1981 Covenants Regarding Parking Avon CtrBook 333 UC:U uL IA•JV F11 UCL.C:11uC:1 11, 1701 Fee:$9.00pd
Page 284 r-�ecorder Johnnette Phillips 11-,
9 229640 Ea', j County
COVENANTS REGARDING PARKING
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Avon Center at Beaver Creek, a Colorado limited O
partnership (hereafter "Avon Center "), is the owner of
Lots A, B, and C, Avon Center at Beaver Creek, according
to the Plat thereof, recorded in Book 309, at Page 600,
a resubdivision of Lots 47, 48, 49, 50, 51, 52, 53 and 54,
Block 2, Benchmark at Beaver Creek, Amended No. 4, Town
of Avon, Eagle County, Colorado (hereafter "Lots A, B, and
C "). Avon Center declares the following covenants regard-
ing parking on Lots A and B, which covenants shall run with
Lots A and B.
RECITALS:
1. Avon Center is currently completing Phase I of
a four - phased commercial and residential condominium project
known as Avon Center at Beaver Creek Condominiums. Phase I
is contained solely on Lot A.
2. Avon Center has received conditional approval from
the Town of Avon for a plan to provide up to eighty (80)
narking spaces in Phase II of its project on Lot B that are
presently required by Phase I on Lot A.
3. As a condition to approval of the plan referred
to in number 2 above, the Town of Avon has required that Avon
Center provide adequate temporary parking off of Lot A to
meet the parking ratio requirement and that Avon Center supply
sufficient parking in Phase II on Lot B to result in adequate
Parking in Phases I and II on Lots A and B.
4. As one alternative to satisfy such parking ratio
requirement, Avon Center plans to use Lot B for parking for
Phase I pending completion of Phase II.
5. Village Center, S.A., a Panama corporation, has
a security interest in Lot B under a deed of trust given by
Avon Center.
6. As a condition of waiving any objection to the
plan referred to in number 2 above, the Town of Avon and
Village Center, S.A. require assurances satisfactory to each
that such use of Lot B for parking for Lot A will not result
in any harm or damage to the interests of either the Town of
Avon or Village Center, S.A.
NOW, THEREFORE, Avon Center covenants as follows:
A. No person, other than the owner of Lot A, which is
presently Avon Center, shall be required to provide parking for
the benefit of Lot A.
B. Should Avon Center's ownership of Lot B be term-
inated through foreclosure prior to completion of Phase II,
Avon Center acknowledges that neither Village Center, S.A.,
nor any successor in interest, by deed or by public trustee's
or sheriff's deed, shall have any responsibility or duty to
provide parking for the benefit of Lot A. or Phase I.
C. Except as otherwise provided herein, the owners of
Lot B shall construct Phase II in a manner to provide sufficient
parking space so that all of the parking requirements for Phases
I and II will be satisfied on Lots A and B.
D. If at any time and for any reason, including a
breach of a covenant contained in paragraph C above, Avon
Center or its successors are not able to provide adequate
parking to satisfy the parking ratio requirements of the Town
of Avon, Avon Center or its successors will reduce the amount
of commercial space on Lot A it is using until such requirement
is met. Such reduction may be accomplished �hPCD reo threr
of use of commercial space on Lot A'Ar by conversion of commer-
cial space in use on Lot A to parking, at the discretion of
Avon Center or its successors.
E. Any commercial tenant of Avon Center or any other
person who may be injured by or have a claim arising out of
any reduction of commercial space resulting from the applica-
tion of paragraph D above shall have a claim only against Avon
Center and shall not have any claim against the Town of Avon
or Village Center, S.A. All leases of commercial space in
Phases I and II entered into after this date shall be subor-
dinate to this covenant.
F. Avon Center, the owner of Lot A, or their respective
successors agree to indemnify and hold the Town of Avon and
Village Center,' S.A. harmless from any loss, claim or damage
resulting from claims of third persons arising out of these
covenants, including the cost of reasonable attornev's fees
incurred in defending any such claims.
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Dated this day of December, 1981.
ATTEST:
eA i p, as' Dalba, Secretary
AVON CENTER AT BEAVER CREEK, a
Colorado Limited Partnership,
By Centennial Ventures, Inc.,
General Partner
By I r
Donald Buick, Friesident
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