Loading...
TC Res. No. 1982-11Recorded,at 4:30 P.M. September 10,-1982 Fee $9.00pd f: `242097, Johnnette Phillips Eagle County Book 345 Page 753 RESOLUTION NO. 82-11. TOWN.OF AVON WHEREAS: U.S. Home Corporation, a Delaware Corporation, having its principal office at 8423 Windfall, Houston, Texas, 77040, is the owner of all unsold condominium/accommodation units in The Christie Lodge at Avon; WHEREAS: U.S. Home Corporation has applied to the Town of,Avon for approval of a .special review use to expand the use of condominium/ accommodation units in The Christie Lodge to permit time-sharing use, which use shall extend to all units of The Christie Lodge owned by U.S'. Home Corporation as of the date of this Resolution which units number approximately two hundred and three (203), as more specifically described in the Subdivision Agreement submitted to the Town of Avon by U.S. Home Corporation, and in addition which use shall extend to all units currently,owned by persons or entities other than U.S. Home Corporation, provided said persons or entities join in the Subdivision Agreement submitted to the Town of Avon by U.S. Home Corporation; WHEREAS: The Town of Avon Design Review Board has approved the special review use of time-sharing for one hundred (100) units in The Christie'Lodge at Avon with the condition that all purchasers,of time- sharing units be given a three (3) day right-of-rescission,dnd-further subject to any other-modifications made by the Avon Town Council; WHEREAS: U.S. Home Corporation has submitted to the Town of Avon a Subdivision Agreement describing the time-sharing program and setting forth certain terms and conditions under which the time- sharing program will operate, which terms and conditions shall be binding upon U.S. Home Corporation, any time-share developer, and any other owner later joining in said Subdivision Agreement; WHEREAS: The Subdivision Agreement submitted to the Town of Avon by U.S. Home Corporation provides for the owners of units in The Christie Lodge who purchased their units prior to the request of U.S. Home Corporation for.approval of a.'time-sharing subdivision to also have their units approved for time-sharing in the event said owners join in the Subdivision Agreement; and WHEREAS: U.S. Home Corporation has complied with the require- ments of the Avon Municipal Code for a special review use for time- sharing at The Christie Lodge at Avon; and WHEREAS: U.S. Home Corporation has submitted to the Town of Avon a First Amended Plat and Subdivision Agreement which would authorize with approval by the Town of Avon the use of time-sharing. in the condominium/accommodation units in The Christie Lodge at Avon. THEREFORE, BE IT HEREBY RESOLVED BY THE Town Council of the Town of Avon,'Colorado, that: 1. A special.,review-use for a deeded time-sharing program is hereby approved for the condominium/accommodation units in The Christie Lodge.at Avon,'and this special review use is extended to all condominium/accommodation units in The Christie.Lodge at Avon,.provided (L)„ that such approval shall be'effective,upon the-signing of the Subdivision Agreement by the Town of Avon, the owner of any unit or units whose time-sharing is being-approved,_ and the time-sharing developer, (2) that such use shall be in accordance with the terms and provisions of the Subdivision Agreement executed by U.S. Home Corporation and the Town of Avon which shall be enforceable as a condition of the special review use, and (3) that such use shall extend to those units not owned by U.S. Home Corporation only upon the joinder of the owners of such units in the Subdivision Agreement entered into by U.S. Home Corporation, the Town of Avon, and the time-sharing developer. 2. The Town Council of the Town of Avon, Colorado, hereby approves the First Amended Plat of The Christie Lodge at Avon and the Subdivision Agreement and authorizes the Mayor and Town Clerk of the Town of Avon, Colorado, to execute on behalf of the Town the First Amended Plat and the Subdivision Agreement. (2) E INTRODUCED, READ AND APPROVED THIS 20th day of July, 1982. TOWN OF AVON, COLORADO ~T BY= MAYOR (3) ;t. O I ~ ~ ~ ~p~ ~i ~ ~l Q 242098 Recorded a 4:30 P.M.. September 10, 1982 Johnnett lli - Fee $120.00pd Book 345 e ps Eagle County Page 754 - SUBDIVISION AGREEMENT ~3W THIS SUBDIVISION AGREEMENT is made and entered into this lltl`' day of August, 1982, by and between U.S. HOME CORPORATION, a Delaware Corporation, having its principal office at 8423 Windfall, Houston, Texas, 77040, (hereinafter sometimes referred to as "U.S. Home"), and the TOWN OF AVON, COLORADO, (hereinafter sometimes referred to as "Town of Avon"). RFC ITAT.S WHEREAS: U.S. Home is the owner of all unsold units in The Christie Lodge at Avon, which unsold units amount to approximately two hundred (200) in number, as more specifically set forth on Exhibit "E" attached hereto and incorporated herein. The Christie Lodge at Avon is a condominium/accommodation facility located in Avon, Colorado, the final plat of which was approved by the Town Council of the Town of Avon, Colorado on October 13, 1981; WHEREAS: U.S. Home as the owner of all unsold condominium/ accommodation units in The Christie Lodge at Avon desires to subdivide the remaining-unsold units in The Christie Lodge into a "time-sharing subdivision" as that term is defined in Section 16.08.230 Avon Municipal Code, and further desires to subdivide the remaining con dominium/accommodation units in The Christie Lodge at Avon owned by parties other than U.S. Home and desires to provide for approval of such time-sharing sub-division in the event the existing owners of units already sold in The Christie Lodge at Avon join in this Subdivision Agreement; WHEREAS: The Town Council of the Town of Avon and the Design Review Board of the Town of Avon have approved a special review use for time-sharing for The Christie Lodge at Avon; WHEREAS: The Town Council of the Town of Avon has approved the First Amended Plat of The Christie Lodge at Avon pursuant to the provisions of Section 16.24.030 Avon Municipal Code; and WHEREAS: U.S. Home and the Town of Avon have entered into this Subdivision Agreement pursuant to the provisions of,:;Section 16.24.140(F) Avon Municipal Code. W,_- -w-, W I T N E S S E T H: T NOW THEREFORE, in consideration of the mutual promises and covenants of U..S.,Home and the Town of Avon, U.S. Home and the Town of Avon hereby agree as follows: 1. Time-Sharing Subdivision. The Town of Avon by and through is subject to the owner of said units joining in this Subdivision Agreement. It is the intention of U.S. Home, the Town of Avon, and.. the owners of condominium/accommodation units in The Christie Lodge at "Avon who have acquired.their units prior to the execution of this Agreement, and who join in this Agreement for the purpose of approving their condominium /accommodation unit as a part of the.time-sharing sub- division, that the provisions of this Subdivision Agreement shall govern and control the sale and use of all time-sharing units in The Christie Lodge at Avon, in addition to the terms and provisions of the Condominium Declaration for The Christie Lodge at Avon, the Articles of Incorporation and Bylaws of The Christie Lodge.Owners Association, Inc., and the Colorado statutes governing the use and sale of time- sharing units. 2. Marketing of Time-Sharing Units. a. "Time-Sharing Unit" shall be defined as that term is its Town Council has approved a time-sharing subdivision of the two hundred and eighty (280) condominium/accommodation units included in The Christie Lodge at Avon pursuant to Section 16.36 Avon Municipal Code. Approval by the Town Council of the Town of Avon of the time- sharing subdivision as applicable to any of the 280 condominium/accom- modation units now owned by persons or entities other than U.S. Home; used in Section 16.08.230 Avon Municipal Code, and shall specifically include an undivided interest in a condominium accommodation unit in The Christie Lodge at Avon whereby said undivided interest includes a deeded interest in a condominium accommodation unit whereby the Grantee also is entitled to the right to use said condominium/accommodation unit for a period of seven (7) consecutive days. (2) b. U.S. Home warrants and represents that all time-sharing a 1 units will be sold or marketed by U.S. Home or a time-sharing developer in accordance with all rules and regulations of the Colorado Real Estate.Commission, and all applicable rules or regulations of real estate commissions having jurisdiction in any state where a sale of a time-sharing unit in The Christie Lodge occurs. All salespersons selling time-sharing units in The Christie Lodge shall be employees of U.S. Home Corporation, the time-share developer or licensed real estate brokers or salespersons properly licensed in the state in which the sale of any time-sharing unit occurs. All initial time-sharing sales made within the Town of Avon, Colorado, shall be conducted and closed through a real estate broker licensed by the Colorado Real Estate Commission. c. No on-street solicitation shall be used in any marketing program related to the sale of the time-sharing units in The Christie Lodge at Avon. d.. The sale of time-sharing units in The Christie Lodge At Avon shall be limited at any one time to the sale of time-sharing weeks out of a pool of whole condominium accommodation units not in excess of sixty (60). As soon as thirty-seven (37) weeks or time-sharing units have been sold out of any one whole condominium accommodation unit, said whole condominium accommodation unit shall cease to be a part of the pool of sixty (60) described above, and a new whole condominium accommodation unit may be added to the pool of sixty (60) to replace the unit out of'which thirty-seven (37) time-sharing weeks have been sold. I. Recreational Facilities, Amenities; Services, and Fees. a. The following recreational facilities and services are currently provided at or through The Christie Lodge, and it is the intention of U.S. Home that these facilities and services will con- tinue to be provided: (3) r Three Hot Tubs - One Swimming Pool I - Two Saunas with Showers and Restrooms Participation in Avon Gold Cup Golf Invitational Ski and Skate Rentals Budget Rent-A-Car Services (also available at Avon_ Stolport) - Cablevision - Meeting Facilities - Transportation Facilities - The Christie Lodge currently has a van which will be available to all time-share users and upon request will transport time-share users and other'.guests to area golf courses, riding stables, tennis courts, Vail Transportation Center, and any and all other such locations as desired. b. Space in The Christie Lodge lobby has been allocated for and the management company of The-Christie Lodge has agreed to provide, personnel to staff an excursion/reservation service. Such a service will provide information about, reservations for, and arrange transportation to all recreational amenities in the general area in- cluding but not limited to rafting trips, dinner reservations, tickets for various performances, riding stables, et cetera. -The excursion/ reservation service should be fully operational as of the beginning of the 1982-83 ski season. This excursion/reservation service could, in the future, be handled by a private company-and its service made available to the general public. C. The following functions are presently or soon will be operating, within The Christie Lodge: Las Mananitas Mexican Restaurant, ice cream and cookie parlor, and Dr. Bob's.Video and Game Room. It is'the intention of U.S. Home in connection with the time-share developer, to arrange for the development of the remaining commercial space in The Christie Lodge to include services such as the following: a health/exercise facility, American Express Travel Center, dinner theater, day care facility, recreation room, or other such facilities that will in effect provide additional services for the use of time- (4) 0_ share owners, other guests-of The Christie Lodge, and the general public as is feasible. The following commercial spaces are avail- able for development and improvement as described above: Unit C-19 (restaurant); C-17; C-12; C-6,7,8, and 9,-and Unit C-15. d. By means of an Amendment to the Condominium Declaration, commercial space numbered C-19 in The Christie Lodge has been designa- ted to be used exclusively as a full service restaurant facility.- The restaurant facility is to be open seven days a week from 6:00 A.M until 1:00 A.M. each day. There are 3,700 square feet of space in unit C-19. It is the intention of U.S. Home that the restaurant facility will-be in operation by January 1,1983. e. Subject to Design Review Board approval and any other approval required by agencies of the Town of Avon, the following facilities can be added within The Christie Lodge or included out- side: 1. a section of the upper level parking garage could be striped for 10-15 shuffleboard courts and used during the summer season. 2. a removable/portable golf driving net and putting* area. f. Space.is available in The Christie Lodge atrium and lobby which can be used by private parties as booths to promote or display special services or merchandise. g. U.S. Home and the Town of Avon acknowledge that it is desirable that recreational and transportation amenities in addition to those currently or to be provided at The Christie Lodge,also be, made available to time-share users and their guests. Because it does not appear physically possible to add substantial additional amenities to'The Christie Lodge facility, U.S-. Home and the Town of Avon agree that funds should be provided which can assist the Town of Avon in the construction, maintenance, and servicing of recreational or transporta- tion facilities and amenities within the Town of Avon which can be made available to time-share users along with the general public. For the purpose of accomplishing this U.S. Home and the Town of Avon agree as follows: (5) (i) The time-share developer shall agree that a payment of one_fourth (1/4) of one (1%) percent of the sales price of each time-share unit shall be paid to the Town of Avon, upon closing the sale of each interest in a time-share unit. These funds shall be used by the Town of Avon for the purpose of constructing, maintaining, and servicing recreational and transportation facilities and amenities in the Town of Avon and/or for any other similar or related use. The recreational amenities or transportation services to be provided by the Town of Avon in addition to being available to the general public shall-also be made available to time-share users and their guests in The Christie Lodge on the same basis as they are made available to any resident of the Town of Avon. Payment of the one-fourth (1/4) of one (1%) percent of the sales price described above shall beiin ad- dition to payment of any and all transfer tax due upon the sale of each time-sharing unit. (ii) Because it is anticipated that time-share users and their guests at The Christie Lodge will make use of recreational amenities provided by the Town of Avon, all time-share unit owners in The Christie Lodge at Avon shall pay a recreational amenities fee to be collected by the management company of The Christie Lodge from each time- share unit owner along with the other regular and normal assessments paid by such owner, and disbursed by The Christie.Lodge management company to the Town of Avon. This recreational amenities fee shall--be determined by the Town of Avon within sixty (60) days following the execution of this Subdivision Agreement. All such recreational amenities fees received by the Town of Avon shall be used by the Town of Avon for the construction, maintenance and servicing of recreational or, transportation facilities and amenities in the Town of Avon, and/or for any other similar or related use. In exchange for the payment of this recreational amenities fee to the Town of Avon by time-share unit owners at The Christie Lodge, all such time-share unit owners and their guest shall be able to make use of all Town of Avon recrea- tional and transportation facilities and amenities on the same basis and (6) 0 0; conditions as any other property owner within the Town of Avon. In lieu of the recreational amenities fee described above, or in addition to the recreational amenities fee described above as determined by the Town of Avon, all time-share unit owners in The Christie Lodge at Avon 'shall pay any recreational or-assessment tax which may be levied by further act or ordinance by the Town of Avon in the event the Town of Avon should enact an ordinance providing for a recreational assessment or tax for said Town. 4. Maintenance of Time-Share Units and Common Area Facilities at The Christie Lodge. It is the intention of U.S. Home on behalf of itself and on behalf of any time-share developer marketing time- sharing units in The Christie Lodge that all time-sharing units and the related general common areas be maintained in a first-class condition at least to the standards of national franchise motels, or to the standards as determined by The Christie Lodge owners Association, Inc., whichever are higher. To assure that this level of-maintenance is achieved, U.S. Home on behalf of itself and on behalf of any time-share developer agrees as follows: (a) Time-Sharing Units. In addition to the other normal fees and assessments paid by the owner of each time-sharing unit at The Christie Lodge, each time-sharing unit owner shall pay a replacement reserve assessment to be held in a special escrow account and to be used for the purpose of replacing as needed all furniture, furnishings, and.equipment used within each time-sharing unit. The assessment for this replacement reserve shall be established in an amount to assure adequate funding for the replacement of all furniture, furnishings and equipment in each time-sharing unit on an average forty-eight (48) month cycle. (See Summary of First Year Estimated Budget set forth on Exhibit "A" attached hereto and incorporated herein) (b) General Common Areas. Because it is believed that initially the general.common areas of The Christie Lodge may receive more use by time-sharing unit owners, in addition to the other fees and assessments which will be paid by time- sharing unit owners, each time-sharing unit owner shall pay an additional Association fee which shall be used to maintain the general common areas of The Christie Lodge. (See.Exhibit "A" attached hereto and incorporated herein). (7) 5. Management of Time-Sharing Units. The management of the time-sharing units shall be the responsibility of the management company employed by The Christie Lodge Owners Association, Inc. Because the management of a time-sharing unit involves more cost, due"to communications with additional owners, scheduling, and other similar related expenses, each time-sharing unit owner shall pay on a prorata basis the additional management fees and costs incurred by the time-sharing units over and above the normal management fee and service fee paid as a part of the usual condominium fee"or service fee by owners of whole condominium units at The Christie Lodge.. The additional management fees and service fees shall be determined by the management company employed by The Christie Lodge Owners Associa- tion, Inc., and shall be"assessed to the,time-sharing unit owner along with.the other normal and regular assessments made.to said owner.. (See Exhibit "A" attached hereto and incorporated herein). 6. Disclosure to All Subsequent Purchasers of Christie Lodge Units. U.S. Home agrees that it shall be disclosed to any and all subsequent purchasers of units in The Christie Lodge, specifically including all purchasers of whole condominium units in The Christie Lodge, that The Christie Lodge has been subdivided into a time- sharing subdivision and that time-sharing units-are being sold in The Christie Lodge at Avon. 7. Compliance with Sections 16.24.100 and 16.24:110 Avon Municipal Code. The provisions of Sections 16.24.100 and 16.24.110 Avon Municipal Code are not applicable to the time-sharing subdivision described herein or to this Agreement for the reason that no con- struction of improvements to real estate as described in said sections is anticipated as a part of this time-sharing subdivision. 8. Town of Avon to be Held Harmless. U.S. Home on behalf of itself and"on behalf of any time-share developer warrants and represents that U.S. Home and the time-share developer shall hold the Town of Avon, its.officers, employees, and agents harmless from any and all costs, including attorney's fees, damages and liabilities which may occur or be claimed to occur by reason of any approval or action by said Town, its officers, employees and/or agents related to the approval by the Town of Avon of the time-sharing subdivision at (8) The Christie Lodge or approval by said Town of the Amended Plat for The Christie Lodge at Avon. In order to comply with the requirements of this agreement to hold harmless the Town of Avon, its officers, employees and agents, U.S. Home and any time-share developer marketing time-sharing units at The Christie Lodge, reserve the right to pur- chase under terms to be mutually agreed upon the condominium unit or units of any person bringing a claim for damages and/or liabilities against the Town of Avon, its officers, employees and agents. 9. Waiver of'Exemption From Transfer Tax. U.S. Home anticipates that one hundred fifty (150) condominium accommodation units in The Christie Lodge may be transferred to a partnership or joint venture in which U.S. Home or one of its subsidiaries may be a general pa"rtner. U.S. Home acknowledges that in regards to such a transfer, all or a portion of that transfer're'lated to its interest in the partnership or joint venture to be-formed, estimated to be one-half, may be exempt from payment of transfer tax to the Town of Avon, Colorado. U.S. Home does hereby waive any such exemption and in consideration of such waiver, the Town of Avon agrees that the one-half (1/2) portion of the transfer tax which may have been exempt shall be used by the town for the purpose of constructing, maintaining, and servicing recreational and/or transportation facilities and amenities in the Town of Avon and/or for any other similar or related use. 10. Compliance with Section 16.36.020 Avon Municipal Code. U.S. Home on behalf of itself and on behalf of any time-share developer marketing time-sharing units at The Christie Lodge warrant and represent that the following described information shall be furnished in writing. to all prospective purchasers of time-sharing units at The Christie- Lodge: (a) Each prospective purchaser shall be provided with a ,first year budget, which budget shall include a description of reserves for maintenance and replacement along with the projected common expenses of each time-share unit. A first year estimated budget is attached hereto and incorporated herein as Exhibit "A". (b) Each prospective purchaser will also be provided with (9) 1 f a written statement of any and all services which will be provided by the time-sharing developer either on a one-time or continuing basis. (c) Each prospective purchaser will be provided with a description of any liens or encumbrances - which'may-effect the time-share unit. This will be accomplished,at least in part by each time-share unit purchaser receiving a title insurance commitment for his or her unit. (d) Each prospective purchaser will be provided a state- ment as to the limitation on warranties effecting his or her unit. A description of the Warranty Statement is attached hereto and incorporated herein as Exhibit "B". (e) Any earnest money deposit made by a prospective purchaser in connection with the purchase of a time-share- unit will be held in a special escrow account until the transaction is closed. (f) There will be no restraints or 'alienation of a time-share unit. Any time-share unit owner may sell,-transfer, or convey his or her time-share unit in any manner he or she wishes, subject only, of course, to the provisions of local and state law and the requirements of the Condominium Declara- tion for The Christie Lodge. (g) Each prospective purchaser will be provided with a detailed description of the insurance coverage applicable to the time-sharing unit. The existing insurance coverage is as described on Exhibit "C" attached hereto and incorporated herein. (h) Each prospective purchaser will be informed as to the extent to which any one time-share unit may be subject to a tax or other lien arising out of claims against or the tax' liability of other owners of the same time-share unit or other units. Presently, all taxes assessed against an individual condominium unit at The Christie Lodge are paid as a part of the Association fee or by escrow with the mortgagee. This (10) practice will continue so that taxes are paid as a part of the Association fee collected by the management company or by*escrow with-'the mortgagee, and then disbursed by the management company or mortgagee to the treasurer of Eagle County, Colorado, and paid on the basis of one (1) payment for each condominium unit. The tax or assessment for each condominium unit will be divided pro- rata among the time-share unit owners who collectively own any one (1) condominium unit and will be paid along with the Associa- tion fee or escrow payment paid by the time-sharing unit owners. (i) Time-sharing unit owners at The Christie Lodge shall be provided access on a voluntary basis to a program for the ex- change of occupancy rights with owners of other time-share units. Presently it is anticipated that The Christie Lodge time-sharing program will be affiliated with Resort Condominiums International of Indianapolis, Indiana. The utilization by a time-sharing unit owner of the exchange opportunity through Resort Condominiums International shall be strictly on-a voluntary basis: .The time- share developer shall pay any and all normal fees paid.by a time- share developer for the purpose of including the time-sharing'pro- ject in the exchange network. Any specific exchange fee paid by the time-sharing unit owner shall be paid on a voluntary basis by each time-sharing unit owner. A copy of the correspondence from Resort Condominiums International to the Town Council of Avon is attached hereto and incorporated herein as Exhibit "D". A breakdown of the fee to be paid by any individual time-sharing unit owner who wishes to exchange his or.her unit through the exchange network of Resort Condominiums International is de- scribed on Exhibit "A" attached hereto and incorporated herein. (j) In the event a time-share developer shall transfer said developer's interest in units at The Christie Lodge to any third party or person, the transferee shall assume and be liable for all obligations of the developer. U.S. Home acknowledges and warrants that the terms set forth in this Subdivision Agreement shall be binding upon any time-share developer and that any con- tract entered into by U.S. Home with a time-share developer shall (11) W 0 provide that said-developer is to be bound by the terms and conditions of this Subdivision Agreement. The time=share developer shall be bound by the terms and conditions of this Subdivision Agreement in addition to U.S. Home. Consequently, any transfer of the rights of any such developer shall include an, assumption by the transferee of all of the obligations of the developer including the obligations set forth and described in, this Agreement; and any such assumption shall be.in addition to and shall not relieve U.S. Home from the obligations as set forth in this'Subdivision Agreement related to U.S.'Home. (k) Each and every prospective purchaser of a time-sharing unit at The Christie Lodge shall be to extend to a period of three (3) of any contract for the purchase of Christie Lodge. This three (3) day be waived. given a right-of-rescission business days after the signing a time-sharing unit at The right-of-rescission may not All of the information described in the foregoing paragraph shall-be made available in writing to all prospective purchasers of time-sharing units in The Christie Lodge. The above information shall be made available to the prospective purchaser prior to the execution by the prospective purchaser of any contract to purchase a time-sharing unit in The Christie Lodge. 11. Effect of Time=Sharing Subdivision on Availability of Long-Term Rental Housing or Accommodations in Town-of Avon. Because the existing units in The Christie Lodge are designed and intended for accommodations in the Town of Avon due to the conversion to time- sharing at The Christie Lodge. Any condominium units at The Christie Lodge owned or controlled by U.S. Home-or the time-share developer shall be placed in the rental program at The Christie Lodge until such units are sold to third party purchasers, thus providing the avail- ability for short-term accommodations at The Christie Lodge and further providing the Town of Avon with accommodation tax receipts from the rental of such units. (12) 0 0 12. Current Owners of Christie Lodge Units Other Than U.S. Home and Time-Sharing Developer to Join in Subdivision Agreement. (a) -Current Owners. It is the intention of U.S. Home and the Town Council of.the Town of Avon that the approval of a time-sharing subdivision for all 280 condominium/accommodation units at The Christie Lodge shall extend'to condominium/accom- modation units owned by persons or entities other than U.S. Home as of the date of the original execution of this Subdivision Agreement by U.S. Home and the Town of Avon, provided such current owners join in the execution of this Subdivision Agreement. The current owners who join in the execution of this Subdivision Agreement shall be bound by the terms of'this Agreement. (b) It is the intention of U.S. Home to identify the time-share developer who shall acquire, develope, and then market units in The Christie Lodge now owned by U.S. Home, and said developer may also acquire units for development and market- ing for other current owners at The Christie Lodge. Any such time- share developer shall be bound by the terms and conditions of'this Subdivision Agreement and shall join in the execution of this Subdivision Agreement. 13. Recording of this Subdivision Agreement. This Subdivision Agreement shall be recorded in the Clerk and Recorder's office for 'the County of Eagle, State of Colorado. 14. All Time-Sharing Units To Be "Accommodation" Units. All time-sharing units in The Christie Lodge shall be "accommodation" units as the term "accommodation" is defined in Section 17.08.03 Avon Municipal Code. 15. Amendment of Agreement. This Agreement may be amended by the parties hereto only by a written amendment entered into by all parties and/or signatories to this Agreement. 16. Agreement May Be Signed in Counterpart. For the purpose of expediting the execution or signing of this Agreement, this Agreement may be signed in Counterpart. (13) C~ 17. Separability Clause. If any article, section, subsection, r sentence, clause or phrase of this Agreement is for any reason held to be illegal or invalid, such illegality or invalidity shall not affect the validity of the remaining portions of this Agreement. 18. Agreement Binding Upon Successors and Assigns. This Agreement shall be binding upon the parties hereto, their successors and assigns. IN WITNESS WHEREOF, U.S. HOME AND THE TOWN OF AVON have executed this Agreement the year and date first above written. U.S. HOME CORPORATION By: / es P. Bennett, Division Vice-President (Title) 'Ilk - Patricia J. Doy Town Clerk TOWN OF AVON, COLORADO By: Allan Nottingham, Mayor (14) . STATE OF COLORADO ) COUNTY OF EAGLE ) On August 11, 1982 1982, the foregoing Subdivision Agreement was acknowledged before me by James P. Bennett. Divisign Vice-Presi,dent.. , of U.S. Home Corporation, and, 'said) Subdivision Agreement was executed by him. 1 Witness my hand and notarial seal. My Commission Expires.. My Commission Expires November_ 8, 196,-4*-. Not ry Public P.O. Box 682 Edwards, Colorado 81632 Address STATE OF COLORADO ) COUNTY OF EAGLE ) On , 1982 th foregoi S division Agree-- e~~ ment was ackn edged before me by Town Clerk of the Town of Avon, and said Subdivisi Agreement was executed or attested to by her. Witness my hand and notarial seal. % O 'Commission Expires: C0'J Public '5i' L!Zv ess CJ /.6.;2d STATE OF COLORADO ) COUNTY OF EAI$LE ) On l 1982, he for going bdiv'sion Agree- ment was ac wledged before me by GZ ai~ - j Mayor of the-Town of Avon, Colorado, and said Subdivisiefaf Agreement was executed by him. Witness my hand and notarial seal. My'. pmmission Expires: y Public r~ Address ~~4e r6~.v (15) EXHIBIT "A" (1) ESTIMATED BUDGET FOR COMPARISON - SINGLE UNIT OWNER VS TIME-SHARE DEFINITIONS: Management Fee: Fee paid to The Christie Lodge Owners Association. Manager who provides the Management of the Association budget.. . Association Fee: Fee paid to The Christie Lodge Owners Association for disbursement by Manager for expenses incurred by the Association (budget attached). Service Fee: Fee paid to the Rental or Time-Share Manager'to provide th6' following services inside the unit: Maid Service Linens Replaceables (Toilet Paper, Soap, etc) Weekly inventory so that unit is restored. to original condition, i.e., glasses, light bulbs, etc. Firewood Reserve: Money collected to replace or repair furniture, fixtures, walls, etc. and managers needed to facilitate same.* SINGLE UNIT OWNER PER MONTH Management Fee Association Fee Service Fee Reserve Fund L $ 20:00 '158.00 40% of rental income 5% of owners rental income (Est. $30.00 per month) ' MONTHLY TOTAL FOR TIME-SHARE UNIT WEEDY TOTAL FOR !=-SHARE UNIT PLUS for time-share unit owner: TIME-SHARE UNIT PER N ONTH' . $ 24.00 237.00 500.00 51.00 $ 812.00 $ 191.06 1. Recreational Amenities'Fee. . . . . $ 2. RCI or Exchange Fee if applicable $ TIME-SHARE UNIT PER YEAR , $ 288.00 2,844.00 6,000.00 612.00 $9,744.00 $9,744.00 * Based upon:replacement,on an average 48 month cycle. To be determined by Town of Avon, Colorado To be'paid on voluntary basis if exchange.is,requested by owner. A time-share developer who holds title to condominium accommodation units as whole units and not as time-share units,,shall pay the management fee and association fee based upon the fees described above for a single unit owner together with.any service fee or reserve fund payments actually incurred or applicable to the use of the'unit made by the time-share developer. As Declarant, U.S.,Home will pay the fees and costs as described in the Condominium Declaration.to be paid by the Declarant.