TC Res. No. 2001-08a~tll~
TOWN OF AVON
RESOLUTION NO. 01-08
SERIES OF 2001
A RESOLUTION APPROVING THE MASTER DEED RESTRICTION AGREEMENT FOR
LOT C PUD ("Mountain Vista Resort AVON CENTER AT BEAVER CREEK
SUBDIVISION, TOWN OF AVON, EAGLE COUNTY, COLORADO
WHEREAS, the Lot C PUD Zoning and Development Plan for Mountain Vista Resort,
Avon Center at Beaver Creek Subdivision (hereinafter referred tows "Mountain Vista") approved
by Ordinance 98-21 and Ordinance 00-02 included a requirements for 20 employee deed
restricted housing units provided by the property owner, Point of Colorado, Inc; and
WHEREAS, the Master. Deed Restriction Agreement (a copy of which is attached hereto
and made a part hereof) complies with Ordinance 98-21 and Ordinance 00-02 and the Lot C PUD
and Development Standards; and
WHEREAS, the Master Deed Restriction Agreement includes provisions for selling and
leasing the 20 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'T_ OWN
OF AVON, COLORADO,
1. The Master Deed Restriction Agreement for Mountain Vista Resort complies with
Ordinance 98-21 and Ordinance 00-02 and the Lot C 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 Mountain Vista Resort.
ADOPTED THIS 24 DAY OF April , 2001.
TOWN COUNCIL
TOWN OF AVON, COLORADO
J Yoder, I~Tayy
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~l< <Y
APPROVED AS TO FORM:
Burt Levin, Town Attorney
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A~
DEED RESTRICTION AGREEMENT
FOR THE OCCUPANCY, RENTAL, AND. RESALE OF UNITS
THIS DEED RESTRICTION AGREEMENT (the "Agreement") is made and
entered into this lp'm day of K0VF_H13P_M , 2000 by the TOWN OF
AVON (the "Town") and POINTS OF COLORADO, INC., a Colorado
corporation., whose address.is 8801 Vistana Centre Drive, Orlando,
Florida 32821 (the "Declarant").
WITNESSETH:
WHEREAS, Declarant owns the real property described as Lot C, Avon
Center at Beaver Creek Subdivision„("Lot C").
WHEREAS, Declarant is in the process of resubdividing Lot C, Avon
Center at Beaver Creek Subdivision into several parcels;
WHEREAS, Ordinance 00-02, the PUD Zoning and Development Plan and
Development Agreement included approval- of 20 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 certain restrictions on such employee housing;
WHEREAS, the 20 employee housing units will be constructed on that
portion of Lot C described'as Lot 1 on the map attached hereto, and,
made a part hereof as Exhibit A (the "Property"-).
WHEREAS, Declarant intends to rent or sell the.20 employee housing
units in accordance with the Development'Agreement, Ordinance 00-02
and the Lot C PUD and Development Standards;
WHEREAS, this Agreement shall constitute covenants running with the
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; tenants
and/or occupants;
WHEREAS, a "Unit" means., any and "Units", means all of the 20
employee housing units located on the Property;
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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 Declarant hereby agrees,. covenants and represents
as follows
ARTICLE 1 GENERAL
1.1 Declarant agrees that this Agreement shall constitute a sale,
resale and rental agreement setting forth the maximum sale price
for which the Units may be sold and resold, and/or the maximum.
rental rate that may be charged.
1.2 Declarant agrees to restrict the Units against'any use and
occupancy expressly prohibited by this Agreement. Except as
otherwise provided, .the use and occupancy of the Units shall be
limited exclusively to housing (i) for natural persons who meet the
definition of Qualified Buyers and their families., -(ii) for
employees of an owner who is a Qualified Buyer,'(iii) for employees
of Declarant, Declarar1t`s parent, subsidiary and affiliated
companies, and their successors and assign, and (iv) for natural
persons who meet the definition of 'Qualified Tenants and their
families.
1.3 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.
1.4 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
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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.
1.5 In determining residency, the Town staff shall consider 'the
following circumstances relating to the owner or renter,: 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 in Article 2.1.b.
1.6 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.
1.7 If at any time the owner or renter of a Unit (other than an
owner or renter who is an employer using the Unit for employee
housing or an owner or renter 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 or renter agrees to immediately list and actively
market said other developed.residential property or dwelling unit
for sale or lease and to sell or lease owner or renter's interest
in such property at a sales price or lease rates comparable to like
dwelling units or properties in the area in which the property or
dwelling unit(s) are located. In the event said other developed
residential property or dwelling unit has not been sold or leased
by owner or renter within one hundred eighty (180) days of its
listing for sale or rent, then owner hereby agrees to immediately
list this Unit for sale pursuant to the provisions of Article 3 or
in the case of a renter, the renter must vacate the Unit'at the end
of such one hundred eighty (180) day period and the owner may
either sell or lease the Unit in accordance with Article 3 or
Article 4 respectively. It is understood and agreed between the
parties hereto that, in the case of an owner or renter whose
business is the construction and sale or lease of residential
properties or the purchase and resale of such properties,, the
properties which constitute inventory in such an owner or renter's
business shall not constitute "other developed residential
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property" or "dwelling unit (s) " as those terms are used in this
paragraph.
ARTICLE 2
SALE AND TRANSFER OF UNITS
2.1 Declarant and all subsequent owners shall restrict the sale
and 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 (30) 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 (4) 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 (2) 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 (120%) of the Eagle County Median Family Income
as, determined by the Department of Housing and Urban
Development (the "Department") guidelines or by the Town
in the event such guidelines cease to be maintained by
the Department (the "ECMF.I").
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 (2) 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
for the purpose of renting the units as employee housing
in accordance with this Agreement.
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ARTICLE 3
MAXIMUM SALE'PRICE
3.1 The maximum sales price ("Maximum*. Sales Price°), for a Unit
shall be calculated as of the date a binding written purchase and,
sale agreement is entered into between.owner and buyer based upon
.the following formulas or in accordance with-such other formulas as
may from time to time agreed to by the parties:
3 Bedroom Dwelling Units
(3-bedroom units with 100% of Eagle County Medium Family
Income/$130.00 Taxes & Ins/$120.00 HOA dues/Condo Assessment/ 8%
Financing & 30 yr loan)
With 10% Down: $201,291
2 Bedroom Dwelling-Units
(2=bedroom units with 90% Eagle County Medium Family Income/$130.00
Taxes & Ins/$120.00 HOA dues/Condo Assessment/8% Financing & 30 yr
loan)
With 10% Down: $176,863
1 Bedroom Dwelling Units
(1-bedroom units. with 80% of Eagle County. Medium Family
Income/$130.00 Taxes/$120 HOA dues/8% financing & 30 yr loan)
With 10% Down: $152,436
Studio Dwelling Units
(Studio units with $35,:150/$130.00 Taxes/$120.,00 HOA dues/8%
Financing &-.30 yr loan)
With 10% Down: $79,991
3.2 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 resales, owner may engage a ,real
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estate broker, and the sale price shall then be adjusted upward to
include a maximum sales commission of 1%. 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.
3.3 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.
3.4 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.
3..5 Allowance for Capital Improvements
a. For the.purpose of determining the Maximum Sale Price.-In
accordance with this Section, the owner may add a sales
commission of 1% and the cost of 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.above for
an initial ten (10) year period. For every ten (10) year
period, from the date of original purchase and deed
restriction, another ten percent (10%) 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 Exhibit "B"..
Permitted Capital Improvements shall not increase the
base price, even if made or installed during original
construction.
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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, owner may also add 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 requirements..
e. In calculating the costs, 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.
3.6 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.
3.7 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 aQualified
Buyer shall be accepted in accordance with the terms of this
agreement establishing priority of the sale to buyer.
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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:.l) occupy the
Unit; 2)' rent the Unit, except in strict compliance with
Article'4 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 sell. shall be made by
the Non-Qualified Transferee within fifteen (15) days of
acquisition of the Unit.
3.8 If.Declarant or owner is unable to secure a Qualified Buyer
for any Unit within one hundred eighty (180) days after li"sting the
Unit, the Town shall either (i) purchase and close on the Unit for
the Maximum Sales. Price within thirty (30) days after receipt of
notice from the Declarant or owner, or (ii) execute," record and
deliver an instrument permanently" releasing the Unit from the
provisions of this Agreement.
3.9 Notwithstanding anything.in this Article 3 to the contrary, no
owner (other than Declarant) shall sell his or her Unit for an
amount ("Maximum Sales Price") in excess of said owner's purchase
price, plus an increase of three percent (3%) of such price per
year, simple interest, from the date of purchase.to the date said
Owner delivers a Request to Sell to the Town (prorated at the rate
of .25 percent for each whole month for any part of a_year), plus
the one percent sales commission and the amount of any permitted
Capital Improvements.
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ARTICLE 4
RENTAL OF UNITS
4.1 Declarant and all subsequent owners shall restrict the rental
or lease of the Units to "Qualified Tenants," as defined as
follows
a. A person who occupies the Unit as his or"her primary
place of residence.
b. A person who is a full time employee working at least
thirty (30) 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 (4) 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 (2) years"
immediately prior to his or her determination of
disability, "or the spouse or dependent of any such
persons who resides with them.
C. A person whose household income is no more than ' eighty
percent (80%) of the ECMFI as determined by the
Department guidelines or by the Town in'the event such,
guidelines cease to be maintained by the Department.
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 (2) 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.
4.2 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 established herein. Owner
shall submit a completed Affidavit of Lessee in the'form attached
hereto at Exhibit "F" to the Town with a request for approval of
the Tenant. 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..
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4.3 Notwithstanding any other provision of this Agreement to the
contrary, a business owner of the. Units may rent the Units to
employees or others meeting the requirements established herein.
4.4 The maximum rental rate ("Maximum Rent") fora Unit shall be
calculated as of the date a binding written lease agreement is
entered into between owner and tenant, based upon the following
formulas or in accordance with:
a. 3 Bedroom Units: $1,100.00 per month not including:
utilities, based on 33% of gross monthly income from the
most recent Department/Eagle County Housing Division
calculations.
b. 2 Bedroom Units: $935.00 per month not including
utilities, based on 33% of gross monthly income from the
most recent Department/Eagle County Housing Division
calculations.
C. 1 Bedroom Units: $806.00 per month not including
utilities, based on 33% of gross monthly income from the
most recent Department/Eagle County Housing Division
calculations.
d. Studio Units: $685.00 per month not including utilities,
-based on 33% of gross monthly income from the most recent
Department/Eagle County Housing Division calculations.
The Maximum Rent has been calculated to include allowable charges
for "Tenant-Furnished Utilities and Other Services" for buildings
three stories or less, as set forth on the October 1999 HUD From
52667 (12/97), attached hereto as Exhibit "G" (the "Allowable
Charges"). The parties agree that when a Lease is entered into or
renewed, if the Allowable Charges, as calculated on the form
attached as Exhibit "G" (or such other authorized replacement
form), applicable as of the effective date of such Lease or
renewal, are more than the Allowable Charges shown on Exhibit "G",
owner may increase the Maximum Rent 'by an amount equal to such
difference.
4.5 If Declarant or owner is unable to'.secure a tenant meeting the
requirements established in this Article 4 within ninety (90) days
after first offering the Unit for rent, the Town shall either (i)
rent the Unit for the Maximum Rent within thirty .(30) days after
receipt of notice from the Declarant or owner, or (ii) authorize in
writing the, rental of the Unit to any person and on any terms
deemed appropriate by the Declarant or owner ("Rental Exception").
A signed copy of the Rental Exception lease must be provided to the
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Town prior to occupancy by any tenant. The, provisions of this
Article 4 shall apply except to the Rental Exception.
ARTICLE 5
BREACH OF AGREEMENT
5.1 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 t-rust, as described
herein, within five (5) calendar days of owner's notification
from lender, or its assigns, of said default or past due
payments.
5.2 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 advance written
notice.'
5.3 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 6
REMEDIES
6.1 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, as determined by the arbitrator or the
court.
6.2 In the event the Unit is sold, conveyed and/or leased without
compliance herewith, such sale, conveyance or.lease shall be wholly
null and void and shall confer no title whatsoever upon the
purported buyer or leasehold interest to the'tenant. Each and
every conveyance of a Unit, for all purposes, shall be deemed to
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include and incorporate by this reference, the covenants herein
contained, even without reference therein to this Agreement.
.6.3. 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. Article 2. The costs of such sale shall be taxed .
against the proceeds of the sale with the balance being paid to
owner.
ARTICLE 7
FORECL08URE
7.1 The Town, pursuant to the Option to Buy attached hereto ' as
Exhibit "C", the terms of which are incorporated in this Agreement
by this''.reference as if fully set forth herein, shall release and
waive its ability to enforce the resale deed restrictions continued
herein,. in the event of foreclosure or the acceptance of a deed in
lieu of.foreclosure, provided that said Option to 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.
7.2' 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 Article 4
until such time that the Unit can be sold to a Qualified Buyer in
accordance with this Agreement.
ARTICLE 8
GENERAL PROVISIONS
8.1 '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.
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Said notices, consents and approvals shall be sent to the
parties hereto at the following addresses unless otherwise
notified in writing:
To Declarant: Points of Colorado, Inc.
Attn: James A. McKnight
8801 Vistana Centre Drive
Orlando, Florida 32821
With a copy to: c/o Stanwood Vacation Ownership, Inc.
Attn: Susan Werth
701 Brickell Avenue, Suite 2100
Miami, Florida 33131
To the Town: Town Manager
Town of Avon
P.O. Box 975
Avon CO 81620
To Unit Owners: To the address shown in the deed to
each Unit.
8:2 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.
8.3 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
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.
8.4 Invalidity. Notwithstanding the provisions of Paragraph 8.3
above, in the event a court of competent jurisdiction at any time
.determines that the Town does not have a right, power or authority
to require a developer'to enter into an agreement restricting the
sale and/or rental of housing as a condition to the issuance of a
building permit or other governmental authorization, the Town shall
within twenty (20) days of receipt of written notice from developer
or, owner execute, record and deliver an instrument permanently
releasing the Property from the provisions of this Agreement.
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8.5 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.
8.6 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.
8.7 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.
8.8 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 be a condition is inserted herein shall have the
unilateral right to waive such condition.
8.9 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.
8.10 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 itto in connection herewith.
8.,11 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, provided such unilateral action does` not materially
impair the Declarant's or owner's rights nor any lender's rights
under this Agreement.
8.12 Owner and. Successors. The term "owner" shall mean the person
or persons who shall own an interest in a Unit,,,i,ncluding without
limitation, the Declarant; it being understood that such person or
persons shall be deemed an "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
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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: POINTS OF COLORADO, INC.
By;
J es A. McKni It
Its: Se ior.V ce Pr si nt
STATE OF FLORIDA )
ss.
COUNTY.OF ORANGE
The foregoing instrument was acknowledged before me
this 10_TH day .of November,
as Senior Vice President
2000, by James A. McKnight,
of Points of Colorado, Inc.
Witness my hand and official seal.
My commission expires: October 12, 2004
'LYNN L SLU~ndmftm
. , r MY COMMISSIOEXPIRES: Oct$' 9ondad rm Notary No ary Pub ic.
Lynn I. Stuckas
Commission #CC 974869
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ACCEPTANCE BY THE TOWN OF AVON
The foregoing Deed Restriction Agreement And its terms
are hereby adopted and declared by.the Town of Avon.
TOWN OF AVON
By:
67
Its: ~-tGt, c)
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The foregoing instrument was acknowledged before me
this ~jf day of 14-i2y-j 2000, by e
as p of the Town of Avon.
Witness by hand and official seal.
My commission expires: l L -dotary public
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EXHIBIT "A"
(Property Map)
ti
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Sara J Fisher Eagle, CO 370 R 140.00 04/30/2001D 0.00 4:59P
Vl ti - 14{ Cr
" %-4 Carr
LOT 2A
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 orttached
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. Whirlpool tubs, 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 a portion
of 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 thirty (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 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 of any
additional liens or encumbrances, against. the, unit
following issuance of the public trustee's deed to the
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IIII IIII III^I II III II VIII III IIRI I IIII
Page: Sara J Fisher Eagle, CO '470 R 140. x
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 issueda 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 fourteen (14) days after demand,
therefore, 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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IVNIIIIN~IINIIIIIINIIIIVIIIINIIIIVIIInIIIIN -=a°w28
Sara CO 370 R 140.00 D 0.00
EXHIBIT "D"
REQUEST TO SELL
Town of Avon
Community,Development
P.O. Box 975
Avon CO 81620
RE: Resal® of Unit
Dear Town of Avon:
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 Deed
Restriction- Agreement for the Occupancy and Resale of Units,
recorded in Official Records Book Page of the Public
Records of Eagle County, Colorado.
Purchase price of unit $
Allowed three percent (3%) per annum based on
months ownership
Condominium assessments (specifically
assigned'to unit for common area
improvements)
Property improvements (itemize below)
Customary-real estate sales commission %
Maximum Sale Price $ _
Sincerely,
Owner
APPROVED:
TOWN OF AVON
By:
Title:
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EXHIBIT "E"
Affidavit of Purchaser
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 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 (30) 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 (4) 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.. (2)
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 $ for a retired person) and
have not been in excess of $ for a
retired person) during the two (2) years preceding if the same,were
transferred or disposed of to confer eligibility for purchase of-
the Unit.
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6. He/she states that he/she has received a copy of and.
will abide by the terms and conditions of that certain Deed .
Restriction Agreement' for the Occupancy and Resale of Units,
recorded. in Official Records Book Page of the Public
Records of Eagle County, Colorado.
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
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EXHIBIT "F"
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 ,
of Avon Center 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 (30) 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 (4) 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 (2)
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 c
excess of $
have not been in excess of $
retired person) during the two
transferred or disposed of to
the Unit.
zrrent family net assets' are not in
for a. retired person), and
for a
(2) years preceding if the same.were
confer eligibility for purchase'of
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.6. He/she states that he/she has received a copy of and
will abide by the terms and conditions of that certain Deed
Restriction, Agreement for the occupancy and Resale of Units.,
recorded in.official Records Book Page of the Public
records of Eagle County, Colorado.
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
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EXR151T G
Allowances for Ttnanc-rumished U.S. Dea4nt:naot of rausmq Crag Aowgbmmo.
U[ditces and Omer Services and Ur4dn 04400087%ert
otfiee at P426c ]nd IAeian''lgtJ"
Lit •marweq awuan +m :fry ~~aM or tiumM.mpw.q .a(eraMp r0 ~..r~qs) rave aM .,+eon•.. •awroaq T~ w. Im r....w.nq w7N000W..
"Nowl -W. nub eorCM a r,Q,waevsnrq 7M Wip *meow. s-a CMR-Wd,q Yd m me cV44MA lilt
Mi. rot 7dnrNCr w Woman rM ) 7Nws,-'m reaw4a W ricumaq r0- A COB.CzM i M -POW WOM •r.ea Ma 1WIMIC Aew ATM- . ~.sn M" ~ _
LOC00'. Msero Oenver, AWL Avon. demote. 9nrumud, Brighton, aroomfield &wh
Calhan, Cdocte Rock. C4 Sags. Cane:, oalores. Curango. Eerie. F;, Morgan..atan. Evan
Z-veryrsen, Fiticon. Xrestdne, Ft. Collins. Glenwood logs- Greeley. Hugo, lgnacco
:antmawn; jonnSWVW6 Lardyece. L4-=-_ tkmm Wignront, Louis C. Loveland,
Maratau SogS. NuMWt VVArt PUker. Clap a Sms. ASAW. Salida. StetBefq, Vail
Unit Typo
Ti-fM S
OR LESS
TORIES
Date
flCI-99
UpGcv or Servics
Mont11N flat ARoW
Sr4e
Heating a. Natural Gas
b. Propane
0 sR
s15
$27
1 89
S15
333- _
2 SR
S25 .
S46
3 fiR
931
S5$ .
_
4. BR
s38_
568
- S an
S45_
S80
Cooking
C- Electric
a. Natural Gas
b. Pro arte
339
$2
$4
1
$50
52
$4
S66
$3
SS
s81
S3
67
$100
S4
S8 -
S7 t-8
as
S9
c. Electric
53
$4
46-
$7
69
511
Other Electric
Water Heating a, Natural Gas
$13
$5
$11
918
914
S7 .
$16
S8
$7.2
s9
-
S25
S 11
b. e . anti
$9
$12
$14
s16 .
s19 .
Sgt'
I= acw
S13
518: _
522
_527
s32
_ $35
Water
Std
$14
S14'
_S14-
14-
S14
Sewer
571
$11
411
$11
811
911
Trash Collection -
$13
S 13
$13,
$13
513
$13
Ran-e/Microwave (Terimt_Su tied)
$5
$5
$5
35
s5-.
$5
Refri erator (Tenant Supplledl
$5
$5-
S5
S9
S5
$5
TOTAL
Actual Family Ailawances ITa D4 W44 by via 1"V to wnmpum
U1sfily ar Serviee
Per lt►ortlft Cig
allowance. camolate ltelow for the 40WA vnir rwmdJ
M
S
Name of Family
s
•
other Elot *
_
AirCflnailfotfing
Address of Unit
Watttr
wow
Si~luer
TrC6 Codecddt
RxgdUclarAae
Ra .
Omer
Number of Bedrooms'
Total
S
rrwvmu-a CWUQ"W1 are 0=019M
forme KUD-SZ66? 1121071
ref. Handbook 7¢20.3
111111111 (55830
Sara J Fisher Ea ~ Page: 28 o 2
04
9le, Co 370 R 140.00 D 0.00
234
.u;{-► Ol
Memo
To: Honorable Mayor and Town Council
Thm: Bill Efting, Town Manager Z YL-
From: Ruth Borne, Asst. Director Community Development ,Mfxe- .
Date April 19, 2001
Re: Resolution No. 01-08, Master Deed Restriction Agreement - Lot 1,
Mountain Vista Resort Subdivision, Lot C, Final Plat and Resubdivision
of Lots B and C, Avon Center at Beaver Creek, Amendment No. 4,
Town of Avon, Eagle County, Colorado
Summary: The Lot C PUD ("Mountain Vista Resort') and Development Standards
approved by Ordinance 98-21 and Ordinance 00-02 required the owner of the
property to execute a deed restriction agreement for the 20 employee housing units
with the Town of Avon.
These 20 employee housing units will be a positive addition to our existing employee
housing program. Currently, the Town of Avon has 393 deed restricted units which
are either leased or in fee simple ownership. The deed restricted projects include:
Brookside Lodge
3 units
Chapel Square
8 units
Lakeside Terrace
3 units
Wildwood Townhomes
17 units
Eaglebend Apartments
294 units
Kayak Crossing
54 units
City Market
14 units
393 Total
The 20 units in Mountain Vista Resort consists of 8-studios ($79,991), 8-one
bedroom ($152,436), 2 two-bedroom ($176,863) and 2-three bedroom ($201,291)
units with storage lockers and covered parking. The purchase prices are consistent
with 80% of Eagle County Median Family Income "ECMFI" of $68,100.
Recommendation: Staff recommends approval of the Master Deed Restriction
Agreement.
Town Manager Comments: o~
Attachment: Master Deed Restriction Agreement for Mountain vista Resort
Subdivision
Resolution No. 01-08