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HomeMy WebLinkAboutECHDA19-007 6 West Apartments LLC Purchase AgreementDEED RESTRICTION PURCHASE AGREEMENT
THIS DEED RESTRICTION PURCHASE AGREEMENT (the "Agreement") is made this
_________ (the "Effective Date"), by and between the Eagle County Housing
and Development Authority (the "ECHDA") and 6 West Apartments LLC, a Colorado limited
liability company with an address of 1677 Buffehr Creek Road, Vail, Colorado 81657
("Developer") (each a "Party" and collectively the "Parties").
WHEREAS, Developer is the owner of certain real property more particularly described in
Exhibit A, attached hereto and incorporated herein by this reference (the "Property");
WHEREAS, Developer is developing the Property for residential housing (the
"Development");
WHEREAS, Developer has agreed to place certain restrictions on the use and occupancy
of 13 residential dwelling units in the Development for the benefit of the ECHDA, as set forth in
the deed restriction attached hereto and incorporated herein as Exhibit B (the "County Deed
Restriction");
WHEREAS, the Town of Vail (the ''Town") intends to purchase a separate deed restriction
on 23 additional residential dwelling units in the Development (the ''Town Deed Restriction"); and
WHEREAS, the County Deed Restriction is of value to the ECHDA, and the ECHDA is
willing to compensate Developer for the value of the County Deed Restriction.
NOW, THEREFORE, for and in consideration of the mutual promises and covenants
contained herein, the receipt and sufficiency of which is mutually acknowledged, the Parties agree
as follows:
1.General Description of Development. The Development will consist of 120 residential
dwelling units (each a "Unit" and collectively the "Units"), together with associated landscaping,
lighting, driveway, parking and walkway improvements. The ECHDA is purchasing the County
Deed Restriction on 13 Units (the "County Units") and the Town is purchasing the Town Deed
Restriction on 23 Units (the "Town Units"). The remaining 84 units are deed restricted by the
Developer as Resident Occupied Eagle County units per the Restrictive Covenant Imposing
Occupancy Restrictions At 6 West Apartments For The Benefit of Eagle County Housing and
Development Authority, recorded March 1, 2018 at reception no. 201803210 of the Records of
the Eagle County Clerk and Recorder.
2.Conveyance. Under the terms and conditions of this Agreement, Developer agrees to
convey, sell, transfer and assign to the ECHDA, and the ECHDA agrees to purchase from
Developer, the County Deed Restriction on the County Units. As each County Unit is completed
and a temporary or permanent certificate of occupancy that allows occupancy is issued, the
ECHDA shall purchase each County Deed Restriction for the Purchase Price set forth in Section
3 hereof.
3.Purchase Price. At the closing on the sale of each County Deed Restriction ("Closing"),
the ECHDA shall pay Developer $27,173.91 per County Deed Restriction (the "County Purchase
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Price”),foratotalof$353,260.83.DevelopershallensurethattheTown’spurchasepriceisthesamefortheTownDeedRestrictionstobepurchasedbytheTown,andiftheTown’spurchasepriceisless,theCountyPurchasePriceshallbereducedaccordingly.4.Closing.ClosingsshalloccuraseachphaseofthePropertyiscompletedandreadyforoccupancy,andOwnershalldesignateaportionoftheUnitsineachphaseasCountyUnitsroughlyinproportiontothefinalratioof13CountyUnitsto120totalUnits.EachClosingwilloccuratamutuallyagreeablelocation,atadateagreeduponbytheParties,within14daysofissuanceofthecertificateofoccupancyforaCountyUnit.TheCountyDeedRestrictionshallberecordedagainstthePropertyatthefirstclosingonaCountyDeedRestriction.AteachClosing,itisaconditiontotheECHDA’sobligationtoclosethatDeveloperhasperformedallofitsobligationsunderthisAgreementandDeveloper’srepresentationsandwarrantiesunderSection7ofthisAgreementremaintrueandcorrectinallmaterialrespectsasifmadeonthedateoftheClosing.5.NoticeandConsent.DevelopershallnotifyeverypersonorentityholdingalienorotherencumbranceonthePropertyofthepurchaseoftheCountyDeedRestrictionsbytheECHDA,andifnecessary,obtaineachoftheirconsenttotherecordingoftheCountyDeedRestrictionagainsttheProperty.6.TerminationbytheCounty.TheECHDAmayterminatethisAgreementbeforetheECHDApaystheCountyPurchasePricefortheCountyDeedRestrictiononall13CountyUnitsimmediatelyuponwrittennoticetoDeveloperifeitherofthefollowingoccurs:a.DeveloperfailstoexecuteorrecordtheCountyDeedRestrictionatthefirstClosing;orb.TheECHDA’sauthoritytopurchasetheCountyDeedRestrictionischallengedinacourtofcompetentjurisdictioninalawsuitfiledbeforeallClosingsoccur.IntheeventofterminationunderSection6.a.above,theECHDAshallnotpaytheCountyPurchasePricefortheCountyDeedRestrictions.IntheeventofterminationunderSubsection6.b.above,theECHDAshallnotpaythebalance,ifany,oftheCountyPurchasePricefollowingthefilingofsuchlawsuit,andintheeventthechallengetotheECHDA’sauthoritytopurchasetheCountyDeedRestrictionissuccessful,DevelopershallreturntoECHDAanyfundspaidbytheECHDAfortheCountyDeedRestrictionunderthisAgreement.7.RepresentationsandWarranties.Developerherebyrepresentsandwarrantsthatthefollowingstatementsarenow,andwillbeasoftheclosingdate,trueandcorrect,toDeveloper’sactualknowledge,andDevelopershallgivetheECHDApromptwrittennoticeifanyoftherepresentationsorwarrantiesmadebyDeveloperinthisAgreementarenolongertrueorcorrectinanymaterialmanner:a.Thereisnoaction,suitorproceedingpending,ortothebestofDeveloper’sknowledgethreatened,againstorotherwiseaffectingDeveloperorthePropertyinanycourtoflaworequity,orbeforeanygovernmentalauthority,inwhichanadversedecisionmightmateriallyimpairDeveloper’sabilitytoperformitsobligationsunderthisAgreement.2DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
b.ThereisnopendingorthreatenedcondemnationorsimilarproceedingaffectingtheProperty.c.ExceptfortheinchoatelienrightsofthecontractorsandsupplierscurrentlyconstructingtheDevelopment,exceptfortheDeedofTrustdatedMay9,2018infavorofFirstBankasthebeneficiary,whichwasrecordedatReceptionNumber201808084,andexceptfortheotherexistingrecordedencumbrancesthataffecttitletotheProperty,therearenoliens,encumbrances,orotherinterestsintheProperty,eitherrecordedorunrecorded.8.County’sRemedies.InthecaseofabreachofthisAgreementbyDeveloperbeforeallClosingsareconsummated,theECHDAmayterminatethisAgreementbywrittennoticetoDeveloper,andtheECHDAshallhaveallremediesavailableatlaworequityforsuchbreach,includingtheremediessetforthinSection6,aboveorspecificperformance.9.Miscellaneous.a.Modification.ThisAgreementmayonlybemodifiedbysubsequentwrittenagreementoftheParties.b.Integration.ThisAgreementandanyattachedexhibitsconstitutetheentireagreementbetweenDeveloperandtheECHDA,supersedingallpriororalorwrittencommunications.c.BindingEffect.ThisAgreementshallbebindinguponandinuretothebenefitofthepartiesheretoandtheirrespectiveheirs,successorsandassigns.d.Severability.IfanyprovisionofthisAgreementisdeterminedtobevoidbyacourtofcompetentjurisdiction,suchdeterminationshallnotaffectanyotherprovisionhereof,andalloftheotherprovisionsshallremaininfullforceandeffect.e.GoverningLawandVenue.ThisAgreementshallbegovernedbythelawsoftheStateofColorado,andanylegalactionconcerningtheprovisionshereofshallbebroughtinEagleCounty,Colorado.f.Assignment.ThereshallbenotransferorassignmentofanyoftherightsorobligationsofDeveloperunderthisAgreementwithoutthepriorwrittenapprovaloftheECHDA.g.ThirdParties.Therearenointendedthird-partybeneficiariestothisAgreement.h.Contingency;NoDebt.PursuanttoArticleX,§20oftheColoradoConstitution,anyfinancialobligationsoftheECHDAunderthisAgreementarespecificallycontingentuponannualappropriationoffundssufficienttoperformsuchobligations.ThisAgreementshallneverconstituteadebtorobligationoftheECHDAwithinanystatutoryorconstitutionalprovision.NoJointVenture.Notwithstandinganyprovisionhereof,theECHDAshallneverbeajointventureinanyprivateentityoractivitywhichparticipatesinthisAgreement,andthe3DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
ECHDAshallneverbeliableorresponsibleforanydebtorobligationofanyparticipantinthisAgreement.j.Notice.AnynoticeunderthisAgreementshallbeinwriting,andshallbedeemedsufficientwhendirectlypresentedorsentpre-paid,firstclassUnitedStatesMailtothePartyattheaddresssetforthonthefirstpageofthisAgreement.k.GovernmentalImmunity.TheECHDA,EagleCountyanditsofficers,attorneysandemployeesarerelyingon,anddonotwaiveorintendtowaivebyanyprovisionofthisAgreement,themonetarylimitationsoranyotherrights,immunities,andprotectionsprovidedbytheColoradoGovernmentalImmunityAct,C.R.S.§24-10-101,etseq.,asamended,orotherwiseavailabletotheTownanditsofficers,attorneysoremployees.WHEREFORE,thePartieshaveexecutedthisAgreementasoftheEffectiveDate.EAGLECOUNTYHOUSINGANDDEVELOPMENTAUTHORITYChairATTEST:4DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
STATE OF (1{bl'Q. cU)
COUNTY OF � Cl J / ..e__
) ss.
)
By:
By:
M
West Edwards Apartments LLC, a Colorado limited liability company, its Managing ember -�� ;::;;: 0
Stephen S. Spessard, its manager
1 1 ij--The foregoing instrument was subscribed, sworn to, and acknowledged before me this I '1' day of U(!.£rnbv; 2018, by Stephen S. Spessard.
My commission expires: 3d&c2 l
(S E A MICHELLE M RYMER
NOTARY PUBLIC �TATE OF COLORADO NOTARY ID 19964020588
MY COMMISSION EXPIRES 03/26/21
Notary Public
s
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EXHIBITALEGALDESCRIPTIONLot1,FinalPlatofthe6WestApartmentsSubdivision,EagleCounty,Colorado,recordedintherecordsoftheEagleCountyClerkandRecorderatReceptionNumber201803207.6DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
EXHIBIT B
DEED RESTRICTION
FOR THE OCCUPANCY OF 6 WEST APARTMENT HOMES
THIS DEED RESTRICTION FOR THE OCCUPANCY OF 6 WEST APARTMENT
HOMES (the "Deed Restriction") is made and entered into this____ (the
"Effective Date"), by and between the Eagle County Housing and Development Authority, (the
"ECHDA"), and 6 West Apartments LLC, a Colorado limited liability company with an address of
1677 Buffehr Creek Road, Vail, Colorado 81657 ("Owner") (each a "Party" and collectively the
"Parties").
WHEREAS, Owner is the owner of certain real property more particularly described in
Exhibit A, attached hereto and incorporated herein by this reference (the "Property");
WHEREAS, Owner is developing the Property for rental housing (the "Development"); and
WHEREAS, Owner has agreed to restrict 13 of the residential dwelling units being
constructed in the Development as set forth in this Deed Restriction.
NOW, THEREFORE, in consideration of the promises and covenants hereinafter set for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree as follows:
1.Defined Terms. For purposes of this Deed Restriction, the following terms shall have the
following meanings:
a."Eligible Households" means Households that (i) will use the Unit as their Primary
Residence, (ii) meet the employment qualification criteria below in subsection 1.a.i., and (iii)
comply with the real estate ownership limitation below in subsection 1.a.ii. Each of the criteria
are further defined below:
i.Employment Qualification:
1.At least one member of the Household must meet one or more of
the following criteria:
a.Has earned a living primarily in Eagle County by having
worked an average of at least thirty (30) hours per week on an annual basis
at a business with an office or job site physically located in Eagle County
(multiple jobs in Eagle County may be combined to reach 30 hours per
week); or
b.Has been hired for a job in Eagle County on a permanent
basis to work at least thirty (30) hours per week; or
c.Households that make their home in Eagle County but work
for an employer or employers that are located outside of Eagle County (i.e.
telecommuters) may be considered eligible if all other eligibility
requirements are met and the Household can prove Eagle County
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residencyforatleast1yearbeforeapplicationsubmission;ord.Isovertheageofsixty(60)andhadearnedalivingprimarilyinEagleCountypriortohisorherretirement;ore.Isadisabledpersonwhohadbeenafull-timeemployeeinEagleCounty(subjecttotheretirementexception)foraminimumoftwoyearsimmediatelypriortohisorherdisabilityorhasbeengrantedanexceptiontotheminimumof30hoursperweekinordertocontinuewithafederalorstatebenefitprogram,ifthepersonworksthemaximumnumberofhoursperweektheprogramwillallow;orf.Cumulatively,earnedatleast75%oftheHousehold’sGrossHouseholdIncomeinEagleCounty.ii.Limitsonowningotherrealestate:1.NomemberofanEligibleHousehold,including,butnotlimitedto,spousesandchildrenunder18yearsofage,mayownresidentialrealestateanywhereduringtheperiodoftimeaUnitisrentedtosuchEligibleHousehold.2.DuringtheperiodoftimeaUnitistentedtoanEligibleHousehold,noHouseholdmembershallownanyinterestaloneorinconjunctionwithothers,inanyotherresidentialrealestate.3.RealestatethatisownedbyaprospectiveEligibleHouseholdmaynotbedeededtoacorporationorotherpersonorentityexceptatfairmarketvaluenormayrealestatebedeededtoacorporationorotherlegalentityinwhichanyHouseholdmemberhasanyfinancialinterestinordertomeettherequirementssetforthinthissubsectionI.a.ii.b.‘QualifiedEmployer”meansanindividualorentitythatregularlyconductsbusinessinEagleCounty.QualifiedEmployersmaymasterleaseunitsandsubleasetoemployeeswhoaremembersofEligibleHouseholds.QualifiedEmployersmaynotimposeadditionalrestrictionstoUnitsinthePropertywithoutwrittenconsentoftheECHDAandtheOwner’spropertymanagerforthesubjectPropertyandtheUnits(the“PropertyManager”).c.‘GrossHouseholdIncome”meansthetotalamountofincomeaHouseholdearnsinoneyearfromallsourcesbeforetaxes.U.“Household”meansallindividualswhowilloccupyaUnitregardlessoflegalstatusorrelationtothepersonnamedasthetenantontheleasefortheUnit.e.“AnnualCertification”meansanannualcertificationunderoathbytheOwneroritsPropertyManagertotheECHDAstating,foreachmonthofthecalendaryear,thenumberofUnitsrentedtoEligibleHouseholdsinthatmonth,thenumberofUnitsrentedtosomeoneotherthananEligibleHouseholdinthatmonth,andthenumberofUnitsthatwerenotrentedinthatmonth.f.“PrimaryResidence”:aUnitisthePrimaryResidenceofaHouseholdaslongasoneormoremembersoftheHouseholdlivesintheUnitforatleast9outofany12months.The8DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
OwneroritsPropertyManagerwillrequirethetenantofeachUnitoccupiedbyanEligibleHouseholdtocertifyintheleasethattheUnitqualifiesastheHousehold’sPrimaryResidence.DeterminationofEagleCountyresidencystatusshallbebasedoncriteriaincludingbutnotlimitedto1)copyofdeedorpropertytaxstatement,or2)utilitystatementsfromserviceproviders,or3)otherdocumentationthattheOwneroritsPropertyManagerdeemsreasonablynecessarytomakeadetermination,suchasvoterregistrationinformation,placeofautomobileregistration,driver’slicenseaddressandincometaxreturns.g.“RentalGuidelines”meanstheguidelinesattachedasExhibitBheretoandincorporatedhereinbythisreference,asamended.h.“CountyUnits”meanstheUnitsthataresubjecttothisDeedRestriction.TheCountyUnitsarenotfixed,specificUnits,butmayfloat,aslongas,oncetheDevelopmentiscomplete,thetotalnumberofCountyUnitssubjecttothisDeedRestrictionisequalatalltimesto13.“Units”meansalloftheresidentialdwellingunitsconstructedontheProperty.2.BindingEffect.ThisDeedRestrictionshallberecordedintheofficeoftheEagleCountyClerkandRecorder,andshallconstituteacovenantandanequitableservituderunningwiththePropertyasaburdenthereon,forthebenefitof,andenforceableby,EagleCounty(the“County”),theECHDAandtheirrespectivesuccessorsorassignsortheirdesignee,Owner,andanysubsequentowneroftheProperty,byanyappropriatelegalactionincludingbutnotlimitedtospecificperformance,injunction,reversion,oreviction.ThisDeedRestrictionshallbindOwnerandalloccupantsoftheCountyUnits.EachandeveryoccupantofaCountyUnitshallbepersonallyobligatedhereunderforthefullandcompleteperformanceandobservanceofallcovenants,conditionsandrestrictionscontainedhereinthatareapplicabletosuchoccupantduringsuchoccupant’srespectiveperiodofoccupancyofaCountyUnit.EachandeveryconveyanceofthePropertyoraportionthereof,orinteresttherein,forallpurposes,shallbedeemedtoincludeandincorporatebythisreference,thecovenantscontainedinthisDeedRestriction,evenwithoutreferencetothisDeedRestrictioninanydocumentofconveyance.3.OccupancyandUse.a.SubjecttotheRentalGuidelines,eachCountyUnitshallbeoccupiedatalltimesbyanEligibleHousehold.AUnitthatisrentedforatermoflessthan30consecutivedayswillnotqualifyasbeingrentedtoanEligibleHousehold.AUnitthatismasterleasedtoaQualifiedEmployerforsubleasetoitsemployeeswhoaremembersofEligibleHouseholdswillqualifyasaUnitthatisrentedtoanEligibleHousehold.b.NobusinessactivityshalloccuronorinaCountyUnit,otherthanaspermittedwithinthezoningdistrictapplicabletotheProperty.4.CountyUnitLease.NoCountyUnitshallbeleasedoroccupiedwithoutalease.EachCountyUnitshallhaveonlyoneleaseatanyonetime.WhenleasingCountyUnits,OwnershallnotdiscriminatebetweenCountyemployees,employeesofbusinessesintheCounty,andothertenantswithrespecttotherentcharged,theamountofthesecuritydepositrequired,oranyothermaterialleaseterms.EachCountyUnitleaseshallexpresslyprovidethatsuchleaseissubjecttothisDeedRestrictionandshallcontainabriefsummaryofthisDeedRestriction,includingtheremediesuponaviolationorbreachofthetermsofthisDeedRestriction,andshallincorporatethetermsandconditionsofthisDeedRestriction.9DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
5.RightToTerminateLease.NothinghereinshallpreventOwnerfromterminatingtheleaseofaEligibleHousehold,ortakinganyotherlegalactionagainstaEligibleHouseholdbaseduponanytenant’sbreachofthetermsofthelease;providedthatifatenantofaCountyUnitmisrepresentshisorherHousehold’sstatusasanEligibleHousehold,Ownershallterminatetheleaseinadditiontoanyotheravailableremedies.6.Inspection.Inanon-emergencysituation,iftheECHDAorOwnerhasreasonablecausetobelievethatanoccupantofaCountyUnitisviolatinganyprovisionofthisDeedRestriction,theECHDAorOwnermayinspecttheCountyUnitbetweenthehoursof8:00amand5:00pm,MondaythroughFriday,afterprovidingtheoccupantwithnolessthan24hourswrittennotice,whichnoticemaybegivenbypostingonthefrontdooroftheapplicableCountyUnit.NothinghereinshallprecludetheECHDAorOwnerfromaccessingaCountyUnitinanemergencysituationwherethereisanimminentthreattoperson(s)orproperty.7.AnnualVerification.NolaterthanFebruary1stofeachyear,beginningintheyearfollowingthefirstyearofoccupancyoftheProperty,OwnershallsubmitawrittenstatementtotheECHDAincludingthefollowinginformationandcertifyingthatsuchinformationistrueandcorrecttothebestofOwner’sknowledgeandbelief:a.AlistoftenantswhooccupiedtheCountyUnitsinthepriorcalendaryearandtheevidencesubmittedbysuchtenantstoestablishthattheirHouseholdswereEligibleHouseholds;b.AcopyoftheleaseformcurrentlyusedfortheCountyUnits;andc.Copies(whichmaybeelectronic)ofallapplicationinformationsubmittedbyEligibleHouseholdsoccupyingCountyUnits.OwneroritsPropertyManagershallmakeOwner’srecordswithrespecttotheuseandoccupancyoftheCountyUnitsavailabletotheECHDAoritsauthorizedagentforinspectionuponrequestforaudittoconfirmcompliancewiththisDeedRestriction.8.RighttoRedeem.UnderC.R.S.§38-38-305,ECHDA,astheholderofthisDeedRestriction,isconsideredasalienor,butwithoutanylienamount,witharighttoredeemupontheforeclosureofasuperiorlien,inaccordancewithArticle38ofTitle38,C.R.S.,asamended.9.SuperiortoLiens.ThisDeedRestrictionissuperiortoeachmortgage,deedoftrust,andanyotherlienrecordedagainstallorpartoftheProperty,andbyrecordingamortgage,deedoftrust,orotherlienagainstalloranypartoftheProperty,thelienoracknowledgesandagreesthatitsmortgage,deedoftrust,orotherlienissubordinatetothisDeedRestriction,andthatthisDeedRestrictionshallremaininfullforceandeffectandcannotbeterminated,extinguished,orotherwiseaffectedbyaforeclosureofanymortgage,deedoftrust,orotherlienoranyconveyanceofthePropertyinlieuofanysuchaforeclosure.10.Violations.a.IfOwnerdiscoversaviolationofthisDeedRestrictionbyanoccupantofaCountyUnit,oriftheECHDAnotifiesOwnerinwritingthatthereisaviolationofthisDeedRestrictionbyanoccupantofaCountyUnit,Ownershallsendanoticeofviolationtotheoccupantdetailingthenatureoftheviolationandallowingtheoccupant10daysfromthedateofthenoticetocuresaidviolationtothereasonablesatisfactionofOwnerandtheECHDA.NoticemaybegivenbypostingonthefrontdooroftheapplicableCountyUnitorbyotherlawfulmeans,Iftheviolationisnot10DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
curedwithinsuchtime,theviolationshallbeconsideredaviolationofthisDeedRestrictionbytheCountyUnitoccupant.b.IftheECHDAoritsdesigneediscoversaviolationofthisDeedRestrictionbyOwner,theECHDAoritsdesigneeshallsendanoticeoftheviolationtoOwner,detailingthenatureoftheviolationandallowingOwner30daystocuresaidviolationtothereasonablesatisfactionoftheECHDA.Ifaforcibleentryanddetainerisnecessarytoresolvetheviolation,theforcibleentryanddetainershallbecommencedwithinsuch30-dayperiodanddiligentlyprosecutedtocompletion.Iftheviolationifnotcuredwithinsuchtime,theviolationshallbeconsideredaviolationofthisDeedRestrictionbyOwner.11.Remedies.a.TheECHDA,theCounty,andtheirrespectivesuccessorsandassigns,asapplicable,ortheirdesignee,shallhaveanyandallremediesprovidedbylawandinequityforaviolationofthisDeedRestriction,includingwithoutlimitation:(I)damages,includingbutnotlimitedtodamagesresultingfromtheleasingofaCountyUnitinviolationofthisDeedRestriction;(ii)specificperformance;and(iii)injunction,includingbutnotlimitedtoaninjunctionrequiringevictionoftheoccupant(s)andaninjunctiontoprohibittheoccupancyofaCountyUnitinviolationofthisDeedRestriction.Allremediesshallbecumulative.b.Inadditiontoanyotheravailableremedies,ifOwnerisfoundtobeinviolationthisDeedRestriction(afterexpirationofanycureperiod),Ownershallbesubjecttoapenaltyof$100perviolationasdeterminedbytheECHDAineachinstance.EachoccurrenceisherebydeemedtobeaseparateviolationofthisDeedRestriction,andthepenaltymaybeimposedforeachandeverydayduringanyportionofwhichaviolationisfoundtohavebeencommitted,continuedorpermittedbyOwner.ThispenaltyshallnotapplyifitisdiscoveredthatanoccupantprovidedfalseinformationtoOwner,Ownerreasonablyreliedonsuchfalseinformation,andthefalseinformationcausedtheviolation.c.Ifadditiontoanyotheravailableremedies,ifanoccupantofaCountyUnitisfoundtobeinviolationofthisDeedRestriction(afterexpirationofanycureperiod),theoccupantshallbesubjecttoapenaltyof$100perviolationasdeterminedbytheECHDAoritsdesigneeineachinstance.EachoccurrenceisherebydeemedtobeaseparateviolationofthisDeedRestriction,andthepenaltymaybeimposedforeachandeverydayduringanyportionofwhichaviolationisfoundtohavebeencommittedorcontinuedbyanoccupant.d.ThecosttotheECHDAofanyactivitytakeninresponsetoanyviolationofthisDeedRestrictionbyOwner,includingreasonableattorneyfees,shallbepaidpromptlybyOwner;providedthat,ifacourtofcompetentjurisdictionfindsthatOwnerwasnotinviolationofthisDeedRestriction,Ownershallnotbeliableforsuchpayment.12.Term.ThisDeedRestrictionshallcommenceontheEffectiveDateandruninperpetuity.13.Notices.Anynotice,consent,orapprovalthatisrequiredtobegivenhereundershallbegivenbymailingthesame,certifiedmail,returnreceiptrequested,properlyaddressedandwithpostagefullyprepaid,toanyaddressprovidedhereinortoanysubsequentmailingaddressofthepartiesindicatedbelowaslongaspriorwrittennoticeofthechangeofaddresshasbeengiventotheallpartiesasindicated.Saidnotices,consentsandapprovalsshallbesenttothefollowingaddressesunless11DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
otherwisenotifiedinwriting:ToOwner:6WestApartmentsLLCdoStephenS.Spessard1677BuffehrCreekRoadVail,CO81657pssard(gorecreekpartners.cornToECHDA:EagleCountyHousingandDevelopmentAuthorityPostOfficeBox850Eagle,CO81631Withcopyto:EagleCountyAttorneyPostOfficeBox850Eagle,CO81631attorneys@eaglecounty.us14.Miscellaneous.a.Modification.ThisDeedRestrictionmayonlybemodifiedbyasubsequentwrittenagreementofthePartiesthatisrecordedwiththeClerkandRecorderofEagleCounty,Colorado.b.Assignment.NeitherthisDeedRestrictionnoranyoftherightsorobligationsofthePartiesshallbeassignedbyeitherPartywithoutthewrittenconsentoftheother,butOwnermayconveythePropertywithouttheECHDA’sconsent.Notwithstandingtheforegoing,theECHDAmayinitssolediscretionassignthebenefitsanddelegatetheresponsibilitieshereundertoapublicagencyorauthorityorganizedoroperatedinwholeorinparttoprovidehousingprogramsinEagleCounty.c.Severability.IfanyprovisionofthisDeedRestrictionisdeterminedtobevoidbyacourtofcompetentjurisdiction,suchdeterminationshallnotaffectanyotherprovisionhereof,andalloftheotherprovisionsshallremaininfullforceandeffect.d.GoverningLawandVenue.ThisDeedRestrictionshallbegovernedbythelawsoftheStateofColorado,andanylegalactionconcerningtheprovisionshereofshallbebroughtinEagleCounty,Colorado.e.ThirdParties.Therearenointendedthird-partybeneficiariestothisDeedRestriction.f.NoJointVenture.Notwithstandinganyprovisionhereof,theECHDAshallneverbeinajointventurewithOwner,andtheECHDAshallneverbeliableorresponsibleforanydebtorobligationofOwner.g.NoIndemnity.NothinghereinshallbeconstruedtorequitetheECHDAtoprotectorindemnifyOwneragainstanylossesattributabletotherentalofaCountyUnit,nortorequiretheECHDAortheCountytolocateanEligibleHouseholdforanyCountyUnit.12DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
h.GovernmentalImmunity.TheECHDA,theCountyanditsofficers,attorneysandemployees,arerelyingon,anddonotwaiveorintendtowaivebyanyprovisionofthisDeedRestriction,themonetarylimitationsoranyotherrights,immunities,andprotectionsprovidedbytheColoradoGovernmentalImmunityAct,C.R.S.§24-10-101,etseq.,asamended,orotherwiseavailabletotheCountyoritsofficers,attorneysoremployees.PerpetuitiesSavingsClause.Ifanyoftheterms,covenants,conditions,restrictions,uses,limitations,obligationsoroptionscreatedbythisDeedRestrictionshallbeunlawfulorvoidforviolationof:(a)theruleagainstperpetuitiesorsomesimilarstatutoryprovision,(b)therulerestrictingrestraintsonalienation,or(c)anyotherstatutoryorcommonlawrulesimposinglikeorsimilartimelimits,thensuchprovisionshallcontinueonlyfortheperiodofthelivesofthethen-currentdulyelectedandseatedEagleCountyCommissioners,andthethencurrentEagleCountyemployees,theirnowlivingdescendants,ifany,andthesurvivorofthem,plustwenty-one(21)years.j.Recording.ThisDeedRestrictionshallberecordedintherealpropertyrecordsofEagleCounty,Colorado.13DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
INWITNESSWHEREOF,thePartieshaveexecutedthisDeedRestrictionasoftheEffectiveDate.EAGLECOUNTYHOUSINGANDDEVELOPMENTAUTHORITYATTEST:OWNER6WestApartmentsLLCBy:WestEdwardsApartmentsLLC,aColoradolimitedliabilitycompany,itsManagingMemberBy:___StephenS.Spessard,itsManagerSTATEOFCOLORADO))ss.COUNTYOFEAGLE)Theforepinginstrumentwassubscribed,swornto,andacknowledgedbeforemethis)L,tdayof/)(2(?JJy),2018,byStephenS.Spessard,themanagerofWestEdwardsApartmentsLLC,aColoradolimitedliabilitycompany,astheManagingMemberof6WestApartmentsLLC,aColoradolimitedliabilitycompany.Mycommissionexpires:3?6s21EMICHELLEMRYMER(SEAL)•TATEOFCOLORADONotaryPublicNOTARYID19964020588IMYCOMMISSIONEXPIRES03/26/2114DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
EXHIBITALEGALDESCRIPTIONLot1,FinalPlatofthe6WestApartmentsSubdivision,EagleCounty,Colorado,recordedintherecordsoftheEagleCountyClerkandRecorderatReceptionNumber201803207.15DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
EXHIBITB6WESTAPARTMENTHOMESRENTALGUIDELINES1.Purpose.ThepurposeoftheseRentalGuidelinesistosetforththeoccupancyeligibilityrequirementsfortheCountyUnitspursuanttotheDeedRestrictiondated_____________,2018.2.Definitions.AllcapitalizedtermshereinshallhavethemeaningssetforthintheDeedRestriction.3.Administration.InaccordancewiththeDeedRestriction,OwnershalladministertheseRentalGuidelines,including,withoutlimitation,makingdeterminationsregardingtheeligibilityofapplicantstorentandoccupyeachCountyUnit.PriortoleasingorrenewingaleaseforaCountyUnit,eachtenantmustsignanindividualacknowledgementofacceptanceofthetermsoftheseRentalGuidelinesandtheDeedRestriction.4.EligibleHouseholds.Subjecttoparagraph8oftheseRentalGuidelines,tobeeligibleforconsiderationtoleaseaCountyUnit,theoccupantsmustqualifyasanEligibleHousehold.5.Application.TobecomeanEligibleHouseholdanindividualmustfirstprovidethefollowinginformationonanapplicationtobeprovidedbyOwner,andallapplicationsandaccompanyingdocumentationshallbecomethepropertyofOwnerandtheECHDAandwillnotbereturnedtotheapplicant:a.VerificationthattheapplicantisaEligibleHousehold,includingverificationoftheapplicant’scurrentemploymentandincome(e.g.,paystubs,employername,address,telephonenumber,andotherappropriatedocumentation)ORverificationthattheapplicantderivesatleast75%oftheapplicant’stotalannualgrossincomefromemploymentatoneormoreemployersinEagleCountyb.Avalidformofidentification,suchasadriver’slicense,state-issuedidentification,passportormilitaryidentification;c.AnyotherdocumentationthatOwnerortheECHDAdeemsnecessarytomakeadeterminationofeligibility;andd.Astatementsignedbytheapplicantcertifying,acknowledging,andagreeing:thatallinformationsubmittedinsuchapplicationistrue;thattheapplicanthasreadtheDeedRestrictionandtheseGuidelinesandagreestocomplywiththem;thattheapplicantunderstandsthatheorshemaynotsublettheCountyUnit;thattheapplicantauthorizesOwnertoverifyanyandallpastorpresentemploymentandresidencyinformationandallotherinformationsubmittedbyanapplicant;andthattheapplicantunderstandsthat,assetforthintheDeedRestriction,Ownerreservestherighttoreviewanyapplicationsandtakeanyappropriateactionregardingsuchapplication.16DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
6.Interpretation.InevaluatinganapplicationtoleaseaCountyUnit,Ownershallbeguidedbythefollowing:a.Anapplicant’sphysicalplaceofemploymentiscontrolling,notthemailingaddress;b.ClaimsofemploymentbyanapplicantthatareunabletobeverifiedbyOwnerwillnotbeutilizedindetermininganapplicant’seligibility;andc.Seasonalworkandpart-timeworkalonemaynotbeadequatetomeettheminimum30hoursperweekaverageannualrequirement,butmayaugmentotheremploymenttomeettheminimumeligibilityrequirements.7.Occupancy.a.OwnershallprovidetheECHDAwithwrittennoticeofeachupcomingvacancyofaCountyUnitatleast10dayspriortotheendofthethen-currentleaseterm.b.SubjecttotheseGuidelines,atalltimes,eachCountyUnitshallbeoccupiedbyanEligibleHousehold.c.ACountyUnitmaybevacantduringrepairsandrenovations,butOwnermaynotdisproportionatelydesignatevacantUnitsasCountyUnits.Forexample,becauseapproximately10%oftheUnitsatthePropertyareCountyUnits,ifthereare5vacantUnitsatthePropertyataparticulartime,onlyoneofthevacantUnitsmaybeaCountyUnit.d.Thepreferenceforleasing/occupancyforeachavailableCountyUnitshallbeasfollows:TheCountyoranEligibleHouseholdthatincludesamemberwhoisemployedbytheCounty;butifOwnermakesreasonableeffortstoleasetheCountyUnittoallsuchQualifiedResidentsfor7daysandfindsnosuchQualifiedResidents,thentoii.AnEligibleHouseholdthatincludesamemberwhoisemployedbyabusinesslocatedwithintheCounty’sboundaries.e.TheCountyUnitsshallbeleasedfor12-monthperiods.f.IftheECHDAortheCountyisthelessee,asanEligibleHousehold,eithermaytransferaCountyUnitleasetoanotherEligibleHouseholdatanytime.g.IftheECHDAortheCountyisthelessee,asanEligibleHousehold,eithermaysubleaseaCountyUnittoanotherEligibleHouseholdatanytime.8.Misrepresentation.AnymisrepresentationbyanapplicantinanysubmittalshalldisqualifysuchapplicantfrombeingeligibletoleaseaCountyUnit,andshallbegroundsforevictionifsuchmisrepresentationisrevealedaftersuchapplicant’soccupancy.17DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5
9.InspectionofDocuments.TheECHDAoritsdesigneemayinspectanydocumentssubmittedwithanyapplicationforEligibleHouseholdstatuspursuanttoSection5hereof,atanytimeduringnormalbusinesshours,uponreasonablenotice.Inaddition,uponinspection,iftheECHDAreasonablydeterminesthatadditionaldocumentsarenecessarytoverifyEligibleHouseholdstatus,theECHDAmayrequestadditionaldocuments.10.Retirement.AnindividualwhooccupiesaCountyUnitashisorherPrimaryResidenceandwasanEligibleHouseholdwhentheindividualmovedintotheCountyUnit,butthenretiresduringthetermofhisorherlease,andis60yearsofageorolderatthetimeofretirement,andwho,workedanaverageof30hoursormoreperweekatabusinesslocatedinEagleCountythatpaidsalestaxes,orwasotherwisegenerallyrecognizedasalegitimatebusiness,maycontinuetooccupytheCountyUnitunderaCountyLease,asextendedorrenewed.11.Disability.AnindividualwhooccupiesaCountyUnitashisorherPrimaryResidenceandwasanEligibleHouseholdwhentheindividualmovedintotheCountyUnit,butthenbecomesdisabledduringthetermofhisorherleaseandthedisabilitypreventstheindividualfromworkinganaverageof30hoursormoreperweekmaycontinuetooccupytheCountyUnitunderaCountyLease,asextendedorrenewed.18DocuSign Envelope ID: 8A093153-BCE8-4FED-BDD3-484E4B6C9BB5