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ANfICLDS OTI I}ICORPOPiTION
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TII,IBEN FALLS CONDCI'IIIIIUM 'PIf SE rII' ASSOCIITTION' INC-
The undersignett hereby associate thern-sofves for the pur-
Dose of forming u ""tp"iili"n not for Profit under TitLe 7'
i;;;"i; i6,-c"i.i'a. [""i=.a siatutes of tgzs' as amended' and
certify as follows:
The narne of Lhe corporaLion shall- be: Timber Falls condlo-
minium, Phase III' a""".iiti"", Inc" hereinafter called the
Association.
AITTI CI,E I I
PurPose
I. The Purpose for which the Association is organized is
to provide an entity ptti"""nc to TitLe 38t nrticlo 33' co'lorado
il"i;;;-;;"1"s.. -"r' riir '
-ntt"i"after. carled the condlorninium
ownership Act' for th;';i.;;li;1 9e 1y'u9t FaIls condominiurn'
;;;;;-;ii' a conao.initun'io""ttd in the ro$tn of vail' EagLe
CounEYr Colorado.
2. The Association shaIl nake no distribuhions of income
to its merdf,ers ' directors or officers'
ARTICI,E I' Name
ARTICLE III
Po$rers
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II
i
I
The powers of the ^ssociacion
sha1l inclurle andl be governedl
by the following Provisions:
1. The Association shall have all of the common lavr and
statulory powers of a-corporation not for. profit' which are not
in conffici with the terns of these Articles'
2. The Associition shaLl have all of the Po$'ers andl.tluties
set forth in the conio.ini"tn ornership 11ct, except as lirnited by
these Articles and tt u-"p".iir"tion of- condoninium, hereinafter
;;i;.1
-th;-;".riiuti"n, ind all of the.powers anil dluties reason-
ably necessaty to opuiltt--ttt" co"aominiurl as set forth in the
Declaration and as :.;-;;y Uu-"rnt"ata frotn time to time' includling'
Lut not Lirnited to, the following:
(a) To mako antl collect assessments agains t.meribers to
defray the costs, .*p""""", andl losses of the Condoninium'
(b) To use the proceeds of assessments in the exercise
of its Po$ers anil duties.
(c) To rnaintain, repair, rep'lace and oPerate the Condo-
miniun Pt:operty '
(d) To Purchase insurance t'Pott iht Concloniniurn Property
anil insurance for trt"-pi"tettion of thl Association and lts menbers'
(e) To reconstruct improvements after casualty and to
furlher irnProve the ProPerty '
(f) To rnake anil amen<l reasonable regulations rcsPectinql
the use of Ehe ptop"ily in bhe conclorninium; pro'ri<lecl' -hgwever 'that all such regulatiltt= atta amenclments urereto shall be approveil
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by not less thatr 75t of the vo b,es of the entire rne:iborsiri) ofthe Association before such shalL become effecLive.
. (S) To ;rpprove or disapprove the transfer, encu:n-brance, lnorLgage, arrd ownership of trnits as may be proviclecl bythe Doclaration ancl the By-Lavrs.
(h) To enforce by lega-l rneans tlre provisions .Jf theCondorniniurn. Orencrship J\cL, the Declaration, tirese lrrt.icles, theBy-Laws of the Issociation, and the rcaulations for tlre use ofthe Condonin-iun property.
(i) To contract for thc managenent of the Conclo-miniun and to delegate to such contractor al1 povrers andiluties of the Issoci.rt.ion, except such as are specificallyreguiredl by the Declaration to have approval of the Board ofDirectors or the rnetnbership of the Itssociation.
(j) To contract for the managenent or operation ofportions of the connon elements susceptible to separate manage-ment or operation, and to lease such portrons.
_ (k) To enploy personnef to perform the services reguiredfor proper operation of the Condominium.
3. The Association shall not have the power to purchase aunit of the Contlominium. This provision shaLL not be changedvrithout unanimous approval of the rnenbers.
4. AlL funds and the titl-es of aII properties acc.luireil bythe Association and the proceeds thereof shall be held in t'rustfor the members in accordance with the provisions of the Declaration,these Articles and the Dy-Laws.
_ 5. The powers of the Association shalL be subject to anclshalL be exercised in accordance $ri th the provisioni of bhe Dec_Laration and the By-Laws.
,\NTICLE IV
!lembers
1. The menbers of the Association shalL consLst. of all ofthe record owners of units.
'\RTICI,E
V
Direc tors
2. Change of nembership in the /rssociation shall be estab_lished by the recording in the public recorcls of Eaql.e County,CoLorado, of a deedl or other instrument estabLishini u re.ori't.itLe to a unit in the Condoniniurn and the delivery to the lsso-ciation of a certified copy of such j.nstrument,, thL owner desig_nated by such instrurflent thereby beconring a men ter of the Asso_ciation. The rnenbership of the prior ovner shall be therebytermina ted.
3. The share of a nember in the funds anil assets of theAssociation eannot be assigned, hypothecated or transf.rrua inany malrner, except as an appurtenance to his unit.
4. The mernbers of ure Association shall be antitLed to orevote for eaeh unit oh'ned by them, ,fh e exait numl5er of votes tobo cast by owncrs of a unit andt the manner of exarcising vot,ingrights shalL be dEtormined by thc By-La$s of the associition.
1. The affairs of
boardl consisting of the
the Issociation wilL be managedl by.anuniber of directors as shalL be dcterminc<I
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by the By-Lavrs, but not less than thrce directors, and, in theabsence of such aleternination, shal] consist of urree directors.
2. Dircctors of the Associat.ion shall be electec.l .rt ureannual rneeting of the nemlror': in the rnanner determined by theBy-Lavs. DirectoJ:s nay bc removecl and vacancies on tite Boafclof Directors shall be fil1ed in the manner provided by the ny-Irar,rs.
3. The first election of directors shalL not be held untilafter all of the units of the Conclominium have been soJ.d. bv thedeveloper of the Condom.i riium, or until after Decenber 3I, i925,or until such develope! eLects to terminate -its controL of theCondomj.niun, whichever shall first occur. The directors hereinnarned shall serve until the first election of dlirectors, andany vac;rncies in their nurnber occurring before the f,irsi elec-tion shall be filled by the remaining directors.
4. The narnes and adtlresses of the merrers of the firstBoard of Directors, who shalt hold office unt.iI their successorsare electod and have qualif,leil, or untj.L rernove<l, are as follovrs:
Ronald H. Riley
D. O. Dox 355vall, Colorado 8165 7
Jarnes lt- Reinecke, ,fr.P.O. Box 537VaiI, Colorado 81657
I'Iancy D. Reinecke
P.O. Box 537VaiL, Colorado 81657.
ARTTCI,E VI
Of f .i.cers
The affairs of the Association shall be administererJ byoffieers elccbed by the Doard of Directors at its first rneel-ing folLorring the annual meeting of the mernbers of the Asso_ciation, which officers shaJ.I serve at the pLeasure of theDoard of Directors. The nanes and adclresses of the officers,who shaLl serve until their successors are designatecl by theBoard of Directors, are as follows:
. Every director and every officcr of .bhs AssociaEion shall.be-inder,rnifi.9 !y the Association against all e:<penie;-;";--ii;_bilities, including counsal fees, reasonably incurroa ly -.---
itn?osed upon him in connection r,rith any proleecling to ,i-,icn h*may be a party, or in shich he nray bec6mi involvei, uy r:eiion-ot
Presiilent:
Vice-Pres ident
and Assistant
Secre tary :
Secre hary-
Treasurer:
Ronald H. Riley
P.O. Box 355VaiI, Colorailo 81657
Nancy D. Reinecke
P.O. Box 537Vail, Colorado 816 57
James A. ncinecke, Jr.P.O. Box 537Vail, CoLorado 81657 -
ARTICLE VTIfndennification
lris being or having been a ilirector or officer of the ,l\ssociation,
or any settlcment lhereof, r.rhethcr or not he is a dircctcr or
of fj.cer at the t.ime such cxpcnscs arc incurr:ed, except in such
c:rses wherain th€ dircctor or officer is adjud-tled gxrilcy ofwillful rnisfeasance or rirnlfeasance in the pcrformance of his
dut.ies; providctl that in the event of a settlement' the indeln-
nification herein shall apply onl.y rvhen the Boardl of Directors
approvcs such settlcnent and reindlursement as being for the
best interests of the Association. The fo::sgoing right of in-.demnification shall be in addition to and not e>:clusive of all
other rights to which such director or officer nay be entitled.
ARTICI.E VITI
By-Lalvs
The first By-Laqrs of the ltssociation shall be adopted by
the Doardl of Directors, and r.ray be alteredl, ameniled. or rescindedl
in the manner provided by the By-Lalrs,
ARTICLE IX
,\nlendtne nts
Amendlments to the Articles of Incoriroration shall be pro-
posed and adopted in tlre follorring riannor:
l. Notice of the subject natter of a proposedl arnendment
shall be includleil in the notice of any meeting at which a pro-
posed. amendment is considereil.
2. A resoLution approving a proposed amenclment may be
proposed by either the Boaril of Directors or by the membersof the Association. Directors anil nembers not preseht in per-
son or by pro>:y at the meetings consiilering th6 arnebdment may
express their approvaL l,n writing, pxoviding such approval isdeuvered to the secretary at or prior to the meeting.
3. Approval of an anenilment must.be by not less than 75tof the entire nenbership of the Board of Directors and by notless than 75t of the votes of the entire membership of the
Association, or by not less than 80t of the votes of the entire
nembership of the l\ssociation.
4. No amendment shall make any changes in the qualifica-
tions for rnernbership nor the voting rights of mernbers, nor any
change in Section 3 of Article III, without approval in writingby al1 mendoers.
5. A copy of each amend.ment shall be certified by theSecretary of State ancl recordecl in the pubLic records of Eagle
County, Coloraclo.
ARTICI.,E X
Term
The terln of the Association shall be perpetual, unless theItssociation is te:rrtinated sooner by unaninous action of its men-bers. Tlre Association shall be terminated by the terminag"ionof the Condloniniun in accordance with the provisions of the Dec-laration.
ARTICI.E XI
Registerecl Office andl Agent
The initiat registerecl office of said Association shall beP.O. Dox 537, City of VaiL and County of EagLe, State of Colorado,
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8f657, and ths initial registered agentbe James It. Reinecke, Jr., P.O. IJox 537,of Eagle, State of Colorado, 81657.
of the Association shallCity of Vail and County
)) ss.
I
fN I'ITNESS mIEREOF, -th9 incorporators have hereto affixedtlreir signatures on Y f A- , L9 2:>
STATE OI' COLONADO
Coour-l of tAcLg€;f+r. .fi+b ee{tN{+f!-€HE$FeR-
Before me, a Notary Public, in and for the said County andState, personally appear€d Ronald H. Riley, James A. Reineike,,,rr., and Nancy D. Reinecke, each of whom being first duly srrornupon oath, _deposes and says, each fo! himself or horselfl thathe or she is an incorporator of Tir:rber !.alls Condonriniunr, fhaseIII, Association, Inc., and that he or she has read the iore-going Articles of Incorporation by him or her subscribed, andthat the same are true andl correct to the best of his or herknowledge and belief.
lbed and sworn to before
1e?5.
ne on this $fa.y or
ssion expires: _1L3.]K
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ljy-Larrs of the
Tinber ralls condoininium,
Pirer sc fII, t\ssociation, Inc.
A C()rporati on Not For
Profit Under Lhc Lavrs of the
state of Col-oratlo
]. Identity. These are the By-Laws of 'Iimber Falls Conalo-
miniun, PFE;E-]TI; Issociation, Inc., herein ca1led the Asso-
ciation, a corporation not for profit under the laws of the
state of colorado' the Articles of IncorPoration of which r'rere
filed in the office of the Secretary of state'1++5- The Association has been organized for the Purpose of
administering a Condominiurn pursuant to the Coloreilo Condominiunt
ownership Act, which Condorninium is identifiecl by the name Tintrer
Falls Cond,ominiurn antl is ]ocated upon land in Eag1e county, colo-
rado, described in "Condlorniniunr Hap 9f Tirnber.^Fa1ls Cond.ominiuns,
Eagle County, CoLorad.o, " and dated .l2
The office of the Association shaLl be P. o. Box 537, vai1,
colorado. The fiscaL year of the Association shaLL be lhe calen-
dar year.
The seal of the Association shall bear the name of the
Association, the word "Col-orado" and the !.rords "Corporation lilot
!'or Prof i t. rl
2. Menbers I Meetiggs.
(a) The annual menbers' meeting shal1 be heldl at the officeof the Association at three orcLock P,M., l.lountain standaxd Time'
on the secondl Fritlay in Novenber of each year for the purPose of
electing tlirectors and transacting any other business authorized
to be transacted by the mernbers. If that day is a legal holiday,
the meeting shal-l be helil at the same hour on the next day.
(b) Speciat tnenbers I rneetings shall be heLd whenever called
by the President or vice-Presiilent or by a majority of the Board
of Directors, and must be calLed by such officers upon receipt of
a written request fron nrembers ent.itled to cast one-third of the
votes of the entire menbership.
(c) Notice of all membersr rneetings, statinE the time and
place ancl the objects for which the necting is called, shall begiven by the President or Vice-President or secretary, unl-ess
vraivecl in writing, such notice shal} be in rvriting to each mern-ber at his addrcss as it appears on the books of the Association
and sha1l be rrrailed not Less than 10 dlays nor r,rore than 60 clay$prior to the date of the meeting. Proof of such mailing shalJ.
be given by the affialavit of the pcrson giving the notice. Noticoof rneeting rnay be waived before or after nreetings.
(d) A quorum at nernlcers I nleetings shall consist of persons
entitLed to cast a majority of the votes of the entire :nember-
ship. If any meeting of the menbers cannot bc organizerl:because
a guonrn has not attenaled, the nenbers who_are present, eitherin person or Lly proxy, nay adljourn the meeting for at least 10
days, and adequate notice of the new date shall be givetr as
described in paragraph (c) of this section.
(e) In any rneeting of mernbcrs, the owners of units shall be
entitLed to cast one vote for each unit ovrned i p::ovi<1cd, ho\{ever,that if there is rlore than one oerne! for any one unit, bhe vote
may be divided by the numbe! of owners andl the resulting frac-
tional vote lnay bc votcd by each co-owner,
If a lrnit is owned by one pelison, his right to vote shallbe establisiled by the record titlc to his unit. If a unj.t isunder lease, the persot) etrt.itLed to cast the vote for thc unitshall be designated by a eertificate signed by the record ownerof the un-i-t and filed with tlte Seclctary of thc ?rssocia.ti.on.If a unit is ovrnecl by a corporation, thrl persot] entitLed bocast the vote for the unit shal-I be designated by a certificateof appointment signcd Lry the President or Vice-president andattested by the Secretary or
'\ssisit.ant
Secretary of the corpo-rate ovrner and filed with the Secr-etary of the Associatj.c,n.Such certificat€s shall be valid unLil rcvokecl, or until super-seded by a subsequent certificate, or until a change in theordnership of the unit invoLved. A certificate designat.ing theperson entitled to cast the vote of a unit rnay be revoked-byany o$rner thereof.
!f) Votes may be cast irr person or by proxy. proxies naybe mad.e by any person entitl.e(i to vote. They sha11 be validonly for the particular meeting dlesignatecl and must be filedrvith the Secretary before the appointeil tine of the meeting.
(S) The order of business at annuaL nrembers I rneetings,and as far as plactical at a].l other menbeJ.s' meetings, shal1be:
(I) election of chairman of the meeting;(2) calling of the rolJ. and certifying ofproxics;(3) proof of notice of neeting or rvaiver ofnotice;(4) reading and disposal of any unapproved
minutes t(5) reports of officers;(6) reports of connittees;(7) election of inspectors of elect.ioni(8) election of directors (if necessary);(9) unfinisheal business;
(10 ) new businessr and(11) aalj ournment.
(h) Until the Developer of the Condorninir:,n (herein calledthe Developer) has compl-eted an(l sol-d aLL of the units of theCondominiun, or untiL March L, L926, or until the Developerelects to terr,linate its control of the Condonriniun, wh-i-chevershall first occur, there shal] be no rneeting of nembers of theAssociation, unless a meeting is called by the Boarcl of Directors.
3. Director-s.
(a) The affairs of the Association sha1l be rnanaged by aboaral of no less than three nor nore than five directois, theexact nunlf,er to be deterrninecl at the tine of election. Direc-torsr fees, if any, shall be determined by :e members.
(b) Election of directors shall be coniluctecl at .Lhe annualmernbers' meeting. A nominating committee of five meribcl:s shal1be appointed by the Board of Directors not less than 30 davsprior to the annual menbers' rileeting. The conmittee shal] nomi-nate one person for each director then serving. AdditionaLnominations for directorships anil directors may be macle frontlre floo.r. The el.ection shall be by baLlot (unless <lispensedvrith by unaniuous consent) aitd by a pluraliLy of lhe votes casL,cach person voting being entitled to cast his votes for eachof as many norninees as there are vacancies Lo be fiLLed. Thereshall be no cumulative votinq.
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(c) Except as to vacancies Provided by remova] of di::ectorsby mer[f,ers, vacancies .in Lhe Board of Directors occurr.i.ng bctvreen
annual neetj.ngs of mcir:,bcr:s shall be fiLLcd by the remaining direc-tors.
(d) Any director rlary be removecl by concurrence of tvro-thirds of the votes of the entire mernbership at a special tneetingof the menberri callecl for.. that purpose. The vacancy j..ir tire
Board of Dir:ectors so created shaLl be filledl bv the members ofthe Association at the same meeting.
(e) Until the Developer has completed and sold all of theunits of the Condominiurn, or unL,i] December 3I, 1975, or untilthe Developer eLects to terninate its controL of the Condolnirriun,
rvhichever shalL first occur, the first directors of the Associaeionshall serve and, in the evcnt of vacancies, the remaining direc-tors shall fill the vacancies and, if tltere are no remainingdirectors, the vacancies shall be fil-led by the Developer.
(f) The ternl of each ilirectorrs service shal1 extend untilthe next. annual meeting of the rnembers and thereafter until his
successor is duly electeil and gualified or until he is renoved inthe manner el-sewhere provided.
4. Dlrectors I Meetings,
(a) The organization meeting of a new.ly-eLected Board ofDirectors shall be heldl within l0 days of its eLection at suchplace and time as shall be fixed by the directors at the meetingat which they vrere elected, and no fureher notice of the organi-zation neeting shall be necessary provitling a quorum sh:r1l bepresent.
(b) Regular rneetings of the Boartl of Directors may be heldat such tine anil place as sha]l be fletermined, frorn tine to tirne,by a najority of the directors. Notice of regular neetings shaLl
be given to each director, personally or by nrail, telephone, or
teLegraph, at Least three days prior to the day named for such
mee ting.
(c) Special meetings of the directors may be called by thePresident and must be calleil by the Secretary at the written re-quest of tno-thirds of the dlirectors. Notice of the raeeting
shaLL be given, personally or by mail, telephone, or tel"egraph,at .Ieast tlrrce aays prior to the clay named for such meeting,which notice shall state the time, place an<l purpose of the
rneeting.
(d) Any directorafter the meeting analthe giving of notice.
nay waive notice of a neeting before or
such waiver shall be aleened equival.ent to
(e) A quorum at directorsr rneetings shaLl consist of amajority of the entire Board of Directors. The acts approvedby a majority of those present at a neeting at r.rhich a guommis present shalL constitute the acts of thc Board of Dircctors,except where approval by a greater number of directors is re-quired by the Declaration of Condominium, \erein callcd theDeclaration, Articles of IncoJrporation or these By-La\.rs. If.,at any meoLing of the Boaxd of Directors, Less than a cluorumis present, the nrajority of those prcsent rnay acljourn the
meet.ing from tiroe to time until a quorunl is prcsent. At any
adjournedl meeting, any business, which night have been transacL,cdat the rneeting as originally called, may be transactecf without
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f urLher notice. l'lle joinder of a direc L.or in the acL j-on of ameeting by signing ancl concurring in the ninutes thereof shal-Iconstitute thc presence of such direcLor for the purpose ofdeternining a quorum.
(f) Tlre presicling officer of directors' meetings shall bcthe Chairnran of the Board if such an officer has been electeclor, if not, the President sha1l 1:reside, In the absencd of thePresiding of-f.icer, the dircctors present sha).I clesignate oneof their nunber to preside.
(S) The order of business at directorsr rneetinss shall be:
(1) calling of ro11;(2) proof of due notice of meeting;(3) reading and disposal of any unapproved
rninutes;
l4l rei)orts of officers and cornmittees;(5) eLection of officers;(6) unfinished business i(7) new business; and(B) adj ournment.
5. Powers and Duties of the Board of Directors. All ofthe power der theCondominiun Ownership Act, the Decl-aration, the Articles of In-corporation and these By-lar.rs, shalL be exercised exclusivel.yby the Board of Directors, its agent, contractors, or employ;es,subject onJ.y to approvaL by unit o$rners when such is speiificallyrequired. Compensation of employees of the Association shall befixecl by the direcLors. J\ direcbor nay be an ernployee of theAssociationr and a contract for management of the Concloniniummay be entered. into vrith a director.
6. officers.
(a) The e):ecutive officers of the Association shall- be aPresident, who shall- be a director; a Vice-presiclent, vrho shaLtbe a director; a Treasureri a Secretaryt and an Assistant Secre-taryr alL of whom shall be elected annualLy by the Boarcl ofDirecLors and lvho rnay be removetl by vote of the directors atany neeting. Any person may hoLd tvro or rnore offices, except,that the president shal-I not also be the Secretarv or an Assist-ant Secretary. The Board of Direchors may froin t].rne to timeelect other officers to exercise such povrers an(l cluties as theboard shalL f inrl to be required to manage the affairs of theAssociation, Compensation of officers shall be fixed by theBoarcl of Directors.
(b) The President shall- be the chief e:recutive officer ofthe Association. Ile shaLl have al,l of the por.rers and duties whichare usually vesteal in the office of president of an association,inclutling, but not Linrited to, the power to appoint comnittees irornamong the members from tine to time as he na),, in his cliscretion,determine appropriate to assist in the conciuct of the affairs ofthe Association.
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(c) The vice-President shaLf, in the-absence or disabilitvof the President, exercise the powers and perforn the duties of-the President. lle shal] also gcnerally assist the p::esideDt, alrclexercise such other por,rers an<1 perform such other dulies as shallbe prescribed by the directors.
(d) The secretary shall keep the ninutcs of all proceedingsof the directors anrl thc members. lle sha1l attencl to the givint
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and serving of all notices .to the meinbers and diiectors and otherlrotices required by lar,v. lle shaLl keep the records of the Asso-ciation, except those of th(: Treasurer, and sh:rll perforn allother duties incident to the office of secretary of an associa-tion and as may be recluirecl by the clircctors or Lhc presidlent.
The Assistant Secretary shall perforn the cluties of the Secret.lt:yr,ihen the Secretar:y is abselt.
(e) The Treasurer shall have custody of all proilerty ofthe Association, inclucling funils, securities, and evidencLs ofindebtealness. Ile sha].]. keep the books of the Issociation inaccordance vrith good accounting practices and shall performall other duties incideDt to the office of Treasurcr,
7. Accountilg. The funds and expenditures of the Asso-ciation sfitn-E;;6dited and chargeil to accounts uncler thefollowing classifications as shall be appropriate, all of whichexpenditures shal-I be conuuon expenses:
(a) 'rCurrent expeDses," which shall include a1I fundls anclexpenditures to be made within the year for which the funds arebudgetedl, including a reasotrable allor,rance f,or conhingenciesand working funds, except expenditures chargeable to ieserves,to addi-tionaL improvelnents, or to operations. The balance ofthls fund at ttre end of each year shall be appliedl to .reducethe assessnents fo! cuuent expense for the succeedlJ,ng year.
(b) rrReserve for deferredl maintenance,,, which shalI includefunds for maintenance items vrhich occur l-ess frequently thanannuaIly.
(c) "Reserve for replacement, " which shall inclucle fundsfor repair or repLacement required because of <1arnage, deprecia-tion, or obsolescence.
(d) rr/\dditional irnprovements, ', which shalJ_ include thefunds to be used for capital expenditures for ad<litional improve-ments or adClitionaL per:sonaL property which will be par:t of thecommon eLements.
- 8.. Bugge!. The Doard of Directors shalI adopt a budgetfor each calendar year, which shaLl include the estimated iunclsrequired to defray comnon expenses anal to provide funds for theaccounts listed in Section 7 of these By-Lahrs. The builget shalJ.take into account the following items:
(a) "current expenser" the amoun! for which shall not exceed105? of the budget for this account for the prior year.
(b) "Reserve for cleferred naintenance,', the anount for whichshal] not exceeal 105t of the budget for this account for the prioryear.
(c) "Reserve for replacement.r,' the amotrnt for wlrich shal-lnot exceeal 1053 of the budget for this accouDt for the prior year.
(d) "Ailditional improvenents, " the arnount for whicii shallnot exceed $30OO,00 provided, however, that in the expendlitureof thi.s fund,'no sum in exccss of. S:UDD,O/F.hal1 be e::pendled fora single item or purpose without app6iEl of the memblrs oi theAssoci-ation.
(e) "Operations," the alnount of which rnay be to provide .rrvorking fund or to neet Losses.
-5-
The amount for each budgeted itcrn rnay be increased over theforegoing Lirnitations vhen approved by unit otrr.lefs entitled tocast not Less than 758 of the votes of the entire membership ofthe Association, Untif the Devoloper has completed and sold allof the units of the Condomini-ura, or until- Decernber 3I, 1975, oruntil the Devefoper eLects to terrninate its control of the Condo-minium, srhichever shall first occur, the Board of Directors rnayomit fror'r thc, budget all- allowances for contingencies and reserves.
Copies of the budget anal proposed assessments shall be transr:rittedto each merflbcr on or beforc Noven rer lst precedling the year for whichthe budget is rnade. If the budget is subsequently amended, a copyof the amended budget shall be furnished to each member.
9. As se s sments
(a) Assessments agaLnst unit orvners for their shares ofthe items of the budget shall be rnade on or befo.re Novenbe! sthpreceding the year for which the assessr,rents are matle. Such
assessments shall be due in quarterly payments. If an annua.L
assesstnent is not made as required, an assessment shall be pre-
s urTeil to have been macle in the amount of the last prior assess-ment. In the event the annual assessment proves to be insuffi-cient, the budget and assessnents therefor rnay be anendea atany time by the Boaral of Directors if the item3 of the anended.budget do not exceed the limitatlons thereon for that year. Anyitem which does exceed such lirnitation shall be subject to theapproval of the rnembership of the Association as providled inSection 8 of these By-IJaws. The unpaiil assessment for the re-maining portion of the calendar year for which the amended
assessment is made shall be due ui:on the date of the assessnent.
(b) If a unit orvner shalL be in default in the paymen !- ofan installment upon an assessment, the Board of Directols m.1yaccelerate the remaining installments of the assessnent uponnotice thereof to the unit owner, ana thereupon the unpaid bal-
ance of the assessment shall come due upon the date stated inthe notice, but not less than 10 days after deLivery thercof tothe unit owner, or not }ess than 20 days after the tnail-ing ofsuch notice to hin by registered or certified mail, rlrhichever
sha11 first occur.
(c) Assessments for common expenses of ernergencies, which
cannot be paid from the annual assessments for comnon expenses,shall be nade only after notice of the need therefor to theunit ovrners concerned. After such notice ancl upcn approval inwriting by persons entitled to cast more than one-half of thevotes of the unit ovrners concerned, the assessment shall becomeeffective, and it shall be due after 30 days' notice thereof in
such manner as the Board. of Directors may require.
(d) The depository of the Association shall- be such bank orbanks as shall be designated from time to tine by the directors
and in which the moneys of the Association shall be depositecl.Withdrawal of moneys from such accounts shall be only by chockssigneil by such persons as are authorized by the alirectors.
(e) A year-entl statement of the accounts of the Asiociation
tnay be maale annually by an accountant, and a copy of the .reportshalL be furnishad to each mernber not latet' than April .lst o.i theyoar follovring the year for whicb the report is made, if mnde.
(f) FideJ.ity bondls may be required by the Board of Direc-tors from all persons handling or responsible for Associationfunds. The amount of such bonds shalL be determinedl by the direc-tors, but shaLl be at least one-lralf of the anount of the total
-6-
a
annual assessmell hs against r,rernbel:s for conmon (J)3penscs. The p!e-miuns on such bonds shall be paiil by the Association.
I0. Parliamenqarl fiules. Itober-Ls' Rules of orcler (latestedition) sETf go-/c-rn- tEe concluct of trssociation meetinqs r,rhennot in conflicL vrith the Declar:atior), the lrticles of Iicorpo-ration or these By-Lahrs.
11. .l\mendments. These By-Laws may be amendeal in the follovr-ing mannei!-
(a) Notice of the subject natter of a proposedl arnendnentshall be included in the notice of any meeting at vrh icir a pro-posed anendrnen t is considered.
(b) A resolution adopting a proposed amendment nay be'proposedl by either the Board of Directors or by the membersof the l\ssociation. Directors and mernbers not i?resent in per-son or by proxy at the meetings consiclering the anendment mayexpress their approval in $titing, providing such approval isdelivered to the Secretary at or prior to the rneeting. Bxceptas eJ-sewhere providecl, such approvals must be by at J.east 75Sof the entire mernbership of the Board of Dilectors ancl bv notless than 75t of the votes of the entire rnembership of t-heJ\ssociatlon; or by at least 809 of the votes of the entiremenbership of the Association. Until- the first election of'directors, all directors must approve any arenclnent,
(c) No amendment shaLL discrirninate against any unit owneror against any unit or class or group of units or any one orrnore buildings, unless the unit olrner:s so affected shall eonsent.No amendnent shall change any unit or buiJ.ding nor the share inthe comnon elements appurtenaut tllereto, nor increase tl]c ownerrsshare of the conunon expenses, nor change ure voting lights ofmenbers, unless the recordl owner of the unit or the builclinrrinvolved and all record ovrnels of liens and encunbranccs r6re-on sha1l join in the execution of the amendrnent.
. (d) A copy of each amendment shall be certifiecl by utePresident ancl Secretary of the J\ssociation as having beln clulyadoptedl anci shall be effective when recordecl in the pubLic
Recorcls of Eagfe County, Coloraalo.
The foregoing reere adopted as the By-laws of Tirnber FallsCondorninium, Phase III, Association, Inc., a corporation noLfor profit uniler the Lah's of the state of CoLorado, at the firstmeeting of the Board of Directors on , 19
Approved:
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DDCLTTnITION Or COllDOi'tINIUI'l
OF
TII'IBBR rILLS CONDOllIliiUll ' Pil;\sE rII
P. C. Box 537vail, colorado 816 57
DECL^T-{ TIol{ made this 7 ./l ;tav of ,/';n'7,t , v , , Lgl 5 ,-
-
corr-roj:aTion, hereinby thc Timber FalLs Corporafion, a CoJ.orerdo
called the Developer, for itself, its successols, gr3ntees and
assigns.
t. Submission to condominiunr ovtnershiP. The Purlrosc of
this oecl n described and
the improvenents to be constructed thereon to the Conclorniniunt
form of orr'nership and use in the manner provided by Tit1c 38,
Article 33r Colorado Reviseil statutes of 1973, hcrein ca]Leal
the Concloirinium Ownership Act, or the "Act."
. (a) The name by which this Condominiu:n is to be iden-
tified is Timber Falls conilorninium, Phase III, herein caLled
the Condominiurn, ancl its addless is vaii, coLorado.
ttl The lancls owned by the Developer, which are hereby
submitted to the condorninium form of ownership, are set forth in
Exhibit D attached hereto and by this reference macle part hereof,
which ]ands are herein called the land.
2. Definitions. The terms usc<i herein and in the D]'-Lawi
(attachect-EE-EfrT6fi-C ) sha1l have the neanings s$-ated in the
Condorninium Act and as follows:
(a) "Un.i-t" means condominiurn unit as definec-l by the
Condlorniniurn ovrnership ^ct.(b) "Association" means the Condoninium unit owners'association andFs successors.
/l(c) / !i)./ "Common elements" or "general connron ele-
rnents," which Qerms slralL .be synonymous as used herein, shal]
be il-l of the Condominium propcrty not includeil vrithin the unit
boundaries as described in parag::aph 4, but shali. not include
any property reserved.for future development or for easements,
as shohrn on thc Condominium tnap.
"Lirnited common elements" shaLl- mean chose
conmlon eleme esignated herein r'rhich are reserved onl-y for
the use of the
any given unitunit owners of
unit owners in the condoninium building in vrhichis located or reservcd only for the use of thethe unit desiqnated.
(d) "Conrnon expenses" inclutle (i) expenses of adminis-
trationi expenses of naintenance, operation, repai!, or r-3place-
ment of the conunon elenents, and of the portions of unit.s to benuintained by the Association; (ii) expenses declirerl cor non
expenses by provisions of this Declaration or by the By-Lawsi and(iii) any valid charge against the Concloninitrm as a L'hol-e, suchas ad valorem taxes for the year in wl:ich this Declaration is
recorded.
(e) "Utility services, " as uscd in this Declar.ltion
and the By-Laws, shall include, but not be lirniterl to, electricpoh'er, gas, hot and ioLd water, heating, ai r-cond.i ti orr-ing , andgarbage and ser.rage disposal.
z6i) tni" Declaration rnay be anended by filing such
.66igiqnatr.+>16ns as may be rcquirecl to describe adcquately the
completion 6f improvemlnts. Such cornpletion may be shovrn by a
""rtificat" of an arcl:itect, engineer' or surveyor certifying
that the improverneiEE-FaVa-been cotlstructed substantialfy as
herein rePrisent"d, or d,esignating any changes rnade' s]lch
plans o! tertificate, when iigned and acknor'rl-edged by the
beveloper, sba1l in thensel'ves constitute an amehdnent to
this Declaration, notwithstanding the Procedures for 'rnencl-
rnent described eLsewhere in lhis Declarati-on.
(b) Easements are reserved through the Condominiun
prcperty as trlay be recluired for utility services'
4. Unit boundaries. trach unit boundary shall be deter-
minecl in Ei?T6Tl&fiiiiEnner :
The Declaration.
(a) The uPPer boundarY shalJ- be
Iower surfaces of the ceiling slab-
(b) The lower boundarY shall be
upper surfaces of, the f.Ioor slab.
the pLane of the
the plane of the
The units of the condominiunt
as foll-ovrs:
(c) The vertical bounclarics of the unit shall be the
interior pLanes of, the waLLs boundling a unit.
are more
of units.
(a) There are typical unit floor plans, which are
herein designated by the capital J.etters A, B and C. These
units are generally- described below and by the Condominium
map, attached hereto:
Type Containing spccific Units
A Living-roorn, kitchen, two Units 901 and
bedrooms, one and one-ha1f 903
bathrooms and balconY terrace
B Living-room, ki tchen , t}'lree
bedroorns, tr,to bathrooms,
loft and balcony terrace
Units 905r 905,
909 ancl 9]0
C Living-room, kitchen, two bed- UniLs 902, 904'
rooms, one bathroom, and ba]- 907 and 908
cony terrace
(b) The. DeveloPer reserves the right to change the
interior design and arrangement of aff .units and to altcr the
bounclaries between units, so long as the Developer owns the
units so altered. Any sirch change shaLl be reflected by an
amendment of this Declaration which nay be executed by the
Developer alon:, notwithstanding the Proceclures for amendment
described in paragraph 20 of this DecLaration. Hovrever, no
such change sha1l increase the nrunb er of units nor alter the
boundaries of the conmon efenlents r^rithout amendment of this
Declaration in the manner described in paragraph 20 of this
Declaration.
6. (a) Shares of common qlemenln--eng- rxPe l : Each
unit owner snal nts Possessed
by the Association, and be liable foli common expenses as set
Descriptionparticularly
-3-
forth in Exhibit A, "Tinber FalLs Contlolrinium, Phase III' Area
Percentages.
Dach unit ancl the undividecl interest in the general conmon
eLements appurtenant lhereto shall be inseparable and may be
conveyed, teasea or encun{f,ered on}y as a Condominium unit.
(b) Shares of linited comTon elements +nd.cxp-enses'
The rights and obJ.igations of the unat owDers to J-rmrted colnmon
elenrents in the buiiding in which the uni! is locat€d sball be
eguaL to the ratio of the sguare feet contained in the owned
unit to the total square feet in the Particular buil-aling in
which it .is located.
.|
The Association lhall rnaintainr repairi and replace:
(i) AI1 portions of a unit' excePt interior
surfaces, contributing to the supPort of the
Conalominium builcling, which portions shall in-
cfude, but not be lirnited to, the outside wal'Ls
of the Condorninium buitcling and all fixtures on
the exterior thereof ,' boundary wa1ls of unitsi
floor and ceiling slabs; and load-bearing columns
and load-bearing walls ; and
(ii) All conduits, ducts, plurnbing, wiring' and
other facilities for the furnishing of utiLity
services which are containecl in the Portions of
a unit maintained by the Association; and alI
such facilities contained within a unit, lthich
service part or parts of the Cond.ominiurn other
than the unit within which contained.
. Atl incidental alamage caused to a unit by such work
shdl1 be promPtly repaired at the exPense of the Association'
(b) The responsiblity of the unit owner shall be:
(i) To maintain, repair and replace at his
expense t'he balcony terrace and all portions
of his unit, except the portions to be main-
tained, repairecl, and rePlaced by the Associationi
(ii) llot to paint or otherwise decorate or
change the appearance of any Port'ion of the ex-
terior of the Condominium building;
(iii) To pxomptly report to the Association any
defect or need for repairs, the responsibitityfor r^rhich is that of the Association.
(c) ExcePt as elsewhere reservecl to the Devel'oper,
neither a unit or"rner nor the lssociation shalL make any altera-
tion in the portions of a unit or Condorniniur,r buiLcling, which
are to be maintained by the Association, or renlove any portion
thereof, or make any adclitions thereto, or tlo anything which
would jeopardize the safety or soundness of the Condoninium
buiLciing, or impair any easement, without first obtaining
approval in writing of .owners of all units in which such work
il- to be done .ancl tho approvaL of tl"le Board of Directors of
the i'{ssociation. A coPy of Plans for aLl of such ltork prePared
by an architect Licensed to Practice in this state shall be
fiLed h'ith the Association prior to the start of the work.
Maintenance andl alteration of units.
-4-
t/iaintenance and alteration of conunon elements'
(a) The maintenance ancl operation of the comnron eLe-
rnents shall be the resPonsibiLity and the expense of the Asso-
ciation.
(b) Aftcr the completion of the improvements incl'udetl
in the cornmon elements; which are contemPlated by this Declara-
iion, there shall be no alteration or further j'mprovement. of the
rEii'piop"tty constituting the conmon elements without Prior
ippiovaf^ in ivriting by tht ovtners of not less than 75t of the
.-ornnon efements excepi as provided by the -By-La'l:., f:t 1lY-:ltl.alteration or inprovenent shalL not interfere with the r)-ghts ot
anv unit ovrner. The cost of such work shall not be assessed
";li"'=t
-"-bi"x, riru insurance conpany, or fecleral savings and
i6"" i""""iution which acquires its title as the result of own-
itrt . tottg"ge or being b6neficiary of a-trust deed upon a unit'
uniess such in owner shall approve the alteration or inprovement'
andthisshallbesowhethertf,etitleisacquiredbydeed'fromtn" lotto".t or through forecLosure proceedings.' Tl:-:h-1::-"fany cost not so assessed shall be asscssed to U1e other unat
o"irers in the proportions which their ihares in the conunon ele-
ments bear to Lach other. There shall be no change in. the shares
itli-iightl of, a unit oeher in the cotnrnon elements whlch are al-
tered 6r further improved, whether or not the unit o$'ner contri-
butes to the cost thereof.
(c) The general cotnmon elenents shaL] be ot"ned in
common Uy irr of th; owners of the units and shall remain ulr-
divided,-and no owner shall bring any action for Partition-or
division of lhe general conmon elements. Nothing contained
herein shalI be ionstrued as a .l-imitation of the right of par-
tition of a Condominiurn unit between the owners thereof, but
such partitions shall .not affect any other condoninium unit'
(d) The Association shall have such right of. access
to any uni! as nay be requisite in performing its functions'
O f,ccaccnahl-c
(a) Assessments against unit ownels for common exPen-
ses shaLL be nade Pursuant to the By-Laws and shal1 be aLLocated
as set forth in paiagraPh 6 of this Declaration. tlowever, if
services are furnished to unit owners beyond the maj.ntenance
and operation of the Condorninium property' sucir as operation of
a res-taurant or barr no assessment on account of such services
shall be made agaj.nst a bank' life insurance comPany, or federal
savings and loan association which acquires its title as a re-
sult 6f owning a first nortgage or trust deed upon a unit'
unless the occupant of the unit owned by sueh an institution
' voLuntarily .cc-pts such services. This shall be so v'hether
the title is acq-uired by aleed from the borrower or through fore-
closure proceedings. The shares of any cost or Loss not so
assessed shall be- assessed to the other unit ov'ners in the pro-
loitiotrr which their shares in the conmon eLements bear to each
other.
(b) Assessments and insialLments thereon paid on or
before 10 days after the date when due shall not bear intelest'
but alt srnns not paid on or before 10 days after the date when
due shall bear interest at the rate of one percent Per month
from the date grhen due until pald. AlL Paynents upon account
shall be first aPpl-ied to interest and then to the assessment
paytnent .f irs! due .
(c) AJ.l sums assesse<l, but unpaidl. for the c olunon
expenses chargeable to any owner shall constitute a Lien on
intn or""t'" 6ondominium unit, suPerior to alL other liens
and encumbrances, exce-Pt for: (i) tax and sPecial assessment
liens on the condorniniun unit in favor of any taxing. authority,
ind (1i) the lien of, a first mortgage or trust deed' If any
assessment shall rernain unpaitl afier 15 alays after the due date
thereof, the Associatj-on may irnpose a penalty on such defaulting
owner in an arnount equal to q4j: percent of such assessment pe!
month andl such lien ChatL at-6'secure reasonable attorneyrs
ie"i it..t"tud for collection and enforcement of such lien'
(d) In any foreclosure of a lien for assessments,
the owner of the unit subject to the lien shall bo requiretl to-
pay a reasonabLe rental f6r the unit, and the Association shaJ..].
Le'entitted !o the aPpointment of a receiver to collect such
rental.
10. Association. The operation of the Condorninium shalL be
by timber-T TE-T6i6miniurn, Phase III, Association' Inc' , here-
i-n called the Association, a corporation not for profit under.
the Lav/s of coloraalo, vrhich shal'I be organized and shaLl ful-filL
its functions pursuant to the following provisions:
(a)
owners.
The mernbers of the Association shall be the unit
. (b) fhe Association shall be incorporated under Articles
of Incorporation in the form attached as Exhibit B.
(c) The'By-Laws of'the Association shal1 be in the
form attached as Exhibit C.
(d) Notvrithstanding the duty of the Association to
naintain and repair parts of the conalominiun property, the Asso-
ciation shaLl not be liabLe for injury or danage, other than
the cost of maintenance and repair, caused by any latent con-
dition of the Property to be maintained and repaired !y tne
Associatj.on, nor ior injury or damaqe caused by the eJ-ements
or other owners or Persons.
(e) The share of a nenber in the funds anal assets of
the Association cannot be assigned, hyPothecated, or transferled
in any manner except as an aPpurtenance to his unit.
. (f) whenever the decision of a unit owner is required
upon any matter, whether or not the subject of an Association
n^eeting-, such clecision shalL be expresseal by the same person who
would iast the vote of such owner if in an Association meetj.ng'
unless the joinder of record owners is specifical]y required by
this DecLaration.
I1. Insuranee.
(a) Insurance policies upon the' Condorninium property '
covering the items described in subparaqraph (b) of this para-
graph shall be purchased by the Association for the benefit of
the Associatj.on anal the unit ovrners and their mortgagees or
holclers of trust deeds as their interests may appear. Provi-
sion shalt be made for the issuance of certificates of mortgage
endorsements to the mortgagees of unit owners. Such Policies
and endorsements shall be deposited wj.th the Insurance Trustee,
which shall hold them subject to the provisions of paragraph 12. .
(b) Insurance shalL cover the fo]-lowing:
-6-
o
AlI buildings and irnprovements upon the
.r,i-iri-p"t"oiat propeity incluaect. i" llgon eLemenls in an amount equaL to the maxr-
ro.rnaatiii-iia-eicivation costs' as determinecl
trrnual-lv - iy the Board of Directors of the Asso-
ciationi -ittc;tt tov"tuge shafL afford protection
against'loss-or darnagi by fire ancl other hazards
covered Uy-i ttonatr6 ex-tendted coverafJe endorse-
turrt, a,,ff tucn ottter rj'sks.as are custornarily
.ovet.a"tiin -
"u"p""t to buitclings similar to the 'uuilaing;-J; lit"'i"na' such as iandaLism and nali-
cious rnischief;
(ii) Public liability in such anounls and with
",t"rt """Ji"qe is shalL- be. required by the Doar'l
of Drrectors of the Assocration' including' but
not f:.mi[eE-t;, hired automobile and non-ontned
autornofiie-co*'ut"g"", an't v'ith closs liabiLity
enaorseilit io toitt' LiabiLities of the unit
ovrners as a grouP to a unit owneri
(iii) Workmenrs compensation as required by 1a$"
(iv) such other insurance as the Boarcl of Direc-
tors ot-6t as=ociation shall iletermine from tine
to time to be desirable' '
(c) Premiums upon insurance .
policies purchaseil by the
Association shaLl be paicl by the Association as a comrnon expense'
(d) The Association is heleby irrevocably appointed
agent for eactr unit owner to adjust a]'L clairns arising undler
ii""i"".u policies pui-trasea by-the Issociation' and to execute
andl del-ive-r reLeases uPon the Payment of claims'
ii*-i"""iiirrl repracement value, excLucling
(a) Alf insuranoe policies purchase'l fv l!:-f"::]i;tion shall'provide that proceeals covering property l-osses snarr
#-;J;:; l"v u""t ;."-clloraao, which ii. serected bv the.Board
of Directors of the association'as a trustee' which bank is
nutli" referred to as the Insurance Trustee' The Insurance
T;;i;" shall not ue fiaure for paynent of preniuns ' for the
i"nu*"r or the surtici-n-y of poiilies, or for the failure to
collect anY insurance Proceeds '
(b) The duty of the Insurance Trustee shafl be to
receive such proceed"-it-utu paid andl to hold them j-n trust for
the benefit of the unii owner! and their mortgagees ":d ryi9:f
"i-tt"tt deeds as fol-]ows. 'An undiviiled share of such proceeds
on account of damage to aolnlnott elements shall be alLocated to
the unit owners .""otaitt! to their shares of the comrnon'eLe-
ments set forth in p"iigi"pn e ' Proceeds on account of units
shalL be held for tn.-oi".it of danaged-units in ProPortion
i"-ift"-.o"1-of-r"pairing the danage iuffereil by each unit ovtner'
ifli.ir "ort shall Le aet6rminea by the Association' In the
""lii i-t"ttlugn. enaoinernent hai been issued as to a unit' the
=ftai. "f the u;it owner shall be held in trust for the mortqagee
or holder of a deed oi-tru=t ancl lhe unit owner as their i'nterests
nay appear.
(c) Proceeds of insurance polj'cies received by the
Insurance irustee shal-l be distributed as follows:
(i) All expenses of the Insurance Trusteeshall be first paid,
(ii) If the damage for which the ploceed,s arepaid is to be repaired or reconstructecl, the
rernaining proceeds shalL be expended as pro-
vialed in paragraph 14. Any proceeds remainingafter defraying such costs shall be distxibutedto the beneficial or,rners, remittances to unit
owners and their mortgagees or beneficiaries of
trust deeils being payable to mortgagees, bene-ficiaries of trust deeds anil other J"ien claim-
ants in the order of their priorityi the surplus,
if.any, to be then renitted to the unit owners.
This is a covenant for the benefit of any mort-
gagee or beneficiary of tlust deed of a unit anal
may be enforced by such mortgagee or beneficiaryof trust aeed.
(iii) If it is determined, as provided in para-
graph 14, that the ilamage for which the proceeds
are paid shall not be reconstructed or repaired,or if there are excess ploceeds remaining after ..
a reconstructian and repair, the remaining pro-. .
ceeds shall be distributed to the beneflcial '',..'owners, remittances to unit owners ana their
nortgagees or beneficiarj.es of trust deeds beingr :
payable to nortgagees, beneficiaries of trust. . .." ..
deeds and other Lien clairnants in order of thei! . .'priorityt the surplus, if any, to be then remit- i
ted to the unit ovrners. this is a covenant for.'...
the benefit of any mortgagee or trust deed bene- l. -ficiary of a unit and, nay be enforced by such '
nortgagee or trust deect Leneficiary.
(iv) In making dj.stribution to unit orrr"".t "r,i. - l'
their mortgagees or trust dleed beneficiaries:, the -
Insurance Trustee may rely upon a certificate of
the Association as to the names of the unit owners
and their respective shares of the distribution,
and as to whether or not the building is to be
reconstructed or repaired.
conmon eLements appurtenant to any one buildingshal,l be reconstructed or repaired, unless it
a majority of the owners of that building that
Declaration shaLl be terminated undler paragraph
l'l
(a) rf
are damaged., theyis determined bythis Condominium
'r1
(b) If the damaged property is one or more Condominiumbuildings, andl if units, to srhich 50t or rnore of the cor,non e1e-
ments are appurtenant, are founcl by the Boaxal of Directors .of the
Association to be tenantable, the danaged property shaIl be recon-
structeal or repaired unless, within 60 days after the casualty,'it is determined under paragraph 21 that the Condominiun shaLL'be terminated.
(c) If the ilamagedt property is one or tnore of the Con-doniniun buiLdings, and if units, to vrhich more than 501 of the
connon elements are appurtenant, are found by the Board of Direc-tors to be not tenantabLe, the damaged ploperty ni]l- not be recon-structed or repaired and the Condominium will be terminatecl under
-8-
o
paragraph 21 unless, within 60 days aftef the casualty,- the-owndrs
br .[. riast ?58 of the coflunon e].ernents of the affected buiLding
agree in writing to such reconstruction or repair
(d) Any reconstruction or repair must be s.ubstantially
in accordance with the PLans and specifications for the original
building prepared by Peter Looms, A.I.A', or, if not, then accord-
ing to ptlns ana sp;cifications aPproved by the Board of Directors
of the issociation- anil, if the damageil Property is the Condominium
building, by the ownels of not less than 75t of the common ele-
ments, incfiaing the owners of af1 damaged units, which approval
shall not be unreasonably withheld.
(a) If darnage occurs only to those parts of one unit
for which the responsiUifity of maintenance and repair is, that of
the unit oerner, then the unit o\,rner shaLJ- be responsibLe 'fo! recon-
struction and repair after casualty. rn alL other instances, the
responsibility oi reconstruction and repaj-r after casualty shal-]
be that of the Association.
(b) Inmediately after a casuaLty causing dlanaqe to
property fdr whlch the Associatlon has the resPonsibility of
iraiirtenlnce and repair, the Association shall gbtain reliable
and detaileat estimates of the cost to rebuilal or repalr so as
to place the damaged propelty in condition as good as that be-
fore the casualty.
(c) If the proceeds of insurance are not sufficient
to deflay the estimated costs of reconstruction and repair by
the assoliation, assessments shall be rnacle against lhe unit
ohrners who own the danagetl proPerty, and against all unit ovtners
in the case of damage. to conu[on e].ements, in suff,icient amounts
to provide funds to pay the estimated costs. Atlditional assess-
r.t -ts tnuy be macie at- any time dluring or folJ.owing the cornpletion
of constiuction. Such assessments against unit owners for danage
to units shalL be in proportion to the cost of reconstruction
and repair of their respective units. Such dssessments on account
of danige to common elelnents shall- be in ProPoltion to. the ownerrs
share in the comrnon elements.
(cl) If the amount of the estimated costs of recon-
struction and repairs for which the Association is responsible
is more than $5,000, the suns paid upon assesstnents to rneet
such costs shalL be dleposited by the Association with the
Insurance Trustee. In aLl olher cases, the Association sha1l
hold the sums paid. upon such assessments and clisburse them in
payment of the costs of reconstruction and repair.
(e) The proceeals from assessments and insurance re-
ceived by the Insurance Trustee shalt be clisbursed as follows:
14.Re sibiLities and procedures 4q to t for re
The portion of insurance proceeds rePre-
senting darnlge, the reconsLruction and repair of
which is the responsibility of the unit owner,
shatl be paid by the Insurance Trustee to the
unit owner (or if there is a mortgagee endorse-.
nent, then to the unit orvner and the mortgagee
or trust deed beneficiary jointfy, who may use
such proceed.s as they may be aclvisedl).
(ii) The portion of insurance proceeds repre-
senting damage, the reconstruction andl repair of
which is the responsibility of the Association,.shaLL be disbursed in paynent of the costs of
-y-
o
(c) No use or practice shall be Permitteit on the l '
Condoniniurn proPerty whicir j-s the source of annoyance to.resi-
dents or wbich interferes.with the peaceful possession and proPer .
use of the proPerty by its iesidlents. All parts of-the PtoPgt:y
shall, be kept in a clean ancl sanitary condition, lld .n9 rubbish,
;il;";'";-;.tuiq" "iiow.a to accunu-late nor any fire' hazaltl' .;, ,. 'Ierqss, vr vqreqys
alLowed to lxist. No unit ovrne! shall pernit any use oflhis:- l.AII(JWeq LU CriI>U. -:- ----- - ..runit or of the common eLenents which wiLl increase the rate of,,.
insurance upon the condominium property. No im.rloraf r ' improper;' '
oiiensive, 'or unlawful .use shall be,made of the Concloniniurn 'property or any part thereof. ALL valid laws, zoning - ordinances, .lna' r.g'of "tioni 6f all governrnental bodies having Jurisdiction ,'.i
such repair and reconstruction in tlle manner
required by the Board of Directors of the Asso-
ciation att-d upott aPpxoval of an architect
qualified to practice in CoLorado and employed
by the Association to sui)ervise the worli '
(iii) The Insurance Trustee sha]l not be required
' to dletermine whether a disbursement is .to be rnade'
the iilentity of the payee, or the amount to be
Paid, but rniy rely uPon a cextificate of the
Association stating such information'
15. Use rcstrictions. The use of the ProPerty of the condo-
ninium shEIT*uGTi'-itEoiEEn ce with the following provisions:
(a) Each of the units shalL be occupiecl only by a
f arniJ.y, its servants, and guests, as a residence and for no
other-purpose. . Except as ieserved to the Developer, no unit
may be di;ided or subdivided into a sntaller unit, nor any por--
ti6n thereof sold or othenise transferred, without first amend-
ing this Declaration to show the changes in the units to be
efiected thereby.
(b) Ttre connon elements shall ie used-on1y rfor'the .,
purposes for which they are intended in the furnishing of ser- i
iricls ana facillties for the enjoyment of the units'
(d) Until the Developer has completed and sold all
of the units, neither the unit owners nor the Association nor
the use of the Conclominium proPerty shall interfere 'with'the : ;,
completion of the contenPlated implovements and the'saLe-oflr rr'-
the units. The DeveLoper may make such use of the.unsold lunits
and common areas as rnay facilitate such cotnpletion and saLer; -''inclucling, but not Lirnitea to, the maintenance of a sales office',
the showing of the Property' anal the display of signs.
' (e) tteasonable regulations concerning the use of the
Conclominium property may be made and amended from tjlne to.time ,
by the Assoclation in the manner provitled by its Articles -of .
I'ncorporation ancl By-Lar.rs. Copies of such regulations andl
amenilments thereto shaLL be furnishecl by the Association to
all unit owners anil residents of the Condordnj-urn uPon reguest.
1,6. Easement for Encroachment. If any Portion of the general
conrmon elffiit or units, a valitl easement
thereoi shall be observid. The responsibility of neeting"the ,
requirements of govetntflenta1 bodies, which require maintenance'
rnodlfication, or-repair of the Conilorniniurn Propelty, shaLL
the same as the responsibility for the maintenance and repair
of the property concernecl. Units nay be rented on behalf of."
the unit owners, for the account of the unit owner, less a' .
leasonable fee to the Associationr with the owner's agreenent.
o
for the encroachnent andl for the maintenance of same, so long as
it-"iinas, shall and does exist. If any Portion of a unit or
units encroaches uPon the generaL conunon e]ements or upon an ad- ' : '
i"i"i"g unl"t or lrrrit=, -i ,rilid ..".^ent for the encroachment and' ' : j:
maintenance of same, 'as Long as it stands, shalL and does exist'
For title or other pnrpo"a"i such encroachrnent andl easernent shall
not be consiilered oi deterrnined to be an encumbrance either on r
the generaL conmon elements or the units.
f7 . Reservations.
-/\/(a) ) The Declarant expressly reserves the right to ;'r''
enlarse u,Q7c"iilroiiiun p.oi ect to incrude anv of the - land ': j '
shown on the map attached hereto as Exhibit D. Additiona]
Condbninium .unils may be inclualedl in this Conclominiurn project '
;;e;; ;;;;r"ie-conaoirin,ium alecraration(s) Providled such decLa- :' i''.'
ration(sj is (are) substantiaLly the same in forrn and content . :'.,,I
as this beclaration, and Provicled such declaration(s) reguire(s) :''..'l '. '
9fcondonini"4-gr9"_i!l@-comm6n.Trtn...::.:.',,.'.',''ffiGG-iIni_p-IE-or!en:zE-dunderthis..',.'.',.',:.'.;'.,";.or some other cleclaration(s) , provided that, if ownership' is ' --r-'--"; ' .i .-"
.'.: ' :
under some other. tleclaration ( s) , such-other declaration(i) .. , ,. ,,li-,... ,.'-:;';; -;r
eomplies (comply) with the " requirements of subparagraph (a) '. '-:'iil
above. .,r " . .: .,'
mernbership by the Condorninium J\ssociation in . the Timber la11s ,, ';:,.:.' . : , :
Property bwnirs Association. The undj.vided interest j-n and to
ln"'g.n"r^r conmon eLements shalL have a permanent character i 1
.
and ihall not be alteredl without the consent of aII of the con- .. :.
dominium unit owners expressed in a duly recorded amen&dent to ,. : :
this Decfaration. the iocation of the Lomrnon ;lements shall .' '7' ',,,be subject to change ." i^pto'nurn"nts are adtlecl to the Project :ii . ,a^e,r-t .i -in acc5rdance with adjusted schedule(s) to be set forth in " '.':";, . .,.
suppLement(s) to this - Declaration.
-v--\ . :,,, , :" . "l :'
z(ut) tfre Declarant expressly reserves as cornmonJ el-e- ',j ':" .:r": ' r'..'' :
' ments sid(er.rafts, pathways, drivgr,taYs. . parkitrg are-aq 919 1-119 -:.; . ' -..'.;,,:- , ,,:::1 i: ': . . j
shown on the map ior thc 4rc:fc:ys +fe UgglE--e-1-+f,-the-o.gnCIs .. r
is hereby vested in .the Tinber Falts Property Owners Association
are attachecl hereto as Exhibits B ancl C. The Timber Fal-ls con--' 11 i i,:iir.j.;.!J'r;" ,j,-.r: -
d.ominium, phase III, Association (corporation) shaLL . be': anct .re:': : 1,;"',f"i,r'J,:1,r;'i;].ti :lj .. .
main a mernber of the Timber FaLLs condoniniun Association' (unin-
corPo'atedassociation)so].ongasbothorganizationsexist.
' .1"
( t a I ) gue- r€.cla.Lart-r€-t-9 Evgsl! s-r]le!!- !o- sS s!,c-g!e.unv
ac ce s s rqM.s-Cnd s t lggts f or ari'g
: !? qLb_I 1: :Y:€j=g:::* l-':+,duurs-+\,aarr/qr.qrurEEL-rvrqr.suvl,w--vv->.ev-------_::::-
easements , reservatiEiEl-GFeptions and exclusions. consistent ;'. ; i.'i . | .' j
iati.on.23 'nhi e r-i !e noon, De
18. Notice of lien or suit. . ' : '
(a) A unit owner shaLf give actual notice to the Asso-
ciation of every lien upon his unit, other than for pernitted .
mortgages, trust cleeds, taxes' and special assessments, within -
five diys after the attaching of the lien. f'ailure to comply
with tl-is subparagraph wiLl, not affect the vaLidlity' of any Judi-: .,cial sale.
(b) Notice shall be given to thc Issociation of every
suit or othe! proceeding, which nay aff,ect the title to his unit,
within.five ilays after the unit owner receives knowledge thereof.
a
...19. ComPliance andl cle f au1t.
(a) Each unit owner shall be governed by aldl-shalL
comply with the terms of this Declaration, by the Articles- of
i;;;6";;ai"n, By-Lar,rs, ancl xegutations adopted puxsuant thereto'
and by such documents ana reguiations, ?"-th:y Ty !:.iT:19"1- .
from i.irne to time. A default shall entitle the AssocratLon or : . ..
other unit owners to the reLief described in subparagraph (b)
"i- itti= paragraph i" udaiii"" to the remedlies provided by the
Condominium Act.
(b) A unit o$/ner shalf be liabLe-for-the expense. of
any mainte;;nce, repair, or replacement rendered necessary by
hiiact,neg1ect,orcare1essnLssorbythatofanymemberofhis family 6r his or theLr guests, emPl-oyees, agents, or- lessees'
but only -to the extent that such exPense is not met by'the Proceeds : '. .
oi in"oiatt". carried. by the Association. Such liabilily shalJ' . I
i;"i;a; any increase i-n f,ire insurance rates occasioned by use' ::t . :misuse, occupancy, or abandonrnent of a unit or its appurtenances ' :' ::-. t ,'i :.,
in-i"t,'pto.";din-q' arising because of an allegetl defauJ't by a . ...t ' . . .
""iI..i,,iiu",theirevai1ii9partysha11beentit].edttorecoverihecostsofthe-proceetliig-andsuchreasonab]eattorneys':fees'.'..'..'.',.':::
as may be awarded bY the court.
(c) Tho fai'lure of the Association or any'unitlowner .l',,tt
j'il"':i : :ij 1
to enforce any covenant, restrictlon, or other provision of' :l: J' :., '-'i':: 't'oenrorceanycovendnE,Ie5LlIgLr\.,Jl,vtv9|rg.!-v!.v-v..
Condominium .Alt, this Declarationr the ArticLes of . Incorporation, ;r; , .,,'.i .:-.:. ..i. t.
if," ty-fu"", or the regulations adopted pursuant thereto;:- shaf.f : 1 .1,. 'j"... :i
not c'onstitute a waivei of the right to do so thereaJter '. '.,': ' ..: . 'i','.',,' '':i ,':
20. Amqnilments. This DecLaration lmay ue amenied int.*'" t,
, , ' ;i;1.': ;;, t.t
,following-iEiiE?i-- '.j-;.1
,;,.1 :;. r .
( a) Notice of, the sub j ect matter of a proposeil - amenel- "'r';t ;i::: j:i': :' .. : " '
ment shall be includled in the notice of any neeting at whicft " .. ,"i',::ti.::.. ',i
proposed amendment is considered. I
: . :; , : . ,; ., '
. .. -. 1 1; '.- ;r....;i- .;.;;i'.', i;i,1,!.:i', , :(b) A resolution adoPting a proPosed amendment' may be ;l :' ;:;::";:i : . :
proposed by eithar the Board of Directors of the Assocratlon or . .'i ,'. :.ii.;;, .:."'i,vin.*.^6.'"ofthe'Association.'Directors"''u^"*u=s':not.;.''':i'j.';l.....',:piesent in person or by Proxy ag the meetings considering ' tl: -, " ',,-, :,:i;i:r'.'
amendnent may express their approval irt vtriting' provrdrng:su:n. '1::t ':;r;r'r;i. ..r '
approval is -clelivered to the secretary at or prior 'to the meet- . r' i:'li-;;: ::
i;;. Except as elsewttere provided, such approvals-must be by ' 'i,:rl'.'.-i ;'' -
10Ot of the then mortgagees or'.holders of trust deecis of recordr .' ' :'..:,il t,.'.. ,. '10Ot of the then mortgagees or'.holdels of trust deeos orr r€corol . ' . l':":ll:,:.' . ,: '
inil by either (i) not-liss than ?5t of, the entire membership ll'..::'-. r;.:;of th-e Boartl of Directors andl by not, Less than 75g of the votes ij:i.i'i':" ; "oftheentirernernbershipoftheAssociation'or(ii).not1ess
than B0* of thc votes of the entire. mcnbership of the'Associat'ionl ..;-,'';i i"'-1.'.:.;.'.. .
or (iii) until the first election.of directors , . onLy. by.tll]..o.5tl,ir;.;i.t'^u..,;$,*i;i..,...r.
the directors, provided the amendlment. does not increas ei..'!h9,1:' 7, .i.i^i .']j:fiif.-;3j;1..:r:.:ir;': .
ntunber of unils nor alter the bOundaries Of the cgqmon..e1efients.i -'.':.f rr'''f;.':'i ';:;: i . .----- - -- - - . .. .---. -:'. .;. ii ,'. 1,r.:j. ,1.r. ::i: .":..:i:ri i.r:trrl:, Liirl,ij;:,.. ,( tci llo anendment shall discriminate against any unit :: ;- ' '"; i::i:l ji i .
o$rner or bglinst any unit or class or grouP of units, unless- - l.j:.' :.. '
the unit owners so af fectedt shall consent. No amendment shaf 1 ,r. .: .:.:,.,r : : , :' change any unit nor the share in the common elements apPurtenant ', ' :. . , ,-i .: , l.',,.
to if. nor- j.ncrease the or.rner's share of the common expensest - ,,-.'ii.,;..:;.ili:i.l ',
unless the record. owner Of tfie unit ancl alf record. ohrners .ot . ,1.:,..; ,,:, .,,. ..-:.,,.liens thereon shaLl ioin in the execution of the amendlmentl' . ' '.. - :.i1iq-)rl ,".. .
:.,': ,
.
;.(d) A copy of each amenalmen t sha1l be certified by " l' :rt'i."'i''':':: . .
the President ana seiret"w-"f Lhe Association as having beeir ' : i ' lj ri - :'
duly adopted ana =n.ii-le-lriu"ti"" when recordecl in the Public. i' , ,.
' nec-ords -of nagLe County, Colorado .Ey, Uer{)r.lqu ,,i:i.;....:::;1.:., ,
'..'::'.' :"1 " ' '
22. sevelabililvi The invaliAity in whole or'in part of
any covenant or restrrlction, or any section' subsection' sentence'
clause, phraser ot toia, or other lrovision of this Declaration
;;a-t;; iiticri" or rn-orp-ration,- By-Laws, and resuLations.of
il;; ;;;";i;iion sharl not.affect ihe-variditv o'f the remainine
poltions theleof.
IN wItNEss WREREoF, the DeveloPer has executedl this Decla-
ration the dlay and year filst above written'
CORPORATE SEAI,
STATE OP COLORADO
CITY AND COI'NTY OF DENVER
TIMBER FAILS CORPORATI ON
ss.
.ir'.. .i,l
The foregoing Declaration of was
r975,
Jr.
by
as
tbefore me this a.lL daY of
Riley as President, anal
respectivelY, of. Tinber
ration.
by .f ames A. Reinecke ,
Falls corPoration,' a
cornml ss ion expir6s:. ...
ATTEST:
-L4-
.:
UNIT tlro.
901
90,2
gfl3
9Dq
905
906
9c7'
,. 908
909
.910
TotaI
UwI T An[.A
065.20
O,tz.97
a67 .gtt
0qI.62
L\22.?B
i ,,
1413.02
g\J.22
Il.lr
TIHBER FALLS U0J\lDtlllNltll, fHAsE Ill