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TC Ord. No. 1996-25 Rezoning Lot 22 tract A & B Block 2 BenchmarkTOWN OF AVON ORDINANCE NO. 96 - 2,-s SERIES OF 1"6 AN ORDINA:'�CE REZONING LOT 22, TRACTS A AND B, BLOCK 2„ BENCHMARK A-LT BEAVER CREEK SUBDIVISION FROM SC (SHOPPING CENTER) T'4 PUD (PLANNED UNIT DEVELOPMENT) AND INCLUDING THE APPROVAL OF A PUD DEVELOPMENT PLAN FOR CHAPEL SQUARE, TOWN OF AVON, EAGLE COUNTY, COLORADO, LOCATED EAST OF BEAVER CREEK PLACE WHEREAS, Palmos Development has filed an application with the Town of Avon for rezoning from SC to PUD and said rezoning includes the approval of a planned unit development (PUD) Development Plan for the Chapel Square PUD; and WHEREAS, after notices required by flaw, a public hearing was held before the Planning and Zoning Commission of the Town of Avon on November 19, 1996, at which time the applicant and the public were given an opportunity to express their opinions and present certain information and reports regarding the proposed Development Plan, and WHEREAS, following said public hearing, the Planning and Zoning Commission forwarded its recommendations regarding the proposed Development Plan to the Town council of the Town of Avon; and WHEREAS, after notices provided by flaw, a public hearing was held before this Council on the 14 th day of January , 1997, at which time the applicant and the public were given an opportunity to express their opinions regarding the proposed Development Plan; and WHEREAS, based upon the evidence, testimony, and exhibits, and a study of the Comprehensive Plan of the Town of Avon and of the recommendation of the Planning and Zoning Commission of the Town of Avon, this Council finds as follows: j :t=X0ID&Wrap 4= p Thai the proper postiu publication atand p,tub8nc nonce were provided as required by law for the hearings before the Planning and Zonarng Commission and the Town Council of the Town of Avon. 1 That the hearings before the Planning and Zoning Conunissioan and the Town Council were both exlennsi a amid complete and that all pertinent factts, matters and issues were submianed at those hearings 3_ That the Development Plan is consistent with the Comprehensive Plane of the To�Nrn, of AvoIIn, a.•hich designates the Band use for this area as mixed -rinse 4. That the structures and uses permitted ky the Development Plan are compatible u ith adjacent misting and proposed land eases, and suitable for the site's specific topography, visibility, drainage, ambient noise levels and access.. NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, THAT the Avon Market PUD Development Plan is hereby approved subject to the following conditions: 1. That all development on this property shall conform to the approved Chapel Square Development Plan dated 1107/97, and attached hereto as EXHIBIT A, and which establishes the permitted oases, number of dwelling units, amount of commercial area, locations of buildings, site improvements and parking requirements_ The approved development plan shall consist of the following plan; Sheet 1 Site Plain, dated January 7, 1997 by OZ Architecture_ Sheet 2 Preliminary Landscape Plan, dated January 7, 1997 by DHM Design Corporation, Inc_ Sheet 3 Plaza Landscape Concept, dated Novertiber 8, 1996 by DHM Design Corporation Sheen 4 Building "A" Preliminary Building Elevations, Sections and Floor Plans, dated January 7, 1997 Sheet 5 Building "B" Main Level Preliminary Floor Planns, dated January 7, 1997 by OZ Architecture Sheet 6 Building "B" l st and 2nd Level Floor Plans, dated January 7, 1997 by OZ Architecture Sheet 7 Building "B" 3rd and 4th Level and Tower Level Preliminary Floor Places, dated January 7, 1997 by OZ Architecture F1-77 RV-1 I Sheet 9 Budding --B" Prelin6naT East. and West Elevations dated Janus 7, 1919 by OZ Architecture - Sheet 9 13uildhip- -'B" Preliminary East End, West End, and Tower Elevations, dated . lanuary 7, 1997, b�y OZ :architecture Sheet 10 EuildiDng -E" Preliminary. Sections, A -A and 13 -13, dated January 7, 1997 by OZ Architecture Sheet 1 1 Budding -C- P'relanninary Building Elevations, Section and Floor Pians, dated January 7, 1997 by OZ architecture Sheet 12 Building "8'' Preliminary Sections C -C, D -D, E -E, and F -F, Chapel Preliminary ele%,rations and floor plans, dated January 7, 1997 by OZ Architecture. Sheet 13 Existi Prior to issuance of baunldnrrg pia onmer shall de dicwe to the Town of Avon, a public right of cvay meeting Town of Avon local sqreet starndards ahroaugh Trams A and B, and Lot 22 between Beav°ex Creek Place and the eastem pro emm bouridary of Loa 21-1 4. Prior to the issuance of a beuildiang permit, a vehicular accm easenteni shall be provided for the proposed parki% lot drive:%vav at the eastern bourne of the: �hV Market propey and Lot 2. 5. Provide a facade on the W20 -Mart building to match Buildings Band C, in conjunction with they westem expansion of the existing Wal -Mart building approved as Iran of this PUD or within two yews of the date of issuaaace of Temporary Certificate of'Occupancy to the last buildirng, cojastmcte d, ,vhiche%,er occurs Litt . 6_ The PUD plan is appnDvse d subject to completion of technical corrections identified by std INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED POS'T'ED, this 10th dada of December , 1996 , and a public hearing shall be held at the regular-meeting of the Town Council of the Town of Armen, Colorado on the 14th e . of January ,199 , at 5 30 P.M. in the Municipal Building of the Town of Avon, Colorado. Patty Lambert, Arson, Colorado Town Council Jack Fawcett, Mayor no-M-5, ;,.., INTRODUCED, READ ON SECOND READING, APPRO'% END AND ORDERED POSTED this 14th ____.,day of ATTEST: Patty Lambert; Town Clerk APPR.O EV AS TO FORM: i' ©w Attorney '"own of Avon Town Council Ja Fawcett, Mayor Q� >�b ISO tEm 2 's 1 � �L Ll ,i �� �:t ,:'•. iii � Il � �,,,; n•J � �� i I , � i •?iii d1�u 2w � r i i�J�, �� ' � �� JI �1 ' ; I �� .��a� RRR ,�t4`�� 1 °`t �� � :i•'i �Gli L� I.'�'',.• °+'�+ � , ,� 'urn, ,� nt6 .��; �� ! :ii 1 ;j"—' =•,- '.tai ',�� � " ;i J' ,I � it � r 11. ' .ii � g ii � � , 'i �� ^ . n (� � I�! '"+, "� �� •�Si,'.N' " ytdt ^a a ,� _j _ 1lii _ � -. +' I;I �t I II �'�' I 'a �yt_' _ _..n •,FjO..:.�,,,, "' � • �'�: ! ' III � ., i _ { ., "''1 7 � ";1� w�a A a' d ' •� � m F � r #��` � - .� � }�� - '.'�i a_ .. 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C Al. s. 17C,) Fi III Ali � j� ��! � � ;� 1�7 1p 11 Li may -0 ull. li 04� ilv - 41 44 ull. 7� I 0- 0 xi � L 11:C —' D 04� 7� I 0- 0 xi � L 11:C —' D 10 d.-I 10, X., ' f� , ,�;, I� f JI it fZ fR6 ti 1:51 M IJ ?J t-�- IR a IN t1w iu PL 1,' fw EMIA ni arm IT A 0 hl okgWftW 'M V.,V a tp A 107' Iwo m� I z hr i l 7 4I ��� *-En I �, ',��� mi 5 3 A 107' Iwo � 10 11 " ­ ,0 it it T_ go top doo it 11 Al — — — — — — — — — — — — — it m� I z I i l 7 4I ��� *-En I �, ',��� mi 5 3 df All all : Into � 10 11 " ­ ,0 it it T_ go top doo it 11 Al — — — — — — — — — — — — — it Rif t t t *-En mi 5 3 df All all : Rif t t t STA EE OF COLOIRADO WUNTY OF EAGLE D SS 'TOWN OIL AVON � NOTICE IS HEREBY GIVE -17 OF A PUBLIC- HF_AR j N. 'G BEFORE THE TOWN COUNCIL OF THE TO$21 OF AVON, C'GLi �ADO A-T' 5: 3 n P. M _ ON THE 14 TE DAY 09 JANUARy, 19i�7, AT n4E 'Tom mwjcjpiAL, BUILIDING 'FOR THE PURPOSE OF CONSIDERING THE ADOPTION CP ORDINANCE NO. 9f -25, SERIES OF 1996: AN ORDINANCE APPROVING A P'U7[D DEVELOPMENT PLAN FOR AVON MARKET (LOT 22, TRACTS A AND B, BLOCK 2, BENC04ARK AT BEAVER CREEK SUBDIVISION) TOWN OF AVON, EAGLE CC UNTy, COLORADO LOCATED EAST OF BEAVER CREEK BOULEVARD A cops of said Ordinance is attached hereto, and is also an file at the office of the Town ~Clerk, and may be inspected during regular business hours. Following ,this hearing, the Council may cons?der final passage of this Ordinance. This notice is given and posted by order of the Town Council of the Town of Avon, Colorado Dated this 12th day of December, 1995. T'O P AVON, COLORADO BY: Patty 4anlkert, Town ClerA POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON DECEMER 12, 1996; EAGLEBEND APARTMENTS - CLUBHOUSE LAUNDRY; CITY KET IN THE MAIN LOBBY COASTAL MART, INC.; AND AVON MUNICIPAL BUILDING IN THE MAIN LOBBY MASTER DEED RES'TRIC' .IoN AGFZEMNT FOR 7NE OCCIt PP.RCy AND RISALE OF CHAPEL SQUARE THE MASTER DEER) RESTRICTION AGREEMM � the ""Agreement"") is made and entered into this, - day of , 19971 by the TOWN OF AVON (*"the Town "" y and cHApEL SQIL%RE,, L2 ( the owner of the property, hereinafter, referred to as "'Leclaraant " ") . WI" ;SSETH: AREAS, Declarant owns the real .property described in Exhibit " "A" ,attached hereto and incorporated herein. For purposes of the agreement, the real property and all dwellings, appurtenances, improvements and fixtures associated therewith shall hereinafter be referred to as the "" F.roperty . "" WHEREAS, Declarant agrees to establish a sale price for eight Units located on the Property not to exceed $144,627.98. WHEREAS, 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 Bull time employee in Avon or .Eagle County a minimum of two years immediately prior t® his or her determination of disability, or the spouse or dependent of'any such persons who resides with thew. C) An owner whose household income does not exceed 150 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 $225,000.00 ($337,500.00 for a retired person) or whose total current family net assets have not been in excess of $2251000.00 ($337,500.00 for a retired person) during the two years preceding if the same were transferred or disposed of to confer eligibility hereunder. e) An owner whose eligibility is determined on a prioritized basis, first priority being given to those whose family income does not exceed 100 percent of the ECMFI, second, priority being given to those whose family income exceeds 100 percent but does not exceed 120 percent of the ECMFI, third priority being given to those whose family income exceeds 120 percent but does not exceed 140 percent of the ECM, fourth priority being given to those whose family income exceeds 140 percent but does not exceed 150 percent of ECMFI, fifth priority being maven to businesses 10 IN 1111111111111111 IN till 10 111111111 132 09/17/1997 81:315P 8737 P379 ' 28 R 101.88 0 6.80 Sara J Fisher, Eagle, CO within the Chapel SgUare PUD having ten or fewer employees for employee housing and sixth priority being given. to any business within the Town of Avon having ten or fewer employees for employee housing_ Within each of the foregoing priorities, additional priority shall be given to residents of Avon and to persons employed within Avon or who were employed within Avon four or two years, as the case may be, prior to retirement or determination of disability. Priorities shall be determined in accordance with a procedure reasonably approved by the Town. lial Rl:AS, in addition, Declarant agrees that this agreement shall constitute a resale agreement seating forth the maximum sale price for which the Units may be resold V"Maxim amm Sale Price,") and the terms and provision controlling the resale of the Units. WHEREAS, by this Agreement, Declarant agrees to restrict the !Baits against use and occupancy inconsistent with this Agreement. WHEREAS, "Qualiffied Buyers 'o are natural persons or business entities meeting the requirements of "'Qualified Buyers "" at the time of the closing of the sale from Declarant to the Qualified Buyers, and who .represent and agree pursuant to this Agreement that they meet the definition of "Qualified Buyer "" contained above and that they will occupy the Units as their sole place of residence, not engage in any business activity in the Units, other than that permitted in that zone distract or by applicable ordinance, and not sell or otherwise transfer the Units for use in a trade or business. WHEREAS, an ""Owner"" is a person who is a Qualified Buyer who acquires an ownership interest in a Unit in compliance with the term and provisions of this Agreement; it being understood that such person shall be deemed an "Owner"' hereunder only during the period of his or her ownership of the 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. WHEREAS, a " *Unit" is any of Units 204, 206, 216, 215, 3€4, 306,316 and 315 located on the Property. WHEREAS, it is anticipated that individuals shall acquire an ownership interest in the Unit in the future, who will be considered "Owners,"" and who shall be, obligated hereunder for the full and complete performance and observation of all covenants, conditions and restrictions contained herein. NOW, THEREFORE, for value received, the receipt and sufficiency of which is hereby acknowledged, Declarant hereby represents, covenants and agrees as follows: 1. The use and occupancy of the Units shall henceforth be Bill 111111111111111 IN 11111111111111111111 1111 13332 09/17/10W 91:35P 8737 PP379 Of 20 R 191.90 0 0.00 Sara J Fisher. Eagle, Ce limited exclusively to housing for natural persons who greet the definition off Qualified Buyers and their families. 2. An Owner, in connection with the purchase of a Unit, must: a) occupy the Unit as his or her sole place or residence during the time than the Unit is yawned.; b) not engage in any business activity on or in such Unit, other than permitted in that axone district or by applicable ordinance c) sell or otherwise transfer such Unit only in accordance with this Agreematent; d9 not sell or otherwise transfer such Unit for use in a trade or business; and ep not permit any use or occupancy of such Unit except in compliance with this Agreement. 3. Breach of Aqreemment a. It shall be a breach of this Agreement for an Owner to default in making payments or performing other obligations dune 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 *cote 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. b. Upon notification from Owner, _as provided above, or other notice of such default, the Town may offer loan counseling or distressed loan services to the Owner, if any of these services are available, and is entitled to require the Owner to sell the Unit to avoid the commencement of any foreclosure proceeding against the Unit. In the event that the Torn determines that sale of the Unit is necessary, Owner shall immediately execute a standard Listing Contract on forms approved by the Colorado Real Estate Commission with a licensed realtor, providing for a 180 -day listing period. In the event of a listing of the Unit pursuant to this Paragraph 3, the Town is entitled to require the Owner to accept the highest of any qualified bids which satisfies the Owner's financial or other obligations due under the promissory note secured by a first deed of trust in favor of the Town, as described herein, and to sell the Unit to such qualified bidder. C. Upon receipt of notice as provided in paragraphs 3a and ,3b, Town shall have the right, in its sole discretion, 1111111[1111111 411111111 HIM III 111 VIII II 1111 {33332 89/17/1997 01:315P 8737 PM I of 20 R 181.0. 0 8.88 Sara J► Flalm . Eagle, CD to cure the default or any portion thereoE. In such event, the (%mer shall be Personally lieb2e to the Town for past clue payments made by the Town together- with Interest thereon at the rate specified in the promisso,zlr note secured by the deed of trust, plus one' percent (11%) and�all actuai expenses of the Town, incurred In curing the default. The Owner shall be required by the Town to execute a Promissory note secured b1F a deed of trust encumbering the Unit in favor of the Town for the amounts expended by the Town as specified herein, including future advances made for suCh purposes. The owner may cure the default and satisfy his or her obligation to theTown under this subparagraph at any time prior to execution of a contract for sale, upon such reasonable terms as specified by the Town. Otherwise, Owner's indebtedness to the Tosm shall be satisfied from the Owner's proceeds at closing. 4. This Agreement shall constitute covenants running with the real Property, described in Exhibit "A,"' as a burden thereon, for the benefit of, and shall be specifically enfordeable 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. MAXIMM SALE PRICE 5. 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 estate broker for a ma imum commission of one percent of the sale price of the unit, and the sale price shall then be adjusted upward to include that commission. Owner may accept any offer which is not-g-reater 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 611E,81 to show that the Unit is being gold to a Qualified Buyer and for an am unt not greater than the maximum sale price as defined below. In the event that Owner receives more than one qualified bid, Owner shall provide documentation of the selection of a Qualified Buyer in accordance with the priorities of this Agreement. Closing shall not occur unless the Town confirms in writing that the sale meets the requirements of this agreement. 11111111 Nil Noll 111111 IN. IN 01 Nil It IN 09/17/1997 01:35P B737 P379 4 of t@ R 101.W D 9.00 Sara J Fisher. Eagle, Co I � . In no event shall the Unit be sold for an amount � " "Maxis mum Sale .Price " ") in excess of the Owner's purchase price, plus an increase of three percent (( 3%)) of such price per years from the date of purchase to the date of Ow ner "s notice ©f Intent to sell (prorated at the rate of .25 percent for each whole month for any part of a year). 7. Determining Max-mum Sale Price; a. For the purpose of determining the Maximum Sale Price in accordance with ttptn n s Section, the Owner may add to the amount specified in Paragraph 6 above, the tostt of Permitted Capital 'Improvements (as defined in Exhibit "B "') . The amount for capital improvements shall not exceed ten percent (D ® %) of the initial listed -purchase price sett forth in paragraph 6 above for an initial terra 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 addf.41 to the value of the property for capital Improvements. in calculating such amount, only those Permitted Capital Improvements identified in Exhibit n"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 minade by the Owner during construction, except in accordance with Paragraph 7a above. Permitted Capital I®provemmiantts 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 Diner for the Permitted Capital Improvements; 2) Omer °s affidavit verifying that the receipts are valid and correct receipts tendered at the time of purchase, and 3) 'Prue 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. 1111111111111111111 IN 1111101111i11 0/17/1997 91:3W B737 P379 d. For the purpose of determining the Maximum Sale Prase 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 a dovernmmeantaal 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, only the Owners 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. 8. 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. g. In the event that one qualified bid is received equal to the Maximum Sale Price herein established, the Unit shall be sold to such bidder at the Maximum Sale Price. in the event Owner receives two or more bids equal to the Maximum Sale Price or if all bids are below Maximum Sale Price and more than one tieing highest bids are received, the Qualified Buyer shall be selected by lottery. If the terms of the proposed purchase contract, other than price, as initially presented to the owner, are unacceptable to the Owner, there shall be a mandatory negotiation period of three (3) business days to allow the Seller and potential buyer to reach an agreement regarding said terms, including but not limited to, the closing date and financing contingencies. If, after the negotiation period is over, the Seller and potential buyer have not reached an agreement, the next bidder's offer will then be presented to the Seller for consideration and a three (3) business day negotiating period will begin again. Bids in excess of the Maximum Sale Price shall be rejected. 10. 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 "Noai- Qualified Transferees) "), the Unit shall immediately be listed for sale, and the highest bid by a Qualified Buyer shall be accepted; if all bids are below the Maximum Sale Price or the appraised market value, the Unit shall continue to be listed for sale until a bid in accordance with this section is made, Which bid must be accepted. The cost of the 1 11111111111111111.11111 IN HIM 11111 633332 W/17/19" es:M srW P3ffi 6 of 29 R 1 91.00 D 0.11 Sara J Fisher, Eagle, CO appraisal shall be paid by the Non-Qualified Traansfferee,'(s) . a. Non-Qualified Transfferee�s) shall join in any sale, conveyance or transfer of the Unit to a Qualified Buyer and shall execute army and all documents necessary to do so; and b. Non-Qualified Traans fferee �, s the Unit; 2) rent the Unit, compliance with Paragraph 114 other business activity on otherwise transfer the Unit this Agreement; or 5) sell agree not to: l) occupy except in strict hereof; 3) engage in any srr in the Unit; 4 ) sell or except in accordance with or otherwise transfer the Unit for use In a trade or business. C. The 'down 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 might and option, shall purchase the Unit from the Non-Qualified Transferee(s) >imumm 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 'own may require 'the Owner to rent the Unit in accordance with the provisions of Paragraph 14 below. OWNER RESIDENCE 11. The Units shall be and are to be utilized only as the exclusive and permanent place of residence of an Pawner. 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 'T'own in writing for good cause, including hardship or other extenuating circumstances. In determining residency, the 'T'own 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. Owner 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 . " 1111111 gill 111111111 11111111111111111111111111111 6911711WI 01-.33P BM P379 12. In the event Owner changes domicile or ceases to utilize, the Unit as his or 1huer sale and exclusive place of residence,, the Unit shall fK-- offered for sale pursuant to the provisions of Paragraph lit of this Agreement- Where the provisions of this Paragraph 12 apply, the Town may rewire the owner to rent the Unit in accordance with the Provisions of Paragraph 14 below. 13. If at any time the owner of the Unit 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 canner "s interest in such property at a sakes 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) slays of its listing, then Owner hereby agrees to immediately last 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 ,tuner 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 13. RENTAL 14. owner may, with prior written approval of the Town, rent the Unit consistent with the zoning ordinances of the Town. Vacation rentals shall not be permitted. Prior to occupancy, any tenant must be approved by the 'T'own as meeting the requirements of a Qualified Buyer established herein. The Town shall not approve any rental if such rental is being made by Owner to utilize the Unit as an income producing asset and shall not approve a lease with a term less than thirty (30) days, nor more than six (6) months without clear and convincing evidence that a lease longer than six (6) months is necessary. A signed copy of the lease must be provided to the Town prior to occupancy by any tenant. Any such lease approved by the Town shall not exceed an amount equivalent to the monthly expenses for the cost of principal and interest payments, taxes, property insurance, condominium or homeowners assessments (which shall not be permitted to be increased at a rate in excess of the Consumer Price Index), utilities remaining in owner "s name, plus an additional two percent and a security deposit in an amount not exceeding one month's rent. 15. IN NO EVENT SHALL THE OWNER CREATE AN ADDI'T'IONAL DWELLING 111111111111 IN 111111111111111111 11111i1i 99/17/2M 91:35P 16737 P379 i of 29 1R 101.99 0 9.90 Sara J iishw, Easls, CO UNIT (OR LOCK-OFF, AS DEFINED IN THE 'TOWN OF Avo..N LAND USE CODES, IN THE ti NIT. RR CH 16. In the event that the Town has reasonable cause to believe the warner is violating the provisions of this Agreement, the Town, any its authorized representative, may inspect the Unit between the hours of 8:00 a . mm. and 5:00 p. mm. , Monday through Friday's after providing the Owner: with no less than 24 hours written notice. 17. The Town, in the event of a violation off 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. REMEDIES 18. Where 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 attoraney"s fees. 19. In the event the Unit is sold and/or conveyed without compliance herewith, such sale and/or conveyance shall be wholly null and avoid and shall confer no title whatsoever upon the pureed 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 Agreemetnt . 20. 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. 21. In the event of a breach of any of the terms or conditions coan'tairned herein by the owner, his or her heirs, successors or assigns, the 'Town's initial listed purchase price of the Unit as sett forth in Paragraph S 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. I IIIIII1111111�11 I N 11IN 84117/=7 01'35P VM P379 ! of 20 R 191.40 0 ®.M Sw-a J Fier, Enloe, CD FORECLOSURE 22. `7!!'he Town, pursuant to the Opt-ion to buy attached hereto as Exhibit C, the terms of which are incorporated in this Agreement by this reference as if fully sett forth herein, shall ,release and waive its ability to enforce the resale deed restrictio :ns 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 Tomm the option to acquire the Unit within thirty Q30) days after the Issuance of a public ttrust.ee4s Deed to the holder (including assigns of the molder) 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 perlgd(s) and any additional reasonable costs incurred by the holder during the option period whine 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, i 24. Exhibits_ All exhibits attached heketjc, (Exhibits " A,- 41B814 Mtc'ap ' and "'E", � are Incorporated herein and by this reference nade, a part hereof- 25- Severab.ilitty_ 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 minder said app>l i cable law, such provisions shall be ineffective to the extent of such invalidity or prohibition without invalidating the remaining provisions of such documents. 26. Choice of law. This Agreement and each and every related document is �to be governed and construed in accordance with the laws of the State of Colorado_ 27. 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. 28. Section Headin(M.S. 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. 29. 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. 30. Gender and Number the neuter gender versa and the use and vice versa. 31. Personal Liabilit, personally liable herein. Whenever the context so requires herein, shall include any or all genders and vice of the singular shall include the plural Z. Owner agrees that he or she shall be for any of the transactions contemplated 32. Further Actions. The parties to this Agreement agree to execute such further docummenats and take such further actions as may be reasonably required to carry out the provisions and intent of this agreement or any agreement or docum nt relating hereto or entered into in connection herewith. 33. Modifications. The parties to this Agreement agree that any I Mill gill IN III 1111111111 MEN 11111111111111 63= 09/17/1997 61:35P 5737 PM mod.ificattions at this Agreement shall be effective only when made by writings s ;i fined by both parties and teco riled with the Clerk and Recorder of Eagle County, Colorado. Notwithstanding the foregoing, the Town reserves the right to amend this Agreeamteantt ' nanni iattera i ly where deemed necessary to effectuate the purpose and intent of this Agreement, and where such unilateral action does not materially impair the aers "s .rights nor any Il.ennder" s rights under this Agreement. 34. der and Successors. The term ""Owner"" shall mean the persona or personas who sha i.4 acquire an ownership interest in a Unit in compliance with the terms and provisions of this Agreement; it being understood that such persona or persons shalt 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 such period. IN WI"UESS <f ERE®F, the pa.rrtt n es hereto have executed this instrument .onn the day and year first above c�rl,ttean. Its Manager STATE OF COLORADO � 55. COSY OF EAGLE The foregoing instrument was ack owled ed before me this '11 day off � a, 19 , by Let as of Chapel Square Wittiness my hand and official seal. commission expires: ''.a, h Ny �. 'Mtary Public Will gill M In Hill ON 111101111111111111 X3332 0/17/10" 61-.W WM PM 2 of M R 1 91.09 D ®.M Sara J FED, Falls, CC 12 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. TOW OF'AVON. l[1t� Mayo STATE OF COLORADO C®MMY OF EAGLE � The foregoing 2p Il i ns�nt was n JU acknowledged bA effor a me this day of by J-ack Fawcett , as Myor of the Town of Avon Witness fl'n ff ff'$cial seal. _ My commission expires: oil IN 11111111,21" 1111111 Ing 33332 99/17/1W 91:35P SM P379 mill 13 EXHIBIT ""A" Legal Description Lot 22, Benchmark at Beaver Creek, and Tract B, Cc=unity Shopping Center, Town of Avon, County of Eagle and State of Colorado oil IN N i I I m I III W3 r17/1 ay 91:35P sm P379 14 of 29 R =I-SO 0 SM SWO J F1W%w. Eagle, C1 14 USIT "B" Permitted Capital Improvements I. The term "Permitted Capital Imapr' vem a nt "" as nosed i n 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 /oar maintenance improvements; b. rmmparovemmeuntts; for energy and water conservation; C. Improvements for health and safety protection devices; . d. Improvements to add and/or finish permatrne' ntt /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 cosh 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 small be approved by the ''own staff prior to being added to the Maximum Sale Price as defined in the Agreement. 11111 mu�e�ei■M� of 29 R 101.W 0 9.09 Sara J Fisher, Eagle, CC 10/11/LW7 91:315P BM P379 15 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 Chapel Square (he.reiana.ffter " "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 purchase the unit which shall. be exercised in the , ffo>l lowing manner-. a. Notice. The holder shall ]l give such notice to tae 'T'own as is req u i red by law in the foreclosure proceeding. Said notice shall be sent by certified mail, return receipt requested, and addressed as follows: 'T'own Manager Town of Avon P.O. Box 975 Avon CD 91620 b. option to Purchase. The Town shall have 30 slays after issuance of the public trustee's deed in which to exercise this option to purchase by tendering to the holder, in cash or certified funds, an amount equal to the redemption price which mould have been respired of the borrower or any persona 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 warrahty 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 'holder. The holder shall not be liable for any of the costs of conveyance to the Torn or its designee. 11111111111 milli 1I0U1I 111111111111 3332 99/17/1997 131:39F 9U7 P379 of 29 R 191.69 0 ®.M Swa J Flubw, Emele, C[ d. Release. In the event that the holder is issued a$ public tarusttee "s deed and the Town does not exercise the option to purchase, 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 off . the release shall be mailed to the .holder upon its recoarda dt.iotrn . e. Perpetuities Savings Clause. if any of tune terms, covenants, conditions, restrictions, eases, limitations, obligations or options created by this Option to Purchase shall be unlawful or avoid for violation of: Q as) the rule against perpetuities or some analogous statutory provision, (b) the role restricting restraints on alienation, or (c) any other statutory or common law sautes 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. ff . Successors and Assigns. Except as otherwise provided herein,, the provisions and covenants contained herein shall insure 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 purchase shall be effective only when made by writings signed by both parties and recorded with the Clerk and Recorder of )E?a3gle? County, Colorado. 3= 09/17/1W K:3W 6737 P379 F of 20 R WAS D ®.M Sera J Flshw, Eagle, Ct 17 wTMiW.R4JLJG7I "D" REQUEST TO SELL Town Planner Town of Avon P.C. Sox 975 Avon CO 81620 Re: Resale of Unit , Chapel Square Dear Town Planner: This letter is my request to self Unit Chapel Square,' with a closing mate of l have estimated the maximum sales prince, as calculated below in accordance with the terms of the Master Deed Restriction Agreement for the occupancy and resale of Chapel Square. Purchase price of unit Allowed 3% per annum used on months ownership Condominium assessments (specifically assigned to unit for common area improvements) Property improvements (itemize below) Maxianum Sale Price Sincerely, Owner APPROVED: TOWN OF AVON By: ul� III I @II 11111 ICI HIM lilt IY gill III IN eq/-17/j997 ft:-35P B737 P379 STATE OF COLORAW COUNTY OF EAGLE EZEI FI 7i rcnE" Affidavit of Purchaser ss. D being duly sworn capon his /her oath, deposes and says, under penalty of perjury, that: I. He/she has entered into a contract to purchase Unit Chapel Square, Town of Avon, County of Eagle and State of Colorado. 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 imm ediately 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 ffour years immediately prier 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 personas who resides with them. 5. His/her total current family net assets are not in excess of $225,000.00 ($337,500 for a retired person) and have not been in excess of $225,000.00 ($337,500.00 for a retired person) dancing the two years preceding if the same were transferred or disposed of to confer eligibility for purchase of the Unit. 6. lie /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 Chapel Square. IN Bill IN N1 1011111111111111113 in 83=--09/17/1W 01:35P ffW P379 DATED the day o E The foregoing was subscribed and sworn to before step the undersigned Notary Public, on the day G a ' ► by - My commission expires: Witness ness may hand and seal. Notary Public 80/17/1997 81:35P 0737 P379 26 of 28 R 101.00 0 0.10 Sara J Flzhw, Eagle, Ct 20 )D'1,2 i