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HomeMy WebLinkAboutC08-313y ~ Star PROPERTIES LLC Buffalo Ridge Apartments MASTER LEASE AGREEMENT THIS LEASE is made and entered into as of September 8, 2008 (the "Effective Date"), by and between Buffalo Ridge Affordable Housing Corp., a Colorado not-for-profit corporation ("Lessor") and Eagle County Regional Transportation Authority, herein referred to as ("Lessee"). Recitals Lessor is the owner of the Buffalo Ridge Apartments located at 930 Swift Gulch Rd., Avon, CO 81620, (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) of these Apartments ("Rental Units") in order to sublet to certain of its employees. Lessor is willing to lease such Apartments to Lessee for such purpose, on the terms and conditions stated in this Lease. Lease Lease of Rental 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 Apartments (collectively the "Rental Units") (referenced on Exhibit A). 2. Term. The term of this Lease shall commence on May 1, 2009 and shall terminate six (6) months thereafter. The Lease shall automatically renew for additional periods of six (6) months unless terminated by Lessee with five (5) months' prior written notice to Lessor. 3. Rent and Utility Charges. Lessee sha11 pay Lessor as rent under this Lease ("Rent"), and sha11 pay as Additional Rent any amounts as may be billed by Landlord for repairs performed by Landlord, based upon Lessee's willful or negligent acts or omissions, pursuant to paragraph 3 of the Rules and Regulations attached hereto as Addendum B, without right of setoff and regardless of whether there is in effect a Sublease with respect to any or all Rental Units: a. With respect to each Rental Unit, the monthly Rent stated on Exhibit A of this Agreement, adjusted as of the first day of the first month following each PO BOX 5350 • AVON, GO 81620 • 470-949-94]7 • FAX 970.949-6434 Potar Star Properties LLC Page 2 of 11 Master Lease Agreement Rev: 20080624 anniversary of the Effective Date to be equal, for each Rental Unit, to the monthly rate of rental then charged by Lessor for new rentals of similar Rental Units. In addition to Rent, Lessee shall pay Lessor an additional charge ("Utility Charge") for each Rental Unit initially in the amounts reflected on Exhibit A. Utility Charge rates are subject to change at any time upon thirty days written notification. 4. Payment. Rent, Additional Rent, Furniture and the Utility Charge for each Rental 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 of the Apartments. No invoice, billing or payment reminder will be forthcoming for amounts due under this Lease. In the event Landlord has only made available any Rental Unit for any partial month, the Rent and Utility Charge for that month shall be prorated on a per diem basis and Lessee will accrue a credit toward the next succeeding month's Rent and Utifity Charges for the affected Rental Unit. 5. Sublease of Units Permitted. Lessee shall be entitled to sublease Rental Units to its bona fide employees during the term of their employment by Lessee, or their employment by others, described in section 5 (a), below ("Lessee's Subtenants") for Rent and Utility Charges, 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 on a daily or weekly basis, nor 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 Lessor's tenants or Lessee's Subtenants 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 a Rental Application (a "Rental Application"), and shall verify that: a. At least one resident in each Unit has full time employment in Eagle County. 6. Late Payment. Rents, Additional Rent, 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, per Rental Unit, until paid in full. Lessee shall pay the prevailing charge for Lessee's payment processing fees, and (if adjudicated) treble damages as provided in local law. Lessee acknowledges that two checks returned for insufficient funds during the term will result in cash or money orders being required to pay Rent and Utility Charges for a period not to exceed three months following the attempt to pay Rent with a check returned for insufficient funds. If the Lessor elects to require payment by cash or money order, Lessor shall provide written notice thereof to the Lessee, accompanied by a copy of the returned check. PO BOX 5350 • AVON, CO 81620 • 970-949-9417 • FAX 970-949-6434 Polar Star Properties LLC Page 3 of 11 Master Lease Agreement Rev: 20080624 7. Certain Covenants of Lessee and Lessee's Subtenants. Lessee shall, and by the terms of its written Subleases with its Subtenants, required pursuant to paragraph 5, above, shall cause all Lessee's 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; b. Keep the Rental Units and Apartments in as good order and condition as when the same were entered by Lessee, loss by fire or casualty (except when caused by the acts or omissions of Lessee or the Lessee's Subtenant) or ordinary wear excepted ("ordinary wear" meaning wear which occurs without Lessee's or Lessee's Subtenants' negligence, carelessness, wil{fu{ accident or abuse) (collectively, "Excused Incidents"); c. Make certain that any insurance policies obtained by Lessee and/or by Lessee's Subtenants, insuring against losses or damage caused to the Rental Units or to the Apartments by Lessee or by Lessee's Subtenants, shall be primary as to all coverages provided, and that any such policies shall not require the filing of any claims by Lessor, under any policies of insurance which may be maintained by Lessor, prior to the payment of any claims for such damage made against Lessee's or Lessee's Subtenants' insurance policies; and that such insurance policies obtained by Lessee andJor by Lessee's Subtenants contain a waiver of subrogation provision; d. Bear responsibility for Lessee's Subtenant turnover and reasonable Rental Unit maintenance (Excused Incidents excepted) for the duration of the Lease and subsequent renewals; e. Except as otherwise permitted in this Lease, sublet no part of a Rental Unit nor assign this Lease or any Sublease without the express prior written consent of Lessor; 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, no matter how occasioned, or for any injury or damage arising from the acts of Lessee, any Lessee's Subtenant, any resident of any Rental Unit or Apartment, any guest of any such resident, or of any owners or occupants of adjoining property, excepting only injury or damage resulting from the gross negligence or intentional wrongful act of Lessor, its agents, service personnel or employees; g. Allow Lessor or any of its employees to enter any Apartment and Rental Unit at any time to make emergency repairs, or, upon reasonable notice to Lessee and the all of the affected Lessee's Subtenants, to inspect the Apartment and PO BOX 5350 • AVON, CO 81620 • 970.949-9417 • FAX 970-949-6434 Polar Star Properties LLC Page 4 of 11 Master Lease Agreement Rev: 20080624 Rental Units or, within 30 days prior to the end of the term of this Lease, to show the Apartment and Rental Units to prospective tenants or Lessee's Subtenants. 8. Subordination of Lease. This Lease and each Sublease shall be subordinate to the lien of any existing indebtedness, and all mortgage 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 Lessee's 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 reasonable requested by the holder thereof, and Lessor hereby appoints, (and by the terms of the Subleases shall cause each Lessee's Subtenant to appoint), Lessor as its, his or her attorney-in-fact to execute any such instrument on behalf of the Lessee and all Lessee's Subtenants, provided that Lessor has first requested Lessee and each Lessee's Subtenant to execute such an instrument and Lessee and each lessee's Subtenant has failed to do so within seven (7) days. 9. Provision of Utilities. Lessor shall arrange for provision to the Rental Units of adequate electricity, gas, water, sewer and trash removal together with snow removal and reasonable maintenance in common areas. In the event of documented excessive use or waste of any such utility services provided to any Apartment or Rental Unit, Lessor may, upon seven (7) days' written notice to Lessor and Lessor's failure to abate the abuse, at Lessor's option, levy associated fees or cause such services to be separately metered, and if it does so, Lessee shall pay the metered amount monthly. Lessor shall furnish adequate heat to the Apartments and Rental 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 Apartments of Rental Units occasioned by accident, failure of power supply or any other cause whatsoever beyond the control of Lessor. 10. Damage Deposit. Lessee shall, or the Subleases shall cause the Lessee's Subtenants to, pay to Lessor an amount equal to, in the aggregate for each Rental Unit, one month's Rent and Utility Charge, prior to occupying the affected Apartment and Rental Units, to be held as a "Damage Deposit". The Damage Deposit and/or any other deposits paid by the Lessee or Lessee's Subtenants shall be refunded by Lessor, in whole or in part, to such Lessee's Subtenants, or to the Lessee if Lessee was the payer thereof, within sixty (60) days after termination of their respective Subleases, provided that: (a) all provisions and conditions of their respective Subleases have been complied with; (b) such Lessee's Subtenants have maintained and left the affected Apartment and Rental Units occupied by them according to Section 7 (b), above; (c) the affected Apartments and Rental Units have been vacated, and (d) all affected 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. PO BOX 5350 • AVON, CO 8]620 • 970-949-9417 • FAX 970-949-6434 Polar Star Properties LLC Master Lease Agreement Page 5 of 11 Rev: 20080624 Within a reasonable time after notification of either party's intention to terminate an Apartment or Rental Unit tenancy, or before the end of the Lease term, the Lessor shall notify the Lessee or Lessee's Subtenant in writing of its, his or her option to request an initial inspection and of its, his or her right to be present at the initial inspection. At a reasonable time, but no earlier than two (2) weeks before the termination or the end of Lease or affected Sublease, the Lessor, or an agent of the Lessor, shall, upon the request of the Lessee or Lessee's Subtenant, make an initial inspection of the affected Apartment and Rental Unit prior to any final inspection the Lessor makes after the Lessee or Lessee's Subtenant has vacated such Apartment and Rental Unit. The purpose of the initial inspection shall be to allow the Lessee and/or Lessee's Subtenant an opportunity to remedy identified affected Apartment or Rental Unit repairs or cleaning, in a manner consistent with the rights and obligations of the parties under the Lease or Sublease, in order to avoid deductions from the Damage Deposit. If Lessee or Lessee's Subtenant chooses not to request an initial inspection, the initial inspection duties of the Lessor under this section are discharged. if an initial inspection is requested, the Lessor, Lessee and/or affected Lessee's Subtenant shall attempt to schedule the inspection at a mutually acceptable date and time. The Lessor shall give at least 48 hours' prior written notice of the date and time of the initial inspection if a mutual time either is agreed upon, or if a mutually agreed time cannot be scheduled but the Lessee or Lessee's Subtenant still wishes an initial inspection. The Lessee or Lessee's Subtenant and Lessor may agree to forego the 48-hour prior written notice by all signing a limited written waiver. The Lessor shall proceed with the scheduled initial inspection whether the Lessee or affected Lessee's Subtenant is present or not, unless the Lessee or affected Lessee's Subtenant previously withdrew his or her request for the initial inspection. Based on the initial inspection, the Lessor shall give the Lessee or Lessee's Subtenant a written itemized statement specifying repairs or cleaning that are proposed to be the basis of any deductions from the security the Lessor intends to make. 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 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 an Apartment or Rental Unit that does not qualify as an Excused Incident under Section 7 (b), its contents or the common areas, smoke or stain removal, unreturned keys, administrative charges, re-letting fees, collection costs and cleaning charges. Lessor shall use the Move-In Inspection form attached to this Lease, as Exhibit B, in evaluating damages to each Apartment and Rental Unit. 11. Holding Over. If after the expiration of this Lease, or any Sublease, Lessee or any Lessee's Subtenants remain in possession of any Apartments or Rental Units, with the permission of Lessor but without written modification of this Lease extending the term of this Lease or Sublease or modifying the amount of Rent, such possession PO BOX 5350 • AVON, CO 81620 • 970-949-9417 • FAX 970-949-6434 Polar Star Properties LLC Page 6 of 11 Master Lease Agreement Rev: 20080624 shall not constitute a renewal of this Lease for all or any part of the term of this Lease, and Lessee or Lessee's Subtenant, as the case may be, shall be Lessee or Lessee's Subtenant, of the affected Rental Units from month to month at a monthly Rent and Utility Charge payable in advance, equal to 150% of the monthly Rent and Utility 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. 12. Default. If Lessee shall be in arrears in the payment of any installment of Rent, Additional Rent, Utility Charge, 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 seven (7) 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, Additional Rent, or Utility Charge or other sums due under this Lease. If Lessor elects to reenter the Apartments or Rental Units or take possession thereof pursuant to legal proceedings, Lessor may, without terminating this Lease, terminate all or any of the Subleases and direct Lessee's Subtenants to pay Lessor directly, and, and Lessor shall receive and collect directly from all such Lessee's Subtenants respective Rent, Additional Rent, and Utility Charges. No such reentry or taking possession of any Apartments or Rental 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, written notice of such a termination. If Lessor repossess any Apartments or Rental Units without terminating the relevant Subleases, or terminates any Subleases and re-lets the affected Apartments or Rental Units, Lessee shall pay to Lessor (i) the Rent, Additional Rent, and Utility Charge and other amounts that would have been payable under this Lease as if Lessor's repossession of such Apartments and/or Rental Units had not occurred, less (ii) the net proceeds, if any, of any un-terminated Subleases of re-letting of the Apartments and/or Rental Units for which Subleases have been terminated, after deducting all of Lessor's expenses in connection with such collection and/or re-letting. If this Lease is terminated, Lessee shall remain liable to Lessor for damages in an amount equal to the Rent, Additional Rent, and Utility Charge 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 proceeds, if any, from any subsequent re-letting or any Subleases accepted and recognized by Lessor as direct leases from Lessor to the Lessee's Subtenants of the affected Apartments and/or Rental Units, after deducting all Lessor's expenses associated therewith. Lessee shall pay such amounts to Lessor monthly, on the days on which such sums otherwise would 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. PO BOX 5350 • AVON, CO 81620 • 970.944-9417 • FAX 970-949-6434 Polar Star Properties LLC Master Lease Agreement Page 7 of 11 Rev.' 20080624 13. Casualty Loss. If any of the Apartments and/or Rental 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 Apartments and/or Rental Units and all Rent and Utility Charges for the affected Apartments and/or Rental 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 Apartments and/or Rental Units as substitute Apartments and Rental Units in accordance with Section 1 of this Lease in substitution for the Apartments and/or Rental Units affected by such casualty loss, and Lessee shall accept such substitute Apartments and Rental Units. if any of the Apartments and/or Rental 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's 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 Apartments and/or Rental Units shall not be affected, except that the Rent and Utility Charges for the affected Apartments and/or Rental 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 Apartments and/or Rental Units have been so repaired and restored. 14. 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. 15.Insurance. Lessee acknowledges that Lessor's insurance does not cover the personal property of Lessee, any Lessee's Subtenants, or any of their guests. In each Sublease, Lessee shall advise Lessee's 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. 16. Successors and Assigns. This Lease shall be binding on the parties and their permitted successors and assigns. Except as expressly permitted by this Lease to Lessee's Subtenants, Lessee shall not assign any of its rights or obligations under this Lease or sublet any of the Apartments and Rental Units without the prior written consent of Lessor. Any such assignment or sublease without such prior written consent shall be void. 17. Miscellaneous. Lessor retains the unrestricted right to change, alter, abolish, or add to any of the appurtenances of the Apartments or Rental Units, as is best for Lessor and the project, and to dispose of or rent any other portion of the buildings in which the Apartments and/or Rental Units are located as Lessor elects, provided that doing PO BOX 5350 • AVON, CO 81620 • 470-944-9417 • FAX 970-949-6434 Polar Star Properties LLC Page 8 of 11 Master Lease Agreement Rev: 20080624 so does not interfere unreasonably with Lessee's or Lessee's Subtenants' rights hereunder, or under the Subleases. 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. 18. Quiet EnLyment. Lessor agrees that provided Lessee pays all Rent and Utility Charges and Lessee and Lessee's Subtenants otherwise perform their respective obligations according to the terms of this Lease and the Subleases, Lessee and Lessee's Subtenants shall peaceably and quietly enjoy the Apartments and Rental Units without interruption by Landlord, its agents, service personnel or their employees, subject, nevertheless, to the terms and conditions of this Lease and to the underlying mortgage lien and other matters herein mentioned. IN WITNESS WHEROF, LESSOR and LESSEE have executed this Lease Amendment. LESSOR: Buffalo Ridge Affordable Housing Corp. By: Name: Title: Date: LESSEE: Eagle County Regional Transportation Authority By: Name: GC~~ ~ l Df^ __rr . ~ .. Title: ,~ l h L' C~t-6 h Date: ~~. l ~ Do8 PO BOX 5350 • AVOTi, CO 81620 • 970-949-9417 • FAX 970-949-6434 Polar Star Properties LLC Master Lease Agreement Page 9 of 11 Rev: 20080624 Master Lease Agreement Exhibit A Lessor: Buffalo Ridge Affordable Housing Corp. Lessee: Eagle County Regional Transportation Authority The following is a list of Apartments that Lessee will be occupying according to the Master Lease and their respective rents: ~ ~ Total ~ ~ Monthly ,a? a~ .~ ~ ca Q, a Monthly Monthly Monthly Rent o! m Unit ~, Q ~. Rent Utilities Furniture Payment 1 1 103 2 $1,180 $185 $1,365 2 1 203 3 $1,410 $200 $1,610 3 1 204 3 $1,410 $200 $1,610 4 1 301 3 $1,410 $200 $1,610 5 1 304 3 $1,410 $200 $1,610 6 $0 7 $0 8 $0 9 $0 10 $0 11 $0 12 $0 13 $0 14 $0 15 $0 16 $0 17 $0 18 $0 19 $0 20 $0 21 $0 22 $0 23 $0 24 $0 25 $0 26 $0 $7,805 PO BOX 5350 • AVON, CO 81620 • 970-949-9417 • FAX 970-949-6434 Polar Star Properties LLC Page 10 of 11 Master Lease Agreement Exhibit B Lessor: Buffalo Ridge Affordable Housing Corp. Master Lease Agreement Rev: 20080624 Lessee: Eagle County Regional Transportation Authority Move-In Inspection Form Rental Unit: Date: 11/1/08 KITCHEN LIVING ROOM Stove Walls Burners Car et Oven racks Outlets Dri an Windows Refri erator Blinds Freezer Dishwasher BATH Tub Counters Shower Cabinets Sink Sinks Toilet Dis osal Li hts Hood filter Li hts PO BOX 5350 • AVON, CO 81620 • 970-949-94] 7 • FAX 970-949-6434 Polar Star Properties LLC Page 11 of 11 Master Lease Agreement Rev: 20080624 BEDR OOM BEDR OOM Car et Car et Windows Windows Walls Walls Li hts Li hts Closet Closet BEDR OOM BEDR OOM Car et Car et Windows Windows Walls Walls Li hts Li hts Closet Closet Additional Comments: Signatures: Landlord Eagle County Regional Transportation Authority Date Lessee: Date PO BOX 5350 • AVON, CO 81620 • 970-949-9417 • FAX 970-949-6434 rlarStar ~ rR~rERT1ES BUFFALO RIDGE APARTMENTS RULES AND REGULATIONS LEASE ADDENDUM B The owners of the apartments ("Landlord") have adopted the following Rules and Regulations to govern the use and enjoyment of the apartments ("Community"). The word "Community" includes all apartment Units and the Common Areas. Every Tenant, lessee guest, member of the Tenant's family, servants, employees, invitees, and licensees (collectively known as "Resident") are subject to and shall adhere strictly to these Rules and Regulations. The Landlord desires to insure the highest possible standard of living experience within the Community. In order to accomplish that objective, the Landlord must have the cooperation of all Residents. 1. Use. The Community shall be used only for residential purposes and for services, activities and recreation in conjunction with such residential use. No business activities of any kind whatsoever shall be conducted in any Unit or in any portion of the Common Area. However, the Landlord, or any Landlord designated rental office may conduct reasonable business activities on the property. Common Area. Common Area (landscape areas, parking areas, sidewalks and hallways) are for use by any Resident. Any common sidewalk, driveway, entrance or passageway shall not be obstructed or used for any other purpose that ingress to end egress from the Units, nor shall these be used as play areas. No resident shall place on, or remove from, the Community grounds plants of any description without the prior consent of the Landlord or the Landlord's designated Manager. External water faucets and electrical outlets located in common hallways are for the exclusive use of designated maintenance personnel and are not to be used by any Resident of the Community. 2. Insurance. Nothing shall be done within the Community which might result in an increase in the premiums of the insurance obtained by the Landlord for any portion of the Community or which might cause cancellation of such insurance. 3. Damages Caused by Acts or Omissions of Resident. In the event that any maintenance, repair or other work, {interior or exterior}, is required within the Community because of the acts or omissions of any Resident, the Landlord may perform such work or cause the same to be performed at such Resident's cost and expense, and, in the event that Landlord performs such work or causes same to be performed, Landlord shall bill such Resident therefor in the amount of Landlord's actual cost, plus twenty (20%) percent, to cover Landlord's overhead, which billed amount shall be considered as Additional Rent under the Lease, and shall be paid as Additional Rent on the rent due date next succeeding the date Polar Star Properties Page 2 of 5 Rules and Regulations Lease Addendum 6 Rev:200B0624 of the bill for such repairs.. Any failure by the Resident to pay such amount when due shall be considered a default under Paragraph 12 of the Lease. 4. Violation of the Law. Nothing shall be done within the Community which would be in violation of any statute, rule, ordinance, regulation, permit or validly imposed requirement of any government body. 5. Smoking. Smoking is not permitted in any common areas of any building including the laundry room and/or clubhouse. Smoking in any non-smoking area or improper disposal of cigarette or smoking refuse is a major lease violation and subject to a fine of $100 per incident, eviction and other remedies of the Lease. A fine of $500 per occurrence will be levied for any cigarette burn in any building, Apartment, Unit, balcony, patio or on property within the Community. 6. Alcohol. Alcohol or consumption of alcohol is not permitted in any Common Area of the Community. Violators will be warned and fined $100 per warned incident. Public intoxication is not permitted and will be dealt with by the local authorities. 7. Firearms and other deadly weapons. No Resident or guest of a Resident may possess or maintain in any Apartment or in the Common Area any less lethal weapon or dirk, dagger, folding knife with blade that locks into place, razor with unguarded blade, taser or stun gun, (except this latter provision is not intended to apply to ordinary kitchen utensils used as such). Violation is subject to a fine of $500, eviction or other remedies under the Lease. 8. Pets. Only small household pets will be permitted, with Landlord's prior approval, within the Community. Any Resident with an allowed pet must complete and comply with the terms of Lease Addendum D, Pet Exception. Acceptable pets include: • Fish, in a small aquarium not to exceed 10 gallons • Hamster, gerbils and similar animals confined to a cage within the Unit • Parakeets or similar type and size bird confined to a cage within the Unit • House cats are limited to two per unit and must be trained to use a fitter box inside the Unit No unauthorized pets are allowed, even temporarily, anywhere in the Community without the Landlord's prior written authorization. No unauthorized pets may be fed from the Unit or any part of the Community. Any unauthorized pet may be removed from the Community without notice and without liability to the Landlord or its agents. Violation of the foregoing by the Resident or Resident's guests or occupants, with or without Resident's knowledge or permission, will subject Resident to a penalty of $10.00 per day, damages, eviction and other remedies of the lease. 9. Trash and Unsightly Uses. Outside garbage containers have been provided on the Community. The containers are located adjacent to the parking areas. All garbage shall be placed in sealed plastic bags; all boxes must be broken down, and disposed of in the garbage containers provided. No trash shall be brought in from off the property. Any over- size items that cannot be conveniently placed in the dumpster require a special pick-up. The Manager will arrange this for the requesting Resident and bill the additional charge to Polar Star Properties Page 3 of 5 Rules and Regulations tease Addendum B Rev:20080624 the Resident. No part of the Common Area shall be used either for storage of personal property or for dumping of garbage, trash or waste. 10. Patios and Decks. No Resident shall store, display or dispose of any items or material on any patio or deck other than furniture. No rugs or other materials shall be dusted from windows, patios or decks by beating or shaking. No additional lighting shall be installed on any patio or deck. 11. Grills. No barbeque grills of any type are permitted on the Community. Grill pits, if allowed, have been constructed for your use at several locations on the Common Area. 12. Parking Areas. Each Unit is provided with up to two parking spaces. Designation of parking spaces, if applicable, is as described in Addendum D "General Information" of this lease. The Resident will be issued up to two parking permits to be placed on any vehicle which will utilize parking areas within the Community. No Unit may have more than two vehicles. No commercial vehicle, no trucks and no recreational vehicles shall be stored or parked within the Community. Trucks and commercial vehicles shall include, but are not limited to motor homes, motor coaches, buses, pick-up trucks with camper tops or similar accessories, camping trailers or trailers of any type. Any vehicle parked in any area not designated for such a vehicle, or without proper parking permit, or in a designated fire lane, or without proper registration may be towed or immobilized at the vehicle owner's expense at the option of the Manager. • During the winter months ALL vehicles shall be moved every 24 hours in order to permit snow removal and to prevent the buildup of ice and snow between vehicles. • Vehicles shall not be driven on the lawns or in any area other than parking areas and driveways. 13. Inoperative, Unused, Unregistered or Abandoned Vehicles. No inoperative, unused or abandoned vehicle (Derelict) shall be stored, parked, maintained or kept upon any part of the Community. Derelict vehicle shall mean any vehicle without a proper parking permit or which has not been driven under its own propulsion or has not been moved outside of the Community for a period of one (1) month. Derelict vehicles shall be subject to ticketing, immobilization and/or towing at the expense of the vehicle's owner as provided herein and by applicable law. 14. Automotive Maintenance. No automotive maintenance, mechanical, body or engine work, overhauling or similar automotive repair work shall be performed in any portion of the Community. Only minor upkeep on personal vehicles shall be permitted such as waxing, but specifically excluding washing, oil change or tune up. 15. Improvements. No exterior television or other antenna of any sort shall be placed, allowed or maintained upon any portion of the Common Area. No work of any kind shall be done upon the exterior building walls, in the hallways or Common Area. Upon prior written approval by the Manager, a satellite dish may be used if not affixed to any portion of the building exterior. A satellite dish may only be installed on a deck or patio with a freestanding tripod. The location and height of the unit must be pre-approved by the Manager. Polar Star Properties Page 4 of 5 Rules and Regulations Lease Addendum 13 Rev;20080624 • No Resident shall install wiring for electrical or telephone installation or for any other purpose, nor shall any television or radio antennae, machines, or air conditioning units be installed on the exterior of the Community, nor shall any similar improvement that protrudes through the walls or the roof of the Unit be constructed without the prior written approval of the Landlord. 16. Right of Entry. The Landlord through its duly authorized Manager shall have the right in case of any emergency originating in or threatening a Unit, or in the case of circumstances existing within a Unit which may affect the health or well-being of other Residents in the Community, to enter therein immediately without request. 17. Keys and Locks. At the time of move-in each Resident is provided a key to his/her Unit. Each lock is keyed to a master which is controlled by the Manager. At no time during the tenancy shall the Resident re-key the lock or place additional locks upon the doors of the Unit. If a key is lost it may be replaced for a fee of $20.00. At the termination of the lease all keys to the Unit shall be returned to the Manager. 18. Children. Children shall be supervised by an adult when in the Common Area and shall not play in any parking area, hallway, stairwell, laundry room or clubhouse. There is an 8:00 PM curfew for bicycle riding; violators will be charged $25.00 per incident. 19. Exterior Decoration. No Resident shall hang from, drop from or affix to any window, door or Common Area any sign or other item without the prior written approval of the Landlord. Window coverings or items visible from the Common Area must be tasteful and in accordance with the goals set for the appearance of the Community. 20. Interior Maintenance. The Resident will comply with all police, fire and sanitary regulations imposed by any municipal, state and federal authority either now in force or hereinafter acted, and to use the Unit for no improper or questionable purposes whatsoever. The Resident will affix no tape or adhesive products, or drive nails, tacks or screws into the walls, ceilings, doors or woodwork of the Unit nor make any addition, alteration or repairs without express written approval of the Landlord. The Resident will keep the Unit and every part thereof in good, clean and sanitary condition and appearance, free from dirt, filth, waste or any flammable or dangerous material, also free from objectionable odors. The Resident will throw or permit anything to be thrown from the Unit. • The cost and replacement of interior light bulbs is the responsibility of the Resident. Such replacement is to be made with a product of similar type, quality and wattage. • Interior walls may be decorated with pictures posters and similar lightweight materials. Only standard picture hooks designed to cause minimum damage to walls are to be used. In no instance may molly bolts or wall anchors of any type be used. • Any damage caused to a Unit by a Resident will be repaired at the Resident's expense. • Any insurance policies obtained by Resident, insuring against losses or damage caused to the Community by Resident, shall be primary as to all coverages provided, and shall not require the filing of any claims by Landlord, under any policies of insurance which may be maintained by Landlord, prior to the payment of any claims for such damage made against Residents' Polar Star Properties Page 5 of 5 Rules and Regulations Lease Addendum 6 Rev:20080624 insurance policies; and that such insurance policies obtained by Resident contain a waiver of subrogation provision; 21. Laundry Facility. For your convenience, a laundry has been provided. The laundry facility is for the use of all Residents and should be kept in a clean and tidy condition. If you encounter difficulty with the machines, contact the Automatic Laundry at the numbers posted in the laundry facility. 22. Noise and Nuisances. Residents shall respect the peace of their neighbors. In no event shall any person play musical instruments, shout or operate audio equipment or otherwise make excessive noise which may be heard outside that person's Unit particularly between the hours of 10:00 PM and 8:00 AM. Excessive noise will not be tolerated at any time. 23. Reporting Deficiencies. Any Resident who observes a condition within the Common Area which requires maintenance should report it to the Manager during office hours. Any condition which requires emergency attention should be reported immediately to the Manager. If an interruption of any furnished utility services (plumbing, heating, electricity or cable TV) is experiences within the Resident's Unit it should be reported immediately to the Manager. If the condition is observed after-hours it can be reported by phone to the Leasing Office. In necessary, leave a message a member of the maintenance staff will assist you. 24. Personal Property. Any personal property which is left in any Common Area will be presumed abandoned and may be disposed of by the Landlord or its agents at no liability to the Landlord. The Landlord assumes no liability for, nor shall it be liable for any loss or damage to articles stored in any Common Area. 25. Additional Rules. The Landlord may promulgate such additional rules and regulations from time to time, as the Landlord may deem necessary for the safety, care, cleanliness and maintenance of the Community. 26. Rule Violations. Any violation of the Rules and Regulations may be considered a violation of the lease. 27. Manager /Leasing Office. The Manager /leasing office is located in the clubhouse. Office hours are Monday through Friday, 8:00 AM to 5:00 PM. Saturday hours may be posted; check with the leasing office. The office is closed on Sunday. Landlord: Name Address Phone Signatures: Buffalo ridge Affordable Housing Corp. P.O. Box 5350 Avon, CO 81620 970.949.9417 Signature Eagle Cou Tonal Tr O-'~'D on Authority Date Signature of Manager Date