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1991 ZONING AG SUNROAD CAPITALZONING AGREEMENT THIS AGREEMENT, made and entered into as of this (eT4 day of AOc,os'C- , 1991, by and between Sunroad Capital Corporation, a California corporation ( "Sunroad "), and the Town of Avon, Colorado, a municipal corporation located in the County of Eagle, State of Colorado ( "Town "). WITNESSETH: WHEREAS, pursuant to the authority granted to the Town pursuant to Section 17.28.010 of the Avon Municipal Code (the "Town Code "), the Town commenced a process for the adoption of certain amendments to the Town's zoning code (the "Zoning Code "); WHEREAS, the Town has complied with all applicable requirements for the valid adoption of amendments to the Zoning Code, including, without limitation, the notice and public hearing requirements contained in Section 17.28.060 of the Town Code; WHEREAS, the amendments to the Zoning Code directly affect certain real property owned by Sunroad and more fully described as follows: Lots 1 & 2, Sunroad Subdivision, according to the plat thereof recorded February 11, 1986 in Book 436 at Page 187, County of Eagle, State of Colorado. (the "Sunroad Property "). WHEREAS, the Sunroad Property has been zoned "Town Center ". WHEREAS, the Town has determined that a proposed sale of a portion of the Sunroad Property to the United States Postal Service (the "Postal Service ") shall benefit the Town and shall further render the remaining parcel of the Sunroad Property not sold to the Postal Service unique from other properties which are zoned Town Center. WHEREAS, at its June 11, 1991, meeting, the Town properly complied with all statutory provisions and validly adopted amendments to the Zoning Code setting forth minimum lot sizes of 30,000 square feet for areas zoned Town Center which includes the Sunroad Property; -1- WHEREAS, in connection with its adoption of such amendments, the Town recognized that the remaining portion of the Sunroad Property, should a portion of it be sold to the Postal Service, is unique and deserving of zoning restrictions unique to its particular circumstances; WHEREAS, the Town desires to submit the Sunroad property to zoning restrictions different from that contained in the adopted amendments to the Zoning Code for the Town Center zoning and allow minimum lot sizes of one -half acre for the remaining portion of the Sunroad Property, provided that Sunroad consummates its proposed sale of a portion of the Sunroad Property to the Postal Service on or before December 11, 1992. NOW THEREFORE, in consideration of the foregoing recitals and the terms and conditions hereafter set forth, the parties hereby agree as follows: 1. Zoning. The zoning applicable to the Sunroad Property shall be amended to permit the Sunroad Property to be subdivided into lots of a minimum size of one -half acre. Such zoning amendment shall be effective, without any further action on the part of the parties, upon the consummation of the purchase and sale of a portion of the Sunroad Property to the Postal Service provided said sale takes place on or before December 11, 1992. In the event said sale does not occur on or before December 11, 1992, the minimum lot sizes of the Sunroad Property shall be 30,000 square feet, subject to the provisions of the Zoning Code. 2. Enforcement; Attorney's Fees. The parties and their respective successors and assigns shall have the right to enforce, by proceedings at law or in equity, the covenants, restrictions, rights and duties created by this Agreement. If any action is instituted to interpret or enforce this Agreement, the losing party in the action shall pay, in addition to any other relief awarded, the attorney's fees and costs of the prevailing party. 3. Convenant to Run with the Land. The covenants and restrictions contained in this Agreement shall be filed in the real property records of Eagle County, Colorado and shall run with the land and be binding on the parties, their respective heirs, successors and assigns. -2- 4. Governing Law; Counterparts. This Agreement shall be construed under and governed by the laws of the State of Colorado. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. State of California } } ss. County of San Diego } The foregoing this 17th day of Richard D. Vann SUNROAD API AL CORPORATION, a Califo _ n' a c r ion By: i municipal corporation By: f� TOWN OF AVON, a Colo ado instrument was acknowledged before me July , 1991 by: as Exec. Vice President of Sunroad Capital Corporation, a California corporation. My commission expires: April 26, 1993. OFFICIDA01426, a9 ��r NOTARY PUBLIC SAN DIEGO �,FV w" My -3- Notary Public Comm. Expir -3- Notary Public State of } } ss. County of } The foregoing instrument was acknowledged before me this day of k vas (� , 1991 by: 7/L2 OPP as _tk VYwn�A�a f'ic�� &sa- �tbf the Town of Avon, a'681orado municipal corporation. My Commission Expires My commission expires: Sept. 17, 1994 nnnn (� �l- Notary Public /zoneagre =M NOTICE OF PUBLIC HEARING TO: TOWN OF AVON P.O. BOX 975 AVON, CO 31620 AVON CENTER AT BEAVER CREEK UNIT 3 OUT LOT You are hereby notified pursuant to provisions of Section 16.20.070 of the Avon Municipal Code, that a Public Hearing on a preliminary plat will be held and considered at the meeting of the Town Council of the Town of Avon, on September 24, 1991 at 7:30 P.M. in the Avon Municipal Complex, 400 Benchmark Road, Avon, Colorado, at which time and place you are hereby invited to be present and be heard. PROPERTY OWNER: APPLICANT: LEGAL DESCRIPTION OF PROPERTY: ADDRESS OF PROPERTY: DEADLINE: ��f� • w1.. i � Q w .ate •� � �, SUNROAD CAPITAL CORPORATION 1450 FRAZEE ROAD, SUITE 1000 SAN DIEGO, CA 92108 SUNROAD CAPITAL CORPORATION 1450 FRAZEE ROAD, SUITE 1009 SAN DIEGO, CA 92108 LOTS 1, 2 AND 3 SUNROAD SUBDIVISION 0061, 0011, 0111 BEAVER CREEK BOULEVARD AVON, CO 81620 IF YOU WISH TO BE HEARD ON THIS MATTER, YOU MAY APPEAR PERSONALLY OR BY DESIGNATED AGENT AT THE PUBLIC HEARING ON 9/24/91 OR YOU MAY FILE A WRITTEN STATEMENT WITH THE RECORDING SECRETARY, PLANNING AND ZONING COMMISSION, TOWN OF AVON, P.O. BOX 975, AVON, COLORADO, 81620. IN ORDER TO BE CONSIDERED BY THE TOWN COUNCIL SUCH WRITTEN STATEMENT MUST BE RECEIVED IN THE TOWN OFFICES NO LATER THAN 4 :00 P.M., TUESDAY, SEPTEMBER 24, 1991. APPLICANT IS REPRESENTED BY MR. CHRIS EDDY, SUNROAD CAPITAL CORPORATION, 1450 FRAZEE ROAD, SUITE 714, (619) 692 -3220. ST: PATTY NEY RT, VN CLERK RECORDING SECRE PLANNING AND ZONING DEPARTMENT POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON SEPTEMBER 19, 1991. COSTAL MART, AVON ENTRANCE TO CITY MARKET ENTRANCE TO AVON POST OFFICE MAIN LOBBY, AVON MUNICIPAL COMPLEX �J 1ST AMENDMENT TO SUNROAD SUBDIVISON LOT OWNERS WITHIN 300' OWNER'S NAME AND ADDRESS LEGAL DESCRIPTION SUNROAD CAPITAL CORPORATION SUNROAD SUBDIVISION 1455 FRAZEE ROAD SUITE 1000 LOT 2 SAN DIEGO, CA 92108 FIRSTBANK OF AVON SUNROAD SUBDIVISION C/O FIRSTBANK HOLDING COMPANY BLOCK, LOT 3 P.O. BOX 150097 LAKEWOOD, CO 80215 AVON WYNFIELD INN, LTD BENCHMARK AT BEAVER CREEK C/O MHM BLOCK 2, LOT 73/74 14651 D ALL AS PARKWAY 400 DALLAS, TX 75240 GUARANTY FEDERAL SAVINGS AND LOAN AVON CENTER AT BEAVER CREEK C/O TYRRELL REALTY BLOCK, LOT PARCEL C, RESUB P.O. BOX 1982 OF BLOCK 2, LOTS 47/54 AVON, CO 81620 AVON CENTER AT BEAVER CREEK AVON CENTER AT BEAVER CREEK C/O JIM LINDSEY GUARANTY FED S &L UNIT 4 OUT LOT 9600 EAST ARAP AHOE ROAD #260 ENGLEWOOD, CO 80112 TOWN OF AVON AVON CENTER AT BEAVER CREEK P.O. BOX 975 UNIT 2 OUT LOT AVON, CO 81620 TOWN OF AVON AVON CENTER AT BEAVER CREEK P.O. BOX 975 UNIT 3 OUT LOT AVON, CO 81620 SUAREZ, MARCOS M. BENCHMARK AT BEAVER CREEK COLE, DAVID L. BLOCK 2, LOT 56 P.O. BOX 5555 VAIL, CO 81658 CHAPLIN, DONALD M. BENCHMARK AT BEAVER CREEK CHAPLIN, BARBARA L. BLOCK 2, LOT 55 P.O. BOX 550 VAIL , CO 81658 CHRISTIE LODGE ASSOCIATION, LTD BENCHMARK AT BEAVER CREEK P.O. BOX 1196 AMENDMENT NO. 6 AVON, CO 81620 LOT 2, LOT 25 WILDWOOD INVESTMENT COMPANY BENCHMARK AT BEAVER CREEK P.O. BOX 329 BLOCK 2, LOT 20 AVON, CO 81620