Home Purchase. The Company shall purchase a home of Executive's ------------- choosing in the Vail Valley for Executive's use as his personal residence during the Employment Term and extending through but not beyond 90 days thereafter. It shall be a condition of Executive's employment that Executive live in such residence, and that the residence be located at the Company's Vail, Beaver Creek, or Arrowhead resorts for the convenience of the Company. From such residence Executive shall be expected by the Company to observe the operation of the resorts, be on immediate 24-hour call in case of accident or emergency, maintain a Company telephone extension in the residence, as well as entertain customers and others important to the Company. The purchase price for such residence shall not exceed $1.5 million, unless the Company at its sole option chooses to fund a higher purchase price. The Company shall pay for the real estate taxes, property insurance, homeowner's association assessments, and exterior painting as needed, and shall provide that the major operational systems of the residence are functional. Otherwise, Executive shall provide and pay for the maintenance of the residence, including snow removal and landscaping, interior painting as needed, insurance on Executive's possessions, maintenance or replacement (if necessary) of appliances, and other incidental repair. The Company agrees not to require Executive to change his residence during the Employment Term other than in connection with the relocation of Executive's office to another location in Eagle County, Summit County or the Denver metropolitan area. The foregoing shall not preclude Executive, at his sole option, from changing his personal residence to a new home during the Employment Term so long as such new residence meets all of the requirements of this Section and Executive bears all costs or losses resulting from such change, including all brokerage commissions, transfer and stamp taxes, assessments and other charges as well as any sale of the previous home.
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Home Purchase. The Company shall purchase a home of Executive's ------------- choosing in the Vail Valley for Executive's use as his personal residence during the Employment Term and extending through but not beyond 90 days thereafter. It shall be a condition of Executive's employment that Executive live in such residence, and that the residence be located at the Company's Vail, Beaver Creek, or Arrowhead resorts for the convenience of the Company. From such residence Executive shall be expected by the Company to observe the operation of the resorts, be on immediate 24-hour call in case of accident or emergency, maintain a Company telephone extension in the residence, as well as entertain customers and others important to the Company. The purchase price for such residence shall not exceed $1.5 million, unless the Company at its sole option chooses to fund a higher purchase price. The Company shall pay for the real estate taxes, property insurance, homeowner's association assessments, and exterior painting as needed, and shall provide that the major operational systems of the residence are functional. Otherwise, Executive shall provide and pay for the maintenance of the residence, including snow removal and landscaping, interior painting as needed, insurance on Executive's possessions, maintenance or replacement (if necessary) of appliances, and other incidental repair. The Company agrees not to require Executive to change his residence during the Employment Term other than in connection with the relocation of Executive's office to another location in Eagle County, Summit County or the Denver metropolitan area. The foregoing shall not preclude Executive, at his sole option, from changing his personal residence to a new home during the Employment Term so long as such new residence meets all of the requirements of this Section and Executive bears all costs or losses resulting from such change, including all brokerage commissions, transfer and stamp taxes, assessments and other charges as well as any loss to the Company from the sale of the previous home.
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