thexewith. ;
� Section 12.03. ProDOSed Sunblemental Indentures to be �
Fu=-ilished to Certain Registered O�.mers. Tne Trustee snall cause
notice of ;he proposed er.ecu�ion and delivery of any such
supplemental indenture toge:.her o:ith a copy of the proposed
supplemental indenture, to be mailed to each Registered Owner of
' a least twenty-five percent (25;) of tne agaregate principal
amount of `-..he Bonds then outstanding at least thirty (30) days
� prior to the proposed da�e of execution and deZivery o� any such
I supplemental indenture.
i
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AxTicr� x.Z2 �-°'�'',''''"
APiENDMENT OF lfORTGAGE, SZTE LEASE OR BOND R£SOLUTION
Section 12.01. Amendments, Etc., to Mortaaae, Site Lease .
or Bond Resolution Not Reaulrina Consent of Owners. The Issuer
' and the Trustee shall without the consent of or notice to the
� Owners consent to any amendment, change or modificatinn of the
Mortgage, the Site Lease or the Bond Resolution as may be
; required (i) by the provisions of the Mortgage, the Site Lease or ,:;,���: '
the Bond Resolution and this Indenture (ii) for the pur ose of `'` ''
� , P , •fj,i:.. -
curing any ambiguity or formal defect or omission, (iii) so as to yaY:,---.:�.
I more precisely identify the Project described in Exhibits A to �..�'?:""::��
� the Mortgage or Site Lease or substitute or add additional
improvements or equipment to the Project or additional rights of ";`''�':.•
the Trustee or interests of the Trustee in property acquired ih ` � •
accordance with the provisions of the Mortgage or Site Lease,
' (iv) in connection with any amendment to this Indenture pursuant
� to Section ll.ol hereof or (v) in connection with any-other
change therein which, in the judgment af the Trustee, is not to � ,�.:,`:'`�+'
! the prejudice of the Trustee or the Owners. y'•--<'
i 'tr`-•,�;`, '
a �;,�';::�"r:'.. i
�� Section 12.02. Amendments, Etc., to Mortqa�e, Site Lease ;�`'':.'�
� or Bond Resolution Reauirinq Consent of Owners. �xcept for the L•�'-
�, � amendments, changes or modifications as provided in Section 12.01 4` r��` `
,� hereoP and subject to the limitations stated in the first ' '
paragraph oP Section 11.02, neither the Issuer nor the Trustee
sha11 consent to any other amendment, change or modification of
tne Mortgage, the Site Lease or the Bond Resolution wi`hout
� mailing o£ notice and the written approval or consent of the
owners of not less than two-thirds in aggregate principal amount
� of the Bonds at the time outstanding given as in this Section
� provided. If at any time the Issuer shall request the consen� of
� 4he Trustee to any such proposed amendment, change or '
modification of the Mortgage, the Site Lease or the Bond �+
� Resolution, the Trustee shall upon being satis�actorily
inaemnified with respect to er.penses, cause no�ice of such
� proposed amendment, change or mo�i�ication to be given in the
szme manner as provided by Sec�ion 11.02 hereof with respect to
j supplemental infientures. Such notice shall briefly set fo�h the
� nature o� such proposed amendment, change oY modi£ication and
� sha21 state that copies of the instrument embodying the same are
I on file at i.he p=incipal office of the Trustee for inspection by
� a2I owners. Nothing in this Section, however, shall tiermit a
reduc�ion of the aggregate principal amount of Bonds the owners
� oP which are required to consent to any amendment, change or '�
' modificatinn o: the Mortgage, the Site Lease or the Bond t`
Resolution.
Section 12.03. Pronosed Amendments to be Furnished to '�
Certain Registered Owners. The Trustee shall cause notice of the `', %:
� pronosed execution and delivery of any amendment, change or �
', modification of the Mortgage, the Site Lease or the Bond
j Resolution, togethez with a copy of the proposed amendment, to be -�``';;�:'
i `:�:'•';,.•,:,.
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mailed to each Registered Owner of a least twenty-five percent j
� (25�j of the aggregate principaZ amount of the Bonds then �
i outstanding at least thirty (30) days prior to the proposed date
of execution and cielivery of any such amenciment. �
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r:ZSCELLANEOUS
� Sectlan 13.01. Consents, Etc., of Owners. Any consent, 1
reauest, direction, approval, objection or other instrument
� required by tnis Indenture to be signed and executed by the
! owners may be in any number of concurrent documents and may be
; executed by such Owners in person or by agent appointed in '
; writing. Proof of the execution of any such consent, reguest, •"
: c2irection, approvaZ, objection or other instrument or of the ��'�"+':����`�;
�t-;
; writing appainting any such agent and of the ownership of Honds, �,,, � .
! if made in the following manner, shall be sufficient for any of p ,�. -
� the purposes of this Indenture, and shall be conclusive in favor �.
� ,t`:::_::;'.
of the Trustee with regard to any action taken by it under such P�'�'°: '�":
� request or other instrument, namely:
i
` (a) The fact and date of the execution by any_ � �. ,
� person of any such writing may be proved by the ��`?''`.>-
� certificate of any officer in any jurisdiction who by � �'�`
; law has power to take acknowledgments within such ;��;;;:-;.', '
� juzisdiction that the person signing such writing � t '
' acknowledged before him the execution thereof, or by any � "±
,. affidavit of any witness to such execution. � �:�i:
� p �''i'
(b) The fact of ownership of Bonds and the amount r ' '
� or amounts, numbers and other identification of such
� Bonfts, and the date of owning the same shall be proved i
', by the registration books of the Issuer maintained by
the Trustee pursuant to Section 2.08 hereof.
a Section 13.02. Limitation of Riahts. With the exception of
`� any rights herein e�mressly conferred, nothing expressed or '
r mentioned in or �o be implied from this Sndenture, the Bond } '
� Resolution or the Bonds is iritended or sha1Z be construed to give {
.� to any person other than the parties hereto, and the Owners of
the Bonds, any legal or equitable right, remedy or claim under or
I with respect to this Indenture or the Bond Resolution or any
� covenants, conditions and provisions herein contzined; this
, Indenture, the Bond Resolution and ell of the covenants,
� conditions and prov.isions hereof being intended to be and being
;� for the sole and exclusive benefit of the parties hereto and the
Owners o£ :.he Bonds as herein provided.
i:;
.�
j Section 13.03, Severability. If any provision of this
� Indentnre shalZ be heZd or deemed to be or shall, in fact, be ��
' iZlege2, inoperative or unenforceable, the same shall not a�fect t�
; any other provision or provisions herein contained or render the �.
same invalid, inoperative or unenPorceable to any extent �
whatever. �,], �
Section Z3.04, Notices. Any notice, request, co:-plaint, �
demand, communication or other paner snall be sufficiently giveh !��.�.'#;':"�?;;
and sna11 be fieemed given when delivered or mailed by registered ;+;•'4;=;''<�`
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or certified mail, postage prepaid, addressed as follows: if to
Issuer, to Aspen/Pit3;in County Aousing Authority, 130 South
Galena, Aspen, Colorado 81611, Attention: Executive Director;
� ; and if to Trustee, to Central Bank of Denver, a ban}:ing
corporation, 1515 Arapahoe, Sth Floor, Tower Three, P.O, goy,
i 17289TA, Denver, Colorado 80217. Attention: Corporate Trust
! Department. The Sssuer and the Trustee may designate any
further or different addresses to which subsequent notices,
certificates or other communications shall be sen�.
, "•`';�:>:::
i Section 13.05. Payments Due on Saturdays, SundaVS and �+
� Holidavs. In any case where the date o� maturity of xnterest on �_., .:
� or principal of the Bonds or the date fixed for redemption of `''�``^`
' any Bonds shall be in the city of the Trustee's place of `�,���`;;`�
business a Saturday, Sunday or a legal holiday or a day on which �� ;,, ,'
j banking institutions are authorized by law to close, then
i payment of principal and premium, if any, or interest need not
� be made on such date but may be made on the next succeeding E
j business day with the same force and effect as if made on the �
date of ma�urity or the date fixed for redemption, and no
I interest shall accrue for the period after such date. �1? =,
� i
� 4�.;:.
�. i Section 13.06. Counterparts. This Indenture may be 4;f;,">>�,
simu2taneously executed in several counterparts, each of which `� '
2 shall be an original and all of which shall constitute but one
� and the same instrument.
Section 13.07. ApDlicable Provisions to Law. This
� Indenture shall be governed by and construed in accordance with
� the laws of the State. -
,j Section 13.08. Rules of Interoretation. Unless expressly '
� indicated otherwise, references to Sections or Articles are to �
s be construed as references to Sections or Articles of this t
j instrument as originally executed. Use of the words "herein,"
t ��hereby," "hereunder," "hereof," "hereinbefore,'� "hereinafter"
� and other eguivalent words refer to the Indenture and not solely `
to the pa�icular por�ion in which any such word is used.
- *�;
� Section 13.09. Can�ions. The captions or headings in
this Indenzure a-e for convenience only and in no way c�efine,
limit or describe the scope or intent oP any provisions or
Sections of th?s Sndenture.
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. i IN F*ITNFrSS WHEREOF, the Issuer has caused these presents to '��`
be executed in its corporate name and with its official seal
hereunto affixed and a:tested all by its duly authorized
i o:ficers, and to evidence its acceptance of the trusts hereby
. � created the Trustee has caused these presents to be executed in
I its corporate name with its corporate seal hereunto affixed and
attested all by its duly authorized officers' as of the date
j first above written. � ;
i , :
! `' �S,c.AL]�, ' ASPEN/PITXIN COUNTY HOUSING �� �
� �`,C�' AUTHORITY �,:`�,'� '-
'`�, �.�:;..
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( :-,..,��~ ' /} Chairma Board of - � �
� �d�k� .l � /i Directors
f /'By� Sec et ry . l�Lf — - — , t:�
� �.:�_�, - ��;;;.`;:_:��::
,;�[✓SEAL CENTRAL BANK OF DENVER, A t�
°F�'� ^F BANKING CORPORATION, as � t K�
'� ,�i�At�tes�t��•!' Trustee �=
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; STATE OF COLORADO ; S5. EOOH 5�5 Pk�E930
�
i COUNTY OF PITKIN )
The foregoing instrument was acY.nowledged before me this /S�,
day of February, 1989, by Harry Truscott as Chairman of
Aspen/Pitkin County Housing Authority, and by James Curtis as
� Secretary o£ Aspen/Pitkin County Housing Authority. ' .
. � ,�,,..���nw... •'�_'"'.
Ya`r•,' �L.{�t�:SEAL] /� �.�i :�
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. `�''' . ',j•' F . 'Z•y�/"I LAw1IN C�-�' � ::�:
( v - NStary Public for the State of ��
�'"' " � Colorado ���'''�"'
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`��,'u U���ommission expires: �- �S `�1 �- '�
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. �`; STATE oF �oLO�,no ) BDOH 585 PacE931
CITY AND ) ss.
COUNTY OF DENVER )
The foregoing instrument was acknowledged before me this �
15th•...day of February, 1989, by Kenneth B. Suckius as Vice '"
%Px:esident of Central Bank of Denver, a banking corporation, and �...•:::••
•j.,''�l�y M.,' Margaret Walker as Assistant Secretary of Central Bank of z,;:;.=
'�'�� ��,. a banking corporation. �
.. Denve `?H:
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'��, No ary bli for th State of �
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�.�..`....�..•••''�� Colorado �
� My Commission expires: f',�Co��,r�Ki�nExpir;sluty11,1990 - — _ :
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1 eooK 585 Fa�E932 �.����^>
� E�isxT a
PR07ECT SITE
; A parcel of land being a portion of the Pitkin County
Community Center Parcel formerly described in two separate
� parcels in Book 383 ai. Page 589 and in Book 578 at Page 562 of �
� the Pitkin County Records; all situated in the Southwest 1/4 of
� Section 7, Township 1� South, Range 84 West of the 6th Principal -
� Meridian, described as follows: ;;;��,�:
E ��F1;�::.;
; Beginning at a point whence a BLM Brass Cap set in 1954 for �' _
� the center 1/4 corner remarked in 1989 as a special purpose ;
j monument beare North 89 degrees 29 minutes 19 seconds East 976.86 ���"`"-
i
feet; �`•`;ti-'
( ::;_,:.
_� Theace South 25.40 feet to the true point of beginning;
Thehce South 40.00 feet;
Thence South 44 degrees 33 minutes DO seconds West-59.40
feet; -
Thence 261.67 feet around a curve to the left haviag a -"';�:•.
radius of 167.50 feet (the chord of which bears South 03 degrees ''>e:r:� `
37 minutes 29 seconds East 249.64 feet); -�•<�':
Thence North 64 degrees 04 minutes West 278.15 feet; �� :,
�' � Thence 73.95 feet around a curve to the left having a radius �
� of 225.05 feet (the chord of khich bears North 73 degrees 28
+ minutes 54 seconds West 73.63 feet);
Thence North 68,89 feet; �
� Thence East 38.22 feet; ,
•t Thence North 00 degrees 30 minutes East 71.00 feet; „
�;� Thence North 03 degrees 12 minutes 16 seconds East 23.54 � '
' feet; s
t
ra� Thence North 54 deg=ees 00 minutes West 18.00 feet;
� ! Thence North 36 degrees 00 minutes East 18.00 feet; ��
,,� Thence South 54 degrees 00 minutes East 18.00 feet; 5
Thence North 40 degrees 53 minutes East 35.00 feet; �..
Thence North 28.00 �eet; ;i
-;� Thence No�h 45 degrees 00 minutes East 60.00 feet; fi
• Thence South 56 degrees 41 m?nutes 04 seconds West 74.38 ; %�
`:� feet; .;,y!
:•� Thence South 45.00 feet;
" Thence £ast 168.40 feet to the true point oP the beginning. ' ,
COTJ2�TTY OF PITRIN, ,
STATE OF COLORADO
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EXHIBIT B
TAE PROJECT
The Project consists of 28 one- and two-bedroom apartment
units located in two three-story buildings, plus a five (5) two-
bedroom unit residential addition to be installed and constructed '
on the Site (the "Site") described on Exhibit A ("Exhibit A") to -": �
the Indenture of Trust of which this Exhibit B forms a part, and �'+'�'�� �_
any fixtures and other ro ert , real or ersonal, which ma �����'�
P P Y P y �:.,y,%',-.
integrally belong to, or hereinafter become a part of, such ..�'�'�•';;�'
, buildings and improvements, including any additions, extensions, �y:,,�,;-:_
repairs, renewals, replacements, substitutions, modifications and
improvements to such buildings, improvements, fixtures and other ��'�':rr
property. The Site is an approximately 73,561 square foot '
tract of land owned by the County of Pitkin, Colorado and _
� located just north of the Aspen, Colorado city limits. _The
� apartments are rented to persons of low anfl moderate i�come. _
� The 28 existing apartment units consist of 14 one-bedroom units �N �
of 560 square feet each and 14 two-bedroom units of 812 square � � .
. � feet each. The five (5) new residen�ial units to be constructed
will be 2-bedroom units of 840 square feet each. ' ��}
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eonK 585 PacE934 �,��:�;;% .
Exxzs�T c
' CERTIFICAT£ REQUESTING DISBURSEMENT
FROM
' ACQliISITION AND CONSTRUCTION FUND
� Dated _, 19_
i
; Requisition No.
I �.'c'�.•' ..
i . 6',•;,��:,,,:.
TO: CORPORATE TRUST DEPARTMENT, as Trustee 4�
�'
I Central Bank of Denver '� '2, .``
1515 Arapahoe Street ' ��;:;�;,:,_
' Denver, CO 80293 �`;":;;',!
Re: ASPEN/PITKIN COUIvTY HOUSING AUTHORITY ,
q HOUSING REVENUE BONDS {IiUNTER LONGHOUSE PROJECT) � '
SERIES 1989 - 51,775,000 r:'%">`'"
. .,�
Trustee: `
!1�
Pursuant to Section 5.08 oP the Indenture of Trust (the ;� �
"Indenture") dated as of February 15, 1989, by and betweea � �;`•`
T Aspen/Pitkin County Housing Authority (the °Issuer") and Central 4,r.`�,'
Bank of Denver, as Trustee (the "Trustee") , the Issuer heYeby
requests a disbursement by you from the Acquisition and
Construction Fund {as that term is defined in the Indenture).
:J All capitalized terms. not defined herein shall have the meanings ^
j set Por`..h in the Indenture. As required by Sec�ion 5.08 oP the
Indenture, the Issuer certifies that:
+;� (a) the amounts and the description of work and
materials and the name and address o� the payee of each
item aP Cos�s oi the Project to be disbursed are shown 3
on Scnedule I hereto;
(b) the zmounts requested to be disbursed either '
have been paid, or are justly due to such aontractors,
subcontractors, materialmen, engineers, architects or � `K;
o�.her persons set forth on Schedule I hereto, each of
whom have performed necessary and appropriate work or
furnished necessary and appropriate materials in the :
acquisition, construction, equi�aing and ins:allation of
f�.J the Project: ;
! i�
' (c) no part of the several amounts paid or due,
� has been, is being or will be made the basis Por the � '
;i withdrawal of any moneys in any previous, now pending or '
; subsequently �iled certi`icate pursuant to Section 5.08 '�
� of the Indenture; '_
; (d) the amount remain_ng to be paid from the �• 4;';��;`_
'; Acquisition and Construction Fund to pay the Costs of �-�
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I ennk 58� Pac�935 '�� ��'
1 � .+�,YE:�.
completing the Project will, after payment o: the
� amounts requested, be sufficient to pay the Cost of
completing the Project, it being understood that no
moneys in the Acquisition ahd Construc�ion Fund may be
expended unless after such expenditure the moneys
remaining in the Acquisition and Construction Fund, ,
together with any othez funds available to and committed
by the Issuer, are sufficient to pay the Costs of
completing the Project; � -
i (e] this certificate contains na request foz ,��� ,
payment on account of any retained percentage which the ',".
:'�.n A:.:
Issuer is at the date of this certificate entitled to �:,-F�.=_
; retain; >�•
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;t:
(f) there has not been filed with or served upon
; the Iesuer any notice of any lien, right to a lien or
� attachment upon or claim affecting the right of any_
person, firm or corporation to recefve payment of the u '•,
� respective amounts set forth ot� Schedule I hereto which �r�
has not been released or will not be released � �f >:;
simultaneously with the payment oF such obligation; and z�,
(g) invoices, statements, vouchers or bills for r � +'`
L the amounts reauested and lien waivers for all services
� or materials furnished bv subcontractors excent as to
any retainaqe, related to amounts specified on Schedule
I hereto are attached.
Very t;u1y yours, "
' ASPEN/PITKIN COUNTY AOUSING
AUTHORITY
iI i '
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�� 5�5 �::J.936 � ::�_
SCHEDULE I
� ` Description of Name and Address
; WorY. and 2,aterials Pavee Amount
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' TOTAL $
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eonK 585 oacE937 ��'"'
�.,�
EXF:IBIT D
� COMPLETION CERTIFICATE
i
$1,775,000
ASPEN/PITKIN COUNTI AOUSING AUTHORITY
� ' AOUSING REVENU£ BONDS
I (HUNTER LANGHOUSE PROJECT)
SERIES 1989 •��
',?,*
t,.�; `-.
�z:.:-:.;.'
;=�-?r:::
TO: CORPORATE TRUST DEPARTMENT, as Trustee rl;�;_:_�'
. Central Bank of Denver
1515 Arapahoe Street •`tin:`
: Denver, CO 80292 -'! ��
.�
The undersigned hereby states and certifies: .
l. That I am a duly appointed officer or official of � '
� Aspen/Pitkin County Housing Authority (the "AU`..hority") and, as �-r
such, I am familiar with the facts herein certi�ied and I am ''-T`r�� �
`: authorized and qualified to certify the same; and ��y..
�:Y r.,;�.,
2. That 2 am delivering this Certificate to you pursuant � � '• °
;= to Section 5.08 of that certain Indenture of Trust dated as of
February 15, 1989 (the "Indenture"), between the Authority and r
- ���� you, as Trustee thereunder, relating to the above referenced i'.=.
Fiunter Longhouse Project (the "Project"); and ��
,�: _
3. That � �
• (i) the Project was completed on _, , �� ,
`�r (ii) that a�l other facilities necessary in '
connection with the Project have been acguired,
constructed, equipped and installed,
::� (iii) that the Project as so completed is in � ';;.
conformance �:ith all applicable zoning, planning, '�•
building, environmental and other similar governmental
� regulztions, and
(iv) that all Costs oP the Projec�, as such term is .�
defined in the Indenture, have been paid.
t
-- This ceztificate is g_ven without prejudice to any rights of the ��'
�� Authority that now er.ist or may subsequently come into being �}
,� against third parties. �
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i e�nx 585 �acE938 �� ._Ya�
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. IN WITNESS WHErZEOF, the undersigned have executed this '�°
' Completion Certi�icate in the name and on behalf of Aspen/Pitkin
� County Housing authority, this day of , 19
5 —�
�
� � ASPEN/PITICIN COUNTY HOUSING
� ADTHORITY
�
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Title: s"�`�.'!
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