HomeMy WebLinkAboutTIMBER FALLS CONDOMINIUMS BLDG 19 (2)c\tt-o t -@d r6. 34 FRoM , Tov coM-DEv-DE I D ,5"64"92452 PAGE I/2
A.
Date Receivect by the Community Development
Oepartment
APPLICATION FOR
coNDoillNluwrowNHousE PI-AT REI/lEl,lt/
(rrrre...rt, . Vail Municipal Code)
(please print or type)
AppLICANT The Bluffs At Tj-nber Falls LLC
MAISNGADDRESS 500 South Frontage Road, East, Suite /lll2' Vail 81657
APP LICANT'S REPRESENTATIVE Greg Ansden & i'iartv FowlerB.
PROPERW OWNER
PHONE Q7O) 476-8610ADDRESS Sane as above
The Bluffs At
OWNER'S SIGNATU
MAILING ADDRESS
PHoNE (970)476-8610
as above
L@ATION OF PROPOSAL:
STREET ADDRESS 4469 Tinber Fal1s Court
LOT_! 9_ B LOCK- N/L- SU BD I V lS lON33strea3311s F I Ll NG' i,,r- / A
6 tD
-,/,
,, ,/ /
AppLrcArfoN FEE $100.00 pAl{-100-vcnecx *Jo:loere-%az4o
MATERIALS TO BE SUBMITTED:
1. Two mylar copies and one paper copy of the subdivision plat shall be submitted
to the Department of Community Development. The plat shall include a sile
map with the following requirements:
The final plat shall be drawn by a registered surveyor in lndia ink. or
ottrer substantial solution, on a reprducible meclium (preferably mylar)
with dimension ot threnty-four by lhirty-six inches and shall be at a scale
of one hundred leet to one inch or larger with margins of one and one-
half to two inches on the left and one-half inch on all other sides-
Accurate dimensions to lhe nearest one-hundredth of a foot for all lines,
angles and curyes used to descflbe boundarles. streets, seuracks,
alleys, easements, structures, areas to be reserved or dedicated for
public or common uses and other important features. AJI curves shall be
circular arcs and shall be defined by the radius, ceniral angle, arc
scored distances and b€aring- All dirnensions, bolh linear and angular.
are to be determined by an accurate control survey in the field which
must balance anct close withln a limit of one in ten thousand.
North anow ancl graphic scale.
D.
E.
F.
b.
PHONE (970) 476-8610
c.
tpon receiving two codss of a coflUob6ilrbma[at dong Uih paytlEnt oiUE
aFrcedab tee, tre zonhg drfl|isffir shal roufie me oopy ol ttp slb tmp b [|g
brv|r e|Ulleer for hb reviery. The zonlE dmhiilrabr shal then condrcl t'|b lwiew
conalTenty. The tomrn arBineer snaf reviry the srtml[al and rgtrn Ofmene srd
d. A systematic identification of all existing and proposed buitdings, units,
lo!S, blocfG, and names for a[ streets.
JUN-Ot-OO tO'36 FROH , TOI,'COM'DEV DEPT,I D .9?O4792452 PAGE 2/3
An identifacation of the streeb, alhys, parks, and other public arBas or
facilities as shown on the plat, and a dedicatlon thereot to the puHic
use- An identitication of the easemenE as shown on the plat and a
grant thereot to the publac use. Areas rFerved for future public
aoquistron shall also be shown on the plat .
A wdtten survey descriplion ot the area including the total acreage to the
nearest appropriate significant fQure. The acreage of each tot or parcel
shall be shown in this manner ax; well.
A description ol all suwey monumenls, both lound ard sel, whictr mark
the boundaries of the suklivision, and a descriptjon of all monuments
used in conducting the survey. Monument perimeter per Colorado
statutes. Two perimeter monuments shall be established as major
oontrol monuments, the materials which shall be debrmined by lhe town
engineer-
A statement by the land surveyor explaining how bearirg base was
determined.
A certificate by the registered land surveyor as ouuaned in Chapter 17.92
of this title as to the acf/uftrcy of the survey ard plat, and that the survey
was perlormed by him in accordance with Colorado Rer/ised StsIhrtes
1973. Tttle 38, Article 51.
A certilicate by an attomey admitH lo prac,tice in the State of Colorado,
or corporaF title insurer, that the owner(s) ot record dedicating !o the
public the public right-of-rmy, areas or facitities as shann thereon are
the owners therEof in tee simple, free and clear ol all liens and
encu mbrances except as noted.
The proper torm for filing of the plat with the Eagle Counv Clerk and
Recorder.
Certificate of dedication ancl ownership. Should the certificate ot
dedication and owneship provicb br a dedication of land or
improvements to the puuic, all beneficiaries ol deeds of trust and
moilgage holclers on saict real property will be required b sign the
certiticate ol dedication and ornership in addition to the fee simpte
owner theneof.
m. AU ourent taxes must be paid prior to the Town's approval of plat- This
includes ta,res which nave been tilled but are not yet due. The
certificate of taxes paU must be ggned on the plat or a statemgnl from
the Eagle County Assessor's Office must be provlJed with the submittal
information suling that all ta(es ha/e been paid.
n. Signature of owner.
The condorninium or toyvnhouse plat shall also indude froor plans, elevatbns
and cross-sedions as necessary to accurately determine irdivi&at air spaces
ancl/or other ownerships and il the prc{ect was built substantially the same s
lhe approved plans.
A copy of the oondomlnlum clocumenB br stafi rerrie,\ , to atssure that there are
maintenance provisions included lor all commonly owned areas.
e.
s-
h.
k.
2.
3.
G.APPROVAL PROCESS, BEVIEW CRITERIA
. JUN-OI -OO '@. 3E FROI'r. TOV-COI.I-DEV-DEPT. rD.9?O4?92452 PAGE 3/3
notficatiotts lo the zoning adminrshlor who shall transmit the apgroval, disapproval or
approval with modifications of the plat within burteen days to Ore applicant. The
zoning administrator shall sign the plat if approvd or require modifications on the plat
lor epro|/al or deny approval due to inconsistencies wih tlte odginaily approved dan
or failure to make olher required modificatbns of the Sat.
H. FILING AND RECORDING
The zonirry admanrstrator shall be the final S€natute required On $e plat so that the
Degartment of Community Development will be responsiue for promptly recoding the
approved plat wittt the Eagle County Cled< and Recoder. Fees lor reoordilE shall be
gakl by the applicant. The Community Developrnent Departnent will retain one mytar
copy of the plat for their records and will recod the remainirg my'ar copy-
l. f this application requires a separate rcview by any local, State or Federal aryrency
other than the Town of Vail, the application lee shall be increased by $200-00.
Examples of sudr review, may irrclude, but ale not limibd to: Colora(b Depafinsnt ol
Highway Acoess Permits, Army Coryo of Engineers 4O4, etc.
The appli€nt shall be responsible for paying any puHishing fees which arB in exoess
ol 5O/" of the applicdion fee. lf, at the applicanfs request, any matter is poslponed for
hearing, causing the maner to be re.pubtlshed, then lhe entire tee for such re-
puUicalion shall be pall by the applicant.
Applications deerned by the Community Devetop,fiient Department to have sbnificant
d,esbn. land use o( other issues which may have a siSnificant impact on Ule
community may require reviarr by consulbnls other than town staff. ShouH a
determination be made by lhe torrn stalt thal an outside consultant is needed to revierr
any application, the Community Development Depanment may hire an outsite
@nsultanl, it shall esUmate lhe amount of money necess:ry to pay him or her and this
arnount shall be torwarded to the Town W lhe applicant at the 0me he files has
epplicalion with the Community Development Department. Upon completion of the
review of the appucation by the consultant, any of the funds forwarded by the applicant
for payment of the consultant which have not been pa-rd to the consultant shall be
returned to the applicanl Expenses incuned by the Toyrn in excess ol the amount
forwarded by the application shau be paid to the Town by the applicant within 30 days
of notfication by the Town.
BYLAWS
OF
TIMBER FALIS PIIASE X ASSOCIATION
464a?
INTRODUCTION
These are the Bylaws of the Timber Falls Phase X Association (the 'Association") which
shall operate under the Colorado Nonprofit Corporation Act, as amended ("Corporation Act"),
and the Colorado Common Ownership Interest Act, C.R.S. Section 38-33.3-101 et. seq., as
amended from time to time (the "Act").
Terms which are defined in the Condominium Declaration shall have the same meanings
herein, unless otherwise defined herein. The word member or members as used in these Bylaws
means and shall refer to Unit Owner(s) or Owner in the Common Interest Community.
ARTICLE I
OBIECT
Section l.l. Purpose. The purpose for which the Association is formed is to:
1.1.1. Govern and operate the condominium project known as Timber Falls
Condominiums Phase X (the "Common Interest Community") located within the Town of Vail,
County of Eagle, State of Colorado, in accordance with the Corporation Act and the Act;
1. 1 .2. Promote flre health, safety, welfare, and common benefit of the Unit Owners
and residents of the Common Interest Community; and
1.1.3. Be and constitute the Association to which reference is made in the
Condominium Declaration of Timber Falls Condominiums Phase X (the 'Declaration") which is
recorded or will be recorded in the office of the Clerk and Recorder of the County of Eagle, State
of Colorado, relating to a condominium project described therein, in the County of Eagle, State
of Colorado and to perform all obligations and duties of the Association and to exercise all rights
and powers of the Association, as specified therein.
Section 1.2. Owners Subject to Bylaws. All present or future Owners, lenants future
tenants, or any other person that might use in any manner the facilities of the Common Interest
Community are subject to the terms and provisions set forth in these Bylaws. The mere
wp:corp. uc\TnDltcr FdL.byhs (6. 14.99)Pagc -l-
acquisition or rental of any of the Units, or the mere act of occupancy of any of the Units will
signify that these Bylaws are accepted, ratified, and will be complied with.
ARTICI,E tr
MEMBERSIilP, VOTING MAJORITY OF
ow\ERs, QUORUM, PROXIES
Section 2.1. Membership. Ownership of a Unit is required in order to qualify for
membership in this Association. Any person on becoming an Owner of a Unit shall automatically
become a Member of this Association and be subject to these Bylaws. Such membership shall
terminate without any formal Association action whenever such person ceases to own a Unit but
such termination shall not relieve or release any such former Owner from any liability or
obligation to the Association or impair any rights or remedies which the Association may have
against such former Owner arising out of or in any way connected with ownership of a Unit and
membership in the Association. No certificates of stock shall be issued by the Association, but
the Board of Directors may, if it so elects, issue membership cards or certificates to the Owners.
Such membership card or certificates shall be surrendered to the Secretary whenever ownership
of the Unit designated thereon shall terminate.
Section 2.2. Voting.
2.2. L Votes are allocated among the Members as set forth in the Condominium
Declaration. If title to any Unit shall be held by two (2) or more persons, then each such person
shall be a Member of this Association, provided however, that the voting rights of such Owners
shall not be divided but shall be exercised as if the Owner consisted of only one (1) person in ac-
cordance with the proxy or other designation made by the persons constituting such Owner. If
only one (1) of several Owners of a Unit is present at a meeting of the Association, the Owner
present is entitled to cast all the votes allocated to the Unit. If more than one (1) of the owners
are present, the votes allocated to the Unit may be cast only in accordance with the agreement of
a majority in interest of the owners. There is majority agreement if any one (1) of the Owners
casts the votes allocated to the Unit without protest being made promptly to the person presiding
over the meeting by another Owner of the Unit.
2.2.2. Yotes allocated to a Unit may be cast under a proxy duly executed by an
Owner. If a Unit is owned by more than one (1) person, each Owner of the Unit may vote or
register protest to the casting of votes by the other Owners of the Unit through a duly executed
proxy. An Owner may revoke a proxy given under this section only by actual written notice of
revocation to the person presiding over a meeting of the Association. A proxy is void if it is not
dated or puports to be revocable without notice. A proxy terminates eleven (11) months after its
date, unless it provides otherwise. The Secretary of the Association must bring all proxies to each
meeting where the Owners are entitled to vote and all proxies shall be available for inspection by
wp:coa.Uc\Tlmb.r FrIb.bybw! (6. 14.99)Page -2-
the officers of the Association and by any Owner in attendance at such meeting. A proxy need
not be an Owner. All proxies must be in writing and may be either general or for a particular
meeting.
2.2.3. Thevote of a corporation or business trust may be cast by any officer of that
corporation or business trust in the absence of express notice of the designation of a specific
person by the Board of Directors or bylaws of the owning corporation or business trust. The vote
of a partnership may be cast by any general partner of the partnership in the absence of express
notice of the designation of a specific person by the partnership. The vote of a limited liability
company may be cast by any manager of the limited liability company in the absence of express
notice of the designation of a specific person by the ignited liability company. The moderator
of the meeting may require reasonable evidence that a person voting on behalf of a corporation,
partnership, limited liability company or business trust owner is qualified to vote.
2.2.4. Yotes allocated to a Unit owned by the Association may not be cast.
2.2.5. The Declarant, its successors or assigns, may exercise the voting rights
allocated Units owned by it.
2.2.6. Cumulative voting in the election of the Board of Directors shall not be
permitted.
Section 2.3. Quorum. Except as otherwise provided in these Bylaws or in the
Declaration, the presence at the beginning of any meeting of the Association in person or by proxy
of twenty percent (20%) of the votes entitled to be cast shall constitute a quorum present
throughout the meeting.
Section 2.4. Majority Vote. The vote of a majority of the Owners present in person or
by proxy at a meeting at which a quorum shall be present shall be binding upon all Owners for
ail pu.por"r except where a higher percentage vote is required in the Declaration, these Bylaws
or by the Act or other law.
ARTICI,E Itr
ASSOCIATION MEETINGS
Section 3.1. Place of Meetings. Meetings of the Owners shall be held at the Common
Interest Community or at such place within the State of Colorado as the Executive Board may
determine, so long as such alternate location is reasonably convenient to the Owners.
Section 3.2. Annual Meeting. The annual meetings of the Association shall be held each
year on such date as shall be selected by the Executive Board provided that such meeting shall
occur in each year no later than six (6) monttrs after the end of the Association's fiscal year. The
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fftst annual meeting shall be called by the initial Executive Board of the Association and shall be
held within one (1) year of the initial conveyance of a Unit by Declarant. At such meetings, the
Owners may tansast such business of the Association as may properly come before the meeting.
At each annual meeting, members of *re Executive Board shall be elected by ballot of the Owners
in accordance with the provisions of Article IV of these Bylaws. The Owners may transact such
other business as may properly come before them at these meetings.
Section 3.3. Special Meetings. Special meetings of the Association may be called by the
President of ttre Association, by a majority of the members of the Executive Board, or by Owners
having twenty percent (20%) of the votes in the Association.
Section 3.4. Notice of Associatian Meetings. It shall be the duty of the Secretary of the
Association to cause notice of meetings of the Owners of the Association to be hand-delivered or
sent prepaid by United States mail to the mailing address of each Unit or to any other mailing
address designated in writing by an Owner, not less than ten (10) nor more than fifry (50) days
in advance of a meeting. The notice of any meeting must state the time and place of the meeting
and the items on the agenda, including the genera nature of any proposed amendment to the
Declaration or to these Bylaws and any proposal to remove an officer or member of the Executive
Board.
Section 3.5. Waiver of Notice, Any Owner may, at any time, waive notice of any
meeting of the Association in writing, and the waiver shall be deemed the same as receipt of
notice. A waiver of notice, signed by ah of the Owners before, at, or after any meeting shall be
a valid substitute for notice. The certificate of the Secretary of the Association that notice was
properly given as provided in these Bylaws shall be prima facie evidence hereof.
Section 3.6. Mjourned Meetings. If any meeting of the Association cannot be convened
because a quorum has not anended or if the business of the meeting cannot be concluded, then in
that event, a majority of the Owners who are present, either in person or by proxy, may adjourn
the meeting from time to time for periods of not longer than one (1) week until a quorum is
obtained or until a conclusion can be reached. At any such adjourned meeting, any business
which might have been transacted at the meeting as originally called may be transactod without
further notice.
Section 3.7. Mer of Business. The order of business at all meetings of the Owners shall
be as follows:
3.7.1. Roll call or check-in procedure;
3,7 .2. Proof of notice of meeting or waiver of notice;
3.7.3. Reading of minutes of preceding meeting;
Page 4
3.7.4. Reports of officers;
3.7.5. Reports of committees;
3.7.6. Election of members of the Executive Board (when required);
3.7.7. Unfinished business:
3.7.8. New business: and
3.7.9. Adjournment.
Section 3.8 Roles of Meetings. The Executive Board may prescribe reasonable rules for
the conduct of all meetings of the Executive Board and Owners and in the absence of such rules,
Robert's Rules of Order shall be used.
ARTICLE IV
EXECUTIVE BOARD
Section 4.1. Association Responsibilities. The Association has the responsibility to
manage the Common Elements and to administer the Common Interest Community, acting
through an Executive Board. In the event of any dispute or disagreement between any Owners
relating to the Common Interest Community, or any questions of interpretation or application of
the provisions of the Declaration or Bylaws, such dispute or disagreement shall be submitted to
the Executive Board. The determination of such dispute or disagreement by the Executive Board
shall be binding on each and all such Owners, subject to the right of Owners to seek other
remedies provided by law after such determination by the Executive Board.
Section 4.2. Number and Quolificuian. The Executive Board shall be composed of three
(3) persons elected from among the Owners, as provided in the Articles. In the case of Declarant
or other corporate or partnership Owners, the officers, directors, employees, partners or agents
of such entities may be members of the Board. The number of directors may be increased or
decreased by amendment of these Bylaws; provided, however, that the number of directors shall
not be reduced to less than three (3) nor increased to more than five (5). Notwithstanding the
foregoing, during the period of Declarant Control (as defined in the Articles), there may be one
(l) or more members of the Executive Board, who shall be appointed by the Declarant or
otherwise elected as provided by the Act.
Section 4.3. Powen and Duties. The Executive Board shall have the powers and duties
necessary for the administration of the affairs of the Association and for the operation and
maintenance of a f,nst class residential planned community project. The Executive Board may do
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all such acts and things as are not by law, the Articles, these Bylaws or the Declaration either
prohibited or directed to be exercised and done by the Owners directly.
Section 4.4. Other Powers unil Duties. The Executive Board shall be empowered and
shall have the duties as follows:
4.4.1. To administer and enforce the covenants, conditions, resfrictions, easements,
uses, limitations, obligations and all other provisions set forth in the Declaration and in the
Articles and these Bylaws:
4,4.2. To establish, make and enforce compliance with such reasonable rules and
regulations as may be necessary for the operation, use and occupancy of the Common Interest
Community and the Common Elements wittr the right to amend same from time to time. A copy
of such rules and regulations shall be delivered or mailed to each Owner promptly upon the
adoption thereof;
4.4 .3 . To keep in good order, condition and repair all of the Common Elements
and all items of personal property, if any, used in the enjoyment of the entire Common Interest
Community;
4.4.4. To obtain and maintain to the extent obtainable all policies of insurance
required by the Declaration;
4.4.5. To periodically fix, determine, levy and collect the Assessments to be paid
by each of the Owners towards the Common Expenses of the Association and to adjust, decrease
or increase the amount of the Assessments, refund any excess Assessments to the Owners or credit
any excess of Assessments over expenses and cash reseryes to the Owners against the next
succeeding assessment period; to levy and collect Special Assessments in arcordance with the
provisions of the Declaration, whenever in the opinion of the Executive Board it is necessary to
do so in order to meet increased operating or maintenance expenses or costs, or additional capital
expenses, or because of emergencies;
4.4.6. To impose penalties and collect Delinquent Assessments by suit or otherwise
and to enjoin or seek damages from an Owner as is provided in the Declaration and these Bylaws;
4.4.7. To protect and defend the Common Interest Community from loss and
damage by suit or otherwise;
4.4.8. To borrow funds and to give security therefor in order to pay for any
expenditure or outlay required pursuant to the authority granted by the provisions of the
Declaration or these Bylaws and to execute all such instruments evidencing such indebtedness ils
the Executive Board mav deem necessarv or desirable:
Page -6-
4.4.9. To enter into contracts within the scope of their duties and powers;
provided, however, that any agreement entered into while a majority of the members of the
Executive Board is appointed by the Declarant, must provide for termination by either party
without payment of a termination fee on no less than ninety (90) days notice to the other party;
4.4,10. To esablish bank accounts that are interest bearing or noninterest bearing,
as may be deemed advisable by the Executive Board;
4.4.11. To keep and maintain detailed, full and accurate books and records
showing in chronological order all of the receipts, expenses or disbursements pursuant to
appropriate specificity and itemization and to permit inspection thereof as is provided in the
Declaration, and, upon the request of any Agency or upon the vote of Owners representing an
aggregate ownership percenhge inlerest of at least fifty-one percent (51%) of the Common
Elements, to ciruse a complete audit o be made of the books and records by a competent certified
public accountant;
4.4.12. To prepare and deliver annually to each Owner a statement showing all
receipts, expenses or disbursements since the last such statement;
4.4.13. To designate and remove the personnel necessary for the operation,
maintenance, repair and replacement of the Common Elements;
4.4.I4. To suspend the voting righc of an Owner for failure to comply with these
Bylaws or the rules and regulations of the Association or with any other obligations of the Owners
pursuant to the Declaration; and
4.4.15. In general, to carry on the administration of the Association and to do all
of those things necessary and/or desirable in order to carry out the governing and operating of the
Common Interest Community, except as expressly prohibited by the Act.
Section 4.5 Managing Agent. The Executive Board may employ for the Association a
Managing Agent (at reasonable compensation as established by the Executive Board), to perform
such duties and services as it shall authorize. The Executive Board may delegate any of the
powers and duties granted to it but, notwithstanding such delegation, shall not be relieved of its
responsibilities under the Declaration, the Articles or these Bylaws. If the Executive Board
delegates any powers relating to collection, deposit, transfer or disbursement of Association
islands, (a) the Managing Agent or others to whom such powers are delegated (collectively,
"Delegatee') shall maintain all funds and accounts of the Association separate from the funds and
accounts of the Delegatee, O) ttre Delegatee shall maintain all reserve accounts of each association
so managed separate from the operational accounts of each association, (c) fidelity bonds or
insurance shall be maintained for or by the Delegatee in the amounts set forth in Section 4.14
Page -7-
below, and (d) an annual accounting of Association funds shall be prepared and presented to the
Association by the Delegatee, a public accountant or a certified accountant.
Section 4.6. ElectianandTermof ffice, SubjecttottreDeclarant'srighttoappointand
remove officers and members of the Executive Board during the period of Declarant Control as
set forth in the Articles, members of the Executive Board shall be elected by a majority of the
Owners voting at the annual meeting of the members of the Association. The initial term of one
(1) director of the Executive Board shall be for one (1) year, the initial term of one (1) director
of the Executive Board shall be for two (2) years and the initial term of one (l) director of the
Executive Board shall be for three (3) years and thereafter until such director's successor is duly
elected and qualified, unless such director is removed in the manner hereinafter provided. At each
annual meeting the members shall elect the same number of directors whose lerms are expiring
at the time of each election for a three (3) year term.
Section 4.7. Vacancies. Subject to the Declarant's right to appoint and remove officers
and members of the Executive Board during the period of Declarant Control as set forth in the
Articles. vacancies in the Executive Board caused by any reason other than the removal of a
director by a vote of the Association shall be fulfilled by election by the remaining directors, even
though they may constitute less than a quorum; and each person so elected shall be a director until
a successor is duly elected and qualified at the next annual meeting of the Association.
Section 4.8. Removat of Directon. At any annual or special meeting of the Association,
duly called, any one (1) or more of the directors may be removed (except those appointed by the
Declarant), with or without cause, by the vote of Owners representing an aggregate ownership
interest of at least sixty-seven percent (67%) of the members present and entitled to vote at any
such meeting and a successor may then and there be elected to fill the vacancy thus created. Any
director whose removal has been proposed by the Owners shall be given an opportunity to be
heard at the meeting. Notwithstanding the foregoing, only the Declarant may remove a director
appointed by the Declarant.
Section 4.9. Organizttionsl Meeting. The first meeting of a newly elected Executive
Board shall be held within thirty (30) days of such election at such place as shall be fixed by the
directors at the meeting at which such directors were elected, and no notice shall be necessary to
the newly elected directors in order to convene such meeting, providing a majority of the new
Board shall be present at such election meeting.
Section 4.10. Regular Meetings. Regular meetings of the Executive Board may be held
at such time and place as shall be determined, from time to time, by a majority of the directors,
but at least two (2) such meetings shall be held each year. Notice of regular meetings of the
Executive Board shall be given to each director, personally or by mail, telephone, telegraph or
telecopy, at least three (3) days prior to the day named for such meeting.
Pagc -&
Section 4.1I. Special Meetings, Special meetings of the Executive Board may be called
by the President, on his/her own initiative, on three (3) days notice to each director, given
personally, or by mail, telephone, telegraph or telecopy, which notice shall set forth the time,
place and purpose of the meeting. Specid meetings of the Executive Board shall be called by the
President or Secretary in like manner and on like notice on receipt of a written request to call such
a special meeting from at least two (2) directors.
Section 4.12. Wqiver of Notice. Before or at any meeting of the Executive Board, any
director may, in writing, waive notice of such meeting and such waiver shall be deemed
equivalent to the giving of such notice. Attendance by a director at any meeting of the Board shall
be a waiver of notice by him/her of the time and place thereof. If all the direct,ors are present at
any meeting of the Executive Board, no notice shall be required and any business may be
transacted at such meeting.
Section 4.13. Executive Board Qaorum. At all meotings of the Executive Board, a
quorum is deemed present throughout any meeting if persons entitled to cast fifty percent (50%)
of the votes on that board are present at the beginning of the meeting. The act of a majority of
directors present at a meeting at which a quorum is present shall be the acts of the Executive
Board. If at any meeting of the Executive Board there be less than a quorum present, the majority
of those present may adjourn the meeting from time to time for periods of no longer than one (1)
week until a quorum is obtained. At any such adjourned meeting, any business which might have
been transacted at the meeting as originally called may be transacted without further notice.
Section 4.14. Compensolinn, Fidelify Bonds. The members of the Executive Board shall
serve without salary or compensation. The Executive Board may require that all officers and
employees of the Association handling or responsible for Association funds shall furnish adequate
fidelity bonds or insurance in amounts to be determined by the Executive Board. The premiums
on such bonds shall be paid by the Association.
ARTICLE V
OFTICERS
Section 5.1. Designation. The officers of *re Association shall be a hesident, a Secretary
and a Treasurer, all of whom shall be elected by the Executive Board. Further, the Executive
Board may, in iS discretion, elect one (1) or more Vice Presidents, an Assistant Secretary and/or
an Assistant Treasurer. The same person may hold the offices of Secretary and Treasurer. One
(1) person may hold concurrently more than one (1) office except that the President may not serve
as both President and Secretary.
Section 5.2. Election of Officers. The officers of the Association shall be elected
annually by the Executive Board at the organizational meeting of each new Board and shall hold
Pagc -9-
office at the pleasure of the Board. All officers, except officers appointed by Declarant, must be
members of the Association and the President must be elected from among the Executive Board.
Section 5.3. Remaval of Offien. Upon an affirmative vote of a majority of the members
of the Executive Board, any officer may be removed, either with or without cause, and his/her
successor elected at any regular meeting of the Executive Board, or at any special meeting of the
Board called for such purpose; provided, however, ttrat only the Declarant may remove an officer
appointed by the Declarant.
Section 5.4. President. The President shall be elected from among the Executive Board
and shall be the chief executive officer of the Association. The President shall preside at all
meetings of the Association and of the Executive Board. The President shall have all of the
general powers and duties which are usually vested in the office of the president of a nonprofit
corporations including, but not limited to, the power to appoint committees from among the
members from time to time as may be deemed appropriate to assist in the conduct of the affairs
of the Association or as may be established by the Board or by the members of the Association
at any regular or special meetings.
Section 5.5. Vice President. The Vice President shall have all of the powers and authority
and perform all the functions and duties of the President, in the absence of the President or in the
President's inability for any reason to exercise such powers and functions or perform such duties'
Section 5.6. Secretary. The Secretary shall keep the minutes of all the meetings of the
Executive Board and the minutes of all meetings of the Association. The Secretary shall have
charge of such books and papers as the Exeputive Board may direct, and shall, in general perform
all ttre duties incident to the office of Secretary. The Secretary shall compile and keep up-to-date
at the principal ofFrce of the Association a complete list of members and their last-known addresses
as shown on the records of the Association. Such list shall also show opposite each member's
name the number or other appropriate designation of the Unit owned by such member, the
percentage interests in the Common Elements attributable thereto and a description of the Limited
Common Elements assigned appurtenant to each Unit. Such list shall be open to inspection by
members and other persons lawfully entitled to inspect the same at reasonable times during regular
business hours. Assistant Secretaries, if any, shall have the same duties and powers, subject to
supervision by the Secretary.
Section 5.7. Treasurer. The Treasurer shall have responsibility for Association funds,
shall keep the financial records and books of account of the Association and shall be responsible
for keeping full and accurate accounts of all receipts and disbursements in the name, and to the
credit, of the Association in such depositories as may from time to time be designated by the
Executive Board. Assisant Treasurers, if any, shall have the same duties and powers, subject to
supervision by the Treasurer.
Page -10-
ARTICLE VI
INDEMNIFICATION
Section 6. 1. Deftnilions. For purposes of ttris Article VI, the following terms shall have
the meanings set forth below:
6.1.1. Proceeding. Any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative and whether formal or
informal;
6.1.2. Irdetrnified Party. Any person who is or was a party or is threatened to be
made a party to any Proceeding by reason of the fact that he/she is or was a director or officer of
the Association or a member of a committee formed by the Association or, while a director or
officer of the Association or a member of a committee, is or was serving at the request of the
Association as a director, officer, member, partner, trustee, employee or agent of another
corporation, partnership, joint venture, trust, committee or other enterprise including, without
limitation, any employee benefit plan of the Association for which any such person is or was serv-
ing as a trustee, plan administrator or other fiduciary.
Section 6.2. Indemnification.
6.2. 1. Except as provided in Section 6.2.4, the Association shall indemnify against
liability incurred in any Proceeding an Indemnified Party if:
6.2.1.1. He/she conducted himself/herself in good faith;
6.2.1.2. He/she reasonably believed: (a) In the case of conduct in his/her
official capacity with the Association that his/her conduct was in the Association's best interest;
or (b) in all other cases, that his/her conduct was at least not opposed to the Association's best
interests; and (c) in the case of any criminal proceeding, he/she has no reasonable qluse to believe
his/her conduct was unlawful.
6.2.2. An Indemnified Party's conduct with respect to an employee benefit plan
for a purpose he/she reasonably believed to be in the interests ofttre participants in or beneficiaries
of the plan is conduct that satisfies the requirements of this Section. An Indemnified Party's
conduct with respect to an employee benefit plan for a purpose that he/she did not reasonably
believe to be in the interests of ttre participants in or beneficiaries of the plan shall be deemed not
to satisfy the requirements of this Section.
6.2.3. 'fhe termination of any proceeding by judgment, order, settlement, or
conviction, or upon a plea of nolo contendere or its equivalent, is not of itself determinative that
the individual did not meet the standard of conduct set forth in Section 6.2. 1.
Page -l l-
6.2.4. The Association may not indemnify an Indemnified Party under this Section
either:
6.2.4.1. In connection with a Proceeding by or in the right of the
Association in which the Indemnified Party was adjudged liable to the Association; or
6.2.4.2. In connection win any proceeding charging improper personal
benefit to the Indemnified Party, whether or not involving action in his/her official capacity, in
which he/she was adjudged liable on the basis that personal benefit was improperly received by
him/her.
Section 6.3. Insurance. By action of the Board, notwithstanding any interest of the
directors in such action, the Association may purchase and maintain Insurance, in such amounts
as the Executive Board may deem appropriate, on behalf of any Indemnified Party against any
liability asserted against him/her and incurred by him/her in his/her capacity of or arising out of
his/her status as an Indemnified Party, whether or not the Association would have the power to
indemnify him/her against such liability under applicable provisions of laws.
Section 6.4. Nght to Impose Conditians ta Indemnificution. The Association shall have
the right to impose, as conditions to any indemnification provided or permitted in this Article Vl,
such reasonable requiremens and conditions as to the Executive Board may appffir appropriate
in each specific case and circumstances including, without limitation, any one (1) or more of the
following: (a) that any counsel representing the person to be indemnified in connection with the
defense or settlement of any Proceeding shall be counsel mutually agreeable to the person to be
indernnified and to the Association; (b) that the Association shall have the right, at its option, to
assume and control the defense or settlement of any claim or proceeding made, initiated or
theatened against the person to be indemnified and (c) that the Association shall be subrogated,
to the extent of any payments made by way of indemnification, to all of the indemnified person's
right of recovery, and that the person to be indemnified shall execute all writings and do
everything necessary to assure such rights of subrogation to the Association.
Section 6.5. Non-I;inbility of the Directors, Board fficerc and Declaran. Neither the
Executive Board nor officers of the Association, nor Declarant shall be personally liable to the
Owners for any mistake or judgment or for any acts or omissions of any nature whatsoever as such
directors, Executive Board, officers, or Declarant, except for any acts or omissions found by a
court to constitute gross negligence or fraud.
PaEe -12-
ARTICLE Vtr
AMENDMENTS
Section 7 .1. Bylaws. These Bylaws may be amended by action or approval of Owners
representing an aggregate ownership interest of at least sixty-seven percent (67 %) of the Common
Elements in the Project and the number of First Mortgagees specified in the Declaration for
particular amendments and any notice of any meeting therefor shall specify the nature and text of
any proposed amendment or amendments, provided that these Bylaws shall at all times comply
with the provisions of the Act and the Corporation Act.
Section 7.2. Preparalinn of Amendments. 'I'he President and Secretary of the Association
may prepare, execute, certify and record amendments to the Declaration.
ARTICLE VIII
MISCELLANEOUS
Section 8.1. Notice to Association Every Owner shall timely notify the Association of
the name and address of any Mortgagee, purchaser, transferee or lessee of his/her Unit. The
Association shall maintain such information at the office of the Association.
Section 8.2. Proof of Ownenhip. Except for those Owners who initially purchase a Unit
from Declarant, every person becoming an Owner shall immediately furnish to the Executive
Board a photocopy or a certified copy of the recorded instrument vesting in that person such
ownership, which instrument shall remain in the dies of the Association. A member shall not be
deemed to be in good standing nor shall he/she be entitled to vote at any annual or special meeting
of members unless this requirement is first met.
Section 8.3. Compliance. These Bylaws are intended to comply with the requirements
of the Act and the Corporation Act. If any provisions of these Bylaws conflict with the provisions
of any of such Acts, as the Acts may be amended from time to time, it is hereby agreed that the
provisions of the appropriate Acts will apply.
Section 8.4. Charucter of Associalion This Association is not organized for profit. No
member, member of the Executive Board, officer or person for whom fte Association may receive
any property or funds shall receive any pecuniary profit from the operation thereof, and in no
event shall any part of the fiends or assets of the Association be paid as salary or compensation
to, or disributed to, or inure to the benefit of, any of the Executive Board, officers or members,
except upon a dissolution of ttre Association; provided, however, (a) that reasonable compensation
may be paid to any member, manager, director, or officer while acting as an agent or employee
of the Association for service rendered in effecting one (1) or more of the purposes of the
Association, and O) that any member, manager, director, or officer may, from time to time, be
Page -13-
reimbursed for his/her actual and reasonable expenses incurred in connection with the
administration of the affairs of the Association.
Section 8.5, Conveyances and Encumbrances. Corporate property may be purchased,
conveyed or encumbered for security of monies borrowed by authority of the Association and/or
the Executive Board. Conveyance or encumbrances shall be by instrument executed by the
President or Vice Presidentand by the Secretary or the Treasurer or an Assistant Secretary or an
Assistant Treasurer, or executed by such other person or persons to whom such authority may be
delegated by the Board.
Section 8.6. Inspection of Records. Any Owner or First Mortgagee may inspect the
Association's records of receips and expenditures at any reasonable time during convenient
weekday business hours, and, upon ten (10) days' notice to the Executive Board or Managing
Agent, if any, and upon payment of a reasonable fee' not to exceed fifty dollars ($50.00), any
Owner or First Mortgagee of such Owner shall be furnished a statemont of account setting forth
the amount of any unpaid assessments or other charges due and owing from such Owner. Further.
the Association shall make available for inspection during normal business hours, to any Owner,
Mortgagee, Agency, insurer or guarantor of any Mortgage and to any prospective purchaser of
a Unit, current copies of the Declaration, Bylaws, Articles of Incorporation, Rules and
Regulations, and most recent financial statements of the Association
ADOPTED by the Executive Board on , 2000.
Gregory M. Amsden
Martin J. Fowler
Jeffrev Bosboom
Page -l+
ARTICLES OF INCORPORATION
OF
TIMBER FALLPHASE X ASSOCIATION
oeapt
In compliance with the requirements of the Colorado Nonprofit Corporation Act (the
"Act"), the undersigned, who is of full age, for the purpose of forming a nonprofit corporation,
hereby executes and acknowledges fte following Articles of Inmrporation for delivery in duplicate
to the Colorado Secretarv of Staie:
ARTICLE I
CORPORATE NAME
The corporate name of ttre nonprofit Corporation is Timber Falls Phase X Association (the
'Association').
ARTICLE tr
PRINCIPAL OFT'ICE
The principal offrce of the Corporation is located at 500 South Frontage Road East, Suite
ll2, Vail, Colorado 81657.
ARTICLE Itr
REGISTERED AGENT
Gregory M. Amsden, whose street address is 500 South Frontage Road East, Suite 112,
Vail, Colorado 81657, is hereby appointed the initial registered agent of this Association, and such
address shall be the registered address of the Corporation.
ARTICLE IV
DTJRATION
The Corporation shall have perpenral existence.
lrp:corP.Uc\TiEbcr hllr..n (6,1,1.9)
Pags -l-
ARTICLE V
PT]RPOSES A}[D POWERS
The business, objectives, and purposes for which the Corporation is formed are as follows:
Section 5.1. To be and constitute the Corporation to which reference is made in the
Condominium Declaration for Timber Falls Condominiums - Phase X (tle "Declaration"),
recorded or to be recorded in the offices of the Clerk and Recorder of Eagle County, Colorado,
and to perform all obligations and duties of the Corporation, and to exercise all rights and powers
of the Corporation, as specified therein, in the Bylaws ('Bylaws"), and in these Articles of the
Corporation, and as provided by law;
Section 5.2. To promote the healttr, safety, welfare, and common benefits of the Owners
of the Common Interest Community; and
Section 5.3. To operate the Common Interest Community known as Timber Falls
Condominiums - Phase X, located in the County of Eagle, Colorado, in accordance with the
Colorado Common Interest Ownership Act, Section 38-33.3-101 et. seq., Colorado Revised
Statues. as amended from time to time.
ARTICLE VI
POWERS
In furtherance of is purposes, the Corporation shall have the following powers, which,
unless indicated otherwise by the Declaration or Bylaws, may be exercised by the Executive
Board:
Section 6. 1. The Corporation shall have all of the powers, rights, and privileges conferred
upon nonprofit corporations by the common law and statutes of the State of Colorado in effect
from time to time;
Section 6.2. The Corporation shall have all powers, rights, and privileges conferred upon
common interest community associations by the common law and statutes of the State of Colorado
in effect from time to time: and
Section 6.3. The Corporation shall have all of the powers, rights and privileges necess.uy
or desirable to perform the obligations and duties and to exercise the rights and powers of the
Association set forth in these Articles, Bylaws, Rules and Regulations, Condominium Declaration
of Timber Falls Condominiums - Phase X, and other governing documents of the Corporation.
Section 6.4. All of these powers, rights, and privileges, listed below, which are listed by
way of example, and not by way of limitation, to do the following:
Page -2-
6.4.1. To fix, levy, collect, and enforce payment of, by any lawful means, all
charges, fines and assessments pursuant to the terms of the Declaration or Bylaws; pay all
expenses in connection therewith and all office and other expenses incident to the conduct of the
business of the Corporation, including all licenses, taxes, or governmental charges levied or
imposed against the Property of the Corporation;
6.4.2. To enforce covenants, conditions or restrictions affecting the Property to
the extent the Corporation may be authorized to do so under the Declaration or Bylaws;
6.4.3. To manage, control, operate, maintain, repair and improve Property subject
to the Declaration or any other property for which the Corporation by rule, regulation, declaration
or contract has a right or duty to provide such services;
6.4.4. To engage in activities which will actively foster, promote and advance the
common interests of all owners of Property subject to the Declaration;
6.4.5. To borrow or lend money for any purpose set forth herein, or in the
Declaration or Bylaws:
6.4.6. To enter into, make, perform, or enforce contracts of every kind and
description, and do all other acts necessary, appropriate or advisable in carrying out any purpose
of ttris fusociation, with or in association with any person, firm, association, corporation or other
entity or agency, public or private;
6.4 .7 . To act as agent, trustee or other representative of other corporations, firms
or individuals, and as such to advance the business or ownership interests in such corporations,
firms or individuals:
6.4.8. To adopt, alter and amend or repeal such Bylaws as may be necessary or
desirable for ttre property management of the affairs of this Association, provided, however, that
such Bylaws may not be inconsistent with or contrary to any provisions of these Articles of
Incorporation or the Declaration;
6.4.9. To provide any and all supplemental services as may be necessary or proper;
6.4.10. To have and exercise any and all powers, rights and privileges now or
hereafter permitted under the Colorado Nonprofit Corporation Act and applicable law; and
6.4.11. To exercise any and all powers, rights and privileges which are granted to
a common interest community association under the laws of the State of Colorado and the
Declaration, Bylaws, rules and regulations, and other governing documents of the Association.
*?:corp. llc\Tinbcr Fdb. an (6. 14.99)
Page -3-
Section 6.4. The foregoing enumeration of powers shall not limit or restrict in any manner
the exercise of other and further rights and powers which may now or hereafter be allowed or
permitted by law; and the powers specified in each of the paragraphs of this Article are
independent powers, not restricted by reference to or inference from the terms of any other
paragraph or provisions of this Article VI.
ARTICLE Vtr
A MEMBERSHIP RIGHTS AND QUALIFICATIONS
The classes, rights, and qualifications and the manner of election or appointment of
members are as follows:
Section 7. 1. This Corporation shall be a membership Corporation without certificate or
shares of stock. Any person who holds title to a condominium unit (the 'Unit") in the Common
Interest Community shall be a member of the Corporation. There shall be one (1) membership
for each Unit owned within the Common Interest Community. This membership shall be
automatically fiansferred upon the transfer of title to the Unit to which the membership pertains,
provided however, that the bylaws of the Corporation may contain reasonable provisions and
requirements with respect to recording such tansfers on the books and records of the Corporation.
Section 1 .2. All members shall be voting members and are entitled to vote on all matters
and the vote to which each membership is entitled is the vote assigned to its Unit in the
Declaration. Cumulative voting is prohibited. No person other than an Owner of a Unit may be
a member of the Corporation.
Section 7.3. If title to any Unit shall be held by two (2) or more persons, then each such
person shall be a member of this Corporation, provided however, that the voting rights of such
Owners of the Unis shall not be divided but shall be exercised as if the Owner of the Unit
consisted of only one (1) person in accordance with the proxy or other designation made by the
Owners of the Unit. Individual co-owners may not cast fractional votes. If a Unit is owned by
more than one (1) person, then those persons shall agree among themselves how a vote for that
Unit's membership is to be cast. A vote by a co-owner for the entire Unit's membership interest
shall be deemed to be pursuant to a valid proxy, unless another co-owner of the same Unit objecs
at the time the vote is cast, in which case such membership's vote shall not be counted. The
Declarant named in the Declaration, or its successors or assigns may exercise all voting rights with
respect to any Unit owned by it.
Section 7.4. A membership in the Corporation and the share of a member in the assets of
the Corporation shall not be assigned, encumbered, or transferred in any manner except as an
appurtenanc€ to trarnfer of title to the Unit to which the membership pertains, provided however,
that the rights of membership may be assigned to the holder of a first Mortgage or Deed of Trust
as further security for a loan secured by a lien on such Unit.
wp:corp'uc\Timb" Fdb sn (6 14 99)
page _4-
Section 7.5. The Board of Directors of the Corporation may suspend the voting rights of
a member for failure to pay any assessment or for failure to otherwise comply with the rules and
regulations or the bylaws of the Corporation or with any other obligations of the Owners under
the Declaration, or agreement(s) created pursuant thereto.
Section 7.6. The members of the Corporation shall be of one (1) class. The class is
comprised solely of Unit Owners who own Units as defined in the Declaration. After the period
of Declarant Control as set forth in Section 8.6 below, these members shall elect all members of
the Executive Board.
Section 7.7. The Bylaws may contain provisions, not inconsistent with the foregoing,
setting forth the rights, privileges, duties, and responsibilities of the members.
ARTICLE VItr
EXECUTIVE BOARI)
Section 8.1. The business and affairs of fte Corporation shall be conducted, managed, and
controlled by an Executive Board.
Section 8.2. The Executive Board shall consist of not less than three (3) nor more than
five (5) members, the specified number to be set forth from time to time in the Bylaws, provided,
however, that initially and during the period of Declarant Control (as defined in Section 8.6
below), the Board shall consist of one (1) member whose initial term shall be for one (1) year.
When there are three (3) or more members of the Executive Board, the terms of approximately
one-third (1/3) of the members of the Executive Board shall expire annually.
Section 8.3. Members of the Executive Board shall be elected in the manner determined
by the Bylaws. All persons comprising the Executive Board shall be Owners.
Section 8.4. Directors may be removed and vacancies on the Executive Board shall be
filled in the manner provided in the Bylaws.
Section 8.5. If ownership of any Unit is held by a corporation, limited liability company,
trust, or partnership (general or limited), or any recognized limited liability entity, then in that
event, officers, directors, agents, representatives, or employees of said entity may serve as a
member of the Executive Board.
Section 8.6. Notwittrstanding Sections 8.2 and 8.3 above, Declarant has the sole right to
appoint and to remove members of the Executive Board and officers of the Association to the
extent of and during the period of Declarant Control. Such members and officers need not be
Owners, but shall exercise the care required of fiduciaries of the Owners. nDeclarant Control'
begins with the appointment of the initial Executive Board and continues until the earlier of:
*":corp.llc\Timber Fith. r (6.|4.99)
Page -5-
8.6.1. five (5) years from this date,
8.6.2. the voluntary surrender by Declarant in writing,
8.6.3. sixty (60) days after Declarant conveys seventy-five percent (75%) of the
Units to Owners other than a Declarant.
8.6.4. two (2) years after the last conveyance of a Unit by the Declarant in the
ordinary course of business,
8.6.5. three (3) years after the first conveyance of a Unit by Declarant; provided,
however, that "Declarant Control" is extinguished sixty (60) days after the following events:
8.6.5. 1. to the extent of twenty-five percent (25%) of the members
of the Executive Board (minimum of one (l)) after Declarant conveys twenty-five percent (25%)
of the Units to Owners other than a Declarant. and
8.6.5.2. to the extent of ttrirty-ttree and one-third percent (33 ll3%)
of the members of the Executive Board after Declarant conveys fifty percent (50%) of the Units
to Owners other than a Declarant.
Section 8.7. The initial Executive Board shall consist of the following persons, who shall
serve for a term of one (l) year, or until their successor is duly elected and qualified:
NAME ADDRESS
Gregory M. Amsden 500 South Frontege Road East, Suite 112
Vail. Colorado 81657
Martin J. Fowler 500 South Frontage Road East, Suite 112
Vail, Colorado 81657
Jeffrey Bosboom 2121 4h Street
Boulder, Colorado 80302
Section 8.8. Any vacancies in the Executive Board occurring before the first election of
Board of Directors by the Unit Owners shall be filled by the remaining Directors.
wp:co!p.Ic\T rEbcr Fdb.rn (6. 14.99)
Page -G
ARTICI,E D(
DISSOLUTION
In the event of the dissolution of this Corporation, either voluntarily by the members
hereof, by operation of law, or otherwise, the assets of the Corporation shall be deemed to be
owned by the members at dissolution in proportion to their respective Allocated Interests as set
forth in the Declaration.
ARTICLE X
AMENDMENTS
Amendments of these Articles of Incorporation shall require the approval of at least sixty-
seven percent (67 %) of the votes present or represented by proxy at either an annual or a special
meeting and by the number of First Mortgagees specified in the Declaration for particular
amendments. In the event there are no members, or no members entitled to vote thereon. an
amendment shall be adopted at a meeting of the Executive Board upon receiving the vote of a
majority of the directors in office. No amendment shall be contrary to or inconsistent with any
provision of the Declaration.
ARTICLE XI
INCORPORATOR
The name and address ofthe incorporator is:
Gregory M. Amsden
500 South Front'ge Road East, Suite 112' Vail. Colorado 8165?
DATED this day of ,2000.
Gregory M. Amsden
wp:corp.uc\.rrmb. Fdlr.sr (5. la.tD)
Page -7-
STATE OF COLORADO
COUNTY OF EAGLE
)
) ss.
)
The foregoing instrument was acknowledged before me this _ day of
, 2000 by Gregory M. Amsden, who being by me first duly sworn declared that
he was the person who signed the foregoing document as incorporator and that the statements,
therein contained, are true.
Witness my hand and official seal.
My commission expires:
Noary Public
The undersigned hereby consents to the appointment as the initial registered agent.
Gregory M. Amsden, Registered Agent
wp:corp.nc\TuDb.r Fr[r.|n (6. 11.99)
Page -&
COI\IDOMINII]M DECLARATION
FOR
TIMBER FALLS CONDOMINIUMS PHASE X
THIS CONDOMINITJM DECLARATION FOR TIMBER, FALIS CONDOMINIT]MS
PIIASE X dated this day of , 2000, shall be effective upon
recordation and is made by Bluffs at Timber Falls LLC, a Colorado limited liability company
("Declarant"). Declarant is the owner of certain real property in the County of Eagle, Colorado,
more particularly described on Exhibit "A" attzched and made part of this Condominium
Declaration by this reference (the 'Property"). Declarant hereby makes the following grants,
submissions, and declarations:
ARTICLE I
IMPOSITION OF COVENANTS
Section 1.1. Purpose. The purpose of this Condominium Declaration is to create a
condominium project (the "Condominium Project") pursuant to the provisions of the Colorado
Common Interest Ownership Act, Section 38-33.3-101 et. seq., Colorado Revised Statutes, as
amended and supplemented from time to time (the "Act").
Section 1.2. Intention of Declarant Declarant desires to prolect the value and
desirability of the Condominium Project, further a plan for the improvement, sales, and
condominium ownership of the Condominium Project, create a harmonious and attractive
development, and promote and safeguard the health, comfort, safety, convenience, and welfare
of the owners of units in the Condominium Proiect.
Section 1.3. Development and Use. Upon completion, the Condominium Project will
consist of a maximum of six (6) condominium units of which all units are designated for
residential use. No additional condominium units may be established on the Property by
subdivision of existing units, conversion of non-condominium space, or otherwise.
Section 1.4. Condominium Declarutian. To accomplish the purposes and intentions
recited above, Declarant hereby submits the Propefty, together with all improvements,
appurtenances, and facilities relating to or located on the Property now and in the future, to the
provisions of the Act, and hereby imposes upon all of the Property the covenants, conditions,
restrictions, easements, reservations, rights-of-way, and other provisions of this Condominium
Declaration.
o@4Ft
$?rr€docs\Tlobcr Frls.d€c! (6. 14.99)Page -l-
ARTICLE tr
DEFIMTIONS
Section 2. 1. Allacated Interes8 'Allocated Interestsn shall mean, with respect to each
Individual Air Space Unit, a fraction or percentage of the undivided interests in the Common
Elements and in the common expenses of the Association allocated !o such Individual Air Space
Unit and a portion of the votes in the Association allocated to such Individual Air Space Unit in
arcordance with ttre percentages set forth in Exhibit ?' attached hereto and made a part hereof.
Section 2.2. Associ.uthn. nAssociation" shall mean and refer to the Timber Falls Phase
X Association, a Colorado nonprofit corporation, its successors and assigns. The Association
shall act by and through its Executive Board and officers unless the articles of incorporation or
bylaws of the Association or this Condominium Declaration specifically require otherwise.
Section 2.3. Building. "Building' shall mean and refer to the building (including all
fixtures and improvements therein contained) located on the Property, as described in the
Condominium Map recorded simultaneously herewith and within which one or more Units or
Common Elements are located.
Section 2.4. Common Elements, "Common Elements" shall mean the portions of the
Buildings and the Property, as shown on the Condominium Map, except the Individual Air Space
Units as defined hereinafter, and shall include without limitation the following:
2.4.1. The Property, excluding improvements on the Property unless specifically
described in this subsection: and
2.4.2. The Building (including, but not by way of limitation, the foundations,
columns, girders, beams, supports, perimeter and supporting walls, fireplace flues, chimneys,
chimney chases, roofs, patios, deck, balconies, corridors, lobbies, vestibules, entranoes and exits;
and the mechanical insallations of the Building consisting of the equipment and maierials making
up any central services such as power, light, gas, hot and cold water, sewer, and heating and
central air-conditioning which exist for use by one or more of the Owners, including the pipes,
vents, ducts, flues, cable conduits, wires, telephone wire, and other similar utility installations
used in connection therewittr and the areas designated on the Map as including those installations;
trash rooms and storage rooms; spa equipment rooms and elevators and stairs), except for the
Individual Air Space Units; and
2.4.3. The yards, sidewalk, walkways, paths, grass, shrubbery, trees, planters,
driveways, roadways, landscaping, gardens, parking areas, and related facilities upon the
Property;
wp:ftddr\Timbcr Fdit.d.tt (6. 14.99)Page -2-
2-4.4. The pumps, tanks, motors, fans, storm drainage structures, compressors,
ducts, and, in general, all apparatus, installations, and equipment of the Building existing for use
of one or more of the Owners: and
2.4.5. ln general, all other parts of the Condominium Project designated by
Declarant as Common Elements and existing for the use of one or more of the Owners.
The Common Elements shall be owned by the Owners of the separate Condominium Units,
each Owner of a Condominium Unit having an undivided interest in the Common Elements as
provided below.
Section 2.5. Common Expense(s). "Common Expenses" means and includes the
following:
2.5.1. Expenses of administration, insurance, operation, and management, repair,
or replacement of the Common Elements except to the extent such repairs and replacements are
responsibilities of an Owner as delineated below;
2.5.2. Expenses declared Common Expenses by the provisions of this
Condominium Declaration or the bylaws of the Timber Falls Phase X Association;
2.5.3. All sums lawfully assessed against the Condominium Unis by the Executive
Board:
2.5.4. Expenses agreed upon as Common Expenses by the members of Timber
Falls Phase X Association: and
2.5.5. Expenses provided to be paid pursuant to any Management Agreement.
Section 2.6. Condominium Map. "Condominium Map" or 'Mapn means and includes
any engineering survey or surveys of the Property locating the Condominium Units in the Building
and the Building on the Property, and depicting the floor plans of the Units together with other
drawings or diagrammatic plans and information regarding the Property as may be included in the
discretion of the Declarant, as recorded by Declarant in the office of the Clerk and Recorder of
Eagle County, Colorado.
Section 2.7. Condominium hoiect. "Condominium Project" means all of the Property,
which is submitted to condominium ownership by this Condominium Declaration and the Map,
including, without limitation, the Individual Air Space Units and the Common Elements.
Section 2.8. Condominium Unit. "Condominium Unit" or "Unit" means the fee simple
interest in and to an Individual Air Space Unit, together with the undivided interest in the
wp:r.d6i\T-mncr FdL.d66 (6. 14.99)Page -3-
Common Elements appurtenant to the Individual Air Space Unit as specified in the attached
Exhibit ?'. Condominium Unit is also referred to as a Unit under the Act.
Section 2.9. Declannt. Except as provided below, "Declarant" shall mean and refer to
Bluffs at Timber Falls LLC, a Colorado limited liability company, its successors and assigns, if
such successors and assigns are designated by the then Declarant to serve as a Declarant for any
specified purposes or for all purposes under this Condominium Declaration, in a written
instrument duly executed by the then Declarant and the designated successor or assignee and
recorded in the County of Eagle, Colorado.
Section 2.10. Declaration, 'Declaration" shall mean and refer to this Condominium
Declaration for Timber Falls Condominiums Phase X, as it may be amended or supplemented
from time to time.
Section 2.11. Director. "Director" means a member of the Executive Board.
Section 2.12. Executive Boatd. nExecutive Board" means the governing body of Timber
Falls Phase X Association.
Section 2.13. First Moftgage. "First Mortgage" means an unpaid and outstanding
mortgage, deed of trust, or other security instrument recorded in the office of the Clerk and
Recorder of Frgle County, Colorado, which secures financing for the construction or development
of the Condominium Project or which encumbers a Condominium Unit, and which, in any case,
has priority of record over all other recorded liens except those governmental liens made superior
by statute (such as general ad valorem tax liens and special assessments).
Section 2.14. First Mortgagee, 'First Mortgagee" shall mean and refer to any person
named as a mortgagee or beneficiary under any First Mortgage, or any successor to the interest
of any such person under such First Mortgage.
Section 2.15. Genersl Common Elsnen&. "General Common Elements' shall mean and
refer to all of the Common Elements except the Limited Common Elements.
Section 2.16. Indii,idual Air Space Urrr. 'Individual Air Space Unit" means a single unit
depicted on the Map and consisting of enclosed rooms in the Building and bounded by the
unfinished perimeter walls, ceilings, floors, doors, and windows thereof. For the purpose of
defining an Individual Air Space Unit, the terms set forth below shall be defined as follows:
2.16.1. "Unfinished wall' means the studs, supports, and other wooden,
metal. or similar structural materials which constitute the interior face of a wall of an Individual
Air Space Unit.
wp:r!dc.t\Tim!.r Fdrr.d.c, (6. 14.99)Page 4
2.16.2."Unfinished ceiling" means the beams, joists, and wooden or other
structural materials which constitute the ceiling of an Individual Air space Unit.
2.t6.3."Unfinished floorn means the beams, floor joists, and floor deck
material which constitute the floor of an Individual Air Space Unit.
An Individual Air Space unit shall include any drywall, wall paneling, wood, tile, paint, paper,
caryeting, or any other wall, ceiling, or floor covering, windows and window frames, shutters,
awnings, doorsteps, stoops, and doors and door frames. An Individual Air Space Unit shall
further include fixtures and hardware and all improvements contained within the unfinished
perimeter walls, ceilings, and floors. An Individual Air Space Unit shall include any heating and
refrigerating elements or related equipment, utility lines and outlets, elecnical and plumbing
fixtures, pipes, and all other related equipment required to provide heating, air conditioning, hot
and cold water, electrical, or other utility services to the Individual Air Space Unit and located
within the unfinished walls, ceilings, and floors; provided, however, that an Individual Air Space
Unit shall not include any of the structural components of the Building or utility or service lines
located within the Individual Air Space Unit but serving other Individual Air Space Units.
Section 2.17. Limited Common Elements. "Limited Common Elements" means those
pars of the Common Elements which are limited to and reserved for the use of the Owners of one
or more, but fewer than all, of ttre Condominium Units. Without limiting the foregoing, the
Limited common Elements shall include any balcony, deck, patio, entryway, or porch adjacent
to an Individual Air Space Unit, storage spac€s outside Individual Air Space Units and designated
as Limited Common Elements serving those particular Individual Air Space Units, parking spaces
(but only if they are designated as Limited Common Elements for particular units on the Map),
and any individual freplace chimneys and flues in the Building, individual air-conditioning units
and fixtures, and individual water and sewer service lines, hot water heaters, and any plumbing
or other installation servicing an Individual Air Space Unit, including, but not limited to, all such
items designated as Limited Common Elements on the Map. The deck, balcony or patio which
are accessible from, associated with, and which adjoin a particular Individual Air Space Unit,
without further reference thereto, shall be used in connection with such Individual Air Space Unit
to the exclusion of ttre use ttrereof by the other Owners, except by invitation. No reference thereto
need be made in any instrument of conveyance, encumbrance, or other instrument.
Section 2.I8. ManagementAgreement. "Management Agreement" means any contract
or alrangement entered into for purposes of discharging the responsibilities of the Executive Board
relative to the operation, maintenance, and management of the Condominium Project.
Section 2.19. Managing Agent. "Marnging Agent" means a person, firm, corporation,
or other entity employed or engaged as an independent contractor pursuant to a Management
Agreement to perform management services for the Condominium Project.
wD:redoca\TlDobcr F!!!.d€ca (6. 14.99)Page -5-
Section 2.20. Master Association. nMaster Association" means the Timber Falls Property
Owners Association, a Colorado non-profit corporation.
Section 2.21. Master Declaration. nMaster Declaration' means the Declaration of
Covenants, Conditions, Restrictions and Easemens for XXXXXXXXXXXXX recorded in the
office of the clerk and Recorder of Eagle county, colorado on XXXXXXX, 19xx. in Book
XXX at Page XXX, as amended and supplemented.
Section 2'22. Master Documents. "Master Documents" means the Master Declaration,
the articles of incorporation and bylaws of the Master Association, and any procedures, rules and
regulations and policies adopted under such documents by the Master Association.
Section 2.23. Maximum Rate. "Maximum Rate" shall mean two (2) percentage points
greater than that rate of interest charged by a bank designated from time to time by the Executive
Board to the best commercial customers of the designated bank for short-term loans and identified
as the "prime rate" by such bank as of the date on which such Maximum Rate is imposed with
respect to any nmount payable under this Condominium Declaration, or if less, the maximum rate
allowed bv law.
Section 2.24. Member.
Condominium Unit.
nMembern shall mean and refer to each Owner of a
Section 2.25- Mongage. "Mortgage' means any unpaid and outstanding mortgage, deed
of trust, or other security instrument recorded in the office of the Clerk and Recorder of Eagle
County, Colorado, which secures financing for the construction or development of the
Condominium Project or which encumbers a Condominium Unit.
Section 2.26. Mortgagee. "Mortgagee" means any person or entity named as a mortgagee
or beneficiary under any Mortgage, or any suooessor to the interest of any such person under such
Mortgage.
Section 2.2'7. Owner. "Owner' shall mean and refer to any record owner (including a
Declarant and including a contract vendor), whether one or more persons or entities, of a fee
simple title interest to any Condominium Unit; but excluding, however, any such record owner
having such an interest merely as security for the performance ofan obligation (unless such person
has acquired fee simple title interest therein pursuant to foreclosure or any proceeding in lieu
thereofl.
Section 2.28. hoiect. 'Project" shall mean and refer to the totality of all the Property,
Building, Condominium Unis and Common Elements.
Section 2.29. Properly. "Property" shall mean the real property described in the attachedhhibit'A'.
wp:.!do€\'l_rDbcr FdL.rlc.r (5. 14.99)Page -6-
Section 2.30. Successor Declarant. "Successor Declarant' means any party or entity to
whom Declarant assigns any or all of its righs, obligations, or inlerest as Declarant, as evidenced
by an assignment or deed of record in the office of the Clerk and Recorder of Eagle County,
Colorado, designating such party as a Successor Declarant. Upon such recording, Declarant's
rights and obligations under this Condominium Declaration shall cease and terminate to the extent
provided in such document.
Section 2.31. Timber Falls Phase X Associution, "Timber Falls Phase X Association"
means the Timber Falls Phase X Association, a Colorado nonprofit corporation, and its successors
and assigns.
Section 2.32. The Timber Falls Phase X Documents. "Timber Falls Phase X
Documentsn means the basic documents creating and governing the Condominium Project,
including, but not limited to, this Condominium Declaration, the Articles of Incorporation and
Bylaws of the Association, the Map, and any procedures, rules, regulations or policies relating
to the Condominium Projert adopted under such documents by the Association or The Executive
Board.
Each capitalized term not otherwise defined in this Condominium Declaration or in the
Map shall have the same meaning(s) specified or used in the Act.
ARTICLE III
DIVISION OF BI.]ILDING INTO CONDOMINII.]M OWNERSHIP
Section 3.1. Condominium Map. Ttte Map shall be filed for record in the office of the
County Clerk and Recorder of Eagle County, Colorado. Any Map filed subsequent to the first
Map shall be termed a supplement to such Map, and the numerical sequence of such supplements
shall be shown thereon. The Map shall be filed for record following substantial completion of the
Building and the Individual Air Space Units and prior to the conveyance of any Condominium
Unit depicted on the Map to a purchaser. The Map shall show the location of the Building on the
Property; the floor and elevation plans; the location of the Condominium Units within the
Building, bottr horizontally and vertically; the thickness of the common walls, if any, between or
separating the Condominium Units one from the other, or one from Common Elements, as
applicable; the Condominium Unit designations; designation of General Common Elements and
Limited Common Elements; and such other information as Declarant may require in its discretion.
The Map shall contain a certificate of a registered professional engineer or licensed architect or
a licensed land surveyor certifying that the Map substantially depicts the location and the
horizontal and vertical measurements of the Building and the Condominium Units, the dimensions
and, if Declarant directs, the square foot areas of the Condominium Units, and the elevations of
the unfinished floors and ceilings as constructed, and certifying that such Map is prepared
subsequent to the substantial completion of the improvements. Each supplement or amendment
sp:rodc\Tirnb.r Frlr.d..t (6. 14,99)Pagc -7-
shall set forth a like certificate when appropriate. The Map shall further contain such other
information, certifications and depictions as may be required under Section 38-33.3-209 of the
Act.
Section 3.2. Amendment of the Map. Declarant reserves the right to amend the Map,
from time to time, to the fullest extent permitted under the Act.
Section 3.3. Division of Propeny inta Condominium Units. The real property and
improvements constructed thereon may be divided into six (6) Condominium Units. Each such
Condominium Unit consists of a fee simple interest in an Individual Air Space Unit together with
an undivided fee simple interest in the Common Elements in accordance with the Allocated
Interests in the Common Elements as set forth in the attached hhibit '8". Such undivided
interests in the Common Elements are hereby declared to be appurtenant to the respective Units.
Section 3.4. Inseparability of a Condominium Unit - Combination of Condominium
Units. Each Unit and the undivided interest in the Common Elements appurtenant thereto shall
be inseparable and may be conveyed, leased, encumbered, devised or inherited only as a
Condominium Unit. Each Owner shall have the right to physically combine adjacent Units and
to construct such improvements and alter as much of the Common Elements as is necessary for
this purpose, provided that the same is done in conformity with all local building codes,
goveinmintat liws, ordinances, rules and regulations appurtenant thereto, and the cost of any such
ilteration is borne exclusively by the Owner causing such alteration. If one or more Units are
combined, such Units may thereafter be separated physically only if restored to their original
configuration as shown on the Map. The physical combination or separation of previously
combined Units shall not alter the legal description of the Units, which shall retain their status as
separate Unis. Upon the combination of one or more Units by alteration or removal of a common
*"11, floor or ceiling, the perimeter boundary of such Units shall be the center line of such
previously existing wall, floor or ceiling. Upon the physical separation of one or more previously
comUined UniS by the addition of closure of a common wall, floor or ceiling, the perimeter
boundary of such Units shall be the unfinished wall, floor or ceiling. No amendment of the Map
shall be required to effect the combination or separation of Units in accordance with this Section
3.4 or anyihing to the contrary contained herein, no combinations of Condominium Units shall
take place without the prior written consent of at least sixty-seven percent (67 %) of the Owners.
Nowittrsanding, each Condominium Unit shall always be conveyed, transferred, devised,
bequeathed, encumbered, and otherwise affected only as a complete Condominium Unit. Every
"onu"y-*, ftansfer, gift, devise, bequest, encumbrance, or other disposition of a Condominium
Unit or any part thereof shall be presumed to be a disposition of the entire Condominium Unit,
together wiitr att appurtenant rights and interests created by law or by this Condominium
Declaration, including the Owner's membership in the Association.
Section 3.5. Description of Condominium Unil. Every contract for the sale of a
Condominium Unit and every other instrument affecting the title to a Condominium Unit may
wD:rldocr\TrEbcr Fru!.dcca (6. 14.99)Pagc -E-
describe that Condominium Unit by the Unit designation shown on the Condominium Map and
Exhibit '/ " with appropriate reference to the Condominium Map and this Condominium
Declaration, as each appears in the records of the County Clerk and Recorder of the County of
Eagle, Colorado, in the following fashion:
Condominium Unit
-,
Timber Falls Phase X, according to the
Condominium Map appearing in the records of the Clerk and Recorder of
the County of Eagle, Colorado in Book at Page
-,
Reception
No.. as defined and described in the Condominium
Declaration for Timber Falls Phase X, appearing in such records in Book
at Page RecePtion No.
Such description will be construed to describe the Unit, together with the appurlenant
undivided interest in the Common Elements, and O incorporate all the rights incident to ownership
of a Condominium Unit and all limitations on such ownership as described in this Condominium
Declaration.
Section 3.6. Separute Assessment and Taxalion Notice ta ,4ssessor. Declarant shall give
written notice to the Assessor of the County of Eagle, Colorado, of the condominium ownership
of this Property, as is provided by law, so that each Unit and its percentage of undivided interest
in the Common Elements shall be a separate parcel and subject to separate assessment and
taxation.
Section 3.7. Title. A Condominium Unit may be held and owned by one or more
persons, frms, corporations, partnerships, associations or other legal entity, in any real property
i"nan"y relationship recognized under the laws of the State of Colorado.
Section 3.8. Nonpartiti.onabihty of Common Elements. The Common Elements shall
be owned in common by ali of the Owners of the Condominium Units and shall remain undivided,
and no Owner shall bring any action for partition or division of the Common Elements. No Unit
may be partitioned or subdivided, except as provided in Article III, Section 3.4 above.
ARTICLE IV
OWNER'S PROPERTY RIGHTS IN COMMON EI,EMENTS
AND CONDOMIMT]M PROJECT
Section4.1. General Common Elements. Every Owner and the family members,
guests, tenants, and licensees of each Owner shall have a perpetual right and easement of access
iu".,
"".orr,
and upon the General Common Elements for the purpose of getting to and from the
Condominium Unii and parking area of such Owner and the public ways for both pedestrian and
vehicular travel, which right and easement shall be appurtenant to and pass with the transfer of
wp:rdoc.\Tbbcr F!I!.dB (6. 14.99)Pagc -9-
title to such Condominium Unit; provided, however, *rat such right and easement shall be subject
to the following:
4.1.1. The covenants, conditions, restrictions, easements, reservations,
rights-of-way, and other provisions contained in this Condominium Declaration and the
Condominium Map;
4. 1.2. The right of Timber Falls Phase X Association to regulate on an equitable
basis the use of parking spaces which are General Common Elements from time to time;
4. 1.3. The right of Timber Falls Phase X Association to adopt, from time to time,
any and all rules and regulations concerning the Common Elements as the Association may
determine is necessary or prudent.
4. 1.4. The right of Timber Falls Phase X Association to adopt, from time to time,
rules and regulations concerning the Condominium Unit, Common Elements/or any property
owned by the Association, and any facilities located thereon, as the Association may determine
is necessary or prudent; and
4. 1.5. The right of Timber Falls Phase X Association to grant permi8, licenses and
easements over the Common Elements for utilities and other purposes reasonably necessary or
useful for the property maintenance or operation of the Project.
Section 4.2. Limited Common Elements, A "Limited Common Element" means a
portion of the Common Elements, designated in this Condominium Declaration, or on the
Condominium Map, or by the Act, for the exclusive use of one or more but fewer than all of the
Units.
4.2.1. Subject to the provisions of this Condominium Declaration, every Owner
shall have the exclusive right to use and enjoy the Limited Common Elements appurtenant to
his/her Condominium Unit. The Map shall specify to which Condominium Unit or Units each
Limited Common Element is allocated.
4.2.2. lndividual parking spaces located within the parking areas of the
Condominium Project may be designated on the Map as Limited Common Elements appurtenant
to the Condominium Units and reserved for the exclusive use of the Owners and the tenants,
guests, lessee, licensees, permittee and invitees of the Owners of the Condominium Units. All
remaining parking spaces shall be designated as General Common Elements and subject to
regulation by the Executive Board of Timber Falls Phase X Association as provided in Section
4.1.2 above.
wp:r.doca\Timb.t F.ll3.dd (6. 1a.99)Page -lG
4.2.3. Dwlxant hereby reserves the right and grants to the Timber Falls Phase X
Association the right o redesignate General Common Elements as Limited Common Elements and
to reassign Limited Common Elements to the fullest extent permitted under the Act.
ARTICLE V
TIIE ASSOCIATION
Section 5. 1 . Membenhip. Every Owner of a Condominium Unit shall be a Member of
the Association and shall remain a Member for the period of his/her ownership of a Condominium
Unit. Each Condominium Unit shall be entitled to vote in accordance with the Allocated Interests
set forth in Exhibit "B' attached hereto, to be exercised by the Owner or Owners thereof;
Section 5.2. hecutive Board. The affairs of the Association shall be managed by an
Executive Board which shall consist of the number of Members which is set forth in the
Association's Articles of Incorporation ("Articles") or Bylaws ("Bylaws'), as may be amended
from time to time. From the date of formation of the Association until the termination of
Declarant's control as provided below, Declarant shall have the right to appoint and remove all
members of the Executive Board and all officers of the Association. The period of Declarant's
controt of the Association shall terminate upon the first to occur of (a) sixty (60) days after
conveyance of seventy-five percent Q5%) of the Condominium Unis in the Condominium Project
to Owners other than Declarant; (b) trpo (2) years after the last conveyance of a Condominium
Unit by a Declarant in the ordinary course of business; (c) two (2) years after Declarant's right
to add Condominium Units to the Project was last exercised; or (d) seven (7) years after the first
conveyance of a Condominium Unit to an Owner other than a Declarant. Declarant may
voluntarily sunender the right to appoint and remove officers and members of the Executive Board
before termination of the period of Declarant's control. However, in that event, Declarant may
require, for the duration of the period of Declarant's control, that specified actions of the
Association or Executive Board, as described in a recorded instrument executed by Declarant, be
approved by Declarant before they become effective. Not later than sixty (60) days after
conveyance of at least twenty-five percent Q5%) of the Condominium Units to Owners other than
a Declarant, at least one Member, and not less than twenty-five percent (25%) of the members
of the Executive Board will be elected by Owners other than a Declarant. Not later than sixty (60)
days after the conveyance of at least fifty percent (50%) of the Condominium Unis to Owners
other than a Declarant, not less than thirty three and one third percent (33 ll3%) of the members
of the Executive Board will be elected by Owners other than a Declarant. Not later than the
termination of the period of Declarant's control as provided above, the Owners (including
Declarant) shall elect the Executive Board of at least three (3) members, at least a majority of
whom must be Owners other than a Declarant or designated representatives of Owners. The
Executive Board shall elect the appropriate officers, with such Board members and officers to take
office upon termination of the period of Declarant's Control.
wD:r!do6\Tim!.r Frllr,dcct (6. 14.99)Page -11-
Section 5.3. Declnrant Contot, Notwittrstanding anything to the contrary provided for
herein or in the Bylaws, Declarant shall be entitled to appoint and remove the members of the
Association's Executive Board and offrcers of the fusociation to the fullest extent permitted under
the Act. The specific restrictions and procedures governing the exercise of Declarant's right to
so appoint and remove Directors and officers shall be set out in the Bylaws of the Association.
Deciarant may voluntarily relinquish such power evidencpd by a notice executed by Declarant and
recorded in ttre Office of the Clerk and Recorder for Eagle County, Colorado but, in such event,
Declarant may at its option require that specified actions of the Association or the Executive Board
as described in the recorded notice, during the period Declarant would otherwise be entitled to
appoint and remove directors and officers, be approved by Declarant before they become
effective.
Section 5.4. Authority. The business affairs, administration and management of the
Common Elements shall be vested exclusively in the Association.
Section 5.5. Voting Nghts in Associatian There shall be one (1) class of Members to-
wit:
Members shall be all the Owners, including the Declarant, and each Owner shall be
entitled to one (1) vote per Unit owned. Where Condominium Units are owned by more than one
Owner, then one such person shall be designated as the voting Member in respect of such Unit,
by a written instrument delivered to the Secretary of the Association. In the absence of such
designation, the board may disallow the votes cast by such Owner. When the same person owns
more than one Condominium Unit, the Owner shall be entitled to the requisite number of votes
on Association matters for each Condominium Unit owned. The votes of any Owner not a natural
person may be cast by any designated representation of such Owner which designation shall be
in writing and delivered O ttre Board prior to any such vote. In the absence of such designation,
the Board may disallow the votes cast by such Owner.
Section 5.6. Owner's utd Associetion's Address for Notices. All Owners of each Unit
shall have one and the same registered mailing address to be used by the Association or other
Owners for notices. demands, and all other communications regarding Association matters. The
Owner or Owners of a Unit shall furnish such registered address to the Secretary of the
Association within five (5) days after tarufer of title to the Unit to such Owner or Owners. Such
registration shall be in written form and signed by all of the Owners of the Unit or by such
p"i*onr as are authorized by law to represent the interests of all Owner of the Unit.
If no address is registered or if all of the Owners cannot agree, then the address on the
warranty deed for the Unit shatl be deemed their registered address until another registered address
is furnished as required under this Section.
wD:ftdds\Trdat FtIr.dccs (6. 14.99)Page -12-
If the address of the Unit is ttre registered address of the Owners, then any notice shall be
deemed duly given if delivered to any person occupying the Unit or, if the Unit is unoccupied,
if the notice is held and available for the Owners at the principal office of the Association.
All notices and demands intended to be served upon the Executive Board shall be sent to
the following address or such other address as the Executive Board may designate from time to
time by notice to all of the Owners and Eligible Mortgage Holders:
Executive Board
Timber Falls Phase X
500 S. Frontage Road East, Suite 112
Vail, Colorado 81657
All notices given in accordance with this Section shall be sent by personal delivery, which
shall be effective upon receipt; by overnight courier service, which shall be effective one (1)
business day following timely deposit with the courier service; or regular, registered or certified
mail, postage prepaid, which shall be effective three (3) days after deposit in the U.S. mail.
Section 5.7. Associntion Management Duties. Subject to the rights and obligations of
Declarant and other Owners as set forth in this Condominium Declaration, the Association shall
be responsible for the administration and operation of the Condominium Project and for the
exclusive management, control, maintenance, repair, replacement, and improvement of the
General Common Elements (including facilities, furnishings, and equipment related thereto), and
shall keep the same in good, clean, attractive, and sanitary condition, order, and repair. The
expenses, costs, and fees of such management, operation, maintenance, and repair by the
Association shall be part of the Assessments, and, subject to the budget approval procedures of
Section 6.3 below, prior approval of the Owners shall not be required in order for the Association
to pay any such expenses, costs, and fees. Each Owner shall be responsible for any Limited
Common Elements appurtenant to their Condominium Unit. All other common are:n shall be
treated as General Common Elements, unless such other areas, pursuant o Section 4.2 above, may
be designated for use in conneption wittr ttre Owner's Condominium Unit, which shall be kept the
same in a good, clean, sanitary, and attractive condition.
Section 5.8. Reseme Account. The Association shall establish and maintain, as part of
its budget and out of the installments of the annual Assessments as provided in Article VI, an
adequate reserye account for maintenance, repair, or replacement of those Common Elements that
must be replaced on a periodic basis.
Section 5.9. Owner's Negligence. In the event that the need for maintenance, repair,
or replacement of all or any portion of the Common Elements is caused through or by the
negligent or willful act or omission of an Owner, or by any member of an Owner's family, or by
an Owner's guests, invitees, or tenants, then the expenses incurred by the Association for such
maintenance, repair, or replacement shall be a personal obligation of such Owner; and, if the
wD:rcdas\Tinbcr Frlk.dcs (6.14.99)PaSe -13-
Owner fails to repay the expenses incurred by the Association within seven (7) days after notice
to the Owner of the amount owed, then the failure to so repay shall be a default by the Owner
under the provisions of this Section 5.9, and such expenses shall automatically become a default
Assessment determined and levied against such Condominium Unit, enforceable by the
Association in accordance with the terms and conditions of Article Vl.
Section 5.10. Detegatianof ManagementundMaintcnanceDutics. TheExecutiveBoard
may delegate all or any part of its powers and duties to a Managing Agent, including Declarant;
however, the Executive Board, when so delegating, shall not be relieved of its responsibilities
under this Condominium Declaration.
Section 5.11. Acquiring and Disposing of Perconal Property. The Association may
acquire, own, and hold for the use and benefit of all Owners tangible and intangible personal
property, and may dispose of the same by sale or otlprwise, and the beneficial interest in any such
prop"tiy shall be deemed to be owned by the Owners in the same undivided proportion as their
iesiective undivided interests in the Common Elements. Such interests shall not be transferable
r*""pt with the transfer of a Condominium Unit. A conveyance of a Condominium Unit shall
transfer ownership of the transferor's beneficial interest in such personal property without any
reference thereto. Each Owner may use such personal property in accordance with the purposes
for which it is intended, without hindering or encroaching upon the lawful righB of other Owners.
The transfer of title to a Condominium Unit under foreclosure shall entitle the purchaser to the
interest in such personal property associated with the foreclosed Condominium Unit.
Section 5.12. Cooperation with Master Association. The Association may contract or
cooperate with the Master Association as convenient or necessary to provide services and
privileges, such as access to recreational facilities and other common areas in Timber Falls, and
to fairly allocate costs among the parties utilizing such services and privileges which may be
administered by the Association or such other organizations, for the benefit of Owners and their
family membirs, guests, tenants and invitees. The costs associated with such effor$ by the
Association (to the extent not chargeable to other organizations) shall be a Common Expense.
Section 5.13. Issuance olRules and Regulations. The Executive Board may make and
amend reasonable rules and regulations governing the use and rental of the Condominium Units
and the use of the Common Elements, which rules and regulations shall be consistent with any
applicable requirements of the Master Declaration and related documents of the Master
Association and shall be substantially consistent with the rights and duties established in this
Condominium Declaration. The Executive Board shall provide thirty (30) days written notice
prior to the adoption or amendment of any rules and regulations and provide for a reasonable
opportunity for dwners to comment at a meeting of the Executive Board on the proposed adoption
or amendment of any rules and regulations.
Section 5.14. Enforcementof Documents. TheAssociationoranyaggrievedOwnermay
take judicial action against any Owner to enforce compliance with such rules and regulations and
wp:rcdo6\'I'_ud.r Fdb.d.ca (6. I4.99)Page -14
with the other provisions of Timber Falls Phase X Documents to obtain damages for noncompli-
ance or for injunctive relief, or both, all to the extent permitted by law.
Section 5.15. Iitentity of Executive Boatd anil Managing Agefi. From time to time, but
no less than annually, there shall be mailed by the Association to each Owner a notice containing
the names and addresses of the members of the Executive Board and the Managing Agent, if any.
Section 5.16. Implieil Rights. The Association may exercise any and all other rights or
privileges given to it by this Condominium Declaration, or by the Timber Falls Phase X
Documents, or as may otherwise be given to it by law, and every other right or privilege
reasonably to be implied from the existence of any right or privilege given to the Association in
the Timber Falls Phase X Documents or reasonably neoessary to effectuate any such right or
privilege.
Section 5.17 . Books anil Records of The Association. The Managing Agent or the
Executive Board, as the case may be, shall keep detailed, accurate records of the receipts and
expenditures affecting the Common Elements and shall maintain such other books and records as
may be required under the Act. Owners and Mortgagees may inspect the records of receipts and
expenditures of the Managing Agent or the Executive Board at convenient weekday business
hours. In addition, the other books, records, and papers of the Association, including this
Condominium Declaration, the Articles of Incorporation and the Bylaws of the Association, as
well as any Management Agreement and any rules and regulations of the Association, shall be
available fbr inspJction by any Owner or Mortgagee at all times during convenient weekday
business hours.
ARTICI,E VI
ASSESSMENTS
Section 6.1. Obligatinn, Each Owner, by accepting a deed for a Unit, is deemed to
covenant to pay to the Association (a) the Annual Assessments (see Section 6.4 below) imposed
by the Executive Board as necessary to meet the Common Expenses of maintenance, operation,
"nd
*"nug".ent of the Common Elements and to perform the functions of the Association; O)
Special Aiessments (see Section 6.6 below) for capital improvements and other purposes as stated
in this Condominium Declaration; and (c) Default Assessments (see Section 6.7 below) which may
be assessed against a Unit for the Owner's failure to perform an obligation under the
Condominium Declaration or other Association documents or because the Association has incurred
an expense on behalf of the Owner under the same.
Section 6.2. Purpose of Assessments. The Assessments shall be used exclusively to
promote ttre healttr, safety and welfare of the Owners and occupants of Timber Falls Phase X for
*D:rEdnt\1-iob.r Frls.dccs (6. 14.99)Page -15-
the improvement and maintenance of the Common Elements, as more fully set forth in this Article
below.
Section 6.3. Budget. Within ttrirty (30) days after the adoption of any proposed budget
for the Association, the Executive Board shall mail, by ordinary first-class mail, or otherwise
deliver a summary of the budget o all ttre Owners and shall set a date for a meeting of the Owners
to consider ratification of the budget not less than ten (10) nor more than fifty (50) days after
mailing or other delivery of the summary. Unless at that meeting a majority of all Owneis reject
the budget, the budget is ratified, whether or not a quorum is present. In the event that the
proposed budget is rejected, the periodic budget last ratified by the Owners must be continued
until such time as the Owners ratify a subsequent budget proposed by the Executive Board. The
Executive Board shall adopt a budget and submit the budget to a vote of the Owners as provided
herein no less frequently than annually. The Executive Board shall levy and assess the Annual
Assessments in accordance with the annual budget.
Section 6.4. Annual Assessments Paid Monthly. Annual Assessments to be paid
monthly for Common Expenses made shall be based upon the estimated cash requirements as the
Executive Board shall from time to time determine to be paid by all of the Owners. Estimated
Common Expenses shall include, but shall not be limited to, the cost of routine maintenance and
operation of the Common Elements; experuies of management; taxes and special governmental
assessments pertaining to the Common Elements and insurance premiums for insurance coverage
as deemed desirable or necessary by the Association; landscaping, care of grounds, common
lighting within the Common Elemens; routine repairs and renovations relating to Common
Elements; common wat€r and utility charges for the Common Elements; legal and accounting fees;
management fees; expenses and liabilities incurred by the Association under or by reason of this
Condominium Declaration; expenses and liabilitiqs incurred by the Association under or by reason
of the Master Declaration; payment of any default remaining from a previous assessment period;
and the creation ofa reasonable contingency or other reserve or surplus fund for general, routine
maintenance, repairs, and replacement of improvements relating to the Common Elements on a
periodic basis, as needed.
Section 6.5. Apportionment of Annual Assessnents. Each Owner shall be responsible
for that Owner's share of the Common Expenses, which shall be divided proportionately among
the Units and as further provided in Exhibit 'B' attached hereto.
Section 6.6. Special ,Assessments. lnaddition to the Annual Assessments authorized by
this Article, ttre Association may levy in any fscal year one or more Special Assessments, payable
over such a period as the Association may determine, for the purpose of defraying, in whole or
in part, the cost of any construction or reconstruction, unexpected repair or replacement of
improvements within the Common Elements, or for any other expense incurred or to be incurred
as provided in this Condominium Declaration. This Section 6.6 shall not be construed as an
independent source of authority for the Association to incur expense, but shall be construed to
prescribe the manner of assessing expenses authorized by other sections of this Condominium
wp:rcdo.3\TiEbc. Frlb.ded (6,14.99)Page -16-
Declaration, and in acting under this Section, the Association shall make specific references to this
Section. Any amounts assessed pursuant to this Section shall be assessed to Owners in the same
proportion as provided for Annual Assessments in Section 6.4 above. Notice in writing in the
amount of such Special Assessments and the time for payment of the Special Assessments shall
be given promptly to the Owners, and no payment shall be due less than thirty (30) days after such
notice shall have been given. Special Assessments are culrently resfricted under the Act.
Section 6.7. Defouh Assessments. All monetary fines assessed against an Owner
pursuant to the Condominium Declaration and/or Association documents, or any expense of the
Association which is the obligation of an Owner or which is incurred by the Association on behalf
of the Owner pursuant to the Condominium Declaration and/or Association documents, shall be
a Default Assessment and shall become a lien against such Owner's Unit which may be foreclosed
or otherwise collected as provided in this Condominium Declaration. Notice of the amount and
due date of such Default Assessment shall be sent to the Owner subject to such Assessment at least
thirty (30) days prior to the due date.
Section 6.8. Effict of Nonpaynent; Assessment Lien. Any Assessment installment,
whether peraining to any Annual, Special, or Default Assessment, which is not paid within thirty
(30) days after its due date shall be delinquent. If an Assessment installment becomes delinquent,
the Association, in its sole discretion, may take any or all of the following actions:
6.8.1. Assess a late charge for each delinquency in such amount as the Association
deems reasonable and apProPriate;
6.8.2. Assess an interest charge from the date of delinquency at the yearly rate of
eighteen percent (18%), or such other rate as the Executive Board may establish or as may be
required by law;
6.8.3. Suspend rhe voting rights of the Owner during any period of delinquency;
6.8.4. Accelerate all remaining Assessment installments so that unpaid Assessments
for the remainder of the fiscal year shall be due and payable at once;
6.8.5. Bring an action at law against any Owner personally obligated to pay the
delinquent Assessments; and
6.8.6. File a statement of lien with respect to the Unit and proceed with foreclosure
as set forth in more detail below.
Assessments chargeable to any Unit shall constitute a lien on such Unit. To evidence the
lien created under this Section 6.8, the Association may, but shall not be required to, propare a
written notice setting forth (a) the address of the Association, O) the amount of such unpaid
indebtedness, (c) the amount of accrued penalty on the indebtedness, (d) the name of the Owner
e/p:rcdoct\TlEbct Ftll!.dcc5 (6.14.99)Page -17-
of the Unit, and (e) a description of the Unit. The notice shall be signed and acknowledged by
the president or a vice-president of the Association or by the Manager, and the Association shall
serve the notice upon the Owner by certified mail to the address of the Unit or to such other
address as the Association may have in is files for such Owner. After the Association mails the
Owner such a notice, the Association may record the same in the office of the Clerk and Recorder
of Eagle County, Colorado. Such lien for Assessments shall attach from the due date of the
Assessment. Following the date the Association mails the notice, the Association may institute
foreclosure proceedings against the defaulting Owner's Unit in the manner for foreclosing a
mortgage on real property under the laws of the State of Colorado. In the event of any such
foreclosure, the Owner shall be liable for the amount of unpaid Assessments, any penalties and
interest thereon, the cost and expenses of such proceedings, the cost and expenses for filing the
notice of the claim and lien, and all reasonable attorneys' fees incurred in connection with the
enforcement of the lien. The Association shall have the power to bid on a Unit at foreclosure sale
and to acquire and hold, lease, mortgage, and convey the same.
Section 6.9. Perconal obligalion. The amount of any Assessment chargeable against any
Unit shall be a personal and individual debt of the Owner of same. No Owner may exempt
himself from liability for the Assessment by abandonment of his/her Unit or by waiver of the use
or enjoyment of all or any part of the Common Elements. Suit to recover a money judgment for
unpaid Assessments, any penalties and interest thereon, the cost and expenses of such proceedings,
and all reasonable attorneys' fees in connection therewith shall be maintainable without foreclosing
or waiving the Assessment lien provided in this Condominium Declaration.
Section 6.10. Subordination of Lien The lien of the Assessments provided for in this
Condominium Declaration shall be subordinate to (a) the lien of real estate taxes and special
governmental assessments, (b) liens and encumbrances recorded before the recordation of the
Condominium Declaration, and, (c) liens for all sums unpaid for a First Mortgage of record,
recorded before the date on which the assessment sought to be enforced became delinquent,
subject to terms and provisions of the Act. The transfer of any Unit shall not affect the
Association's lien except that sale or transfer of any Unit pursuant to foreclosure of any First
Mortgage, or any proceeding in lieu thereof, or cancellation or forfeiture shall only extinguish the
Association's liens as provided in Section 38-33.3-316 of the Colorado Revised Statutes. The
amount of such extinguished lien may be reallocakd and assessed to all Units as a Common
Expense at the direction of the Executive Board. No sale or transfer shall relieve the purchaser
or fiarsferee of a Unit from liability for, or the Unit from the lien of, any Assessments made after
the sale or transfer.
Section 6.11. Successor's Liability for Assessments; Subordinatian of Lien. The
provisions of the Act shall govern and control (a) the obligations of successors to the fee simple
title of a Unit on which Assessments are delinquent and (b) the subordination by the lien of the
Assessments provided for in this Condominium Declaration.
wp:r.doc.\Tmbcr F!ll3.dc.! (6.1a.99)Pagc -l&
Section 6.12. Payment by Mortgagee. Any Mortgagee holding a lien on a Unit may pay
any unpaid Assessment payable with respect to such Unit, together with any and all costs and
expenses incurred with respect to ttre lien, and upon such payment that Mo4gagee shall have a lien
on the Unit for the amounts paid with the same priority as the lien of the Mortgage.
Section 6.13. Statemefi of Stans of Assessment Payment. Upon payment of a
reasonable fee set from time to time by the Executive Board and upon the written request of any
Owner, Mortgagee, prospective Mortgagee, or prospective purchaser of a Unit, the Executive
Board of the Association shall issue a written statement setting forth the amount of the unpaid
Assessments, if any, wittr respect to such Unit. Unless such statement shall be issued (which shall
include posting in the United States mails) within fourteen (14) business days, all unpaid
Assessments which become due prior to the date of making such request shall be subordinate to
the lien of a Mortgagee which acquired its interest in the Unit subsequent to requesting such
statement. If the request is made by a prospective purchaser, both the lien for the unpaid
Assessment and the personal obligations of the purchaser shall be released automatically if the
statement is not furnished within the fourteen (14) business day period provided for above, and
if after that period an additional written request is made by such purchaser and is not complied
with within ten (10) days and the purchaser subsequently acquires the Unit'
Section 6.14. Working Capital Fund. The Association or Declarant shall require the
initial Owner of each Unit (other than a Declarant), to make at the time of purchase, a
non-refundable contribution to ttre Association in an amount equal to three (3) times the Monthly
Assessment against the Unit in effect at the closing thereof. At the time Declarant's control of
the Association terminates. the Declarant will transfer control of such funds to the Association (if
not tansfened earlier) and a Declarant then owning Condominium Units in addition will pay the
Association an amount equal to three (3) times the Monthly Assessment against all UniS then
owned by it (unless such payment has previously been made with respect to any such Units).
Amounts paid into the working capital fund shall not be considered as advance payments of
regular Assessments. Funds in the working capital account shall be segregated with other such
working capital funds for the use and benefit of the Association, including without limitation, to
meet unforeseen expenditures or to purchase additional equipment, property or services. Such
contribution of working capital funds shall not relieve an Owner from making regular payments
of Assessments as the same become due. Upon the transfer of his/her Unit, an Owner (including
a Declarant if it previously paid working capital funds for the sold Unit) shall be entitled to a
credit from his/her transferee Out not from the Association) for the unused portion of the
contribution to the working capial fund. Declarant shall not use any of the working capital funds
to defray its expenses, reserye contributions, or construction costs or to make up any budget
deficits.
wp:rcdo.!\Tinb€r Frlr.d€.t (5. 14.99)Pagc -19-
ARTICLE Vtr
INST'RANCE
Section 7. 1. Insurance on Comnun Ehments, Commencing not later than the time of
the frst conveyance of a Condominium Unit to a person other than a Declarant, the Association
shall maintain the types of insurance as listed below for the benefit of the Owners to the extent
that such insurance is reasonably available, considering the availability, cost and risk coverage
provided by such insurance, and the cost of said coverage shall be paid by the Association as a
common expense. Notwithstanding any of the specific insurance requirements contained in this
Article VII, the Association may also consider, in determining the types and amounts of insurance
it needs to obtain, requirements of any federal or state agency with respect to their insurance,
guaranty, or purchase of First Mortgages.
7. 1.1. A policy of property insurance covering all insurable improvements located
within the Condominium Project (including the Units and any fixtures, equipment or other
property within all of *re unis that are encumbered by a First Mortgage on any Unit that is held,
guaranteed or insured by any federal or state agency, but excluding any other equipment,
furniture, wall trimmings, improvements, and personal property) except for land, foundation,
excavation and other matters normally excluded from coverage, in an amount not less than the full
insurable replacement cost of the insured property less applicable deductibles at the time the
insurance is purchased and at each renewal date. Further, said policy shall contain a
"Replacement Cost Endorsement' providing that any claim will be settled on full replacement cost
basis without deduction for depreciation, and include an "lnflation Guard Endorsement,n and
"Agreed Amount Endorsement," and if the Building has central heating or air conditioning a
"Steam Boiler and Machinery Coverage Endorsement" with minimum coverage per incident to
equal the lesser of One Million Dollars ($1,000,000.00), or the insurable value of the
Condominium Project. The Association will also purchase endorsements, and/or coverage on
personal property owned by the Association, including fixtures and building service equipment,
furnishings, common personal property and supplies. Such insurance shall afford protection
against at least the following:
7.1.1.1. loss or damage by fre and other perils normally covered by
the standard extended coverage endorsement; and
7.1.1.2. such other risks as shall customarily be covered with respect
to projects similar in construction, location and use, including all perils normally covered by the
standard "all risk" endorsement, where such is available.
The Association may provide the insurance required under this Section 7. 1.1 or under
Section 7.l.2below by contributing a pro rata share of the costs of insurance insuring the entire
Project, provided such insurance satisfies all of the applicable requirements.
wprrcdo.s\Timb.r F!Ik.d... (6. 14.99)PaSc -20-
7.1.2. A comprehensive policy of public liability insurance covering the
Condominium Project insuring the Association in an amount not less than Two Million Dollars
($2,000,000.00) including bodily injury, including death to persons, persons, personal injury and
property damage liability arising out of a single occurence. Such coverage shall include, without
limitation, legal liability of the insured's for property damage, bodily injuries and deaths of person
in connection with ttre operation, maintenance or use of the Condominium Project, legal liability
arising out of lawsuits related to employment contracts of the Association and protection against
liability for non-owned and hired automobiles; such coverage may also include, if applicable,
comprehensive automobile liability insurance, liability for property of others, host liquor liability,
water damage liability, contractual liability, workmen's compensation insurance for employees
of the Association and such other risks as may customarily be required by private institutional
mortgage investors with respect to condominium projects similar in construction, location, and
use.
'1.1.3. A policy providing employee dishonesty coverage to protect against
dishonest acts on the part ofoffrcers, directors, trustees and employees of the Association and all
others who handle or are responsible for handling funds of the Association, in an amount at least
equal to the greater of:
7.1.3.L. the estimated maximum of funds, including reserves, in the
custody of the Association at any given time, and
7.r.3.2.three (3) month's aggregate assessments on all Units plus
reserves.
Such coverage shall meet the following requirements: (a) all such coverage shall
name the Association as an obligee; O) such coverage shall contain waivers of any defense based
upon the exclusion of persons who serve without compensation from any definition of 'employee'
or similar expression.
In the event the Association has delegated some or all of its responsibility for the
handling of funds to the Managing Agent, the Association may require the Managing Agent to
purchase at its own expense a policy of employee dishonesty coverage which fully complies with
the provisions of this Section 7. 1.3.
7.1 .4. A policy providing directors and officers liability insurance in relation to
their duties and responsibilities in acting as directors and officers on behalf of the Association.
7.1.5. In addition, the Association may obtain insurance against such other risks
of a similar or dissimilar nature as it shall deem appropriate, to the extent that such coverage is
reasonablv available.
$?:rodo6\rfiEber F .ll.3.d€er (6.14.99)Page -21-
Section 7.2. General Provisians of Insurance Pohcies. All policies of insurance carried
by the Association shall be carried in blanket policy form naming the Association as insured, or
its designee as trustee and attorney-in-fact for all Owners, and each Owner shall be an insured
person under such policies with respect to liability arising out of such Owner's interests in the
Common Elements or membership in the Association. The policy or policies shall contain a
standard non-contributory First Mortgagee's clause in favor of each First Mortgagee and a
provision that it cannot be canceled or materially altered by either the insured or the insurance
company until thirty (30) days' prior written notice thereof is given to the insured, to each First
Mortgagee, and to each federal, strate, or local agency who guarantees or insures a First Mortgage
on any Unit. The Association shall furnish a certified copy or duplicate original of such policy
or renewal thereof, with proof of premium payment and a certificate identifying the interest of the
Owner in question, to any party in interest, including First Mortgagees under the Condominium
Declaration, upon request. All policies shall contain waivers of any defense based on invalidity
arising from acts or neglect of an Owner unless acting within the scope of such Owner's authority
on behalf of the Association. The policies shall also contain a waiver by the insurer of any right
to claim by way of subrogation against the Owners, each person or entity who is a Declarant, the
Association, and their respective officers, directors and members and any of such parties'
respective families, agents, employees or tenants. The liability insurance policy provided for
under Section 7. 1.2 shall iruure the Executive Board, the Association, and any management agent
and their respective employees, agent and all persons acting as agents. Each person or entity who
is a Declarant shall be included as an additional insured in its capacity as an Owner and, if
applicable, a member of the Board. The owners shall be included as additional insured but only
for claims and liabilities arising in connection with the ownership existence, use or management
of the Common Elements. Such liability insurance shall cover claims of one or more insured
parties against the other insured parties.
Section 7.3. Deductibles. No policy of insurance of which the Association or its
designee is the beneficiary shall include a deductible clause in an amount which is greater than the
lesser of $5,000.00 or I % of the face amount of ttre policy. Any loss falling within the deductible
portion of such policy shall be a common expense shared by all of the Owners. Notwithstanding
the foregoing, after notice and hearing, the Association may determine that a loss, either in the
form ofa deductible to be paid by the Association or an uninsured loss, resulted from the act or
negligence of an Owner, and assess such loss as a Default Assessment against such negligent
Owner and his/her Condominium Unit, subject o all provisions of this Condominium Declaration
applicable to such Assessments.
Section 7.4. Insurance Trustee. The Executive Board shall have authority to authorize
an insurance trust€e to assist and consult with it and/or to act:rs its agent and attorney-in-fact for
one or more of the following purposes: to purchase and maintain the insurance required under this
Condominium Declaration; to negotiate and compromise settlement of losses under any insurance;
and to collect the proceeds from any insurance, hold such proceeds in trust for the Owners and
their First Mortgagees as their interest may appear; and dispose of such proceeds as provided in
Article XIII of this Condominium Declaration and the Act. The Association and anv insurance
wp:rldocaYl-,Dber Frlb.dcc! (6. I4.99)Paga -22-
trustee designated by the Executive Board shall have exclusive authority as agent and
attorney-in-fact for the Owners to purchase and maintain all insurance required under this Article,
to negotiate, settle and compromise any claims under such insurance, to receive all proceeds from
such insurance and apply them as provided under this Condominium Declaration, to execute
releases of liability in connection with the negotiation and settlement of claims, and to execute all
documents and perform all acts that may be necessary or desirable to carry out the Association's
and insurance trustee's rights and duties under this Condominium Declaration.
Section 7.5. Association Insurance as Primary Coverage. If, at the time of any loss
under any policy which is in the name of the Association, there is other insurance in the name of
any Owner and such Owner's policy covers the same property or loss, or any portion thereof,
which is covered by such fusociation policy, such Association policy shall be primary insurance,
not conffibution, with any of such other insurance. An Owner shall be liable to the Association
for the amount of any diminution of insurance proceeds to the Association as a result of policies
of insurance of such Owner and for reimbursement to the Association for the deductible under the
Association's insurance policy; provided that if such amounts are not repaid to the Association
within ten (10) days after the fusociation shall have given notice to the Owner of the total of such
amount(s), from time to time, then the failure to so repay shall automatically become a Default
Assessment determined and levied against such Unit and Owner.
Section 7.6. Insurance ta be Maintained by Ownen, Insurance coverage on furnishings,
including carpet, ftaperies, improvements and betterment, wallpaper and other items of personal
property belonging to an Owner, and public liability coverage within each Condominium Unit and
appurterunt Limited Common Elements, shall be ttre sole and direct responsibility of the Owner(s)
thereof, and tlrc Association, its Executive Board and/or the Managing Agent of the Association
shall have no responsibility therefor; provided, however, that the Executive Board of the
Association may elect to include any such coverage in any Association policy and any costs of
such coverage not allocable to the Owners on a uniform basis shall be assessed against the
individual Units as an "Individual Purpose Assessment."
Section 7.7. Annual Review of Insurance Policies. All irsurance policies carried by the
Association shall be reviewed at least annually by the Executive Board of the Association to
ascertain ttrat ttre coverage provided by such policies adequately covers those risks insured by the
Association. Prior to obtaining any policy of fire insurance or renewal thereof, the Executive
Board or the Managing Agent of the Association may obtain a written appraisal from a duly
qualified real estate or insurance appraiser, or other person knowledgeable as to replacement costs,
which appraiser shall reasonably estimate the full replacement value of the improvements for the
purpose of determining the amount of insurance required pursuant to the provisions of this Article.
Any First Mortgagee shall be furnished with a copy of such appraisal upon request.
Section 7.8. Notice of Cancellation. If any insurance that the Association is required
to maintain under this Article VII is not reasonably available or is canceled or not renewed without
wp:rrd6\TrDb.r Falb.dcca (6.14.99)Pagc -23-
a replacement policy having been obtained, the Association promptly shall cause notice of that fact
to be hand-delivered or sent prepaid by U.S. Mail to all Owners.
ARTICLE VItr
MECHANICIS LIENS
Section 8.1. No Liability. If any Owner shall cause any material to be furnished to
his/her Unit or any labor to be performed therein, no Owner of any Unit shall under any
circumstances be liable for the payment of any expense incurred or for the value of any work done
or material furnished. All such work shall be at the expense of the Owner causing it to be done,
and such Owner shall be solely responsible to confiactors, laborers, materialmen and other persons
furnishing labor or materials to his/her Unit, or any improvements therein. Nothing herein
contained shall authorize any Owner or any person dealing through, with or under any Owner to
charge the Common Elements or any Unit thereon other than of such Owner with any mechanic's
lien or other lien or encumbrance whatever. On ilre contary (and notice is hereby given) the right
and power to charge any lien or encumbrance of any kind against the Common Elements or
against any Owner or any Owner's Unit for work done or materials furnished to any other
Owner's Unit is hereby expressly denied.
Section 8.2. Indemnification. If, because of any act or omission of any Owner, any
mechanic's or other lien or order for the payment of money shall be filed against the Common
Elements or against any other Owner (whether or not such lien or order is valid or enforceable
as such), the Owner whose act or omission forms the basis for such lien or order shall at his/her
own cost and expense qruse the same to be canceled and discharged of record or bonded by a
surety company reasonably acceptable to the Association, or to such other Owner or Owners,
within twenty (20) days after the date of filing thereof, and further shall indemnify and save all
the other unit Owners and the Association harmless from and against any and all costs, expenses,
claims, losses or damages including, without limitation, reasonable attorneys' fees resulting
therefrom.
Section 8.3. Association Action. Labor performed or materials furnished for the
Common Elements, if duly authorized by the Association, in accordance with this Condominium
Declaration or its bylaws, shall be deemed to be performed or furnished with the express consent
of each Owner and shall be the basis for the filing of a lien pursuant to law of equal amount
against each of the Units. ln the event a lien is effected against two (2) or more Units, the
Owners of the separate Units may remove their Units from the lien by payment of the fractional
or proportional amount attributable to each of the Units affected. Subsequent to payment,
discharge or other satisfaction, the Unit shall be released from the lien paid, satisfied or
discharged. Partial payment, satisfaction or discharge shall notprevent the lienor from proceeding
to enforce his/her righs against any Unit not so released or discharged.
wD:raloc!\Tmbcr Frlr.dcct (6. 14.99)P^ge -24-
ARTICI,E X
EASEMENTS
Section 9. |. Recorded Easements, In addition to all easements and rights-of-way of
record at or before the recording of this Condominium Declaration, the Property, and all portions
thereof, shall be subject to the easements as shown on any recorded plat of the Property, or any
portion thereof, and as shown on the recorded Condominium Map. Further, the Property, or
portions thereof, is now or may hereafter be subject to the easements, licenses, and other recorded
documents, or any of them, as recorded in the records of the Clerk and Recorder for the County
of Eagle, State of Colorado.
Section 9.2. Encroachmenfs. In the event that any portion of the Common Elements
encroaches upon any Unit(s) or in the event that any portion ofa Unit encroaches upon any other
Unit(s) or upon any portion of the Common Elements, or in the event any encroachment shall
occur in the future as a result of:
9.2.1. settling of the Building,
9.2.2. alteration or repair to the Common Elements,
9.2.3. repair or restoration of part of the Building and/or Unit(s) after damage by
fire or other casualty, or condemnation or eminent domain proceedings, then, in any of said
events, a valid easement is hereby created and does exist for the encroachment and for the
maintenance of the same so long as the encroachment exists.
In the event that any one (1) or more of the Units, the Building or other
improvements comprising part of the Condominium Project are partially or totally destroyed and
are subsequently rebuilt or reconstructed in substantially the same location, and as a result of such
rebuilding or reconstruction any portion thereof shall encroach as provided in the preceding
sentence. a valid easement for such encroachment is hereby created and does exist. Such
encroachments and easements shall not be considered or determined to be encumbrances either on
the Common Elements or on the Units for purposes of marketability of title or other purposes.
In interpreting any and all provisions of this Condominium Declaration, subsequent deeds,
mortgages, deeds of trust, or other security instruments relating to Units, the actual location of
a Unit shall be deemed conclusively to be the property intended to be conveyed, reserved or
encumbered, notwithstanding any minor deviations, either horizontally, vertically or laterally,
from the location of such Unit as indicated on the Condominium Map.
Section 9.3. Easements for Emergency Ingress and Egress. The Association, through
its duly authorized agents, shall have the right in case of any emergency originating in or
threatening any Unit or the Common Elements to enter any Units as is necessary to locate and
remedy such emergency without request. An Owner shall, upon request in advance at a time
wp:rcdocs\Titnbcr Fdb.d..t (6. 14.99)Page -25-
convenient to the Owner, permit entry into a Unit for the purpose of performing non-emergency
installation, alteration, or repair to the mechanical, electrical or utility services, which, if not
performed, would impair the use of other Units.
Section 9.4. Utilities. There is hereby created a blanket qsement for the benefit of the
Owners upon, across and through the Common Elemenh for the installation, replacement, repair
and maintenance of utilities, including but not limited to water, sewer, gas, telephone, electricity,
computer, cable, and master television antennae or cable or satellite television systems, if any.
By virtue of this blanket easement, it shall be expressly permissible to erect and maintain the
facilities, equipment and appurtenances on the Common Elements necessary to repair and maintain
water and sewer pipes, gas, electric, telephone, computer and television wires, cables, circuits and
meters. If any utility or quasi-utility company furnishing a service covered by the general
easement created herein requests a specific easement by separate recordable document, Declarant
reseryes and is hereby given the right and authority to grant such easement upon, across, over or
under any part of all of the Common Elements without conflicts with the terms hereof; provided,
however, that such right and authority shall cease and terminate upon the earliest of seven (7)
years after recordation of this Condominium Declaration in the County of Eagle, Colorado,
conveyance by a Declarant of all Condominium Units to Owners other than a Declarant, or when
Declarant elects to surrender such right, at which time said reserved right shall vest in the
Association. The easement provided for in this Section 9.4 shall in no way affect, void,
extinguish or modify any other recorded easement(s) on the Common Elements.
Section 9.5. Maintenance fusement. An easement is hereby granted to the Association,
its respective officers, directors, agents, employees and assigns upon, across, over, in and under
the Common Elemenh, and a right to make such use of the Common Elements as may be
necessary or appropriate to perform the duties and functions which the Association is obligated
or permitted to perform pursuant to this Condominium Declaration, including the right of the
Association !o construct and maintain on the Common Elements maintenance and storage facilities
for use by the Association.
Section 9.6. Drainage fusement. An easement is hereby granted to the Association, its
officers, agents, employees, successors and assigns to enter upon, across, over in and under any
portion of the Property for the purpose of the drainage of water onto the Property from the
Common Elements.
Section 9.7. Easements of Access for Repair, Maintenance and Emergencies. Some
of the Common Elements :re or may be located within a Unit($ or may be conveniently accessible
only through a Unit(s). The Owners of other Unit(s) and the Association shall have the
irrevocable right, to be exercised by the Association as their agent, to have access to each Unit
and to all Common Elements from time to time during such reasonable hours as may be necessary
for the maintenance, repair, removal or replacement of any of the Common Elements or any
utility lines or pipes (whether or not Common Elements) located therein or accessible therefrom,
or for making emergency repairs therein necessary to prevent damage to the Condominium
vJD:redG\Timbcr Fr!!.dcct (6.14.99)Page -26-
Project, the Common Elements or to any Unit. Damage to the interior part of any Unit resulting
from the installation, movement, repair, emergency repair, removal or replacement of any utility
lines or pipes not servicing more than one Condominium Unit shall be the expense of the Owner
whose Unit such utility lines and pipes serve and such expense may be reimbursed through an
Individual Purpose Assessment. Non-emergency repairs shall be made only during regular
business hours on business days after twenty-four (24) hours' notice to the occupants of the Unit
wherein such repairs are to be made, except where the occupants have no objections to earlier
entry for repairs. In emergencies, the occupants of the affected Unit shall be notified of
impending entry as early as is reasonably possible.
Section 9.8. Declarant's RJgltts Incident ta Completion of the Project. Each person or
entity who is a Declarant, for itself and its successors and assigns, shall have and hereby retains
or is granted a right and easement of ingress and egress over, in upon, under and across the
Common Elements and the right to store materials thereon and to make such other use thereof as
may be reasonably necessary or incidental to the completion of the Project, the sale of the Units,
the exercise of Declarant's special rights under the Act, and the exercise of Declarant's
development rights; provided, however, that no such rights shall be exercised in such a way as
to unreasonably interfere with the occupancy, use, enjoyment or access by any Owner, his/her
family members, guests or invitees, to or of his/her Condominium Unit or the Common Elements.
The rights under this section shall terminate upon conveyance by a Declarant of all Condominium
Unis to Owners other than a Declarant or seven (7) years after the recording of this Condominium
Declaration, whichever occurs first.
Section 9.9. Easements Deemed Creaed, All conveyances of Unis hereafter made, by
a Declarant or otherwise, shall be construed to grant and reserve the easements contained in this
Article IX, even though no specific reference to such easements or to this Article lX appears in
the instrument for such convevance.
Section 9.I0. Common Elements EasernenL Part of the Common Elements include
easements across, over, upon and under the Condominium Project, which easements are perpetual,
irrevocable easements for support and for the maintenance, repair, replacement and reconstruction
of the Common Elements, access !o and from the Condominium Project and for use and
occupancy of the uppermost portions of the Condominium Project.
ARTICL,E X
RESTRICTIVE COYENANTS
Section 10.1. Compliance With Provisions of Declaraion and Bylaws. Each owner shall
comply strictly with the provisions of this Condominium Declaration, the Articles of
Incorporation, Bylaws and the written rules of the Association adopted pursuant thereto as the
same may be lawfully amended from time to time. Failure to so comply shall be grounds for an
wp:ndoc.U-rmb.r Fr!r.d.6 (6. 14.99)P^ge -27-
action to recover sums due for damages or injunctive relief or both, maintainable by the Managing
Agent or Executive Board in the name of the Association on behalf of the Owners or, in a proper
case, by an aggrieved Owner.
Section 10.2. Use and Occupancy.
10.2.1. Subject to Section 10.2 hereof, Condominium Units shall be used for
residential purposes only, including uses which are customarily incident thereto, including
short-term and long-term rentals; provided, however, that an Owner may use his/her
Condominium Unit only in accord with the applicable zoning, and no unreasonable inconvenience
to other residents of Condominium Units is created thereby. The Association is hereby authorized
to adopt rules and regulations governing the use and occupancy of the Condominium Units.
10.2.2. All use and occupancy of the Common Elements shall be governed by the
Condominium Declaration, Bylaws and Rules of the Association.
10,2.3. Nothing shall be done within or on the Common Elements or Units which
could be in violation of any statute, rule, ordinance, regulation, permit or validly imposed
requirement of any governmental body.
10.2.4. No noxious or offensive activity nor any activity which would materially
increase insurance rates shall be accrued on, in or upon the Common Elements or in the Units.
10.2.5. No animals of any kind shall be raised or bred on any of the Common
Elements or in the Units.
10.2.6. Any rental of a Condominium Unit shall be pursuant to a written lease,
a copy of which shall be frrnished the Association prior to its effective date; provided, however,
no unit shall be conveyed pursuant to a time-sharing arrangement as described in Section 38.33-
110 to 112, Colorado Revised Statutes, as amended from time to time.
Section 10.3. Declarant's Use. Notwitl$tanding anything to the contrary contained in this
Condominium Declaration, it shall be expressly permissible and proper for a Declarant, its
employees, agent, and contractors, to perform such reasonable activities, and to maintain upon
portions of ttre Project, such facilities as a Declarant deems reasonably necessury or incidental to
the completion and sale of Condominium Units and the exercise of Declarant's development
rights, specifically including wittrout limiting the generality of the foregoing, maintaining business
offices, storage areas, signs, model units, sales offices, parking areas, construction offices and
lighting facilities.
Section 10.4. Ilse of Common Elements. Subject to the righs of Declarant as provided
in this Condominium Declaration, there shall be no obstruction of the Common Elements, nor
shall anything be kept or stored on any part of the Common Elements without the prior written
wD:r.dc\Timbcr F.[!,dccs (6. 14,99)Page -2&
approval of the Association. Except for those improvements erected or installed by a Declarant
in is completion of the Project, nothing shall be altered on, constructed in or removed from the
Common Elements without the prior written approval of the Executive Board of the Association.
Section I0.5. Erterior Changes. Except for those improvements erected, constructed or
installed by a Declarant in its completion of the Project, no exterior additions to, alternations or
decoration of the Building, including but not limited to any structural alternations to any
Condominium Unit or Common Element, nor any changes in walls or other structures, nor
installation of window-mounted air conditioning units or awnings or any exterior improvement
of any type shall be commenced, erected, placed or maintained, without prior written approval
ofthe Executive Board ofthe Association and subsequently approved by the appropriate board or
committee of the Master Association.
Section 10.6. S4zls and Advenising. Except as hereinafter provided, no signs, including
for sale or for rent signs, advertisements, billboards, unsightly object or nuisances of any kind
shall be placed, erected or permitted to remain in or on any Condominium Unit, nor shall any
sign(s) be permitted in or on the Common Elements, without the prior written approval of the
Association. Notwithstanding the foregoing, reasonable signs, advertising or billboards used by
a Declarant in connection wittr its sale of Condominium Units shall be permissible, provided that
such use by a Declarant shall not interfere with the Owner's use and enjoyment of the Common
Elements, their Condominium Unir, or their ingress and egress from a public way to the
Common Elements or their Condominium Unis.
ARTICLE XI
MAINTENANCE RESPONSIBILITY
Section ll.l. Owner's Rights and Duties wilh Respect to Intertors. Except as may be
provided in the purchase and sale agreement or other conveyancing documents executed by
Declarant in connection with sales or leases to initial purchasers of the Condominium Units, each
Owner shall have the exclusive right and duty to paint, tile, wax, paper, or otherwise decorate or
redecorate and to maintain and repair the interior surfaces of the walls, floors, ceilings, and doors
forming the boundaries of such Owner's Unit and all walls, floors, ceilings, and doors within such
boundaries.
Section 11.2. Responsibility of the Owner. The Owner at the Owner's expense shall
maintain and keep in repair the interior of the Condominium Unit, including the fixtures and
utilities located in the Condominium Unit to the extent current repair shall be necessary in order
to avoid damaging other Condominium Units or tlte Common Elements. All fixtures, equipment,
and utilities installed and included in any Unit commencing at a point where the fixtures,
equipment, and utilities enter the Unit shall be maintained and kept in repair by the Owner of that
Unit. An Owner shall not allow any action or work that will impair the structural soundness of
wprr.dog\Ti4bcr F![!.dE (6. 14,99)Page -?9-
the improvements, impair the proper functioning of the utilities, heating, ventilation, or plumbing
systems or integrity of fte Building, or impair any easement or hereditament. Except as otherwise
provided in this Condominium Declaration, an Owner, or, as the case may be, a class of Owners
shall also have the obligation to maintain and keep in repair all appurtenant Limited Common
Elements at such Owner's, or class of Owner's, experuie. No Owner shall alter any Common
Elements without the prior written consent of the Association.
Section ll .3. Responsibilitl of Timber Falls Phase X Association Timber Falls Phase
X Association, with approval of the Owners, shall maintain and keep in good repair, replace, and
improve, as a Common Expense, any property, real or personal, not required in this
Condominium Declaration to be maintained and kept in good repair by an Owner, or by
Declarant. Among other things, the Association shall be responsible for landscaping, trash
removal and all snow plowing and snow removal from the Common Elements, and if necessary,
the Association shall be afforded the right to enter into contacts with independent sources for such
landscaping, trash removal, and snow plowing and removal, including, without limitation, the
right to delegate certain responsibilities to the Master Association either pursuant to a contract or
such other reasonable arrangement beneficial to the Association.
ARTICLE Xtr
DAMAGE AND DESTRUCTION, OBSOLESCENCE, CONDEMNATION
Section 12.1. Appointment ol Attorney-in-Fact. Except as may otherwise be provided
by law, each Owner by his/her acceptance of the deed or other conveyance vesting in him an
interest in a Condominium Unit does irrevocably constitute and appoint the Association with full
owner of substitution as his/her true and lawful attorney in his/her name, place and stead (a) to
deal with such interest upon damage to or destruction, obsolescence or condemnation of any real
property as hereinafter provided, and (b) to enter into agreements regarding the Common
Elements including but not limited to leases, righs of way agreements and ingress and egress
agreements with full power, right and authorization to execute, acknowledge and deliver any
contact, deed, proofof loss, release or other instument affecting the interest of such Owner, and
to take any other action, which the Association may consider necessary or advisable to give effect
to the provisions of this Condominium Declaration. If requested to do by the Association, each
Owner shall execute and deliver a written instrument confuming such appointment. The action
of the Association in settling any damage or condemnation claim shall be final and binding on all
Owners. No Owner shall have any rights against the Association or any of its officers or directors
with respect thereto except in the case of fraud or gross negligence.
Section 12.2. The Role of the Erecutive Board. Except as provided in Section L2.7, in
the event of damage to or destruction of all or part of any Condominium Unit, Common Elements,
or other property covered by insurance written in the name of the Association under Article VII,
the Executive Board shall arrange for and supervise the prompt repair and restoration of the
wp:rEdoci\ftnbcr F.tls,dccs (6. 14.99)Page -3G
damaged areas of the Condominium Project, including, without limitation, the floor coverings,
fixtures, and appliances initially installed therein by Declarant, and replacement thereof installed
by the Owners up !o the value of those initially installed by Declarant, but not including any
furniture, furnishings, fixtures, equipment, or other personal property supplied or installed by the
Owners in the Condominium Units unless covered by insurance obtained by the Association.
Notwittntanding the foregoing, each Owner shall have the right to supervise the redecorating of
his/her Unit.
Section 12.3. Estimole of Damages or Destruction. As soon as practical after an event
causing damage to or destruction of any part of the Condominium Project, the Association shall,
unless such damage or destruction shall be minor, obtain an estimate or estimates that it deems
reliable and complete of the costs of repair and reconstruction of that part of the Condominium
Project damaged or desnoyed. 'Repair and Reconstruction" as used in this Article XII shall mean
restoring the damaged or destroyed part of the Condominium Project to substantially the same
condition in which it existed prior to the damage or destruction, with each Individual Air Space
Unit and the Common Elements having substantially the same vertical and horizontal boundaries
as before.
Section 12.4. Repair snd Reconstuctian. As soon as practical after obtaining estimates,
the Association shall diligently pursue to completion the repair and reconstruction of the part of
the Condominium Project damaged or destroyed. As attorney-in-fact for the Owners, the
Association may take any and all necessary or appropriate action to effect repair and
reconsEuction, and no consent or other action by any Owner shall be necessiuy in connection with
that action.
Section 12.5. Funds for Repair and Reconstruction. Subject to the provisions of Section
12.7 below, the proceeds received by the Association from any hazard insurance shall be used for
the purpose of repair, replacement, and reconstruction.
Section 12.6. Insurance Proceeds Sufftcient to Repair. In the event of damage or
destruction due to fire or other disaster, the insurance proceeds, if sufficient to reconstruct the
improvements, shall be applied by the Association as attorney-in-fact to such reconstruction, and
the improvements shall be promptly repaired and reconstmcted. The Association shall have full
authority, right, and power as attorney-in-fact to cause the repair and restoration of the
improvements. Assessments for Common Expenses shall not be abated during the period of
insurance adjustments and repair and reconstruction.
Section 12.7. Insurance hoceeds Insuffwfunt to Repair; Special Assessment; Remedies
for Failure to Pay Special Assessment. lf the insurance proceeds are insufficient to repair and
reconstruct the improvements, and if such damage is not more than sixty percent (60%) of the
total replacement cost of all of the Condominium Unis in the Project, not including land, such
damage or destruction shall be promptly repaired and reconstructed by the Association as
attorney-in-fact, using the proceeds of insurance and if permitted under the Act, the proceeds of
wp:ndocr\Timbcr Frlb.dcca (6. 14.99)Pagc -31-
a Special Assessment to be made against all of the Owners and their Condominium Unis. Any
such Special Assessment shall be a Common Expense in accordance with Section 6.6 above and
shall be due and payable within thirty (30) days after written notice to each Owner. The
Association shall have full authority, right, and power as attorney-in-fact to cause the repair,
replacement, or restoration of the improvement using all of the insurance proceeds for such
purpose, notwithstanding the failure of an Owner to pay the Assessment.
Any Assessment provided for in this Section 12.7 shall be a debt of each Owner and a lien
on the Owner's Condominium Unit and may be enforced and collected as provided in Article VI
above. In addition, the Association as attorney-in-fact shall have the absolute right and power to
sell the Condominium Unit of any Owner refusing or failing to pay such deficiency Assessment
within the time provided, and if not so paid, the Association shall cause to be recorded a notice
that the Condominium Unit of the delinquent Owner shall be sold by the Association as
attorney-in-fact pursuant !o the provisions of this Section 12.7. Assessments for the Common
Expenses shall not be abated during the period of insurance adjustment and repair and
reconstruction. The delinquent Owner shall be required to pay to the Association the costs and
expenses for filing the notice, interest at the Morimum Rate on the amount of the Assessment, and
all reasonable attorneys' fees. The proceeds derived from the sale of such Condominium Unit
shall be used and disbursed by the Association as attorney-in-fact in the following order:
12.7.1.For payment of real property ad valorem taxes, special assessment
liens duly imposed by a governmental subdivision, and customary expenses of sale;
t2.7.2.For payment of the balance of the lien of any First Mortgage
affecting the Condominium Unit;
12.7.3. For payment of unpaid Master Association assessments, interest,
costs, late charges, expenses, and attorneys' (and legal assistants') fees;
12.7.4. For payment of unpaid Timber Falls Phase X Association
Assessments, interest, costs, late charges, expenses, and attorneys' (and legal assistants') fees;
t2.7.5.For payment of any junior Mortgages affecting the Condominium
Unit in the order of and to the extent of their priority; and
t2.7.6.
Condominium Unit.
For payment of the balance remaining, if any, to the Owner of the
Ifthe insurance proceeds are insufficient to repair and reconstruct the improvement, and
if such damage is more than sixty percent (60%) of the total replacement cost of all of the
Condominium Units in the Condominium Project, not including land, such damage or destruction
shall be promptly repaired and reconstructed by the Association, as attorney-in-fact, using the
proceeds of insurance and, if permitted under the Act, the proceeds of a Special Assessment made
wp:r.docau-'mbcr FruJ.dcct (6. 14.99)Pagc -32-
against all of the Owners and their Condominium Units; provided, however, that Owners
representing an aggregate ownership interest in the Common Elements of sixty-seven percent
(67%) or more, and sixty-seven percent (67%) or more of the First Mortgagees of record (based
on one vote for each Mortgage owned) may elect to terminate the Condominium Project, as
provided in this Condominium Declaration; and in such event, the Association shall forthwith
record a notice setting forth such fact or facts, and upon the recording of such notice by the
Association's president and secretary or assistant secretary, the entire Condominium Project shall
be sold pursuant to the provisions of this Section 12.7,by the Association as attorney-in-fact for
all of the Owners, free and clear of the provisions contained in this Condominium Declaration,
the Map, and the Articles of Incorporation, and Bylaws of the Association. Assessments for
Common Expenses shall not be abated during the period prior to sale.
In such event, the insurance settlementproceeds shall be collected by the Association, and
such proceeds shall be divided by the Association according to each Owner's interest in the
Common Elements, and such divided proceeds shall be paid into separate accounts, each such
account representing one (1) of the Condominium Units. Each such account shall be in the name
of the Association, and shall be further identified by the Condominium Unit designation and the
name of the Owner and designated as an agency account. From each separate account the
Association, as attorney-in-fact, shall use and disburse the total amount of each of such accounts,
without contibutions from one account to another, toward the partial or full payment of the lien
of any First Mortgagee encumbering ttre Condominium Unit represented by such separate account.
Thereafter, each such account shall be supplemented by the apportioned amount of the proceeds
obtained from the sale of the entire Property. Such apportionment shall be based upon each
Condominium Unit Owner's interest in the Common Elements. The total funds of each account
shall be used and disbursed, without contribution from one account to another, by the Association
as attorney-in-fact for the same puposes and in the same order as is provided in Section 12.7.1 -
Section 12.7.6 above.
In the event that the Owners and First Mortgagees do not elect to terminate the
Condominium Project as provided above, Owners representing at least sixty-seven percent (67 %)
of the total allocated votes in the Association (other than Declarant) and all directly adversely
affected Owners may alternatively agree in writing not to repair and reconstruct improvements
within ttre Common Elements and if no alternative improvements are authorized, then and in that
event, the damaged property shall be restored to its natural state and maintained as an undeveloped
portion of the Common Elements by the Association in a neat and attractive condition. Any
remaining insurance proceeds shall be distributed in accordance with the Act.
Section 12.8. Repairs. All repairs and reconstruction contemplated by this Article XII
shall be performed subsantially in accordance with this Condominium Declaration, the Map, and
the original plans and specifications for the Condominium Project, unless other action is approved
by the Association in accordance with the requirements of this Condominium Declaration and the
other Documents.
wp:rcdoca\Timbcr Fllls.dccs (6. 14.99)Page -33-
Section 12.9. Notice of Damage or Destruction to First Mortgagees. In the event that
any portion of the Condominium Project encompassing more than one (1) Individual Air Space
Unit is substantially damaged or destroyed by fire or other casualty, then written notice of the
damage or destruction shall be given by the Association to each Owner and First Mortgagee of
the affected Units within a reasonable time following the event of casualty damage.
Section 12.10.Obsolescence.
l2.l}.l . If at any time subsequent to the expiration of twenty-five (25) years
from the date of the first recording of this Condominium Declaration, Owners representing an
aggregate ownership of sixty-seven percent (67 %) or more of the Condominium Unis agree that
the Condominium Units are obsolete and that the same should be removed or reconstructed, and
adopt a plan for reconstruction, which plan has the unanimous approval of all Mortgagees, then
all of the Owners shall be bound by the terms and provisions of such plan. Any assessments made
in connection with such plan shall be a Common Expense of the Owners of Condominium Units
and made pro rata according to each Owner's undivided percentage interest in the Common
Elements as reconstructed, which percentage interest shall be based upon the number of square
feet of floor area in the reconstructed Unit as a percentage of the total square fee of floor area in
all the Units.
12.10.2. Any tirne subsequent tro the expiration of twenty-five (25) years from
the date of the recording of this Condominium Declaration, Owners representing an aggregate
ownership interest of sixty-seven percent (67 %) or more of the Condominium Unis may agree
that the Condominium Units are obsolete and that the same should be sold. Such agreement must
have the unanimous approval of every Mortgagee. In such instance, the Association shall
forthwith record a notice setting forth such fact or facts, and upon the recording of such notice
by the Association's President and Secretary, all of the Condominium Units shall be sold by the
Association, as attorney-in-fact of all the Owners, free and clear of the provisions contained in
this Condominium Declaration, the Map and the Bylaws. The sales proceeds shall be apportioned
between the Owners on the basis of each Owner's Allocated Interest, and such apportioned
proceeds shall be paid into separate accounts representing each Condominium Unit. Each such
account shall be in the name of the Association, and shall be further identified by the alphabetic
designation of ttre Unit and the name of the Owner. From each separate account, the Association,
as attorney-in-fact, shall use and disburse the total amount of such accounts, without contribution
from one account to another, for the same purposes and in the same order as provided in Sections
12.7.1 through 12.7.6 above.
Section 12.11.Condemnati,on. lf at any time or times during the continuance of
the condominium ownership pursuant to this Condominium Declaration, all or any part of the
Property shall be Aken or condemned by any public authority or sold or otherwise disposed of in
lieu of or in avoidance thereof, the following provisions shall apply:
wp: r.docs\TEb€r F .lb.d€ca (6.14.99)Page -3,f
l2,ll.l. All compensation, damages, or other proceeds therefrom, the sum
of which is hereinafter called the 'Condemnation Award, n shall be payable to the Association.
12.11.2. In the event ttrat the entire Building is taken or condemned, or sold
or otherwise disposed of in lieu of or in avoidance thereof, the condominium ownership thereof
shall terminate. The Condemnation Award shall be apportioned only among the Owners of the
Condominium Unis in the Building in proportion to their respective undivided percentage interests
in the Common Elements of the Building.
I2.lL3. In the event that part but less than the entire Building is taken or
condemned, or sold or otherwise disposed of in lieu or in avoidance thereof, the condominium
ownership hereunder shall not terminate. Each Owner shall be entitled to a share of the
Condemnation Award to be determined in the following manner: as soon as practicable, the
Association shall, reasonably and in good faith, allocate the Condemnation Award between
compensation, damages, or other proceeds, and shall apportion the amounts so allocated among
the Owners as follows: (a) the total amount allocated to the taking of the Building, or a part
thereof, and reat property on which the Building is constructed shall be apportioned among
Owners of Condominium Unic in the Building in proportion to their respective undivided
percentage interest in the Common Elements of the Building, O) the total amount allocated to
severance damages shall be apportioned to those Condominium Units which were not taken or
condemned, (c) the respective amounts allocated to the taking of or injury to a particular Unit
and/or improvements an Owner has made within his/her own Unit shall be apportioned to the
particular unit involved, and (d) the oal amount allocated to consequential damages and any other
takings or injuries shall be apportioned as the Association determines to be equitable in the
circumstances. If an allocation of the Condemnation Award is already established in negotiation,
judicial decree, or otherwise, then in allocating the Condemnation Award the Association shall
employ such allocation to the extent it is relevant and applicable. Distribution of apportioned
proceeds shall be made by checks payable jointly to the respective Owners and their respective
Mortgages.
ARTICLE XIII
MORTGAGEE'S RIGHTS
Section 13.1. Notices. Each Mortgagee upon written request by such holder to the Board,
shall receive any of the following:
13.1.1.Copies ofbudgets, notices ofassessments, insurance certificates, or
any other notices or statements provided under this Condominium Declaration by the Association
to the Owner of the Condominium Unit covered by the deed of trust;
wp:rodoc.su_unbcr Frlls.dccs (6. 14.99)Page -35-
13.t.2.Anv audited or
within ninety (90) days following the end
Association and distributed to the Owners:
13. I .8.
reasonable time.
unaudited financial statements of the Association
of any fiscal year, which are prepared for the
13.1.3.Copies of notices of meetings of the Owners and the right to be
represented at any such meetings by a designated representative;
13.1.4.Notice of the decision of the Owners or the Association to make anv
material amendment to this Condominium Declaration, the Bylaws or the Articles of Incorporation
of the Association:
13. 1.5.Notice of substantial damage to or destruction of the Unit, or any
part of the Common Elements;
13.1.6.Notice of commencement of any condemnation or eminent domain
proceedings with respect to any part of the Common Elements;
t3.t .7 .Notice of any default by an Owner which is not cured by the Owner
within thirty (30) days after the giving of notice by the Association to the Owner of the existence
of the default:
The right to examine the books and records of the Association at any
Section 13.2. Mongagee Requests. The request of a Mortgagee shall specify which of
the above it desires to receive and shall indicate the address to which any notices or documents
shall be sent by the Association. Failure of the Association to provide any of the foregoing to a
Mortgagee who has made a proper request therefore shall not affect the validity of any action
which is related to any of the foregoing. The Association need not inquire into the validity of any
request made by a Mortgagee hereunder and in the event of multiple requests from purported
Mortgagees on the same Condominium Unit, the Association shall honor the earliest request
received.
Section 13.3. No Impairment of Lien. No violation or breach of or failure to comply
with any provision of this Condominium Declaration and no action to enforce any such provision
shall affect, defeat, render invalid or impair the lien of any Mortgagee taken in good faith and for
value and perfected by recording in the appropriate office, prior to the time recording in said
office of an instrument describing the Condominium Unit and listing the name or names of the
Owner or Owners thereof and giving notice of such violation, breach or failure to comply.
However, any purchaser on foreclosure or person accepting a deed in lieu thereof shall take
subject to this Condominium Declaration.
wp:rldo.i\Timb.r Frlb.dec! (6. 14.99)Pagc -36-
t
Section 13.4. Consent of Mortgagees Requbeil. Unless at least sixty-sevenpercant(677o)
of the First Mortgagees (based upon one vote for each first mortgage owned), and the Owners of
Condominium Units have given their prior written approval, the Association shall not:
t3.4.1.change the pro rata interest or obligations of any Condominium Unit
for the purpose of: (a) levying assessments or charges or allocating distributions of hazard
insurance proce€ds or Condemnation Awards, or (b) determining the pro rata share of ownership
of each Condominium Unit in the Common Elements;
t3.4.2.by act or omission, seek !o abandon, partition, suMivide, encumber,
sell or fransfer the Common Elements; provided, however, the granting of easements for public
utilities or for other public purposes consistent with the intended use of the Common Elements
shall not be deemed a transfer within the meaning of this clause;
13.4.3.use of hazard insurance proceeds for losses to any Unit, or to the
Common Elements for any purpose other than the repair, replacement or reconstruction of the
Common Elements except as is otherwise provided herein.
ARTICLE XIV
DT]RATION OF COVENANTS AND AMENDMENT
Section l4-1. Term. The covenants and resfictiorn of this Condominium Declaration and
any amendments or supplements to it shall run with and bind the land from the date of execution
and recordation until December 31.,2025, subject to the termination provisions of the Act.
Thereafter, the Condominium Declaration shall be automatically extended for five (5) successive
periods of ten (10) years, unless otherwise terminated or restated as provided herein.
Section 14.2. Amendmenf. This Condominium Declaration, or any provision of it, may
be amended at any time by Owners holding not less than sixty-seven percent (67 %) of the votes
possible to be cast under *ris Condominium Declaration at a meeting of the Owners called for that
purpose and by an instrument signed by at least sixty-seven percent (67%) of the Mortgagees
holding First Mortgages agairnt any portion of ttre hoperty Oased on one vote for each Mortgage
owned), except as limited by any restricted language as contained herein. Any amendment must
be executed by the President of the Association and recorded, and approval of such amendment
may be shown by attaching a certificate of the Secretary of the Association to the recorded
instrument certifying the approval of a sufficient number of Owners of the amendment.
Notwithstanding the foregoing, Declarant, acting alone, reserves to itself the right and power to
modifu and amend this Condominium Declaration and/or the Plat to the fullest extent permitted
under the Act.
wp: ftdocs\Tmb.r F .I!.dcca (6.1a.99)Pzge -31-
Section 14.3. Binding Upon and Inure ta the Successors. The benefits, burdens and all
other provisions contained in this Condominium Declaration shall be binding upon, and inure to
the benefit of Declarant, the Association, all Owners and their respective heirs, executors,
administrators, personal representatives, successors and assigns. Any right or any interest
reserved or contained in this Condominium Declaration to or for the benefit of Declarant may be
transferred or assigned by Declarant, either separately or with one or more of such rights or
interest, to any person, corporation, partnership, association or other entity, in accordance with
the provisions of the Act.
ARTICLE XV
MASTER ASSOCIATION
Section 15.1. Master Association Matters. Each Owner, by accepting a deed to a
Condominium Unit, recognizes that (a) the Property is subject to the Master Documents, (b) by
virnre of his/her ownership, he/she has become a member of the Ma.ster Association and is entitled
to all of the benefis and subject to all of the burdens of such membership, and (c) such Owner
is subject to any rules and regulations of the Master Association. Each Owner, by accepting a
deed to a Condominium Unit, acknowledges that he/she has received a copy of the Articles of
Incorporation and Bylaws of the Master Association. Each Owner agrees to perform all of his/her
obligations as a member of the Master Association as they may from time to time exist, including,
but not limited to, the obligation to pay common, civic, and special assessments as required under
the Master Documents.
Section 15.2. Enforcement of Master Declaratinn. The Association shall have the power,
subject to the primary power of the Board of Directors of the Master Association, to enforce the
covenants and restrictions contained in the Master Documents, but only as said covenants and
resricdons relate to the Property, and to collect regular, special, and default assessments on behalf
of the Master Association.
Section 15.3. Membership in the Master Association; Recreqtional Facilities. All
Owners, upon becoming Owners, shall also become members of the Master Association and
subject to the provisions of the Master Declaration, including the obligation to pay certain
assessments to the Master Association. The Association may pay such assessments on behalf of
each Owner, and in that event, each Owner shall pay to the Association as a part of such Owner's
Assessment under this Condominium Declaration an amount equal to the Master Association's
assessment for such Owner's Unit. The facilities owned or controlled by the Master Association
shall be available to Owners as members of the Master Association for such fees and subject to
such regulations as the Master Association, as is applicable, may prescribe.
ARTICLE XVI
Page -3&wp:r.dd.\Trmb€r FdL.de$ (6. 14.99)
I
MISCELLANEOUS
Section 16.1. Perind of Condominium Ownenhip. The condominium ownership created
by this Condominium Declaration and the Condominium Map shall continue until this
Condominium Declaration is terminated in any manner provided in this Condominium Declaration
or by law.
Section 16.2. Supplemental to Colarado Common Interest Ownerchip Act. The
provisions of ttris Condominium Declaration shall be in addition and supplemental to the Act, as
it may be amended from time to time, and to all other applicable provisions of law.
Section 16.3. Conveyanceof CondominiumUnits. trll Condominium Units, whetheror
not the instrument of conveyance or assignment shall refer to this Condominium Declaration, shall
be subject to the covenants, conditions, restrictions, easements, reservations, rights-of-way and
all other terms and provisions contained in this Condominium Declaration, as they may be
amended from time to time.
Section 16.4. Enforcement. Except as provided below, enforcement of the covenants,
conditions, restrictions, easements, reservations, rights-of-way, liens, charges and other provisions
contained in this Condominium Declaration, the Articles, Bylaws, or rules and regulations of the
Association, as amended, shall be by a proceeding at law or in equity filed in the District Court
for the County of Eagle, State of Colorado, against any person or persons violating or attempting
to violate any such provision. The Association or any aggrieved Owner shall have the right to
institute, maintain and/or prosecute any such proceedings, and the Association shall further have
the right to levy and collect charges for the violation of any provision of any of the aforesaid
documents, which charges shall be a perpetual lien in favor of the Association against each
Condominium Unit. In any such action instituted or maintained under this Section 16.4, the
prevailing party shall be entitled to recover its costs and reasonable attorney fees incurred pursuant
thereto, as well as any and all other sums awarded by the Court.
Any dispute between the Association and an Owner or Owners and any dispute between
an Owner or Owners may be submitted to binding arbitration in accordance with the laws of the
State of Colorado. The costs of such arbitration shall be borne equally by the parties to the
arbination and each party shall bear is own atuorney fees. Such arbination shall be heard in Eagle
County, Colorado.
Section 16.5. Non-Wsiyer. Failure by a Declarant, the Association, any Owner, First
Mortgagee or any other person or entity to enforce any @venant, condition, restriction, easement,
reservation, right-of-way or other provision contained in this Condominium Declaration shall in
no way or event be deemed to be a waiver of the right to do so thereafter.
Section 16.6. Severabilily. The provisions of this Condominium Declaration shall be
deemed to be independent and severable, and the invalidity of any one or more of the provisions
wD:rd6\Trnb.r Frlb.dcc. (6,14.99)Page -39-
hereof, or any portion thereof, by judgment or court order or decree shall in no way affect the
validity or enforceability of any of the other provisions, which other provisions shall remain in
full force and effect.
Section 16.7. Number and Gender. Unless the context provides or requires to the
conrary, the use of the singular herein shall include the plural, the use of the plural shall include
the singular, and the use of any gender shall include all genders.
Section 16.8. Captinns. The captions to *re Articles and Sections are inserted herein only
as a matter of convenience and for reference, and are in no way to be construed to define, limit
or otherwise describe the scope of this Condominium Declaration or the inlent of any provision
hereof.
Section 16.9. Conflicts in Documenfs. In case of any conflict between ttris Condominium
Declaration and the Articles or Bylaws of the Association, this Condominium Declaration shall
contol. In case of any conflict between the Articles and Bylaws of the Association, the Articles
of Incorporation shall control.
Section 16.10.Restictinn on Declamnt Popers. Notwithstanding anything to the
contrary herein, no rights or powers reserved to Declarant hereunder shall exceed the time
limitations or permissible extent of such rights or powers as restricted under the Act. Any
provision in this Condominium Declaration in conflict with the requirements of the Act shall not
be deemed to invalidate such provision as a whole but shall be adjusted as is necessary to comply
with the Act.
wD:r.doc!\Timb.r Frlb.decs (6.14.99)Psge -40-
IN WIINESS WHEREOF, the undersigned, being Declarant herein, has hereunto set its
hand and seal this _ day of _, 2000.
BLUFFS AT TIMBER FALLS LLC, Declarant
By:
Title:
STATEOFCOLORADO )
) ss.
coUNTYoFEAGLE )
The above foregoing Condominium Declaration for Timber Falls Condominiums Phase
X was acknowledged before me this _ day of _, 20(X), by
as Manager of Bluffs at Timber Falls, LLC, a Colorado limited liability
company.
Witness my hand and official seal.
My commission expires:
Noary Public
c/p:rldocrYl-roDcr Fllt!.dccr (6. 14.99)Prgc -41-
EXHIBIT ''AU
LEGAL DESCRIPIION
A parcel of land located in the South % of Section 12, Township 5 South, Range 80 West,
of the 6e Principal Meridian, more particularly described as follows:
Begiruring at the Southeast corner of L,ot 13, Bighorn Subdivision Fourth Addition; Thence
North 37 degrees 15 minutes 00 seconds West, along the Southerly lot line of said l,ot 13, a
distance of 105.00 feet to the common corner of Lot 13 and l.ot 12 of said Bighorn Subdivision
Fourth Addition; Thence North 22 degrees 00 minutes 00 seconds West, along the Southerly lot
line of said l.rllt I2,, a distance of 32.17 feet; Thence South 58 degrees 21 minutes 34 seconds West
to the Westerly lot line of Timber Falls Phase IX, a distance of 251.24 feet, Thence South 85
degrees 24 minutes 34 seconds East, along the Northerly lot line of said Phase IX, a distance of
84.89 feet; Thence South 04 degrees 35 minutes 26 seconds West along the Easterly lot line of said
Phase IX, a distance of 79.50 feet; Thence North 82 degrees 56 minutes 24 seconds East, a
distance of 49.23 feet to the Northwest corner of Timber Falls Phase XI; Thence South 69 degrees
19 minutes 49 seconds East, along ttre Northerly lot line of said Phase XI, a distance of 75.97 feet
to the Northeast corner of said Phase XI and the Westerly lot line of Timber Falls Phase 1; Thence
North 36 degrees 06 minutes 2l seconds East, along said westerly lot line, a distance of 154.96
feet to the true point ofbeginning.
wp: r€d6\Timbcr Frtk.ds (6.14.99)Page 42-
f,'xrrnlT n3n
ALIIrcATED INTERESTS
CONDOMINIT'M UNIT AITOCATED INTEREST
v6
v6
U6
v6
u6
t/6
The formula for Allocated Interests is an equal allocation among all Condominium Units.
rD.!d6\Tb6 hLJs (6. 1a.99 hSs4!
Town of Veil
Department ot Communhy Development
75 S. Frontage Road
Vall, CO 81657 .
*^^.' @to/-{l' a}&'*,i-J<ze* 4.
Address:
Project:
Please make checks payable to the TOWN OF VAIL
aeceiptr,to. 5/373
oat" (', r{ t CD
Account No.Item No.Code #Cost Each Total
001 0000314 1110 Zoninq and Address Maps ZA , $5.00
001 0000 314 1112 Uniform Buildino Code - '1997 - Volume 1&2 tJ6 $50.95
001 0000 314 1112 Uniform Buildinq Code - 1997 - Volume 3 s57.20
001 0000 314 1112 lnternational Plumbino Code - 1997 \JO $s6.00
00 0000 314 1112 lnternational Mechanical Code - 1998 uit $35.00
001 0000 3141112 Uniform Mechanical Code -1997 $s3.60
001 0000 314 1112 Uniform Fire Code $36.00
001 0000 314 1112 National Electrical Code $37.00
001 0000 314 1112 Abatement of Danqerous Bldq.'s 1997 $9.95
001 0000 3141112 Model Enerqv Code - 1995 $10.00
001 0000 3141112 Analvsis of Revisions to .l997 Uniform Codes $12.7s
001 0000 314 1112 Other Code Books
001 0000 314 1211 Blue Prints/Mvlar Copv Fees BF $7.00
001 00003141111 Xerox Cooies XC $0.25
001 0000 314 1 111 Lionshead Master Plan ($1.80/$1 .60)MS $40.00
001 0000 314 1111 Studies. Master Plans. etc.MS
001 0000 31s 3000 Penalty Fees/R+lnspections PN
001 0000 311 2300 Plan Review Re-check Fee ($40/per hour)PF
001 0000 31s 2000 Off Hours Inspection Fees OH
001 0000 312 3000 Contractors License Fees t-l
001 0000 312 4000 Sign Application Fee JT $20.00
001 0000 312 4000 Additional Siqn Application Fee 51,
001 0000 311 2200 Desiqn Review Board Fee (Pre-paid)DR
001 0000 31s s000 Building Investigation Fee PN
001 0000 240 3300 Developer lmprovsmsnl Agresmonl Dsposn D2-DEP10 AD
001 0000 312 1000 Restaurant License fee (TOV)RL
001 0000 230 2000 Soec. Assess.-Restaurant Fee to Co.Dept.Rev.SA
'001 0000 201 1000 Taxable @ 4.57" (State) - Tax payable TP
.001 0000 310 1100 Taxable @ 4.0% CTown) - Retall Sales Tax r7
Other/Misc. -MS
001 0000 311 2s00 PEC APPLICANON FEES
001 00003112500 Additional GRFA - "250"PV $200.00
001 0000 311 2500 Conditional Use Permit PV $200.00
001 0000 311 2s00 Exterior Alteration - Less than 100 so. ft.PV $200.00
001 0000 311 2500 Exterior Alteration - More than 100 so. ft.PV s500.00
001 0000 311 2500 Special Development District - NEW PV $1,s00.00
001 0000 31.r 2s00 Soecial Development District - Maior Amend PV $1,000.00
001 0000 311 2s00 Special Development District - Minor Amend PV $200.00
001 00003112s00 Subdivision Fees PV too
001 0000 311 2s00 Variance PV $2s0.00
001 0000 311 2s00 Zoning Gode Amendments PV $2s0.00
Re-Zonino PV $200.00
001 0000 319 3100 Greenstar Program
)ther -MS
I J TOTAL: I __4
Comments:fu*L &"*f
Cash
-
Mon€y order #Check #
F:/Even/one/Fomvsalesacl.exs
ba'
2y10/99
Tan of Urilffr Cusllllfrl RECTIPT ffi
DTE: 6/06/t 0t RECEIPT: 0909016
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IBIDEN DEIRILct( 1851IAIEI 6l%1fr
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RECETVED FROM
RECEIPT- The Town of Vail
\-.{ /;t
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IL:
i
Permit Numbero
Policc RecoipilNumbcn
i/By
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o
ra itr,TOWN OFVAIL
Department of Community Development
75 South Frontage Road
Vail. Colorado 81657
970-479-2138
FAX 970-479-2452
June 8, 2000
Greg Amsden
500 South Frontage Road East, Suite #112
Vail, CO 81657
Re; Timber Falls Building 19 Condominium Map
Dear Greg:
I have conducted a preliminary review of the above-referenced application. Please
supply the following revisions (on paper sheets) at your earliest convenience.
. Please provide a preliminary title report.
. Please remove the "Town Council Certificate" and "Planning and Environmental
Commission Certificate" from the plat. Pursuant to Section 13-6-1(C), Vail Town
Code, condominium map approval is handled at the staff level.
. The addresses on Sheets 1and2 are inconsistent. Please revise.
. The condominium unit numbers on Sheet 1 (Note #5) and all other sheets are
inconsistent. Please revise.
. When your final mylars are ready, please submit the appropriate filing fee for the
Eagle County Clerk and Recorder's ffice.
lf you would like to discuss this matter in greater detail, please do not hesitate to contact
me at (970) 479-2140.
Sincerely,
[<(n/*-
BrentWilson
Planner ll
{g orn"urr ro