HomeMy WebLinkAboutC01-264 Lake Creek Village Apartments Master Lease.i--
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LAKE CREEK VILLAGE APARTMENTS
And
Master Lease
THIS LEASE is made and entered into as of October 1, 2001 (the "Effective Date "), by and
between Lake Creek Village Affordable Housing Corporation, a Colorado not - for -profit
corporation d/b /a Lake Creek Village Apartments ( "Lessor ") and the Eagle County Regional
Transit Authority ,here in referred to as ( "Lessee ").
Recitals
Lessor is the owner of the Lake Creek Village Apartments located at 04923 Lake Creek
Village Drive Edwards, Colorado 81632, ( "the Apartments "). Lessee employs large numbers of
persons requiring housing of the type afforded by the Apartments, and desires to lease from the
Lessor five (5) units of the Apartments in order to sublet those units to certain of its employees.
Lessor is willing to lease such units to Lessee for such purpose, on the terms and conditions
stated in this Lease.
Lease
1. Lease of Units. In consideration of the payment of the rent and the performance of the
covenants in this Lease, Lessor leases to Lessee, and Lessee takes and leases from Lessor, the
following units of the Apartments (each a "Unit ", and collectively the "Units ") (reference
Schedule A).
2. Term. The term of this Lease shall commence on the 1st day of October 2001
and terminate on the 30th day of April 2002 , unless extended by Lessor and Lessee on
mutually acceptable terms:
3. Rent and Utility Charges. Lessee shall pay Lessor as rent under this Lease ( "Rent "),
without right of setoff and regardless of whether there is in effect a Sublease with respect to any
or all units:
a. with respect to each Unit, the monthly rental stated on Schedule A to this
Agreement, adjusted as of the first day of the first month following each anniversary of the
Effective Date to be equal, for each Unit, to the monthly rate of rental then charged by Lessor for
new rentals of similar units_ In addition to Rent, Lessee shall pay Lessor an additional charge
( "Utility Charge ") for each Unit in the following amounts (see Schedule A):
Rent and the Utility Charge for each Unit shall be due and payable as a single sum, in advance, on
or before 12:00 noon on the first day of each calendar month during the
term of this Lease at the office at the Apartments. In the event any Unit is subject to this Lease
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for any partial month, the Rent and Utility Charge for that month shall be prorated on a per diem
basis.
4. Sublease of Units Permitted. Lessee shall be entitled to sublease it's Units to it's bona
fide employees during the term of their employment by Lessee, or Lessee's other subtenants
( "Subtenants ") for rental and utility charges not greater, in each case, than the amount of Rent and
Utility Charges payable under this Lease, by written sublease in all substantive respects identical
to Lessor's standard tenant lease and approved by Lessor ( "Subleases "), for terms as Lessee
determines to be appropriate in its discretion (but in no event extending beyond the term of this
Lease) and subject to such reasonable qualifications and restrictions as Lessor from time to time
imposes with respect to tenants of the Apartments generally. Without limiting the generality of
the foregoing, Lessee acknowledges that because other Apartments utilize tax exempt funding,
certain requirements for tenancy have been mandated. Accordingly, in selecting Subtenants
Lessee shall cause each Subtenant to complete and submit to Lessee (and Lessee promptly shall
submit a copy to Lessor) a Rental Application in the form of Addendum A to this Lease (a
"Rental Application "), and shall verify that:
a. At least one resident in each Unit has full time employment in Eagle County,
b. the monthly income of each resident in a Unit does not exceed a factor of five
(5) times the aggregate amount of monthly Rent and Utility Charge; and
c. the information stated in the Rental Application is accurate.
5. Late Payment. Rents and Utility Charges not paid by 8:00 a.m. on the fifth day of the
month in which due shall be subject to an initial late charge equal to 5% of the total amount due
plus $5.00 per day thereafter until paid in full. Lessee shall pay the prevailing charge for Lessee's
fees, and (if adjudicated) treble damages as provided in Colorado law. Lessee acknowledges that
two returned checks will result in cash or money orders being required to pay Rent and Utility
Charges.
6. Certain Covenants of Lessee and Subtenants. Lessee shall, and by the terms of the
Subleases shall cause all Subtenants to agree to:
a. comply with all reasonable rules and regulations which Lessor may make from
time to time for the protection of the building or the general welfare and comfort of the residents
of the Apartments, including those stated on Addendum B to this lease;
b. keep the Units in as good order and condition as when the same were entered
by Lessee, loss by fire, or inevitable accident (except when caused by the negligence of Lessee or
the Subtenant) or ordinary wear excepted (ordinary wear meaning wear which occurs without
Lessee's or Subtenants' negligence, carelessness, accident or abuse).
c. except as otherwise permitted in this Lease, to sublet no part of a Unit nor
assign this Lease or any Sublease without the express prior written consent of Lessor;
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d. neither hold nor attempt to hold Lessor, or its agents or service personnel liable
for any injury or damage to person or property either proximate or remote, arising from the acts
of Lessee, any Subtenant, any resident of any Unit, any guest of any such resident, or of any
owners or occupants of adjoining property;
e. allow Lessor or any of its employees to enter any Unit at any time to make
emergency repairs, or, upon reasonable notice to Lessee and the affected Subtenants, to inspect
the Unit or, within 30 days prior to the end of the term of this Lease, to show the Units to
prospective tenants;
7. Subordination of Lease. This Lease and each Sublease shall be subordinate to the lien
of any existing indebtedness, and all indebtedness which may be made a lien on the premises in the
future, and Lessee shall (and by the terms of the Subleases shall cause each Subtenant to agree to)
execute and deliver such further instrument or instruments subordinating this Lease to the lien of
any such indebtedness as may be desired by the holder thereof, and Lessor hereby appoints (and
by the terms of the Subleases shall cause each Subtenants to appoint) Lessor as its, his or her
attorney -in -fact to execute any such instrument on behalf of the Lessee and all Subtenants, such
interest being coupled with an interest and irrevocable, provided that Lessor has first requested
Lessee to execute such an instrument and Lessee has failed to do so within seven days.
8. Provision of Utilities. Lessor shall arrange for provision to the Units of electricity, gas,
and basic cable television service and water, sewer and trash removal. In the event of excessive
use or waste of any such utility services provided to any Unit, Lessor may at its option cause such
services to be separately metered and if it does so Lessee shall pay the metered amount monthly.
Lessor shall furnish heat to the Units during the usual heating season. Lessor shall not be liable
for any claim of damages, rebate or charge of any kind in case of the interruption of utility or
other services to the Units occasioned by accident, failure of power supply or any other cause
whatsoever beyond the control of Lessor.
9. Damage Deposit. Lessee shall, and the Subleases shall cause the Tenants to, pay to
lessor an amount equal to, in the aggregate for each Unit, one month's Rent and Utility Charge,
prior to occupying Units, to be held as a "Damage Deposit ". The Damage Deposit and/or any
other deposits paid by the Subtenants shall be refunded by Lessee, in whole or in part, to such
Subtenants, or the Lessee if Lessee was the payer thereof, within sixty days after termination of
their respective Subleases, provided that: (a) all provisions and conditions of their respective
Subleases have been complied with; (b) such Subtenants have maintained and left the Units
occupied by them in good order and condition as when the same were entered by Lessee, loss by
fire, or inevitable accident (except when caused by the negligence of Lessee or the Subtenant) or
ordinary wear excepted (ordinary wear meaning wear which occurs without Lessee's or
Subtenants' negligence, carelessness, accident or abuse); (c) the affected Units have been
vacated, and all keys have been returned to Lessor. THE DAMAGE DEPOSIT CANNOT BE
APPLIED TO THE RENT OR UTILITY CHARGES UNDER THIS LEASE OR ANY
SUBLEASE BY LESSEE OR ANY SUBTENANT. Damage Deposits and/or any other deposits
may, but are not required to be, deposited into an interest- bearing account by Lessor. Interest, if
any, earned on amounts deposited in any such account shall be the property solely of Lessor. The
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relevant Damage Deposit and all other deposits are subject to deduction or forfeiture for unpaid
rent, utility charges, late payments, returned check charges, damage to a Unit, its contents or the
common areas, smoke or stain removal, unreturned keys, administrative charges, reletting fees,
collection costs and cleaning charges. Lessor shall use the Move -in and Condition Form attached
to this Lease in evaluating damages to each Unit. ** *Security Deposit in the amount of
$7,170.00 /for 4- (3) bedrooms and 1(2) bedroom
10. Holding Over. If after the expiration of this Lease, Lessee or any Subtenants remain
in possession of any Units, with the permission of Lessor but without written modification of this
Lease extending the term of this Lease or modifying the amount of Rent, such possession shall not
constitute a renewal of this Lease for all or any part of the term of this Lease, and Lessee shall be
a tenant, and any Subtenants shall be subtenants, of the affected Units from month to month at a
monthly Rent in Utilities Charge payable in advance, equal to 150% of the monthly Rent and
Utilities Charge payable under this Lease for the last month of the term of this Lease, but
otherwise subject to all of the other terms and conditions of this Lease.
11. Default. If Lessee shall be in arrears in the payment of any installment of Rent, Utility
Charges, or other charges or any portion thereof, or in default of any of the covenants or
agreements in this Lease to be performed by Lessee, and such default shall be uncorrected for a
period of three days after Lessor has given written notice thereof, or if Lessee shall become
insolvent, shall make any assignment for the benefit of its creditors, shall be unable to pay its
obligations as they become due, or if Lessee shall file or there shall be filed with respect to Lessee
any petition or order for relief under the federal bankruptcy laws or the bankruptcy or insolvency
laws of any other jurisdiction, then and in those events Lessor may reenter and take possession of
any or all of the Units without prejudice to any remedies for arrears of Rent or Utility Charges or
other sums due under this Lease. If Lessor elects to reenter the Units or take possession thereof
pursuant to legal proceedings, Lessor may without terminating this Lease terminate all or any of
the Subleases to pay, and receive and collect directly from all such Subtenants' respective
Subleases. No such reentry or taking possession of any Units by Lessor shall be construed as an
election by Lessor to terminate this Lease or any Sublease unless it gives Lessee and, in the case
of Subleases, the affected Subtenants, and written notice of such a termination. If Lessor
repossess any Units without terminating the relevant Subleases, or terminates any Subleases and
relets the affected Units, Lessee shall pay to Lessor (i) the Rent and Utility Charges and other
amounts that would have been payable under this Lease if Lessor's repossession of such Units had
not occurred, less (ii) the net proceeds, of any, of any unterminated Subleases of reletting of the
Units for which Subleases have been terminated, after deducting all of Lessor's expenses in
connection with such collection and/or reletting. If this Lease is terminated, Lessee shall remain.
liable to Lessee for damages in amount equal to the Rent and Utility Charges and other amounts
payable under this Lease for the balance of the term of this Lease as if this Lease had not been
terminated, less the net proceed, of any, from any subsequent reletting or any Subleases accepted
and recognized by Lessor as direct leases from Lessor to the Subtenants of the affect Units, after
deducting all expenses associated therewith. Lessee shall pay such amounts to Lessor monthly,
on the days on which such sums otherwise wound have been payable. The rights and remedies
stated in this Section are cumulative, and do not limit or impair any other right or remedy at law
or in equity.
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12. Casualty Loss. If any of the Units are rendered untenantable or are damaged or
destroyed by fire or other casualty and if in Lessor's reasonable determination such repairs or
rebuilding cannot be substantially completed within thirty days after the occurrence of such
casualty, then (i) this Lease shall terminate only as to the affected Units and all Rent and Utility
Charges for the affected Units shall be payable with respect to the period ending upon the date of
such injury or damage, and (ii) Lessor shall thereafter designate Available Units as Additional
Units in accordance with Section 1 of this Lease in substitution for the Units affected by such
casualty loss, and Lessee shall accept such Additional Units if and to the extent so required by
Section 1. If any of the Units are rendered untenantable or are damaged or destroyed by fire or
other casualty and Lessor determines to rebuild or repair such Units. And if in Lessor'
determination such repairs or rebuilding can substantially be completed within thirty days after the
occurrence of such casualty, Lessor shall do so with reasonable diligence and this Lease and the
Subleases of the affected Units shall not be affected, except that the Rent and Utility Charges for
the affected Units (or a just and proportionate part thereof according to the nature and extent of
the damage which has been sustained) shall be abated until the affected Units have been so
repaired and restored.
13. Attorney' Fees. In the event of any dispute arising under the terms of this Lease, or in
the event of non - payment of any sums arising under this Lease, the prevailing party in such
dispute shall be entitled, in addition to other damages or costs, to receive reasonable attorneys'
fees, costs and expenses from the other party.
14. Insurance. Lessee acknowledges that Lessor's insurance does not cover the personal
property of Lessee, any Subtenants, or any of their guests. Lessee shall advise Subtenants to
purchase insurance coverage for loss to personal property due to fire, theft, water damage and
other unfortunate events, liability coverage, and other appropriate insurance coverage.
15. Successors and Assigns. This Lease shall be binding on the parties and their
permitted successors and assigns. Except as expressly permitted by this Lease, Lessee shall not
assign any of its rights or obligations under this Lease or sublet any of the Units without the prior
written consent of Lessor. Any such assignment of sublease without such prior written consent
shall be void.
16. Miscellaneous. Lessor retains the unrestricted right to change, alter, abolish, or add
to any of the appurtenances of the Units, as may seem best to Lessor, and to dispose of or rent
any other portion of the buildings in which the Units are located as Lessor elects, provided that
doing so does not interfere unreasonably with Lessee's or Subtenants' right hereunder. Lessee has
relied solely on the statements contained in this Lease. This Lease cannot be modified except as
agreed in writing by Lessor and Lessee. No assent on the part of the Lessor, expressed or
implied, to any breach or any one or more of the covenants or agreements of Lessee shall be
deemed or taken to be a waiver of any succeeding or other breach or any continuation of such
breach.
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IN WITNESS WHEROF, LESSOR and LESSEE have executed this Lease Amendment.
LESSOR:
Lake Village Affordable Housing Corporation
d/b /a Lake Creek Village Apartments
Title:
lCkk/ -A Lyl U(
Date:
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LESSEE:
� j rtt�c �a CvBy: vs 7.
Name:
Title: t
Date: 11l l of
A Cr��J
LAKE CREEK VILLAGE APARTMENTS
and
Master Lease
Schedule A
The following is a list of apartments that the Eagle County Regional Transit Authority
will be occupying according to the Master Lease and their respective rents:
Unit
Unit Type
Rent
Utilities,
Total Monthly
Cable &
Rent Payment
Garage
31 -101
3 Bedroom
$1,100.00
$180.00
$1,280.00
31 -103
3 Bedroom
$1,100.00
$180.00
$1,280.00
31 -203
3 Bedroom
$1,100.00
$180.00
$1,280.00
31 -204
3 Bedroom
$1,100.00
$180.00
$1,280.00
27 -103
2 Bedroom
$ 940.00
$170.00
$1,110.00
TOTAL
MONTHLY
$5,340.00
$890.00
$6,230.00
Assigned Garage #'s:
31 -101 /# 200
31 -103/# 239
31 -203/# 225
31 -204/# 216
27 -103/# 163
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