TC Res. No. 2000-26TOWN OF AVON
RESOLUTION NO. 00-26
SERIES OF 2000
A RESOLUTION APPROVING THE MASTER DEED RESTRICTION AGREEMENT FOR
GRANDVIEW, LOT 42, BLOCK 1, BENCHMARK AT BEAVER CREEK SUBDIVISION,
TOWN OF AVON, EAGLE COUNTY, COLORADO
WHEREAS, the Grandview PUD Zoning and Development Plan for Lot 42, Block 1,
Benchmark at Beaver Creek Subdivision (hereinafter referred to as "Grandview") approved by
Ordinance 99-4 included 12 employee housing units with the condition that a deed restriction
agreement be executed between the property owner and the Town of Avon; and
WHEREAS, the Master Deed Restriction Agreement (a copy of which is attached hereto
and made a part hereof) complies with Ordinance 99-4 and the Grandview PUD and
Development Standards; and
WHEREAS, the Master Deed Restriction Agreement includes provisions for selling and
leasing the 12 employee housing units, which shall constitute covenants running with the real
property and shall be specifically enforceable by the Town.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO,
1. The Master Deed Restriction Agreement for Grandview complies with Ordinance
99-4 and the Grandview PUD and Development Standards.
2. That the Town Council of the Town of Avon, Colorado does hereby approve the
attached Master Deed Restriction Agreement for Grandview.
ADOPTED THIS 23 DAY OF May , 2000.
TOWN COUNCIL
TOWN OF AVON, COLORADO
101y Yo r, A or
v
Nash, Town Clerk
APPROVED AS TO FORM:
BurtLevin, Town Attorney
MASTER DEED RESTRICTION AGREEMENT
FOR THE OCCUPANCY, RENTAL, AND RESALE OF
GRANDVIEW, LOT 42, BLOCK 1, BENCHMARK AT BEAVER CREEK SUBDIVISION
THIS MASTER DEED RESTRICTION AGREEMENT'(the "Agreement") is made
and entered into this _ P day 2000 by the TOWN
OF AVON ("the Town") and James G..-"Tylich, he owner of the
property, hereinafter referred to as "Declarant").
WITNESSETH:
WHEREAS, teclarant owns the real property described Lot 42, Block
1, Benchmark at Beaver Creek Subdivision. For purposes of the
Agreement, the real property and all dwellings, appurtenances,
improvements and fixtures associated therewith,shall hereinafter
be referred to as the "Property."
WHEREAS, in accordance with ordinance 99-4, the PUD Zoning and
Development plan and standards were approved for the property for
12 employee housing units with the condition that a deed
restriction agreement shall be executed between the property
owner and The Town of Avon, to establish the deed restrictions;
WHEREAS, Declarant intends to own the property for the purpose of
renting the 12 units as employee housing units in accordance with
the agreement and Ordinance 99-4 and the Grandview PUD and
Development Standards;
WHEREAS, this Agreement shall constitute covenants running with
the real property, as a burden thereon, for the benefit of, and
"shall be specifically enforceable by, the Town, by any
appropriate legal action including but not limited to specific
performance, injunction, reversion or eviction of non-complying
owners and/or occupants.
WHEREAS, a "Unit" is any of the 12 units located on the Property.
NOW THEREFORE, in consideration of the promises above and.the
terms and conditions set forth below, and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Declarent hereby agrees, covenants and
represents as follows:
ARTICLE 1 GENERAL
Declarant agrees that this agreement shall constitute a resale
and rental agreement setting forth the maximum rentals that may
be charged and/or the maximum sale price for which the Units may
1
be resold;
Declarant agrees to restrict the Units against use and occupancy
inconsistent with this Agreement. The use and occupancy of the
Units shall henceforth be limited exclusively to housing for
natural persons who meet the definition of Qualified Buyers and
their families or for employees of an owner who is a Qualified
Buyer and/or qualified renters.
All occupants of the units must:
a) occupy the Unit as their sole place of residence during
the time that the Unit is owned or rented, except as
specifically permitted under this Agreement;
b) not engage in any business activity on or in such Unit,
other than permitted in that zone district or by applicable
ordinance;
c) sell or otherwise transfer such Unit only in accordance
with this Agreement;
d) not sell or otherwise transfer such Unit for use in a
trade or business; and
e) not.permit any use or occupancy of such Unit except in
compliance with this Agreement.
The Units shall be and are to be utilized only as the exclusive
and permanent place of residence of any person occupying a unit
other than guests of permanent residents. A permanent residence
shall mean the home or place in which one's habitation is fixed,
and to which one, whenever he or she is absent, has a present
intention of returning after a departure or absence therefrom,
provided, such absence does not exceed a period of one year or
such greater period of time as has been approved by the Town in
writing for good cause, including hardship or other extenuating
circumstances.
In determining residency, the Town staff shall consider the
following circumstances relating to the owner: business
pursuits, employment, income sources, residence for income or
other tax purposes, age, marital status, residence of parents,
spouse and children if any, location of personal and real
property, and motor vehicle registration. All occupants, other
than guests of permanent residents shall be employed a minimum of
thirty hours per week in Eagle County or be an eligible retired
or disabled person as defined hereinabove under "Qualified Buyer
and Renters."
In the event occupant changes domicile or ceases to utilize the
Unit as his or her sole and exclusive place of residence, the
Unit shall be offered for sale or rent pursuant to the provisions
of this Agreement. Where the provisions of this Paragraph apply,
the Town may require the Owner to rent the Unit in accordance
with the provisions of Article 4 below.
2
If at any time the Owner of an individual Unit (other than an
Owner who is an employer using the Unit for employee housing or
an owner who owns the unit or units for the purpose of renting to
tenants in compliance with this agreement), also owns any
interest alone or in conjunction with others in any developed
residential property or dwelling unit(s) located in Eagle County,
Owner agrees to immediately list and actively market said other
property or unit for sale and to sell Owner's interest in such
property at a sales price comparable to like units or properties
in the area in which the.property or dwelling unit(s) are
located. In;the event said other property or unit has not been
sold by Owner within one hundred eighty (180) days of its
listing, then Owner hereby agrees to immediately list this Unit
for sale pursuant to the provisions of Paragraph 10 of this
Agreement. It is understood and agreed between the parties
hereto that, in the case of an Owner whose business is the
construction and sale of residential properties or the purchase
and resale of such properties, the properties which constitute
inventory in such an owner's business shall not constitute "other
developed residential property" or "dwelling unit(s)" as those
terms are used in this Paragraph.
ARTICLE 2 FOR SALE UNITS
Declarant agrees to restrict the transfer of the Units to
"Qualified Buyers," as defined as follows:
a) An owner who occupies the Unit as his or her primary
place of residence.
b) An owner who is a full time employee working at least
thirty hours per week in Avon or Eagle'County, or a retired
person who has been a full time employee in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a person having a medical disability who has been
a full time employee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
disability, or the spouse or dependent of any such persons who
resides with them.
c) An owner whose household income does not exceed 120
percent of the Eagle County Median Family Income as determined by
the Department of Housing and Urban Development guidelines or by
the Town in the event such guidelines cease to be maintained by
the Department ("the ECMFI").
. d) An owner whose total current family net assets are not in
excess of $250,000.00 ($360,000.00 for a retired person) or whose
total current family net assets have not been in excess of
$250,000.00 ($360,000.00 for a retired person) during the two
years preceding if the same were transferred or disposed of to
confer eligibility hereunder. The foregoing limitations shall
annually be. adjusted for inflation on the basis of the applicable
Consumer Price Index.
e) An owner who is a person or entity who owns the property
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for the purpose of renting the units as employee housing in
accordance with this agreement.
ARTICLE 3
MAXIMUM SALE PRICE
The initial maximum sales price for a.2 bedroom individual unit
shall be $176,905.00 (based on affordability for a family at 100
percent of the Eagle County Median Family Income, with a 5
percent down payment, and adjusted for average mid-valley
homeowner's fees).
In the event that an owner shall desire to sell a Unit, he or she
shall deliver to the Town a Request to Sell, Exhibit "D".hereto.
Upon receipt of written authorization from the Town to proceed,.
the Owner may immediately advertise the Unit. for sale to
Qualified Buyers. In the case of re-sales, owner may engage a
real estate broker, and the sale price shall then be adjusted
upward to include a commission of not more than one percent of
the sale price. Owner may accept any offer that is not greater
than the maximum sale price as defined below; or owner may reject
all offers and retain ownership of the Unit. Prior to closing
sale of the Unit, Owner shall provide evidence, in the.form
attached as Exhibit "E," to show that the Unit is being sold to a
Qualified Buyer and for an amount not greater than the maximum
sale price as defined herein.
When more than one qualified buyer exists, the sale and resale of
units shall be awarded based upon income, with the highest
priority given to those with the lowest income. Preference will
also be granted to persons either residing or working within the
Town, and then to those working or living within Eagle County.
The Town of Avon Community Development Director or designated
representative shall approve all buyers and set the maximum sale
price based upon this agreement.
In no event shall a Unit be sold for an amount ("Maximum Sale
Price") in excess of the maximum sales price outlined in this
agreement, plus an increase of three percent (3%) of such price
per year (non-compounded), from the date of purchase to the date
of Owner's notice of intent to sell (prorated at the rate of .25
percent for each whole month for any part of a year), plus the
one percent commission permitted in section 5 and plus the amount
permitted in section 7. The sale price of multiple units shall
not exceed the sale price of the individual units times the
number of units being sold in accordance with this paragraph and
section 7 below.
Allowance for Capital Improvements
a. For the purpose of determining the Maximum Sale Price
in accordance with this Section, the Owner may add to
the amount specified in Paragraph 6 above, the cost of
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Permitted Capital
"B"). The amount
exceed ten percen
purchase price se
initial ten year
from the date of
restriction, anot
may be added to t
improvements. In
Permitted Capital
"B" hereto shall
Permitted Capital
over the life of
Improvements (as defined in Exhibit
for capital improvements shall not
t (10 of the initial listed
t forth in paragraph 6 above for an
period. For every ten year period,
original purchase and deed
her ten percent of the purchase price
he value of the property for capital
calculating such amount, only those
Improvements identified in Exhibit
qualify for inclusion. All such
Improvements installed or constructed
the Unit shall qualify.
b. Permitted Capital Improvements shall not include any
changes or additions to the Unit made by the Owner
during construction, except in accordance with
Paragraph 7a above. Permitted Capital Improvements
shall not increase the base price, even if :made or
installed during original construction.
C. In order to qualify improvements as Permitted Capital
Improvements, the Owner must furnish to the Town the
following information with respect to the improvements,
which the Owner seeks to include in the calculation of
Maximum Sale Price:
1) Original or duplicate receipts to verify the
actual costs expended by the Owner for the
Permitted Capital Improvements;
2) Owner's affidavit verifying that the receipts are
valid and correct receipts tendered at the time of
purchase; and
3) True and correct copies of any building permit or
certificate of occupancy required to be issued by
the Town of Avon Department of Community
Development with respect to the Permitted Capital
Improvements.
d. For the purpose of determining the Maximum Sale Price
in accordance with this Section, the Owner may also add
to the amount specified in Paragraphs 6 and 7a, the
cost of any permanent improvements constructed or
installed as a result of any requirement imposed by any
governmental agency or homeowners association, provided
that written certification is provided to the Town of
both the applicable requirement and the information
required by Paragraph 7c, 1-3.
e. In calculating the costs under Paragraphs 7a and 7d,
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only the Owner's actual out-of-pocket costs and
expenses shall be eligible for inclusion. Such amount
shall not include an amount attributable to Owner's
"sweat equity" or to any appreciation in the value of
the improvements.
Owner shall not permit any prospective buyer to assume any or all
of the Owner's customary closing costs nor accept any other
consideration which would cause an increase in the purchase price
above the bid price so as to induce the Owner to sell to such
prospective buyer.
In the. event that title to a Unit vests by descent in individuals
and/or entities who are not Qualified Buyers as that term is
defined herein (hereinafter "Non-Qualified Transferee(s)") with
the exclusion of an owner renting to employees or other owner
renting under the terms of this agreement, the Unit shall
immediately be listed for sale, and the highest bid by a
Qualified Buyer shall be accepted in accordance with the terms of
this agreement establishing priority of the sale to buyer.
a.. Non-Qualified Transferee(s) shall join in any sale,
conveyance or transfer of the Unit to a Qualified Buyer
and shall execute any and all documents necessary to do
so; and
b. Non-Qualified Transferee(s) agree not to: 1) occupy
the Unit; 2) rent the Unit, except in strict
compliance with Paragraph 14 hereof; 3) engage in any
other business activity on or in the Unit; 4) sell or
otherwise transfer the Unit except in accordance with
this Agreement; or 5) sell or otherwise transfer the
Unit for use in a trade or business.
C. The Town shall have the right and option to purchase
the Unit, exercisable within a period of fifteen (15)
calendar days after receipt of any sales offer
submitted to the Town by a Non-Qualified Transferee(s),
and, in the event of exercising its right and option,
shall purchase the Unit from the Non-Qualified
Transferee(s) for cash at the Maximum Sale Price, or
the appraised market value, whichever is less. The
offer to purchase shall be made by the Non-Qualified
Transferee within fifteen (15) days of acquisition of
the Unit.
d. Where the provisions of this Paragraph 10 apply, the
Town may require the Owner to rent the Unit in
accordance with the provisions of Paragraph 14 below
6
ARTICLE 4-RENTAL OF UNITS
Any rental units will be targeted to households earning between
50% and 80% of the Eagle County Median Family Income (ECMFI).
a. Owner may rent. the Unit consistent with this agreement
and the zoning ordinances of the Town. Vacation rentals
shall not be permitted. Prior to occupancy, any tenant must
be approved by the Town as meeting the requirements of a
Qualified Buyer established herein. The Town shall not
approve any lease with a term less than thirty (30) days. A
signed copy of the lease must be provided to the Town prior
to occupancy by any tenant.
b. Notwithstanding any other provision of this Agreement to the
contrary, a business owner of the Units may rent the Units
to employees or other qualified tenants meeting the
requirements of a Qualified Buyer established herein. The
amount of the rent, shall not exceed thirty percent of the
average Eagle County household wages as reported by the
Colorado Department of Labor and Employment. Based upon 2000
income data on file with Eagle County, the amount of rent
shall not exceed $684.60-for a one-bedroom unit (based upon
a one-wage earner household) and $1369.20 for a two-bedroom
unit (based upon a two-wage earner household). The foregoing
maximum amounts shall be adjusted annually based upon
updated data on file with Eagle County.
ARTICLE 5-BREACH OF CONTRACT
Declarant further agrees that this agreement shall constitute a
resale and rental agreement setting forth the maximum sale price
for which the Units may be resold ("Maximum Sale Price") and the
terms and provision controlling the resale of the Units and the
maximum rents for units.
a. It shall be a breach of this Agreement for an Owner to
default in making payments or performing other
obligations due or to be performed under a promissory
note secured by a first deed of trust encumbering the
Unit. Owner must notify the Town, in writing, of any
notification received from a lender, or its assigns, of
past due payments or default in making payments or
performing other obligations due or to be performed
under a promissory note secured by a first deed of
trust, as described herein, within five calendar days
of Owner's notification from lender, or its assigns, of
said default or past due payments.
7
In the event that the Town has reasonable cause to believe the
owner is violating the provisions of this Agreement, the Town, by
its authorized representative, may inspect the Unit between the
hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, after
providing the owner with no less than 24 hours written notice.
The Town, in the event of a violation of this Agreement, shall
send a notice of violation to the Owner detailing the nature of
the violation and allowing the Owner thirty (30) days to cure.
ARTICLE 7 REMEDIES
There is hereby reserved to the parties hereto any and all
remedies provided by law for breach of this.Agreement or any of
its terms. In the event the parties resort to litigation with
respect to any or all provisions of this Agreement, the
prevailing party shall be entitled to recover damages and costs,
including reasonable attorney's fees.
In the event the Unit is sold and/or conveyed without compliance
herewith, such sale and/or conveyance shall be wholly null and
void and shall confer no title whatsoever upon the purported
buyer. Each and every conveyance of a Unit, for all purposes,
shall be deemed to include and incorporate by this reference, the
covenants herein contained, even without reference therein to,
this Agreement.
In the event that the owner fails to cure any breach, the. Town
may resort to any and all available legal action, including, but
not limited to, specific performance of this Agreement or a
mandatory injunction requiring sale of the Unit by Owner as
specified in Paragraphs 3, 10, 12, and 13. The costs of such
sale shall be taxed against the proceeds of the sale with the
balance being paid to Owner.
In the event of a breach of any of the terms or conditions
contained herein by the owner, his or her heirs, successors or
assigns, the Town's initial li,sted.purchase price of the Unit as
set forth in Paragraph 6 of this Agreement shall, upon the date
of such breach as determined by the Town, automatically cease to
increase as set out in Paragraph 6 of this Agreement, and shall
remain fixed until the date of cure of said breach.
ARTICLE 8
FORECLOSURE
The Town, pursuant ti
Exhibit C, the terms
by this reference as
waive its ability to
continued herein, in
of a deed in lieu of
D the Option to Buy attached hereto as
of which are incorporated in this Agreement
if fully set forth herein, shall release and
enforce the resale deed restrictions
the event of foreclosure or the acceptance
foreclosure, provided that said Option to
8
Buy grants to the Town the option to acquire the Unit within
thirty (30) days after the issuance of a. public trustee's deed'to
the holder (including assigns of the holder) of the promissory
note secured by a first deed of trust for an option price not to
exceed the redemption price on the last day of all statutory
redemption period(s) and any additional reasonable costs incurred
by the holder during the option period which are directly related
to the foreclosure.
In the event that the Town exercises the option pursuant to the
terms of that certain Option to Buy, described above, the Town
and/or its designee, may sell the Unit to Qualified Buyers as
that term is. defined herein, or rent the Unit according to
paragraph 14 until such time that the Unit can be sold to a
Qualified Buyer in accordance with this Agreement.
ARTICLE 9
GENERAL PROVISIONS
Notices. Any notice, consent or approval which is required to be
given hereunder shall be given by mailing the same, certified
mail, return receipt 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 Agreement.
Said notices, consents and approvals shall be sent to the
parties hereto at the following addresses unless otherwise
notified in writing:
To Declarant:
To the Town: Town Manager
Town of Avon
P.O. Box 975
Avon CO 81620
To Owner: To the address shown in the deed to
each Unit.
Exhibits. All exhibits attached hereto (Exhibits "A," "B," "C,II
I'D", "E and""F") are incorporated herein and by this reference
made a part'hereof.
Severability. Whenever possible, each provision of this.
Agreement and any other related document shall be interpreted in
such a manner as to be valid under applicable law; but if any
provision of any of the foregoing shall be invalid or prohibited
9
under said applicable law, such provisions shall be ineffective
to the extent of such invalidity or prohibition without
invalidating the remaining provisions of such documents.
Choice of Law. This Agreement and each and every related
document are to be governed and construed in accordance with the
laws of the State of Colorado.
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.
Section Headings. Paragraph or section headings within this
Agreement are inserted solely for convenience or reference, and
are not intended to, and shall not govern, limit or aid in the
construction of any terms or provisions contained herein.
Waiver. No claim of waiver, consent or acquiescence with respect
to any provision of this Agreement shall be valid against any
party hereto except on the basis of a written instrument executed
by the parties to this Agreement. However, the party for whose
benefit a condition is inserted herein shall have.the unilateral
right to waive such condition.
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.
Personal Liability. Owner agrees that he or she shall be
personally liable for any of the transactions contemplated
herein.
Further Actions. The parties to this 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 agreement or any agreement or document relating hereto or
entered into in connection herewith.
Modifications. The parties to this Agreement agree that any
modifications of this Agreement shall be effective only when made
by writings signed by both parties and recorded with the Clerk
and Recorder of Eagle County, Colorado. Notwithstanding the
foregoing, the Town reserves the right to amend this Agreement
unilaterally where deemed necessary to effectuate the purpose and
intent of this Agreement, and where such unilateral action does
not materially impair the owner's rights nor any lender's rights
under this Agreement.
Owner and Successors. The term "Owner" shall mean the person or
persons who shall acquire an ownership interest. in a Unit in
compliance with the terms and provisions of this Agreement; it
being understood that such person or persons shall be deemed an
10
"Owner"' hereunder only during the period of his or her ownership
interest of a Unit and shall be obligated hereunder for the full
and complete performance and observance of all covenants,
conditions and restrictions contained herein during such period.
This Agreement shall therefore be deemed a covenant running with
the land and shall bind the parties' successors and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this
instrument on the day and year first above written.
DECLARANT:
L 10 By:_
Its:
STA'
OF COLORADO
COUNTY OF EAGLE
SS.
The foregoing instrument was acknowledg d before me this
da o f AA 0" 2 0 0 0, by . Me5 ( ,
-30 as OW~'1D ,e of
L~LE`L ftl~,witness my hand and official seal.
Expirss
3-W
' ~'~A~y ; commission expires:
Ave 1.®Qr~® otary P - is
~i app ~~yq.%® p
ACCEPTANCE BY THE TOWN OF AVON
The foregoing Master Deed Restriction Agreement and its
terms are hereby adopted and declared by the Town of Avon.
TOWN OF AVON
By:
it-is
11
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
The foregoing instrument was acknowledged before me
this 2 3 day o f ~-LyR-Y , 2000,
by u L-l vc{ ,e
as 1.-t ~.-.ofL= of,the Town of Avon.
Witness by hand and official seal.
My commission expires: If rd
Public
12
EXHIBIT "A"
Lot'42.; Block 1, Benchmark at Beaver Creek Subdivision, Avon,
Colorado
13
EXHIBIT "B"
Permitted Capital Improvements
1.. The term "Permitted Capital Improvement" as used in the
Agreement shall include only the following:
a. Improvements or fixtures erected, installed or attached
as permanent, functional, non-decorative improvements
to real property, excluding repair, replacement and/or
maintenance improvements;
b. Improvements for energy and water conservation;
C. Improvements for health and safety protection devices;
d. Improvements to add and/or finish permanent/fixed
storage space; and/or
e.. Improvements to finish unfinished space.
2. Permitted Capital Improvements as used in this Agreement
shall NOT include the following:
a: Upgrades/replacements of appliances, plumbing and
mechanical fixtures, carpets and other similar items
included as part of the original construction of the
unit;
b. The cost of adding decks and balconies and any
extensions thereto;
C. Jacuzzis, saunas, steam showers and other, similar,
items;
d. Improvements required to repair, replace and maintain
existing fixtures, appliances, plumbing and mechanical
fixtures, painting, carpeting and other, similar,
items; and/or
e. Upgrades or addition of decorative items, including
lights, window coverings and other similar items.
3. All Permitted Capital Improvement items and costs shall be
approved by the Town staff prior to being added to the
Maximum Sale Price as defined in the Agreement:
14
EXHIBIT °C°
OPTION TO BUY
In the event of a foreclosure by the holder (including
assigns of the holder) of the promissory note secured by a first
deed of trust on a deed restricted dwelling unit within Grandview,
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision(hereinafter
"the Property") and subject to the issuance of a public trustee's
deed to the. holder following the expiration of all statutory
redemptioft rights, the Town of Avon ("the Town") shall have the
option to buy the Unit which shall be exercised in the following
manner:
a. Notice.
The holder shall give such notice to the Town as is
required by law in the foreclosure proceeding.
Said notice shall be sent by certified mail,.
return receipt requested, and addressed as
follows:
Town Manager
Town of Avon
P.O. Box 975
Avon CO 81620
b. Option to Buy.
The Town shall have 30 days after issuance-of the
public trustee's deed in which to exercise this opt-ion
to Buy by tendering to the holder, in cash or certified
funds, an amount equal to the redemption price which
would have been required of the borrower or any person
who might be liable upon a deficiency on the last day
of the statutory redemption period(s) and any
additional reasonable costs incurred by the holder
during the option period which are directly related to
the foreclosure.
C. Title.
Upon receipt of the option price, the holder shall
deliver to the Town.a special warranty deed, conveying
the Unit to the Town. The holder shall convey only
such title as it received through the public trustee's
deed and will not create or participate in the creation
15
of any additional liens or encumbrances against the
unit following issuance of the public trustee's deed to
the holder: The holder shall not be liable for any of
the costs of conveyance to the Town or its designee.
d. Release.
In the event that the holder is issued a public
trustee's deed and the Town does not exercise the
Option to Buy, as provided herein, the Town shall cause
to be recorded in the records of the Clerk and Recorder
of Eagle County a full and complete release. Such
release shall be placed of record within 14 days after
demand therefor by the holder following expiration of
the option and a certified copy of the release shall_ be
mailed to the holder upon its recordation.
e. Perpetuities Savings Clause.
If any of the terms, covenants, conditions,
restrictions, uses, limitations, obligations or options
created by this Option to Buy shall be unlawful or void
for violation of: (a) the rule against perpetuities or
some analogous statutory provision, (b) the rule
restricting restraints on alienation, or (c) any other
statutory or common law rules imposing like or similar
time limits, then such provision shall continue only
for the period of the lives of the current duly elected
and seated Town Council of the Town of Avon, Colorado,
their now living descendants, if any, and the survivor
of them, plus twenty-one (21) years.
f. Successors and Assigns.
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 hereto.
g. Modifications.
The parties hereto agree that any modification to this..
Option to Buy shall be effective only when made by
writings signed by both parties and recorded with.the
Clerk and Recorder of Eagle County, Colorado.
16
EXHIBIT °D"
REQUEST TO SELL
Town Planner
Town of Avon
P.O. Box 975
Avon CO 81620
RE: Resale of Unit ,
Grandview, Lot 42, Block 1, Benchmark at Beaver Creek Subdivision
bear Town Planner:
This letter is my request to sell Unit ,
with*a closing date of
I have estimated the maximum sales
price, as calculated below in accordance with"the terms of the
Master Deed Restriction Agreement for the occupancy and resale of
Purchase price of unit
Allowed 3% per, annum based on
months ownership
Condominium assessments (specifically
assigned to unit for common area
improvements)
Property improvements (itemize below)
One percent real estate sales commission
Maximtim Sale Price $
Sincerely,
Owner
APPROVED;
TOWN OF AVON
By:
Title:
17
EXHIBIT "E"
Affidavit of Purchaser
STATE OF COLORADO
COUNTY OF EAGLE
ss.
being duly sworn upon
his/her oath, deposes and says, under penalty of.perjury, that:
1. He/she has entered into a contract to
Town of Avon;
Eagle and State of Colorado for a sale price of
2. He/she is purchasing the Unit to occupy it"as
his/her primary place of residence. He/she will not engage in,
any business activity in the Unit, other than that permitted,in
the applicable zone district or by applicable ordinance, and will
not transfer the Unit for use in a trade or business.
3. His/her income does not exceed percent of the
Eagle County Median Family Income. Attached hereto is a copy of
his/her federal tax return for the tax year immediately prior
hereto.
4. He/she is a full time employee working at least
thirty hours per week in Avon or Eagle County, or a retired
person who has been a full time employee, in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a.person having a medical disability who has been
a full time employee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
disability, or the spouse or dependent of any such persons who
resides with them.
5. His/her total current family net assets are not in
excess of $250,000.00 ($360,500 for a retired person) and have
not been in excess of $250,000.00 ($360,500.00 for a retired
person) during the two years preceding if the same were
transferred or-disposed of to confer eligibility for purchase of
the Unit.
6. He/she states that he/she has received a copy of
and will abide by the terms and conditions of the Master Deed
Restriction Agreement for the.Occupancy and Resale of Grandview,
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision.
purchase Unit
County of
18
DATED the day of
The foregoing was subscribed and sworn to before me,,
the undersigned Notary Public, on the day
of by
My. commission expires:
Witness my hand and seal.
Notary Public
19
EXHIBIT nFn
STATE OF COLORADO
COUNTY OF EAGLE
Affidavit of Lessee
}
ss.
being duly sworn upon
his/her oath, deposes and says, under penalty of perjury, that:
1. He/she has entered into a contract to rent Unit
Grandview, Lot 42, Block 1, Benchmark at Beaver Creek, Town
of Avon, County of Eagle and State of Colorado in the amount of a
$ per month.
2. He/she is renting the Unit to occupy it as his/her
primary place-of residence. He/she will not engage in any
business activity in the, Unit, other than,that permitted in the
applicable zone district or by applicable ordinance.
3. His/her income does not exceed 120 percent of the
Eagle County Median Family Income $ Attached hereto
is a copy of his/her federal tax return for the tax year
immediately prior hereto.
4. He/she is a full time employee working at least
thirty hours,per week in Avon or Eagle County, or a retired
person who has been a full time employee in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a person having a medical disability who has been
a full time employee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
disability,.or the spouse or dependent of any such persons who
resides with them.
5. His/her total current family net assets are not in
excess of $230,000.00 ($360,500 for a retired person) and have
not been in excess of $250,000.00 ($360,500.00 for a retired
person) during the two years preceding,if the same were
transferred or disposed of to confer eligibility for purchase of
the Unit.
6. He/she states that he/she has received a copy of and
will abide by the terms and conditions of the Master Deed
Restriction Agreement for the Occupancy and Resale of Grandview,
20
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision.
7. A copy of the draft lease is attached hereto, with
the monthly lease rate filled in.
DATED the day of
The foregoing was subscribed and sworn to before me,
the undersigned Notary Public, on the day
Of by -
My commission expires:
Witness my hand and seal.
Notary Public
21
Memo
TO. Honorable Mayor and Town Council
Tfuu: Bill Efting, Town Manager
Froon: Ruth Borne, Community Development z
Date May 18, 2000
rt Resolution No. 00-26, Master Deed Restriction Agreement -
Grandview PUD and Development Standards Lot 42, Block 1,
Benchmark at Beaver Creek
Summary: The Grandview PUD and Development Standards approved by
Ordinance 99-4 required the owner of the property to execute a. deed restriction
agreement for the 12 employee housing units with the Town of Avon.
Recommendation: Staff recommends approval of the Master Deed Restriction
Agreement.
Town Manager Comments:
f air,
Attachment: Master Deed Restriction Agreement for Grandview
Resolution No. 00-26
A '
1
4
Z I 1~~
MASTER DEED RESTRICTION AGREEMENT
FOR THE OCCUPANCY, RENTAL, AND,RESALE OF
GRANDVIEW, LOT 42, BLOCK 1, BENCHMARK AT BEAVER CREEK SUBDIVISION
THIS MASTER DEED RESTRICTION AGREEMENT (the "Agreement") is made
and entered into this I"r day of tLs 2000 by the TOWN
OF AVON ("the Town") and James G. Tylich, he. owner of the
property, hereinafter referred to as "Declarant").
WITNESSETH:
WHEREAS, Declarant owns the real property described Lot 42, Block
1, Benchmark at Beaver Creek Subdivision. For purposes of the
Agreement, the real property and all dwellings, appurtenances,
improvements and fixtures associated therewith.shall hereinafter
be"referred to as.the "Property."
WHEREAS, in
Development
12 employee
restriction
N owner and 'T]
accordance with Ors
plan and standards
housing units with
agreement shall be
ze Town of Avon, to
finance 99-4, the PUD Zoning and
were approved for the property for
the condition that a deed
executed between the property
establish the deed restrictions;
WHEREAS, Declarant intends to own the property for the purpose of
renting the 12 units as employee housing units in accordance with
the agreement and Ordinance 99-4 and the Grandview PUD and
Development Standards;
WHEREAS, this Agreement shall constitute covenants running with
the real property, as a burden thereon, for the benefit of, and
shall be specifically enforceable by, the Town; by any
appropriate legal action including but not limited to specific
performance, injunction, reversion or eviction of non-complying
owners and/or occupants.
WHEREAS, a "Unit" is any of the 12 units located on the Property.
Now THEREFORE, in consideration of the promises.above and the
terms and conditions set forth below, and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Declarent hereby agrees, covenants and
represents as follows:
ARTICLE 1 GENERAL
Declarant agrees that this agreement shall constitute a resale
and rental agreement setting forth the maximum rentals that may
be charged and/or the llmaximum sale price for which the Units may
~
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be resold;
Declarant agrees to restrict the Units against use and occupancy
inconsistent with this Agreement. The use and occupancy of the
Units shall henceforth be limited exclusively to housing for
natural persons who meet the definition of Qualified Buyers and
their families or for employees of an owner who is a Qualified
Buyer and/or qualified renters.
All occupants of the units must:
a) occupy the Unit as their sole place of residence during
the time that the Unit is owned or rented, except as
specifically permitted under this Agreement;
b) not engage in any business activity on or in such Unit,
other than permitted in that zone district or by applicable
ordinance;
c) sell or otherwise transfer such Unit only in accordance
with this Agreement;
d).not sell or otherwise transfer such Unit for use in a
trade or business; and
e) not permit any use or occupancy of such Unit except in
compliance with this Agreement.
The Units shall be and are to be utilized only as the exclusive
and permanent place of residence of any person occupying a unit
other than guests of permanent residents. A permanent residence
shall mean the home or place in which one's habitation is fixed
and to which one, whenever he or she is absent, has a present
intention of returning after a departure or absence therefrom,
provided, such absence does not exceed a period of one year or
such greater period of time as has been approved by the Town in
writing for good cause, including hardship or other extenuating
circumstances.
In determining residency, the Town staff shall consider the
following circumstances relating to the owner: business
pursuits, employment, income sources, residence for income or
other tax purposes, age, marital status, residence of parents,
spouse and children if any, location of personal and real
property, and motor vehicle registration. All occupants, other
than guests of permanent residents shall be employed a minimum of
thirty hours per week in Eagle County or be an eligible retired
or disabled person as defined hereinabove under "Qualified Buyer
and Renters."
In the event occupant changes domicile or ceases to utilize the
Unit as his or her sole and exclusive place of residence, the
Unit shall be offered for sale or rent pursuant to the provisions
of this Agreement. Where the provisions of this Paragraph apply,
the Town may require the Owner to rent the Unit in accordance
with the provisions of Article 4 below.
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If at any time the Owner of an individual Unit (other than an
owner who is an employer using the Unit for employee housing or
an owner who owns the unit or units for the purpose of renting to
tenants in compliance with this agreement), also owns any
interest alone or in conjunction with others in any developed
residential property or dwelling unit(s) located in Eagle County,
owner agrees to immediately list and actively market said other
property or unit for sale and to sell Owner's interest in such
property at a sales price comparable to like units or properties
in the area in which the property or dwelling unit(s) are
located. In the event said other property or unit has not been
sold by Owner within one hundred eighty (180) days of its
listing, then Owner hereby agrees to immediately list this Unit
for sale pursuant to the provisions of Paragraph 10 of this
Agreement. It is understood and agreed between the parties
hereto that, in the case of an Owner whose business is the
construction and sale of residential properties or the purchase
and resale of such properties, the properties which constitute
inventory in such an Owner's business shall not constitute "other
developed residential property" or "dwelling unit(s)" as those
terms are used in this Paragraph.
ARTICLE 2 FOR SALE UNITS
Declarant agrees to restrict the transfer of the Units to
"Qualified Buyers," as defined as follows:
a) An owner who occupies the Unit as his or her primary
place of residence.
b) An owner who is a full time employee working at least
thirty hours per week in Avon or Eagle County, or a retired
person who has been a full time employee in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a person having a medical disability who has been
a full time employee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
disability, or the spouse or dependent of any such persons who
resides with them.
c) An owner whose household income does not exceed 120
percent of the Eagle County Median Family Income as determined by
the Department of Housing and Urban Development guidelines or by
the Town in the.event such guidelines cease to be maintained by
the Department ("the ECMFI").
d) An owner whose total current family net assets are not in
excess of $250,000.00 ($360,000.00 for a retired person) or whose
total current family net assets have not been in excess of
$250,000.00 ($360,000.00 for a retired person) during the two
years preceding if the same were transferred or disposed of to
confer eligibility hereunder. The foregoing limitations shall
annually be adjusted for inflation on the basis of the applicable
Consumer Price Index.
e) An owner who is a person or entity who owns the property
II II II YnI II IRIII III VIII IR II Page: 3 of 21
Sara J Fisher Eagle, CO 23 R 105. 00 D 0. 00
29P
for the purpose of renting the units as employee housing in
accordance with this agreement.
ARTICLE 3
MAXIMUM SALE PRICE
The initial maximum sales price for a 2 bedroom individual unit
shall be $176,905.00 (based on affordability for a family at 100
percent of the Eagle County Median Family Income, with a 5
percent down payment, and adjusted for average mid-valley
homeowner's fees).
In the event that an owner shall desire to sell a Unit, he or she
shall-deliver to the Town a Request to Sell, Exhibit."D" hereto.
Upon receipt of written authorization from.the Town to proceed,
the Owner may immediately advertise the Unit for sale to
Qualified Buyers. In the case of re-sales,.owner may engage a
real estate broker, and the sale price shall then be adjusted
upward to include a commission of not more than one percent:of
the sale price. Owner may accept any offer that is not greater
than the maximum sale price as defined below; or Owner may reject
all offers and retain ownership of the Unit. Prior to closing
sale of the Unit, Owner shall provide evidence, in the form
attached as Exhibit "E," to show that the Unit is being sold to a
Qualified Buyer and for an amount not greater than the maximum
sale price as defined herein.
When more than one qualified buyer exists, the sale and resale of
units shall be awarded based upon income, with the highest
priority given to those with the lowest income. Preference will
also be granted to persons either residing or working within the
Town, and then to those working or living within Eagle County.
The Town of Avon Community Development Director or designated
representative shall approve all buyers and set the maximum sale
price based upon this agreement.
In no event shall a Unit be sold for an amount ("Maximum,Sale,
Price") in excess of the maximum sales price outlined in this
agreement, plus an increase of three percent (3%) of such price
per year (non-compounded), from the date of purchase to the date
of owner's notice of intent to sell (prorated at the rate of .25
percent for each whole month for any part of a year), plus the
one percent commission permitted in section 5 and plus the amount
permitted in section 7. The sale price of multiple units shall
not exceed the sale price of the individual units times the
number of units being sold in accordance with this paragraph and
section 7 below.
Allowance for Capital Improvements
a. For the purpose of determining the Maximum Sale Price
in accordance with this Section, the Owner may add to
the amount specified in Paragraph 6 above, the cost of
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Permitted Capital Improvements, (as defined in Exhibit
"B"). The amount for capital improvements shall not
exceed ten percent (10 of the initial listed
purchase price set forth in paragraph.6 above for an
initial ten year period. For every ten year period,
from the date of original purchase and deed
restriction, another ten percent of the purchase price
may be added.to the value of the property for capital
improvements. In calculating such amount, only those
Permitted Capital Improvements identified in Exhibit
"B" hereto shall qualify for inclusion. All such
Permitted Capital Improvements installed"or constructed
over the life of the Unit shall qualify.
b. Permitted.Capital Improvements shall not include any
changes or additions to the Unit made by the owner
during construction, except in accordance with
Paragraph 7a above. Permitted Capital Improvements
shall not increase the base price, even if,made or
installed during original construction.
C. In order to qualify improvements as Permitted Capital
Improvements, the Owner must furnish to the Town the
following information with respect to the improvements,
which the Owner seeks to include in the calculation of
Maximum Sale Price:
1) Original or duplicate receipts to verify the
actual costs expended by the'Owner for the
Permitted Capital Improvements;
2) Owner's affidavit verifying that the receipts are
valid and correct receipts tendered at the time of
purchase; and
3) True and correct copies of any building permit or
certificate of occupancy required to be issued by
the Town of Avon Department of Community
Development with respect to the Permitted Capital
,Improvements.
d. For the purpose of determining the Maximum Sale Price
in accordance with this Section, the owner may also add
to the amount specified in Paragraphs 6 and 7a, the
cost of any permanent improvements constructed or
installed as a result. of any requirement imposed by any
governmental agency or homeowners association, provided
that written certification is provided to the Town of
both the applicable requirement and the information
required by Paragraph 7c, 1-3.
e. In calculating the costs under Paragraphs 7a and 7d,
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only the Owner's actual out-of-pocket costs and
expenses shall be eligible for inclusion. Such amount
shall not include an amount attributable to Owner's
"sweat equity" or to any appreciation in the value of
the improvements.
Owner shall not permit any prospective buyer to assume any or all
of the Owner's customary closing costs nor accept any other
consideration which would cause an increase in the purchase price
above the bid price so as to induce the Owner to sell to such
prospective buyer.
In the event that title to a Unit vests by descent in individuals
and/or entities who are not Qualified Buyers as that term is
defined herein (hereinafter "Non-Qualified Transferee(s)") with
the exclusion of an Owner renting to employees or other owner
renting under the terms of this agreement, the Unit shall
immediately be listed for sale, and the highest bid by a
Qualified Buyer shall be accepted in accordance with the terms of
this agreement establishing priority of the sale to buyer.
a. Non-Qualified Transferee(s) shall join in any sale,
conveyance or transfer of the Unit to a Qualified Buyer
and shall execute any and all documents necessary to do
so; and
b. Non-Qualified Transferee(s) agree not to: 1) occupy
the Unit; 2) rent the Unit, except in strict
compliance with Paragraph 14 hereof; 3) engage in any
other business activity on or in the Unit; 4) sell or
otherwise transfer the Unit except in accordance with
this Agreement; or 5) sell or otherwise transfer the
Unit for use in a trade or business.
C. The Town shall have the right and option to purchase
the Unit, exercisable within a period of fifteen (15)
calendar days after receipt of any sales offer
submitted to the Town by a Non-Qualified Transferee(s),
and, in the event of exercising its right.and option,
shall purchase the Unit from the Non-Qualified
Transferee(s) for cash at the Maximum Sale Price, or
the appraised market value, whichever is less. The
offer to purchase shall be made by the Non-Qualified
Transferee within fifteen (15) days of acquisition of
the Unit.
d. Where the provisions of this Paragraph 10 apply, the
Town may require the Owner to rent the Unit in
accordance.with the provisions of Paragraph 14 below
6
~I~II ^I I~YII IIII III IIdll 11 e%ea?ea9 :iml
Sara J Fisher Eagle, CO 23 R 105. 00 D 0. 00
ARTICLE 4-RENTAL OF UNITS
Any rental units will be targeted to households earning between
50% and 80% of the Eagle County Median Family Income (ECMFI).
a. Owner may rent the Unit consistent with this agreement
and the zoning ordinances of the Town. Vacation rentals
shall not be permitted. Prior to occupancy, any tenant must
be approved by the Town as meeting the requirements of a
Qualified Buyer established herein. The.Town,shall not
approve any lease with a term less than thirty (30) days. A
signed copy of the lease must be provided to the Town prior
to occupancy by any tenant.
b. Notwithstanding any other provision of this Agreement to the
contrary, a business owner of the Units may rent the Units
to employees or other qualified tenants meeting the
requirements of a Qualified Buyer established herein. The
amount of the rent, shall not exceed thirty percent of the
average Eagle County household wages as reported by the
Colorado Department of Labor and Employment. Based upon 2000
income data on file with Eagle County, the amount of rent
shall not exceed $684.60 for a one-bedroom unit (based upon
a one-wage earner household) and $1369.20 for a two-bedroom
unit (based upon a two-wage earner household). The foregoing
maximum amounts shall be adjusted annually based upon
updated data on file with Eagle County.
ARTICLE 5-BREACH OF CONTRACT
Declarant further agrees that this agreement shall constitute a
resale and rental agreement setting forth the maximum sale price
for which the Units may be resold-("Maximum Sale Price") and the
terms and provision controlling the resale of the Units and the
maximum rents for units.
a. It shall be a breach of this Agreement for an Owner to
default in making payments or performing other
obligations due or to be performed under a promissory
note secured by a first deed of trust encumbering the
Unit. Owner must notify the Town, in writing, of any
notification received from a lender, or its assigns, of
past due payments or default in making payments or
performing other obligations due or, to be performed
under a promissory note.secured by a first deed of
trust, as described herein, within five calendar days
of owner's notification from lender, or its assigns, of
said default or past due payments.
T - -
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In the event that the Town has reasonable cause to believe the
owner is violating the provisions of this Agreement, the Town, by
its authorized representative, may inspect the Unit between the
hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, after
providing the Owner with no less than 24 hours written notice.
The Town, in the event of a violation of this Agreement, shall
send a notice of violation to the Owner detailing the nature of
the violation and allowing the Owner thirty (30) days to cure.
ARTICLE 7 REMEDIES
There is hereby reserved to the parties hereto any and all
remedies provided by law for breach of this Agreement or any, of
its terms. In the event the parties resort to litigation with
respect to any or all provisions of this Agreement, the
prevailing party shall be entitled to recover damages and costs,
including reasonable attorney's fees.
In the event the Unit is sold and/or conveyed without compliance
herewith, such sale and/or conveyance shall be wholly null and
void and shall confer no title whatsoever upon the purported
buyer. Each and every. conveyance of a Unit, for all purposes,
shall be deemed to include and incorporate by this reference, the
covenants herein contained, even without reference therein to
this Agreement.
In the event that the owner fails to cure any breach, the Town
may resort to any and all available legal action, including, but
not limited to, specific performance of this Agreement or a
mandatory injunction requiring sale of the Unit by owner as
specified in Paragraphs 3, 10, 12, and 13. The costs of such
sale shall be taxed against the proceeds of the sale with the
balance being paid to Owner.
In the event of a breach of any of the terms or conditions
contained herein by the Owner, his or her heirs, successors or
assigns, the Town's initial listed purchase price of the Unit as
set forth in Paragraph 6 of this Agreement shall, upon the date
of such breach as determined by the Town, automatically cease to
increase as set out in Paragraph 6 of this Agreement, and shall
remain fixed until the date of cure of said breach.
ARTICLE 8
FORECLOSURE
The Town, pursuant ti
Exhibit C, the terms
by this reference as
waive its ability to
continued herein, in
of a deed in lieu of
3 the Option to Buy attached hereto as
of which are incorporated in this Agreement
if fully set forth herein, shall release and
enforce the resale deed restrictions
the event of foreclosure or the acceptance
foreclosure, provided that said option to
8
IIIIIRUIIII~IwIIIAII~wIIANVIIIIflIIIIVIII n=6~,:9;.21
Sara J Fisher Eagle, CO 23 R 105. 00 D S. 00
Buy grants to the Town the option to acquire the Unit within
thirty (30) days after the issuance of a public trustee's deed to
the holder (including assigns of the holder) of the promissory
note secured by a first deed of trust for an option price not to,
exceed the redemption price on the last day of all statutory
redemption period(s) and any additional reasonable costs incurred
by the holder during the option period which are directly related
to the foreclosure.
In the event that the Town exercises the option pursuant to the
terms of that certain Option to Buy, described above, the Town
and/or its designee, may sell the Unit to Qualified Buyers as
that term is defined herein, or rent the Unit according to
paragraph 14 until such time that the Unit can be sold to a
Qualified Buyer in accordance with this Agreement.
ARTICLE 9
GENERAL PROVISIONS
Notices. Any notice, consent or approval which is required to be
given hereunder shall be given by mailing the. same, certified
mail, return receipt 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 Agreement.
Said notices, consents and approvals shall be sent to the
parties hereto at the following addresses unless otherwise
notified in writing:
To Declarant:
To the Town: Town Manager
Town of Avon
P.O.' Box 975
Avon CO 81620
To Owner: To the address shown in the deed to,
each Unit.
Exhibits. All exhibits attached hereto (Exhibits "A," "B," "C,"
"D", "E and "F") are incorporated herein and by this reference
made a part hereof.
Severability. Whenever possible, each provision of this
Agreement and any other related document shall be interpreted in
such a manner as to be valid under applicable law; but if any
provision of any of the foregoing shall be invalid or prohibited
9
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Sara J Fisher Eagle, CO 23 R 105.00 D 0.00 ;
under said applicable law, such provisions shall.be ineffective
to the extent of such.invalidity or prohibition without
invalidating the remaining provisions of such documents.
Choice of Law. This Agreement and each and every related
document are to be governed and construed in.accordance with the
laws of the State of Colorado.
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.
Section Headings. Paragraph or section headings within this
Agreement are inserted solely for convenience or reference, and
are not intended to, and shall not govern, limit or aid in the
construction of any terms or provisions contained herein.
Waiver. No claim of waiver, consent or acquiescence with respect
to any provision of this Agreement shall be valid against any
party hereto except on the basis of a written instrument executed
by the parties to this Agreement. However, the party for whose
benefit a condition is inserted herein shall have the unilateral
right to waive such condition.
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.
Personal Liability. Owner agrees that he or she shall be
personally liable for any of the transactions contemplated
herein.
Further Actions. The parties to this 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 agreement or any agreement or document relating hereto or
entered into in connection herewith.
Modifications. The parties to this Agreement agree that any
modifications of this Agreement shall be effective only when made
by writings signed by both parties and recorded with the Clerk
and Recorder of Eagle County, Colorado. Notwithstanding the
foregoing, the Town reserves the right to amend this Agreement
unilaterally where deemed necessary to effectuate the purpose and
intent of this'Agreement, and where such unilateral action does
not materially impair the Owner's rights nor any lender's rights
under this Agreement.
Owner and Successors. The term "Owner" shall mean the person or
persons who shall acquire an ownership interest in a Unit in
compliance with the terms and provisions of this Agreement; it
being understood that such person or persons shall be deemed an
10
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I
Sara J Fisher Eagle, CO 23 R 105.00 D 0.00
"Owner" hereunder only during the period of his or her ownership
interest of a Unit and shall be obligated hereunder for the full
and complete performance and observance.of all covenants,
conditions and restrictions contained herein during such period.
This Agreement shall therefore be deemed a covenant running with
the land and shall bind the parties, successors and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this
instrument on the'day and year first above written.
DECLARANT:
s S l Y L 100
A.
By:
Its:
STATE.OF COLORADO )
ss.
COUNTY OF EAGLE )
The fore oing instrument was acknowledg d before me this
0 da of A &A1 2000, by je5 --T,1,e
as " nwhoit- of
N~ L. E44 0-,nTitness.my hand and official sea-l'. iMs
~~20DI /V
commission expires:
Y
Notary P is
ft- J-
ACCEPTANCE- BY THE TOWN OF AVON
The foregoing Master Deed Restriction Agreement and its
terms are hereby adopted and declared by the Town of Avon.
TOWN OF AVON
By:
14.
11
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Sara J Fisher Eagle, CO 23 R 105.00 D 0.00 J
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The 'foregoing instrument was acknowledged before me
this 23 day of 2000,
by d..~ dc[ +e as i~-e.-.o1L. of the Town of Avon.
Witness by hand and official seal.
My commission expires:
Public
757239
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EXHIBIT "A"
Lot 42; Block 1, Benchmark at Beaver Creek Subdivision, Avon,,
Colorado
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EXHIBIT °B°
Permitted Capital Improvements
1. The term "Permitted Capital Improvement" as used in the
Agreement shall include only the following:
a. Improvements or fixtures erected, installed or attached
as permanent, functional, non-decorative improvements
to real property, excluding repair, replacement and/or
maintenance improvements;
b. Improvements for energy and water conservation;
C. Improvements for health and safety protection devices;
d. Improvements to add and/or finish permanent/fixed
storage space; and/or
e. Improvements to finish unfinished space.
2. Permitted Capital Improvements as used in this Agreement
shall NOT include the following:
a. Upgrades/replacements of appliances, plumbing and .
mechanical fixtures, carpets and other similar items
included as part of the original construction of the
unit;
b. The cost of adding decks and balconies and any
extensions thereto;
C. Jacuzzis, saunas, steam showers and other, similar,
items;
d. Improvements required to repair, replace and maintain
existing fixtures, appliances, plumbing and mechanical
fixtures, painting, carpeting and other, similar,
items; and/or
e. Upgrades or addition of decorative items, including
lights, window coverings and other similar items.
3. All Permitted Capital Improvement items and costs shall be
approved by the Town staff prior to being added to the
Maximum Sale Price as defined in the Agreement.
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EXHIBIT "C"
OPTION TO BUY
In the event of a foreclosure by the holder (including
assigns of the holder) of the promissory note secured by a first
deed of trust on a deed restricted dwelling unit within Grandview,
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision(hereinafter
"the.Property") and subject to the issuance of a public trustee's
deed to the holder following the expiration of all statutory
redemption rights, the Town of Avon ("the Town") shall have the
option to buy the Unit which shall be exercised in the following
manner:
a. Notice.
The holder shall give such notice to the Town'as is
required by law in the foreclosure proceeding.
Said notice shall be sent by certified mail,
return receipt requested, and addressed as
follows:
Town Manager
Town of Avon
P.O. Box 975
Avon CO 81620
b. Option to Buy.
The Town shall have 30 days after issuance of the
public trustee's deed in which to exercise this Option
to Buy by tendering to the holder, in cash or certified
funds, an amount equal to the redemption price which
would have been required of the borrower or any person.
who might be liable upon a deficiency on the last,day
of the statutory redemptiori period(s) and any
additional reasonable costs incurred by the holder
during the option period which are directly related to
the foreclosure.
c. Title.
Upon receipt of the option price, the holder shall
deliver to the Town a special warranty deed, conveying
the Unit to the Town. The holder shall convey only
such title as it received through the public trustee's
deed and will not create or participate in the creation
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of any additional liens or encumbrances against the
unit following issuance of the public trustee's deed to
the holder. The holder shall not be liable for any of
the costs of conveyance to the Town or its designee.
d. Release.
In the event that the holder is.issued a public
trustee's deed and the Town does not exercise the
Option to Buy, as provided herein, the Town shall cause
to be recorded in the records of the Clerk and Recorder
of Eagle.County a full and complete release. Such
release shall be placed of record within 14 days after
demand therefor by the holder following expiration'of
the option and a certified copy of the release shall be
mailed to the holder upon its recordation.
e. Perpetuities Savings Clause.
If any of the terms, covenants, conditions,
restrictions, uses, limitations, obligations or options
created by this Option to Buy shall be unlawful or void
for violation of: (a) the rule against perpetuities or
some analogous statutory provision,'(b) the rule
restricting restraints on alienation, or (c) any other
statutory or common law rules imposing like or similar
time limits, then such provision shall continue only
for the period of the lives of the current duly elected
and seated Town Council of the Town of Avon, Colorado,
their now living descendants, if any, and the survivor
of'them, plus twenty-one (21) years.
f. Successors and Assigns.
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 hereto.
g. Modifications.
The parties hereto agree that any modification to this
option to Buy shall be effective only when made by
writings signed by both parties and recorded with the
Clerk and Recorder of Eagle County, Colorado.
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EXHIBIT °D°
REQUEST TO SELL
Town Planner
Town of Avon
P.O. Box 975
Avon CO 81620
RE: Resale of Unit ,
Grandview, Lot 42, Block 1, Bencbmark at Beaver Creek Subdivision
Dear Town Planner:
This letter is my request to sell Unit ,
with a closing date of
I have estimated the maximum sales
price, as calculated below in accordance with the terms of the
Master Deed Restriction Agreement for the occupancy and resale of
Purchase price of unit $
Allowed 3% per annum based on
months ownership
Condominium assessments (specifically
assigned to unit for common area
improvements)
Property improvements (itemize below)
One percent real estate sales commission
Maximum Sale, Price
Sincerely,
Owner
APPROVED : 757239
TOWN OF AVON
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By:
Title:
17
EXHIBIT "E"
Affidavit of Purchaser
STATE OF COLORADO
COUNTY OF. EAGLE
)
ss.
being duly sworn upon
his/her oath, deposes and says, under penalty of perjury, that:
1. He/she has entered into a contract to purchase Unit
Town of Avon, County of
Eagle and State of Colorado for a sale price of $
2. He/she is purchasing the Unit to occupy it as
his/her primary place of residence. He/she will not engage in
any business activity in the Unit, other than that permitted in,
the applicable zone district or by applicable ordinance, and will
not transfer the Unit for use in a trade or business.
3. His/her income does not exceed percent of the
Eagle County Median Family Income. Attached hereto is a copy of
his/her federal tax return for the tax year immediately prior
hereto.
4. He/she is a full time employee working at least
thirty hours per week in Avon or Eagle County, or a retired
person who has been a full time employee. in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a person having a medical disability who has been
a full time employee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
disability; or the spouse or dependent of any such persons who
resides with them.
5. His/her total current family net assets are not in
excess of $250,000.00 ($360,500 for a retired person) and have
not been in excess of $250,000.00 ($360,50b.00 for a retired
person) during the two years preceding if the same were
transferred or disposed of to confer eligibility for purchase of
the Unit.
6. He/she states that he/she has received a copy of
and will abide by the terms and conditions of the Master Deed
Restriction Agreement for the Occupancy and Resale of Grandview,
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision.
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Sara J Fisher Eagle, CO 23 R 105. 00 D 0. 00
DATED the day of ,
The foregoing was subscribed and sworn to before me,
the undersigned Notary Public, on the day'
Of by
My commission expires:
Witness my hand and seal.
Notary Public
1111111 Jill 1111111111 11111111111111 Jill 757239
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EXHIBIT °F°
Affidavit of Lessee
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
being duly sworn upon
his/her oath, deposes and says, under penalty.of perjury, that:
. 1. He/she has entered into a contract to rent Unit
Grandview, Lot 42, Block 1, Benchmark at Beaver Creek, Town
of Avon, County of Eagle and State of Colorado in the amount of a
$ per month.
2. He/she is renting the Unit to occupy it as his/her
primary place of residence.. He/she will not engage in any
business activity in the Unit, other than that permitted in the
applicable zone district or by applicable ordinance.
3. His/her income does not exceed 120 percent of the
Eagle County Median Family Income $ Attached hereto
is a copy of his/her federal tax return for the tax year
immediately prior hereto.
4. He/she is a full time employee working at least
thirty hours per week in Avon or Eagle County; or,a retired
person who has been a full time employee in Avon or Eagle County
a minimum of four years immediately prior to his or her
retirement, or a person having a medical disability who has been
a full time eiriployee in Avon or Eagle County a minimum of two
years immediately prior to his or her determination of
`'disability, or the spouse or dependent of any such persons who
resides with them.
5. His/her total current family net assets are not in
excess of $230,000.00 ($360,500 for a retired person) and have
not been in excess of $250,000.00 ($360,500.00 for a retired
person) during the two years preceding if,the same were
transferred or disposed of to confer eligibility for purchase of
the Unit.
6. He/she states that he/she has received a copy of and
will abide by the terms and conditions of the Master Deed
Restriction Agreement for the Occupancy and Resale of Grandview,
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II II I~~III VIII III II III III VIII ~5u?:9`u:ve
ier Eagle, CO 23 R 105. 00 D 0. 00
Lot 42, Block 1, Benchmark at Beaver Creek Subdivision.
7. A copy of the draft lease is attached hereto, with
the monthly lease rate filled in.
DATED the day of ,
The foregoing was subscribed and sworn to before me,
the undersigned Notary Public, on the day
of by
My commission expires:
Witness my hand and seal.
Notary Public
nII VIII II I1 Yl ~l lll4 p111 11111 Asu?za9fn:.:m
Sara J Fisher Eagle, CO 23 R 105. 00 D 0.00
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