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Home My WebLink About6230 West 38th Ave (Wang) - Covenant & Lot Sale Restriction - Oct 2020_LARATION OF COVENANT AND RESTRICTION THIS DECLARATION OF COVENANT AND RESTRICTION (this "Covenant") is made and entered into as of the W"'day of , 'tAT 0 by and among the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City"), and 6230 WEST 38T" AVE LLC, a Colorado limited liability company (the "Developer"), together referred to as the "Parties." RECITALS 1. The Developer is the owner of certain real property located in the City of Wheat Ridge, which is more particularly described in Exhibit A and made a part hereof (the "Property"), commonly known as Wand. Subdivision. 2. The Developer intends to develop the Property as a townhome and offiicetretail development, subject to that certain subdivision for the Project titled Wang Subdivision recorded with the Jefferson County Clerk and Recorder under reception number �6 aol o _ O and subject to the 6230 W. 381 Avenue Site Plan, approved by the City of Wheat Ridge on February 6, 2020. 3. The City and Developer executed a Subdivision Improvement Agreement, dated oc-bw %of ZOZo , and recorded with the Jefferson County Clerk and Recorder under Reception No. -26.:20iNO5"q I (the "SIA"). 4. The SIA outlines the obligations of the Developer relative the construction of Public Improvements and other on-site horizontal infrastructure, and outlines the required timing and phasing of those improvements in relation to the issuance of permits and certificates of occupancy. The SIA requires the Developer to execute and record this Covenant. 5. Pursuant to the SIA, the obligations of the Developer are proposed to be completed according to Exhibit C of the SIA. 6. The Project is not developable unless and until the Public Improvements and other on-site horizontal infrastructure is installed as required by the SIA, and it is the City's obligation to protect future lot owners from purchasing undevelopable lots. 7. The Parties agree that such protection shall take the form of this Covenant, execution and recording of which shall take place simultaneously with recording of the SIA. NOW, THEREFORE in consideration of the above recitals, which are fully incorporated herein by this reference, the delivery, receipt and sufficiency of which are acknowledged, the Parties agree as follows: COVENANT AND RESTRICTION The entirety of the Property is hereby declared to be the "Burdened Property." 2. Imposition of Restriction. The Developer and its heirs, successors and assigns, hereby covenant and agree that the Burdened Property shall be subject to the following restriction: IIIIII VIII VIII VIII VIII VIII VIII VIII VIII VIII !III !III O $0300 2020140592 10/27/2020 09:53:08 AM 5 Page(s) JEFFERSON COUNTY, Colorado No sale of any individual lot or any collection of individual lots which do not equal the entirety of the Property as described in Exhibit A may occur until such time as the Public Improvements and on-site horizontal improvements as required by the SIA are complete and accepted by the City. This does not prohibit the sale of the entire Property in a bulk sale of all lots and tracts to a single third party. 3. Burdens Run with Land. Developer declares that this Covenant shall pass with and burden each and every tract, lot, and parcel of land within and which is a part of the Burdened Property, and shall apply to and be binding upon the heirs, successors in interest and assigns of the Developer and any owner hereafter of said tracts, lots and parcels, and shall run with the land at law and in equity. Each person acquiring any interest in the Burdened Property shall be deemed for all purposes to have assented and agreed, as an essential condition of any conveyance to it, to the provisions of this Covenant, to have agreed to comply with this Covenant and to have waived any right to challenge or contest the provisions hereof except as permitted herein. The benefits and burdens of this Covenant shall be perpetual unless released by written instrument executed by the City, acting in its sole but reasonable discretion upon a written request by the Developer or any successor. 4. Termination. The burden of this Covenant shall terminate for each Phase upon the City's acceptance of the Public Improvements and on-site horizontal infrastructure required for each Phase pursuant to the SIA. Upon this Covenant's termination, the City and Developer shall prepare, execute, and record, at the expense of the Developer, any reasonable instrument necessary to release this Covenant of record for the Property with the Office of the Jefferson County Clerk & Recorder. 5. Enforcement. The benefited party herein shall be the City. The rights, duties and obligations contained in this Covenant may be enforced by the filing of an appropriate action in law or in equity in the District Court for Jefferson County, Colorado whose jurisdiction over this Covenant is hereby acknowledged. Such action and remedies may include, but is not limited to specific performance, mandatory injunction, damages, forfeiture or other relief. In the event of any litigation under this Covenant, the court shall award reasonable attorneys' fees and costs to the prevailing party. 6. Governing Law. This Covenant shall be governed and construed in accordance with the laws of the state of Colorado. Venue and jurisdiction for any action arising under this Covenant shall be property and exclusive in the District Court for Jefferson County, Colorado. 7. Entire Agreement. This Covenant shall constitute the whole agreement between the Parties on the subjects contained herein, and no additional or different oral representation, promise or agreement shall be binding on the Parties with respect to the subject matter of this Covenant. 8. No Waiver. No provision of this Covenant may be waived except by written instrument signed by the Party to be charged with such waiver. Failure of any Party to this Covenant to enforce any provision of this Covenant shall not constitute a waiver of such provision, and no waiver by any Party to this Covenant, or of any provision of this Covenant, shall be constitute a waiver of any other provision or of the same provision. 9. Recording. This Covenant shall be recorded simultaneously with the SIA for the Property and shall be filed for record with the Office of the Jefferson County Clerk & Recorder. 2 IN WITNESS WHEREOF, the Parties have executed this Covenant on the dates set forth below, intending that it be valid and effective from and after the date of such execution and recording. ATTEST: Step irkpatrick, City Clerk OU . • I�. ' • - CITY OF WHEAT RIDGE, COLORADO Bud Starker, Mayor 3 DE) By: Nan Title: Member STATE OF COLORADO ) ) SS. COUNTY OF . The foregoing instrument was acknowledged before me thisay of cic�- �X 20 by V� �� 2Q , as of 6230 W. 38th Ave. LLC. Witness my hand and official seal. My commission expires: 01 / 22)202-3 Notary Public MELISA HERNANDEZ SANCHEZ (SEAL NOTARY PUBLIC STATE OF COLORADO NOTARY ID 20154027648 MY COMMISSION EXPIRES 07/22/2023 4 r i EXHIBIT A Legal Description of the Property WANG SUBDIVISION CITY OF WHEAT RIDGE COUNTY OF JEFFERSON STATE OF COLORADO