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Town Council Resolution 53 1983TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 53 SERIES OF 1983 Bolt 448 PAGE943 2 5 1 7' 4 7 LO-RETTA 6A. 4 iER PiTrlil G,ry. f;ECORDER JUL Is 1 49 F►A On A RESOLUTION AUTHORIZING THE SUBORDINATION OF A GUARANTEE MORTGAGE TO A DECLARATION OF PROTECTIVE COVENANTS AND RESTRICTIONS. WHEREAS, The Snowmass Company, Ltd., a Colorado limited partnership ("Snowmass"), has given a guarantee mortgage recorded in Book 444 at Page 650 of the records of the Clerk and Recorder of Pitkin County, Colorado ("Mortgage"), which Mortgage secures the performance of a Subdivision Improvements Agreement recorded in Book 444 at Page 659 of such records; and WHEREAS, the Mortgage encumbers certain real property in Pitkin County, Colorado, described as the Snowmass Mountain Maintenance Facility, according to the recorded plat thereof ("Property"); and WHEREAS, Snowmass has requested the subordination of the Mortgage to the Declaration of Covenants and Restrictions recorded in Book 447 at Page 872 of the records of the Clerk and Recorder of Pitkin County, Colorado; and WHEREAS, the Town Council has reviewed the request and has determined it to be reasonable. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado: Section One: That the Subordination Agreement in the form attached as Exhibit A hereto is hereby approved and the Mayor is authorized to execute the same on behalf of the Town. INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado on this 5th 7 to 0 . ATTEST: 5-��w 4�� Susan Garrison, Town Clerk 'tiiTs.lil '. L L.4 G'fi :': day of July , 1983, by a vote of TOWN OF SNOWMASS VILLAGE, COLORADO By: L` Je rson Tippett, Mayor h on 448 PAGE944 EXHIBIT A SUBORDINATION AGREEMENT This Subordination Agreement is signed on the /9 4, day of 1983, by the Town of Snowmass Village, a municipal corporation (" own . Recitals 1. The Snowmass Company, Ltd., a Colorado limited partnership ("Snowmass"), gave a guarantee mortgage to the Town recorded in Book 444 at Page 650 in the office of the Clerk and Recorder of Pitkin County, Colorado ("mort- gage"), to secure the performance of a Subdivision Improvements Agreement recorded in Book 444 at Page 650 in such office. 2. The Mortgage encumbers certain real property in Pitkin County, Colorado, described as the Snowmass Mountain Maintenance Center according to the recorded plat thereof ("Property"). 3. A Declaration of Protective Covenants and Restrictions, which affects the Property, has been recorded in Book 447 at Page 872 in the office of the Clerk and Recorder of Pitkin County, Colorado ("Dec a� ration"). 4. Snowmass desires that the Town subordinate its interest in the Mort- gage to the Declaration. In consideration of ten dollars and other good and valuable consideration, the Town hereby irrevocably subordinates its right, title and interest, as the Mortgagee of the Mortgage, to the Declaration. By this subordination, the Town acknowledges that the lien of its Mortgage is subordinate and inferior to and second in priority to the terms and conditions set forth in the Declaration. :r ��4raT Susan Garrison, Town Clerk STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) TOWN OF SNOWMASS VILLAGE, COLORADO By: Jefferson Tippett, Mayor Theoregoing Subordination Agreement was executed before me this %e }j% day of 1983, by Jefferson Tippett as Mayor of the Town of Snowmass illag6 and Susan Garrison as Town Clerk of the Town of Snowmass Village, Colorado. Witness my hand and official seal. My commission expires: 6 11341 ,��'dti0 10 d` Notary Public Address of Notary Public: 4z16 p l6 2_ ,7 DECLARATION OF PROTECTIVE COVENANTS AND RESTRICTIONS This Declaration, made this JCP"day of'i , L V,_S_ 1983 by The Snowmass Company, Ltd., a Colorado limed partnership (the "Company"). RECITALS The Company is the owner of the real property described on Exhibit A attached hereto and hereby made a part hereof (the "Property"), which is located within the municipal limits of the Town of Snowmass Village, Pitkin County, Colorado, and is subject to a deed of trust granted by The Snowmass Company, Ltd., for the benefit of Northwestern National Life Insurance Company ("NWNL") and recorded August 21, 1979, in Book 374 at page 578 (Reception No. 217336) of the records of the Clerk and Recorder, Pitkin County, Colorado (the "Deed of Trust"). The Company has requested NWNL to release the properties described on Exhibit B attached hereto and hereby made a part hereof (the "Restricted Property") from the Deed of Trust, and NWNL has required pursuant to the terms of the Deed of Trust the consideration of this Declaration in return for the granting of such release. Under the terms of the Deed of Trust and of that certain Note Purchase Agreement between the Company and NWNL, dated as of August 1, 1979, and referred to in the Deed of Trust, NWNL is entitled to such consideration. The purpose of this Declaration is to reserve the development potential or value for NWNL and all other Beneficiaries, as hereinafter defined, of the Benefitted Property, as hereinafter defined. NOW, THEREFORE, in consideration of the premises, the Company, for itself and its successors and assigns, does hereby declare that the Restricted Property shall be held, transferred, sold, conveyed and developed forever subject to the covenants and restrictions hereinafter set forth, all of which shall run with the land and be binding upon all persons or entities now or hereafter having any right, title or interest therein, including their heirs, personal representatives, grantees, successors and assigns. 1. The following terms shall have the meanings hereinafter set forth: Beneficiary. The holder from time to time of the beneficiary's interest under the Deed of Trust, which is at the date hereof NWNL, provided that if the Deed'of Trust is foreclosed, or a deed in lieu thereof is given, so that the then holder of such beneficiary's interest or the purchaser at such foreclosure sale shall succeed to or acquire title to any portion of the Property, or if the then holder of such beneficiary's interest shall otherwise succeed to or acquire title to any portion of the Property, then, and in any such event, the term "Beneficiary" shall also mean and include with respect to such portion of the Property the person or entity which so succeeds to or acquires title to such portion of the Property, including but not limited to the purchaser at any foreclosure sale of the Deed of Trust, and their heirs, personal representatives, successors and assigns. Benefitted Property. The Property from time to time subject to the Deed of Trust and such portion of the Property the title to which any Beneficiary shall succeed to or acquire as set forth in the definition of "Beneficiary". Dwelling Unit. for occupancy by a family or guests, and charged or Town of Snowmass Village, development rights as set 1980. t ., One or more rooms intended or designed or guests independent of other families chargeable as one "dwelling unit" by the Colorado, against the Company's forth in Ordinance No. 17, Series of Restricted Unit. A Dwelling Unit which is encumbered by permanent moderate income housing or similar zoning regulations, deed restrictions, rental or sales price limitation agreements, or other appropriate mechanisms to regulate the rental price, or the initial sale price, or the resale price or combinations thereof, with a view toward making the same available at a sale price or rental rate below the normal free market sale price or rental rate for comparable Dwelling Units. Unrestricted Unit. A Dwelling Unit which is not encumbered by the limitations set forth with respect to Restricted Units. 2. Notwithstanding any amendment, supplement, approval or other change in the Zoning District Map of the Town of Snowmass Village or the adoption of any PUD plan or SPA plan thereunder, the direct or indirect effect of which is to increase the permissible number or mix of Restricted Units or Unrestricted Units or varying the permissible uses with respect to the Restricted Property, each of the parcels of the Restricted Property is hereby and shall be forever restricted and limited solely to the respective uses and number of Dwelling Units, including the number and mix of Restricted and Unrestricted Units, respectively set forth in said Exhibit B, and no other use or greater number of Dwelling Units, including the limitation on the number and mix of Restricted and Unrestricted Units, shall be made or permitted. 3. The protective covenants and restrictions herein set forth are solely for the benefit of, and may be enforced by, the Beneficiary with respect to the Benefitted Property. 4. This Declaration, and the protective covenants and restrictions set forth herein, may be (a) released or extinguished, as to any parcel of the Restricted Property only by instrument in recordable form executed by the Beneficiary, and (b) waived, amended or modified, as to all or any part of the Restricted Property, only by instrument executed and duly recorded by the Beneficiary, provided that in the case of an amendment or modification which increases the burden of any protective covenant or restriction on the Restricted Property, or any part thereof, such amendment or modification shall not be effective until there is obtained the written consent of (i) the owners of the Restricted Property, or such part thereof, as the case may be, and (ii) the holders of mortgages, deeds of trust, or in the case of a sale and leaseback, the holder of the landlord's interest under the leaseback, on such part of the Restricted Property the owners of which must consent as provided by clause (i) above. 5. As required by and pursuant to t'he request of NWNL, and its successors and assigns as beneficiary under the Deed of Trust, the Company may from time to time, w 4 h the written consent of the Beneficiary in each instance, subject additional portions of the Property to this Declaration by executing and recording a supplement to Exhibit B hereof which shall identify such additional land by legal descriptions and set forth the uses and number of Dwelling Units, including the number and mix of Restricted and Unrestricted Units, to which such land shall be restricted and limited, and such provisions in addition to those set forth herein to which the beneficiary shall consent, and upon the recording of any such supplement the land described therein shall be subject to this Declaration and constitute Restricted Property hereunder with the same force and effect as if originally included herein. 6. This Declaration shall be binding upon the Company and its successors and assigns and the covenants, restrictions, and conditions herein contained shall run with the land. 7. The Company agrees to subject the real property described on Exhibit C attached hereto (the "Additional Property") to this declaration immediately upon conveyance of the Additional Property to the Company. The Additional Property, upon such subjection, shall be deemed a part of the Restricted Property. In Testimony Whereof, the Company has caused this Declaration to be executed and delivered as of the date first above written. THE SNOWMASS COMPANY, LTD. By �� '��/ UA� Ja J. ChaT Ifn Ge e al Partner STATE OF COLORADO ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of , 1983 by James J. Chaffin, Jr., as a General Partn r of The Snowmass Company, Ltd., a Colorado Limited Partnership. Witness my hand and official seal. Notary Public MY Commission I�xpires 19ctober (, 1,98g 41 lk4art-ingal,: Place, p1*.(-), 8,) 52-41 My commission expires Snovwmass`/illag,,4, r_r, ;�5I5 11/JAH/ld EXHIBIT A TO DECLARATION OF PROTECTIVE COVENANTS AND RESTRICTIONS That certain real property situate in Pitkin County, Colorado, described on Schedule A to that certain Deed of Trust and Security Agreement, granted by The Snowmass Company, Ltd., for the use and benefit of Northwestern National Life Insurance Company, recorded August 21, 1979, in the office of the Clerk and Recorder, Pitkin County, Colorado, in Book 374 at Page 578 (such Schedule A being recorded in Book 374 at Pages 600 through 611, inclusive), except such property released by Northwestern National Life Insurance Company and conveyed by The Snowmass Company, Ltd. as shown of record. 11/JAH/ld EXHIBIT B TO DECLARATION OF PROTECTIVE COVENANTS AND RESTRICTIONS LEGAL DESCRIPTION Parcel 1 (Building C Site) A tract of land located in Government Tract 45 being a part of Sections 1 and 2, T10S, R86W of the 6th P.M. described as follows: COMMENCING at the Southeast corner of said Section 2 from which the Witness Corner to the E 1/4 Corner of said Section 2 bears NO°01'31"E, 2703.93 feet, thence N21°34'27"W, 1445.36 feet to the most Southerly corner of that tract of land as described as Commercial Expansion in Deed recorded in Book 329 at page 129 at 135 of the records of Pitkin County, Colorado and the TRUE POINT OF BEGINNING: Thence N29°26'21"E, 110.65 feet along a Southeasterly line and a Southeasterly line extended Northeasterly of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S60°3339"E, 95.00 feet; Thence N29°26'21"E, 65.66 feet to the Southerly right-of-way line of Daly Lane as described in Deed recorded in Book 380 at page 841 at 863 of the records of Pitkin County, Colorado; Thence N60°33'39"W, 230.00 feet along the Southerly right-of-way line and the Southerly right-of-way line extended Westerly of said Daly Lane to the Northwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S29°26'21"W, 196.31 feet along the Northwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135 to the most Westerly corner thereof; Thence S60°33'39"E, 50.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page.,129 at 135; Thence N29°26'21"E, 20.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S60°3339"E, 85.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135 to the TRUE POINT OF BEGINNING. Area equals 31,039 square feet (0.713 acres) more or less. Number of Dwelling Units and Amount of Commercial Space 0 Restricted Units 25 Unrestricted Units 15,000 Square Feet of Usable Floor Area Permitted Uses Multi-fam,"Ty Dwelling Units, Including Time -Shared Dwelling Units; Parking, Commercial including Retail Stores, Personal Service Shops, Restaurants, Entertainment, Offices and Ski Facilities; and Support or Accessory Uses. LEGAL DESCRIPTION Parcel 2 (Base Village) A tract of land located in Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., described as follows: COMMENCING at the Southwest Corner of said Section 1 from which the Witness Corner to the W 1/4 corner of said Section 1 bears NO°01'31"E, 2703.93 feet thence N34049'00"E, 2135.66 feet to the most Westerly corner of Parcel "N" Subdivision, a Subdivision of portions of Government Tracts 44 and 45 being a part of Sections 1, 2, 11 and 12 T10S, R86W of the 6th P.M., Pitkin County, Colorado, according to the recorded plat thereof, and the TRUE POINT OF BEGINNING; Thence S65°00'03"W, 4.88 feet along the Northerly line of said parcel "N" Subdivision extended Westerly; Thence N24°59'57"W, 50.71 feet; Thence N59°07'41"W, 70.59 feet to the Northerly line of that ski easement as described in instrument recorded in Book 269, Page 162 at Page 167 of the records of Pitkin County, Colorado; Thence S69°29'08"W, 108.22 feet along the Northerly line of that ski easement as described in said Book 269, Page 162 at Page 167; Thence S83°43'08"W, 106.81 feet along the Northerly line of that ski easement as described in said Book 269, Page 162 at Page 167; Thence N77034'15"W, 81.03 feet along the Northerly line of that ski easement as described in said Book 269, Page 162 at Page 167; Thence N56°35'15"W, 75.40 feet along the Northerly line of that ski easement as described in said Book 269, Page 162 at Page 167; Thence N47000'00"W, 310.42 feet to the Southerly line of West Village Unit D, a Subdivision of a portion of Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., according to the recorded plat thereof; Thence N89°06'03"E, 70.95 feet along the Southerly line of said West Village Unit D; Thence N30°06'01"E, 122.00 feet along the Easterly line of said West Village Unit D; Thence N89°06'03"E, 70.96 feet along the Easterly line of said West Village Unit D; Thence NO°53'57"W, 71.47 feet along the Easterly .line of said West Village Unit D; Thence N89°06'03"E, 101.68 feet along the Easterly line of said West Village Unit D; 1. Thence N10°00'00"E, 110.03 feet to a point of curve to the left; Thence Northwesterly, 90.06 feet along the arc of said curve to a point tangent, said arc having a radius of 60.00 feet, a delta angle of 86°00'00" and being subtended by a chord that bears N33°00'00"W, 81.84 feet; Thence N76°00'00"W, 31.16 feet; Thence NO°00'00"E, 260.15 feet; Thence Easterly, 167.50 feet along the arc of a curve concave to the North to a point tangent, said arc having a radius of 475.00 feet, a delta angle of 20°12'16" and being subtended by a chord that bears S88°58'52"E, 166.63 feet; Thence N80°55'00"E, 162.34 feet; Thence N87°37'00"E, 205.87 feet; Thence S88°00'00"E, 54.97 feet; Thence S64010'00"E, 130.90 feet to a point from which the Southwest corner of said Section 1 bears S29°38'47"W, 3051.81 feet; Thence S77008'00"E, 92.45 feet to a point of curve to the left; Thence Easterly, 166.46 feet along the arc of said curve to a point tangent, said arc having a radius of 350.00 feet, a delta angle of 27°15'00" and being subtended by a chord that bears N89°14'30"E, 164.90 feet; Thence N75°37'00"E, 63.66 feet; Thence N77°30'00"E, 323.59 feet to the Southerly line of the second tract of land as described in deed recorded in Book 231 at page 304 of the records of Pitkin County, Colorado; Thence S47051'26"E, 25.68 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S28°33'34"W, 14.61 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence N69°11'34"E, 27.56 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S00°00'00"W, 195.49 feet to the most Northerly corner of Parcel 4 in Exhibit A in instrument recorded in Book 424 at page 171 of the records of Pitkin County, Colorado; Thence S62°13'47"W, 179.25 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S82°16'03"W, 92.78 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S61°16'05"W, 274.94 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S58°32'32"W, 186.55 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence N87000'00"W, 87.25 feet along the Northerly.line of Parcel 4 in Exhibit A in said Book 424 at page 171 to a point of curve to the right; Thence Westerly 9.19 feet along the arc of said curve and along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171 to the Northwest Corner thereof, said arc having a radius-o.f*123.00 feet, a delta angle of 4°16'45" and being subtended by a chord that bears N84°51'37"W, 9.18 feet; Thence S01018'20"W, 353.64 feet along the Westerly line of Parcel 4 and 3 in Exhibit A in said Book 424 at page 171 to the Northerly line of said Parcel "N" Subdivision; Thence Southwesterly 98.79 feet along the arc of a curve concave to Southeast and along the Northerly line of said Parcel "N" Subdivision to a point tangent, said arc having a radius of 282.52 feet, a delta angle of 20°02'09" and being subtended by a chord that bears S75001'07"W, 98.29 feet; Thence S65°00'03"W, 122.01 feet along the Northerly line of said Parcel "N" Subdivision to the TRUE POINT OF BEGINNING. Area = 19.362 acres, more or less. LESS AND EXCEPT that portion conveyed to Snowmass Resort Association, Inc., by deeds recorded Agusut 3, 1977 in Book 332 at page 922 as Reception No. 196373, and deed recorded May 23, 1977 in book 329 at page 129 as Reception No. 194542. AND FURTHER LESS AND EXCEPT that portion as conveyed to Snowmass Skiing Corporation by deed recorded April 30, 1975 in book 298 at page 326 as Reception No. 174579. County of Pitkin, State of Colorado. Number of Dwelling Units and Amount of Commercial Space on the above described property and the Additional Property 38,100 gross square feet of Commercial Space 220 Unrestricted Units less the Unrestricted Units developed on Parcels 3 and 4 described in Exhibit B of the Declaration of Protective Covenants and Restrict- ions recorded in book 424 at Page 162 of the records of Pitkin County, Colorado. Permitted Uses Multi -family Dwelling Units Including Lock -off Units and Time Shared Dwelling Units; Parking; Commercial Including Retail Stores, Restaurants, Personal Service Shops, Entertainment, and Offices; Ski facilities including without Limitation Trails, Lifts, Mazes and Support Services; Conference facilities; transportation facilities; open space; drainage facilities; utilities; and support or accessory uses. 53 Restricted Units less the Restricted Units developed on Parcels 3 and 4 described in Exhibit B of the Declaration of Protective Covenants and Restrictions recorded in Book 424 at Page 162 of the records of Pitkin County, Colorado. LEGAL DESCRIPTION Parcel 3 (Hoaglund Ranch) A tract to land located in Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., Described as follows: Commencing at the Southwest corner of said Section 1 from which the Witness Corner to the W 1/4 corner of said Section 1 bears N0001'31"E, 2703.93 feet, thence N29°38'47"E, 3051.81 feet; Thence S77°08'00"E, 92.45 feet to a point of curve to the left; Thence Easterly, 64.46 feet along the arc of said curve to the East line extended Southerly of that track of land as described in lease agreement recorded in Book 237 at Page 164 of the records of Pitkin County, Colorado and the TRUE•POINT OF BEGINNING, said;.,arc having a radius of 350.00 feet, a delta angle of 10"33'09" and being subtended by a chord that bears S82°24'36"E, 64.37 feet; Thence Easterly, 102.00 feet along to a point tangent, said arc having of 16941'51" and being subtended by feet; Thence N75037'00"E, 63.66 feet; the arc of a curve concave to the North a radius of 350.00 feet, a delta angle a chord that bears N83°57'55"E, 101.64 Thence N77030'00"E, 323.59 feet to the Southerly line of the second tract of land as described in Deed recorded in Book 231 at page 304 of the records of Pitkin County, Colorado; Thence N47°51'26"W, 148.54 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; to the Easterly line of Snowmass Village North Subdivision, a subdivision recorded in Plat Book 7 at page 12 of the records of Pitkin County, Colorado; Thence 540'09'34"W, 0.63 feet along the Easterly line of said Snowmass Village North Subdivision to the Southeast corner thereof: Thence N47°51'00"W, 17.20 feet along the Southerly line of said Snowmass Village North Subdivision; Thence N65°28'00"W, 13.78 feet along the Southerly line of said Snowmass Village North Subdivision; Thence N89°35'00"W, 148.40 feet along the Southerly line of said Snowmass Village North Subdivision; Thence N89°27'00"W, 175.87 feet along the Southerly line of said Snowmass Village North Subdivision to the East line of that tract of land as described in said Book 237 at page 164; Thence SO4°55'00"W, 216.55 feet along the East line and the East line extended Southerly of that tract of land as described in said Book 237 at page 164 to the TRUE POINT OF BEGINNING. Area = 1.653 acres, (72,019 square feet) more or less. Number of Dwelling Units and Amount of Commercial Space 2 Restricted Units Permitted Uses Restricted Dwelling Units; Parking; 14,000 Square Feet of Commercial Including Retail Stores, Usuable Floor Area Personal Service Usable Shops, Restaurants and Offices; and Accessory Uses and Facilities LEGAL DESCRIPTION Parcel 4 (Ski Company Maintenance Facility) A description of the Snowmass Maintenance Facility P.U.D. boundary in Government Tracts 50, 53 and 54, being a part of Sections 2, 3, 10, 11 and 12, T10S, R86W of the 6th P.M. for Aspen Skiing Company. A tract of land located in Government Tracts 50, 53 and 54, being a part of Sections 2, 3, 10, 11 and 12, T10S, R86W of the 6th P.M., described as follows: Commencing at Corner No. 6 of said Government Tract 54 from which Corner No. 5 of said Government Tract 54 bears N89°56'26"E, 1275.28 feet, thence S54°15'12"W, 128.70 feet to the TRUE POINT OF BEGINNING; Thence S79°30'00"E, 640.00 feet; Thence S10°30'00"W, 254.72 feet to a point hereinafter referred to as Point "A"; Thence Northeasterly, 26.71 feet along the arc of. a.,curve concave to the Northwest to a point tangent, said arc having a radius of 108.45 feet, a delta angle of 14°06'36" and being subtended by a chord that bears N59033'18"E, 26.64 feet; Thence N52030'00"E, 182.74 feet to a point of curve to the right; Thence Northeasterly, 389.30 feet along the arc of said curve to a point tangent, said arc having a radius of 371.04 feet, a delta angle of 60°07'00" and being subtended by a chord that bears N82°33'30"E, 371.69 feet; Thence S 67°23'00" E, 77.14 feet to a point of curve to the left; Thence Northeasterly, 127.06 feet along the arc of said curve to a point tangent, said arc having a radius of 40.00 feet, a delta angle of 182000'00" and being subtended by a chord that bears N21037'00"E, 79.99 feet; Thence N69°23'00"W, 319.34 feet to a point of curve to the right; Thence Northwesterly, 213.32 feet along the arc of said curve to a point tangent, said arc having a radius of 318.42 feet, a delta angle of 38°23'00" and being subtended by a chord that bears N50011'30"W, 209.35 feet; Thence N31000'00"W, 465.00 feet to a point of curve to the left; Thence Northwesterly, 255.89 feet along the arc of said curve to a point tangent, said arc having a radius of 266.57 feet, a delta angle of 55°00'00" and being subtended by a chord that bears N58°30'00"W, 246.17 feet; Thence N86°00'00"W, 111.44 feet to a point of curve to the right; Thence, Northwesterly, 261.80 feet along the arc of said curve to a point of compound curve, said arc having a radius of 200.00 feet, a delta angle of 75°00'00" and being subtended by a chord that bears N48030'00"W, 243.50 feet; Thence, Northeasterly, 251.33 feet along the arc of said compound curve, said arc having a radius of 160.00 feet, a delta angle of 90°00'00", and being subtended by a chord that bears N34°00'00"E, 226.27 feet; Thence S11000'00"E, 120.00 feet; Thence Southwesterly, 62.83 feet along the arc of a curve concave to the Southeast to a point of compound curve, said arc having a radius of 40.00 feet, a delta angle of 90°00'00" and being subtended by a chord that bears S34000'00"W, 56.57 feet; Thence Southeasterly, 104.72 feet along the arc of said compound curve to a point tangent, said arc having a radius of 80.00 feet, a delta angle of 75°00'00" and being subtended by a chord that bears S48030'00"E, 97.40 feet; Thence S86°00'00"E, 111.44 feet to a point of curve to the right; Thence Southeasterly, 371.08 feet along the arc of said curve to a point tangent, said arc having a radius of 386.57 feet, a delta angle of 55°00'00" and being subtended by a chord that bears S58°30'00"E, 356.99 feet; Thence S31°00'00"E, 465.00 feet to a point of curve to the left; Thence Southeasterly, 132.93 feet along the arc of said curve to a point tangent, said arc having a radius of 198.42 feet, a delta angle of 38°23'00" and being subtended by a chord that bears S50011'30"E, 130.46 feet; Thence S69°23'00"E, 149.34 feet; Thence N20°37'00"E, 20.00 feet; Thence S69°23'00"E, 170 feet to a point of curve.to the right; Thence Southwesterly, 571.77 feet along the arc of, said curve to a point tangent, said arc having a radius of 180.00 feet, a delta angle of 182°00'00" and being subtended by a chord that bears S21°37"00"W, 359.94 feet; Thence N67023'00"W, 77.14 feet; Thence N22°37'00"E, 20.00 feet; Thence Southwesterly, 263.40 feet along the arc of a curve concave to the Southeast to a point tangent, said arc having a radius of 251.04 feet, a delta angle of 60'07'00" and being subtended by a chord that bears S82°33'30"W, 251.48 feet; Thence S52030'00"W, 182.74 feet to a point of curve to the right; Thence Southwesterly, 130.18 feet along the arc of said curve to a point from which said Point "A" bears N10°30'00"E, said arc having a radius of 228.45 feet, a delta angle of 32°39'02" and being subtended by a chord that bears S68049'31"W, 128.43 feet; Thence S10°30'00"W, 105.01 feet; Thence N79°30'00"W, 640.00 feet; Thence N10°30'00"E, 490.00 feet to the TRUE POINT OF BEGINNING Area = 15.014 acres (654,019 square feet), more or less. Number of Dwelling Units and Amount of Commercial Space Permitted Uses 34,000 Square Feet of Usable As set forth in the PUD Plan Recorded in floor area Book 14 at Page 86. 5 Restricted Units JAH/ld/20 9 EXHIBIT C. Parcel 1. All that real property in Pitkin County, Colorado, conveyed to Snowmass Resort Association, Inc. by Deed recorded August 3, 1977, in Book 332 at Page 922 as Reception No. 196373, and Deed recorded May 23, 1977, in Book 329 at Page 129 as Reception No. 194542, and that real property as conveyed to Snowmass Skiing Corporation by Deed recorded April 30, 1975, in Book 298 at Page 326 as Reception No. 174579, which is a part of the following described property: A tract of land located in Government Tract 45, being a part of Section 1 and 2, Township 10 South, Range 86 West of the 6th P.M. described as follows: COMMENCING at the Southwest Corner of said Section 1 from which the Witness Corner to the W1/4 Corner of said Section 1 bears N 0101'31" E, 2703.93 feet, thence N 34049100" E, 2135.66 feet to the most Westerly Corner of Parcel "N" Subdivision, a Subdivision of portions of Government Tracts 44 and 45 being a part of Sections 1, 2, 11 and 12, Township 10 South, Range 86 West of the 6th P.M., Pitkin County, Colorado, according to the recorded plat thereof, and the true point of beginning; Thence S 65°00'03" W, 4.88 feet along the Northerly line of said Parcel "N" Subdivision extended Westerly; Thence N 24°59'57" W, 50.71 feet; Thence N 59°07'41" W, 70.59 feet to the Northerly line of that ski easement as described in instrument recorded in Book 269, page 162 at page 167 of the records of Pitkin County, Colorado: Thence S 69°29'08" W, 108.22 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence S 83°43'08" W, 106.81 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence N 77°34'15" W, 81.03 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence N 56°35'15" W, 75.40 feet along the Northerly line of that ski easement as described in said Book.:269, page 162 at page 167; Thence N 47°00'00" W, 310.42 feet to the Southerly line of West Village Unit D, a Subdivision of a portion of Government Tract 45, being a part of Sections 1 and 2, Township 10 South, Range 86 West of the 6th P.M., according to the recorded plat thereof; Thence N 89°06'03" E, 70.95 feet along the Southerly line of said West Village Unit D; Thence N 30°06'01" E, 122.00 feet along the Easterly line of said West Village Unit D; Thence N 89°06'03" E, 70.96 feet along the Easterly line of said West Village Unit D; Thence N 0°53'57" W, 71.47 feet along the Easterly line of said West Village Unit D; Thence N 89106'03" E, 101.68 feet along the Easterly line of said West Village Unit D; Thence N 10000'00" E, 110.03 feet to a point of curve to the left; Thence Northwesterly, 90.06 feet along the arc of said curve to a point tangent, said arc having a radius of 60.00 feet, a delta angle of 86100'00" and being subtended by a chord that bears N 33000100" W, 81.84 feet; Thence N 76000100" W, 31.16 feet; Thence N 0°00'00" E, 260.15 feet; Thence Easterly, 167.50 feet along the arc of a curve concave to the North to a point tangent, said arc having a radius of 475.00 feet, a delta angle of 20012'16" and being subtended by a chord that bears S 88058'52" E, 166.63 feet; Thence N 80055100" E, 162.34 feet; Thence N 87037100" E, 205.87 feet; Thence S 88°00'00" E, 54.97 feet; Thence S 64°10'00" E, 130.90 feet to a point from which the Southwest corner of said Section 1 bears S 29038'47" W, 3051.81 feet; Thence S 77008'00" E, 92.45 feet to a point of curve to the left; Thence Easterly, 166.46 feet along the arc of said curve to a point tangent, said arc having a radius of 350.00 feet, a delta angle of 27015' and being subtended by a chord that bears N 89014'30" E, 164.90 feet; Thence 14 75037100" E, 63.66 feet; Thence N 77030'00" E, 323.59 feet to the Southerly line of the second tract of land as described in deed recorded in Book 231 at page 304 of the records of Pitkin County, Colorado Thence S 47051'26" E, 25.68 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S 28133134" W, 14.61 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence N 69011134" E, 27.56 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S 00°00'00" W, 195.49 feet to the most Northerly corner•of Parcel 4 in Exhibit A in instrument recorded in Book 424 at page 171 of the records of Pitkin County, Colorado; Thence S 62013147" W, 179.25 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S 32016103" W, 92.78 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; - 2 - Thence S 61016'05" W, 274.94 feet along the Northerly line of Parce 4 in Exhibit A in said Book 424 at page 171; Thence S 58032'32" W, 186.55 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence N 87°00'00" W, 87.25 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171 to a point of curve to the right; Thence Westerly, 9.19 feet along the arc of said curve and along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171 to the Northwest Corner thereof, said arc having a radius of 123.00 feet, a delta angle of 4°16'45" and being subtended by a chord that bears N 84°51'37" W, 9.18 feet; Thence S O1°18'20" W, 353.64 feet along the Westerly line of Parcels 4 and 3 in Exhibit A in said Book 424 at page 171 to the Northerly line of said Parcel "N" Subdivision; Thence Southwesterly 98.79 feet along the arc of a curve concave to Southeast and along the Northerly line of said Parcel "N" Subdivision to a point tangent, said arc having a radius of 282.52 feet, a delta angle of 20°02'09" and being subtended by a chord that bears S 75001'07" W, 98.29 feet; Thence S 65000'03" W, 122.01 feet along the Northerly line of said Parcel "N" Subdivision to the TRUE POINT OF BEGINNING. Varncn1 ? That tract of land as described in Deed recorded in Book 258 at page 514 of the records of Pitkin County, Colorado, described as follows: A parcel of land being part of Tract 45 and located in Section 1, Township 10 South,. Range 86 West of the 6th Principal Meridian. Said parcel is more fully described as follows: Beginning at a point whence the Southwest Corner of said Section 1 bears S 40006109" W, 2970.61 feet; thence S 83°00' E, 270.55 feet; thence N 10028'27" E, 164.40 feet; thence S 67009'41" W, 234.92 feet; thence 91.61 feet along a curve to the lest having a radius of 168.00 feet (the chord of which bears S 65034110" W, 90.48 feet) to the point of beginning. - 3 - Recorded at .......... '­­'­(i1clock ............ M., Reception No ..................................... ................. ......................... ........................... ....................................... Recorder. RECORDER'S STAMP KNOW ALL MEN By THESE PRESENTS, That, Whereas, The Snowmass Company, Ltd., a Colorado Limited Partnership of Pitkin County by its Deed of Trust dated the 21st day of August 19 79 and duly recorded in the office of the County Clerk and Recorder of the County of Pitkin in the State of Colorado, on the 21st day of August 1979 in Book 374 at Page 578 conveyed to the Public Trustee in said Pitkin 217336 County, certain, property in said Deed of Trust described in trust to secure to the order of Northwestern National Life Insurance Company the pay oTent of the indebtedness mentioned therein Ang, yhereas, b� the, terms of said Dee Irust partial releases are to be ma rom time o time upon certain ii terms and conditions as set forth therein. AND, 'WHEREAS, said of said-trnstlaye. be=partiaU3r-sa sfie&terms and conditions have been performed and observed as to the real estate herein after described NOW, THEREFORE, at the request of the legal holder of the indebtedness secured by said Deed of Trust, and in consideration of the premises, and in further consideration of the sum of Two Dollars to me in hand paid, the receipt whereof is hereby acknowledged, I, as the Public Trustee in said Pitkin County, do hereby remise, release and quit -claim unto the present owner or owners of the property hereinafter described and unto the heirs, successors and assigns of said owner or owners forever, all the right, title and interest which I, as such Public Trustee have in and to that part and portion of the property, set forth and described in the aforesaid Deed of Trust, described as follows, to wit: Parcels 1 through 4 as described in Exhibit A attached hereto, excluding however, any and all water, ditches, water rights and ditch rights which may be deemed to be appurtenant to such property, and reserving, however, a non-exclusive easement for utility lines and facilities in place which serve property which is from time to time subject to the said Deed of Trust, and reserving, however, a non-exclusive easement for access over and across the improved right-of-way known as Wood Road until such time as the dedica- tion of the same (in its present or an altered location) to the general public is accepted, and a non-exclusive easement for access over and across the property described on Exhibit B attached hereto situate, lying and being in the County of and State of Colorado. TO HAVE AND TO HOLD the same, together with all and singular the privileges and appur- I tenances thereto belonging forever. And further, that, as to the above described property, the said Trust Deed is to be considered as fully and absolutely released, cancelled and forever discharged. Witness my hand and seal this day of 19 ............................ .�; ................. U............................................................. (SEAL) KS a Public Trustee In said County of Ii STATE OF Minnesota, ss. i I County Of Anoka The foregoing instrument was acknowledged before me this 23rd day of June 19 83 by as the Notary Pub 1 i cin the said County of Anoka Minnesota y, tAAA&,\A.A1,")1.A n.AA A.A 1% VAANAAAAA My commission expires July 23, 1986 50TA ANOKA C ­JN"'.Y My r; 0 M. i, i D ri 1. \ 71 1::,y 2 3 1 98-b Witness my hand and Official seal.. G ............... ---- ---------_- ................. ...... .......... To the Public Trustee in said County of Please execute this bee-rrTiartially-paicl-am:&-s-atisfied.- partial release, the terms and conditions required I therefore having been performed and obsery .............................. ................... -1 ....... .. .................. .. .....1...T.............. re sa id The legal hoI of the indZ dness secured by said Deed of Trust. e �' SU ce M Northwestern Nati n 1 Life nsuran Comnany��' t No. 927. PARTIAL RELEASE OF DEED OF TRUST BY THE PUBLIC TRUSTEE. —Bradford Publishing Co., 1824-46 Stout Street, Denver, Colorado EXHIBIT A TO PARTIAL RELEASE OF DEED OF TRUST LEGAL DESCRIPTION Parcel 1 (Building C Site) A tract of land located in Government Tract 45 being a part of Sections 1 and 2, T10S, R86W of the 6th P.M. described as follows: COMMENCING at the Southeast corner of said Section 2 from which the Witness Corner to the E 1/4 Corner of said Section 2 bears NO°01'31"E, 2703.93 feet, thence N21°3427"W, 1445.36 feet to the most Southerly corner of that tract of land as described as Commercial Expansion in Deed recorded in Book 329 at page 129 at 135 of the records of Pitkin County, Colorado and the TRUE POINT OF BEGINNING: Thence N29026'21"E, 110.65 feet along a Southeasterly line and a Southeasterly line extended Northeasterly of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S60033'39"E, 95.00 feet; Thence N29026'21"E, 65.66 feet to the Southerly right-of-way line of Daly Lane as described in Deed recorded in Book 380 at page 841 at 863 of the records of Pitkin County, Colorado; Thence N60°33'39"W, 230.00 feet along the Southerly right-of-way line and the Southerly right-of-way line extended Westerly of said Daly Lane to the Northwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S29°26'21"W, 196.31 feet along the Northwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135 to the most Westerly corner thereof; Thence S60°33'39"E, 50.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence N29026'21"E, 20.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135; Thence S60°3339"E, 85.00 feet along the Southwesterly line of that tract of land as described as Commercial Expansion in said Book 329 at page 129 at 135 to the TRUE POINT OF BEGINNING. Area equals 31,039 square feet (0.713 acres) more or less. LEGAL DESCRIPTION Parcel 2 (Base Village) A tract of land located in Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., described as follows: COMMENCING at the Southwest Corner of said Section 1 from which the Witness Corner to the W 1/4 corner of said Section 1 bears N0001'31"E, 2703.93 feet thence N34°49'00"E, 2135.66 feet to the most Westerly corner of Parcel "N" Subdivision, a Subdivision of portions of Government Tracts 44 and 45 being a part of Sections 1, 2, 11 and 12 T10S, R86W of the 6th P.M., Pitkin County, Colorado, according to the recorded plat thereof, and the TRUE POINT OF BEGINNING; Thence S65000'03"W, 4.88 feet along the Northerly line of said Parcel "N" Subdivision extended Westerly; Thence N24°59'57"W, 50.71 feet; Thence N59°07'41"W, 70.59 feet to the Northerly line of that ski easement as described in instrument recorded in Book 269, page 162 at page 167 of the records of Pitkin County, Colorado; Thence S69°29'08"W, 108.22 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence S83043'08"W, 106.81 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence N77°34'15"W, 81.03 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence N56°35'15"W, 75.40 feet along the Northerly line of that ski easement as described in said Book 269, page 162 at page 167; Thence N47°00'00"W, 310.42 feet to the Southerly line of West Village Unit D, a Subdivision of a portion of Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., according to the recorded plat thereof; Thence N89°06'03"E, 70.95 feet along the Southerly line of said West Village Unit D; Thence N30°06'01"E, 122.00 feet along the Easterly line of said West Village Unit D; Thence N89°06'03"E, 70.96 feet along the Easterly line of said West Village Unit D; Thence NO°53'57"W, 71.47 feet along the Easterly line of said West Village Unit D; Thence N89°06'03"E, 101.68 feet along the Easterly line of said West Village Unit D; Thence N10°00'00"E, 110.03 feet to a point of curve to the left; Thence Northwesterly, 90.06 feet along the arc of said curve to a point tangent, said arc having a radius of 60.00 feet, a delta angle of 86°00'00" and being subtended by a chord that bears N33°00'00"W, 81.84 feet; Thence N76°00'00"W, 31.16 feet; Thence NO°00'00"E, 260.15 feet; Thence Easterly, 167.50 feet along the arc of a curve concave to the North to a point tangent, said arc having a radius of 475.00 feet, a delta angle of 20°12'16" and being subtended by a chord that bears S88058'52"E, 166.63 feet; Thence N80°55'00"E, 162.34 feet; Thence N87°37'00"E, 205.87 feet; Thence S88000'00"E, 54.97 feet; Thence S64°10'00"E, 130.90 feet to a point from which the Southwest corner of said Section 1 bears S29°38'47"W, 3051.81 feet; Thence S77008'00"E, 92.45 feet to a point of curve to the left; Thence Easterly, 166.46 feet along the arc of said curve to a point tangent, said arc having a radius of 350.00 feet, a delta angle of 27°15'00" and being subtended by a chord that bears N89°14'30"E, 164.90 feet; Thence N75°37'00"E, 63.66 feet; Thence N77°30'00"E, 323.59 feet to the Southerly line of the second tract of land as described in deed recorded in Book 231 at page 304 of the records of Pitkin County, Colorado; Thence S47°51'26"E, 25.68 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S28°33'34"W, 14.61 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence N69°11'34"E, 27.56 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence S00°00'00"W, 195.49 feet to the most Northerly corner of Parcel 4 in Exhibit A in instrument recorded in Book 424 at page 171 of the records of Pitkin County, Colorado; Thence S62°13'47"W, 179.25 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S82°16'03"W, 92.78 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S61°16'05"W, 274.94 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence S58°3232"W, 186.55 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171; Thence N87000'00"W, 87.25 feet along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at page 171 to a point of curve to the right; Thence Westerly 9.19 feet along the arc of said curve and along the Northerly line of Parcel 4 in Exhibit A in said Book 424 at Page 171 to the Northwest Corner thereof, said arc having a radius of 123.00 feet, a delta angle of 4016'45" and being subtended by a chord that bears N84051'37"W, 9.18 feet; Thence S01°18'20"W, 353.64 feet along the Westerly line of Parcel 4 and 3 in Exhibit A in said Book 424 at page 171 to the Northerly line of said Parcel "N" Subdivision; Thence Southwesterly 98.79 feet along the arc of a curve concave to Southeast and along the Northerly line of said Parcel "N" Subdivision to a point tangent, said arc having a radius of 282.52 feet, a delta angle of 20°02'09" and being subtended by a chord that bears S75°01'07"W, 98.29 feet; Thence S65°00'03"W, 122.01 feet along the Northerly line of said Parcel "N" Subdivision to the TRUE POINT OF BEGINNING. Area = 19.362 acres, more or less. LESS AND EXCEPT that portion conveyed to Snowmass Resort Association, Inc. by deeds recorded August 3, 1977 in Book 332 at'p`age 922 as Reception No. 196373, and deed recorded May 23, 1977 in Book 329 at page 129 as Reception No. 194542. AND FURTHER AND LESS AND EXCEPT that portion as conveyed to Snowmass Skiing Corporation by deed recorded April 30, 1975 in Book 298 at page 326 as Reception No. 174579. County of Pitkin, State of Colorado. LEGAL DESCRIPTION PARCEL 3 (Hoaglund Ranch) A tract of land located in Government Tract 45, being a part of Sections 1 and 2, T10S, R86W of the 6th P.M., Described as follows: Commencing at the Southwest corner of said Section 1 from which the Witness Corner to the W 1/4 corner of said Section 1 bears N0001'31"E, 2703.93 feet, thence N29°3847"E, 3051.81 feet; Thence S77008'00"E, 92.45 feet to a point of curve to the left; Thence Easterly, 64.46 feet along the arc of said curve to the East line extended Southerly of that tract of land as described in lease agreement recorded in Book 237 at Page 164 of the records of Pitkin County, Colorado and the TRUE POINT OF BEGINNING, said arc having a radius of 350.00 feet, a delta angle of 10033'09' and being subtended by a chord that bears S82024'36"E, 64.37 feet; Thence Easterly, 102.00 feet along the arc of a curve concave to the North to a point tangent, said arc having a radius of 350.00 feet, a delta angle of 16°41'51" and being subtended by a chord that bears N83°5755"E, 101.64 feet; Thence N75°37'00"E, 63.66 feet; Thence N77030'00"E, 323.59 feet to the Southerly line of the second tract of land as described in Deed recorded in Book 231 at page 304 of the records of Pitkin County, Colorado; Thence N47°51'26"W, 164.87 feet along the Southerly line of the second tract of land as described in said Book 231 at page 304; Thence N65°28'26"W, 13.98 feet along the southerly line of the second tract of land as described in said book 231 at page 304; Thence N89°35'26"W,148.40 feet along the southerly line of the second tract of land as described in said book 231 at page 304; Thence N89°27'26"W,176.74 feet along the southerly line of the second tract of land as described in said book 231 at page 304 to the east line of that tract of land as described in said book 237 at page 164; Thence SO4°55'00"W, 216.50 feet along the east line and the east line extended southerly of that tract of land as described in said book 237 at page 164 to the TRUE POINT OF BEGINNING. Area = 1.653 acres, more or less. LEGAL DESCRIPTION Parcel 4 (Ski Company Maintenance Facility) A description of the Snowmass Maintenance Facilit� P.U.D. boundary in Government Tracts 50, 53 and 54, being a part of'SWctions 2, 3, 10, 11 and 12, T10S, R86W of the 6th P.M. for Aspen Skiing Company. A tract of land located in Government Tracts 50, 53 and 54, being a part of Section 2, 3, 10, 11 and 12, T10S, R86W of the 6th P.M., described as follows: Commencing at Corner No. 6 of said Government Tract 54 from which Corner No. 5 of said Government Tract 54 bears N89°56'26"E, 1275.28 feet, thence S54°,15'12"W, 128.70 feet to the TRUE POINT OF BEGINNING; Thence S79030'00"E, 640.00 feet; Thence S10°30'00"W, 254.72 feet to a point hereinafter referred to as Point "A"; Thence Northeasterly, 26.71 feet along the arc of a curve concave to the Northwest to a point tangent, said arc having a radius of 108.45 feet, a delta angle of 14°06'36" and being subtended by a chord that bears N59°33'18"E, 26.64 feet; Thence N52030'00"E, 182.74 feet to a point of curve to the right; Thence Northeasterly, 389.30 feet along the arc of said curve to a point tangent, said arc having a radius of 371.04 feet, a delta angle of 60°07'00" and being subtended by a chord that bears N82033'30"E, 371.69 feet; Thence S67°23'00"E, 77.14 feet to a point of curve to the left; Thence Northeasterly, 127.06 feet along the arc of said curve to a point tangent, said arc having a radius of 40.00 feet, a delta angle of 182000'00" and being subtended by a chord that bears N21°37'00"E, 79.99 feet; Thence N69°23'00"W, 319.34 feet to a point of curve to the right; Thence Northwesterly, 213.32 feet along the arc of said curve to a point tangent, said arc having a radius of 318.42 feet, a delta angle of 38°23'00" and being subtended by a chord that bears N50°11'30"W, 209.35 feet; Thence N31°00'00"W, 465.00 feet to a point of curve to the left; Thence Northwesterly, 255.89 feet along the arc of said curve to a point tangent, said arc having a radius of 266.57 feet, a delta angle of 55°00'00" and being subtended by a chord that bears N58°30'00"W, 246.17 feet; Thence N86°00'00"W, 111.44 feet to a point of curve to the right; Thence, Northwesterly, 261.80 feet along the arc of said curve to a point of compound curve, said arc having a radius of 200.00 feet, a delta angle of 75°00'00" and being subtended by a chord that bears N48030'00"W, 243.50 feet; Thence, Northeasterly, 251.33 feet along the arc of said compound curve, said arc having a radius of 160.00 feet, a delta angle of 90000'00", and being subtended by a chord that bears N34000'00"E, 226.27 feet; Thence S11000'00"E, 120.00 feet; Thence Southwesterly, 62.83 feet along the arc of a curve concave to the Southeast to a point of compound curve, said arc having a radius of 40.00 feet, a delta angle of 90°00'00" and being subtended by a chord that bears S34000'00"W, 56.57 feet; Thence Southeasterly, 104.72 feet along the arc of said compound curve to a point tangent, said arc having a radius of 80.00.feet, a delta angle of 75°00'00" and being subtended by a chord that bears S48030'00"E, 97.40 feet; Thence S86°00'00"E, 111.44 feet to a point of curve to the right; Thence Southeasterly, 371.08 feet along the arc of said curve to a point tangent, said arc having a radius of 386.57 feet, a delta angle of 55°00'00" and being subtended by a chord that bears S58030'00"E, 356.99 feet; • Thence S31°00'00"E, 465.00 feet to a point of curve to the left; Thence Southeasterly, 132.93 feet along the arc of said curve to a point tangent, said arc having a radius of 198.42 feet, a delta angle of 38023100" and being subtended by a chord that bears S 50111'30" E, 130.46 feet; Thence S 69°23'00" E, 149.34 feet; Thence N 20037'00" E, 20.00 feet; Thence S 69023'00" E, 170.00 feet to a point of curve to the right; Thence Southwesterly 571.77 feet along the arc of said curve to a point tangent, said arc having a radius of 180.00 feet, a delta angle of 182000'00" and being subtended by a chord that bears S 21037100" W, 358.94 feet; Thence N 67°23'00" W, 77.14 feet; Thence N 22037'00" E, 20.00 feet; Thence Southwesterly, 263.40 feet along the arc of a curve concave to the Southeast to a point tangent, said arc having a radius of 251.04 feet, a delta angle of 60107'00" and being subtended by a chord that bears S 85033130" W, 251.48 feet; Thence S 52030'00" W, 182.74 feet to a point of curve to the right; Thence Southwesterly, 130.18 feet along the arc of said curve to a point from which said Point "A" bears N 10130'00" E, said arc having a radius of 228.45 feet, a delta angle of 32°39'02" and being subtended by a chord that bears S 68049'31" W, 128.43 feet; Thence S 10°30'00" W, 105.01 feet; Thence N 79030100" W, 640.00 feet; Thence N 10°30'00" E, 490.00 feet to the TRUE POINT OF n'F.'r,TTJNT'Nr, _ Area = 15.014 acres (654,019 square feet), more or less EXHIBIT B. tEGAL MSCRIPTiCU A strip of land looted ;n Gover=ent Tracts 50, 53 and 54, being a part of S4ctlozs 2, 3, 10, 11 and 12. 7105, RSU.of tht 6th P.M., describ-ed as follo;:ts: Comencing at Corner Ro. 6 of said Goverr=t Tract 54 fry which Corr4pr Ifo. 5 of said Goverment Tract 54 bears V,89056'26"E, 1275.2.8 feet; theme S5401511Mp 128.70 feet; thence S79°34'CO E. 044.0'0 feet; thence S20'33'001U. 254.72 feet to a point hereinafter referred to as Paint 'Ak' and tit TRS PflI�T of $EGjmjiZ; Thence Nora -easterly, 2(6.71 feet alo:rg a} a arc of a curve concar,- to tI� Vtorthwe,t to a point tangent, said arc haying a radios of 103.45 feet, a delta angle of and being subtended by a chord that begs X959 °33' 18" E , 2+5.54 f et t P Thence R52'3:0'00"E, 182.74 feet to a point of curve to the right; Thence Northeasterly, 389.30 feet along the arc of said cures to a point tangent, sAid arc having a radius of 371.04 feet, a deltz angle of 60007'GO" alto: being stbtemded by a chard that bears MZ°3313VE. 371.69 feet; Thence S 57 °23' C0'° E, 77.14 feet to a point of ctnn-ae to the' I e f t; Thcrue Aortheastarly, 127.06 feet along tL- arc of said curve to a point tane�at, said arc having a radius of 40,0.3 feet, a delta anale of fn'°'03100* aM beiaq sttbteftd�ed by a chord that bears 421037'003"E. 79,99 feet: Thence t*9 23't10"11J, 319.34 f"t to a point of curvy to th.t right; Thwnce Wrth�testerly, 213.3.2 fedt along the arc of said curve to D point tangent, said art having a radius of 318.42 feet, a delta angle of 38°-23'0:03" and beezr�g sated by a curd that bears N54'11'30'gW, M9.35 f"t; l4ence bi31"COIGO 'd. 465,DO feet to a point of c-Urw to the left; Ihence Northwesterly, 255.69 feet alwvs th, arc of said curet to a point tangent, said arc having a radius of 755.57 feet, a delta angle of 55`'C -G'00" and bue-Ing subteued bY a chord that bream U58':0'W"Id. 24-;.17 feet; Thence h86*00400"V, 111.44 feet to a point of CO -Ye 'to -the right; Thence Northwesterly, 261.80 feet along the arc of said curve to a point of compound curve, said arc having a radius of 200.00 feet, a delta angle of 75°00'00* and being subtended by a chord that bears H48°30100"13! 243.50 feet,; Thence Northeasterly, 251.33 feet along the arc of said compound curve, said arc having a radius of 160.00 feet, a delta angle of 90°00100", and being subtended by a chord that bears N34040'00"E, 226.27 lett; Thence S119Ofl'GO'E, 120.00 feet; Thence Southwesterly. 62.83 feet along the arc of a curve concave to the Southeast to a point of corrpound curve. said arc having a radius of 40.00 feet, a delta angle of 90°00'00" and being subtended by a chord that bears S34°00'00'W. 55.57 feet; Thence Southeasterly, 104.72 feet along the arc of said compound curve to a point tan- gent, said arc having a radius of 80.00 feet, a delta angle of 75'00'00' and being sub- tended by a Chord that bears S48°30'00"E, 97.40 feet; Thence 586*GOICO"E, 111.44 feet to a point of curve to the right; M Thence Southeasterly, 371.08 feet along the arc of said curve to a point tangent, said arc baring a radius of 386.57 feet, a delta angle of 55°00'00" and being Subtended by a chord that bears S58030'004E, 355.99 feet; Thence S31000'00*£, 465.OD feet to a point of curve to the left; Thence Southeasterly, 132.93 feet along the arc of said curve to a point tangent, said arc having a radius of 193.42 feet, a delta angle of 38°23`00" and being subtended by a chord that bears S50°11'30"E, 130.46 feet; Thence S69023'0O"E, 149.34 feet; Thence 1120937'000E, 20.00 feet; Thence 569023100"E, 170.00 feet to a paint of curve to the right„ Thence Southwesterly, 571.77 Feet along the arc of said curve to a point tangent, said arc having a radius of 180,00 feet, a delta angle of 132000'000 and being subtended by a chord that hears S21*37100414, 359.94 feet; Thence 1167°23100"U, 77.14 feet; Thence N22°37'00"E, 20.00 feet; - Thence Southwesterly, 263.40 feet along the arc of a curve concave to the Southeast to a point tangent, said arc having a radius of 251.04 feet, a delta angle of 60°07'00* and treing subtended by a chord that bears S82033'30"U, 251.43 feet; Thence S52°30'00*1t, 182.74 feet to a pint of curve to the right; Thence Southwesterly, 130.13 feet along the arc of said curve to a point from which said point W bears N10030'Oi7*E, said arc having a radius of 283.45 feet, a delta angle of 32'39'02" and being subtended by a chord that bears S63°49'31'W, 128.43 feet; Th'�s�te t#10°30'C0"E, 130.28 feet to tht TRUE POIIT 07 8EGIN-IM, Area ■ 7.815 acres' (340,419 squai'e feet) pore or leis.