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BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION
EAGLE COUNTY REGIONAL TRANSPORTATION AUTHORITY
Master Lease
THIS LEASE is made and entered into a;; of .'vIay 1 st, 2006 (the "Effective Date"), by and
between Buffulo Ridge Affordahle HOllsing C(lJ'poration, a Colorado not-ti.)r.profit corporation
d/b/a Buffalo Ridge Apat1ments ("Les;;or") and the Eagle COUilty Regional Transportation
Authority
B-cL-itals
Les~or is the owner 01' the Buffalo Ridge Apartments located at 930 Swift Gulch Road
Avon, Colorado 81620, ("thc Apartments"). Lc~~ee employs largc nwnhers ofperson~ requiring
housing of thc type atforded by the Aparlment~, and desire;; to lease from the Lessor Four (4)
units of the Apat1ments in order to sllblet those units to certain ot'its employees orothcrs.
Lcs~or i~ willing to lease such units to Les;;ee for such pW')lose, on thc terms and conditions
statcd in this Lea;;e
Lease
I. Lea~eofUnits. Inconsidcrutionot'thepaymmtofthercnt iUld the pcrJ(>nllam:e of the
covm,Ults in thi~ Lease, U:ssor leases to lessee, and Lessec takes llnd leases from Lessor, the
following units of the Apartmcnts (each a "Fnit", and collcctively thc "Unit~") (rel"rence
SchooL/leA).
2. T"l11]. The tenn of tlus Lease shall commencc on thc I st day of May 2006 and will
tenninate 90 days hereof, Ullless extended by Lessor and u:~see on mutually acceptahle tCnDS:
3. Rent and Utility Charges. Les;;ee shall pay Lessor as ITnt under thi~ Lea~e ("Rent"),
without right ofsetotTand regardless ofwhcther there is in effelta S ublcase with respect to any
or all unit~.
" with respl;lLt to each Unit, the monlWyrental stated on Schcdule A to this
A!,'Teement, adjll;;ted as of the first day of the first month following each anniversary of the
EtfeetiveDatetoheequal,toreuchFnit,tot!lcmonthIyrateofrcntalthen charged by Lessor Ii.>r
new rental;; of similar lJllits. In addition to Rent, Lessee ~hall pay L{;~sor an additional charge
("lJtilityCharge") lor each Linit in the folJowing amounts (;;ee Schedulc A):
Rent ilnd the utility Chargc for each Linit shall be due and payahle as a single sum, in advance,
"" "' before 12:00 noon "0 the tirst day or each (;Ulendar month during <h,
t= of tlus Leasc at the office at the Apartments, In the cvent any Unit is subject to t!li;; Lease
for any partial month, the Rent and Utility Charge for that month shall he prorated on a per dil;11l1
hasis.
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4, Sublease ol'Cnit~ Pennitted. Lessee ~hall bc entitled to sublea~c it's Units to it's bona
fide employees during the term of their emplO)lllent by Lessee, or Lessce's other ~ubterumts
("Subtcnants") for rental illld utility charges not greater, in each ca~e, than the amount of Rcnt
and L:tilily Charges payable under this L<;m~e, by written sublease in all sub~tantive re~pects
identical to Lessor'~ standard temmt leasc and approved by Le%or ("Subleasc~"), for term~ as
Les~"'e determines to be appropriate in lts diseretion (but in no event extending beyond the term
ofthi~ Lease) ilnd subje<:t to sllch reasonable quaIification~ and re~trictions as Lessor from time
to time imposc~ with respect to tenants of the Apartments generally, Without limiting the
generality of the loregoing, LessC<;l acknowledges that becau~e othcr Apartments utilize tax
c.>::empt fimding, certain rcquirement~ for tenancy have been maIllIated, Accordingly, in selecting
Subtenants Le~see shall caU~e each Subtenant to complete and submit to LessC<;l a Rental
Application (a "Rental Application"),and shall verifj;that:
a, At least one residcnt in cach Villt ha~ full time employment in Eagle County;
b. the monthly 1l1come of each rcsident in a Unit does not e:xceed a factol' oftive
(5) time~ the ag"gregate amount of montWy Rent and L'tility Charge: and
5. LatePavment. Rents and Utility Charge;<; not paid by5 p,m. on the fifth day of tile
montllin whichdlle shall be subject to an initial late charge cqUllI to 5% ofthc total amountduc
plu~S5,OO~-'-daythCn;afteruntilpaidlllfilIL Lessee shall paythc prevailing charg", tor Lessee's
fees, and (if adjudicated) trcbl", damage~ as provided in Colorado law, Lcs~ee acknowledge~ lhat
t\VorclurnedehttkswilIrcsultincashormonevordcr:<;b",ingrcquiredtnpayRent and L'tility
Charge;<;.
6. Certain Covcnants of Loossee and Suhtcnant~, Less""", shall, illld by the terms of the
Sllblease;<; ~hall cau~e all SllbteilllJlt~ to agrec 10:
a. comply with all rca~onablc rules and re!,,'ulations which Lessor may mak", from
time to time for the protection of the building or the gcneral wcltare and comfort ol'the re;<;idents
ofthcApartments;
b. kccp the Unit~ in as good order and condition as when the same were entered
by Lc~~ee, loss by fire, Or inevitable acciuent (except whcn caused by the ncgligenec of Le~see or
the Sllbtenant) Or ordinary Wear excepted (ordinary wear meaning wear which occurs without
Lessec's or Suhtcnmlts' negligence, carelessness, accident or abuse ).
, exccpt as otherwise pcrmitted 1ll this Lease, to ~Ilblet no part or' a Vnit nor
a~sign thi~ Lease or any SubIeasc without th", ",xprcss prior written consent of Lessor;
d. neitllCI' hold norattempl to hold Lessor,oritsagent~orservicepcr:<;olmelliable
I\lr ooy injlll)' or damage to person orpropertyeitherpro:ximateorrernote, ari sing from the acts
of Lcs~ee, any Subtenant, any IT~ident of any Unit, any guest of any such residmt, or of any
owners or occupants of adjoining property;
Pago~ 01'7
, allow Lessor or any of its cmployees to ",nler any Unit at any time to make
",mergcncv repairs, or, Ilponr",usonablenoticc to lessec and the a11cct edSubtenants,toinspect
the Cnit or, within 3D days prior to the end of the lenn of this Lea,c, to show the Units tu
pro;;pectivet<mants:
7. SLloordinutionpfLeuse, Thi;; Lease and each Subleuseshall be subordinate to the lien
ofanyex;;;ting ind",btedness, and all ind",btedncss which may be made a lien on the premises in
the tuture, and Lessee shall (and bythc tClTI1softhe Suhleases shall C<lusecach SLlbtcnant to
agrceto) exccllteand deliver such fwtherin;;trument orinstrumtmts subordinating this Lease to
the lien ufany sLlch indebtedness us llillY b", desircd by the holderthcrco[ and Lcs;;u[ hercby
uppoint;;(andbyth<:lellTISOftheSub1eusesshaJJcaLlseeach Subtmantstoappoint) Lessura<;
it;;, his Or her attorney-in-fact to execute any sllch instrument on b",halfof th", Lessee and all
Subt""ants, such interest being coupled with an intCl'cst and irrevoc able, pruvidcd that Lcs;;orhas
tics! rtxjuestcd Lessee to executc ;;uch an instrument and Lessee has failed to do so within scven
days.
8. Provision of Utilities. Lcssor shall arrange for provision to the Units ofelcctricity,
gas, and basic cablctelevision service ami watel',so:wcr and trasb removaL In thc cv",nt of
excc;;sive u;;e or waste of any such L1tility;;"",vicesprovided to any L:nit, Lessor may at its option
cause sLlch ",--.,-,ices to be separate1ymctcr",d and ifit docs so Lesscc shall pay the mekred
amount monthly. Lessor ;;hall fumi;;h heat to the Units during thc usual hcating season, Lessor
shall not be liabk for any claim ofdumagc;;, rebatc or chargc of any kind in caso: of the
int",mlptionofutilityorothcrs",rvicestothcl.:nitsoccasioned byaccidcnt, tailureofpowcr
;;Ilpplyor any othcrcause whatsoever beyond thc control of Lessor,
9. DamugeDc!X>sit Lc;;see shall, andthc SLlblea<;cs shall cause the Tcnants to. pay to
lc;;sor an amollnt equaJ to, in thc aggregate lor each l:nit, on", month's Ro:nt and Utility Charge,
prim to occupying Units, to bc held as a "Damage Do:posit". TI,e Damage Dcposit and/or any
othcrdeposits paid by tho: Subtcnants shall berefundcd by Lessee, in whokorin part, to sLlch
Subtenants, or th", Lessce if Lesscc was thc payer thcroot; 1,vithin sixty days after krruination of
their respective Sllbleases,pwvidcd that: (alall provisions and conditions oftheil'Tespcctive
Subleasc;;havebeen compJiedwith; (b) such Subtcnants havcmaintaincdandlcfl the L:nit;;
occupied by them in good order and condition as whcn the same were entered hy L<::ss"'e, loss by
fir"',orincvitableaccid",nt (cxc"'pt when caused by the neghgencc 0 fLesse;:: or the Subtemmt)or
ordinary wt'W" cxcepted (ordinary wear mcamng Wear which occurs without Lessee's or
Subknants' negligcnce, carelessness, accident or abllse); (c) !he affectcd l:nitsllavebccn
vacated. and all kcys have been returncd to Lcssor. THE DAi\IAGE DEPOSIT CA!\'NOT BE
APPLIED TO THE REKT OR UTILITY CHARGES UNDER nus LEASE OR ANY
SL'BLEA.SE BY LESSEE OR A"IY SL:BTENA!\T Oamag", Deposits and/or any othcl' deposits
may, hut arc not reqlliT",d to bc,depositcd into an interest-beuring acco LmtbyLo:ssor. InkresLif
allY, ",amed on mnounts deposited in any such account shall be thc property solely of Lessor. Thc
rd",vant Damage Deposit and all other do:posits aro: subject to deduction or fort",iture for unpaid
rent, L1tiJity cllarges. lak payments, rChlmed check charge;;, damagc to a Unit its contents or thc
comlllonarca~, snJokc or stain renJoval, Ilnretumcdkeys, administrativ", charges, r elettingfecs,
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collectioll 008tS and deallingdJargt\'i. Lessor shall use tho;; :Vlovc-in and Condi!ion FUllll Mtuched
!u!his lease in cvaluating damugcs to each Unit.
JO. Holdinc Over. If after the expiration ,,[this Lease, u,ssec Of any SuhtemUlts remain
in possession of any Units, with [he pmmssioll of Lessor bu[ witholltwtittell modifi<:ation ofthh
u,usc extending the tcnn of this LeUEC or modifYing the Hillollnt of Rent, such possession shall
!lot constitute a renewal of this LC;!se tvr all <)f any part of the tenn of this Lease, and LCMec
shalIbeatenan(,andanySuhtenantsshalIbcsubtenants,oftheaftected Units from month to
month at a monthly Rellt in Utilities Chargt' payable in advance, equal to 150% of the monthly
Rent and l)tiliti.", Charge payable under this Lca,e for the last month of the tellll ofthjs Lease,
bu! oth"nvise subjt'\.-t to all of the other knns and conditions of this [..eas".
II. Defimlt. [fLess.,., shall be in arrears m the payment of any instalImcll( of Rent,
Utility Charges, or other charges or any portion therwt: or in dcill-Illt of <lilY (lIthe covenants or
agreements in tl1is Lea.>e to be performed hy Lcssee, and sneh dcfault shall be uncorrected for a
period ofthrt'e days at1er Lt'ssor has given written nvtiee thercvf, or if Lessee shall he<:ome
insolvcnt, shall make any assignment for thc henc!l! Of'b creditors, shall bcunable to pay its
ohligations as thcy bccomcdlle, or if Lessec shall file orth.,,-e shall bc filed with respect to
Lessee any pctition vr order tor reliel' undt'r the fedo:ml hankruptcy laws or the bankruptcy or
insolvency lawsofanyotherjnri~diction, then and in thosceven!8 LCS80f may rcenter and take
posscssion 01' any or all of the Units without prejudi<:e to any remcdie8 tor arrcar~ of Rent vr
U!ility Charges or other SUlll8 duc und.,,- this Lea~e. If Le~sor eJcct8 to r""nter !he Units or take
possession thercofpursnan!to leg<il prvcecdings, Lcssormaywithout lerminatingthis Lease
tenninMe all vr any of !he Subleases tv pay, illld receive and collect directly from all such
Subtenants' fe8pective Sllblea~es, No sllch rcentry or taking P0~sessivn 01' any Units by u,%or
~hall be OllnstnJood a> an election by Lessor to !enninate thi8 Lea~e or any Sllblease unless it gives
Lcssee and, in thc casc vf Sublease~, the atT""ted Subtenants, and wriUtm no!i<:e of such a
termination, tf LCMor reposse8S any L'nits without terminatmg the relevant Subl""-Ses, or
to:illlinates any Sublca8es and relc!s the affcctt'd Units, Lessee shall pay !o LeS80r (i) the Rent and
Utility Charges and o!her amounts that would have been payable und.,,- this Lca,e if Lessor\
rcposso:~sion of such Units had not oecllrred, less (ii) !he net pm<:ecds, of any, of any
nnterminated SubIeascs of reletting of the Unit~ for which Subleases have been terminated, after
deducting all of Lessor'8 expenses in cOllllection with such collection andiorreletting, Ifthh
Lcase is !erminatcd, Lcssee shall rcmain liable tv Lessee tor dmnage8 in amoun! equal to the Rent
and Utility Charge~ and other amollnts payable und.,,- th,~ Lca8e tor thc halance of the tcnn of
this Lea>o: as il' this Lease had not beo:n terminated, less the nct proceed, vI' any, from any
~Uh8equent rcletting or any SUhlease8 ac<:epted and recognized by Lo:~sor as diroxt: leases from
LC~80r tv the Subtenants of the aff,,<:t Units, atter deducting all eXpell5CS asso<:iatcd therewith.
Lessee sh<ill pay sneh amounts to Lessor monthly, on the day~ on which 8uch sum~ otherwise
wOlJlld have b".,n payable. 'The right8 and remedies statcd ,nthis Scctionare cnmL1lative, and do
not limit or impair any other right or remooy at laworincquity.
12. Casualtv 1.0%. lI'any of the L'nits are rendered untcnantahle orm-e Uamaged or
destroyed by fire or other <:asualty and if in Lessor'~ rea~onable determination such repairs or
rebuilding cannot be snbstantially completed within thirty days afierthe occurrence of such
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casualty, thcn (i) this Lease shall terminate only as to the affected !.:nits and all Rent and Utility
Chargcs for thc aftcctcd Units shall be payable with re~pect to the period "mling upon the date of
such injury or damage, ami (ii) Lessor shall thcrcaftcr dcsignatc Available Units as Additional
Units in aL"<."lrdance with S~ction I of this Lcasc in substitution forthc l.'nits affected by such
casualty loss, and Lessee shall accept such Additionai Units if and to the cxtcnt so rcquircdby
S~ctioll L Ifanyofthc Units are rendered untenantable Or are damaged or d~tmyed by fire or
oth~r casualty and Lcssor dctermines to rebuild Or repair such Units. And if in L~s~or'
determination such repairs or r~building can substantially he completed within thirty <lays alter
the <lccurTh'1lcC of such e<ll'ualty, Lessor shall do so with reasonable diligcllcc and this Lease and
the Subleases of the aITe<:t~d Units ~haI! no! he afl"~cted, except that thc Rent and L'tiIity Chargcs
forthcaffectcd lIllits (or ajust and proportionate part therenfaccnrding tn the nature and extent
ot"the damage which has bccn sustained) shall be ahated until theal"feded r.:nit8hav~he~n~0
repairetlandre;tor~d.
13, Attomev' fee~. In the event of any dispute arising underthc tenus of this uase, or in
thc cvcnt of non-payment of any sllms ilnsing under thl~ Le-<l8e, the prevailing party in such
disputcshall beemitled, in addition to other damages or costs, torooc ~iver~a8onableattom"ys'
fees, costs illul "xpel15eSfi"()lllthcothcrparty.
14, Tn8UTilllCe. Lesse~ acknowledges that Lcssor's insurancc does not cover the personal
propcrty of Lessee, any Suhtenant~, or any of their guests. L"ssee shall advisc Subtenants to
purchase insurance coverage ]-(.,rIoS8 to personal property due to fire, thcft, watcr damage and
otherunfortllnateevenl~, liability coverage, and other appropriate insunmce covcrage.
15. Successors and Assigns. This Lea~e ~hall he binding on the parties and their
permitt~d successors and assigns, Exccpt as expressly permitted by this Lease, Lc:;~~e shall not
a~signanyofitsrightsorobligatiol15underthisLeaseorsuhletanyofthe Units without the prior
written <:onsent of Lc~sor. Any such assignment of sublease without such prior written consent
shall he void,
16 Mi$cellaneol.ls. Le~sorretams theunrestri<:t~drighttochangc, alter, abolish, or add
to any of the appurlenan<:es of the Units, as may ~e~m best to Lcssor, and to dispose of or rent
anyotherpnrlion ofth~huiIJing:sin which th~Units are located as LcssorcJccts, provided that
doing so does not intert'creunreasonabIy withLe8Se~'sorSllbknants' righthcrcundcr, Lcssec
has relied solely on the statement8 <:ontain~d in this L~a8e. This Lease cannot be llloditied cxcept
as agreed in writing hy LeS$Or and Lessee, No assent on the part ofth" L~ssor, cxpr"sscd or
implied, to any brcach or anyone or mOre of the <:OI'Cllallt8 or agreem~nts of Lesscc shall be
dCelllCdortakcntobeawaiverofanY8IlC<:oxJingorotherhre-<lchoranycontinuationofsuch
breach.
I'age5 of7
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IN WITNESS WHEROF, LF,SSOR and LESSF.E hal'e execllted thls Lea~~ Amclldm~nt.
LESSOR:
BllffaIo Ridge AffordllbIe HousiD Corporation
d!bfaBllffaloRidgeApa
By:
T,"eo ~4ed?--
Date: f4~__~
LESSEE:
Eagle County RegionaJ Trllllsportation t\llthority
By:
Name: _f/(1;,,::~.--1J.
Title: _bi~.k~__
DM' -*'^'--{~O, Q.brJf,~
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BUl"FALO RIDG[ APARTMENTS
ECO Master Lease
Schedule A
The 1,,!Iowing is a list ofilpartments that ECO RTA will he occupying <lC<:ording to the Ma~ter
Leasc and thcirrespc(,1ive rents:
L l:NlIi-Li'olT -----r MONTHL"l\lONIIILY I TOIALMONTHLYl
~LMBJ<:R~__TYPE ~RENT UTILJrIES _ R~;N~ ~
H 1.''':-+ J ""room >'.JCO =t== ""0 =i.: >1."000 ,
2 ~03_ 3Bool()om~$1.320 = _$200 t $1,52000=1
~ -i=1-JOl t--Jlkdro(}ID $U20 $200 $1.52000
_41-101., 3Bedroom] $I,~20 "=1== S200 :t=.. $1,52.000 -~
Hj__U~-----Barag~. ,,\i75._ . ----.1?~.'
~::J: :::1=1= ::::: l1i:=I=t= :;: =1
.8, (,.14 _--'---- J.'ara.s~ .575_ --t _ __.+-__.\i~.~
L----+--r--i---r
l~taII\IOI~thIYRent&etilitks~5580.0n._,$800.n~------,--_~~380.0(!_.1
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