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SCrrpNx, I{ERST & nTWTNTER
ATTORNEYS AT LAW
SUITE 2O1. 817 COLORADO AVENUE
GLENWOOD SPRINGIJ, {]()LC)RADO A1601
l'3031 945-2447
March 10, 1983JOHN R, SCHENK
DAN KERST
WILLIAM J. DEWINTER. III
Mr. Earl Rhodes
County Attorney
P.0. Box 640
Glenwood Springs, CO 8f601
RE: Iron Mountain Condominiums
RHffiH[\{ffiD
tilAR !.lL 1sE3
GARHILD
i- couNTt ArToRl{EY
Dear Earl:
I enclose herewi-th for your review a copy of the proposed Con-
dominium Declarations, Articles of Incorporation and Bylaws for the Iron
Mountain Condomi-ni-um. Please provide me your questions or comments with
regard to these constituent documents. Thank you for your considerati-on
in this regard.
Euly,
DK/reh
Enc.
cc Iron Mountain Investments, Ltd.
Dennis Stranger
*hYW't''{l,u l,ut
RICHARD D. LAMM
Governor
0095H
HDS/KCK:ma
JEFIIS A. DANIELSON
State Engineer
THE STATE ENGINEER
'1313 Sherman Street-Room 818
Denver, Colorado 80203
(303) 866-3581
March 9, 1983
Mr. Dennis Stranger
Garfield County Planning Department
2014 Blake Avenue
Glenwood Springs, CO 8f601
Re:Iron Mountain LLd.
Sec. 1, T7S, R89W
Dear Mr. St.ranger:
Pursuant to your request, we have reviewed Ehe above referenced proposal
to condominiumize a building served by well number 106175-A into four (4)
condominiurn units. The applicants have a water allotment contract with Basalt
Water Conservancy District.
We are in process of negotiating an agreement with the Basalt Water Con-
servancy District. The agreement will allow wells to be augmented by the
Districtrs waEer rights without a separate court application for each wel1.
We can recommend approval of the Iron Mountain limited proposal conditioned
upon a final written agreement beEween Basalt Water Conservancy DisEricE and
this office.
Sincerely,
OFFICE OF
DIVISION OF WATER RESOURCES
il{rARI4 rgts3
j*:!
I jr"L., Ui: f ;sruLii.*il
#r*,.,.
State Engineer
Lee Unewold, Div. Eng.
Ralph SEallman
Rich Be1l
ARTICLES OF INCORPORATION
OF
IRON },IOI]NTAIN CONDOMINII]M ASSOCIATION
In conpliance with the requirements of the Colorado Nonproflt
Corporation Act, the undersigned, of full age, has this day, for the
purpose of forming a nonprofit corporation, certified as follows:
ARTICLE I
NAME
The nnme of the corporation is IRON MOiINTAIN COMOMINIIIM
ASSOCIATI0N, hereafter called the t'Association".
ARTICLE II
PRINCIPAL OFFICE
The pri-ncipal office of the Association is located at Suite Z-LA,
Vlllage Plaza, Glenwood Springs, Colorado, 81601.
ARTICLE III
REGISTERM AGENT
-- I{. Duane Van l.lhy, whose address is Suite 2-IA, Village Plaza,
Glenwood Springs, Colorado, 81601, is hereby appointed the inltial
registered agent of this Assoclation, and such address shall be the
registered address of this Association.
ARTICLE IV
PURPOSE AND POWERS OF THE ASSOCIATION
This Association does not contemplate pecuniary gain or profit to
Members thereof, and the specific purposes for which it is forued
to provide for maintenance, preservation and architectural control
the Units, Residences and Conrmon Elements within that certain tract
the
are
of
of property described 1n that Condorninium Llap recorded as Reception
No. of the Garfield County, Colorado, record.s hereinafter
described as the "Property", and to promote the health, safety and
welfare of the resldents within the Property and any additions thereto
as may hereafter be brought wlthin the jurlsdiction of this Assoclatlon
and for these purposes to:
(a) exercise all of the powers and privileges and to perfo:m
all of the duties and obligations of the Association as set forth
in that certain Condominium Declaration for the Iron Mountain
condominiums, hereinafter called the 'rDeclaration", applicable to
the Property, or a portion thereof, and recorded or to be recorded
in the Office of the Clerk and Recorder of the County of Garfield,
Colorado, and as the same may be auended from time to time as
thereln provided, said Declaration being incorporated herein as if
set forth at length (terms which are defined in the Declaration
shaIl have the same Eeanings herein unless otherwise defined);
(b) fix, Ievy, collect and enforce payment by any lawful
-- means, all charges or assessments pursuant to the terms of the
Declaration; to pay all expenses in connection therewith and all
office and other expenses incident to the conduct of the business
of the Association, including all licenses, taxes or governmental
charges levied or l-mposed against the property of the Associatl-on;
(c) acquire (by giftr purchase or otherwise), own, ho1d,
improve, build upon, operate, maintain, convey, se1l, Iease,
transfer, dedicate for public use or otherwise dlspose of real or
personal property in connectlon with the affalrs of the
Association, provLded that no conveyance, sale, transfer or
dedieatlon will be effectlve unless approved by two-thirds (213) of.
each class of Members, as herei-nafter described, and by all First
Mortgagees of Unlts;
(d) borrow money, and with the assent of two-thirds (213) of
each class of Mernbers and all Flrst llortgagees of Unita, mortgage,
pledge, deed in trust or hypothecate any or all of its real or
personal property as security for money borrowed or debts incurred;
(e) dedicate, se1l or transfer a1l or any part of the Corrmon
Area to any public agency, authority or utility for such purposes
and subject to such conditions as may be agreed to by the Members,
and grant easements for public utilities and other purposes
consistent trlth the intended use of the corrmon area, provided that
no such dedlcatlon, sale or transfer shall be effective unless
first approved by two-thftds (213) of each class of Members and by
all First Mortgagees of Units, and further provided that the
Branting of easements as provided herein sha1l not be deeued a
transfer wLthin the meaning of this subsectlon (e);
(f) participate in Dergers and consolidations with other
nonprofit corporations organized for the same purposes or annex
additional residential property and Comron Area, subject to the
prior written approval of the Federal Houslng Adnlnistration or
Veterans Administration whlle there is a Class B membership,
provided that any merger or consolidation shall have the assent of
tlno-thirds (2/3) of each class of Members;
(g) manage, control, operate, maintain, repair and improve
the Conrmon E1_ements;
J
(h) enforce covenant.s, restrictions and conditions affeetlng
any Property to the extent this corporation rnay be authorized under
the Declaration.
(1) engage in activities which w111 actlvely fosterr promote
and advance the co'rmon owrrership interests of orrners of units;
(j) enter into, make, perform or enforce contracts of every
kiud and description, and to do all other acts necessarlr
appropriate or advisable in carrying out any purpose of this
Association, with or in association with any person, fJ-rm,
association, corporation or other entity or agency, public or
private;
(k) adopt, alter and amend or repeal such Bylalrs as may be
necessary or desirable for the proper management of the affairs of
this Assoclation, provided, however, that such Bylaws may not be
inconsistent with or contrary to any provisions of these Articles
of Incorporation or the Declaration; and
(1) have and exercise any and all powers, rights, and
- privlleges which a corporation organized under the CoLorado
Nonproflt Corporation Act by law may now or hereafter have or
exercise.
ARTICLE V
METBERSHIP
Every Person or entity who is a record owner of a fee or undlvided
fee interest in any unlt which is now or hereafter subject to the
Declaration, including contract sellers, shall be a member of the
Association. The foregoing is not intended to include persons or
ent.ities who hold an interest merely as security for the performance of
an obllgation. tlembership sha11 be appurtenant to and may not be
separated from ownership of any Unit which is subject to assessment by
the Associatlon.
A transfer of rneubershlp, incruding all rights of an orsner with
respect to the common Elements, shal1 occur automatically upon the
transfer of title to the unit to whlch the membership pertalns. The
Association rnay suspend the voting rights of a Member for failure to
comply with rules and regulations of the Bylaws of the Association or
Lrith any other obligations of the Orrners of a Unit under the
Declaration. All- Ilernbers shall be entLtled to vote on all matters,
except any Members who are in default in any obligations to the
Association.
Cumulative voting is prohibited.
ARTICLE VI
VOTING RIGHTS
The Association shall have two classes
Class A. Class A Members shall be all
of -the Declarant, and shalL be entitled to
When more than one person holds an interest
persons shall be Members. The vote of such
they determine, but ln no event shall more
respect to any such Unit.
of voting uembership:
Or^mers, with the exception
one vote for each Unit owned.
in any Unit, all such
Unlt shall be exercised as
than one vote be cast with
Class B. The C1ass B Member(s) shall be the Declarant (as defined
in the Declaration), and sha1l be entitled to three (3) votes for each
Unl-t omed whlch ls neither leased, nor rented, nor otherwise occupied.
Leasing, renting or allowing entry for occupancy shall terminate the
Declarantrs weighted voting advantage ln relatlon to any Unit so leased,
rented or occupied, and w111 llmit Declarant in relation to any such
Untts to the serre voting rights as a C1ass A I'lember. The Class B
membershlp shal1 cease and be converted to Class A membership on the
happening of either of the followlng events, whichever occurs earlier:
(a) 120 days after the date when the total votes outstauding
in the Class A membership equals the total votes outstanding in the
Class B nenbership; or
(b) on July 1, f988.
ARTICLE V]I
BOARD OF DIRECTORS
The affairs of this Association shall be managed by a Board of
three (3) dlrectors, who need not be Members of the Association. The
number of Dlrectors may be changed by anendment of the Bylaws of the
Association. The names and addresses of the persons who are to act in
the capaclty of directors untll the selection of their successors are:
Name Address
W. Du_ane Van Why
Beverly Jean Van Why
41 Davidson
Suite 2-lA, ViIIage Plaza,
Glenwood Springs, CO. 81601
Suite 2-lA, Village PLaza,
Glenwood Sprlngs, CO. 8160I
P.O. Box I13, Silt, C0.81652
for a
for a
shal1
terES
At the first annual meeting, the Members shalI elect one director
one-year term, one director for a two-year term and one director
three-year tem, and at each annual meetlng thereafter the Members
elect the same nr.rmber of directors as there are dlrectors whose
are expiring at the time of each election, for terns of three
years.
ARTICLE VIII
OFFICERS
The Board of DLrectors may appoint a Presldent, one or more
Vice-Presldents, a Secretarlr a Treasurer and such other officers as the
Board, in accordance with the provisj-ons of the Bylaws, believes w111 be
in the best interests of the corporatlon. The offlcers shall have such
duties as may be prescribed in the Bylaws of the corporation and shal1
serve at the pleasure of the Board of Directors.
ARTICLE IX
DISSOLUTION
The Association may be dissolved with the assent given in writing
and signed by not less than two-thirds (213) of each class of Members.
Upon dlssolution of the Association other than lncident to a merger or
consolidation, the assets of the Association shal-l be dedicated to an
appropriate public agency to be used for purposes si.milar to those for
which this Association hras created. In the event that such dedication
is refused acceptanee, such assets shall be granted, conveyed and
assigned to any nonprofit corporation, association, trust or other
organization to be devoted to such slmilar purposes.
ARTICLE X
DURATION
The corporatlon shall exist perpetually.
ART]CLE XI
AMENDMENTS
Amendment of these Articles sha1l require the assent of
three-fourths (3/4) of each class of Members, provided, however, that
auendment to these
inconsistent wi-th
Articles of Incorporation sha11 be contrary to or
any provision of the Declaration.
ARTICLE XII
NONPROFIT STATUS
t. No part of the income or net earnings of the corporatiou shall
inure to the benefit or be distributable to any member, director, or
officer of the corporation or any other corporation or private
individually; however, reasonable compensation may be paid for services
actually.rendered to or for the corporation and any officer, direetor,
agent or employee' or any other person or corporation, may be reimbursed
for expenses advanced or l-ncurred for the corporationts benefit upon
authorization of the Board of Directors. No member, director or officer
of the corporation, nor any other corporation or private individual,
shall be entitled to share ln any distribution of any of the corporare
assets upon dlssolution of the corporation or otherwise, except as
hereinafter expressly set forth. No substantial part of the activities
of the corporatlon shall consist of carrying on lobbying activi.ties,
propaganda campaigns or other activities designed to influence
legislation. The corporation shal1 not participate or intervene in any
political campaign on behalf of any candidate for public offlce.
2. Upon dissolution of the corporation, a1-1 of its assets
remainlng after payment of llabllities shall be paid over and
transferred to one or more exenpt organizations aa are qualified for
exeuption from Federal income taxes under Section 50I of the Internal
Revenue Code, except that all open spaces co 'non areas and other
Property appurtenant to, used in connection wl-th, or necessary for the
convenient use and occupation of the real property of the members, shall
8
be returned, transferred or conveyed to such members in accordance wlth
the provisions of Article V of these Articles of Incorporation. The
proceedings of dissolution shall be conducted in accordance wlth Artlcle
26, Title 7 of the Colorado Revised Statutesr as amgndsd.
3. Notwlthstanding any other provision hereof, this corporation
shall not conduct or carry on any activities not permitted nor received
any income which is prohibited under the applicable provisions of
Section 501 of the Internal Revenue Code of 1954, as amended.
ARTICLE XIII
FHA/VA A?PROVAL
As long as there is a Class B membership, the following actlons
will require the prior approval of the Federal Housing Administration or
the Veterans Administration: annexation of additional properties,
mergers and consolidations, mortgaglng of Couron Area, dedlcatlon of
Cornmon Area, dissolution and amendment of these Articles.
IN WITNESS WHEREOF, for the purpose of forming thls corporation
under the laws of the State of Colorado, the undersigned, the
ineorporator of this Association, has executed these Articles of
Incorporation this _ day of , 1983.
W. DUANE VAN WHY
BY-LAtlIS
OF
IRON MOI,NTAIN CONDOMINII]MS
ARTICLE I
NAME AND LOCATION
The name of the corporation is IRON MOIINTAIN CONDOMINIITII
ASSOCIATION, hereinafter referred to as the "Associationtt. Ihe
principal office of the corporation shall be located at 817 Colorado
Avenue, Suite 201, Glenwood Springs, Colorado, 81601, but meetings of
members and directors may be held at such places within the state of
Colorado as may be designated by the Board of Directors.
ARTICLE II
DEFINITIONS
Those defLnitions set forth in that certain Condouinlum Declaration
for the Iron Mountain Condominium Association recorded or to be recorded
ln the office of the Clerk and Recorder of Garfield County, Colorado,
are -hereby incorporated herein as if set forth verbatim.
ARTICLE III
MEETINGS OF MEMBERS
Section 1. Annual Meetings. The first annual meeting of
of
the
, 1993,
at orclock P.!1., and each subsequent regular annual meeting of
the Members shall be held on the same day of the same Eonth of each year
thereafter, at the hour of orclock P.M. If the day for the
Members shall be held on the
annual meeting of the Members is a
held at the same hour on the first
holiday.
lega1 holiday the meeting will be
day following which is not a lega1
Section 2. Special Meetings. Special ueetings of the Members may
be called at any time by the President or by the Board of Directors, or
upon written request of the Members who are entitled to vote oDe-fourth
(Ll4) of all of the votes of the Class A membership.
Section 3. Notice of Meetings. I.Iritten notlce of each meeting of
the Llembers shall be given by, or at the direction of, the secretar.v or
person authorlzed to call the meeting, bI naillng a copy of such notice,
postage prepaid, at least fifteen (15) days before such meeting to each
Member entitled to vote thereat, addressed to the Memberrs address last
appeari.ng on the books of the Association, or supplied by such Member to
the Association for the purposes of notlce, Such notice shall specify
the place, day and hour of the meeting, and in case of a special
meeting, the purpose of the meetlng.
Section 4. Quorum. The presence at the Beeting of the Members
entltled to cast, or of proxies entitled to cast one-half (LtZ) of the
votes of each class of membership sha1l constitute a quorutr for any
actlon except as otherwise provided in the Articles of Incorporation,
the Declaratlon or these Bylaws. If, however, such quorum shall not be
pres€nt or represented at any meetl-ng, the Members entitled to vote
thereat sha1l have power to adjourn the meeting from time to time,
without notice other than announceuent at the meeting, until a quorun as
aforesaid shall be present or represented.
Section 5. Proxies. At all meetj-ngs of Members, each Member may
vote in person or by proxy. A11 proxies shall be in writing and fil-ed
with the secretary. Every pro)<y sha1l be revocable and shall
automatically cease upon conveyarlce by the Member of his Unit.
Section 6. Ilortgages. A11 First Mortgagees of Units sha1l have the
right to deslgnate a representative to attend all meetings of the
llembers of the Association.
ARTICLE IV
BOARD OF DIRECTORS - SELECTION - TERM OF OFTICE
Section 1. Number. The affairs of this Association sha11 be
directors, who need notmanaged by a board of a minimum of three (3)
Members of the Association.
Section 2. Terro of Office. At the first annual meeting, the
one year, one director
a tern of three years, and
shall elect the saue
number of dlrectors whose tertrs are expiring at the tirne of each
election, for terms of three years.
Section 3. Change in Number of Directors. The Members shalI be
empowered to lncrease the number of directors to a maxinaum of five (5)
and to decrease the number of directors to a uinimum of three (3) in
accordance with Article XIII of these Bylaws. No decrease shall have
the"-effect of shortening the term of any incumbent director. In the
event of l-ncrease, the directors shaI1 have the right to establish
annual terros of office shorter than three (3) years for such new
directors so as to maintain, as nearly as possible, the election of
one-thlrd (L/3) of the total number of directors in any given year.
Section 4. Removal. Any director may be removed from the Board,
with or without cause, by a majority vote of the Members of the
Association. In the event of death, resignation or removal of a
director, his successora shall be selected by the remaining members of
the Board and sha1l serve for the unexpired term of his predecessor.
be
Members sha1l elect one director for a tern of
for a term of trro years, and one director for
at each annual Eeetiug thereafter the Members
Section 5. Compensation. No director sha11 receive compensation
for any service he may render to
may be reimbursed for his actual
his duties.
the Assoclation. However, any dlrector
expenses incurred in the perforrnance of
Section 6. Action Taken Without a Meeting. The directors shall
have the right to take any action in the absence of a meeting which they
could take at a meeting by obtaining the written approval of all of the
directors. Any action so approved shall have the same effect as though
taken at a Eeeting of the directors.
ARTICLE VI
NOMINATION AND ELECTION OF DIRECTORS
Section 1. Nomination. Nomination for election to the Board of
Directors sha1l be made by a Nouinating Committee. Nominations may also
be made from the floor at the annual meeting. The Nominating Conrmittee
shall consist of a chairnan, who shaI1 be a member of the Board of
Directors, and two or more Members of the Association. The Nominating
Committee sha1l be appointed by the Board of Directors prior to each
annual meeting of the Members, to serve from the close of such annual
meeting until the close of the next annual meeting and such appointment
shal1 be announced at each annual ueeting. The Norninating Comm'ittee
shall make as many nominations for election to the Board as it sha11 in
its discretion determine, but not less than the number of vacancies that
are to be fiIled. Such nominations may be made from among Members or
nonuembers.
Section 2. Election. Election to the Board of Directors shall be
by secret rs-ritten ballot. At such election the Members or thel-r proxles
may eastr in respect. to each vacancy, aa ltrany votes as they are entitled
to exercise under the provisions of the Declaration. The persons
recelving
votlng is
the
not
largest number of votes shall be elected. Cumulative
pernltted.
ARTICLE VI
MEETINGS OF DIRECTORS
SectLon 1. Regular Meetings. Regular meetJ-ng of the Board of
Directors shall be held quarterly wlthout noti-ce, at such place and hour
as may be fixed from time to time by resolution of the Board. Should
said neeting faI1 upon a legal holiday, then that neeting shall be held
at the same time on the next day which is not a 1egal holiday.
Sectioa 2. Special Meetings. Special meetings of the Board of
Directors shall be held when called by the President of the Assoclation,
or by any two directors, after not less than three (3) dayst notice to
each director.
Sectlon 3. Quorr.m. A rnaJority of the number of directors shal1
constl"tute a guorum for the transaction of business. Every act or
decision done or made by a majority of the directors present at a duly
held oeeting at which a quorum is present shal1 be regarded as the act
of the board.
ARTICLE VII
POWERS AND DUTIES OF THE BOARD OF DIRECTORS
Section I. Powers. The Board of Directors shall have power to:
(a) adopt and publish rules and regulations governing the use
of the Comrron Elements and facillties thereon and the personal conduct
of the Members and thelr guests thereon, and to establlsh penalties for
the infraction thereof;
(b) suspend the voting rlghts and the right to use
recreational facllities, Lf any, of a Member during any perlod in which
sueh Member shall be in default in the paynent of any assessuent levied
by the Association. Such rlghts may also be suspended after notice and
hearing, for a perlod not to exceed slxty (60) days, for infraction of
publ-lshed rules and regulations;
(c) exercise for the Association all porrers, duties and
authority vested in or delegated to this Association and Dot reserved to
the membership by other provisions of these Bylaws, the Articles of
Ineorporation or the Declaratlon.
(d) declare the office of a ueuber of the Board of Directors
to be vacant ln the event such member shall be absent from three (3)
consecutive regular meetings of the Board of Directors; and
(e) employ a manager, an independent contractor or such other
employees as they deem uecessary, and to prescribe thelr duti-es.
In addition to any requirements set forth in the Declaration and
notwithstandlng anything to the contrary set forth herein, the Board of
Directors shall not, (a) unless it has obtained the prior rrritten
consent of at least three-fourths (3/4) of all classes of Members or
First llortgagees of Units (based upon one vote for each First Mortgage
owned), (1) by act or omission, change, waive, or abandon any scheme or
architectural control, or enforcement thereof, as set forth in the
Declaration, regarding the design or maintenance of the Units,
improvements thereon or the Common Elements, (2) fail to maintain full
curreut replaeement cost fire and extended insurance coverage on the
Corrmon Elements, or (3) use hazard insurance proceeds for Common Elements
property losses for purposes other than to repair, replace, or
reconstruct such property; or (b) un]ess it has obtained the prior
written consent of at least three-fourts (3/4) of al-l classes of Members
and 1002 of all first mortgagees of Units (based upon one vot.e for each
first nortgage owned), (I) by act or omission, seek to abandon,
partltlon, subdivlde, encumber, se11 or transfer any conmon property
owned, directly or lndlrectly, by the Assoclation for the benefit of the
Oumers (excluding the grantlng of easements for public utilities or
other purposes conslstent with the intended use of such co on
property) , or (2) ehange the method of determlning the obligatLons,
assessnents, dues or other charges which may be levied against an Owner.
Further, any agreement for professional management of the Associationrs
business, or aDy other contract providing for services of the Declarant
must Provide for termination by either party without cause and without
Payment of a termination fee upon thirty (30) days or less prior Lr-rltten
notice, and shall have a maximum term of one (1) year. Each and every
management contract made between the Association and a manager or
managing agent durlng the period when the Declarant or other developer
controls the Association shall terminate absolutely, in any event, no
later than ninety (90) days after the termination of control by the
Declarant or other developer of the Association. A11 such management
contracts entered lnto by the Association with a manager or managing
agent during the perlod of control by the Declarant or developer shall
be subject to review and approval by the Veterans Adminlstratlon. The
provisions of thls paragraph shall be contained, verbatirB, in each and
every such manageBent contract.
Section 2. Duties. It sha1I be the duty of the Board of Directors
to:
(a) cause to be kept a
corporate affairs and to present a
the annual meeting of the Members,
statement is requested in writing
Hembers who are entitled to vote;
complete record of all its acts and
. statement thereof to the Members at
or any special meeting when such
by one-fourth (1/4) of the Class A
(b) supervise all officers, agents and employees of this
Association, and see that their dutles are property performedl
(c) aa more fully provided in the Declaration, to:
(1) fix the Amount of the annual assessment against each
unl-t at least thirty (30) days in advance of each annual assessment
period;
(2) foreelose the lien against any Unit for which
assessments are not paid within ninety (90) days after due date or to
bring an action at law against the Owner personally obligated to pay the
same;
(d) issue, or cause an appropriate offieer to issue, upon
demand by any person, a certificate setting forth whether or not any
assessment has been paid. A reasonable charge may be made by the Board
for the issuance of these certificates. If a certificate states that an
assessnent has been paid, such certificate shall be conclusive evidence
of sueh paynent;
(e) procure and maintain insurance in such amounts and in
such types as the Board deems desirable, which insurance may include (t)
hazard insurance for the Couuron Elements, (2) liability insurance, and
(3) ffaefity insurance with respect to officers, directors and employees
of the Associationl
(f) cause the Conmon Elements to be maintained; and
(g) notlfy l-n writing the First }lortgagee of any Unit, upon
request, when the Owner thereof is in default in the payment of any
assessment, or othengise in default of any obligation under the
Declaration, Articles of Incorporation or these Bylaws and the Board has
actual knowledge of such default, and said default has not been cured
wlthin sixty (60) days after the Board has actual knowledge thereof,
B
Provided that said mortgagee has previouslv glven notice in writing to
the Association of the existence of such Eortgage.
ARTICLE VIII
OFFICEP.S AND THEIR DUTIES
Section 1. Enumeration of Officers. The officers of this
Associatj-on shall be a president and vice-president, who shall at all
times be I'lembers of the Board of Directors, a secretary and a treasurer,
and such other officers as the Board may from time to tirne by resolution
create.
sectiou 2. Election of officers. The election of officers shalr
take place at the first meeting of the Board of Directors following such
annual ueeting of the Meubers.
Secticn 3. Term. The officers of this Assoclation shall be
elected annually by the Board and each shall hold office for one (I)
year unress the officer shal1 sooner resign, or sharl be reuoved, or
shall otherwise be disqualified to serve.
Section 4. Special Appointnents. The Board may elect such other
officers as the affairs of the Association may require, each of whom'
shall hold office for such period, have such authority, and perform such
duties as the Board may, from time to time, determine.
sect.ion 5. Resignation and Reuoval. Any officer may be removed
fron office wl-th or without cause by the Board. Any offlcer may resign
at any time givLng wrltten notice to the Board, the presldent, or the
secretary. Such reslgnation sha1l take effect on the date of receipt of
such notice or at any later time specified therein, and unless othemise
specified therein, the acceptance of such resignation shall not be
necessary to make it effective.
Section 5. Vacancies. A vacancy in any office may be fllled by
appointment by the Board. The officer appointed to such vacancy shall
serve for the remainder of the term of the offl-ce replaced.
Section 7. Multlple Offices. The offj-ces of secretary and
treasurer may be held by the same person. No person sha11
simultaneously hold more than one of any of the other offices except in
the case of special officers created pursuant to Section 4 of this
Artic1e.
Section 8. Duties. The duties of the officers are as follows:
(a) President. The president shall preside at all meetl-ngs
of the Board of Directors; sha1l see that orders and resolutions of the
Board are carried out; shall sign all leases, Bortgages, deeds and other
written instruments; and shall co-sign all checks and promlssory notes.
(b) Vlce-President. The vice-president shall act in the
place and stead of the president in the event of the presidentrs
absence, inabilLty or refusal to act, and shall exercise and discharge
such other duties as may be required of the vlce-presldent by the Board.
(c) Secretary. The secretary shall record the votes and keep
the.:minutes of all meetings and proceedlngs of the Board and of the
Members; shall keep the corporate seal of the Association and affix lt
on all papers requiring said seal; sha1l aerve notice of meetings of the
Board and of the Members; shaI1 keep appropriate current records showing
the Members of the Association together with their addresses; and shall
perfotm such other duties as required by the Board.
(d) Treasurer. The treasurer shalI recel,ve and deposlt in
appropriate bank accounts all monies of the Association and shall
disburse such funds as directed by resolution of the Board of Directors;
shall slgn a1-1 checks and promlssory notes of the Associatlon; shall
10
keep proper books of account; shal1 cauae an annual audlt
Assoclation books to be made by a public accountant at the
each fiscal year; and shal1 prepare an annual budget and a
Lncome and expenditures to be presented to the membership
annual meeting, and dellver a copy of each to the Members.
ARTICLE IX
CO},I[ITTEES
of the
completlon of
stateEent of
at its regular
by any
be
the
The Association shall appoint an Architectural Control Conrmittee,
subject to the provisions of the Declaration, and a Nominating Committee
as provided in these By1aws. In addition, the Board of Directors shall
appoint other commlttees as deemed appropriate in carrying out its
Purpose.
ARTICLE X
BOOKS AND RECORDS
I
The books, records and papers of the Association shall at all
times, during reasonable business hours, be subject to inspection
Member or any First Mortgagee of any Unit. The Declaration, the
Articles of rncorporation and the Bylaws of the Association shaIl
available for inspection by any Member at the principal office of
Association, where copies may be purchased at reasonable cost.
ARTICLE XI
ASSESSMEMS
As more
to Pay to the
secured by a
assessment is
be delinquent.
the due date,
fulIy provided in the Declaration, each Member ls obligated
Association annual and special assessments which are
contlnuing lien upon the property against which the
rnade. Any assessnents which are not paid rrhen due sha1l
If the assesament is not paid within ten (10) days after
said asseasnent shal1 bear interest at the rate of
II
elghteen percent (18%) per annum from the due date. The Assoclation may
bring an action at law or in equity against the Orrner personally
obligated to pay the assessment or foreclose the lien against the
Property. In either a personal or foreclosure actlon, the Association
shall be entit.led to recover as part of the action, interest, costs and
reasonable attorneyst fees. No Owner may waive or otherwise eseape
llability for the assessments provlded for herein by nonuse of the
Corrmon Elements or aband.onment of his Unit.
ARTICLE XII
CORPORATE SEAL
The Association shall have a seal in circular form and wlthin lts
circumfereDce the words: IRON MOIJNTAIN CONDOMINIIII ASSOCIATION.
ARTICLE XIII
AI'TENDMN'ITS
Section 1. These Bylaws may be amended, at a regular or special
meeting of the Members, by a vote of a majorlty of a quorum of Members
present in person or by proxyr provided that the Federal Housing
Adninistration or the Veterans Administration shal1 have the right to
veto amendments whl1e there is a Class B membership,
Section 2. In the case of aay confllct between the Articles of
Incorporation and these Bylaws, the Articles shall control; in the case
of any conflict between the Declaration and these Bylaws, the
Declaration shall control; and in the case of any conflict between the
Artlcles and Declaration, the Deciaration shall control.
ARTICLE XIV
INDB"INIFICATION OF DIRECTORS AT{D OFFICERS
The Association sha1l indemnify every director and offlcer, and his
or her heirs, executors and admlnistrators, against all loss, costs and
T2
exPense, including counsel fees, reasonably incurred in connection vlth
any action, suit or proceeding to which such person may be made a party
by reason of being or having been a director or officer of the
Association, except for matEers in whlch such person shall be finally
adjudged ln such action, suit or proceedJ-ng to be liable for gross
negligence or willful misconduct, provided, however, that such indeurnity
shal1 be limited to the emount of coverage provlded to the Association
by any policy of officers and directors liability insurance. In the
event of a settlement, indemnification shal1 be provided only in
connection with such matters covered by the settlenent a6 to which the
Association is advi.sed by counsel that the person to be indennifl-ed has
not been gullty of gross negligence or w1llful misconduct ln the
performance of his duty as such director or officer in relation to the
matter involved. The foregoing rights shall not. be exclusive of other
rights to whlch such director or officer nay be entltled. A11
Ilabtlity, loss, damage, costs and expense incurred'or suffered by the
AssocLation by reason or arising out of or ln connection with the
foregoing lndemnification provisions shall- be treated and handled by the
Association as common expenses. Nothing contained in this Article
shall, however, be deeued to obligate the Association to indemni-fy any
Member or Owner who is or has been a director or offlcer of the
Association with respect to any duties or obligations assumed or
liabtrttles incurred as a Member or, omer under or by vlrtue of the
Declaration.
ARTICLE XV
MISCELLANEOUS
The fiscal year of
January and end on the
first fiscal year shal1
the Association shall begin on the first day of
31st day of December every year, except that the
begin on the date of incorporation.
13
FOR fr{E
IRON I"XCUNTIA]i CO\DOTINILIMS
II{DEX
ARIICLE I - ,
Sect.ion
Secc ioo
Sec t lon
Section
Section
Sectlon
Section
Section
Section
Seciion
Section
Sectloa
Section
Sectlon
,Section
Section
Section
Section
Section
ARTICI,E II -
DEFIIiII]ONS
1.
3.
4.
5.
5.
7.
8.
q
10.
11.
1a
13.
14.u.
16.
17.
18.
19.
AssociaElon
Bu i 1d tng
1I
1
1I
1
1
1
1
1
1I
1
1
1
1
2
?
2
2
2
2
2
a
2
2
3
Ccmon Srive*-ay
Conson EleDent6
Comnon Expenses
Declarant
Declaration
General Conmoo Elements
Limited Comon EIe$enEs
li,aiager
ltap .
Henber
First HortgageFirst Mortgagee
O.ner
Proj ect.
Properry
RuIes
t nit.
DIVISION OF PROPERN' II{TO OI^INERSHIP UNIIS
Dlvlston of Property
Description of UnitTttle . . .
Sectlon 1.
Section 2.
Section 3.
Section 4.
Section 5.
Sectlon 6.
ARIICLE III - ASSOCIAIIOTI
Seccion 1. :
Section 2. i
Section 3.
Section 4.
ARTICI^E TV - GENERAT
Votlng
Duties, Rights Porsers of the Association
lnseparability
Tax Assessment
Leases
llenbership
Class of l4embership
and
Sectlon l-.
Section 2.
Sectlon 3.
Section 4.
Sectioa 5.
Section 6.
Section 7.
ARIICLE V - MAINTENANCE
Sectlon l-.
Section 2.
Section 3.
Section 4.
Sectlon 5.
Section 6.
ARIICLE VI - COI'{MON
Section 1.
Section 2.
Sectlon 3.
Section 4.
Section 5.
Sectlon 6.
Sect.ion 7.
Sectlon 8.
Section 9.
Section 10.
Section l-1.
AND LIHITM CO}EON EII]'{EMrS AND OTHER PROPERTY RIGHIS
Li-Eited Corunon Elements
General Conmon Elements
Use of General Comnon Elenents
Delegation of Use
Rules .
l{onpartltlonabil lty
Additlonal Li,ens
Associatlonrs Duties
funers Dutles
Materials
Deternination of Obligatlon .
IlisceLlaneous . .
Supervision
EXPENSES AND ASSESSMET\TS
As sessments
Purpose of Assessrients
Collection of Assessmentg . .
Speclal Assessments
Reserve for Improvements, Repairs and Replacements . .Otmersr Personal Obligation for Payment of AssessoentsLien for Nonpayment of AssessrDentgLiabillfy for Assessments Upon Iransfer of UnitSubordinatlon of the Lien to l4ortgages
Horestead Exenption
Special Fees
4
4
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
6
6
6
5
5
6
7
7
7
8
8
I
8
8
8
8
8
I
ARIICLE IryI - INSI]RANCE A}TD CASUAI.IT
Sectlon 1.
Section 2.
Sectios 3.
Secrion 4.
Section 5.
Section 5.
ARIICLE VIII - EASEMENTS
Sectlon
Sectlon
Section
Sectlon
Sectlon
Sectlon
Sectlon
1.
2.
3.
l+.
5.
6.
7.
Insurance on Couuon Elenents
\pes of Insurance
Otmerrs Additional lnsuranceSubstantlal or Total DestructionPartial Destnrction
Mlscellaneous . .
Dedlcatlon
Access
Urll lries
MalnEenance Easement
Encroactunents . .
Mlscellaneoug . .
Creatlon
tJu.rULI- IA - ITUMSU.LJ
Sectlon L
Section 2.
Section 3.
Mortgaging a
Ent it 1 enentsyortgagee t I
Unlt ,
of I'ircrtgagees
ApprovaL
8I
9
9
9
9
9
9
9
9
9
9
9
9
9
10
10
r0
10
10
10
10
10
10
10
,A TICI,E X - USE LIMITAIIONS
Sectlon 1.
Sectlon 2.
Section 3.
Secticn 4.
Secti.oa 5.
Sectioo 6.
Section 7.
Sectlon 6.
Section 9.
Sectlon 10.
Sectlon ll,.
Section 12.
Sectton 13.
Section 14.
Sectlon 15.
Section 16.
Section 17.
Section 1.
Section 2.
Section 3-
Section 4.
Section 5.
Sectlon 5.
Section 7.
Section 8.
Section 9.
Section I0.
Sectlon LL.
Seetion 12.
Use..
Temporary Use by Declarant
Prohibicion Against Partition
Eousehold Pets
Advertising
Pereonal Business
Planting or Gardenr.ng - Fences, lletlges or Walls
Antennae
Exterlor Lights
NegligenE Acrs
Ilnsightly Sjecr6
Unused Vehlclesliail Receptacles
Prohlbttiona . .
Garbage and Refuse Dlsposal
Removal of Irees
ttules and Regulatlons
AR.TICLE XI - ARCHITECTUML COI{TROL
Section 1.
Section 2.
Section 3.
Sectlon 4.
Sectlon 5.
Review by Associatlon . .
Proceduree
Vote
Records
Llabll1Ey
Condennation of Wtrole of the General Cosmon Elenents
Partlal Conderunatlon . .
Lien lloldera . .
Representatlon
ARTICLE XIV - R.EVOCATION OR AMENDMENT TO DECLARATION
ARTICLE XII - MECHANICIS LIEN PJGI{TS
ARIICLE XIII - CONDEUNAIION
Seetion 1.
Section 2.
Sectlon 3.
Section 4.
Section 1.
Section 2.
Section 3.
Sbctlon 4.
AR.rICLE XV - GENERAL PROVISIONS
Ctrange in Ormership Percent.age . .
Revocati-on or Amendment . . .
Aurendnent by Declarant . .
D"lratlon
10
10
10
t1
IT
11
I1It
11"
t_1
IL
11
IT
I1
Lt
t2u
L2
L2
L2
Enforcenent
Declarantr s Authority
Severability .
Management Agreeroen!Indernification .
Li-mit.ation Upon Liabiliry of Association
Clains
Mailing of Notices
Captions
Gender
Confllct of Provlslons
FIIA/VA Approval
CONDOI',I NI ij}l DE CI.ARATI olli
POR IHE
IROti t',ouMIAIti col\DoMl"liIults
, (hereinaft.er referred to as the rrDeclarantr) as the omerthe Iron Iountain Condoninluns located in Garfield CountsLthereof recorded as Reception No. of t.he Garfieii
in fee
C,oiorado,
County,
f.ron !{ountain Investments, Lt.d.siaple of the real property knorB as
and descri.bed on the Condorcintr.m llaoColorado, records; and
LEREAS, Declarant desires to create_a project under the condontnLrn &-nership Act of the state ofColorado, and tbe applicabre laws of the Gariield Counc;*, Colorado, and to establish thereby a plao forthe ownership in fee ".rpJ9 of real qropertry estates ln-iesidentiai r\,nits,.. t"i"irr"it".-t"liI"i",."ato provide for the ownershtp, use and naintenance of atl the remaining reat pr.t;;at;;;;i";;;;;-;efinedand referred to as the trcorfion EleDentsr!;
llolJ, fiEREFoRE, Declaraat does hereby publlsh and declare that the follcwing Eerns, coveAan!6,conditions' easeDents, restrictions, uses, tonditions, reservations, 1l-nitarlons, and obligatioas aredecrarec and agreed t-o be for the protection of the vilue of the properry, shall be deened to run rrittrthe 1and, shall be a burden anc a beneftt to Declarant, to Declarant"" "i.li"uu"ors and assigns, and Eo anyP-erson or entlty acquiring or or"ning an interest in thi above described real proper-Ey and tpiovenenrs,-uheir grantees, heirs, legar representatives, devisees, successors or assigns.
ARTICLE I - DEFIXITIONS
1. Association: r'Associationrr means the Iron }lountaLn Condominir:m Association, a Coloradonon-profit-E6EoifE?oi, which shal1 act by and through its Board of Dlrecrors and officers.
2- Building: "BuLldlng" oeans the resldentlal butlding construcEed on the properEy.
3- Comon Drlveway: rtCormon Drlveway'r means the access and parking areas r,-ithin the pro3eet.
4. Conmron Elements: trComon Elementsl nean all parts of the properEy, improvements,installatl6iElEiE-IlElTfties which are not lncluded wlttrin any Un1E, and shalt incrude rhe BeneralCormon EleDents and the Iltriteat Conrmon ElemenEs- _ Any provisions in ihls Declaration to the contrarynoBrithstandlng, all 'tlIlEJr 1ines, ducts, facilltiel, and installations servicing urore than one llnltconstitute a Part of the Cmnon Eleroents, even though located, in wtrole or in par[, within a Unlt.
5. Cosoon Expgnses: trConmon expenses'r neans and includes- (a) expenses of adminlstration, operatlonEl-ements; (b) expenses declared corTrDon expensel by' the Association; (c) expenses agreed upon as corr[non
anda-nd management, repair o:- replacenent of the Conrronthe provlslons of this declaiatlon or the By-Laws oof this declaiatlon or the By-Laws ofexpenses by the members of Ehe Association.
5. Declarant: ilDeclarantrt means andassigns heiEE61-
7. Declaritlon: rrDeclarationrneans
the Iron Moll-taio Tddoniniums and any and
I refers to Iron Mountain Investnents, Ltd., its successors and
this docrunent being the Condomioium Declaration forall anendments and supplenents thereto, if any.
-- ,9:,- 9e!era1 Cggmon Elernents: t'General Corsron Elementsrrmean and include all Cormon Elements excepEthe LijDited Conmon Elenents.
- 9: Limlted gomon Elerente: Itli-mited Conrron Elementstrnean those Ccnunon Elements reserved for theexcrusive use of the owner of a Unlt, wiich reservatlon is accomplished by the designation of eachLinited Conmon Eleaent and the llnlt having exclusive use thereof'on the map. Ihe surface and airspaceabove the portions of the property designated as Limj.ted Comon Elenents shall also be deemed LimitedCommon EleDentE- Except as nay be othervise provided in this declaratlon, all Llmited Comon Eleurentsshall be used in connectlon_with th-e particurar Unit to which they ".u
-"iuii"ed, to the exclusion of theuse thereof by the olrners of other Units, except by invitatlon.
^ 10:. I'lar-raggr:- rtlanagertr Deans any duly authorized property manager enployed or appointed by theAssociation to i-EPlement the duties and responsiblllties-incr:mbent up6n the'Asiociation:
.11. &P-, ttMaprr neans lhe Condoninlun Mqp of the Iron l'lountain Condominluns or any anendments orsupplenents thereto as filed in the records of- the Clerk and Recorder of C,arfield County, Colorado.
L2. Member: rrMenrberrt shal1 mean and refer to every person or entiEy wtro holds nenbership in theASSOCIaf 10n.
13. First Morlggp: "Flrst Mortgageil shal1 roean and refer to any r:npaid and outstanding mrtgage,deed of trusEoFotEEiJecurity instruient recorded in the records of the office of the Clerk andRecorder of t-he County of Garfteld, Colorado, havlng prlorlty of record over ar1 other recorded liensexcept-those governmental llens made superioi uy stitirte (suih as g"n".ri aa r.lorem tax liens andspeciar assessments). ttFirst--Mortgagettsha11 aiso mean and refer fo r.rly.*""l.r'!ory land sales contractwtrerein the Administrator of Veterini Affairs, an officer of the United States of Anrerlca, is theoriginal se11er, r"'hether such contract is recorded or not, and wtrether such contract is o\trr.ed by the sai.dAdministrator or has been assigned by the sald Administraior and ls ormeo ty'ih" Aari.,irtratorrsasslgnee, or a renote assignee, and the land records in the offlce of the Cierk and Recorder of theCounty of Garfleld, Colorado, show the said Adnlnistrator as having the record tltle to the Unit.
14. First uortgagge:. ttFirst Mortgageetr shal1 mean and refer to any person naned as a mortgaBee orbeneflciary=EEEFEn!-F1?st Mortgage (including the AdrninisrraEor of vetlrins Affairs, s,n officer of theunlted States of America, and hii issigns undei any executory land sales contract whereln the saidAdministrator is identified as the seller, wtrether such contract is recorded or not and the land recordsln the offlce of the Clerk and Recorder oi the cqrnty of Garflerd, colorado, show the said Adninl6tratoras having the record tltle to the unit), or any auccessor to the interest oi rr,y such person under sucbFlrst Mortgage.
15. Owner: trO$nerrr.Eeans a Person, persons, firu, corporatLon, partnershlp, assocLatlon, or other
,*f:, :::lE:_:r-any comblnation tfiereofi includlig itu'n""r...nr, who holds record fee tlrle Eo anyun1E, lncludlng contract 6e1Iers, but e-xcludlng those having such tnteresc merely as securlty for tireperformance of an obllgation.
*^_^^13:_ $4t rrProjectttDeans the Property and Ehe buildings and olher lmprovenenrs nov ornereaiter located on the PropertY, and aI1 righte, easemenEs, and appurtenances belonging Ehereto.
11. Property:
descrlbed above.
IProPertyrt lDeans the real property known as the Iron Hountain Condominlums as
18- Rules: trRulesrr neans rul-es and regulations adopted by the Association, as anended fron tlne totine.
19- Unit: rrunitrr lDeans an individual air space Uni:, consisE.ing of enclosed:'oorrrs occupying a partcf a floor-in-the brtildlng bou::ded by the interioi surfacei of the peri-meter walIs, floors, "!iri.,g",I'incous, and doors thereof as shown and nunbered on t}e Condonlnium lr6p, together i'Ith all'f,>:tures ald:r-p:-o!enerts:herej-n contai.ned. Ihe foregoing noi.r*'iihs;"nding, rhe foiior-i.,g are noL a parf of a r_jnir:bearing.ualis, floors, a-nd-roofs (except for the incerior suriice thereof, i-f a peri-ureter walI, floor orceiling), foundationsr-shafts, or othei-surfaces used b1'ruore than one Unit, pipls, fences, duics,condults, wlres and.other utillry lnstallations, wherevlr located, except ttre'oirtiers thereof rrhenlocated wlthin a llnit. Itre lnterior surface of a peri-meter door or sinriow Eeans the points at vtrich suchsurfaces are located r+tren such sindows or doors ar! closed; the physical rriodcrys and iccrs Ehelselves arepa^rt of the Corrnon El'enents, as herein defined, tlnit shali lncliral a prcportic.3:e Lin6iyiced i;::eres: inche General Con-ilon Elements.
ARIICLE 1] - DIVISIOTI OF PROPERI"I I]iTO
OI.NERSIIIP TWrTS
1. Dlvision ol_IlgpgT][: Ii"," property and ihe ircrovosrents nord or hereafrer constructed thereon,sha1].bed@1eestaiesreferredtoasUnitsast,eieio.uo"."-ourin.oandasdescribedon
!lr" ."p. Each such estate shall consisE of the separately designaied Unics and the linited ConqronEleoentsr- lf *y, apPurtenant to each Unlt as set iorth on tte iap. Eacb such e6tate shall include anundivided Lnterest in the general C.oumon E1enents, wtrlch interest shall be deslgnated as a fractionhavlng a6 its nurerator the number one (1) and as its denoninat.or Ehe total ntrrDber of Units in theproject.
2.- Dgsgription. of Unit: Every deed for the conveyance of a Unlt and every other instn-mentaffecting tltle to a UniC may descrlbe that Unlt by the nunber shown on the map descrlblng such Unit,with appropriate reference- to_such map and to this declarat.ion or any supplenent herelo ai each shall
?PPear ln the records of the Clerk and Recorder of Garfteld County, botoiaao, in substantlally thefollowlng fashion:
Unlt as sho*tt on tlre nap of the Iron Mountain Condominir:ns appearing in the records of ttreClerklilE-Recorder of Garfieli County, Colorado, as Reception No. and as defined anddescribed in the Condominiun Declaratlon for the lron Ltrrunrain Cond6frinfGE-Elpearing in suchrecords.
_ Su!! description sha1l be construed to descrlbe the Unit together with the appurtenant linited
Conmon Elenents and tbe undivided interest in the general Comon Elenents and to incorporate a1I rlghtsincldent to ownership of a Unit and all linltationi on such ownership as described in this declaration,includlng all appurtenant undivided interests and all rights, 1i-mitations, privileges, and obllgationsari-sing unde-r and by virtue of the Articles of Incorporaiion-and By-Laws 6f^tte Asiociation, ani together\,riEh the right of_ lngress to and egress from such Unit.
3. Iitle: Iltle to a lJnit tnay be held or orned by any person or entity in any manner by whictrtitle to aty-6Ther real property nay be held or owned in the State of Colorado.
4: Inseparabillry: No part of a llnit or of the lega1 rights comprising ownershlp of a Unit nay beseParated fron &ny other part thereof. Each Unlt and the undlvided intirest in the Conroon ElementsaPPurtenant to such Unit shall always be conveyed, transferred, given, devised, encumbered or othe:rriseaffected only as a ccmPlete Unlt,. Any and every conveyance, trinifer, gift, devise, encunbrance, or otherdlspositlon of a linit, 9r any part thereof, 6ha11 be presumed to be a Ionvey"nce, iransfer, gifi, devise,encr"nbrance-or dlspositlon, as the case roay be, of thL entire Unlt, togethe-r rvlth all appuitdnani rights-created by law or by thls Declaratlon.
5- Tax Assessment: -Upon the recording of this declaration and the filing of the map for record Lnthe office-oT-TfrE-CtEi[-and itecorder of Garffeld County, Colorado, Declarant shall deliver a wrLrtennotice to the Assessor of Garfield Cormty, Colorado, as-provided by Iaw, which notl.ce shall set forth thedescriptions of the unlts.- rtrereafter, all taxes, issesiments, ani other charges of the State or of anypolltical subdlvislon or of-any speclai lmprovenent district, or of any other ia:ing or assessingauthority, shal1 be assessed against and collected on each Unit, rdrich sha1l be carried on the tax booksas_a seParate and dlstinct parcel for that purpose aod not on the building or property as a riiole. Itrevaluation of the Cormon Elements shall be aiseised proportionately among It" Ui1ftr ln accordance with theuodivided interest ln the Conmon Elenents appurtenant to each suci: Unit-as described in the urap. Itrelien for taxes assessed to any oHrler shall LL confined to his Unlt and Eo his undivlded lntereit in theCormon Elenents. No forfeilure or sale of any Unlt for delinquent taxes, assessments, or othergovernnental charges shall divest or in any way affecE. the title of any other Unit.
6. Leases: Any lease agreement for any Unit sha1l provide that the terms of the lease shall besubject 1o-tEe-p-royisions of thls Declaration and the Artiiles of Incorporation and By-Laws of theAssociation, snd that any failure by the lessee to cotrp1y with the term! of such docr:ments shall be adefault.under the Iease. AL1 leases shalI be in rrritiirg- and shall not have an initial tern of less thanthirc-Y (30) days. other than as provlded in this secti6n, there is no restrictl"on on the right of anycnmer to lease hts [hlt.
ARTICIJ II1 - ASSOCIATION
1.Mernbershlp: Each owner ie automatically a lrember of the Associatlon.appurEenant to and inseparable from the Unit uponautonatlcally by the transfer (in wtratsoever fbrn)
may be a menber of the Associatlon.
2. Cless of Mexobership: tre Association shall have tuo classes of votlng oembership:
Class A. Clase A Henbera shal1 be all omere, wlth the exceptlon of the Declarant, and shall beentltTEa-86-one vote for each Unlt osned.
Class B- Class B !'lenbers shall be the Declarant and shall be entitled to three (3) votes for eachUnit 6ffiEd:- rtre class B membershlp shall cease and be converted to Crass A neobershlp on the hapnenlngo' elEher of the follorrlng events, wtrichever occurs earlier:
which it Ls based, and shal1of thst Unit. lio person or
Each menbershlp shal1 be
be transferred
enti.Ey oEher than ,n o$Der
(a) 120 days after the date Lfien the tots.l votes outstanding in the Class A membership equal the
total votes outs-Landing in the Class ts n,enbershipl or
(b) on September 1, 1988.
3. Voting: tre right to voEe for election of rnembers of the Board of Directors of theAssociationr or uPon Aseociation h.ttera, shal1 vest ericlusivel-y ln the crvmers of units within theproject. In the event any Unit is orned by ryo,.ol rlore persons, whether by joint tenancy, tenancy incolxron or othenrls"r lh".menbership-as to such Unit shali be joined, and a's-ingle ru.U.ilfiip-i"i--"".tUnit shal1 be issued in the naoes of all ouner-s,-and they srra1l oesignare to rfre AssocLati;r-i; rirtiogai the tir,re of issuance, one person who shall hold che nenbershlp anI ha,re the po*er to vot.e saldrenbership- In the absence of such designation, the Eoard of Directors of the issociation may designareone of the dmers as -the votinB member. Orners of nore than one unlt shalr have one oenbersbip :._n iueAssociatloa for eacb Unit ormed.
, 4. _Dqtles. Eights.and Powerq of the Associatlon: Declarant has caused the Assocl8tion to be1rrcorporatedasaCo1oradon@purchaserofat}nitsha11bedeemedtohave
assented to and ratifiec the desipation and authoriry oi lhe Associaiion to conduct rhe nanaleri,eni "rthe &neral Corr"on Elesents and other coEmon aspects of the project. Ihe Association by iti-Iignicureapplgving thls lnstrument, has agreed to perform the duties iequireo of it hereunder. ihe Assoliationsha1l have the following duties, rights and powers:
(a) To pronulgate and fron tine to tine suppleurent and amend reasonable nrles and regulationsgovernl-ng tbe use of the tlnits and the-Cormon Elements, which rules and regglatl[ns shall beconsistent with the rights and duiies established in ttiis Declaration.
(b) To levy and make assessnents, for the following purposes:
(i) To promote the recreatlon, health, safety and welfare of the ordnera and the resldents ofthe property;
(il) Io provlde for care and maintenance of thebuildings, grounds, i-nprovenents and other Comon Elements;
(iii)Io pay cormon utiltty expenses, lf any;
(iv) To pay the prenir.rns for all insurance wtrich the Association is required or permitted tonaintain;
(v) To p"y hrages for Associatlon employees, Associatlon Banagement expenses, legal and accountlngfees;
(vi) ro p8y any deficlt remainlng from any previous assessment period;
(v11)lo create a reasonable contingency reserve, surplus and or sinking fund;
(vili)To lease or purchase real or personal property in the perfornance of its duties;
(ix) Io repalr and replace the Associaclonrs facllities, machinery and equipment;
(x) To P.-y any other expenses and liabilities which nay be lncurred by the Association for thebeneflt of the votlnt nembers, to borron money for the purpose of i-uproving the CoomonElementsl and
(c) rn accordance wlth its Articles of rncorporation and Bylaws, and uponof a two-thLrda (2/3) najority of the voting members oi each crass ofpercent of all First llortgagees of lhits (bised on one vote for eachmortgage said property as securlty for any such loan .
the prior written approval
membershlp and 100First lbrtgage owned), to
(d) Io enter into or tPln any Unit ln case of any emergency originating in or threatening suchIlnit- An owner shal1 pernit entry lnto hls Unit for tire purpose oi performing instailatlons,alterations, replacements_or re-palrs to the mechanical, eieci.rical oi utillry-servlces, rrtlich,if not performed would affect the use of oEher Units; provided, that requesti for entry aremade in advance and that such entry ls at a time convenient to the oro-nei. In case of anernergency, such right of entry shall be {rrnediate.
(e) Io collect delinquent assessnents by sult or othenrise and to enjoln or seek danages frm theowners for violatlon of the Covenants contained herein or the Rui.es as prounrlgatel hereunder.
(f) Io enploy yor!tn'91r naids, janitors and gardeners and othersl to contract for services to beperformed including those of a Manager; to purchase supplies and equipment, and to enter into
-contracts and generally to have the powers of a property nanager in conneciion rith the nattershereinbefore set forth, excePt that the Association nay not encumber or dispose of tbe interestof any oener excePt to satisfy a 1len or judpent against such owner for vlolation of theowrrerrs covenants irnposed by this Declaration
(g) To Protect and defend the properEy fron loss and Camage by sulr or othenrise.
(h) Io employ counsel, attorneys, and auditors in connection with legal rratters of the Associationand upon writte_n-request of any holder or insurer of a first ,o.fgrgu oD any Unlt, to prepareand furnish within a reasonable ti-me an audited financial statene;t of the issocrition, r,i:ictraudlt shall be available to oeners for inspection at the Associatlonrs office during nornalbusiness hours.
(1) To rnake available to Unit6 oh?nera, lenders and the holders and insurers of the first nortgageon-any Unit, and p-rosPectlve purchaser-s, current coples of the Declaration, By-Laws, othei "
nrles-adopted by the Assoclation and th6 most receni annual audlted financlal stateDenr of theAssociations, if such is prepared.
(j) Io invest funds, lf any, ln the hands of the Board of Directors of the AssoclatLon, ln exceeeof reasonable worklng capltal needs, and to credlt lncome derlved therefrom to oirners 1n anequltable rBnner to offset Coaoon Expenses and other costs described herein. Each tnd1vldualotmer sha1l be furnlshed a steternent of annual earnlngs attrlbutable to orners from such lncomrecelved.
(k) To file legal protests trlth authorltles, when requesEed to do so by a ma_iorlty of rhe o$.ners.
agalnst the granting by suthoritles of zonlng or variances as to any property adjoining orr^'ithin a reasonable proxinlty of Ehe project which night affect or aepreliate the value of theowner's interest. ln the project.
(1) To grant utlliry easernenls under, through or over the cormon Elements.
(n) To, exerclse any.rl8bt or prlvilege given lt expressl-v by thts declaration or by law, and eve:vother rigltt, prlvil-eger.and power reasonably to be lnplled from the exigten"e -ot
"ny right oiprlvilege glveo it _bereln or by lts ArEicles of Incorforatlon or Byl,aws or reasonabiy nlces""ryto effectuate {ts funcEion and pu:-poses.
ARIICT.E W - GEI{ERAL AND LI}IIIED CO}ANN ELEME}fIS
A}iD OIHER PROPERIT RIGMS
1. Liuited Comnon Elenents: Ttre cn"mer and hls Lnvitees shall have the exclusiveenjoytheffiwhichareaPPurtenanttosuchoimerlsUnit.
2. General Cormon Elenents: Each llnit or,'ner shal1 tiave ar undivided inierest !nComon Eleffiticle IL, paragraph 1 above,
3. Use of General Cormon Elements: Omers shall have the right !o use and enjoy
Conmon Ele n's rules.
right to use and
the general
the General
- ^4- Delegatiqn- of Use: kly o,*'Ijer Bay delegate his right to eajoy'ment of the Q6men EleBents to theresident menbers of his farDily, his tenants or coniract pur-hasers who- may reside 1n hls Unit. Any mnernot residing in the Unit nay not use the Conrnon Elements.
5- Rules: The- Associatlon nay protrulgate and enforce reasonable rules relating to the ComgonElenents, frEEoing thelr use, naintlnince, ipkeep and aesthetlc appearance.
6. PEg!q&1ona!:li!I: Ihere shall be no judicial or other partltion of the Comon Elemenrs orany Part thereof, nor shall any ov,ner brlng any actlon seeking partition Ehereof.
7- Additional Liens: In additlon to nechanlcrs ll-ens, assessnent liens or tax 1iens, a Unlt ownernay pleogeT-ii:ilnd.-IilEffinteresE in the general Conmon Elements in connection with such owner tDortgaginBhis Unit, provlded that an uodivlded inteiest in the general Comon Element shall not be encumberedseparately fron the Unlt to ntrlcb lt is appurtenant and any trortgagee having an interest in the generalCormon Eleoent sha11 be subject to the provisions of this beclaritlon with iegard to the rights In anduse and enjopent of the general Corrmon-Elements.
ARUCLE V - }IAINIENANCE
1. As6ociat{onrs Drties: Except as hereinafter provided in this Artic1e, the Associatlon shalInaintaina@rofttrLgenera1ComonEieurents1nc1uding,w1thout1inltat1on,roofs,
Partltion waI1s, 6tructural aupports and-waI1s, the exterior surfaces oi-the buildings, "o*on utlLiryIlnes, stairs, decksr landings, fences, landsciped areas, wa1ks, roads, parking ar".i, and drlveways andshall remove the-snow frorn parking areas, driveways and iidewalli.s.
2. Otmers D'uties: Each owner shall maintain and keep in repalr alL plunbing, sewers, drains,pipes, eleEEiEEITTilig, and heating, cooring, and ventilation faillittes ina sysrens, coumencing ac aPoiBt where such utlllties eoter the Unlt, together with all entry doors and frares, windows, glais,yqrgs, and courEyards aPPurtenant to or a part of his Unit. Each owner shall also have the exEluslveright and otligation, at his sole cost and expense, to maintain, repalr, and decorat.e the interlorsurfaces of the wal1sr_ceilings, floorsr,and doors-forming the boundarles of this Unlt and al1 walls,celIings, floors, and doors vithln such boundarles; provlIed, however, that no owner sha11 alter orenclose-"1t09 openings, or door openings without ihE prlor written approval of the Association. Anomer shall do no act nor any work that wll1 impair thl structural soundness or integrltry of thil bulldlngor impalr any easelDent or heredltanent. An ormlr shall always keep the limited Com6n EiementsaPPurtenant to his Unit ln e cleaa and sanitary condition, fiee frbn trash, garbage or other debrls andshal1 keep any designated limlted Common Eiements and sldewalks appurten"oi io ht; Unit free fron theaccumulatlon of snorr or ice. I'he interior surfaces of all wintlowi'forning a part of a peri-neter wall ofa llnit and the exterior surfaces of such windows, as well as al1 patlo6, latll ooors ani screensaPPurtenant to 8 Unl! sha11 be naintainedr_cleaned and kept up at the eiplnse of each respectlve ovrner.Damage to the interior 9r any part_of r Elt resulting frbm tire maintenairce, repair, ur"ri..,"y repair, orreplacenent 9f any of the general eermsn Elenents shait Ue a Coiunon Expense of iff 6f the-ownlrsr'unlisssuch danage is caused by negligence or tortious act of an crrner, membeis of hls fauily, his ageni,enploy-ee, invitee, llcensee or tenant, io which event such ownei sha1l be responsible-ind tiaSle for allof such damage.
3. Materials: Itre Association shal1 have the sole discretion ln determining the kind and type ofnaterials to-E usea ln all naintenance and repair work performed on Conrron Elegents, wtlether the saDe beperformed by the Assoclatlon or an orrner.
4. Determination of frIigation: The responsiblliry for the performance of any maintenance,
IePa.1r,gr@otexpresi1ydesignatedabovesha11bedeterm1nedbytheAssociat1on.11 the event any dispute should arise as to the constructlon or interpretatlon of the forlgolng sections,the deternination n',ade by lhe Association sha1l be conclusive with regard thereto.
5. Hlscellaneous: Anythlng contalned herein to the conErary, notvithstanding, any lnalntenance orrepair reqilfEd-5fTffion of the ;i11fu1, or negligent acE of any o!'ner, rrembers of hls fanily, his ageot,emploJeer_invitee, llcensee or tenant, sha1l be the sole re"poniibllir! and obligatlon or su'cfr or.o"..The Assoclation shall h-ave the right to perform such oaintenfnce or repairs and recover such coats frg(or.he afirner responsible therefor.
-__ -_0. __*B.gi:t=m: Ihe-AssociatLon sha1l have the right to prescribe uinlotm standards with regarttt-o an owner's performance of any roaintenaoce or repair for which-the orner is responslble. fiie orrnershall c-ourply wilh all guidelines and reqrrirem-ents prescrlbed by the Assoclatioa ti trrts connectlog, andin furtherance hereof, the Assoclatlon shall. have Lhe rtght to requlre an ormer at any tlne to forthnltbcorrect any repalr or Ealntenance deflclency then exlstlng.
ARTICLE VI - COMMON DOENSES AND ASSESSMENTS
l. Assessments: Itr-e_ Declarant, for each Untt owned, hereby covenants, and each owrer, byacceptanceE-i-?Gtto a unit, covenants and agrees to pay to th; Assoclatlon, (l) annual "s""'srr"nts or
cl,i:!:es, and (2) speclal assessrDents for capltal lmprovenent6t.lne fo tl.ne as herein provided.
?. Purpose of Assessments,..T".assessrDents levied by the Associatlon shall be used excluslvely todefraY cormon exPenaear to accorpllsh 1r8 purposeE and for the performance of ite dutles as establishedby this Declaration and the Articles and By-Laws of the Assoclatlon.
co be flxed, establlshed and collected frorn
(a) PreoaiC Assessnent: llre Association shal1 levy and coll-ect from each crr^rner at the tine suchcr,lrer Puileses or acquires-a L;nit., other tfran'pecfarinc, " sr:1 equal to two (2) ti-nes t*heoriginal estinated Donthly Counnon Expense for his lrntt. Said sun'may be used by tl'eAssociation as uorking-caPlta1, to apply against a delinquent accouni of an owner, or emergencyneeds, and shal1 be refunded to the onner (except as hereinafter provided) upon the sale oitransfer of his Unit, lese any amounts then due by said owTrer to the Assoclatlon. Such a-nountnav be transferred to a new owner upon a setElerDeni sheet adjustnent between a seller andpui-c'naser. Deficiencl'aiDcunts in any ownerts account shall 6e restored prorrptly by che ownerupon de*and of the^ri'ssociation, Eo Eraintain an alrount equal to two (2) tl-nes'tUL oitgtnalestiDa;ec monthly Corrnon_Expense for such Unit. At the ti-me of conveyance of the fiist Unlt,Declarant sha1l Pay Ehe Association a sum equal to trro (2) ti-nes the original est{nated rDoothly CmrcnEr.pense fcr the balance of the Units wtrich iurn shall be reimbursed to Deilarant upon the sale of eachacicitional Unit.
(b) Due Dates: Assessmencs sha1l be due and payable on the flrst day of the nonEh or other periodEEEa-Tor Pa)'irenE. rf not pald wtthin t.i, (ro) days of the dare due, the sane shaIl beconsldered delinquent. A11 delinquent assesamente shal1 bear intereit from the date ofdelinquency at the t.9:_9f-19%-per annuD, and the Associatlon nay further assess a late chargeof not more than ten (Sl0.oo) dollare for each Donth the derinqulncy contlnues. rn the eventit shall become necessary for the a8sociatlon to collect any Oeftnqient assessments or feea,whether by foreclosure of a lien hereinafter created or othemise, the delinquent owner shailpa)r, in addltlon to ttle asseseErcnt and late charge and interest herein provided, all costs ofcollectlon, lncluding a reasonable attorneyrs fei and costs incurred by'the Associatlon lnenforcing payment.
(c) Insurance: Insurance premir:ns on llnits shall be equttably prorated in proportlon to theiepGEenEnt cost of eath Unit as annually det.ermined by the Association.
3. Collection of Assessnents:
(d) Water and Sever:
ownei, - Eater ana
exPense.
(f) Corunon ExDenses: Each
s*ra1l be-based on
(e) Flpelsg of Electr+glEy gnd Beat: Electricity and heat serving a Unit shal1 be an expense ofthe UEit owrer.- A11 oEher expenses for electricity and heat, if any, incurred by thLAssociatlon shall be prorated-in the s€ure m,nner ai comon Expenses.-
water and senage charges senring a llnit sharl be Ern expense of the unltsevage charges incurred by the Associatlon, shall be paid as a comnon
owner shall pay a proportionate amount of the eomen Expenses, wilch
such owners undivided interest in the general Comon Elenents.
(g) Qmer ExPenses: Each ormer shall furniah and be responslbLe for, at his own expense, a1l ofthe malntenance repairs and replacenents vithin his own Unit; provided, howeverl sucixoaintenance, repairs, and replacenents as may be requlred foi tne funciioning oi the phobingoutslde of the Unit and for the bringing of vater, [as and electriciry to tha Untt sh;ll be -
performed by the Association as a part of the Comiron Expenses. llaintenance, repairs andreplacenents of.refrige-rat-ore, ranges and other kltchen appllances, lightin! fiitures and otherelectrical appliances whlch are for the ownerrs exclusive'uee shali be-perf6rmed by and at theexpense of each owDer.
(h) Ifvy o=f As=sesqnents: The Board of Directors of the Assoclation shall, during the first Dontttot each calendar year, determine the esti-Eated annual assessment to be nade io eactr orner andpayable periodically-during the year; provlded, however, that said assessnents nay be adjustedat any tire lf deemed necegsary by said Board of Directors of the Association. AL soon ispracticabl-e after the close of each calendar year, actual expenses shalI be totaled and anyoverages or shortages of actual expenses and assessments nade shall then be charged or credltedto the orners accorrnt.
(i) Non-Exemptlon: No owner shall be exerpt orby waiver or suspension of the use of any ofor leaslng of his tlnit.
relieved fron payment of any assessnent or charge' the general Cormon Elements or by the abandonnent
l. Sp-eglal.Asse?sngnts: rn additlon to the assessments or charges authorized above, the Board ofDirectors of the Associatlon may levy speclal assessments for the pu.pose of defraying ln vtrole or lnPart the-cost of any construction, or reconstruction, unexpected slructural repairi oi replacement ofcapltal i-urprovenents, including the necessary fixturis and'personal properEy related therito; provldedthat lf any such assessment exceeds S5,0OO.OO, the same shail have tire assent of not less thin-a najoriEyof the- own9I9 voting in perso-n 9I Py proxy at a meeting duly called for such purpose, at which tipe notless than 25e" of the ovrners shall be ieprLsented-ln peison or by prory'. ttlt'ten-notice of sucb neetingshall be sent to all owners of record nbt less than iifteen (15i h"y"-.,or ror. tt,"n-ihi1'lt i39i o.ys fnadvance of the neeting, setting forth the purpose of the Beetlng. For purposes of thls se-ctlon, ttrerepair, naintenance, or replacement of util.tty llnes shal1 be c6nsideri:d capital irprovenents.
5. Reserve for TryT"t*""t1' n"p.lrs, and Replacernents: As a part of any annual or specialassessment assessment year, a reserve fund for themaintenance, repalr and.replacement of Coumon Elenents .od "ny improvenenti ther"oo, or for thefuture constructLon or irprovement thereon-. Any funds so coliectld shall be destgnited by the Boardof Directors- a8 caPital contributlons by the members thereof and sha11 be segregaied and placed ln aseparaEe bank aceount of the Assoclation to be utlltzed solely for the purpoE"" aforesatd.
6. Omersr Personal obllcstton for Payment of Assessnents: Ihe aeount of any asoeasnent agatnsto'1n",,,'"."ni.;.;;;icorrectron,1nc1ud1ng
attorneyrs fees, ehall be the personal and lndivi<lual debt of the owner thereof. Suit t6 recover a ron.yjudgment for unpald asse6snents nay be malntalnable by the Assoctatlon, without foreclosure or watvlngthe 11en securlng 6arne.- Such personal obllgatlon for dellnquent assessments shall nct psss to succe6sor6ln tltle or l-nterest unless eripressly assumed by them.
-,^_^l: _!lgLlgr--iiolpgtEent of esr."",oencs: The annual and special assessmenE6, lncluding utiliEycharges'Eogerherwithin@asonab1eattcrney6.|feessha11beacharge.no"rien_upLnthe
fro.tei+* agalnst tfiich eaeh such assessment is nrade. To evidLnce such lien the Association na)-, bu:shail not be requlred-to, prePare a wriE-t-en notice setting forEh the amount of such unpaid inalitedness,i!19 nam of the defaultiog ormer of the Unit and a descripcion of the Unit. Such a ,,oiice shall beslgned by an cfficer of the Assoclation or its lcanager, ,nd ,ry ue re.oioei in tne office of the crerl:anc Recorder of the c?}"ty of Garfield, State of coiorioo. Suttr notice shall be served on the derlnouentowner by certified nail, posEage prepald, and matled to the address of such owner as contained in therecords of the Assocj-ation. Such notlce need not be received by such delinquent owner in order toccnstliute effeciive notice of the existence of such Lien. Sucir lien shal1'attach fron the due dace o:ihe assessnent and rnay be enforced by foreclosure o,-'the defaulting cr,nerts Unit by ihe Association irrlike canner as a IDortgage on -rea1 property. In any euch foreclos,rie, the defaulting owner shall berequl'red Eo Pay the cosEs-and expenses of such proteedings, and for iffing the notile or clai.n of lien,together with all reasonable attorneyrs fees inturred in-connectton thereiith. Ihe foreclosing parryshall be entltled to-the appoi.ntDent of a receiver for the subject Unlt. The foreclosing parti'stra:.1have the Polrer to bid ln the Unit at foreclosure sale and to alqulre and hold, lease, moitlage, conveyand sihen-ise deaL wilh the same.
8. Liabllirv.fof.Assessment? upon_Transfer of Linit: tre grantee of a Unit shall be jointly anc:severarry rlaDle wlED the grantor for all unpaid assessments up Eo the tlne of the grant or conveyance,vithour prejudice to the granteets right to recover fron the grantor the amounts palo uy the granieetherefore.
Llpon paynent of a reasonable fee not to exceed ten dollars and upon the written request of any owneror-any Dortgageer ProsPective Eor_tgagee or prospecttve purchaser of a Unit, the Associatlon shall issue awritten statement setting forth the arDount 6f tire unpaid assessments, if any, due ln connection rrith thesubject Unlt, the arDount of the current periodic assissnenE and the aate "utt aasessment becones due,
_c-redit for_advance Psyloents.or for prepald _ltens, includlng but not li-nl,ted to insurance prernltrms.unLess such request for a statenent of-indebtedness is co*ftiea with within fifteen aays bt "rr.t-i"q,r""t,all unpald assessaents r*rlch becoue due prlor to the date bf naking such request shall-be subordinate tothe lien of ttle person requestlng such stateuient.
Any Eortgagee holding'a lien on a lJnit nay pay any unpaid assessnents payable with respect to 6uchUnit, and-upon such Paynentr-such mortgagee shali harre-" Iien on such Unit ioi ttre amounts !aid, wtrlchlien sha1l be of the sahe Prioriry as itr- lien of his encr:rnbrance. Any provislon hereln to ttre cont.rarynoEwlthstanding, any first -nortgagee vho obtains tttle to a Unit p,rr"rr.nt to the remed1es provided ln tirerDortgage only taking a deed io lieu of foreclosure w111 not be Ii;bre for such Units unpalh assessnentsor charges which accnre on or after the date of recordation of said first mortgage and prlor to theacquisltion of tltle to such Untt by the Mortgagee.
9- Subordination of ttle Lien to Mortgages: Itre lien of the assessments provided for herein shallbesubordinat,inc1udinganyexecutory1andsa1escontractwhereinthe
Adninistrator of Veterans Affaire (Veterans Adrnintstrationf is- se1ler, wiether such cont.ract is owne<t bythe veterans Adolnlstration or lts assigns, and whether such contract. is recorded or not. Sale ortransfer of any Unlt shal1 not affect the lien for said assessDeDt charges except that sale or trsnsferof any llnl't pursuant to foreclosure of any such First Mortgage or any sich execirtory land 6ales contract,or any proceedings in lieu of foreclosure, including deed in-lteu of foreclosure, oi cancellation orforeclosure of any such executory land saies contrait wtrerein the Adninlstrator of Veterans Affalrs(Veterans Administratlgo) tr sefierr-wtrether such contract is ormed by the Veterans Adninlstratlon or lteasslgns, and whether of record or not, shal1 extingulsh the llen of such assessrnent charges a6 to
PayDents which becane-due prior to such sale or transfer, or foreclosure, or any proceeding in lieuthereof, or cancellation or forfelture of any such execuiory land sales contract;'providedl however, thatany such assessment:laTS-es, Lncluding interesE, costs and ieasonable attorneysr'fles, wiich areextlnguished as provided herein, may 6e reallocited and assessed to all Units as a cormon expense. Nosuch sale, transfer, foreclosure, _or any proceeding ln lieu thereof, including deed in lieu offoreclosure, nor cancellation or forfeituie of any-such executory J-ind sales iontract shall relieve anyUnlt from liablliry for any assessments thereaftei becoming due nor froro the lien thereof.
10. Honestead Exeqrption: Itr-e llen of the Associ-ation assessmenta, including utlllties servlcecharges, sE-5I1--5E-u[EiI6FE any honestead exeoption aE is now or nay hereafrer be provided by Colorado
]"r. tre acceptance of a deed to any Unlt subjett to this Declaration shal1 constitute a rralvLr of thehomestead exerption as against said Lssessment lien.
.11. Special Fees: No special or extraordinary fees or charges, inspeciar assessments of the Assoclatl-on, sha1l be cirarged or levled iorElenents 9r any of the Associatlonte facllitles situale thereon, except
mernbers of the Association.
addiEion to the regular or
the use of the general Comon
upon the affiroatlve vote of 81I
AXIICLE \TII - INSUMNCE AND CAST,JALTY
1. Insurance on Coumon Elements: tre Associatlon shall nalntain insurance covering all CouoonE1ements'@avationandotheritensnorma11yexc1udedfromcoverage),
including fixturee to the extent they are a part of the Comon Elenent-s, building service uqilpient .nasupplies, and other cormon-Peraonal property-belonglng to the Association ln an amount equaf t; 1OOPercent of the current replacement cost-of the conoominiun exclusive of lanc, foundattonr.*cavaiion anOoEher itens normally excluded from coverage. Reference to a master or blanket type policy of properEyinsurance ls lntended to denote slngle entity condomlnirm insurance coverage. rir'aabitio;-I, "oy fLn.ur,equipment or-^other PfoPerty within ihe unlts-r*trlch are to be flnanced by a"mortgage to be purchased byFMNA or FHLIfi (regardless of ritrether or not such propertry is a part of thu coo-In"E1eoenie)-st"ii-uecovered by such tra8ter or.blanket-po-llcy. suctr pilriy sirall prbvide standard "oru..g" provision6 for the
lll^::"::"!1: I:pll""rent co8t. of -the property in"urla thereLy, wlrh such deductiblE piovlslons relarlngEnereto aE Inay be deened..d:.:1.39k by- the Association. rtre nami of the lnsured untter such policy shallaPPear as follovs: ITIRON MOU}'ITAIN CONDOMINIW ASSOCIATION for use and benefit of the lndlvidual oerner'ef the Iron Uountain-Condominiums, Garfleld County, Coloradort. Such policy shal1 provtde that any'proceeds thereof shall be pald to the Board of Diiectors of the essociatroi, in t.irst, or to such otherescr@' agent or trus-tee a9 nay be designated by the Association as lnsurance trustee under thisD-eclaratlon, and such funds shall be hald ln t-nrst for the unite owners and thelr rrrsl nort!.g".", ""thelr lnterest nay appear.
A certiflcate or schedule shottng the coverages of each ownerrs or mortg:ageels lnterest and thealDount of the lnsurance poltcy shall be furnlshed to each owner and mortgagei." As insurance coveragesare lncreaged or decreased, new certlficates sha11 be lssued to orirrers aid morEgagees. A detemlnatlonof replacement cost shall be made annually by one or rDore r^'rltten appralsals to"bE furnished by r p"."oni:nowledgeable of replacenent costa. Ihe amounts of lnsurance carried by t}le Assoclation sha1l be Lpoated
es of Insurance:
E[CE-filurErce-Ts
, ''\
extent thaE
annually l-n accordance wlrh the annual appralsal to cover current replacernent cost.
Ttre Associatlon shal1 nalntain che following type6 of Lnsurance, to thereasonably available:
(a) A pollcy of-.Property lnsurance covering all ComDon Eleurent.s, wlth a',Replacegent costLnoorsetrent't providing that any clain sha1l be sett.Ied on a fulI replacenent cost basls lriEhoutdeduction for depreciatlon, and lncluding an "Inflation Guard Endoriementrt and an ttAgreed
AEount Endorsementt'. Ttre Association may also purchase a rrDenolltlon Endorsetrentrr, ;ndrrlncreased Cost of Constitctlon Endorseoentil, 8 r'Contingent Liabtliry from Operatl6n ofBullding i-aws EndorselDent't or the eguivalent, and/or coverage on perional prbperry or*rred by iheAssociation. Such lnsurance as nalntalned bf the Assoclati6n purluant to this subsection shallafford protection against at least the fo11owlng:
(1) loss or dempge by fire and otber perlls nonnally covered by the standard extended coverageendorsementl and
(li) such other risks as shall customarlly be covered with respect to proJects sirnilar inconstruction, location and use, including all perlls normally covLred by the standard aIIrj-sk endorse$ent, w,here such is available.
(b) A comprehensive policy of publlc 1labilitry insurance covering all of the Comon Elenents,lnsuring the Assoclation in an amount not less than $lrOO0rO6O.OO covering bodily injury,I'ncluding death of Pera-ons, personal injury and property d"*ge liabillty arlsing o,r[ oi'.single occurrence. Sueh coverage shal1 includer-vittroui limtlation, tegil tiatiliry of tteinsureds for property damage, bodtly injurles and deaths of persons in Ionnection with theoPerationr mi-ntenance or use of the Comnons Elements, legal'liablltty arising out of lawsuitsrelated to enplo)'ment contracts of ttre Association, and piocection agiinst Ii;bility fornon-owned and hired automobiles; such coverage nay-also include, if ippllcable, garigekeeperrsllabtlity' liabiliEy for property of others, host liquor liabiliry, wiier oanafe"rta6ltry,contractual liablllty, vorloenrs compensatlon insurance for ernployees of tbe Aisociatlonr-andzuch other risks as sha1l custonarily be covered with respect to projects 61-Dl1ar inconstruction, locatlon and use.
(c) A policy providing adequate fidelity coverage or fidelity bonds to protect agalnsr dishonestacta on the Part of offlcers, dlrectors, trustees and erployees of the Assoclation and aIIottrers rcho handle o-r lfe responsible for handling funds 6f ttre Assoclatlon. Such fidelitycoverage or bonds shall neet the following requirement.s:
(1) all such fidelity coverage or bonds shall name the Assoclation as an obltgee;
(ii) such fldelity coverage or bonds shall
exclusion of person who serve hr-ithoutslnl1ar expresslon.
contain waLvers of any defenee based upon the
compensation fron any definition of rreuployeeti or
(d) If the Conmon ElelDents, or any portion thereof, is located withln an area identified by theFederal Emergency ll,anagement Agency as havlng special flood hazards, and flood insurantecoverage on the f,srmsn Elements has been nade available under the National Flood InsuranceProgram, then such a poLicy of flood lnsurance on the Cormron Elenent,s in an amount at leastequal to ttre lesser of:
(l) the uraxi-nun coverage available under the liational Flood Insurance Prograrn for allbuildings and other Lnsurabie properEy located within a designated flood hazard area; or
(tl) one hu-ndred Percent (1OOA) of current replaceeent cost of aII bulldtngs and otherinsurable ProPerty located withln a designated- flood hazard area.
3. Octnerrs Additional lnsurance: In addttion to the insurance rnalntained by the Association,cfinersnay@iftheysodesirefortheirownbenefit,andattheirexPense,
provlded Ehat all such policles shall contai; waivers of subrogation and prorio.d further that theliablllty of the carriers issulng insurance obtained by the Asiociation sirall not be affected or dimlnishedby reason of any such addltional insurrlce carried uy iny oerner. Insurance coverage on furnlshingslnclucling carPet, draperles, va1l coverlngs, picturei, furniture, clothing, appliaices and other Itensand_ artlcles of personal property beLonging tir the ouner, as weli as publlc li'arfrfry coverage wtthtne-act_t-Ilnltr sha1l be the so1e and direct reiponsibillty oi the o$ner oi such Unlt and the Associationshall have no responsLbtlity therefor.
_ _ 4l Sybgtgnti?I or-Tola1--Dgstntgtion: In the event of destruction by fire or other casualty of 50tor Dore ln total value of the Unlts situate-upon the propertsy, then the Board of Dlrectors shall iepatrand reconstruct the building to its original ionditton prior- io such casualty, unless 75% or more of tbeounera of lJnlts in the building cast their ballot agginit the rebuilding of lhe bulldtng at I meetlog ofsuch orrters held for such purpoae. Such r_eeting shitL be called and heid wlthln a peri6d or thirry (sojdaye after the fire or casualtsy occurs. I,ltrenever an ownerrs interest. is subJect to an encunbrance, hlsvote against rebullding sha1l be subject to concurrence by the holder of the encumbrance. If I llnit lsorned by nore than one o!,ner, only one vote shall be pernitted to be cast by the owners of such lJnlt,
In the event the reconsEructlon and -repair of the building is to be made follovlng any loss asaforesatd, then the Board of Directors of tire Association, as insurance trustees, h c6opeiatlon with theownera shall use the proceeds of insurance for such-purpoie. In the event there-is insuificlent moneyreceived ln settlernent of the losses clained from the insurance carriers and a deflclency exists, thenall of the cnrners of.Irnlt8-in the damaged buildlng shall be assessed for such deficiency in theProPortloD that the insured value of eich Unlt beirs to the roral insured ""r""-ii-iii-ilni'.r1i tt"b-ullding, not incruslve of any addltional insurance carried by an ovner as authorized above. rtre fuuurrulnt, noE r-ncruslve ot atry addltlonal insurance carried by an ovner as authorized above. Itre fundsfor palment of cosEs of reconstructton and repair after casuaity, r,trich shall consiEt of proceeds ofror pa)rulenE or cosEs ot reconstructlon and repair after casualty, r,trich shall consist of proceeds of{nsurance held by the lnsurance eacrow agent, and funds collectld by the Associatlon fro6 assessment'IDurarrse rrer(I Dy Ene ulsurance eacrow agentr and funds collected by the Associatlon fro6 assessment6again-8t otners, shall be disbursed in paymeni of such costs in the rarmer then custonary lD the c6,"-1.rthen custonary lD the cm.nlEyfor the dlsbursal of the firnd of a con'struction loan. Deficlencies in anounrr ;;;;;;'ti"."p}i-il"'
1-eg1a9e lmProveDencs other than Untte shall be consldered ss s f,6m6n n:<pense-and prorated as'piovlded tnthts Declaratlon.
Any reconst::uctlgT ot repalr urust be substantlally ln accordance wlth the plans and speclflcationsfor the-orlgtn8l bulldlng or Lnprovement; or_lf not, tiren accordlng to the plani and epectitcatlonsapproved by the Assoctatlon and all owneis of the dimaged buildlng"or tmpioi'er.nt.
In the event the o9ner8 of the danaged or destroyed bulldtng determlne by vote ae aforesald not toproceed with rebulldlng, then the proceeds from tbe insurance coverages of suth butldlng payabre to the
Board of Dlreccors of the Associacion as insurance tnrstees sirall be distributed unEo the llen holders ofthe respectlve cuters, acco:'d:.ng to their priorltl, and if no liens exist, fo the ownerr apportloned tothe anourts of the insurable irlrerest of each of the o'w!€rs as may have been shor.r in the'tertificates ofinsu:ance issued to each such owner. Ihe Assoclatlon as a Co:imon Lxpense 6hail ihen acculre from iheowners of Unlts wlthin the destro.ved building their interests in the respective Units af the then fairr€rket value of such-building es aBreed upon betveen the parties. In thi even! the parties cannot agree,rhen the same shaLl be deternlned under the rules of the i.nerlcan Arbitration .r,ssociition. Ihe declslonof the a:'bicrators shall be b1-nding upon all parties. Anounts to be received by such onners froadisPosition of their lnterests in the respective Unit tn the bullding shall be bistributed among thetD inthe proPorrion ihai their respective insurable incerest,s in said bui.idlng bear to che total aroinle Eo bereceived. Siirul:anecuslr'wich such cistribution, such or,-ners shaLl tranifer ar.ii convey to theAssoclation by deett o, oth"t apProPriate lnstrunent the respective interesEs of such srrner6 in the unttswillin the destroyed bgilding. Itre Board of Directors of the Associati.on nay Ehen elect to raze thebuilding, dlsPose of the property, or rebulld. Each owner grants unto the Board of Directors of theAssociation the exclusive poirer and right to file proofs of loss in the event of any loss or danagecovere<i bf insurance and to make adjustLlent !'ith insurance carriers for any losses sustalned.
5. Partial Destructiool In the event of part.ial destruction or danage of iess than 5Cr,t, of thetotal vaLuETT-tEE-un-IEs-ii6in an-v bul1ding, thl Boara of Direcrors shail. iepair and reconstrucE thebulldlng to ils condition lffreciately prior to such casualty, applylng insurance proceeds and rnaktngadditional assessnents as provided in the event of reconst.ruction and-repair un<ier the provisions oiparagraoh 4 of Artlcle VI above.
6. Mlscellaneous: To the extent obtainable, all policies of insurance shall contain waivere ofsubrogation-anE-ira-IvEiE-of any defense based on invalldliy arising fron any act of an owner and shallprovlde that such.pollcies may not be cancelled or substantially nodified wlthout at least ten (I0) daye,prior wrltten notlce to all of the insureds, including the Association, each oe,ner, and each firstmorEgagee listed as such in each such policy of insurance. Duplicate originals of'a1l pollcies andrenewals tbereof, together with proof of payment of premiuns, ihall be dellvered to any flrst urortgageeuPon wrl-tten request. A11 lnsurance policies purchased by the Association shall be foi the benefll 6fthe Association and the owners and thllr mortglgees as thlir interests rnay appear.
ARTICLE VIII - EASEHENIS
1. Dedication: A11 dedicated easements shorrn on the map are hereby reserved for the purpose orpurposes i;EdAEa-
2. Access: Easenents are reserved for ingress and egress by pedestrian and vehicular trafflc,o-ver, throu-[f,]-and across sldewalks, paths, wal.ki, lanes, oiivewayi ind parking areas, as the sane nayfrom time to time exlst upon the Comon Elements as deslgnated foi such purposis; provided that each llnitormer shal1 have a rlght of ingress and egress to such ownerrs Unit, r.*rittr ifght-siral1 be perpetual.
3. Utilities: Easement for utlllties, including, without limitation, water, sewer, gas, electriclt5r,telephoner-iE-?E5-le IV, are and sha11 hereaiter be reserved or granted ." set forlh on ttre-naf and plat.Any such easenents for underground utlIlry service sha11 be kept clear of all other improvemsn'g", tnituaingbuildingsr-patlos, or other i-Eprovenents other than crossing wilkways or driveways, and nelther Declarant -
n-or-any utiltEy ,cooPany using the eaaeDents shall be liable for any damage done ty-either of then orthei,r assigns, their agentsr_eoployees or servants to shrubbery, trees, florersr -or oEher improvelrent.s,of tbe orrner located on the conmon Elerents covered by said easenents.
4. Maintenance Easement: The Conmon Elenents, and to the extent necessary, the llnits themselves,sh.a11besffitintheAssoclation,inc1uding1t6agents,emp1oyees,contractora,and
subcontractors, for the inspection, naintenance, repair, or ieplacement of Cixrni:n Eiements as provlded iIthis Declaratlon.
In addltion, each Unlt ormer sha11 have :rn easenent and right of access acrosa any Connnon Elenent
-apPurtenant to such otlTterrs URlt_for purposes of malntainlng, repairing and cleanlng, iuring reasonablehours, those exterior po,rtlons of the-Unit utrlch such [lnlt ilwner'ls reiponsible to miintain-and wtich canbe reached only fron such comon Erenent appurtenant to the adjolning unlt.
5. Encroactunents: If, as a result of construction, reconstruction, repair, shlfting, settlLng,,Eovement oFoEEEnfise, arry _portlon of the Comon Elements encroaches upon a Uirft 6r Unltsr-or any poiiionof a tinit encroaches YPon the Comon Elements or upon an adjoining Unii or Units, a valid easenent'forthe encroachment and for the maintenance of same sirall exisl so long as the encroachment exists. Suchencroachment6 and easements shall oot be consldered or determined to be an enctrnbrance either on ttreCorrnon Elements or on the Units for the purpose of marketabiliry of title or other purposes.
6. Miscellaneous: Ttre above and foregoing easetrents and covenanEs are inrended and are herebydeclared to run-EtE-ffie land and to be appuitenint to the Units and each of then.
7. Creation: A11 conveyances of units hereafter nade, whether by the declarant or othenrlee,shal1 be cGEiuil to grant and reserve such reciprocal easements as shall give affect to the precedingsectlon6 of this articler even though no specific reference to such easeroenEs appears irr the cbnveyance.
ARTICLE IX . T.IORIGAGES
.1.. Mor=tgaqinq a.Unit: Any owner shal1 have the right frm ti-ure to tine to mortgage orn1s lnEere8t Dy deed- ot t,rust, IDort8age or other security insErunentl provlded, that any suctlinterest sha1l be subject to the provislone of ttrls Decllration.
encumber
1len
2. Entltleroeq!9-o:!_!'rorlggees: Any holder, i.nsurer or guarantor of a flrst mortgage on e Irnltsha11,rrpo@ssoc1at1onstattngthenaneandaddressofsuchho1der,insureror
tuarantor and the number of the Unit covered by satd first mortgage, be entltled to:
- (a) InsPect the books and records of the Associatlon upon reasonable advance request, durlng oor:oalbusiness hours; and
(b) Wlthtn a reasonable tlDe, recelve an audlted flnanclal stateDeDt of the Association for tbel-medtately precedlng flscal yeari and
(c) Recelve tinely $rltten notice of (I) any proposed amendoent of the Declaratton, lrlap or otherdocunents effecttng a ctlange ln (t) the boundarles of any Unlt or the excluslvi eaieoent rlgbtsapperta-lnln8 tbe-reto, (11) ttre lnterest l-n the general oi ltmlted Cormon Elements appertatnlngto any unlt or the liabtlity for cortrnon expenges appertalnlng thereto, (til) the nuiler ofvotes tn the Aseocl.ation appertainlng to any UnlE, br (1v) the purposes to $t1ch any tlnlt orthe Conmon E1eEents are restrlcted; (2) any propo6ed Eermtnatloir o't rne Condonlnluno'regine; (3)
an)- condennation loss or casualty loss which affects a material portion of the project or wt lchaffects the unlt, covered by said first mortgage; (4) any dellnouency tn the paymenl of assessnenrsor charges c'.'ed bY the owr,er of .the Lrnlt subjeci tc sal'd first -rnortlage r"-heri such dellnquencyhas continued for a period of sixtv days; (5) any lapse, cancellatiln or material modiflcationof any insurance policy maintained by th6 Associitlon pur"u"nt to the requirements of thrsDeclaration.
(d) Recelve timely r*ritten notice of any default ln the performance by the or+ner of such llnit ofany obligation under the Deciaration utrich is not cuied within sfxry (50) days.
-!'crtg:S::ers= Aroprovalt T" epproval of the ellgible holders of flrst Dortgages on unlts tor*tlch at least 51% of the votes of units subject to nortgages held by sucb eligtble holders areall.ocaLed, Eust be obtained in the foilowing situations:
(a) Any restoration-or_ repalr of the properrr* after a partial condernatlon or damge due to aninsurabie hazard wtrlch is noc substantially in accordance wlth the Declaration and the origlnalplai:s and speciflcations;
(b) Any election to termi.nate the Condominium regime after substantial destruction or a substangialraking in condemnatlon of the property;
(c) Any reallocation of interest in the Comon Elenents resulting fron a partial condernatlon or. partial destruction of the propertry.
ARIICLE X - USE LIMITATIONS
1. Use: A11 of the property shall be used for residentlal purposes and usesand for nafFtenance ana aaminiitratlon of the residential unlts. No structures ofsuch as trallers, tents, shacks, barns or other outbuildings shall be placed on anyproperty.
-2:- .Iemporary-Use by,Deglgrarlt: Any provisions herein conEained to the contrary, notirithst.andLng,lt _sh811 be expressiy pernIEEIEfE-Tor declarant to maintaln upon the property durlng the perlod of saLeof Unlts, such facilities as tn the sole oplnlon of declarant may Ue i-ealona'U1y reqiiredr'convenlent orlncldenlal to the sale of_said Unlts, including, but not li-oited to, a business offlce, inside Etorsgearea, signs, and sales offlce.
3. ProhibitioTr Agalnst -Partitiolr; No orner sha1l institute or prosecute any action for partittonoftheCormrrebyexpress1ywaivessuchrigirtbyacceptanceofaconveyanceof
such interest to hfun.
4- Household l: a?,- No animals, livestock or poultrv of any klnd shall be raised, bred or kept onthe.properE]-&E6!ffiTE dogs, cats oi other househoid pets may be kepr, provided thar rhey are not kept,bred or naintained for any commercial purpose, and shali be su6Sect ti, [nL Rules of the Association andany governmental ordinances or larrs. Dogs shall be leashed at all times wtren outside the Unlt of anowner and-th-e pet owner sha11 confine his dog for excretlon to the Linlted Cornnon Element appurtenant tothe ormerrs Unit.- Pets-constltuting a nuisance nay be ordered by the Association to be kepi'within theUnit of the o$'ner or ordered expelled fron the pro5ect.
5. Advertislng: .No advertlsing signs, for sale signs, blllboards, unsightly objects, or nuisancesshall be erecGll-lGced _or pemitted to- iem"in on the prlperty nor shal1 the same be used in any way fora-ny PurPose whlch may endanger the health or unreasonabty iisturb the owners of any Unlts or any residents
-tt-t919of;_provided, however, the foregoing covenants shali not apply to the businesi activl.tlesr'signs andbillboards, or the construction and maintenance of buildings, ii'any, of declarant, durlng the'ori[inalconstruction and sale period, and provided further that onE itgn of'not more than iive (ji "qu"r"-i""tand- containing the words r?For Salerr or rtFor Renti' may be placeI on any Unlt. Ttre Associatlon roay erectsuch billboards or notices as lt deems desirable h tonjuirctlon with its adninistration of the pioject.
6. Personal Business: No business activltles shal1 be conducted in the buildlng or on auy portlonof a Unit.--Tffi-iffiIEEo-n shal1 not be construed in such a nanner as to prohlblt ai @,ner or otcupantfrom: (a) maintaining his person,-l or.professlonal 1ibrary ttrerein! iul-t.6pire hls personal business orprofessional records or accounts thereiir; or (c) handling iris p"rsoi"i U""fn!"s-or prbfesslonal telephooeca1ls-or-correspondence therefrom. Such-uses "re expreslly delrared customarlly inli<lental to theprincipal residential use and not ln violation of this parigraph.
s or Walls: E:<cept in the yards areas appurtenant to aunless othernise designated by the Association. No
acce6sory tbereto,a teEporsry character
portions of the
t
I
II
i
I
I
I
7.
6Pecific
fences, hedges
accordance with
11 be erected
constructlon
or
of
8. Antennas: Without prlor written approvalother anteiiiEGFany sorr stritt ue placed, aitoweoimproveoents thereon.
naintained upon the property except such as are installed Lnthe buildings located thereon or as approved by the AssoclaEion.
of the Associatlon, no exterlor televislon, radlo, oror naintaLned upon any portion of the property or
9. Exterior Ljghts.: A11 exterior llghts and 1lght standards shal1 be approved by the Associatlonfor harmon6G-6frE[6!6en-r and prevention oi tighEing iuisances.
-,^_^19: ,t'lgg!!6qt Acts: In the event that the need for any malntenance or repalr to the CouoonErenents lscru6eilTfi;oigh the wlIlfu1 or negllgent act of an orner, hls fanLly, gue8t6 or invltees orlessees, the cost of such nalntenance or repiiri shall be added to "r,d become i part of the DextasaesslDent to which such ormer is subject, and shall be subject to the lien prlvileges as providedhereln.
^*,--11.__u!!lq!91{,ej.:!g: Refuse plles, tools, equlpnent, autornobile parr6, or orher unslghtlyeDJects or materlals shall not be.placed, stored or allowed fo remaln upon the'property unlesl enclosedor concealed wlthin a tlnit. Itre Assoclation shall, upon due notice to orner ani ratru.e of osoer tocouplyr-hav-e-the rlght to enter upon any Unit or c5mbn Eleroent and remove such refuse piles or otherunsightly obJects or naterlals at the eKpense of the crmer and such entry staii "ot be iteened a trespaaa.
12. Ilnused vehlcles: rUnused vehlclerr is deflned aB any vehlcle r*ricb is lnoperable, unLi.censed ordoes not fety inspectlon sticker, tf the sanl ls required by raw. No unused vehtclesh-aIl-be stored, parked or I'ocated wlthl-n the subject property. A w'iitten n6ti." describlng the unusedvehlcle and requesting removal thereof shall- be p"r"onirry served upon the olrner or placed on thevlndshleld or other consplcuous place on such veirlcle and lf such vehlcre has not been removed withln 72hours thereafter, the Associatlon or applicable law enforcenent agency shall have the right to reDove thesame vlthout llabiltry to lt, and the Lxpense thereof shall be chirgeb to the orn"., of such vehlcle. lf
Plant or - Fences
no p18nt
or rral1s
the initial
6uch or,-ner shal1 be a nenber of the Associatl-crn, the costs of enforclnB thls provision shall be added tothe nexi assessnent to wtrlcb such owner Ls subject.
i3. Mail Rece tacles:
on the property as dEEErmlned
Mal1 receptacles shal1 be approved by the Assoclatlon and shalr be locacedby the Board of Directors.
14- Prohibltions:- Nothing sha11 be cone or kept in any unit or in any portlon of the properEyr'trich woulElEEETf-iE-the canceflation of the lnsurance on the project or an)' part rhereof. No use sheilbe r"a!e of any iinit or any portion of the project prohtblted by'thl lavs of Lr,i unrrea states, cte strt.of Colorado, or loca1 ordlnance. No noxlous, destiuclive. offlnsive or olher disruptlve actlvlty shalibe caried on uPon.rhe p-r9p-ert,w or \iithin_the L-ni!s, wtrich nay be, or rDay become, an annoyance or nuisanceio the nelghborhood or rtrich tray detract from the residentlal'va1ue, rea'sonable en5oy'nent'ano qualrry orthe lJnits upon Ehe properEy.
15: 9erP=*--aee an0 Refuse Dlsoosal: No part of the property may be used or nalntalned as a durpinggroundfor@otherEasteandtiresa,nesha11bedisposedofinaprooptand
sacitary Eai:ner, as lta)' be establisiied by the Associ.aEion. A11 conE.ain".s b. other equipnent'for thestorage o:- disposal of garbage and trash by any or"rrer shal1 be kept in a ciean and sanitary condition andshall be kept enclosed out of view frcm otirer units and the streets and sidewalks of the pio5ect, excepEduring days designated by the Association for pickup and disposal. Ttre burning of crash in 6utsioeincineraiors, barbecue pits or the like is proiiuit.d, it being intended thaE I11 refuse, trash, garbageand the iike sha1l be hauled away,
16. Removal of Trees: Ihe rerroval of trees, shrubs, and other lmprovenrenEs from the propertry shallbe prohibiIEETlEEo[E-EE-express wrirren rpprovai of rhe Associatlon.
17- Rules and ReEulations: No_ owner, nor the family or g:uests of any owner, shall violate thenr1esandffiseofh1sUnitandofthebo*oo,,E1enents"!nayfromtinetot1Debe
adopted by the Associatlon. The Association is expressly eupowered to adopt and prooulgate suctr rutesand regulaEions as Lt nay, fron tire to time, deen-necesiary or desirable io reguiate tf,e use and activltlesupon the ProPerty i-n a manner consl-stent vith the purposes tt ttrls Declaration.
ARIICLE XI - ARCHITECAURAL COiIIROL
, 1. Review by Associgtlon: No buildlng, fence, wa11 or other structure or any at.tachment to an
9*i:!1ngs@stdence,anaicessorbu11dlng,exteriorIightingfac111t1es,ath1eticfaclllEy, or other -sinilar Lmproveoents or attachments, shall be comencedl erected, or malntalned uponthe -propertfr nor shall any exterior addltion to,or chinge or alteration thereln be made, and no chairge1" Q9 final grade, nor the Lnstallatlon of any landscaplng sha11 be performed, until th6 plans andspeclfications therefor (eald_plans and_specificattons to Itro, the naiure, kind, shape, exierl,or, design,height, tnaterlals, color and location of the structure or addltion to the struciurer-piotteo horizontallyand vertl-callyr locatlon and sl.ze of driveways, general plan of landscaping, fencingr'walls, windbreaksand the grading-plan) shaLl have been ftrst iu6mittetl to and approveo li wiiring uy-ihe Assoclation. TheAssociatlon sha1l exerclse lts best judpent to the end that aii attachnents, Gprtvementa, conatructLon,landscaping and alterations to structures and on lands withln the property conform to and harmonize wlttrsurrounding sEructures and topography as to external deslgn and lotation.-
2. Procedures: Ihe Assoclation shall approve or disapprove all plans wlEhin thirty (30) daysafter submTE;I6;-In the event that the Associati.on falls to approve or disapprove such deslgn andlocatlon wlthln thirty (30) days after said- plans and speciftcations have beeir'subnitted to iE, approvafrri1I not, be required and this Artlcle wtl1 be deemed to have been fully conplied with.
3. VoEe: A Eajorlty vote of the Board of Directors of the Association ls required to approve aproposed iml?6venent, unless the Board has designated a representative to act for it, in which case thedecislon of the representative sha1l control.
4- Records: Ihe Assoclation shall malntain written records of all applications Eubultted to ltand of a1lA-6Effis taken-by.lt thereon, and such records sha1l be available'io Members for lnspectlon atreasonable hours of ttre businesa day.
5. . Llablllry: ltre Association and the members thereof shall not be liab1e in danages to anyPerson subniEting requests_for approval or to any orr'ner by reasoo of any action, fallure Eo act,approvalr-dls-approval, or fatlure to approve or iisapprovl, ln regard t6 any rnatter rtthin itejurisdlction hereunder
ARIICLE rII - HECHANICIS LIEN R.IGlrtS
- No labor performed or materlals furnished for use ln connection rrith any Unlt wlth the con6ent or atthe request-of an oYngrr_his agent or subcontractor Bha1l create any mechanicts llen or rlght to file aStaEeroent of lbchanlcrs- Lien against the Unlt of any other ouner, oi agalnst any interest In the ComouElements 9lc-ePt as to the undlvlded lnterest thereln appurtenant to the Untt of the cffner for wtrm suclrlabor sha11 have been performed or naterlals furnlshed.' Each ormer shalL indenntfy and hold harmlesseach of the other oenera from and against all liability arlslng from the clai:n of -any lien ,g"ir,"i th.llnLt of any other otner or against the Conmon Elenent.s for conitruction performed or-for lab[r, materiala,services or other products incorporated in an ou,nerrs Unit at such o,"rner'ts consent or recuest.
ARTICLE XIII - CONDEHIiMION
1. Condennatlon of I'ltrole of the C,eneral Conrnon Elements: In the event of a proceeding l_n*ndt'ntti iai"g ir "ti.ii-u"i." are locared by anygovernmental' authortty authorized to do.eor--then the proceeds fron such condeluratlon or of *y a"t" lolieu of or I'n avoidance thereof, shall be distributed to the Board of Directors of the Association foraPPortionnent sEong all the owners based qpon the insured certlficate value of each Unlt as a proportlonof the insured certlflcate values of all Uirits applied against the total of the proceeds received froocuch condemration.
2. Partlal Condemnation: In the event of-a partial condennation by any governmental authorierauthor1zed@nofthegenera1ConfronE1ementsotherthana6ui1dinginrrticb8Un1t18
fgused, then the^Proceeds froo such parttal condemnation, or of any eale ln lleu of or ln avoidancethereof, of the C,enera1 Comon Elenents stlall be dlstrlbuted to th; Board of Directors of the Assoclationfor apportlonnent to aIl of the owners based upon thelr respectlve ol'nership interests in the generalComoon Elements.
3' Lien Holders: If, when a-condemnatlon occurs, a unlt 16 subject to an encunbrance, then thep:-oceeds dut;wnd-Ereaaon of euch condemnaElon shalIi t"-rrr" "*t".t'.i'",]Iu".n",,urance, be paid to
10
lhe holcier of the encunbrance. Arr) arlount ln excess of thatpald to orA'ner.
requlred to clear fhe encunbrance strall be
4. Representatlon: Ihe
proceed ings- oiTn-EEg-oEat ion s ,
Association sha11 represent the Unit
settlenenE6 and agreements qrith the
. owDera in the condennati.on
: condenning authority, and the owner'hereby appolnts the Assocl-ation as
IO
of each linit b,1' recordation of
such osnerr s attorney-l-n-fact
5.
the deed of conveyance to such orrnerfor such purpose.
ARIICLE EV - RSVOCATION OR AMENDUENT
DECLARATIOIi
1: Char-rFe ln tvngrghip Pefgentaee: Nelther the inE.erest of a Ilnit osrner ln the general ConmmrElenents nor the linited Conmon F1enenT-i.nterest of a Unit owner as designated on the mip shall bechanged slthout the prior rrritten consent of the Linit ormer and the firsi mortgagees having an interestthereln.
2. Revocation or Asendment: Ihis Declaration may be amended or revoked by a vote of cn^rnersofun1tst@sevenPercent(67B)of-thevote6intheAssociationarea11ocaEedand
approved by the ellgible holders of first mortgages _on units to wtrich at least fifEy-one percent (5I%) ofthe voEes of units zubject to a mortg,age apperiain (except for an action to terninate the Condoninlgnregime, which action shal1 requlre the appioval of the eiig:-ure holders of first nortgages on units tot^i:ich at least sixtv-seven percent (67%)- bf the vores of unlts subject to a mortgai" !pi"rr.i".j--e"yaEendaents or revocation shaIl be effective only upon the recordatiorr of a certiillate'ietting forth- theamendment or revocation siSned by the required percentage of owners and mortgagees as above piovlded. NoaEendDents to this Declaration shal1 be ln conflict with the laws of the StaEe of Colorado. 'Any
provlalon l.n this section to the contrary notwlthstandlng, so long as the Declarant remalns the owner of
-8ny-uDlts ln-this-project, the Declarant-shal1 have the absolute iigtrt to unlIaterally anend thisDeclaratlon ln order t9 conply wltb any standard, guideline, rule oi requirenent now or hereafterestabllshed in connectlon rrlth the financi[rg requiienents oi the Federai Bouslng Adroinistratlon (FIIA),the Adnlnlstration of Veterans Affaira (VA), the Federal Natlonal l,tortgage Assofiatlon (FNMA) or theFederal Horoe Loan Mort-gage Conpany (rHLlrC). tre manner in wtrlch.o*oi &p"ns"" are assessed shall notbe altered, excePt wltb the express wrllten consent of all }bmbers of all tlasses and all FirstMortgagees.
3. Aroendment by Decl.aralE: Notwlthstandlng anything to the contrary contained io thisDec1aratio@ete,ml-nethatanyaoendmentstoth1sDec1irationoranya[endIDent6Eo
the Artlcles of Incorporatlon or By-Laws of the Aisoclation shall be nu".""rry in order for existlng or
PTt: Eprtgagesr deeds of tnrst or other security tnstruments to be acceptabie to the VeteransAdrnlnistration, the Federal Houslng Adninistration of the U.S. Departnent of ltrousing and UrbanDevelopnelt, the Federal_National Mortgage Associatlon for the Fe-tleral Hone Loan Moitgage Corporation,then, subJect to the following sentence or tnis Section, Declarant shal1 have ana nerEU! specifically'reserves the rlght and porier to make and execute any such anendnents wlthout obtalning Lhe'approval ofany otmers of Flrst Mortgagees. Each such amendnent of this Declaration or of the Aritctes 6iIncorporatlon or By-Lalrs sha1l be- rnade, lf at all, by Declarant prlor to (a) conveyance of the last Unitby Declarant to the first Gvner thereoi (other than beclarant) or (b) Sepienber 1, 198g, wtrichever sha1lbe flrst to-occur; and each such amendment Eust cont.aln thereon the writien approval of-the VeteranaAdninistration or the Federal Houslng Adxnintstrat.ion of the U.S. Department oi'Housing and UrbanDevelopnent.
4. Duration: the separate ownershlp estates created
contl,nue uiEI-TETs Declarailon is revoked or terninaEed in
ARIICLE XV - GENERAL PROVISIONS
1. Enforcement: The Assoclation, or any aggrieved Unlt owner, shall have the rlght to enforce, byany-Proceeiili[-iT-1EE or ln equity, for'tnJuncttvE-rellef, damages, or both, aIl restriftlons,c-ondl_tlons, covenantsr reservatLons, lLens and charges, nov or f,ereafter irrposed by the provlslons ofthls Declaratlon or any rules and rigulations prorulgaled by the Assoclatioil. AIl co6ts and expensee ofenforcement pro_ceedings by the Association, intludin[ reasonable attorney fees, shall be taxed to theowner against wtroltl such proceedings are instituted. A11 such costs shali be a lien in favor of theAssociation against the Unit or Units of the owner and may be corlected in the sane fashion asassessnents- Failure by the Association, or by any ovrner to enforce any covenant or restriction herelncontalned shalI ln no event be deened a waiver of the right to do so thlreafter.
2-Declarant'" @]::1-!I.: Dgring such tine as the Declarant has the najority of votes in theAssocia@1eIII,paragraph2,theDec1arantsha11haveandexerc1sea11ofther1ghts
and powers of the Associatlon aB Eet forth herein.
3. Severabllity: If any clause or provlsion of thlsinvalld, oFffiE-filceable undei present or future 1aws, ailnevertheless remain in full force and effect.
Declaratlon ls deternlned to be 11legal,other terms and provlslons hereof shall
by thls Declaration and the nap shaIl
the nanner herelnabove provided.
able for tnJury or
4... l'lanagemgnt AgreeTgnt:- tre Association shall have the right to employ a qualifled person totllanage the Project or to otherwise provide manageeent services, provlded ttrat lte term of any suchcontract shall be terminable r,lthout penalcy by the Associatlon upon not more than ninety (96) aaystprior written notlce.
5. lnderrrific3tion: Ttre deciarant, manager, enployees of the AssoclatloD and each dlrector andofficer of-EEETEE6,ffitI6n shall be indemrlfied by the Associati.on agalnet a1l expenses and Iiabllltles,lncl-udl-ng ettorneyrs fees, reasonably in-curred by o_r imposed upon thEo ln connection wtth any proceedil!to wh-lc! they aay be a party, or in vhich lhey miy becone invoived, uy ieason of or having "i,tla as sucbupon behalf of the Assoclatlon, provided that- thii indemnification'shlli noi appty tf the"said per'on lBadJudged guilty of wiIlfu1 mlsfeisance or malfeasance in the performance of hi.i'dutie6; provlde'd furtherthat ln the event of a settleme_nt, the indemnificatlon herein'shall apply only rten the Board of Directorecf the Association aPProveg such settlenent and reimbursement as being'for thl best interest of theAssoclatlon. Itre fo-regoing rlghts of lndennification shall be in addltlon to and not excluslve of aIIother rlghts to ntrich such perion may be entltled.
5.Lim1tat1o@ciation:NotwlthstandingtheduryoftheAesoc1ationto
E,1nLainatt'".l,""o"i,tionsha11notbeI1ab1efortnluryor
damege, other tiran cire normal cost of malntenanci and repalr, caused by any lrt;;";;r;iirir'Ii'.tlproperry to be malntained and repalred by the Assoclatlon or'by the "ondu"i of other owners or peraons orby casualtles for r.itrlch provlslon is not specifically made.
7. Clalms: No claln or cauae of actlon shall accrue in favor of any person ln the event of the1nvaltalry-6?-6y covenant or provlsion of thls Declaration or for failure of the Associatlon or
11
,f,
Declarant to enforce any covenant or provision hereof. This sectlon nay be plead as a fuII bar co therraintenance of any suit-or.action br-ought in violation of the provisioni of tnts sectlon; provfaei, ttrteprovislon shall- not prohlblt or oihen*'ise restrlct the right oi any oeler o:- mortgagee oi .nf, Unlr cr, thepropert)' to enforce_the provisi.ons of this Declaratlon or to take necessary actioi Io .o*p"f" tt"-Association or the Declaran., to enforce this Declaratlon.
. 8- !9111n8 of Notlces: Each or^'ner shall register hls uralllng address Hith the Assoclation and aIInoElces or dernands GtEiE&i-Eo be sen,ed upon ,ny 5*oe. strat:. ue ""it uy elther reglstered or certifiedrnallr P-ostage prepaid, addressed in the na.me of the owner aE such nailiig address. Any notlce ieiu.r.Ato ln thls SecEion shal1 be deaned eiven uhen deposited in the United Stites HalI ln tire fo:m pio"iO.O:or in this section.
9. Caotions: The captions herein are inserted only as a natter of convenience and for reference,+ancl iIl no way define, limit or deecribe the acoDe of this Declaratlon nor the inlent of any provislonbereof.
10- Gender: tre use of che rosculine gender in this Deciaration shall be deelerl to refer to thefeninine gen-dEfand the use of the singular inatl ue deemed to refer to ttre-piura1, and *ice versa,Hhenever the context so requires.
11. Conflict of Provisions: In case of conflict berween this Declaration and the Articles ofIncorporat@ls Declaration shall control .
L2. FriA/vA ipployglr- {" I?tg as.there is a Class E rnembership, the followi:rg acrions wlll requlret!9-Prlor_approval-of the Federal Housing Adnlnistration or the Vetlrans Adminisr.ratlon: annexatlon ofaddltlonal properties, Defgers and consolldatlons, nortgaging of Coruron Eleroents, dedication of CommElenents, and amendment of this Declaration
SIG{D this day of , A.D. 198
IRON I'IOIJMAIN INVESffiEI\TS, LID.
BY:
General Partner
stATE OF COIORADO
@tlrrY or
Tbe foregolng instrtrment was subscrtbed and sworn to before ne thls1983, by
crlDed and sworn to before ne thls day of _ ,, as General Partner of Iron MounraTilnvestmenEil-fEiil-t
LI:IINESS Ey hand and official seal.
lty comission expires:
AddresB
Ihe Iron Mountaln Condominlum Assoclation hereby approves the above and foregolng Condonlntr-mDeclaration and has c-aused lts corporate nane to be irerlinto subscribed by its president and it8corporate seal. to be hereto affixed by lts Secretary, thi6 _ day of , 19g3.
))ss
)
AIIEST:
IRON I'NCI]NTAIN CONDOMINIUM ASSOCIff;CIT
By:
Secretary
SIIIE OF COI,OMDO
coulr"]j oF
President
)
)
)
as.
the foregoing instrunent was subscrlbed and sworn to before ne thlsJ-983, by as Presldent andl)vJ, vf a5thelronffiion.
I{IINESS ny hand and offlclal eeal.
- lty comisslon explres:
_dryof = ,as Secretary of
Hota
LL
Address