CONSTRUCTION LOAN AGREEMENT

Construction Loan Agreement

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VAIL RESORTS INC | GORE CREEK PLACE, LLC | U.S. BANK NATIONAL ASSOCIATION

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Title: CONSTRUCTION LOAN AGREEMENT
Governing Law: Colorado Date: 10/5/2005
Industry: LRPLAY Law Firm: Brownstein Hyatt & Farber, P.C;U.S. Bank National Association;Snell & Wilmer L.L.P Sector: SERVIC

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Exhibit 10

Exhibit 10.22(a)

CONSTRUCTION LOAN AGREEMENT
dated as of
July 19, 2005
among
GORE CREEK PLACE, LLC,
The LENDERS Party Hereto,
and

U.S. BANK NATIONAL ASSOCIATION,
as Administrative Agent,

$30,000,000

TABLE OF CONTENTS

		Page
ARTICLE I	DEFINITIONS AND ACCOUNTING MATTERS	1
1.01	Certain Defined Terms	1
1.02	Accounting Terms and Determinations	21
1.03	Terms Generally	21
1.04	Additional Defined Terms	21
ARTICLE II	THE LOAN FACILITY	22
2.01	Loans	22
2.02	Borrowings; Certain Notices	22
2.03	Changes to Commitments	26
2.04	Lending Offices	27
2.05	Several Obligations; Remedies Independent	27
2.06	Notes	27
2.07	Conversion and Continuations of Loans	27
ARTICLE III	PAYMENTS OF INTEREST AND PRINCIPAL	28
3.01	Interest	28
3.02	Repayment of Loans	29
3.03	Late Charge	29
3.04	Optional Prepayments	29
3.05	Mandatory Prepayments	29
3.06	Interest and Other Charges on Prepayment	30
3.07	Lender's Records as to Sums Owing	31
3.08	Application of Payments Received	31
3.09	Sharing of Payments, Etc	31
ARTICLE IV	EXTENSION OF THE MATURITY DATE	32
4.01	Extension of Scheduled Maturity Date	32
ARTICLE V	INCREASED COSTS, LIBOR AVAILABILITY, ILLEGALITY, ETC	33
5.01	Costs of Making or Maintaining LIBOR Rate Loans	33
5.02	Limitation on LIBOR Rate Loans; LIBOR Not Available	34
5.03	Illegality	34
5.04	Treatment of Affected Loans	34
5.05	Compensation	35
5.06	Additional Waivers	36

TABLE OF CONTENTS

(continued)

		Page
5.07	Taxes	36
ARTICLE VI	CONDITIONS PRECEDENT	37
6.01	Conditions Precedent to Closing and the Effectiveness of Commitments	37
6.02	Conditions Precedent to the making of any Loans	38
6.03	Conditions Precedent to the Final Loans	40
ARTICLE VII	DISBURSEMENT OF THE LOANS; LOAN BALANCING	40
7.01	General Conditions	40
7.02	Loan Balancing	42
7.03	Project Budget Line-Items; Loans to be Used for Specific Line-Items	42
7.04	Project Budget Contingencies	43
7.05	Interest; Fees; and Expenses	44
7.06	Retainage	44
7.07	Unsatisfactory Work	45
7.08	[Intentionally Omitted]	45
7.09	No Waiver or Approval by Reason of Loan Advances	46
7.10	Construction Consultant	46
7.11	Authorization to Make Loan Advances to Cure Borrower's Defaults	46
7.12	Administrative Agent's Right to Make Loan Advances in Compliance	46
	with the Completion Guaranty
7.13	No Third-Party Benefit	47
ARTICLE VIII	REPRESENTATIONS AND WARRANTIES	47
8.01	Organization; Powers	47
8.05	Authorization; Enforceability	47
8.03	Government Approvals; No Conflicts	47
8.04	Financial Condition	48
8.05	Litigation	48
8.06	ERISA	48
8.07	Taxes	48
8.08	Investment and Holding Company Status	48
8.09	Environmental Matters	48
8.10	Organizational Structure	49

TABLE OF CONTENTS

(continued)

		Page
8.11	Title	50
8.12	No Bankruptcy Filing	50
8.13	Executive Offices; Places of Organization	50
8.14	Compliance; Government Approvals	50
8.15	Condemnation; Casualty	51
8.16	Utilities and Public Access; No Shared Facilities	51
8.17	Solvency	51
8.18	Governmental Regulations	51
8.19	No Joint Assessment; Separate Lots	51
8.20	Security Documents and Liens	52
8.21	Project Documents	52
8.22	Material Agreements	52
8.23	Project Budget	52
8.24	[Intentionally Omitted]	52
8.25	[Intentionally Omitted]	52
8.26	Insurance	53
8.27	Flood Zone	53
8.28	[Intentionally Omitted]	53
8.29	Boundaries	53
8.30	Illegal Activity	53
8.31	Permitted Liens	53
8.32	Anti-Terrorism Laws	53
8.33	Defaults	54
8.34	[Intentionally Omitted]	54
8.35	[Intentionally Omitted]	54
8.36	Design Professionals' Certificates	54
8.37	Other Representations	54
8.38	Loan In Balance	54
8.39	Employee Benefit Plans	54
8.40	No Construction	54
8.41	[Intentionally Omitted]	54

TABLE OF CONTENTS

(continued)

		Page
8.42	Appraisal	54
8.43	Labor Controversies	54
8.44	Insider	54
8.45	True and Complete Disclosure	54
8.46	Survival of Representations	55
ARTICLE IX	AFFIRMATIVE COVENANTS OF BORROWER	55
9.01	Information	55
9.02	Notices of Material Events	56
9.03	Existence, Etc	56
9.04	Compliance with Laws; Adverse Regulatory Changes	56
9.05	Insurance	57
9.06	Real Estate Taxes and Other Charges	58
9.07	[Intentionally Omitted]	58
9.08	Further Assurances	58
9.09	Performance of Project Documents, Material Agreements, and Easements	59
9.10	Performance of the Loan Documents	59
9.11	Books and Records; Inspection Rights	59
9.12	Environmental Compliance	60
9.13	[Intentionally Omitted]	60
9.14	Reserves	61
9.15	Accessibility Laws	61
9.16	[Intentionally Omitted]	62
9.17	[Intentionally Omitted]	62
9.18	[Intentionally Omitted]	62
9.19	Use of Proceeds; Margin Regulations	62
9.20	[Intentionally Omitted]	62
9.21	Inspection	62
9.22	Project Construction	62
9.23	[Intentionally Omitted]	63
9.24	Proceedings to Enjoin or Prevent Construction	64
9.25	Administrative Agent's, Lenders' and Construction Consultant's Actions	64

TABLE OF CONTENTS
(continued)

		Page
	for their Own Protection Only
9.26	Sign and Publicity	65
ARTICLE X	NEGATIVE COVENANTS OF BORROWER	65
10.01	Fundamental Change	65
10.02	Limitation on Liens	65
10.03	Transfer; Pledge	65
10.04	Indebtedness	67
10.05	Investments	67
10.06	Restricted Payments	67
10.07	Change of Organization Structure; Location of Principal Office	67
10.08	Transactions with Affiliates	67
10.09	[Intentionally Omitted]	67
10.10	No Joint Assessment; Separate Lots	67
10.11	Zoning	67
10.12	ERISA	68
10.13	Amendment of Contracts and Government Approvals	68
10.14	Change Orders	68
10.15	Sales Tax Increment Financing	69
10.16	[Intentionally Omitted]	69
10.17	Anti-Terrorism Law	69
ARTICLE XI	INSURANCE OR CONDEMNATION AWARDS	69
11.01	Casualties and Condemnations	69
11.02	Insurance Proceeds and Condemnation Awards	70
11.03	Application of Insurance Proceeds and Condemnation Awards	71
ARTICLE XII	EVENTS OF DEFAULT	73
12.01	Events of Default	73
12.02	Remedies	76
ARTICLE XIII	ADMINISTRATIVE AGENT	78
13.01	Appointment, Powers and Immunities	78
13.02	Reliance by Administrative Agent	78

TABLE OF CONTENTS
(continued)

		Page
13.03	Borrower Defaults	80
13.04	Rights as a Lender	82
13.05	Indemnification	82
13.06	Non-Reliance on Administrative Agent and Other Lenders	83
13.07	Failure to Act	83
13.08	Resignation of Administrative Agent	83
13.09	Consents and Certain Actions under, and Modifications of, Loan	84
	Documents
13.10	Authorization	86
13.11	Defaulting Lenders	86
13.12	Amendments Concerning Agency Functions	89
13.13	Liability of Administrative Agent	89
13.14	Transfer of Agency Function	90
13.15	Sharing of Payments, Etc	90
13.16	Bankruptcy of Borrower	90
13.17	Termination	90
ARTICLE XIV	MISCELLANEOUS	91
14.01	Non-Waiver; Remedies Cumulative	91
14.02	Notices	91
14.03	Expenses, Etc	92
14.04	Indemnification	93
14.05	Amendments, Etc