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111 Timber Ridge Variance Cover Letter + Attachments 20181205 UPDATED.pdfPitkin Maps & More 4,800 800.0 Legend 1: WGS_1984_Web_Mercator_Auxiliary_Sphere Feet0800.0400.00 Notes THIS MAP IS FOR INFORMATIONAL PURPOSES. Pitkin County GIS makes no warranty or guarantee concerning the completeness, accuracy, or reliability of the content represented. Map Created on 1:28 PM 11/01/18 at http://www.pitkinmapsandmore.com State Highway Road Centerline 4K Primary Road Secondary Road Service Road Parcel Boundary Rivers and Creeks Continuous Intermittent River, Lake or Pond Town Boundary Federal Land Boundary BLM State of Colorado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ocumentary Fee $ 335.00 SPECIAL WARRANTY DEED THIS DEED, Made February 27, 2012 between JOSE RAMIRO GARZA VARGAS AND GABRIELA ORTIZ DE GARZA of the Republic of Mexico of the first part, GRANTOR and 111 TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE whose legal address is: 222 ,N. LaSalle St., Suite 2000, Chicago, IL 60601 of the County of COOK, State of ILLINOIS, of the second part, GRANTEE WITNESSETH, That the said parties of the first part, for and in consideration of the sum of Ten dollars and other good and valuable considerations, to the said parties of the first part, in hand paid by the said parties of the second part, the receipt whereof is hereby confessed and acknowledged, has granted, bargained, sold and conveyed and by these presents do grant, bargain, sell, convey and confirm unto the said parties of the second part, its successors and assigns forever, all the following described lots or parcel of land, situate, lying and being in the County of PITKIN and State of COLORADO, to wit: LOT 26, PARCEL B-TWO CREEKS, EAST VILLAGE P.U.D., according to the Plat recorded on October 14, 1994 in Plat Book 35 at Pages 54-59. Together with all and singular the hereditaments and appurtenances there-unto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all the estate, right, title, interest, claim and demand whatsoever, of the said parties of the first part, either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances; TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the said parties of the second part, its successors and assigns forever. And the said parties of the first part for themselves, their heirs and assigns do Covenant, grant, bargain and agreeto and with the said parties of the second part, their successors and assigns, to WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of said parties of the second part, its successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof, by through or under the said parties of the first part. The singular shall include the plural, the plural the singular, and the use of gender shall be applicable to all genders. IN WITNESS WHEREOF, the said parties of the first part have hereunto set their hand(s) and seal(s). SIGNATURES ON PAGE 2 RECEPTION#: 587018, 02/27/2012 at 11:20:01 AM, 1 OF 2, R $16.00 DF $335.00 Doc Code SPEC WD Janice K. Vos Caudill, Pitkin County, CO SIGNATURE PAGE TO SPECIAL WARRANTY DEED PAGE 2 JOSE RAM GA~IELA ORTIZ DE GARZA ! The foregoing instrument was acknowledged before me this ,3. ~-! 7/-J day of February, 2012 By: JOSE RAMIRO GARZA VARGAS and GABRIELA ORTIZ DE GARZA / WITNESS my hand and official seal ,/~_ J~7~- ~. tary blic my commission expires: PCT23373W2 COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: January 25, 2012 at 8:00 AM Case No. PCT23373W2 2. Policy or Policies to be issued: (a) ALTA Owner’s Policy-(6/17/06)AmountS 3,350,000°00 PremiumS 5,953.00 Proposed Insured: Rate: Standard 111 TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE (b) ALTA Loan Policy-(6/17/06) Proposed Insured: AmountS 0.00 PremiumS 0.00 Rate: (c)ALTA Loan Policy-(6/17/06) Proposed Insured: AmountS PremiumS Rate: 3.Title to the FEE SIMPLE estate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: JOSE RAMIRO GARZA VARGAS and GABRIELA ORTIZ DE GARZA The land referred to in this Commitment iSsituated in the County of PITKIN State of COLORADO and is described as follows: LOT 26, PARCEL B-TWO CREEKS, EAST VILLAGE P.U.D., according to the Plat recorded on October 14, 1994 in Plat Book 35 at Pages 54-59. PITKIN COUNTY TITLE, INC. 601 E. HOPKINS, ASPEN, CO. 81611 970-925-1766 Phone/970-925-6527 Fax 877-217-3158 Toll Free AUTHORIZED AGENT Countersigned: Schedule A-PG.1 This Commitment is invalid unless the Insuring Provisions and Schedules A and B are attached. SCHEDULE B - SECTION 1 REQUIREMENTS The following are the requirements to be complied with: ITEM (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. ITEM (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record to-wit: Duly executed Statement of Authority for 111 TIMBER RIDGE TRUST, a trust, disclosing the name of the ~-; ¯ trust, and the names and addresses of the trustees empowered to act pursuant to CRS 38-30-108.5. 2.Delivery to the Company of an executed copy of the Trust Agreement for 111 TIMBER RIDGE TRUST for inspection and approval prior to issuing any policies. Subject to any additional requirements deemed necessary by the Company upon review of said Trust Agreement. Release by the Public Trustee of the, Deed of Trust from : JOSE RAMIRO GARZA VARGAS and GABRIELA ORTIZ DE GARZA to the Public Trustee of the County of PITKIN for the use of : THE LAREDO NATIONAL BANK original amount : $1,225,000.00 dated : September 29, 2003 recorded : September 30, 2003 reception no.: 489124 4.Duly acknowledged certificate of the authorized Managing Agent or Board of Directors of Two Creeks ...... eow,,e,s Assoc,a,lon certifying ,ha, there are no assessments for common expenses which remain unpaid or otherwise constitute a lien on the subject property. o o Duly executed and acknowledged Deed, From ¯ JOSE RAMIRO GARZA VARGAS and GABRIELA ORTIZ DE GARZA To ¯ 111 TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE Evidence satisfactory to the Company that the Real Estate Transfer Tax as established by Ordinance No. 5 (Series of 1986) has been paid or exempted. Certificate of nonforeign status executed by the transferor(s). (This instrument is not required to be recorded) Completion of Form DR 1083 regarding the withholding of Colorado Tax on the sale by certain persons, corporations and firms selling Real Property in the State of Colorado. (This instrument is not required to be recorded) (Continued) SCHEDULE B - SECTION 1 REQUIREMENTS - Continued o Evidence satisfactory to the Company that the Declaration of Sale, Notice to County Assessor as required by H.B. 1288 has been complied with. (This instrument is not required to be recorded, but must be delivered to and retained by the Assessors Office in the County in which the property is situated) SCHEDULE B SECTION 2 EXCEPTIONS The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1.Rights or claims of parties in possession not shown by the public records. 2.Easements, or claims of easements, not shown by the public records. 3.Discrepancies, conflicts in boundary lines, shortage in area, encroachments, any facts which a correct survey and inspection of the’premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes due and payable; and any tax, special assessment, charge or lien imposed for water or sewer service or for any other special taxing district. 7.Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted as reserved in United States Patent recorded September 2, 1890 in Book 55 at Page 13. Restrictions, obligations and liens for special assessments, which contain a forfeiture or reverter clause, as set forth in the Master Declaration of Protective Covenants for Snowmass-at-Aspen Residential Areas recorded December 30, 1966 in Book 225 at Page 6 and Amendments and Additions thereto recorded May 26, 1967 in Book 227 at page 124, June 19, 1970 in Book 249 at Page 58, and Supplemental Declaration for Parcel B-Two Creeks, East Village P.U.D. recorded October 14, 1994 in Book 764 at Page 377. 9.Terms, conditions, provisions, obligations and all matters as set forth in Ordinance No. 06, Series of 1994 by Snowmass Village Town Council recorded October 14, 1994 in Book 764 at Page 207. 10.Those terms, conditions, provisions, obligations, easements, restrictions, assessments and all matters as set forth in Declaration of Covenants, Conditions and Restrictions for East Village PUD recorded October 14, 1994 in Book 764 at Page 285 and First Amendment thereto recorded November 17, 1994 in Book 767 at Page 357, First Amendment thereto recorded February 14, 1997 as Reception No. 401812, Second Amendment thereto recorded June 17, 1997 as Reception No. 405475 and First Amendment thereto recorded May 10, 2004 as Reception No. 497402. 11.Those terms, conditions, provisions, obligations, easements, restrictions, assessments and all matters as set forth in Declaration of Covenants, Conditions and Restrictions for Parcel B-Two Creeks, East Village P.U.D. recorded October 14, 1994 in Book 764 at Page 31 3. 12.Easements, rights of way and all matters as disclosed on Plat of subject property recorded October 14, 1994 in Plat Book 35 at Pages 54-59 and Land Use Plan recorded October 14, 1994 in Plat Book 35 at Page 60-61. 13.Terms, conditions, provisions, obligations and all matters as set forth in Subdivision Improvements Agreement recorded October 14, 1994 in Book 764 at Page 386. (Continued) SCHEDULE B SECTION 2 EXCEPTIONS - (Continued) 14.Terms, conditions, provisions, obligations and all matters as set forth in the Articles of Incorporation and By-Laws of East Village Master Association, as amended from time to time, as evidenced by Certificate of Incorporation recorded October 14, 1994 in Book 764 at Page 405 and Two Creek’s Homeowner’s Association, Certificate of Incorporation recorded October 14, 1994 in Book 764 at Page 406. 15.Terms, conditions, provisions and obligations as set forth in Agreement for the Operation of East Village recorded April 7, 1995 in Book 778 at Page 89 and Amendment thereto recorded November 26, 1996 as Reception No. 399445 and re-recorded December 9, 1996 as Reception No. 399835. 16.Reservation of all oil, gas and other minerals of any nature whatsoever in, on or under the subject property, and all water rights associated with or appurtenant thereto with the limitation that there shall be no right to enter upon the subject property for the purpose of removing such minerals or for any other purpose in connection with such reservation and shall not impair the subjacent support of said property as set forth in instrument recorded March 6, 1995 in Book 775 at Page 576. 17.Terms, conditions, provisions and obligations as set forth in Easement Agreement, among Snowmass Land Company, Two Creeks Homeowner’s Association and Fox Run Homeowner’s Association recorded December 26, 1996 as Reception No. 400337 and re-recorded January 16, 1997 as Reception No. 400957. 18.Terms, conditions, provisions and obligations as set forth in Revocable Encroachment License recorded May 31, 2002 as Reception No. 468180. ENDORSEMENT SCHEDULE FOR OWNERS POLICY ATTACHED TO AND BECOMING A PART OF CASE NO: PCT23373W2 SELLER: JOSE RAMIRO GARZA VARGAS and GABRIELA ORTIZ DE GARZA BUYER: 11! TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE The following endorsements will be issued in connection with the Policy to be issued hereunder as referenced above: ENDORSEMENTS:For a fee of: $ For a fee of: $ For a fee of: $ For a fee of: $ For a fee of: $ Upon compliance with the requirements set forth below, the following exceptions will be deleted from the final policy. The fee for deleting exceptions 1 thru 3 with the issuance of Form 130 is $50.00 The fee for deleting exception 4 is $10.00 for Residential Property and $25.00 for Commercial Property. Exception Number 5 is automatically deleted upon recordation of the documents called for on the requirement page of this commitment. Exception Number 6 will be amended to read: Taxes for the current year not yet due or payable, upon evidence ~............ ~ .....................pr,~,, y~o,~oj have been paid.-.~ -.~ NOTE: A satisfactory affidavit and agreement indemnifying the Company against unfiled mechanic’s and materialmeP~ liens, executed by the seller and any additional parties deemed necessary by the Company. The company~,, hereby reserves the right to make additional requirements as may be deemed necessary in the event additional facts~, ~ regarding development, construction or other building or work are disclosed to the company that may fall within any !ien’~ period as defined in the Statues of the State of Colorado, and may result in additional premiums and/or fees for sucl~ coverage. ~. NOTE: A current survey, certified by a Registered Colorado Land Surveyor must be delivered to, approved and retain,ed by the Company for Deletion of Printed Exception No. 3. (NOT REQUIRED FOR CONDOMINIUM OR TOWNHOME UNITS) ADDITIONAL INFORMATION AND DISCLOSURES The Owner’s Policy to be issued, if any shall contain the following items in addition to the ones set forth above: (1) The Deed of Trust, if any, required under Schedule B-Section 1. (2) Water rights, claims or title to water. (NOTE: THIS EXCEPTION WILL APPEAR ON THE OWNER’S AND MORTGAGE POLICY TO BE ISSUED HEREUNDER) Pursuant to insurance Regulation 89-2 NOTE: Each title entity shall notify in writing every prospective insured in an owner’s title insurance policy for a single family residence (including a condominium or townhouse unit) (i) of that title entity’s general requirements for the deletion of an exception or exclusion to coverage relating to unfiled mechanics or materialmens liens, except when said coverage or insurance is extended to the insured under the terms of the policy. A satisfactory affidavit and agreement indemnifying the Company against unfiled mechanics’ and/or Materialrnen’s Liens executed by the persons indicated in the attached copy of said affidavit must be furnished to the Company. Upon receipt of these items and any others requirements to be specified by the Company upon request, Pre-printed Item Number 4 may be deleted from the Owner’s policy when issued. Please contact the Company for further information. Notwithstanding the foregoing, nothing contained in this Paragraph shall be deemed to impose any requirement upon any title insurer to provide mechanics or matedalmens lien coverage. NOTE: If the Company conducts the owners or loan closing under circumstances where it is responsible for the recording or filing of legal documents from said transaction, the Company will be deemed to have provided "Gap Coverage". Pursuant to Senate Bill 91-14 (CRS 10-11-122) (a) The Subject Real Property may be located in a Special Taxing District; (b) A Certificate of Taxes Due listing each taxing jurisdiction may be obtained form the County treasurer of the County Treasurer’s Authorized Agent; (c) Information regarding Special Districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. NOTE: A tax Certificate or other appropriate research will be ordered from the County Treasurer/Assessor by the Company and the costs thereof charged to the proposed insured unless written instruction to the contrary are received by the company prior to the issuance of the Title Policy anticipated by this Commitment. Pursuant to House Bill 01-1088 (CRS 10-11-123) If Schedule B of your commitment for an Owner’s Title Policy reflects an exception for mineral interests or leases, pursuant to CRS 10-11-123 (HB 01-1088), this is to advise: (a) There is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals or geothermal energy in the property and (b) That such mineral estate may include the right to enter and use the property without the surface owners’ permission. NOTE: The policy(s) of insurance may contain a clause permitting arbitration of claims at the request of either the Insured or the Company. Upon request, the Company will provide a copy of this clause and the accompanying arbitration rules prior to the closing of the transaction. NOTICE REGARDING CONSTRUCTION FINANCING: If it is not disclosed to the company that the loan to be insured hereunder is in fact a construction loan, any coverage given under the final policy regarding mechanic or materialmen’s liens shall be deemed void and of no effect. ~ WESTCOR POLICY NO. LAND TITLE INSURANCE COMPANY OP-6-001045.01-2595302 .ALTA OWNER'S POLICY (6-17-06) ISSUED BY wESTcoR r..~vn TITLE INSURANCE COMPANY OWNER'S POLICY OF TITLE INSURANCE tiny notice of claim and any other notice or statement in writing required to be liven to the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, 'I'H~ F,XCEF'T1UNS I+ROM COV~:RAGE CONTAINED 1N SCHr1~ULE I3, AND THE CONDITIONS, WESTCOK LANll 'TITLE INSUF~NCE COMPANY, a California corporaCion (the "Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceedin6 the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. 15t1e being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the'Ititle. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the'I~tle caused by (i) forgery, fraud, tmduc influence, duress, inc~~mpetency, incapacity, or impersonation; (ii) fail~zre of any person or Entity to have authorized a transfer or conveyance; (iii) a document affectinK ~tle not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executed under a falsified, expired, or otherwise invalid powrr of attorney; (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Titte by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance atf'ecting the 1`itle that would be disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located nn the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. COVERED RISKS Continued on next page IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the llate of Policy shown in Schedule A, Issued By: WESTCOR LAND TI'T'LE INSURANCE COMPANY C01045.01 * PCT23373W ~ O ~0 Pitkin County Title Inc ~Qo~u ~y3s t3Y~ G{~~,1~,~ 231 Midland Avenue, #103 ~' ,"„°;T°,~ ~~ ~ re~icient a inwnnuBasalt, CO 81621 ~, camr•~r Q~ i '~as~~ a~ Attetit: t_uz ~ dru~~ Secretary ON-h ALTA 6-17-06 Owner's Policy (WL'PIC lidi~ion 2-25-OR) 4. No right of access to and from the Land. 5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. 6. An enforcement action based on the exercise of a goverzimental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. 9. 'I~tle being vested other than as stated in Schedule A ox being defective (a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land_occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors'rights laws; or (b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records (i) to be timely, or (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to D~►te of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests'IStle as shown in Schedule A. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage (b) not Known to the Company, not recorded in the Public Re- ofthis policy, and the Company will not pay loss or damage,.costs, cords at Dace of Policy, but~Known to the Insured Claimant attorneys' fees, or expenses that arise by reason of. and not disclosed in writinb to the Company by the Insured i . (a) Any law, ordinance, permit, or governmental regulation Claimant prior to the date the Insured Claimant became an (including those relating to building and zoning) restricting, Insured under this policy; regulating, prohibiting, or relAting to (c) resulting in no loss or damabe to the Insured Claimant; (i) the occupancy, use, or enjoyment of the Land; {ii) the character, dimensions, or location of any improve- ment erected on the Land; (iii)the subdivision of land; or (iv) envi~on►nentat protection; or the et~ect ofany viplation ofthese laws, ordinances, or governmental regulations. 4 This Exclusion 1(a) does not modify or limit the cover- a~e provided under Covered Risk 5. (b) Any governmental police power. This exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. 2. Rights ofeminent domain. This Exclusion does not modify or limit the coverabe provided under Covered Risk 7 or 8. 3. Defects, liens, zncumbrances, adverse claims, or other mat- ters (a) created, suffered,.assumed, or agreed to by the Insured Ctaimanh (d) attAching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy. 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instalment of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS The following terns when used in this policy mean: (a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. (b) "Date of Policy": The date designated as "Dale of Policy" in Schedule A. (c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) "Insured": The Insured named in Schedule A. (i) The term "insured" also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (B) successors to an Insured by dissolution, merger, con- solidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an insured under a deed delivered without payment of actual valuaUle consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) if the grpntee wholly owns the named Insured, (3) if the grantee is wholly-owned by an affiliated Entity of the named insured, provided the affiliated Entity and the named Insured are both wholly- owned by the same person or Entity, or (4) if the grsintee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes. (ii) With regard to (A), (Q), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had abainst any predecessor Ensured. (e) "insured Claimant": An Insured claiming loss or damage (~ "Knowledge" or "Known": Actual knowledge, not constnic- tiveknowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of mariers afi'ecting the Title. (g) "Land": The'land described in Schedule A, and affixed improve- ments that by law constitute real property. The teen "Land" does not include any properly beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, Innes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Lind is insured by this policy. (h) "Mort~a~e": Mortgage, deed of trust, trust deed, or other secu- rity instniment, including one evidenced by electronic means authorized by law, (i) "Public Records": Recurds established under state slart~tes at Date of Policy for the purpose of imparting constrictive notice of matters relating to real property to purchasers I'or value end without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. (j) "Title": 7'he estate or interest described in Schedule A. (k) "Unmazketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE The coverage of this policy shall continue in ford as of Date of Aolicy in favor of an Insured, but only so long as the insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser tom tl~e Insured, or only so long as the Insured shall have liability by reason of war- ranties inany transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the Land, or (ii) an oblibation secured by a purchase money Mortgage liven to the Insured. 3. NOTICE OFCLAIM TO BE GIVEN 13Y INSURED CLAIMANT The ]nsured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Condi- tions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title,ls insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. if the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the insured Claimantunder the policy shall be reduced to the extent of the prejudice. 4. PROOF Off' LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a sibned proofof loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constihites the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon written request by the insured, and subject to the options contained in Section 7 of these Conditions, the Cumpany, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to file Insured. This obligation is limited to only those stnted causes of action alleging matters insured against by this policy. 1'he Company shall have the right to select counsel of its choice (subject to the right of die Insured to object for reAsonable cause) t~ represent the Insured as to those stated causes of Action. It shall not be liable for and will not pay the fees of any other coun<el. The Company will not pay any fees, costs, or expenses incurred by the insured in the defense of those causes of action tliAt allege matters not insured against by this policy. (b) The Company shall have the ribht, in addition to the options contAined in Section 7 of these Conditions, at its o~vn cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to CONDITIONS AND STIPULATIONS -CONTINUED establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any Appropri- ate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsec- tion, it must do so diligently. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly rescrvcs the right, in its sole dis- cretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Campony to prosecute or provide for the defense of any action or proceedinb and any appeals, the Insured shall secure to the Compiny the right to so prosecute or provide defense in the action or pro- ceeding,including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, At the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessAry or desirable to establish the Title or any other matter as insured. If the CompAny is prejudiced Uy the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terniinate, includinb any liability or obligation to defend, prosecute, or continue any litigation, with regard to the mAtter or mAtters requiring such cooperation. (b) The Company may resasonably require the Insured Claimant to submit to examination under oath by any authorized representa- tive ofthe Company and to produce for examination, inspection, and copying; At such reasonable times and places as may be designated by the authorized representative of the Company, :ill records, in whatever medium maintained, includinb books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bcarin~ a date before or ~I'ter Date of Policy, that reasonably pert;~in to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy All of these records in the custody or control of a third party that reasonably pertain to the loss or dam- age, All infarmatian designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure ofthe Insured Claimant to submit forexAminAtion under oath, produce any reasonably requested information, or grant pe►mission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to chat claim. 7. OPTIONS'tU PAY OR O'f'HER~VISE SETTLE CLAI~1S; TERMI~fAT10N OF LIABILITY In case of a claim under this pulicy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of~ Insurance. 7o pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses in- curred by the ]nsured Claimant that were authorized by the Com- pany up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall termi- nate, includins pny liability or obligation to defend, prosecute, or continue anylitigation. (b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (i) To pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, nttomeys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (ii) To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. ' Upon the exercise by the Company of either of the options provided f'or in subsections (b)(i) or (ii), the Company's obligations to thz Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terniinate, including any liability or oblibation to defend, prosecute, or continue any litigation. 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the ]nsured Claimant ~aho has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damase under this policy shall not exceed the lesser of (i) the Amount of Insurance; or (ii) the dit~'erence Uetween the value of the Title as insured and tlic value of the Title subject to the risk insured against by this policy. (V) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant sh111 have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In lddition to the extent of IiAbility under (a) and (b), the Com- pany will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Condi- tions. 9. I.IM17'~'ftUN OF LIABILITY (a) II' the Cornpany establishes the Title, or removes the alleged detect, lien, or ~ncumbranez, or cures the lack of a right of ac- cess to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonaUly diligent manner by any method, including litigation and the completion of any appeals, it shall have fully perforn~ed its obligations with respect to that matter and shall not be liable for any loss or damage caused to thelnsured. (b) In the event of any litigation, including litigation by the Com- pany or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final deter- mination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in set- tlin~ any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REAUCTION OR TERMINAT[ON OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shAll reduce the Amount of Insurance by the amount of the payment. 11. LIABILITY NOnCU119ULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Uate of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS ~'Vhen liability and the extent of Loss or damabe have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subro~,ated and entitled to the rights of the ]nsured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the zmount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Com- pany ufthese rights and remedies. Tlie Insured Claimant shall pern~it the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. ]f a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its ribht to recover until after the Insured Claimant shall have recovered its loss. (b) The Company's right of subrogation includes tl~e rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instn~ments chat address subrogAtion rights. 14. ARB1'1'RA'1'ION Either tl~e Company or the ]nsured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the Americpn Land Title Assacia- cion ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to; any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance' or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. Alt arbitrAble matters when the Amount of Insurance is X2,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All arbitrable matters when the Amount of Insurance is in excess of 52,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and tinder the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrators) may be entered in any court of competent jurisdiction. 15. LIABILITY LIMITED TO THIS POLICX; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, AttAched to it by the Company is the entire policy and contract behveen the Insured and the Company. In interpreting any provision of this policy, this policy shall be constnied as a whole. (b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. (c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provi- sions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. 16. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable la~v, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and et~'ect. l7. CHOICE OF LAW; FORUM (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicpble to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdietioq where the Land is located. Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Landis located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. !n neither cAse shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States ofAmerica or its territories having appropriate jurisdiction. 18. NOTICES, WHERE SENT Any notice of claim and any other notice or statement in writing required to ba given to the Company under this policy must be given t~ the Company at: Westcor Land Title insurance Company, Attn,: Claims, 201 N. Ne~v York Ave., Ste. 200, Winter Park, Florida 32789. Owner's Policy of Title Insurance —Schedule A Issued by Name and Address of Title Insurance Company: Westcor Land Title Insurance Company, 201 N. New York Avenue, Suite 200, Winter Park, Florida, 32789 State: CO County: PITKIN Address Reference: 111 TIMBER RIDGE LN, SNOWMASS VILLAGE, CO 81625 File No.: PCT23373W2 Policy No.: OP-fi-001045.01-2595302 Amount of Insurance: $3,350,000.00 Premium: $ 5,953.00 Date of Policy: February 27, 2012 ~a 11:21 AM Simultaneous #: N/A Reinsurance #: 12-131 1. Name of Insured: 111 TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE 2. The ;state or interest in the Land that is insured by this policy is: IN FEE SIMPLE 3. Title is vested in: 111 TIMBER RIDGE TRUST, STEPHEN P. SANDLER, TRUSTEE 4. The Land referred to in this policy is described as follows: LOT 26, PARCEL B-TWO CREEKS, EAST VILLAGE P.U.D., according to the Plat recorded on October 14, 1994 in Plat Book 35 at Pages 54-59. Issued By ~~ Authorized Signatory SCHEDULE B-04VNERS CASE NUMBER DATE OF POLICY POLICY NUMBER PCT23373W2 February 27, 2012 @ 11:21 AM OP-6-001Q45.01-2595302 THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE BY REASON dF THE FOLLOWING: 1. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession, or claiming to be in possession, thereof. 2. Easements, liens, encumbrances, or claims thereof, which are not shown by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land, and that is not shown by the public records. 4. Any lien, or right to a lien, imposed by law for services, labor, or material heretofore or hereafter furnished, which lien, or right to a lien, is not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Indian treaty or aboriginal rights, including but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water(see additional information page regarding water rights), whether or not the matters excepted under (a), (b), (c) or (d) are shown for the public records. 6. Taxes or assessments which are not now payable or which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the pubic records; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency nr by the public records 7. Any service, installation, connection, maintenance or construction charges for sewer, water, electricity, or garbage collection or disposal or other uti{ities unless shown as an existing lien by the public records. SPECIAL EXCEPTIONS: 8. Taxes and assessments (not including condominium or homeowners association assessments or dues) for the year 2012 and subsequent years only, a lien not yet due and payable. 9. Right of the proprietor of a vein or lode to extract and remove his ore therefrom., should the same be found to penetrate or intersect the premises hereby granted as reserved in United States Patent recorded September 2, 1890 in Book 55 at Page 13. 10. Restrictions, obligations and liens for special assessments, which contain a forfeiture or reverter clause, as set forth in the Master Declaration of Protective Covenants for Snowmass-at-Aspen Residential Areas recorded Qecember 30, 1966 in Book 225 at Page 6 and Amendments and Additions thereto recorded May 26, 1967 in Book 227 at page 124, June 19, 1970 in Book 249 at Page 58, and Supplemental Declaration for Parcel B-Two Creeks, East Village P.U.Q. recorded October 14, 1994 in Book 764 at Page 377. 11. Terms, conditions, provisions, obligations and all matters as set forth in Ordinance No. 06, Series of 1994 by Snowmass Village Town Council recorded October 14, 1994 in Book 764 at Page 207. 12. Those terms, conditions, provisions, obligations, easements, restrictions, assessments and all matters as set forth in Declaration of Covenants, Conditions and Restrictions for Fast Village PUD recorded October 14, 1994 in Book 764 at Page 285 and First Amendment thereto recorded November 17, 1994 in Book 767 at Page 357, First Amendment thereto recorded February 14, 1997 as Reception No. 4Q1812, Second Amendment thereto recorded June 17, 1997 as Reception No. 405475 and First Amendment thereto recorded May 10, 2004 as Reception No. 497402. 13. Those terms, conditions, provisions, obligations, easements, restrictions, assessments and all matters as set forth in Declaration of Covenants, Conditions and Restrictions for Parcel B-'Two Creeks, East Village P.U.D. recorded October 14, 1994 in Book 7G4 at Page 313. (Continued) POLICY NO. OP-6-001045.01-2595302 CASE NO. PCT23373W2 SCHEDULE B-OWNERS --EXCEPTIONS--CONTINUED- 14. Easements, rights of way and all matters as disclosed on Plat of subject property recorded October 14, 1994 in Plat Book 35 at Pages 54-59 and Land Use Plan recorded October 14, 1994 in Piat Book 35 at page 60-61. 15. Terms, conditions, provisions, obligations and all matters as set forth in Subdivision Improvements Agreement recorded October 14, 1994 in Book 764 at Page 386. 16. Terms, conditions, provisions, obligations and all matters as set forth in the Articles of Incorporation and By-Laws of East Village Master Association, as amended from time to time, as evidenced by Certificate of Incorporation recorded October 14, 19:4 in Book 764 at Page 405 and Two Greek's Homeowner's Association, Certificate of I ncorporation recorded October 14, 1994 in Book 764 at Page 406. 17. Terms, conditions, provisions and obligations as set forth in Agreement for the Operation of East Village recorded April 7, 1995 in Book 778 at Page 89 end Amendment thereto recorded November 26, 1996 as Reception No. 399445 and re-recorded Qecember 9, 1996 as Reception No. 399835. 18. Reservation of all oil, gas and other minerals of any nature whatsoever in, on or under the subject property, and all water rights associated with or appurtenant thereto with the limitation that there shall be no right to enter upon the subject property for the purpose of removing such minerals or for any other purpose in connection with such reservation and shall not impair the subjacent support of said property as set forth in instrument recorded March 6, 1995 in Book 775 at Page 576. 19. Terms, conditions, provisions and obligations as set forth in Easement Agreement, among Snowmass Land Company, Two Creeks Homeowner's Association and Fox Run Homeowner's Association recorded December 26, 1996 as Reception No. 400337 and re-recorded January 16, 1997 as Reception No. 400987. EXCEPTIONS NUMBERED 1 THRU 7 ARE HEREBY DELETED, EXCEPT FOR SUBSECTION (d) UNDER PARAGRAPH NUMBER 5 (WATER RIGHTS). ~ ~ s ~ a ~ ~ ~ ~ t State: CO Count : PITKIN Apent Number: 001045 Order Number:PCT23373W2 CLTA FORM 110.1 DELETION OF ITEM FROM POLICY Attached to and forming a part of Policy No. OP-6-001045.01-2595302 Issued by WESTCOR LAND TITLE INSURANCE COMPANY The Policy is hereby amended by deleting paragraphs) 1,2,3,5,6 and 7 of Schedule B, except for subsection (d) under paragraph number 5 (Water Rights). This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) rnodify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of ttie terms and provisions of the policy and of any prior endorsements. February 27, 2012 Issued By: -//~ November 1, 2018 J ulie Ann Woods —Planning Director Jim Wahlstrom —Senior Planner Planning Department Town of Snowmass Village, CO 81615 RE: Authorizing a Representative in a Variance Application Dear Julie Ann and Jim, Lot 26, Parcel B -Two Creeks, East Village P.UD., also known as 111 Timber Ridge, is owned by the 11 Timber Ridge Trust and I, Stephen P. Sandler, am the Trustee for the trust. As such, would like to authorize T. Michael Manchester to submit an application for a variance, and also hereby authorize T. Michael Manchester to represent the interests of the trust for all matters relative to our Variance application. c dler Trustee 111 Timber Ridge Trust Gould +Ratner 222 N. LaSalle Street Suite 800 Chicago, IL 60601 312-899-1637 111 Timber Ridge Ln. - 300' Neighbors 9,028 1,504.7 Legend 1: WGS_1984_Web_Mercator_Auxiliary_Sphere Feet01,504.7752.33 Notes THIS MAP IS FOR INFORMATIONAL PURPOSES. Pitkin County GIS makes no warranty or guarantee concerning the completeness, accuracy, or reliability of the content represented. Map Created on 9:42 AM 11/02/18 at http://www.pitkinmapsandmore.com State Highway Road Centerline 9K Primary Road Secondary Road Service Road Rivers and Creeks Continuous Intermittent River, Lake or Pond Town Boundary Federal Land Boundary BLM State of Colorado USFS Pitkin County Mailing List of 300 Feet Radius Pitkin County GIS presents the information and data on this web site as a service to the public. Every effort has been made to ensure that the information and data contained in this electronic system is accurate, but the accuracy may change. Mineral estate ownership is not included in this mailing list. Pitkin County does not maintain a database of mineral estate owners. Pitkin County GIS makes no warranty or guarantee concerning the completeness, accuracy, or reliability of the content at this site or at other sites to which we link. Assessing accuracy and reliability of information and data is the sole responsibility of the user. The user understands he or she is solely responsible and liable for use, modification, or distribution of any information or data obtained on this web site. This document contains a Mailing List formatted to be printed on Avery 5160 Labels. If printing, DO NOT "fit to page" or "shrink oversized pages." This will manipulate the margins such that they no longer line up on the labels sheet. Print actual size. From Parcel: 273506305026 on 11/01/2018 Instructions: Disclaimer: http://www.pitkinmapsandmore.com LOT 29 TWO CREEKS COMPANY INC SNOWMASS VILLAGE, CO 81615 PO BOX 6398 H GROUP LLC HIGHLAND PARK, IL 60035 1849 GREEN BAY RD 4TH FLR BIG HILL LLC NEW YORK, NY 10176 551 FIFTH AVE 18TH FL TALL TIMBER LLC NEW YORK, NY 10176 551 FIFTH AVE 18TH FL BRUSH CREEK LAND COMPANY LLC ASPEN, CO 81612 PO BOX 1248 SNOW RIVER TRUST CHAMPAIGN, IL 61821 3000 W SPRINGFIELD AVE CHG COLORADO TRUST CHICAGO, IL 60601 222 N LASALLE ST #800 ROCKY ZONE LLC NEW YORK , NY 10176 551 FIFTH AVE 18TH FL LEBOVITZ STEPHEN D & LISA S WESTON, MA 02493 288 CONCORD RD FOUR HOOFS LLC BEVERLY HILLS, CA 90212 9665 WILSHIRE BLVD #525 MYRTLEWOOD GROUP LLC RADNOR, PA 19087 259 N RADNOR-CHESTER RD # 130 WANDELL JEFF CHAMPAIGN, IL 61821 3000 W SPRINGFIELD AVE DJL COLORADO TRUST CHICAGO, IL 60601 222 N LASALLE ST # 800 LEBOVITZ STEPHEN D & LISA S WESTON, MA 02493 288 CONCORD RD SNOWMASS LAND CO HIGHLAND PARK, IL 60035-3151 1849 GREEN BAY RD il~. v ~~ SNOWMASS f%`f=p~~t COMMUNITY DEVELOPMENT Development Application Fee Agreement EFFECTIVE: February 1, 2015) The Town of Snowmass Village has established a fee structure for the processing of land use applications, zoning plan reviews, subdivision plats, temporary use permits, appeals and registrations, sign permits and other planning review processes. A comprehensive list of reviews and their associated fees are described in the Base Rate Fee Schedule attached hereto. A Base Rate Fee is collected based on the type of application submitted. Referral fees for other Town departments, agencies and Town consultants reviewing the application will also be collected. Applications will not be accepted for processing without the payment of the required Base Rate Fee. The fees vary depending upon the land use application type and the complexity of the case. The determination whether an applicarion is major or minor for purposes of establishing the Base Rate Fee shall be at the sole discretion of the Planning Director based upon the estimated number of hours required to process the application. The Base Rate Fee for applications which fall into more than one category shall be cumulative unless found that it may be excessive in relation to the estimated number of hours required to process the consolidated application. The consolidated Base Rate Fee may then be adjusted at the sole discretion of the Planning Director. The accrual of staff time commences at the time an application is submitted to the Department. The Base Rate Fee is not refundable. Actual staff and consultant review time spent on the application will be charged immediately for reviewing the application, assisting the applicant, and addressing public inquiries. When the hours exceed the Base Rate Fee amount, the applicant will be invoiced for additional hours spent on the case by the Planning Staff. A brief description of the charge and review time incurred will be provided on the monthly invoice. The applicant will be billed monthly in arrears for actual review time incurred. Current billings must be paid within 30 days or processing of the application will be suspended. An applicant may accrue and be billed for additional administrative or review time following the final land use approval, including zoning plan compliance review, up to issuance of a Certificate of Completion or a Certificate of Occupancy or until the terms and conditions of the approval have been satisfied, whichever occurs later. If an applicant has previously failed to pay application fees as required, no new or additional applications will be accepted for processing until the outstanding fees are paid. No new land use applications will be accepted, building permits) issued or documents recorded with the Pitkin County Clerk and Recorder until all costs associated with the processing of the land use application to date have been paid. ***********************~r*****~************************************************************** As the Applicant or Authorized Representative, Iunderstand that I am responsible for paying all fees associated with this development review application and shall be the person designated to receive all billings under this Agreement. READ, ACCEPTED AND AGREED TO: Pri t a e: bu~.~ r a~ Signature Ap li ant or Authorized Representative Date: (l~ ~,~ ~ g Applicant billing address: Application(s): BASE RATE FEE: $ RECEIPT NO. The Applicant is responsible for notifying the Town Planning Department by U.S. Mail for any change in billing person or billing address: Snowmass Village Planning Department P.O. Box 5010, Snowmass Village, CO 81615 TOSV Community Development Department Fee Agreement and Fee Schedule (2/1/2015) Page 1 of 2 Development Application Fee Agreement Base Rate Fee Schedule (EFFECTIVE: February 1, 20151 TYPE OF REVIEW (check applicable box) BASE FEE (1) +hourly. rates as needed q AEU Registration — Initiai ....................................................................$ 300.00 q AEU Registration —Annual .................................................................$ 100.00 q ACU Registration —Initial ...................................................................$ 200.00 q Administrative Modification (Minor, no public notice required) ...................$ 600.00 q Administrative Modification (Major, public notice required) ........................$ 1,000.00 q Annexations ....................................................................................$ 5,000.00 q Appeal of Decision ............................................................................$ 1,000.00 q Comprehensive Sign Plan and Amendments Thereto ...............................$ 1,000.00 q Excise Tax Application--Improved ....................................................$ 500.00 --Unimproved (demo &new construction)$ 1,000.00 q Rezoning .........................................................................................$ 3,000.00 q SPA or PUD Pre-Sketch Plan ..............................................................$ 750.00 q SPA or PUD Sketch Plan ....................................................................$ 3,500.00 q SPA or PUD Preliminary Plan (2) —Minor ...............................................$ 5,000.00 q SPA or PUD Preliminary Plan -Major ....................................................$ 6,500.00 q SPA or PUD Final Plan —Minor ............................................................$ 2,000.00 q SPA or PUD Final Plan —Major ............................................................$ 3,000.00 q SPA or PUD Minor (2) Amendment .........................................................$3,000.00 q SPA or PUD Major Amendment ............................................................$ 5,000.00 q Special Review -Administrative ............................................................$ 1,500.00 q Special Review —Referral to Planning Commission/Town Council ..............$ 2,000.00 q Subdivision Exemption or Condominium Map ..........................................$ 1,500.00 q Subdivision Plat ...............................................................................$ 2,000.00 q Subdivision Plat Amendment ...............................................................$ 1,500.00 q Temporary Use Permit -Administrative .................................................$ 500.00 q Temporary Use Permit -Annual ...........................................................$ 1,000.00 q Temporary Use Permit -Annual Renewal ................................................$ 300.00 q Sign Permit .......................................................................................$ 100.00 q Variance ..........................................................................................$ 1,200.00 q Vacation of Recorded Plat ...................................................................$ 1,000.00 q Zoning Plan Review —Minor ................................................................$ 700.00 q Zoning Plan Review— Major ................................................................$ 1,500.00 q Miscellaneous Review, Including Vested Rights Extension ........................$ 750.00 q Building Permit Zoning Compliance Review .......... % of Value, per Bldg. Permit app q Development, design, or other review not covered above......... Hourly Rates per Below Hourly Rates When Review Costs Exceed Base Fee: CDD Staff Hourly rates: Admin: $65; Planner: $135; Sr. Planner: $155; Director: $ 180.00 Town Attorney ...................................................................................... $ 275.00 Town Engineer ..................................................................................... $ 155.00 Notes: 1. Base Rate Fees do not include recording costs, mailing, transportation for site visits, courier and copying expenses, or outside consultants and contract services. These costs will be billed to the applicant at Town cost. 2. The determination of major or minor status shall be at the discretion of the Community Development Director based on LUC thresholds and estimated number of hours to process. TOSV Community Development Department Fee Agreement and Fee Schedule (2/1/2015) Page 2 of 2