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CQVENANT AGREEMENT�OR THE PRESERYATION
AIVD MAINTENAIYCE OF HISTORIC I2�SOURCES
'THIS COVENANT AGREEMENT FOR THE PRESERVATION AND MAINTENANCE OF
HIST�RIC RESOURCES (the "Covenant Agreement"} is made and entered into this t 7`".day of
September 2012, by GTM COLORADO HOLDINGS LLC, a Delaware limited liability company
("Declarauit"),and Pitkin County,Colorado(the"County").
This Covenant Agreement shall run with the land described herein and be binding upon the
� successors and assigns of the parties hereto,subject to the terms and conditions sat farth herein.
RECITALS �
A. Declarant owns the real property described as Lot 1 l,according to the Final Plat of Owl Creek
Ranch, a Planned Unit Development, recorded March 16, 1987 in Plat Book 19 at Page 45 as
Reception No. 286842 in the office of the Cierk and Recorder of Pitkin County,Colorada("Lot
� ]1").
B. Ttiere is an historic structwe An I.ot 11,known as the"Stapleton House", which is depicted on
Exhibit A and shown in the ghotos on Ezhibit$(the"Historic Structure").
C. The Historic Structure was designated and placed on the Pitkin County Historic Register pursuant '
to Board of County Commissioners(BpCC)Resolurion No.063-2012("the Resolution").
D. 'I'he Resoiution was approved on May 23,2012,and recorded in the records of the Pitkin County
Clerk and Recorder on July l2,2012 as Reception No.59a569.
B, This Covenant Agreement is intended by the parties to satisfy condition 3.A of the Resolution,
which requires a Covenant Agreement in a form acceptable to the County Attorney to be recorded
within 120 days of the date the Resolution was approved, or at the closing when Declarant
acquired Lot 1 l,whichever is later,in which Declarant agrees ta stabilize,preserve,rehabilitate
and maintain the Historic Structure in accordance with the Pitkin County Praservation Handbook
(the"Handboak").
NOW,THEREFORE,Declarant hereby represents,covenants and agrees as follows:
1. Stabilization Preservation Rahabilitation and Maintenance. Declarant shall stahitize,
preserve, rehabilitate and maintain the Historic Structure in accordance with the Resolution, this
Covenant Agreement and the Handbook. ,
2. Timeline for Stabilization.
(a) Stabilization of the Historic Structure sha11 be completed by December l,2012.
(b) Deciarant shall obtain a buitding permit to stabilize and protect the Nistoric Structure
from further deterioration by October 20,2012. The stabilization plan shall include but not be limited
� to the following:
1 (i) Design and install interior posts,beams and other temporary shoring as may be needed to '
prevent further deterioration of the building's structural components and to prevent any
collapse or destruction of the building frame and porch. Stabilization plan shou}d be reviewed
RECEPTlON#:594808,12/13/2012 ai
01:31:24 PM,
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Janice K.Vas Caudill,Pitkin County,C� .
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with the HPO before implementation. Stabilization contractor shali meet with the I�PO on site
before implementation.
(ii) Provide temporary roofing to prevent water from coming into the house from above.
(iii) Seal all windows and door openings to prevent water frorn coming in from the sides.
Protect any decorative features and trim materials in danger of further deterioration. Ensure
that sealing materials and fasteners do not damage historic trim,windows and decorative
details.
, (iv). Cover areas where siding has worn away with suitable water prevention materials.
(v) Remove all items`from inside the house,including furniture and doors and store them for
future use. Review any doors,windows or other building elements that are stored in the interior
to determine historic value.
(vi) Turn off al(utilities.
(vii) Install a temporary fence around the.property to prevent entry, and install a lock on the
gate.
' 3. Timeline for Exterior Rehabilitation.
(a) Declarant shall complete the rehabilitation of the exterior of the Historic Structure to the
satisfaction of the Pitkin County Historic Preservation O�cer and the Chief Building Official by May
23, 2014.
(b) The exterior rehabilitation of the Historic Structure shall be conducted in accordance with
the Handbook and under the supervision of the Pitkin County Historic Preservation Officer.
(c) Prior to submission of a building permit application for the exterior rehabilitation work,
Declarant shall submit a rehabilitation plan to the Historic Preservation Of�cer for review and
approval. . � .
(d) If Declarant elects to construct the additional free-market residence on Lot 11 as
contemplated by the Resolution (the "Additional Residence") and the exterior rehabilitation of the
Historic Structure is not complete when Declarant applies for a building permit for the Additional
Residence,prior to issuance of a building permit for the Additional Residence,Declarant shall provide a
bond, letter of credit or other financial assurance deemed acceptable by the County Attorney to guarantee
completion of the rehabilitation work on the Historic Structure.
(e) Prior to issuance of a building permit for the exterior rehabilitation of the Historic Structure,
° Declarant shall obtain a County access/driveway permit for the relocation of the driveway,which shall
be reviewed and approved by, the Aspen Fire Protection District and Planning/Zoning. The new
driveway shall be completed prior to commencement of any work on the Historic Structure.
(� Prior to issuance of a building permit for the rehabilitation of the Historic Structure,
Declarant shall submit a detailed landscaping plan for the Historic Structure,including size and species of
trees and shrubs. All species shall be native. Landscaping shall be substantially consistent with the
landscaping shown on the site plan. Additional landscaping shall be installed between the Additional
Residence and the Historic Structure to visually separate the two buildings. Landscaping adjacent to
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the Historic Shucture shall be completed prior to issuance of the Letter of Completion for the exterior
rehabilitation of the Historic Structure.
4. Com�letion of Exterior Rehabilitation. Prior to issuance of the Letter of Completion for
the exterior rehabilitation of the Histbric Structure,Declarant shall install an interpretive sign or plaque on
the Owl Creek Trail to educate trail users about the history of the Historic Structure. Declarant shall
coordinate with the Open Space and Trails Recreation Planner or Land Steward regarding the location
and design of the sign or plaque,prior to installation.
5. Interior Rehabilitation. Declarant is not required to rehabilitate the interior of the Historic
Structure unless Declarant elects to construct the Additional Residence, in which case Declarant must also
rehabilitate the interior of the Historic Structure and make the Historic Structure habitabte. If Declarant elects
to construct the Additional Residence, a Certificate of Occupancy shall not be issued for the Additional
Residence until a Certificate of Occupancy has been issued for the Historic Structure.
6. Exclusion. Declarant agrees that the County in no way assumes any obligation
whatsoever for restoring, maintaining, repairing, or administering the Historic Structure covered by this
Covenant Agreement. However,the County shall be entitled to enforce this Covenant Agreement.
7. Inspection and Compliance. Declarant agrees that the County shal] have the right to
request inspection of the exterior of the Historic Structure to assure compliance with this Covenant
Agreement,which request Declarant shall not unreasonably deny. Notice of any request by the County to
inspect the Historic Structure shall be delivered to Declarant in accordance with Paragraph 15 of this
Covenant Agreement. Any inspection shall occur at such times and upon such prior written notice to
Declarant as Declarant may reasonably require. Any inspection carried out pursuant to this Paragraph 7
must be conducted in the presence of Declarant or Declarant's representative(s), unless Declarant
expressly waives the right to be present. The sole purpose of such inspection shall be to ascertain whether
the terms of this Covenant Agreement have been and are being met and to insure compliance with the
terms of this Covenant Agreement.
8. Alterations. Declarant agrees that the Historic Structure shali be maintained in
accordance with the Resolution, and no significant alterations that were not contemplated in the
Resolution shall be made to the exterior of the Historic Structure without the approval of the Pitkin
County Historic Preservation Officer.
9. Standards for Review. Review and approval of any proposed construction, alteration, or
rehabilitation of the Historic Structure shall be evaluated by the Pitkin County Historic Preservation
Officer through use of the Handbook. Declarant agrees to abide by the Handbook in performing any
restoration,construction, alteration,or rehabilitation,of the Historic Structure.
10. Public Pu�ose. Declarant agrees that all alterations to the Histaric Structure shall be in
the spirit of contributing to the public purpose of protecting and preserving the Historic Structure in
conformance with the Handbook.
11. Continuation. In the event that any component part or parts of the Historic Structure are �
destroyed or substantially damaged through no willful action or negligence of the Declarant, and only if it
is jointly determined by Declarant and the County that the Historic Structure is to be preserved and not
removed, all obligations contained in this Covenant Agreement shall continue unabated'. In the event that
the Historic Structure or any part thereof is damaged or destroyed through the willful action or negligence
of Declarant, the County may initiate such administrative or judicial actions as it deems to be legally
available and appropriate.
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12. Reserved Ri�hts of Declarant/Addition. Declarant shall have all rights to utilize the
Historic Structure as contemplated by the Resolution.
13. Bindin� on Successors to Declarant• Enforcement; Attornevs' Fees. This Covenant
Agreement shall be a binding servitude, and shall run with the land and be binding upon Declarant, its
successors, transferees, and assigns, in perpetuity, unless terminated by the terms of this Covenant
Agreement or by voluntary relinquishment by the County. If Declarant fails to maintain the Historic
Structure as required by this Covenant Agreement, the County shall have the ability to fix and repair the
Historic Structure consistent with the standards of�this Covenant Agreement and collect costs from the
Declarant for such repairs after providing written notice to Declarant in accordance with Paragraph 15
below and giving Declarant a reasonable opportunity to complete such repairs. It is explicitly agreed by
the parties hereto that this Covenant Agreement shall be enforceabte in the courts of the State of
Colorado; and that in the event an action to enforce this Covenant Agreement is brought, the party or
parties which substantiatty prevail in any such enforcement action shal] be entitled to recover from the
non-prevailing party(ies)the full cost of such action(including reasonable attorneys' fees and costs). The
County may enforce the terms of this Covenant Agreement through actions for damages or injunctive
relief,or both.
14. Exercise of Ri�hts and Remedies. Failure of the County to exercise any right or remedy
granted under this Covenant Agreement shall not be a waiver of any breach of the agreement or rights or
remedies to enforce the agreement; provided, however, after notice is provided in accordance with
Paragraph 15 of a violation, if the County fails to knowingly enforce a provision of this Covenant
Agreement for five(5)years, it waives its right to do so.
15. Notices. Any inspection carried out pursuant to Paragraph 7 of this Agreement shall be
at such times and upon such notice to_ Declarant as Declarant may reasonably require. Any notice,
consent or approval which is required to be given hereunder shall be given by certified mail,return receipY
requested, properly addressed and`with postage fully prepaid, to any address provided herein or to any
subsequent mailing address of the party as long as prior written notice of the change of address has been
given to the other parties to this Covenant Agreement, or by fax. In the case of faxed notice,there shall
be duplicate mailed notice�to insure that faxed notice is received. All such notices shall be effective seven
(7)days following the date the notice was deposited in the U.S. Mail or faxed. Said notices,consents and
approvals shall be sent or fa�ced to the parties hereto at the following addresses unless otherwise notified
in writing:
To Declarant: GIM Colorado Holdings LLC
c/o Michael R.Friedberg
111 East Wacker Drive, Suite 2800
Chicago, IL 60601
- Phone: (312)840-4396
Fax: (312)275-7618
With Copies to: James A.Gordon
Gordon Management,Inc. •
900 North Michigan Avenue, Suite 1800
Chicago, Illinois 60611
Phone: (312)649-5666
Fax: (312)664-8649
Chris LaCroix
Garfield&Hecht,P.C.
601 E.Hyman Ave.
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Aspen, CO 81611
Phone: (970)925-1936
Fax: (970)925-3008
To County: Pitkin County
Community Development Director
130 South Galena Street .
Aspen CO 81611
Phone: (970)920-5526
Fax: (970)920-9439
16. Severabilitv. Whenever possible, each provision of this Covenant Agreement and any
other related document shall be interpreted in such a manner as to be valid under app}icable law; but if
any provision of any of the foregoing shal] be invalid or prohibited under said applicable law, such
provisions shall be ineffective to the extent of such invalidity or prohibition without invaliding the
remaining provisions of such document.
17. Choice of Law. This Covenant Agreement and each and every related document are to
be governed and construed in accordance with the laws of the State of Colorado.
� 18. Successors. Except as otherwise provided herein,the provisions and covenants contained
herein shall inure to,and be binding upon,the heirs,successors,and assigns of the parties.
19. Section Headin�s. Paragraph or section headings within this Covenant Agreement are
inserted solely for convenience of reference, and are not intended to, and shall not govern, limit or aid in
the construction of any terms or provisions contained herein.
20. Waiver. No claim of waiver, consent or acquiescence with respect to any provision of
this Covenant Agreement shall be valid against any party hereto except on the basis of a written
instrument executed by the parties to this Covenant Agreement. However, the party for whose benefit a
condition is inserted herein shall have the unilateral right to waive such condition.
21. Gender and Number. Whenever the context so requires herein, the neuter gender shall
include any or all genders and vice versa and the use of the singular shall include the plural and vice
versa.
22. Further Actions. The parties to this Covenant Agreement agree to execute such further
documents and take such further actions as may be reasonably required to carry out the provisions and
intent of this Covenant Agreement or any agreement or document relating hereto or entered into in
connection herewith.
23. Modifications. The parties to this Covenant Agreement agree that any modifications of
this Covenant Agreement shall be effective only when made by writings signed by both parties and
recorded with the Clerk and Recorder of Pitkin County,Colorado.
� 24. Compliance with Resolution. Notwithstanding the actual date that this Covenant
Agreement is recorded, the County agrees that this Covenant Agreement was timely submitted by
Declarant in accordance with the Resolution, and that recording of this Covenant Agreement after
execution by Declarant and the County satisfies condition 3.A of the Resolution (which requires this
Covenant Agreement to be recorded within 120 days of the date the Resolution was approved, or at the
closing when Declarant acquired Lot 11,whichever is later).
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IN WITNESS WHEREOF,the parties hereto have executed this instrument on the day and year
first above-written.
DECLA T:
GIM C RA.DO HOLDINGS LLC,a Delaware limited liability company
B
ichael R. Friedberg,Manager
THE COUNTY:
Board of County Commissioners
Pitkin C unty,Colorado
By: �
Mich el M.Owsley,Chairman (��f/�/�V( C
f / ��.J
STATE OF � )
)ss.
COUNTY OF )
The foregoing Covenant Agreement was acknowledged before me this��day of
,2012 by Michael R.Friedberg,Manager of GIM Colorado Holdings LLC,a Delaware
li ited liability company.
WITNESS my hand and official seal.
My commission expires:
� ✓^
Notary Publi
"OFFICIAL SEAL"
STATE OF CD C-Ole�l-p0 ) MARY FORD
)ss. NOTARY PUBLIC,S7ATE OF ILLINOIS
COUNTY OF P c ) MY COMMISSION EXPIRES 71912015
The foregoing Covenant Agreement was acknowledged before me this �� day of
J�`CE7'y1$��2012 by Michael M. Owsley,Chairman of the Board of County Commissioners of
Pitkin County,Colorado.
WITNESS my hand and official seal.
My commission expires: �
'7-!?ly �
Not Public
List of Exhibits:
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