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Home My WebLink AboutLIONS RIDGE FILING 1 BLOCK C LOT 5-6 SAVOY VILLAS PLAT REVIEW LEGALPlanning and Environmental Commission ACTION FORM Department of Community Development 75 South Frontage Road, Vail, Colorado 81657 td : 97A.479.2739 fax: 97 0.479.2452 web: www.ci,vail,co.us Savoy Villas Savoy Villas plat review OWNER THEIS, ALE{ANDM M. 1240 LIONSRIDGE LOOP 1-A VAIL CO 87657 License: APPUCANT Walter Realty Group 09/09/2002 Phone: 09 lO9lZO02 Phone: 926-5748 W. Michael Walter POB 19BB Edwards, CO 81632-1988 License: 1240 UONS RIDGE LP VAIL Locationr Lot C Block: Subdivisionr SAVOY VILLAS CONDOS 210312118001 PEC Number: PEC020055Project Names Project Descriptionr Participants: Project Address: Legal Description: Parcel Number: Comments: Motion By: Second By: Vote: Conditions: BOARD/STAFF ACTION Actioni STAFFAPR Date of Apprcvalt 0912512002 Cond: B (PLAN): No changes to these plans may be made without the written consent of Town of Vail staff and/or the approprlate review committee(s), Planner: Allison Ochs PEC Fee Paid: $100.00 I co N Do M I N I ri;;Hff;3i JSF'^ r F EV,EW(l.lTl,E-tl' . Vail Municipal Code) (pleaso print or type) . ,/ .''7>,.^ ^ . ^PPLtc^Nr rtfu/1t5.j;/c MA|L|NG o2r^uu *- enoNe 3d3 zqs-- z//.*.y're-p;*at, /, .' aloooor"" /O. /3,t/ /t?t8 Xdwrlrha-\E qAb.O7{e ei/ Jr'64L- U. )F FROPERTY-OWNER ?tir,^ ^----'l Ft Ltt/. ----.-OWNER'S SIGNATURE PHONE MATLTNG oro^u""&lz{ - B.APPLICANT'S REPRESENTATIVE D. LOCATION OF PHOPO$AL: STREET ADDRESS LOT Date Received by the Community DevelopmentDeparlment CHECK # rurc 4re6r2// DATE &ooo \ E. F. APPLICATION FEE $1OO.OO PAID MATERIALS TO BE SUBMITTED: 1. rb. J" r'' d. Tw,o mylar copies and-one paper copy of th€ subdivisi.n prat shafl be submittedto lhe Doparhent oi Comrnunjty Deve/opment. ffr" piri !t rrf include a sitemap with the following requlfements: The final plat shall be drawn by a registered surveyor in Indla ink, orother substantial solution, on a reproducible meOlu'm lfrefeiabty myla4with dimension st twentyiour by inirty_six incnes anO lnatf bl at a scaleol 0ne hundred leet to 0ne inch or laiger wittr margins olorie ano one-hatt to two inches on the toft and one_ha[ inch on irt otnri .iou". Accurate dimensions lo the nearest one_hundredlh of a foot for all lines,angles and curves used to describe boundariss, streeii, seiUa"rs,alleys, easements, structures, arsas lo be ressrved ol. J"Oi.ituo to.pubric or common uses and'other important teatures. n|| .uluu. ,n"rr oucircular arcs and shalt be defined by lhe radius, cenhai angile, orcsc-ored distances. and.bearing. All dimensions, boh tinear "aio angutar,are to be delermined by an accurate control survey in the ljeid whichmust balanca and close within a limit ol one in len lhousand, North arrow and graphic scale. A systematic identification of all existing and proposed buildings, units,lots, blocks, and names lot all slreets_ RECE!UEB 5EP .i' Y ?002 & eop--co-S An identification of tho streets, alleys, parks, and o rer publlc areas orlacilities as shown.on the plat, and a dedicalion fn"r"oif" tn"i"il"""'use. An ldentilication of the easomenls as shown on lhe plar and agrant thereof to the public use. Areas reserved ior future luOffcacquisition shall also be shown on the Dlat A written survey descriplion of lhe area including the total acreage ro thenearest appropriate stgnificant figure.. The acreige of each lot o; parcelshall be shown in lhis manner as well. A description ol all survey monumBnts, both found and set, whlch marklhe boundaries ol the subdivision, and a descrlpflon of all monumentsused in conducting the survey. Monument perimeter p"r CotoraOostatutss. Two perimetor monumenis shall be establis'hed as majorconlrot monuments, the materials which shall be dstermined by ihe townengtneer. A statement by the land surveyor explaining how bearing base wasdetermined. A. certificate by the registered tand surveyor as ouflined in Chapter j7.3A of this tille as to the accuracy of the survey_and ptat, anJ that ne sunr'eywas performed by him in accordance with Colorado Revised Statutes 1 973, Title 38, Articte 51 . A certilicate by an attorney admilted to practice in the State of Colorado,or corporate ti e insurer, that the owne(s) of record dedicating to thBpublic the public right-of-way, areas or iicilities as shown ih.ruon ur"tne owners lhereof in tee simplo, tree and clear of all liens andencumbrances except as noted. The proper lorm tor filing of the plat with the Eagle County Clerk andR6corder. Certificale of dedlcation and ownershlp. Should the cerlilicate oldedication and ownership provide for a dedication of land oirmprovements to the public, all beneliciaries of deeds of trust anomortgage holders on said rBal property will be required to siqn thecerliflcate of dedication and ownership in addition Io the tee simpleowner thereof. h. 2. m. All current taxes musl be paid prior to the Town,s approval of plal. Thisincludes laxes which have been billed but are n0t y'ei Oue. ftecertiflcate of taxes paid must be signed on the plai or a statement fromthe Eagle County Assessor's Office must be provided wim tne submittalinformation stating lhat all taxes have been paid. n. Signaiure of owner. The condominium or lownhouse plat shall also Includa floor plans, elevationsand cross:sections as necessary lo.accurately determine ina'ivloual air spacesand/or other ownerships and if the proioct was built substantially the same asthe approved plans. A copy of the condominium documents for staff review lo. assure that there aremaint€nance provisions included for all commonly owneO aieas. APPROVAL PBOCESS, REVIEW CRITERIA Upon receiving two copies of a complete submittal along with payment o, lheappropriate fee, the zoning adminisrrator sharr route one copy oriho site map to thetown engineer for his review. The zoning adminislrator shall'then conduct this reviewconcurrenlly. The town engineer shall review the submittal and relurn comments and H. notiflcations to the.zoning administrator who sha transmit tlapprovatwi,r modiricatio"ns or tne prarwitni; i;;;i,;;;;;;:'i:",f,3H;fi:"..f"p;ovar or zonjng- administrator shal sign the frat if uppr;;;;; iefiuiro mooitications on tho prartot .approvat or deny approval oue io inconiist"n"is" *irn-liu "ngi"tt #;;;#;"d.or taiture lo make olher required moditications ot tne Jf ai. FILING AND RECORDING The zoning administrator shat be the finar .signature requireo on the prat so that rheDepartment of Community Development wilt be responsiOle for promp y rebording theapproved prat wirh'r8 Eagre county.crerk ano neiorJei. lees ror recording sha, bepaid by the appricant. Tne community. oeu"ropment 6-e[aitment wirr retain one myrarcopy of flre plat for Iheir rocords and will rooord tnu ,"rniining mytar copy. lf lhis applicarion requires a separate. review_ by any local, state or F8deral agencyother than lhe Town of Vail, the application fee snjlt n"-in.ruu"uo by $200.00.Examples of such feview, may incrude, but are not iirnit"alo' cororado Department ofHighway Access perrnjts, Army Corps of engineeis a6;,liJ. The€ppricant sha' be responsibre Ior paying any pubrishrng tees which are in excessof 50% of the application tu" Il 1! ,lu,g,ppiicani's requestjnny *urtul. is posrponed forhearing, causing the matter to be.re,pubtisileO, tnen rde eniiie fee tor such re_publication shall be paid by the applicant. Apptications deemed by the Communjty Development Department to have significantd0sign, land use or other issues which mav n"u" i"ignifi;lnt impact on thecommu.nity may require review by consullanls other th"an fown statt. Should adelermination ba-made by the town stafl that an outsiJe consurtant is needed to revrewany applicalion, the Community Development O"partment may htre an outsideconsurtant, it sha, estimate the amount of money ns'essary ro pay him or her and thisamount shall be forwarded Io the Town by the app cani at ih. tirn" he files hisapplication with lhe communitv Deveropment oeieiarrmenL' i.rpon comprerion of thefy,:: "] tL" appticarion by the consrtlanr, "nv .,iin. rrnir'l;*";;;i;; ih.iool.u",ror paymenr of the consurtanr which have not been paia m irre consurtant sha,| be I::y:l-1d- 1", the applicant. Expen-ses incurred by tnu fo*n in r*."r. of rne amountrorwarded by the apprication shat be paid to lhe Town by th6 appricant within 30 daysoI notification by lhe Town. sgB=0s-,02 |,loN Sep 03 Oa eA:00 Pil (}8! !l:ia BIIAB llic rral cer ?Jp APPLICANT'S BE]g. RE S ENT'A ADDFESS PBOPERTVJ OWNER'5 MA]LING O. LOCATION OF PROPO$AL: .S]'REET ADDHESS FR}( N0, 30329322€9 r@ P, 01 o'' Oale Hecolvod by the Community DevelolmentDeparlrnent ___ coN Do_M'N r$i;LJfi,trri.l3ilJSf ,o, " ru,. *(IlTf,Etl3^'-'.: Vall Munlc;pal Cod€l(peas6 print o/ rypa) 'giv<_ &) +ts Lor___ BLocK_ EUBDwtgoNrfuhlLU iUgr_ FIuNG . AppLlcATtoN FEE $t00.00 pAlo-: cHE"n n__--_ *J- MAT€NIALS To BE EUSTIITTEDI. 1. Two mybr coples and one lapor copy,ol tho Gubdlvislon ptri sha be sugrnill66lothe Departmgnl of Comntu ry Davolopment, The plaishelt inctudaa stt6. inap wiltr the lollowlng requilemenb. a. Ths Jinalgfal shall bed.awnty a{sgi.stered survoyor In Indtr Ink, of i:f 'ril:i5llli,*:,lf r,.on a rerroducibh *ecri,in 6pre.ru,arp i.,ira4 or one hun*ed ie ji iJ,J"'""il,,irJllll;y*ffiH,?;..1fl .T * ji#. .h8ll to lwo Inchgs on the lelt and ono--hitr n"r, on "atf."oiio, ooe.. \ b. Aocurat€ dimenstorls lo,,pTl,:r, on€-hu0dredth ot a,oo or att.tines,angtas and cuffRs usel^.1: -d:scabs ooundarbJ, ;truu,i..rubuoi",a oys, Easoiheits, str1clur9s,-,af€a.s to fa ,""u-nE o-iLa""toa ro,prlt*oor coftrnon uses and oflror_lmportanr.reatuios]' fii ouru. .nal| u. ckeuter arcs and sbal be- dlrineo. UV. inJ,"Ol.Jiii"n-fraiingtu, uroseor'd distancas .no T11n!: Al dimensrons, bJiiiri*i, "nc uqgorur.ars l0 bo dolsmtnsd by _an accurale confrot survey in rrl faH.whlch. mrst batsncs and dosE within a jimit ot o,le h i;;T;;;.". Ir' c. Norlh atrow and gr3phic sr-ats. r/ d. A:ystema$e irretttfic.ilion ot.a €xisling and proposed buildings. unlls,lols, blocts. afld namos lof a( slfccls. ****,**l***+t**8*d.1.***+*i*'}***t's****+**'|'**{.{.*'t*+***,||*'t.*+{.{.***'}'i+***'*'l{i{.*******+*'**|.+***+****!t. TOWN OF VAIL, COLORADO Statem€nl ****{ * **+*+r}:}*** *1.*{.t**+**+**'}*{'******{' {t * ** * * + + {t +* * * * **{' * t + +* * *t **tt+***+*****{"r*{'* ***d'****** gtatement Nuriber: R000003049 Amount: $100.00 09/09/200204:23 PI4 Payments Method: Check IniE: JA"R Notation: 5294 WaLter :::i:1_::::: Permit No: P8C020055 Type: PEC - Condo/T'H' Plae Re Parcel No: 210312lL 8001 Sit.e Address: 1240 LIONS RTDGE LP VAIIJ Location 3 Total FeeE: S100.00 Thi€ PalmenE: $100'00 Total ALL Pmts: $100'00 Balanee: $o. oo ***'}******+*'l********+************.ti)t**{.:}******{.{.**********{.t*********,f*jl{.d.!t**;'l*+'*:|.t}*t****{ti# ACCOUNT ITEM LIST: Account Code Description Current Pmts PV OO1OOOI]31125OO PEC APPLICATION FEES 100 .00 FOURTH SUPPLEMENT TO CONDOMINIUM DECLARATION F'OR SAVOY VILLAS CONDOMIIYIUMS THIS FOURTH SUPPLEMENT TO CONDOMINIUM DECLARATION FOR sAVoY VILLAS CONDOMINIUMS, (this "supplemenr') is made this _ day of September,2002by BWAB Incorporated, a colorado corporation (ure "oectaranF). RECITAIS A. The Condominium Declaration for Savoy Viilas Condominiums dated August 16, 1994 (the "original Declaration') was recorded on August 23, 1994, in Book 648 at Page 401 and the Condominiurn Map for Savoy Villas Condominiums was recorded on August 23, 1994 ("original Map") in Book 648 at page 402, both of the records of the Office of the Eagle County Clerk and Recorder. A. The Original Declaration was amended by First Supplement to Condominium Declaration dated June 9, 1995 (the "First Supplemental Declaration") which was recorded on June 13, 1995 in Book 669 at page 285 and the original Map was amended by First Amendment to Savoy Villas Condominiums (the 'First Supplemental Map") which was recorded on June 13, 1995 in Book 669 atpage 284, both of the records of the Office of the Eagle Counly Clerk and Recorder. B. The Original Declaration, as amended, was amended by Second Supplement to condominium Declaration dated December 9, 1997 (the "second Supplemental Declaration') which was recorded on December ll, 1997 in Book 746 at Page 162 and the original Map was amended by second Amendment to Savoy Villas Condominiums (the "Second Supplemental Map') which was recorded on December 11, 1997 in Book 746 at Page 161, both of the records of the office of the Eagle county Clerk and Recorder, C. The Original Declaration, as amended, was amended by Third Supplementto condominium Declaration dated April 23, 1998 (the "Third Supplemental Declaration') which was recorded on April 30, 1998 at Reception Number 654291 and the Original Map was amended by Third Amendment to Savoy Villas Condominiums (the "Third supplemental Map") which was recorded on April zg, rggg at Reception Number 654061, both of the records of the office of the Eagle county clerk and Recorder (the Original Declaration as amended by the First Supplemental Declaration, the Second Supplemental Declaration and the Third Supplemental Declaration is hereinafter referred to as the "Amended Declaration" and the Original Map as amended by the First Supplemental Map, the Second Supplemental Map and the Third Supplemental Map is hereinafter referred to as the "Amended Map'). C:\Program Files\America Online 7.0\download\2963lFOURTHSUPPLEMENTTODECLARATION2g63-l .doc Page I of3 D. Declarant intends to file a fourth amendment to the original Map (the "Fourth supplemental Map") for the purpose of creating units 5A, 58, 5c and 5D anrl appurtenant Common Elements and Limited Common Elements. E. Section 3.10 of the Amended Declaration gives the Declarant the right to create additional units, Common Elements and Limited common Elements in the locations shown as "Development Rights Reserved in this Area" on the Plat and plans. The Unit, common Elements and Limited common Elements shown on the Fourlh Supplemental Map are in the locations shown as "Development Rights Reserved in this Area" on the Original Map. F. The rights of the Declarant to create additional Units, Common Elements and Limited Common Elements pursuant to Section 3.10 of the Declaration were conveyed to BWAB Incorporated pursuant to instrument recorded September _, 2002 at Reception Number Recorder. of the records of the Office of the Eagle County Clerk and 1. Declarant hereby creates the Units, Common Elements and Limited Common Elements as set forlh in the condominium map entitled Fourth Amendment to Condominium Map for Savoy Villas Condominiums recorded Seotember 2002 at Reception Number of the Records of the Office of the Eaele County Clerk and Recorder. 2. The Allocation of hrterests allocated to each Unit is amended as set forth in Exhibit A attached hereto and incorporated herein. Executed as ofthe date first set forth above. BWAB lncorporated C:\Program Files\America Online 7.o\downloadu963 lFOURTHSUPPLEMENTTODECLARATION2g63- I .doc Page 2 of3 STATE RADO CERTIFICATE I, NAIALIE trtEyER, Secretary of State of the State of CoTorado hereby certlfy that the prexequlsJ'tes for t.he issuance of this cartiticate have been fuJ.f irJ.ed. r-n conpri- ance with law and. are tound. to confotm to Jaw, Accordtngly, the uad.ersigned, by virtue of tha authortty vested in me by Law, hereby issues A CERTI?ICATE O? INCONPORATION TO SAYOY VI,LLAS CONDOAI,NIUA ASSOCIA?ION, LNC , A lfOr\tPROF-If CORPORAT.IOII . DEPARTMENT OF Dated: APRIL 18, 1.994 SECRETARY OF STA J a(S, ARTTeLES rNcoRpoRATroN ^S* sAvoy vrt-,l,As coNDoMrNruM AssocrATroN, +" (A NoNpRoFrr coRpoRATroN) I, the under:r?::q lltu5at pe^rson of rhe ageor more, acting as. incorporator -of a corporatioiNonprofit corporation law for the Corporation: of nineteen yearsunder the Col-orado s*f{,F}& c$FY s#t I o4df!,1 -,f 'i, $$, ro rNC. ARTICLE T Name The name of this corporation (rrAssociationrr herein) is sAvoyVILI,AS CONDOMINTUM ASSOCIEiTOU, rNC, ARTICLE fI Purpose The purposes for which the Association is formed are as forlows: (a) To operate the comnon rnterest conmunity. known as savoyvir-las condorniniums, located in th;-;;;icipality of vail,Cororado in accordance with tn. i"qirird;;l; -;";*-;,., Association of unit owners chargea wiirrl.rre adrninistrationof Property under the col-oraAo- cornrnon Incerest ownershipAct of the statutes of the state of-coi"r"do as arnenaeaiincludins, wirhout timitatio""- JrrL -!?"";;1iiy ;;..*#"foregoing, the perfornanc.e of the f-oltowing acts andservices on a noC_for_profit basis:-- (i) The acquisition, construction, rnanagement,supervision, care, opera_tion, *uini*r,"nce, renewar andprotection of al.I build.i1dsr rtr.,"r..r"", g.rounds,roadway and other faciliti6s' and- rnstar_rations andappurrenances thereto relat,ing to the propertv "r iii"common Interest communityi to-proviae roainte";";; ;;;the common Elements witnin^ th.- common rnterestComnunity; to provide garbage ana-trasn collectioni tonr?ylde- securiry proiectidn; to -*Li.t.fi-i;;;;' ;;E.rees; _to supplement. rnunicipal services, t" ""f"*J"any and arl covenants, restrictions and ug"""r""i,applicabre to the common r"t"i"rt- cornnunity; -_;;, insofar as perrritted by ruw, -to--al "tty other thinqthat, in rhe opinion or the nxecutivJ il;;;, ";iiipromote ttre comnon benefit and enloynent of theresidents of the connon rnterest comrnirnity ---- (ii) The preparation of estimates and budgets of the cosLsand expenses of rendering =.r.li - services andperforning, oF contraqting or entering into agreernentsfor such performance, as provided. for j_n orcontenplated by this subparjgraph (ii), u"O- ti,!apportionrnent of such estinate-d iosts and expensesamong and the colrection thereof fron the unit ownersobligated to assume or bear the same, and theborrowing of money for the Association / s purposes,pledging as security Lhe income due from unit ordnersand from others and property of the Association andthe common Erernents of the comnon rnterest communr-y. (i-ii) Enforcing on beharf of said unit ownersf such Rules asnray be matle or prcl tu]gai-eti iry the Execlrt.i'\:e ,.Jo;j rd. wrthrespect to the safe occupancy, reasonable use andenjoyment of the buildingi, slructures, and groundsand facili-ties of the Comnon Interest iomnruniiy, ;;dto enforce conpliance therewith includ.ing the llvy off i-nes. (lv) Performingy or causing to be perforned, a1r such otherand additional services and acts as are usuallyperformed by nanagers or managing agents of realestate developments, including w:_tnorit ]imitation,keeping or causing to be kept,-appropriate books andrecords, preparj-ng and filing necessary reports andreturns, _and making or causing to be nriae luaits ofbooks and accounts - (b) To retain counsel , auditors, accountants, appraLsers andother persons or services tha.t nay be ,,""drr.ry for orincidental to any of the activities herein deseribed. (c) To do and perforn or cause to be perforned al-1 such otheracts and services that may be necessary, suitable orincidental. to anv of the forec,ring purno="J and objects tothe fulrest extent per'nitted by raw ana to acquir6, seri,mortgage, Iease or encumber any rear or persorial pi"p"riyfnr l- ha h,,Fl1OSeS afOfeSaid.ee qr,lr!E=Jct_LLl . (d) To promote the health, safety, welfare, and comrnon benefitof the residents of the Connon fnterest Community (e) To do any and arr acts and things permitted to be done by,and to have and to exercise any and arr powers, rights ai-rdprivileges which are granted to a common fnterest cornnunityAssoci-ation under the colorado uniform conmon rnterestOwnership Acb, the Declaration, the Bylaws, and to anonprofit corporation under the laws of the state ofColorado, The foregoing sLatements or purposes shart be construed as astatement both of purposes and of powers, ald purposes and powers ineach clause shalr" not be lirnited . or restrictia by reference to orinference from the terns or provisior= oi ;"y ;;;"; ct-ause, but shaltbe broadly construed as independ,ent .puip"s*J- a'o po\^/ers, theAssociation shalr not, except to an insubstintial degree, engage inany activities or exerc^isg any powers that are not r-n furtherance ofthe primary purposes of the A-ss^ociation ARTTCLE rrr Du.ration The duration of the corporation shal l be perpetual. The Association shallof stock. ARTICLE TV Nonprofif, be a nonprofit corporation, without shares ARTICLE V The authorized number and quarifications of members of theAssociation, the different classes and rnembership, i;-;";, ii;*property, voting and other rights and privileges of mdmbers, .r,i'tn.i,riability to dues and asselsnents and tha methoal of co]rectionthereof, shal-l be as set forth in the Byraws and the Deelaration. ARTICLE VI Cofporate Office The initial registered offic:e of the Associatron sharr be 1200Lionsridge Loop, Vail-, CoLorado ill-657. ARTICLE VII Agent fer Service The initial registered agent, of the Association shall be Idalid.said, whose rnailing address ii rzoo tionsriaq;-i;;p, vair, colorado8t_657. ARTICLE VITI Executive Bgard The initiar Executive Board sharl consist of three persons, andsaid number may be changed by a duiy adopt"a u*lno*.nt to section r_.olof the ByJ-aws. The nanes and addres"s=-?f the persons who sharr serve :: ?:i:"";::s unril rheir successors shat] b" .t;;l;; and quarified are waLid said 1100 North Frontage Road WestVail, Col-orado 81657 illohannad i,ialas 1536 Dunwoody, #I2ODunwoody Village parkway Dunh/oody, ceorgia 30338 Ross Jansen 1100 North Frontage Road WestVail , Colorado 81657 ARTTCLE IX subject to the provisions of _the- Decraration, a director of theAssociation shalr- not be personarly 1iab1e t; th; Association or toits mernbers for monetary -d.*.g"" for breacr of - f-iar-.,:iary duty as adirecto-r grceqt as fo]]ows. ihis provision stratt not erininate orlimit the liability of a director to the essociation o. t.o its membersfor monetarv darnages. fo.r (a) any breacrr oi irr" oii"";;.,; i.iii="tloyalty to the Association'or to its mernbeisr--iOi- acts of omissionsnot in good faith or which involve intentional'tniJJona.tct or a knowingvi-olation of the .1aw; (c) a.cts specifiecl i"-s".ti.n 7-24-rr1 of theColorado Nonprofit Corporation Act; or (d) any transaction from whichthe director derivgd any irnproper personal. benefit. rf the cororadoNonprofit corporation act nereartei is amended io eriminate or rirnitfurther liability. of a director, then a director of the Associati-orr,in addition to the circumstances in wrrictr-u-olr!.ror shar.r not benersonally ]iable as set forth above, shall nol- r. llable Lo thefurrest extent perrni,tted by the cororad.o l,i""pi"iiC corporation Act soamended. Any repeal or rnodification of this'section 65.3 by the Boardof Directors or the members of rhe Association sharr- ,,of aoreiseiyaffect any right or protection of a director of the Associationexisting at the tirne of such repeal or rnodification. The name and address ARTICLE X Incofporator of the incorporator is as fol1ows: Jay K. Peterson 1OB S. Frontage Road WestSuile 307Vail, co 81657 ARTICLE X] AnCnd$-en! Amendment of these Art'c'es sharr require the assent of at leascseventy-five percent (75E) of the Executiire soard. The Articr-es canbe amended without the consent of the First r,ienors as long as suchamendrnent is consistent with the Decl-aration ARTICLE XII The cr-ass, rights and qualifications and the manner of er-ectionor appointment of mernbers ar-e as folrowsi A;t p"r"o' who holds titleto a unit 1n the common rnterest cornmunity ,rr"ri n" a member of theAssociation. There sharr- be one rnembership ror eich unit owned withinthe common rnterest comrnunity. such,"rn.frnip .iJir be autornaticarlytransferred upon !19 _convgyinc. of such unit.' rrr.-rrotu to whish eachnenbership is entitred i; the y"!" assigned t" its unir in theDecLaration of the cornrnon rnterest cornmunidy- rl-a unit i" o"nla-fynore than one person, such persons snaii idrl*1-*ong thenselves howa vote for such uiltfr,mernbeiship. is to be cast. rndividual co-ownersnay cast voLes according to Artic_le. 6.01cci-or lne oecraration. Avote by a co-owner for the entire unit,u ^J*ir*iurlip r-r,t*r*"t shalr_ bedeemed to be pursuant to a val j.d nroxy , unless anotier co_or,rner of thesame unit objects at the tirne €he vote is cast in which case suchnembership/s vote shall not Lre counted. The members shalr. be of one crass: unit owners who sha1l 0wnsuch units as defined in the Deelaration. these unit owners shalt ;::;:rliloll*0.r" of rhe Execurive Board, excepr as specified by rhe The Executive Board shall elect the officers. The ExecutiveBoard nernbers and officers sharr- take offi"" ;;;; er-ection. Notwithstanding any provision of the Decl_aration or Bylaws to thecontrary, foll0wing notice under section r. o: t"; of the coloradocommon rnterest ownership Act, the unit owner",- t] a two_thirds vote of a1r- persons present and entitred to vote at any rneeting of the unitowners at which a. quorum. is present, *uy t"*o.i" any nenber of theExecutive Board with or without, cause/ other than a member appointedby the Declarant. Horders of security rnterests in the -units nay have or be grantedcertain rights of approval or disapproval 0f cerlain acti.ons of theAssociation or its nrembers. ARTICLE XITI DISSOLUTION upon the dissoruti-on of the Association, asseEs shart bedlstributed for one or more exempt purposes wrthin the rneaning ofsection 501(e) (3) of the rnLernal nevlnrie code, o. trr. correspondingsection of any future federal tax code, or snatt ne alstriuuted to thefederal government, or to a state_.or rocar- government, for a publicpurpose. Any such assets not so disposed of shar.l be dispos"a'-"i-[va court of conpetent Jurisdiction of lny county in wnicrr tnl principlof f ice of the Association is then r-bcated j .*"rur:_.r.ry for suchpurposes or to such organization or organi_zations, as said court shalldetermine, which are organized and bperated elclusivery for suchpurposes. rN wrrNEss WHEREOF, the undersigned incorporator has hereunto sechis hand and seal this 3Fouy orfon*=J[':-], rssl. STATE OF COLORADO COUNTY OF EAGLE r, Nancy L. Estes, a notary pubric, herebry certify that Jay K.Peterson personally appeared before me, who ne-ing by me first dulysworn, decLared that he is the. person who sig"ned trre ioi.g;i"gdocument as j-ncorporator, and that the staternenti contained thereinare true. witness rnrhereof . r have hereunto set my hand and sear thi-s$q;garch, A.D. 1994. ss. eterso on expires on: BYI.,,AWS OF SAVOV VILI,AS CONDOMINIUM ASSOCIATION, INC. ARTICLE I TNTRODUCTION These are the Bylaws of savoy villas condominium Association,rnc.. a nonprofit corporation. capitalized terms are defined inArticle 2 of the Declaration. ARTICLE II EXECUTTVE BOARD Section 2.L - Nunber and Qualification; Terrnj.nation of DeclarantControl . (a) The affairs of the common rnterest community and theAssociation shall be governed by an Executive Board which, sharrqonsist of not less than three (3) persons nor more than five (5)persons, who shall be unit owners, except as provided in section 2,2below. . rf any unit is owned by a partnership, corporation or trust,any officer, director, partner, trustee or employee of that unit ownershall be eJ-igible to serve as a Director and sharl be deemed to be aUnit owner for the purposes of the preceding sentence. The terns of the Directors shall" expire annually, (c) The Executive Board shall e]ect the officers. The Directorsand officers shall take office upon election. section 2.2 - selection of the Executive Board. Directors shallbe serected in accordance with the provisions of this secti-on. (a) Notwithstanding anything to the contrary provided forherein, Declarant shall be entitled during the Dealarant controlPeriod (defined below) .to.appoint and remove members of the savoyVillas Homeowners Associationrs Executive Board and officers of thesavoy Villas Homeowners Assoeiation, subject to the follor,cingrestrictions: (b) Not rater than sixty (60) days after conveyance by Deslarantof twenty-five percent (z\z) of the units that may be created. toowners other than Declarant, at least one member and not less thantwenty-five percent (25?) of the members of the Executive Board shallbe elected by Unit Members other than Declarant. (b) l (c) Not later than sixty (60) days after conveyance by Declarantof fifty percent (50?) of the units thit rnay be crealed to 6wners, nor]ess-than thirty-three and one-third perceit (33 r/32,) of the rnernbersof the Executive Board shall be eLeited by rinit l,tetn'b"rs other thanDeclarant. . (d) No later than the termination of the Decr_arant controlPeriod, the owners shall elect the entire Executive Board. of which at.least a najority must be ov/ners other than Declarant or its desiq;ee. (e) The Declarant control period is hereby defined as the periodof tirne commencing on date of incorporation of the savoy iritra"Homeowners Association and terninating on the earliest of thefollowing events: (i) sixty (60) days aiter conveyance by Declarantof seventy-five percent (7sz) of thL units that rnay be created .to owners other than. Declarant, (ii) two (z) years after the lastconveyance of a unit by Declarant in the ordiniry course of businessor.two years after any right to add new units wa3 last exercised, or(iii) the date on which Deblarant voluntariry relinquishes ;;;;-;;r;,evidenced by a notice recorded in the office -ot trr" cLerk and Recorderfor Eagle County, Colorado. section 2.3 - powers and Duties. The Exeeutive Board rnay act inal"l instances on beharf of the Association, excepi as proviael in UieDecraration, these.Bylaws or the Act. The Execut-ive Board shall have-subject to the rimitations contained in the Declaratlon ana tne aci'the powers and duties necessary for the adrninistration of the .rf.irlof the Association and of the common rnterest community which ,n"lrinclude, but not be limited to, the following: (a) Adopt and amend Bylaws and Rules and regulations; (b) Adopt and amend budgets for revenues, expenditures arrdreserves i (c) collect assessments for common Expenses frorn unit owners; (d) Hire and discharge managing agents; (e) Hire and discharge emproyees and agents other than rnanagingagents and independent contractors. (f) rnstitute, defend or intervene in litigation oradrni-nistrative .proceedings or seek injunctive r.ii.r for vioLationsof the Association's Decraration, Bylaws or Rules in the Association/sname on behalf of the Association or two or more unit owners onmatters affecting the Conmon Interest Cornrnunity; (S) Make contracts and incur liabilities; (h) Regulate the use, maintenance, repair, replacement andnodification of common Elements. (i) cause additionar irnprovements to be rnade as a part of theCommon Elehents; (j) Acquire, hold, encunber and convey in the Association,s naneany right, title or interest to rear estate or personal property butcommon Elernents may be conveyed or subjected to a security interestonly pursuant to Section 38-33.3-3IZ of the Act; (k) Grant easements for any period of time including permanenteasenents, and leases, Licenses and concessions for no noie than oneyear, through or over the Cornmon Elements; (I) Impose and receive a payment, fee or charge for the use,rental or operation of the conmon Elements, other than Linited commonElernents, and for services provj_ded to Unit Oh/ners; (n) rmpose a reasonable charge for late payrnent of assessmentsand, after Notice and Hearing, revy a reasonable fine for a viol,ationof the Decraration, Bylaws, Rules and regulations of the Association; (n) rmpose a reasonable charge for the preparation and recordingof arnendment to the Declaration or statements of unpaid assessments; (o) Provi-de for the indennification of the Associationrsofficers and Executive Board and rnaintain Directors, and officers,liability insurance; (p) Assign the Associationrs right to future incone, includingthe right to receive Common Expenses assessments,. (q) Exercise any other powers conferred by the DecLaration orBylaws; (r) Exercise any other power that rnay be exercised in the stateby a legal entity of the same type as the Assocj_ation; (s) Exercise any other power necessary and proper for thegovernance and operation of the Associationi and (t) By resorution, estabrish committees of Directors, permanentand standi-ng-, to. perforrn any of the above functions under speLificatlydelegated administrative standards, as designated in trre resolutionestablishing the comrnittee. A11 committees must maintain and publishnotice of their actions to unit owners and the Executive Board.However, actions taken by a conmittee may be appealed to the ExecutiveBoard by any unit owner within forty-five (45) days of pubrication ofsuch notice, and such comrnittee action rnay be ratitied, rnodified or rejected by the Executive Board at its next regular meeting. section 2.4 - standard of care. Jn the performance of theirduties, the officers and members of the Executive Board are requiredto exercise the care required of fiduciaries of the unit owner!. Section 2.5 - Additional Linitations. The Executive Board. shallbe additionally limited pursuant to Article 6.03 of the Declaratiorr. section 2-6 - Manager. The Executive Board nay enploy a managerfor the cornmon rnterest Conmunity at a compensation estaUfilned by itreExecutive Board to perform such duties and services as the ExecitiveBoard shall authorize. The Executive Board may deregate to themanager only the powers granted to the Executive Board by these Bylawsunder subdivision 2.2 (c), (e), (g) and (h). Licenses, concession! andcontracts may be executed by the manager pursuant to specifi_cresolutions of the Executive Board, and to furfirl the requiiernentsof the budget. section 2-7 - Removal of Directors. The unit owners, by a two-thirds vote of all persons present and entitled to vote at any meetirrgof the unit owners at which a guorum is present, may rernove anyDirector of the Executive board with or without cause, other than aDirector appointed by the Declarant. Section 2.8 - Vacancies. Vacancies in the Executive Board causedby any reason other than the renoval of a Director by a vote of ttreunit owners, may be fired at a speciar meeting of the Executive Boar:dheld for that purpose at any tine after the occurrence of any suchvacancy, even though the Directors present at such meeting mayconstitute l-ess than a quorumf in the iollowing manner: (a) as to vacancies of Directors whom Uni-t owners other than theDecLarant elected, by a majority of the rernaining such Directorsconstituting the Executive Boardi (b) as to vacancies of Directors whom the Declarant has tlreright to appoint, by the Declarant. Each person so elected or appointed shalr be a Director for theremainder of the term of the Director so replaced. section 2.9 - Regular Meetings. The first regular meeting of theExecutive Board following each annual rneeting of the unit ownefs shallbe herd within ten (lo) days thereafter at such time and, place asshall be fixed by the unit owners at the meeting at which suchExecutive Board sha]l have been elected. No notice shall be necessar:yto the newly .el-ected Directors in order to tegally constitute suchmeeting, providing a majority of the Directors inarr be present. TheExecutive Board rnay set a schedule of additional regulai rneetings by resorution and no furttrer notice is necessary to constitute suchregular meetings. Section 2.10 - Special Meetings. Special meetings of theExecutive Board nay be calLed by the President or by a majority of theDirectors on at least three (3) business days, notice to eachDirector. The notice shall be hand-derivered or mai-led and shallstate the time, place and purpose of the meeting. Section 2.II - Location of Meetings. AII meetings of theExecutive Board shall be held within the Town of VaiI, unless al.lDirectors consent in writing to another location. Section 2.L2 - Waiver of Notice. Any Director may waive noticeof any rneeting in writing. Attendance by a Director at any meetingof the Executive Board shall constitute a r,vaiver of notice. If aIIthe Directors are present at any meetingf no notice sha11 be requiredand any business rnay be transacted at such rneeting. Section 2.1-3 - Quorum of Directors. At all rneetings of theExecutive Board, a rnajority of the Directors shal1 constitute a quorumfor the transaction of busj-ness, and the votes of a majority of ttreDirectors present at a meeting at which a quorum is present shal.lconstitute the decision of the meeting. If, at any rneetj.ng, thereshall be less than a quorum present, a rnajority of those present mayadjourn the neeting fron time to tine. At any adjourned meeting ertwhich a quorum is present any business which night have beentransacted at the meeting originalry called may be transacted withoutfurther notice. Section 2.L4 - Compensation. A Director may recej_ve a fee fromthe Association for acting as such, as may be set by resolution of theUnit Owners, and reimbursement for necessary expenses actuallyincurred in connection with his or her duties. Directors acting asofficers or employees may also be compensated for such duties. Section 2.1,5 - Consent to Corporate Action. ff all the Directorsor all Directors of a committee established for such purposes, as thecase nay be, severally or collectively consent in uriting to anyaction taken or to be taken by the Association, and the number of tlreDirectors or committee constitutes a quorum for such actj-on, suchaction shall be a valid corporate action as though it had beenauthoriued at a meeting of the Executive Board or the committee, asthe case may be. The Secretary shall file such consents with ttreminutes of the meetings of the Executive Board. Section 2.L6 - Telephonic Attendance. A Director may attend aneeting of the Executive Board by an electronic or telephonicconmunication method whereby the director nay be heard by the other members, and hear the deliberations of the other members, on any matter properly brought before the Executive Board, and his or hervote shall be counted, and his or her presence shall be noted as ifhe or stte were present in person on that particular matter. ARTICLE ITI UNIT OWNERS Section 3.L - Annual Meeting, Annua1 meetings of Unit Owner:sshalI be held on the first Saturday in July or at such other time asthe Unit Owners may mutually agree. At such neeting, the Director:sshall be elected by ballot of the Unit owners, in accordance with theprovisions of Article 6 of the Declaration and this Article 3 of theBylaws. The Unit O!'/ners may transact other business at such meetingsas may properly come before them. Section 3.2 - Budget Ueeting. Meetings of Unit Owners toconsider proposed budgets shall be called in accordance with Article8 of the Declaration. The budget may be considered at Annual orSpecial Meetings called for other purposes as well. Section 3.3 - Special Meetings. Special meetings of TheAssociation may be called by the president, by a majority of ttre members of the Executive Board, or by Unit owners cornprising tenpercent of the votes in the Association. Section 3.4 - Place of Meetings. Meetings of the Unit Owne::sshal] be held at the Property, or may be adjourned to such suitableplace convenient to the Unit Owners as may be designated by theExecutive Board or the president. Section 3.5 - Notice of Meetings. Except for budget neetings which will be noticed not less than 14 nor more than 30 days after tbenailing of the summaryr not Jess than 10 nor more than 50 days J_n advance of a meeting, the secretary or other officer specified in the ByJ-aws sha11 cause notice to be hand del.ivered or sent prepaid byUnited States nail to the rnailing address of each Unit owner or to tlrenailing address designated in writing by the Unit owner. No actionshall be adopted at a neeting except as stated in the notice. Section 3.6 - Waiver of Notice. Any Unit Owner may, at any tine,uaive notice of any rneeting of the Unit owners in writing, and suchwaiver sha1l be deemed eguivalent to the receipt of such notice. Section 3.7 - Adjournrnent of Meeting. At any rneeting of Unit Owners, a majority of the Unit Owners who are present at such meeti-nqJ,either in person or by proxy, rnay adjourn the neeting to another time. Section 3.8 - Order of Business. The order of business at allneetings of the Unit owners shaLl be as follows: (a) (b) (c) (d) (e) Board (if (f) (s) Roll call (or check-in procedure). Proof of notice of meeting. Reading of minut.es of preceding meeting. Reports. Estabrish nurnber and term of memberships of the Executiverequired and noticed). Election of inspectors of election (when required). Election of Directors of the Executive Board (whenrequired) . Ratification of Budget (if reguired and noticed). Unfinished business. (h) (i) (j) New business. Section 3.9 - Voting. _ (a) rf only one of several owners of a unit is present at aneeting of the Association, the owner present is entitlei to cast aL]the votes allocated to the unit. rf rnore than one of the owners arepresent, the votes allocated to the unit may be cast onry inaccordance with the agreement of a najority in intLrest of the owiers.There is najority agreement if any one of the owners casts the votesalrocated to the unit without protest being made promptly to theperson presiding over the rneeting by another owner of ttrL u;it. (b) votes allocated to a unit. rnay be cast under a proxy dulyexecuted by a unit owner. rf a unit is owned by more than one parsori,each owner of the unit nay vote or register protest to the casling ofvotes by the other unit owners of the unit through a duly execrjt<,dproxy. A Unit Owner may revoke a proxy given undei this settion onlyby actual notice of revocation to the person presiding over a meetingof the Association, A proxy is void if it is not daied or purportsto be revocable wiLhout notice. A proxy terminates one year atter itsdate, unless it specifies a shorter term. (c) The vote of a corporation or business trust may be cast byany officer of such corporation or business trust in th6 absence ofexpress notice of the designation of a specific person by the board.of directors or bylaws of the owning corporation or busi-ness trust-The.vote of a partnership nay be cast by any generar partner of theowning partnership in the absence of express notice or ihe designationof a specifj-c person by the owning parfnership. The moderator of the meeting may require reasonable evidence that a person voting on behal-fof a corporation, partnership or busj.ness trusi owner is gu-ar:.ri"a-""to vote. (d) votes arrocated to a unit owned by the Association may notbe cast. section 3.1o - euorum. Except as otherwise provided in theseBylaws, the unit owners present in person or by proxyf at any meetingof unit owners' shall constitute a quorum at sulrr- rne"ting lurit no t-ssthan twenty percent (208) of the mernbers) . rf no quoru-ro 'is present,then a quorum for the following rneeting shall be deerned to be ine uni.tOwners present. section 3.r-1 - Majority vote. The vote of a majority of the unitowners present i-n person or by proxy at a neeting it wh'ich " !"or",shall be present shall be binding upon all_ u;it owners roi alLpurposes, except where a higher percentage vote is required in theDeclaration, these Bylaws or by law. ARTICLE IV OFFTCERS section 4.L - Designation. The principal officers of theAssociation sharl be the president, ttre vi-ce prelident, ttre secretaryand the treasurer, all of whom shalr be eiected by the nxecuiiveBoard. The Bxecutive B-oard may appoint an assistanl treasurer, anassistant secretary, and such other officers as in its judqml"i'riy be _.necessary.- Thg president and vice president, but -no otherofficers, need be Directors. Any two officds may be held by the sarneperson, except the offices of president and secretary. The office ofvice president may be vacant or held by the treasurer. section 4.2 - Erection of officers. The officers of theAssociation shall be elected annually by the Executive Board at theorganization of meeting of each new Executive Board and shalr hold.office at the pleasure of the Executj_ve Board. section 4.3 - Removal of officers. upon the affirrnative vote ofa maj.ority of the Directorsr d'ty officer riay re rernoved, either wiihor without cause, and his or her successor nay be erected at anyr-egular neeting of the Executive Board, or at an-y special neetlng-orthe Executive Board called for thar purpose. section 4.4 - president. The president sharl be the chiefexecutive officer of the Association. He or she shall preside at allmeetings of the unit owners and of the Executive Board". He, or stresha1l have alL of the general powers and duties which are incident tothe office of president of a nonstock corporation organizea unaei-trre laws of the state of colorado, including but not limited to the powerto appoint cornmittees from among the Unit Owners from tirne to tiine ashe or she may in his or her discretion decide is appropriate to assistin the conduct of the affairs of the essociatibn. He or she mayfulfill the roLe of treasurer in the absence of the treasurer. Thepresident, as attested by the secreEary, may cause to be prepared arrdmay execute amendments to the Decraration and these Byraws on behal.fof the Associ-ation, following authorization or approvar of theparticular amendment as applicable. section 4.5 - Vice President. The vice president shall take theplace of the president and perform his or her duties whenever thepresident is absent or unable to act. rf neither the president northe vice president is able to act, the Executive Board inatr appoinLsome other Director to act in the place of the president, 'ott-u..t interirn basis. The vice president sharl also perforrn such otherduties as may be imposed upon him or her by the Executive Board or hythe president. section 4.6 - secretary. The secretary sharl keep the minutesof alL neetings of the unit owners and the Executive Board. He or sheslall have charge of such books and papers as the Executive Board naydirect and he or she sha}I, in general , perform all the dutiesincident to the office of secretary of a nonstock corporationorganiaed under the laws of the state of colorado. The secreiary maycause to be prepared and may attest to execution by the presiaent oiamendments to the Declaration and the Bylaws on behalf of theAssociation, following authorization or approval of the particular amendment as applicable. Section 4.7 - Treasurer. The treasurer shall have theresponsibility for Association funds and securities and shalr beresponsible for keeping full, and accurate financial record.s and booksof account showing all receipts and disbursement, and for thepreparation of all required financial" data. He or she shall beresponsible for the deposit of all monies and other valuable effectsin such depositories as may from tirne to time be designated by theExecutive Board, and he or she shall, in generar. peiforrn all tneduties incident to the office of treasurer of a nonstock corporationorganized under the laws of the State of colorado. He or she mayendorse on behaLf of the Association for colrection onry, checks,notes and other obligations, and shall deposit the same and arr moniesi-n the name of and to the credit of the Association in such banks asthe Executive Board nay designate. He or she may have custody of arrdshalI have the power to endorse for transfer on behalf of theAssociation, stock. securities or other investment instrurnents ownedor controlled by the Association or as fiduciary for others. Section 4.A - Agreements, Contracts, Deeds, Checks, etc. Exceptas provided in Sections 4.4, 4.6,4.7 and 4.10 of these Bylaws, ail agreements, contracts, deeds, reases, checks and other instruments ofthe Association shal-L be executed by any officer of the Associationor by .such other person or persons as may be designated by theExecuLive Board. section 4.9 - compensation. An officer may receive a fee frornthe Association for acting as such, as may be set by resolution of theunit owners, and reimbursement for necessary expenses actuallyincurred in eonnection with hi.s or her duties. section 4.1,o - statements of unpaid Assessments. The treasurer,assistant treasurer, oT a manager ernployed by the Association, or, intheir absence, any officer having access to the books and records ofthe Association, may prepare, certify, and execute statements ofunpaid assessnents in accordance r^rith Subsection 3L6(g) of the Act. The Association may charge a reasonabl-e fee for preparingstatements of unpaid assessments. The arnount of this fee and th-e tinreof payment shalr be established by resolution of the Executive Board.The Association rnay refuse to furnish statements of unpaid assessmentsuntil the fee is paid. Any unpaid fees may be assessed as a commonExpense agai.nst the unit for which the statement is furnished. ARTICLE V ENFORCEMENT section 5.1 - Abatement and Enjoinment of viorations by unitowners. The violation of any of the Rul-es and regulations aaoptea uythe Executive Board, or the breach of any provision of the Documentssharl give the Executive Board the right, after Notice and Hearing,except.in case of an emergency. in addition to any other rights s6tforth in these ByLaws: (a) to enter the Unit in which, or as to which, such violationor breach exists and to surnnariry abate and renove, at the expense ofthe defaulting unit ownerf any structure, thing or cond.j-tion (exceptfor additions or arterations of a permanent nature that nay exiittherein) that is existing and ereating a danger to the common Elementscontrary to the intent and meaning of the provisions of the Documents,and the Executive Board shall not thereby be deemed liable for anymanner of trespass; or (b) to enjoin, abate or remedy by appropriate legal proceedings,either at law or in equity, the continuance of any such breach. section 5.2 - Fine for violation. By resorution, followingNotice and Hearing, the Executive Board rnay levy a fine of up to g25per day for each day that a violation of the Documents or Rulespersists after such Not.ice and Hearing, but such amount shall not 10 exceed that anount necessary to insure compliance with the rure ororder of the Executive Board. ARTICLE VI INDEMNTFICATION The Directors and officers of the Association shall have theliabilities, and be entitled to indernnification, as provided incolorado nonprofit corporation Iaw, the provisions of which are herebyincorporated by reference and made a part hereof. ARTICLE VII RECORDS Section 7.L - Records and Audi.ts. The Association shall maintainfinanciar records. The financiar records sharl be maintai-ned andaudited in accordance with Article l-3 of the Declaration. The costof the audit shall be a common Expense unless otherwise provided inthe Deelaration. Section 7.2 - Examination. Al-1 records maintained by theAssociation or by the manager shalI be availabl-e for examination andcopying by any Unit Owner, by any hoJ.der of a Security Interest in aUnit, or by any of their duty authorized agents or attorneys, at theexpense of the person examining the records, during normal businesshours and after reasonahle notice. Section 7.3 - Records. The Association shall keep the followingrecords: (a) An account for each Unit which shal1 designate the nane andaddress of each Unit owner, the narne and address of each rnortgagee whohas given notice to the Association that it, holds a rnortgage on theUnit, the amount of each Common Expense assessment, the dates on which each assessment comes due, the amounts paid on the aecount, and thebalance due. (b) An account for each Unit Owner showing any other feespayable by the Unit Owner. (c) A record of any capital expenditures approved by theExecutive Board for the current and next two succeeding fiscal years. (d) A record of the amount, and an accurate account of, thecurrent balance of any reserves for capital expenditures, replacenent and energency repairs, toget,her with the amount of those portions ofreserves desj-gnated by the Association for a specific project. 1_1 (e) The rnost recentry regularly prepared barance sheet andincome and expense statement, if any, of the Association. (f) The current operating budget adopted pursuant to Article8.OL(a) of the DecLaration and ratified pursuant to the procedures gfB.0l-(b) of the DecLaration. (Sl a record of. any unsatisfied judgnents agalnst theAssociation and the existence of any pending - suits in which theAssociati-on is a defendant. (h) A record of insurance coverage provided for the benefit ofUnit Owners and the Association. (i) A record of any alterations or improvements to Units orLimited common Elements which violate any provisions of theDeclarations of which the Executive Board has knowledge. (j) A record of any violations, with respect to any portion ofthe common rnterest cornrnunity, of health, safety, fire oi buildingcodes or 1aws, ordinances, or regulations of which the Executive Boardhas l<nowledge. (k) A record of the actual cost, irrespective of discounts andallowances, of the maintenance of the Conmon Elenenrs. (f) Such balance sheets and other records required by loca1corporate law. (n) Tax returns for state and Federal income taxation. . (n) Minutes of proceedings of incorporators, Unit Owners,Directors, committees of Directors and waivers of notice. ARTICLE VIII MISCELI.,ANEOUS section 8.1- - Notices. All notices to the Association or theExecutive Board shalr be delivered to the office of the managler, orif there is no manager, to the office of the Association, or to suchother address as the Executive Board may hereafter designate from timeto tirne, by notice in writing to all unit owners and to alr holdersof Security Interests in the Units who have notified the Associationthat they hold a security rnterest in a unit. Except as otherviseprovided, all notices to any unit owner shall be sent to his or heraddress as it appears in the records of the Association. A]l noticesto horders of seeurity lnterests in the units shal1 be sent. exceptwhere a different manner of notice is specified elsewhere in tireDocuments, by registered or certified mail to their respective L2 addresses, as des_ignated by thern frorn time to time, in writing, to theAssociation. Alr notices shall be deemed to have been giiren whennailed except notices of changes of address which sharl bJ deened tohave been given when received. section a.2 - Fiscal year. The Executive Board shall" establishthe fiscal year of the Associati_on. secti-on 8.3 - waiver. No restriction, condition, obligation, orprovision contained in these Byraws shalL be deemed to frave beenabrogated or waived by reason of any failure to enforce the sameirreipective of the number of violations or breaches which tn"V ""."risection 8.4 - office. The principal office of the Associationshall be on the Property or at such other prace as the Executive Boardmay from time to tine designate. ARTICLE IX AMENDMEN?S TO BYI,AWS Amendment of these Bylaws sharl require the assent of at leastseventy-fj.ve percent (75?) of the Executive Board. The Bylaws can beamended wi-thout the consent of the First Lienors as long as suchanendment is consistent with the Declaration. ATTEST: Certifiedof Savoy Vill-as to be the Bylaws adopted Condominium Association, , L994. by consent of theInc., dated the Directors day of Secretary 13 544442 8-648 P-401 08/23/54 04:36P FG I OF 44 Sa.r'a J. Fisher Eagle CourlLy Clerk & ftecorcler' tttlL 220.00 CONDoMTNIUIiI DECI,ARATToN FOR SAVOY VILI,AS CONDOMTNIIJMS THrs coNDoMrNruM DECLARATTON is made this 16th day of August, Lgg4lby SIMBA L,AND CORPORATION, a Colorado Corporation ("d,L,C."). ARTICLE 1 CREATTON OF COIiIMON TNTEREST COMMUNITY . 1-01-: Generar.purposes. s.L.c. owns the real propertyinterests legally described on Exhibit A attached hereto and'Uy'-tfri=reference incorporated herein (the rrpropertyr1. s.L.c. desiies tocreate pursuant to the provisi-ons of the coLorado conmon fnterestOwnership Act (Article 33.3 of Title 38 of Colorado Revised Statutes) asthe same may be amended from tine to tine (the rrAqt'r) a rcommon interestconrnunity' (as such terrn is defined in the Act) on tire eroperty. s.L.c,further desires to establish a means to ensure the piopei use andappropriate deveroprnent of the prope_rty a! a high quality', u.l"in"ii".rrypleasing and harmoniously designed condonini-urn -proje-et by ,*.r" ofmutually beneficial- covenants, conditions and reslri-ctions-impos"a o1the Property for the benefit of s.L.c. and a1l future owneri of anyportion of the Property. .l-.02: Declaration. To. further the purposes expressed insection L.01" hereof, s.L.c., for itself and its iucc"sso.s and assigns,hereby declares that- the property shall, at all times, be owned, rrera,used and occupied subject to the provisions of this instrurnent,'to ttrecovenantsr conditions and restrictions contained herein and to al_Lanendments and supplernents hereto. 1. O? , Narnes of the cornrnon rnterest comrnunity and thgAssociation. The name of the commo t"4is Savoy Villas Condominiums. The nane of the unit owners associationorganized to govern and adrninister the common interest community herebycreated. is Savoy Villas Condominium Association, a Colorado n6nprofilcorporation (the rrAssociationt,) . l-. 04 : Locatio4 . and rvne of cornrnon rnterest. cornmunity. Theconmoninterestcomrnunityherebycreatedi.@ounty/coLorado. The comnon interest community hereby creited is atrcondoniniumlr (as such terrn is defined in the Act) because portions ofthe. Property are designated for separate ownerstr.ip by individuals orentities and the remai-nder of the Property is aeliqiatea for conrnonownership sorery by the owners of the separlte owners-hip portions. ffi F{i 544442 B-648 P-401q 8/23/94 04:36P PG 2 OF ARTICIJE 2 In addition to the definitions set forth above or below, thefollowing terms shall trave the following meanings when used herein: o4+ CERTAIN DEFINITIONS Act. The Act is the Colorado Common Interest OwnershipAct, Article 3.33 of Title 38 of the Colorado Revised Statutes, as it may be amended from time to time. 2.O2t Allocated Interests or Sharinq Ratio. trAllocated Interestsfr or rrsharing Ratiort shall mean the percentage of the totatundivided interests in the common Elements allocated to a CondoniniumUnit pursuant to Section 3.0L(b) hereof; the percentage of the totall.iability for assessments for Cornrnon Expenses al-located to a CondoniniunUnit pursuant to Section 9.05 hereof. The fonnula utilized to deterrninethe Sharing Ratio of each Condorniniun Unit is the ratio of the g'rossfloor area of each Unit to the gross floor area of all Units. 2.03: Assoeiation. The Association is the Savoy Villas Condominium Association, a nonprofit corporation organized underArticles 20 to 29 of Title 7 of the Col-orado Revised Statutes. It is . the Association of Unit Owners pursuant to Section 30L of the Act. 2.042 Articles. xArticlestt shall mean the Articles ofIncorporation of the Association. 2.o5r Budget. trBudgettt shall mean the plan for each fiscalyear of the Association for the paynent of the corutron Expenses and forobtaining the funds required for such paynent to be adopted by theAssociation in accordance with the provisions of section a.ot hereof. l.06t Building. "Buildinglr shal1 mean the structure(s)containing the Units. 2 . O7 | Bvlaws. trBylawstt shal1 nean the bylaws of theAssociation in effect from time to tirne. 2.O8. Common ELements. The Common Elements are each portion ofthe common rnterest community other than a unit. some of the comrnonElements are identified on the lulap as such or as,rC.E.n. 2.o9i Common Expenses. The Comrnon Expenses are the expenses orfinancial liabirities for the operation of the common rnterestConmunity. These expenses include: (a) Expenses of adninistration, maintenance, repair orreplacernent of the Comrnon Elementsi 2.OLr 544442 B-ri46 "-UOroO' /23/94 04:36P pG 3 "rQ* (b) Expensesor by the Acti (c) ExpensesAssociationi and Common Expenses by the Documents as Common Expenses by the (d) Such reasonable reserves as may be established by theAssociation, wlrether held in trust or by the Association, forrepair, replacement or addition to the Comm-on Elements or any otherreal or personal property acquired or held by the Association. 2.1-0: conmgn Expense Assessment. The funds required to be paidby each Unit owner in paynent of his Common Expense liibifity 2.L1: common rntereFt communitv. The common rnterest communitythe savoy Vi1las condorniniurns located on the real property describedExhibit ilArr. 2.L23 Condominiurn Unit. rrCondominiun Unitil shalt mean a Unit 2.162 Directors. A Director is a member of the Executive declared to be agreed upon l-s 1n together with the undivided interest in tbe conurron Elements and therignt to the exclusive use of the Lirnited Common Elements allocatedthereto (which exclusive use may be slrared with one or more otherCondoniniurn Units). An individual Condoniniun Unit rnay be referred toin the Declaration by reference to such Condorninium unil's ridentifying number'r (as such term is defined in the Act). 2-L3:. Declarant. rrDeclarantt shal1 mean sinba Landcorporation, a colorado corporation and any party that is desi_gnated asa successor or assign of Declarant pursuant to the provisions of ttreDeclaration. 2.L4a DecLarati-on or Document. .Declaration, or ,Documentrl sha11 mean this instrument, the Map and a}1 anendments or supplements tothis instrument and the Map hereafter recorded in tne rejl properEyrecords of Eagle County, Colorado. 2.L5: Devergpment Riohts. Developnent Rights are the rightsreserved by the Declarant under Articte 3. LO of this Declaration toqreate Units, Common Elements and Lirnited Common Elements within theconmon rnterest community, and alr rights reserved for the benefit ofthe Declarant permitted by the Act. Board. 2-L7: Easernents. lrEasementstr sha1l mean tbe easements createdpursuant to the provisions of Section 3.02 hereof. 2.r8: Erigibre rnsurer. An Eliqible rnsurer is an insurer orguarantor of a first security rnterest in a unit. An Eliqible rnsurer 544442 B-648 P-401 o*trrn o4rit6P PG 4 oF 44 O must notify the Association in writing of its name and address andinforrn the Association that it has insured or guaranteed a firstSecurity Interest in a Unit. ft must provide the Association with theUnit number and address of the Unit on which 1t is the insurer orguarantor of a Security Interest. Such notice shall be deemed toinclude a request that the eligible insurer be given the notices andother rights described in Article l-4. 2.L9:. Eligible Mortqaqee. The Eligible Mortgagee is the holderof a first Security Interest in a Unit, when the holder has notified theAssociation, in writing, of its name and address and that it holds afj-rst Security Interest in a Unit. The notice rnust include the Unit number and address of the Unit on which it has a security interest.This notice shaLr be deened to incrude a request that the EligibreMortgagee be given the notices and other rights described in Article la. 2.2O. Executive Board. The Executive Board is the board ofdirectors of the Association. 2.zLr First Lienors. rrFirst Lienorsrt shall nean; (a) theholder of an indebtedness secured by a deed of trust, mortgage or othersecurity document encumbering any portion of the property which isrecorded on the date of recording of this instrument and (b) the trolderof an indebtedness secured by a deed of trust, mortgage or othersecurity document encumbering a Condominium Unit which is recorded afterthe date of recording of this instrument and which has priority over aIIother deeds of trust, mortgages or other security documents encumberingsuch Condominium Unit. 2.22r Guest. rrcuestrr shall mean any individual who is presentat the Property at the express or implied invitation of an olinerincluding, without lirnitation, friends, relatives, agents, employees,tenants or business invitees of an Owner. 2.23a Improvements. Improvements are any construction,structure, fixture or facilities existing or to be constructed on therand which is included in the common rnterest community, incruding butnot lirnited to: buildings, trees and shrubbery planted by the Declirantor the Association, paving, utility wires and services, pipes, lightpoles and signs. 2.24'. Limited Common Elernents. rrl,imited Conmon Elenentstr shal1 mean a portion of the General- Common Elements which are allocated by theDeclaration or by operation of Section 2O2 of the Act for the exclusiveuse of one or more condominium units but fel'rer than a1r of theCondorninium Units. 2.25i Maiority or Maioritv of Unit Owners. The Majority orMajority of Unit Owners means the owners of more than 50 percent of thevotes in the Association. 4 i'r -J o 08 o544442 B-648 P-401 /23/94 04:36P PG 5 OF 2.262 Manaqer. A }lanager is a person, firms or corporation ernployed or engaged to perforn management services for the CommonInterest Community and the Association. 2.27a Map, Plat or Plans. *Mapu, ttPlatn or rrPlanstr shall meanthe plat and map for Savoy Villas Condoniniums which meets the requirements of Section 209 of the Act and which is recorded in the realestate records of Eagle County, Colorado contemporaneously with therecording of this instrument. 2.282 Notice and Cornment. Notice and Comment is the right of a Unit owner to receive notice of an action proposed to be taken by or on behalf of the Association, and the right to comment thereon. Eheprocedures for Notice and comment are set forth in Article 9.01-(b) ofthis Declaration. 2.29. Notice and Hearinq. Notice and Hearing is the right of a Unit owner to receive notice of an action proposed to be takenrby or on behalf of the Association, and the right to be heard thereon. Theprocedures for Notice and Hearing are set forth in Article 9.01(b) ofthis Declaration. 2.30! Owner or Unit Owner. rrOhrnerrr or nUnit Ownerlt shaLf mean any individual , corporation, partnership, linited tiability company,joint venture, trust or other legal entity capable of holding title toreal property in Colorado that is the record owner of a fee sirnple interest in one or more Condominiun Units according to the real property records of Eagle County, Colorado. Declarant is the initial owner of each Condominium Unit. Owner does not include a person having aninterest in a Unit solely as security for an obligation. 2.31: Person. A Person is an individual . corporation, businesstrust, estate trust, partnership, association, joint venture,governnent, government subdivision or agency or other legal or conmercial entity. 2.32'. Property. Property is the land and all Improvements, easenents, rights and appurtenances which have been subrnitted to theprovisions of the Act by this Declaration. 2.33. Rules. rRulestr shall mean the rul-es and regulations ineffect fron tine to time as adopted by the Executive Board in the mannerset forth in the Declaration or pursuant to the Articles and Bylaws. 2.34:Securitv Lnterest. A Security Interest is an interest inreal estate or personal property, created by contract or conveyance,which secures payment or performance of an obligation. The ternincludes a lien created by a mortgage, deed of trust, trust deed,security deed, contract for deed, land sales contract, lease intended assecurity, assignment of lease or rents intended as security, pledge of ,"{-J I 1 o 44544442 8-648 P*40 a8/23/94 04 r 3tip pc 6 rJ tr an orvnership interest in an Association, and any other consensual lien or titLe retention contract intended as security for an obligation. 2.35:Special Decl-arant Rights. Special Declarant Rights are rights reserved for the benefit of the Declarant to (1) conplete improvements indicated on the Plat and Plans filed with the Declaration;(2) exercise any Development Rightt (3) maintain sales offices, management offices, si-gns advertising the Common Interest Community and models; (4) use easements through the Common Elements for the purpose of making improvements within the common Interest Community or within real estate that may be added to the Common Interest Cornmunity; or (5) appoint or remove an officer of the Association or any other association or any Executive Board rnember during any period of Declarant control i(6) to nake the comnon Interest Comrnunity subject to a master associationi and (7) to merge or consolidate a Conmon Interest Conmunity of the same form of ownership. 2.36. Trustee. The Trustee is the entity which may be designated by the Executive Board as the Trustee for the receipt, administration and disbursernent of funds derived from insured losses, condemnation awards, special assessments for uninsured losses and other sources. If no Trustee has been designated. the Trustee wiII be the Executive Board acting by rnajority vote, as executed by the president and attested by the secretary. 2.37: Unit. xUnitn shall mean a physical portion of savoy Villas Condoniniums designated for separate ownership by individuals or entities the boundaries of which are deternined fron the Map together with (a) aII fixtures and improvements contained within such boundaries;(b) the inner decorated or finished surfaces of all walls, floors andceilings which constitute such boundaries; (c) the inner decorated or finished surface all doors and windows which constitute such boundaries and (d) all space and interior, nonsupporting wa1ls contained within such boundaries. f'1 3. 0l_: ARTICI-,,E 3 PROPERTY RIGHTS Condoniniun Units. (a) The Property is hereby divided into four Condominium Units designated as Condominium Unit 1--A, Condoninium Unit l--8, CondominiumUnit 1-c, and condominiun Unit l--D. Each Condominium Unit consists of the Unit identified by such Condoninium Unit's identifying number on the Map, the undivided interest in the Common Elenents allocated to such Condoniniurn Unit pursuant to Section 3.o1(b) hereof and the exclusiveright to use the Limited Common Elements allocated to such CondominiumUnit pursuant to Section 3.0L(c) hereof. t 544442 B-648 P-40 I I $8/23/94 04:36P PG ?"S* (b) The total undivided interests in the common Elements are hereby allocated to the Condominium Units in the following percentages: Condominium Unit L-A Condoniniun Unit 1-B condominiun unit L-c condorniniun unit l"-D 26.56 percent 26.56 percent 23.44 percent 23.44 percent (c) The following portions of the common Elements are Lirnited common Elernents assigned to the specific Condominium Units as stated: (1) Any chute, flue, pipe, duct, wire, conduit, bearing wall, bearing column or other fixture which is partially within andpartially outside the designated boundaries of a Condominiun Unit, the portion serving only the Condorniniurn Unit the use of which will be limited to that Condorninium Unit and any portion serving more than one Condominium Unit or a portion of the Comrnon Elements is apart of the conmon E1ements. (2) Any shutters, awnings, window boxes, doorsteps, stoops, porches, decks, balconies, patios and exterior doors and wj.ndows or other fixtures designed to serve a single Condoninium Unit, located outside the boundaries of the Condominiurn Unit are Limited Common Elements allocated exclusively to the Condorninium Unit and their use is linited to that Condominiun Unit. (3) Attic space above each condoniniun Unit that has an attic, the use of which is limited to the condominiun Unit beneathit. (4) Chimneys, the use of which is lirnited to the Unit in which its fireplace is l"ocated. In the event of a rnultiple-flue chimney, each flue will be a Lirnited Common ELenent allocated to the condominiurn Unit containing its fireplace while the chimney will be a Linited common Elernent a]located to Condominiun Units using the flue. (5) Utility areas, the use of which is linited to the Condorninium Unit or Condominium Units as shown on the Plat and Plans. (6) Storrn windows and storm doors, if any, will be Lirnited common Elements of the Condominiun Unit which they service. (7) Certain court,yards, patios, decks attached to each Unit, and parking areasf the use of which is liraited to the Condominium Unit as shown on the Plat and Plans. (8) Exterior doors and windows will be Limited common Elements allocated to the Condominiurn Unit sheltered. r.& ,.) t 544442 B-648 P-401 trrrrnu o4:JtiP PG I oF 4'P (9) Mailboxes, name plates and exterior lighting (if any) affixed to the building will be Linited Common Elements allocated to the Condoniniun Units served. (l-o) Any area identified as such or as 'rl,.c.E.rr on the Plat together with one or more numbers which correspond with identifying nurnber or numbers of one or more Condorninium Units. Such Lirnited common Elements are allocated to the Condominium Units in accordance with the identifying number of such Condominium Units as shown on the Map. 3.02: Easements. (a) Declarant hereby makes, establishes, decl-ares, grants and reserves a perpetual , non-excfusive easement in favor of each owner and any governmental, quasi-governrnental or private entity providing utility services to the Building over, under aceess, upon, and through the common Elements for installing, replacing, repairing, maintaining and providing all utility services to the Building including, without liroitation, water, gds, electric, storm sewerf sanitary sewerr cable television, satellite communications and telephone services. After the initial construction of the Building has been completed, no facilities and equipment which provide such utility services may be installed or relocated in the General Common Elements without the prior written approval of the Association subject to Section 3.10 hereof. Such utility service shall only be installed or rel-ocated in such manner as to cause the least interference, as is reasonably possible, to the Unit affected by such installation. Any entity providing such utility services sha1l be responsibl-e for any damage caused by such entity to the ceneral common Elements and the Units while utilizing the Easementcreated by this Section 3.02(a) and for any costs j-ncurred by the Association as a result of such damage and shall be further required to prornptly repair or restore any portion of the General common Elements and the Units disturbed or damaged by such entity's utilization of the Easement created by this Section 3.02(a). The Easement created by this Section 3.02(a) shall be appurtenant to each CondominiumUnit so that a transfer of title to any interest in such Condominium Unit shal] automatically transfer a proportionate interest in such Easement. (b) Declarant hereby makes, establishes, declares, grants and reserves a perpetual, non-exclusive easement in favor of all police, sheriff, fire protection and ambulance services and any other provider of energency services, over, acrossf upon and through those portions of the Common Elements or other areas designed to provide pedestrian and vehicular access to and within the Building for the purpose of perforrning the services of such providers of emergency servi-ces. 3.03: Title to Condoniniun Units. Title to a Condorninium Unit may be held individually or by any entity or i-n any form of concurrent ownership recognized in Colorado. In case of any such concurrent !ti (.'1 ;) o UI o oF4544442 8-648 P-4 A8/23/94 04r36P FG 9 ownersbip, each co-owner shall be jointly and severally liable for performance and observance of all the duties and responsibilities of an owner with respect to the Condominium Unit in which such Owner owns aninterest. 3.04: Lega1 Description. Any contract of sale, deed, lease,deed of trust, mortgage, will or, other j.nstrument affecting a Condominium Unit sha1l legally describe it substantialty as follows: rrCondominiurn Unit _, Savoy Villas Condominiums, Eagle county, Colorado, according to the Condorniniun Declaration for Savoy Villas Condoniniums recorded on I a994, in Book _ at Pageof the real estate records of Eagle County. Colorado, and the Map of Savoy Villas Condoniniums recorded on I L994 |in Book _ at Page _ of the real estate records of EagleCounty, Colorado (co11ectively such decl-aration and map arehereinafter called the trDeclarationtt) ; TOGEEHER WITH all easements appurtenant thereto as granted pursuant to the Declarati"on; SUBJECT, HOWEVER, to all of the terms and conditions contained inthe Declaration.ll Every such description sha11 be good and sufficient for all purposes tosell, convey, transfer, encumber, Iease or otherwise affect not only the Condominiun Unit, but also the interest in the Easements nade appurtenant to such Condominiun Unit by this Declaration. ?he interestin the Easements made appurtenant to any Condominium Unit sha1l be deemed conveyed or encumbered with that Condominium Unit, even thoughthe legal description in the instrument conveying or encumbering such Condominium Unit may only refer to that Condominium Unit. Ttre referenceto the Declaration in any instrurnent shal1 be deerned to include any supplenents or amendments to the Dectaration, wittrout specific reference thereto. 3.05:Separate Assessment. Declarant shalI give written noticeto the Assessor of Eagle County, Colorado reguesting that the Condominiun Units be separately assessed and taxed and that the total value of the Common Elements be assessed and taxed proportionately with each Condoniniurn Unit in accordance with such Condominium Unit's Sharing Ratio as provided in Section l-05 of the Act. After this instrument has been recorded in the real estate records of Eagle County, Colorado,Declarant shall deliver a copy of this instrument as recorded to the Assessor of Eagle County, Colorado. 3.06: Use Compliance. The use of the Condominium Units shall cornply with: (a) the terms, conditions and obligations set forth in theDeclarationi (b) the matters set forth on the Map; and (c) all present and future laws, rules, requirements, orders, directions, ordinances and A} 544442 B-tt48 P-401 /23/94 04 r ljdF PG 10 oF o LL LI regulations (including zoning regulations) affecting the CondominiumUnits of any governmental authority having jurisdiction over the Condominium Units and of their departments, bureaus or officials, 3.07 1 No Partition of Comnon Elernents. The Common Elementsshall be owned by all of the Owners and are not subject to partition. Any purported conveyance, encumbrance, judicial safe or other voluntaryor involuntary transfer of an undivided interest in the Comnon El-ements rnade without the Condoninium Unit to which such undivided interest isall"ocated shall be void in accordance with ttre provisions of Section 2O7 (6) of the Act. This Section shaLL not, however. limit or restrictthe right of the Owners of a Condominium Unit to: (a) reallocateLinited Common Elements between or among the Condominiun Units, relocate boundaries between adjoining Condoninium Units as long as the Unit O\^rners and First Lienors affected by such change consent to such reallocation, relocated boundary lines or resubdivision or (b) bring apartition action pursuant to Section 38-28-1-01 et seq. of Colorado Revised Statutes requesting the sale of the Condominium Unit and the division of the proceeds anong such Owners; provided that no physical division of the Condominium Unit shalI be permitted as a part of suchaction and no such action shall affect any other Condominiurn Unit or the Conmon Elements. 3.08:Enqroaehments. If any part of the Common Elements now orhereafter encroaches upon any portion of any Unit, or if any part of aUnit now or hereafter encroaches upon any portion of another Unit or the Conmon Elements as a result of construction or as a result of settlingor shifting after construction, a valid easenent for the encroachnent and for the rnaintenance of the same sha]1 exist so long as such Conmon Element or Unit (as the case may be) stands. In the event a Common Element or Unit shal1 be partially or totally destroyed as a result offire or other casuafty or as a result of condemnatj-on or eminent dourainproceedings, and then rebuilt, encroachments of any part of such Common nlernent upon any portion of a Unit or encroachrnent! of any part of suchUnit upon any portion of another Unit or the Common Elements due to suchrebuilding, shall be perrnitted provided such encroachment does notinterfere with the use and enjoyment of the Unit encroached upon andonly affects the market value of the unit encroached upon to adiminutive amount, and valid easements for such encroachments and the maintenance thereof shall exist so l-ong as such Common Efement or Unit(as the case rnay be) shall stand. 3. 09;No Mechanic's Liens. (a) If any owner shal1 cause any rnaterial to be furnished to such Owner's Condorninium Unit or any labor to be performed therein orthereon, no owner of any other Condominium Unit shall under any circumstances be liable for the payrnent of any expense incurred or forthe value of any vork done or material furnished. At1 such work shall o UO ,*) t0 544442 B-648 P-401 .o.rrrrn o4:ii6P Pc 11 o" nnf be at the expense of the Owner causing it to be done, and such Owner shall be solely responsible to contractors, laborers, materialmen and other persons furnishing labor or materials to such owner's Condoninium Unit. Nothing herein contained shall authorize any owner or any person dealing through, with or under any Owner to charge the Common Elementsor any Condominium Unit other than that of such owner with any mechanicts or naterialman's lien or other lien or encumbrance whatever. On the contrary (and notice is hereby given) the right and power to charge any lien or encumbrance of any kind against the comnon Elements or against any orirner or any Owner's Condominiurn Unit for work done or materials furnished to any other Owner's Condominium Unit is hereby extrrressly denied. (b) If, because of any act or onission of any owner, any mechanic's or materialrnan's lien or other lien or order for the payment of money shall be filed against the Comnon Elements or against any other oralner,s Condominiurn Unit or against any other owner or against Declarant or the Association (whether or not such lien or order is valid or enforceable as such), the Owner whose or which act or omission forms the basis for such lien or order shall at such Owner's own cost and expense cause the same to be canceled and discharged of record or bonded in an amount and by a surety company reasonably acceptable to the party orparties affected by such lien or order within 20 days after the filing thereof, and further sha1l indennify and save aIl such parties trarmless frorn and against any and aII costs, expenses, clairns, losses or damages including, without lirnitation, reasonable attorney's fees resulting therefrom. 3.10:Riqhts of Declarant. (a) The Declarant reserves the following development rights: (i) The right by amendment to create Units, common Elements and Li-rnited Common Elements in the locations shown as trDevelopment Rights Reserved in this Areatt on the Plat and Plans. (ii) The right to construct underground utility lines, pipes, wires, ducts, conduits and other facilities across the land not designated rrDevelopment Rights Reserved in thi-s Areatr on the Plat for the purpose of furnishing utility and other services to buildings and Improvements to be constructed on the Property and on land designated rrDevelopment Rights Reserved in this Arearr on thePlat. The Declarant also reserves the right to withdraw and grant Iicenses or easements to public utitity companies and other entities providing services to the Common fnterest Conmunity and to convey Improvements within those easements anywhere in the common Interest Cornnunity not occupied by buildings, for the purposes mentioned above. If the Declarant grants a recorded easement, Exhibit B will be anendeil to inelude reference to the recorded easement. ,:$ ,r:5 iJ* 1L 544442 8-648 P-401 /23/94 04:36P PG 12 oF 4p (iii) The right to withdraw all or a portion of the ProperLy marked as r'Development Rights Reserved in this Arearr on the Plat. (b) The Development Rights reserved in Section (a) are lj-mited as follows: (i) The Development Rights may be exercised at anytime,subject to the maximum time permitted by law, after the recordingof the initial Declaration; (ii) Not more than 21 additional Units may be created underthe Development Rights; (iii) The quality of construction of any buildings and improvements to be created on the Property shall be consistent with the quality of those constructed pursuant to this Declaration as initially recorded; and (iv) With the exception of one unit which may be restricted to office use, all Units and Conmon Elenents created pursuant to the Development Rights will be restricted to residential use in the same manner and to the same extent as the Units created, under this Declaration as initially recorded. (c) No assurances are nade by the Declarant regarding the portions of the areas shown as rrDevelopment Rights Reserved in this Areatl on the Plat and Plans as to whether the Declarant will exercise its Development Rights or the order in which such portions, or all of the areas, will be developed. The exercise of Development Rights as to some portions wiIInot obligate the Declarant to exercise them as to other portions. (d) The Declarant reserves the following Special Declarant Rights, to the maximum extent permitted by law, which may be exercised, where applicable, anywhere within the common Interest Conmunity: (i) To complete Improvements indicated on the Plat and Plans filed with this Declarati-on; (ii) To exercise a Development Right reserved in this Declaration; (iii) To maintain sales offices, management offices, signsadvertising the Common Interest Conmunity and models: (iv) To use easements through the Common Elements for thepurpose of making Improvements within the common Interest Conmunity; and (v) To appoint or remove any officer of the Association orany Executive Board member during a period of Declarant control l- L2 oF 44(l544442 B-648 P-401 /23/94 04:36P Pc 13 subject to the provisions of Section 3.f.0(i) of this Declaration. (e) As long as the Declarant is a Unit Owner, the Declarant, itsduly authorized agents, representatives and employees may maintain anyUnit owned by the Declarant or any portion of the Common Elements as a rnodel Unit, sales office or management office. (f) The DecLarant reserves the right to perforrn warranty work,repairs and construction work in Units and conmon Elements, to storematerials in secure areas, and to control and have the right of accessto work and repairs until completion. A11 work may be performed by the Declarant without the consent or approval of the Executive Board. TheDeclarant has an easement through the Common Elements as may be reasonably necessary for the purpose of discharging the Declarant's obligations or exercising Special Decl-arant Rights, whether arising under the Act or reserved in this Declaration. Ehis easement includesthe right to convey utility and drainage easements to public utilities, nunicipalities, the State, riparian owners or upland owners to fulfillthe plan of development. (S) The Declarant reserves the right to post signs and displays inthe Common Elements in order to promote sales of Units. Declarant also reserves the right to conduct general sales activities in a manner whichwill not unreasonably disturb the rights of Unit Owners. (h) The Declarant reserves the right to retain al-l personalproperty and equipment used in the sa1es, management, construction and maintenance of the Property that has not been represented as property of the Association. The Declarant reserves the right to remove from the Property (promptly after the sale of the last Unit) any and all goods and improvements used in development, narketing and construction, whether or not they have become fixtures. (i) Declarant Control of the Association: (i) Declarant shall be entitled during the Declarant ControlPeriod (defined below) to appoint and remove rnembers of the Savoy Vi11as Homeowners Association's Executive Board and offi-cers of the Savoy Villas Homeowners Association, subject to the following restrictions: (ii) Not later than sixty (60) days after conveyance by Declarant of twenty-five percent (252) of the Units that nay be created to Owners, at least one member and not ]ess than twenty-five percent (25*) of the members of the Executive Board shall be elected by Unit Members other than Declarant. (iii) Not later than sixty (60) days after conveyance by Declarant of fifty percent (508) of the Units that nay be createdto Owners, not less than thirty-three and one-third percent (33 ".$ 1_3 544442 B-648 P-401 #rrrrn o4ri!6F PG 14 o. nnO L/12) of the members of the Executive Board sha1l be elected byUnit Members other than Declarant. (iv) No later than the termination of the Declarant ControlPeriod, the owners shatl elect the entire Executive Board of whichat least a majority nust be Owners other than Declarant or itsdesignee. (v) The Declarant Control period is hereby defined as theperiod of tine commencj-ng on date of incorporation of the SavoyVillas Homeowners Association and terninating on the earliest ofthe following events: (i) sixty (60) days after conveyance byDeclarant of seventy-five percent (7521 of the Units that may becreated to Owners, (ii) two (2) years after the last conveyance ofa Unit by Declarant in the ordinary course of business or two yearsafter any right to add new units was last exercised, or (iiij tfredate on which Declarant voluntarily relinquishes such powerevidenced by a notice recorded in the Office of the Clerk andRecorder for Eagle County, Colorado. (j) Unless terminated earlier by an amendment to this Declarationexecuted by the Declarantr ailY Special Declarant Right may be exercisedby the Declarant until the earlier of the following: as long as theDeclarant (a) is obligated under any rrrarranty or obligation. (b) holdsa Developrnent Right to create additional units or common Elements, (c) owns any Unit,' or (d) owns any Security Interest in any Units; or (e)ten years have eJ-apsed after recording of this Declaration. Earlierterrnination of certain rights may occur by statute. (k) Neither the Association nor any Unit Owner may take any actionor adopt any rule that wi.ll interfere with or diminish any DevelopmentRight or Special Declarant Right without the prior written consent ofthe Declarant. 3. L],:Riqhts of Owners. The Owners, including the Decl_arantwhen acting as an Owner, shall have the following rights, with theconsent of the first lienor of the affected Unit(s), with respect totheir Condorniniurn Units as described in the Act: (a) the right toreallocate Limited Common Elements between or among Condominium Units inaccordance with the provisions of section zoB(2) of the Actr and (b) theright to relocate boundaries between adjoining Condoninium Units inaccordance with the provisions of Section 21-2 of the Act. ARTICLE 4 ALLOCATED INTERESTS 4.01: Allocation of Interests: The table showing Unit nurnbersand their Allocated rnterests is set forth in 3.01(b) above. Theseinterests have been allocated in accordance with the fornulas set out in L4 544442 B-648 P-401 o)rrrn o4 r s6P Pc 1b oF 44 O this Articre. The same forrnuras are to be used in reallocatinginterests if Units are added to the Conmon fnterest Conrnunity. 4.02.allocated to interests formulas: (a) Undivided Tnterest in the Comrnon ELements. The percentage ofthe undivided interest in the Cornmon Elements allocated to each Unit isbased on the number of interior square feet in each Unit (exclusive ofany garage or patJ-o area) divided by the number of square feet of allthe Units in the Common Interest Cornmunity, rnultiplied by 1O0. (b) Liability for the Comnon Expenses. The percentage of theundivided interest in the comnon ELernents allocated to each Unit isbased on the percentage ownership of the Common Elernents in the commonfnterest Comrnunity. (c) Votes. Each unit in the Conmon fnterest Community sha11 havean equal vote. 4.03: Allocated fnterests Pursuant to Exercise of Development F.ights: The effective date for assigning Altocated Interests to Unitscreated pursuant to section 3:l-o(a) of this Decraration sharl be thedate on which the amendment creating the Units is recorded in the realproperty records of the County of Eagle, State of Colorado. ARTICLE 5 RESIRICTIONS 5.0L: Use Restrictions. Condominium Units L-A, L-8, 1_-C, andl-D shall be used and occupied prinarily for residentiar use and forsuctr other purposes as are incidentar to such primary use. The abovestated use and occupancy shall be only as perrnitted by and subject tothe appropriate and applicable governmental zoning and use laws fromtirne to time in effect. An owner sharf have the right to lease suchOwner's Condominiun Unit upon such terms and eonditions as such or,irner may deem advisablet provided, however, that (a) any such Iease shallprovide that the rease is subject to the terms of the Declaration, (b)a condomi-nium unit may be reased only for the above use and occupancy,and (c) any failure of a lessee to comply with the terms of tleDeclaration, the Articles, the Byraws, or the Rules shall constitute adefault by such owner under the applicable document. The restrictionscontained in this section shall not apply to Decrarant to the extentDeclarant exercises any of the rights of Declarant set forth in Sestion 3.1-0 hereof . 5.O2i Declarantts Use Duringr Construction. During the periodof congtruction of the Building, Declarant, its agents, elnployees andcontractors shall be permitted to maintain on any portion of the UJ r$, Formulas for the Allocation of rnterests: Theeach Unit have been calculated by the following 15 | :____,B-648 P-401 o08i 23/54 04:36P PG 16 OF 4,P Property, such facilities as in the sole discretion of Declarant rnay bereasonably required, convenient or incidental to such construction,including, without linitation, storage areas, construction yards,construction offices, parking areas and lighting and temporary parkingfacilities. Declarant, its agents, employees and contractors herebyreserve an easenent over, across, through and upon the Comrnon Elementsfor the purposes of (a) discharging DecJ-arant's obligations under theDeclaration or the Act; (b) exercising any of the special declarantrights described in Section 3.L0 hereof or (c) exercising any ofDeclarant's other rights under the Declaration. 5.03:Restrictions on Animals. No animals, livestock, horsesor poultry or any kind shall be kept, raised or bred within any Unit orwithin the Common Elements, except that dogs, cats and other domesticated household anj.mals not to exceed two in number rnay be keptby a Unit Owner as household pets so long as such pets are not anuisance to any other Unit Owner. Pedestrians accompanied by a household pet within the common Elements rnust have said pet under theirdirect control by use of a leash not to exceed ten feet in length. Noanirnals shall be allowed to remain tied or chained to any decks,balconies, patios or other parts of the Property, and any such anirnal(s) so tied or chained may be removed by the AssociaLion or its agents. lhe Executive Board shaLl be entitled to adopt rules and regulations whichspecifically relate to the issues of whether and what types of householdpets may be kept in the Condorniniurn Units and upon the Property. TheExecutive Board shall also have the absoLute power to prohibit any pet fron being kept upon the Property or in any of the Condominium Units, if such pet causes a violation of Section 5.06. 5.O4: Pafkinq. No vehicle of any type may be parked on theProperty except in parking spaces designated by the Association or as shown on the Plat. No commercial type of vehicle and no recreationalvehicles shall be stored or parked on the Property except in areas (ifany) designated by the Association. A recreational vehicle shallinclude for purposes of this Declaration, motor homes. motor coaches,buses, pickup trucks with canper tops or similar accessories, boats, canping trailers or trailers of any type. Parking spaces shall be usedonly for parking autonobiles and motor cycles and not for any otherstorage purposes. Motorcycles and bicycles shall not be stored onporches, balconies, decks, patios or yard areas. 5.05; Trash and Unsiqhtlv Uses; Unsightly objects andmaterials shall not be placed upon the, Common Elements and no part ofthe Common Elements may be used as a dumping ground for garbage, trashor other waste except in areas designated from time to tine by theAssociation as a common garbage disposal area, and the same shall be disposed of in a sanitary manner. The Association shall have the rightto enter upon any Common Elements and to remove such refuse piles orother unsightly objects and rnateriat at the expense of the Unit Ownercausing the same, and such entry shall not be deemed a trespass, v$ 16 544447 B-ti48 P-401 o?r.rrn o4:36p pG 1? o" nnO 5. 06:No Noxious, Offensive Hazardous or Annovinq Activities, Except as otherwise expressly provided in this Declaration, the property and each Condominiun Unit shall be used and occupied for the purposes described in Section 5.01-. Noxious, destructive, or offensive activity,or any activity constituting an unreasonable source of annoyance, shallnot be conducted in any Condominium Unit or upon the Property, and theAssociation shall have standing to initiate legal- proceedi-ngs to abate such activity. Each Owner shall refrain from any act or use of his orher Condominiurn Unit which could cause unreasonable discomfort or annoyance to other Owners, and the Executive Board shal-I have the por^rerto rnake and to enforce reasonable rules and regulations in furtheranceof this Section. 5.07:No Imneriling of Insurance. No O\,,rner and no Owner.scuests shaLl do anything or cause anything to be kept in or on SavoyVillas Condominiums that rnight result in an increase in the premiurns ofinsurance obtained for Savoy Vi11as Condoniniurns or which causecancellation of such insurance without the prior written consent of theAssociation first having been obtained, unless such use is a permitted use under Article 5.Ol- above. 5.08:No Violation of Law.No Owner and no Owner's Guestsshal] do anything or keep anything in or on the Savoy Villas Condominiums which would be in violation of any statute, rule,ordinance, regulation, perruit or other validly imposed requirement of any governmental body. 5. 09:No Time Share Estate. No Owner of any Condorninium Unitshall be entitled to subject such Owner's Condominium Unit to a lttime share estatert (as such term is defined in Section 38-33-L10 of ColoradoRevised Statutes) unless such Owner shall have obtained the prior written consent of a1l of the Olirners of the other Condorninium Units. 5. OL: ARTTCLE 6 ARCHITECTURAL CONTROL Approval of Construction and Exterior and fnteriorModifications. Declarant shall be entitled to construct the Buildingwithout the prior wrj-tten permission of the Executive Board. Nonodifications to a Condominium Unit which would be visible from theexterior of the Building nay be undertaken without in each caseobtaining the prior written permission of the Executive Board of theproposed rnodification. In considering each request for approval , theExecutive Board shall attempt to rnaintain the first-cl-ass appearance ofthe Savoy Vil-las Condorniniurns and to assure that all Condorninium Unitsare architecturally cornpatible. Unit Owners may make alterations or improvements to the interior oftheir Units that do not impair the structural i_ntegrity, electrical t7 544442 B-6.18 P-401 /2'i/54 04:36P Pc 18 oF 4p systems, mechanical systems, sound transmission to other Units, orlessen the support of any portion of the common rnterest community. rnaddition, no owner shall install any floor covering, other than cirpeu,in the living room or dining room areas of a Unit if such areas are overanother Unit, without the prior written permission of the Association.No such approval may be given by the Association unless suchinsta]Iation of the froor covering conforms to guidelines set forth byan architect or engineer chosen by the Association in an attempt tolessen the sound transmission to another Unit. 6.02',Approval Procedures. Whenever any Or,/ner requestsapproval from the Executive Board as described in Section 6.01 hereof,the Executive Board may reguest that such Owner provide the Executive Board with such items as the Board may reasonably request in order toinform the Executive Board about the rnatter requiring approval . TheExecutive Board sha1l not be required to take any action with respect toa requested approval unless and until the Executive Board receives alliterns reasonabry requested by the Executive Board. once all of suchitems have been furnished to the Executive Board, the Executive Boardshall have 30 days to approve the reguest as submitted, to approve thereguest with such reasonable conditions as the Executive Board mayrequire or to reject the request and, if the Executive Board does not soact within such 30 day period, the request shaLl be deemed approved assubmitted. rf the request is approved, the rnodification approved shal1be undertaken by the owner in accordance with the iterns subrnitted to theExecutive Board and any conditions placed upon such approval by theExecutive Board. 6.03:No Liability. The Executive Board shall not beresponsible or liable for damages because of any fail_ure to act,disapproval or failure to approve or disapprove any request for approvaldescribed in Section 6.01 or because of any defects in any itemssubnitted to the Executive Board in connection with any request for approval . Any Owner requesting approval by the Executive Board by sodoing agrees and covenants not to bring any action or suit to recover damages against the Executive Board, its members as i-ndividuals, or itsadvisors. employees or agents or the Association and its officers andmenbers. Nothing contai-ned herein sha1l prohibit an owner frorn seekinginjunctive or declaratory reli-ef from a court of competent jurisdiction. ARTICLE 7 THE ASSOCIATION 7 . 01_:Membership. (a) Declarant sha11 be a member of the Association for so long asDeclarant is the ohrner of any condorninium unit. Each individual-,corporation, partnership, lirnited liability company, joint venture,trust or other regar entity capable of holding titre to real property i_n 'r4 r'.1 L8 844442 B-648 *-ou,.lo* /as/s4 04: s6p pc z0 ""Q- owner is advised to obtain copies of the then current Articles, Bylawsand Rul-es upon beconing an Owner. (e) Each member shalr comply strj-ctty with the provisions of theDeclaration, the Articr.es,_ the -nylaws and the n"r"". The fairure of amernber to compry strictly witrr such provisions shalr perrnit theAssociation to suspend a memberrs. voting ,rsni" ,;ile in 1oi"-o*fr1.rr""and to take the actions outlined in section rs.-or-n".eof to enforce theDeclaration. rn add.ition, the Byraws and the Rures *"y p"r*it th"Association to take further actioni in the event of noncompriance by anenber with such provisions. 7.022 Powers of the Association. (a) savoy vi1las condominiums shall be administered and rnanageit bythe Association pursuant to the Declaration, tne Articles, in"-ifr-rr,the Rules and the Act. The Association shar.r_ have al1 of the io".".expressed in, or_irnpried froru, the provisions oi the o"crariiioi, tr..Articles, _ttr" Bylaws, the Rules and the Act subject; however to thefollowing lirnitations : (i) except.for the por^rer to grant easements, reases, licensesand concessions through or over the common Erements set forth insection 302(r-) of the Act, the Association sharr not convey orencumber the connon Erernents unless all_ orn"i"l ",,J ;ii--rirstLienors have gj-ven their approval thereof; (+i) the Association sha]r. be organized and operatedexclusivery for -preasure, recreationar. and otner 4on-p.o'filabtepurposes as set forth in section 50r_(c) (7) of the rnternir R"rr.r,rr"code of L9B6t as it is now or rnay hereafter be amended, or in anycorresponding provisions of any future law of the united states ofAmerica providi'ng for the exernltion ot sirniGr organizat.ions fromincome taxation; and . (iii) no part of the net earnings of the Association shallinure to the benefit of any rnember of the Association. (b) without - rimi-ting the generality of the foregoing, theAssociation shall.have-the power fr6rn tirne t6 titne as it a""*i-rei!""rrylnd appropriate to adopt, amend and enforce the Rul_es in order toimplernent the provisibns of the oecr"aration including - ,iti",rtlinitation, Rules intended to pro_rn9_te the g"n"rur treartn, -iatet-f' anowerfare of persons within savoy Vir.ras coria"rirri"rr, to protect andpreserve property arq tg regurate the use of the common Elements. A]1of.t^he Rules adopted by the Association shalr ue ieasonabre and shalr beuniformry applied. The Association may provide for enforcement of theRules through reasonable and uniforml'y'"ppii"a--rirr"" and penarties,which shall be collec.tabre by the Assoaia€ion as a charge pursuant tothe provisions of Article 9 hLreof. Each owner. and, suctr ownerrs Guest r'..! AV 544442 8-048 "-nor.Oo, /23/94 04:3Bp pc a1 o' Q shalr be obligated to and shaLl cornply with and abide by the Rules andpay such fines or .penarties upon faj-lure to cornply with br abide by theRules. The Association shall- not be responsible to any owner or Guestfor the non-observance by any other oh/ner or Guest of the Rures. . 7.o3: Executive Board. The Executive Board is herebydesignated to act on behalf of the Association and shall be responsiblifor the control and managenent of the Association and the Aisposition ofits funds and property; provided, however that the Executiv6 Board maynot act on behalf of the Association to: (a) amend the Dectaration; (bjterminate savoy Vi11as Condorniniums except as set forth in Section 218of the Act,' or (c) elect Directors or deteE"nine the gualifications,powers and dutj-es, or terms of office of Directors, but ttre ExecutiveBoard may firr vacancj-es in the Executive Board for the unexpiredportion of any term. The nunber of directors, their terms of office andtheir qualifieations sha1l be deterrnined accordinq to the Bylaws. Themembers of the Association sharl erect arl- directors. wi€hin 5 daysafter the Owners other than Decl-arant el-ect a rnajority of the d.irectors,Declarant shall del-iver to the Association all property of the ownersand of the Association held by or controlled by Deerarant, includingwithout rimitation, the iterns specified in section 303(9) (a) through (1iof the Act. Notwithstanding anything to the contrary, herein, until the ownerControl Date' the officers and nembers of the Board shalI be appointedand removed as set forth in Section 3.i"0. 7 -Q42 offi-cers. The officers of the Association shall be apresident, a secretaryr. a treasurer and such other officers as may fromtime to tirne be prescribed by the Bylaws. The terms of office 6r tneofficers of the Association and their qualifications sha]l also bedeternined according to the Bylaws. ARTICLE 8 MATNTENANCE AND INSURANCE Maintenance bv Owners. *=|4 ,.1 8.01_: (a) Each owner shall be responsible for the following maintenanceand repair of the following portions of such owner's Condominiurn Unit; (i) the rnaintenance and repair of the interior portions andexterior doors and windows (except for the painting of exteriordoors and windows which shaLl be an Association expense) of suchOwner,s Unit; (ii) the maintenance and repair of the water, sewer,electricar, natural 9ds, telephone and other utility'servicesIocated within such Ownerrs Unit; and 2T s44442 B-648 p-401 Qrrr*n 04:aoP PG zz o' nl (iii) The maintenance, repair or replacement of heatexchangers, boilers, hot tubs or other mechanical devices servingthat unit only. ff any such Limited Conmon Element is assigned to more than one Unit, such expense shal1 be shared egually among theUnits to which it is assigned. Each Unit Or,rner shaLl beresponsible for removing all snow and debris from all patios,balconies and sidewalks which are Lirnited Conmon Elenentsappurtenant to his or her Unit. If any such Limited Common Elementi-s appurtenant to more than one Unit, the Owners of those Unitswj-1l be jointly responsible for such removal,. (b) In perforning the maintenance or repair required by Section8.01(a) hereof, no Owner shall do any act or hrork which impairs orotherwise affects the Common Elements. If, in the reasonable judgment of the Association, an Owner has failed to naintain those portions of such owner's Condominiurn Unit, which such owner is required to maintainin a c1ean, safe, attractive and sightly condition and in good repairconsistent with the high standards of Savoy ViIIas Condominiums, theAssociation, may after 10 days' notice to such Owner, perform all workdeened necessary by the Association to place such condominiurn Unit inconformity with the foregoing standards and shall have access to such Condominium Unit for such purposes. The Association shall be reimbursedby the Owner who or which failed to adequately maintain sucb Owner,s Condominium Unit for all" costs of the work performed by the Associationpursuant to the authorization contained in the preceiling sentence, forinterest on such costs fron the date incurred at the annual rate of 24percent or the maxirnum allowed by 1aw, whichever is Iess, and for a1Icosts of collection of the amounts to be reimbursed, includingreasonable attorneys, fees. 8.02:Maintenance bv the Association. (a) The Assocj-ation shall be responsible for the followingmaintenance and repair: (i) those portions of the Condoniniurn Units which are noEreguired by Section 8.01-(a) hereof to be rnaintained by the owners. (ii) the Common El-ements; and (iii) the Linited Connon Elements except as specified inparagraph 8.0r-(a) (iii) above, (b) The costs of the maintenance and repair reguired by Section8.02(a) hereof shall be a Common Expense. If, however, the need toperforn such maintenance results frorn the negligence or intentional actof an owner or such owner's Guests, such owner shalr reirnburse theAssociation for al} costs of such maintenance and repair, for intereston such costs fron the date incurred at the annual rate of 2l- percent or tfi 22 B-648 P-401 o|,rrrn o4:36P Pc 2s oF 44o++++ a the rnaximum allowed by 1aw, whichever is 1ess, and for all costs ofcollectj-on of the amounts reirnbursed including, without limitation,reasonable attorneys' fees. 8.O3:Insurance. (a) The Association shall provide and keep in force the followinginsurance: (i) Property damage insurance on the Build.ing (including thecondominium units comprising the Buildinq) and any other improvernentj-ncluded within the Common El-ements (including flxtures and buildingservice equipnent and common personar property and supplies owned by theAssociation) insuring against loss by fire, lightning and the iistcscovered by the rral1 riskstt endorsement of the j-nsurer (which risks shal1include at least vandalisrn, malicious mischief and those risks coveredby a standard broad form coverage endorsement) in an amount not lessthan the full replacement value of the Building and any otherimprovement included within the Cornnon Elements (without deduction fordepreciation but less applicable deductibles and exclusive of the costsof land, excavation, foundations, paving and other items norrnal-1yexcluded from property policies) in an agreed amount endorsement butwith a schedule of insured values for each Cond.ominium Unit contained inthe Building and for each other improvement included within the CommonElements. Such insurance sha1l be carried in blanket policy form namingthe Association as the insured, shal1 provide that losses sha1l b;payable to and adjusted with the Association as attorney-in-fact for the Oe/ners and shall be for the protection of all Owners and First Lienorsas their interests may appear. The Association shalr hold and apply theproceeds of such insurance as set forth in the Declaration butconsistent with the terms of any deed of trust of a first }ienor. (ii) Cornmercial general public liability insurance for theprotection of the Association, its officers and directors, alL ownersfall First Lienors, the managing agent engaged by the Association (ifany) and their respective employees, agents and contractors, as theirinterests may appear, insuring against any liability arising frorn the 9yne19frip, existence, use, or maintenance of the common Area (incrudingliability for death, personal injury and property darnage) in thecombined single limit amount of not less than 91,ooo;oo0.oo or in suchgreater amount as the Executive Board sha1l determj.ne. Such insuranceshall- cover claims of one or more insured parties aqainst other insuredparties. (iii) Fidelity i.nsurance in an amount not less than one-half ofthe then current aggregate annual- assessments of the Association plusreserves, as calculated from the then current Budget, covering any owneror ernployee of the Association who disburses funds of the Association,and cor/ering any rnanaging agent engaged by the Association, all at theelection of the Association, and only if such insurance is available to 23 544442 B-648 P-401Q*rrurnn o4:36P Pc 24 o" O the Association without payment of a premj-urn which is, in the judgrnent of the Association, excessive. (iv) Directors and officers liability insurance and error andornissions insurance coverage in such amounts as the Association sha11determine for the protection of the Association, its offieers, directorsand enployees, but only if such insurance is available to theAssociation without palment of a premium or premiums which is or are, inthe judgrnent of the Association, excessive, (v) Such other insurance in such amounts as the Association mayconsider necessary or advisable against such other insurable hazards asthe Association may from tirne to tine wish to insure against. (b) The costs of obtaining and naintaining all insurance which iscarried by the Association pursuant to the provisions of Section 8.03(a)hereof shall be a Common Expense to be prorated among all Owners as setforth in the Deelaration, notwithstanding the fact that the Owners may have disproportionate liability. All such insurance shall be issued byresponsible insurance companies authorized to do business in the Stateof Colorado. Each policy of insuranee described in Sections 8.03(a) (i) and (ii) hereof shall contain the following provisions: (i) such policyshall not be materially rnodified or cancelled without at least 30 daysprior written notice to the Association and to each Owner and FirstLienor whose or whj-ch address has been made known to the insureri (ii)the insurer waives its rights of subrogation under such policy as to anyclaim against the Associ-ation, its officers, directors and employees, any Owner and members of such ownerrs household and any First Lienor;(iii) each Owner is an insured person under such policy with respect toIiability arising out of such Owner's nembership in the Association;(iv) no act or omission of an Owner, unl-ess acting within the scope ofsuch owner's authority on behalf of the Association, shall void suchpolicy or operate as a condition to recovery under such policyt and (v)if, at t,he tirne of loss under such policy, there is other insurance inthe name of an Owner covering the risk covered by such policy, theAssociation's policy shaIl provide primary insurance. rf the j.nsurance described in Section 8.03 (a)(iii) and (iv) hereof is not re.asonablyavailable, or the Association has elected not to carry such insurance,or if any poli-cy of such insurance is cancelLed or not renewed withouta replacement policy therefor having been obtaj-ned. the Associationpromptly shall cause notice of such fact to be hand delivered or sentprepaid by United States mail to all Owners. (c) Each Owner shal1 be solely responsible for obtai"ning andmaintaining any insurance covering ross or damage to personal propertyin such owner's unit and covering liability for injury, death or darnageoccurring inside such owner's unit. Any poricy of such insurance shallcontain waivers of subrogation as to any clairn agai-nst the Association,its officers, directors and employees, dny owner and such ownerrs Guestsand any First Lienor and shaIl be so written that the l-iabilitv of the 2A 544442 8-048 P-401 ouorrrnn o4 I 36P PG ab oF 44 insurers issuing insurance obtained by the Associatj.on shall not beaffected or diminished thereby. 9. 01: ARTICIJE 9 ASSESSMENTS AND CHARGES Annual Assessments. (a) Until the Association establishes an annual assessment for Common Expenses for the initial fiscal year of the Association,Declarant shall pay all Common Expenses. The Association shallestablish prior to the conveyance of any Condominj-um Unit by Declarant,an annual assessment with respect to the initiaL fiscal year of theAssociation for the purpose of paying or creating a reserve for CommonExpenses. The amount of the annual assessment for the initial fiscalyear of the Association and for each fiscal year thereafter shall be based upon the Budget adopted by the Association. The Budget shall be based upon a good faith estimate of the Common Expensee to be paid orreserved for the year covered by the Budget including, withoutlirnitation, an estimat,e of the costs of the maintenance and repairrequired to be perforned by the Association pursuant to the provisionsof Seetion 8.02 hereof during such year, an estimate of the costs of theinsurance descrj.bed in Section 8.03 hereof to be obtained by theAssociat,ion during such year and an estimate of the amount of funds tobe reserved during such year for the costs of the period.ic refurbishing and repl.acement of those items which are to be maintained and repairedby the Association pursuant to the provisions of Section 8.02 hereof assuch items wear out or become obsolete so that the costs of suchperiodic refurbishing or replacement may be paid through the annual assessments instead of special assessments. The Executive Board shallestablish the annual assessment for the initial fiscal year of theAssociation without a vote of the Owners. The annual assessments for any fiscal year after the initial fiscal year shal-l be established onlyafter a Budget is adopted in accordance with the provisions of Section9.0L(b) hereof. (b) After the initial fiscal year of the Association or in theevent the Association desires to make an adjustnent to an annual assessment previously established during a fiscal year, the ExecutiveBoard sha1I adopt a proposed Budget to serve as the basis for theestablishment of the annual assessment or the adjustments to the annualassessment (as the case nay be). Within 30 days after the adoption of such proposed Budget, the Executive Board shall maiI, by ordinary first-class mail, or otherwise deliver a summary of such proposed Budget toall owners and shall set a date for a meeting of owners to considerratification of such proposed Budget not less than 14 nor more than 50days after mailing or other delivery of the sunmary. Unless at thatmeeting owners holding 80 percent or more of the total votes of theAssociation reject such proposed Budget, such proposed Budget is 'dJ 25 544442 B-ti46 P-401 o08/23/94 04:3tiP PG 26 oF 44 ratified, whether or not a quorum 1s present. In the event suchproposed Budget is rejected, the Budget last ratified by the Ownersshall be continued until such time as the Owners ratify a subsequentBudget proposed by the Executive Board and the proposed annual assessment or adjustment to the annual assessment shall be based upon such continued Budget. 9.02.Special Assessments. In addition to the annual assessments authorized above, the Association may establish at any timea special assessment for the purpose of paying or creating a reservefor, in whole or in part, the cost of any expense which the Associationis entitled to j.ncur pursuant to the provisions of the Declaration orthe Bylaws and which is not scheduled to be paid in a Budget adopted bythe Association. No special assessment may be levied by the Associationunless such special assessment has been approved by the Executive Board and by the rnajority vote of the owners present in person or proxy at aneeting called for such purpose at which a qluorum was present. 9.03:Pavments of Assessments. AII annual assessments sha11 bepayable in equal, quarterly installnents. Each guarterly installnent ofthe annual assessrnents shall be due on the first day of each quarter inthe anount specified in the most recent written notice fron theAssociation until the Association notifies an Owner in writing of adifferent amount. At the option of the Association, alI special assessments may be payable in a lump surn or in quarterly instal_lments. Each special assessment shall be due 3O days after the Association givesan Olrner notiee of the arnount of such Owner's assessment. TheAssociation may charge and collect interest at an annuaL rate of 2l-percent or the maximum allowed by law, whichever is less, on any annualor special assessment which is not paid when due. 9.04: Charges. Each Owner shal} be liab1e for all charges withrespect to such Owner or such Owner's Condorninium Unit as set forth inthe Declaration. For the purposes of this Article the term rrchargiesrl shall mean the costs to be reimbursed to the Association by an Or{rnerpursuant to the provisions of the Declaration including, withoutlinitationf pursuant to the provisions of Sections 9.01(a), 9.01(b) and9.02 hereof, and fines and penalties for violations of ttre Rules asdescribed in Section 7.02(b) hereof. Any charge shall be due within j_0 days after notice of the amount of such charge is delivered to an Ownerand, if not paid when due, shall bear interest at an annuaL rate of 2l-percent or the rnaximum allowed by 1aw, whichever is less. Any chargecollected by the Association shall be used by the Association infurtherance of its duties hereunder or to defray Common Expenses. 9. O5:Liability of Owners (a) The liability for annual and special assessment of the Comnon Expenses is hereby allocated to each condominium Unit in the followingpercentages: 26 P-401 Qrrrrrn o4:36P PG a? o, n-f Condominium Condominium Condominium Condominium unit 1-AUnit 1-BUnit 1-Cunit 1-D 544442 B-648 26.56 percent 26.56 percent 23.44 percent 23.44 percent (b) The amount of any annual and special assessment and chargespayable with respect to an Owner or such Owner's Condominium Unit sha1lbe a personal obligation of the Owner of such condominium Unit and suchOwner's heirs, devisees, personal representatives, successors andassigns and, if there are multiple Owners of one Condominium Unit, suchobligation shall be a joint and several obligatj-on of each Owner of such Condominium Unit. Except as set forth in Section 9.06 hereof, a partyacquiring fee sinple title to a Condominium Unit shall be jointly andseverally liable with the forner Owner of the Condorniniun Unit for allsuch amounts which had accrued and were payable at the time of theacquisition of fee simple title to the Condoninium Unit by such partywithout prejudice to such party,s right to recover any of such amountspaid by such party from the former Owner. No Owner shall be exenpt fromliability for payment of such Owner,s share of the Conmon Expenseseither by waiver of the use or enjoyment of the Common Elements or Easements or by abandonment of such Ownerts Condominium Unit. 9. 06:Liabilitv of First Lienors. The transfer of title ro a Condoniniurn Unit pursuant to a foreclosure of the lien of a First Lj-enoror pursuant to any procedure in lieu thereof shall extinguish the lienfor annual and special assessments and charges against such CondominiumUnit described in Section 9.07 hereof as to payments which become dueprior to such transfer except to the extent specified in Section3l-6(2)(b) of the Act. A First Lienor shall not be personally liable forany assessment or charge payable by the Owner of the Condoninium Unit encumbered by the lien of such First Lienor, but the Association agreesto accept any paynent of such assessment or charge made voluntarily onbehal-f of such Owner by such First Lienor. 9.07r The Association's Lien. The Association sha1l have fromthe date of recording of this instrument a lien against each Condominiumunit to secure payment to the Association of all annual and special assessments with respect to such Condominiurn Unit and alt charges withrespect to each Owner of such Condoniniurn Unit together with interestthereon at tbe annual rate of 21- percent or the rnaximun allowed by law,whichever is less, from the due date thereof and together with aII costsald expenses of collecting such assessments and charges including,without lirnitation, reasonable attorney's fees. The Association's liensha1l be prior and superior to all other liens and encumbrances on acondorniniurn unit except: (a) liens and encumbrances recorded prior tothe recordation of this instrumenti (b) the lien of a First Lienor withrespect to such condominium unit except to the extent specified inSection 3l-6(2)(b) of the Act; (c) liens for real estate taxes and othergovernmental charges against such Condoninium Unit and (d) mechanicrsand nateriarman's liens which by law may be prior to the Associationrs i,t 27 s44442 8-648 p-401 |.trrtrn 04rij6p pG 28 o" O l-ien. The Associatj"on's lien shall attach fron the date of recording ofthis instrument and sha1l be considered perfected without the necessityof recording a notice of default and claim of lien or as disclosed onsuch lienor's deed of trust or other document of record noting a changej.n such lienor's address. Nevertheless, the Association sha11, as acondition to enforcement of the Associationrs lien, record a notice ofdefault and claim of lien which shall be executed by an officer ordirector of the Association and which shall contain substantially thefollowing information: (i) the legal description of the CondominiumUnit against which the lien is cLaimed; (ii) the names of the defaulting Owners as indicated by the Association,s recordst (iii) the total unpaid amount together with interest thereon and the costs of collection as ofthe date of such noticet (iv) a statement that the notice of default andclain of lien is made by the Association pursuant to the Declaration,and (v) a statement that a lien is clained and will be foreclosedagainst such Condominium Unit in an amount equal to the amount stated asthen due and any additional amounts thereafter becoming due. TheAssociation shall send a copy of such notice of default and claim oflien to the Owners and First Lienor of the Condominium Unit againstwhich such Iien is clained at their addresses last known to theAssociation within 10 days after the recording of such notice of defaultand claim of lien or as disclosed on such lienor,s deed of trust orother document of record noting a change in such lienorrs address. TheAssociation's lien may be foreclosed in the manner provided by Coloradofor the foreclosure of mortgages encunbering real property. At itsoption, the Association may recover any amounts claimed to be due in anotice of default and claim of lien by an action for a money judgment. In any such foreclosure or action, the Owners of the Condominium Unitsubject to such foreclosure or action shall be required to pay the costsand expenses of such proceedings including, wj-thout limitation,reasonable attorney's fees. Notwithstanding anything to the contrarycontained herein. the foreclosure of the lien for assessments as setforth herein, shall have the effect of giving the Association a priorityclain for rnonetary conpensation to the extent of the priority of thelien claim over that of the First Lienor, but shall not extinguish orforeclose out the lien or lien position of the First Lienor. TheAssociation shall be entitled to purchase the Condominium Unit at anyforeclosure sa1e, and to acquire, hold, lease, mortgage or convey the same, subject to the lien of the First Lienor. In any such foreclosureor action, the Court rnay appoint a receiver to collect all sums al]-eged.to be due from the Owners prior to or during the pendency of suchforeclosure or actions. The court may order the receiver so appointedto pay any sums held by such receiver to the Association during thependency of such foreclosure or action to the extent of the unpaidannual and special assessments and charges. 9.08: Statement of Unpaid Assessments and Charges. TheAssociation shall furnish to an owner of a Condoniniurn Unit, a designeeof such owner, a horder of an indebtedness secured by a deed of trust,mortgage or other security document encumbering a condorninium Unit or a Y4 28 544442 B-64ii "-noor, /23/s4 o4r36P PG 29 o"l designee of such holder, upon written request, delivered personally or by certified maiI, first-class postage prepaid, return receipt requestedto the Association's registered agent, a statement setting forth the anount of the unpaid annual and special assessments and charges, if any,with respect to such Condorninium Unit. Such statement shal1 befurnished within 14 days after receipt of the request and is bindingupon the Association, the Executive Board and every Owner. If nostatement is furnished to the requesting party delivered personally orby certified mail , first-cfass postage prepai-d, return receipt requested, to the requesting party within such 14 day period, then theAssociation shall have no right to assert a priority lien upon the Condominium Unit for unpaid annual and special assessments and chargeswhich were due as of the date of the request. 9.09 1 Surplus Funds. Upon the determination by the Executive Board that surplus funds of the Association remain after payment orprovision for Common Expenses and any prepayment of provision forreserves, the Executive Board may decide either to distribute suchsurPlus funds to the Owners in accordance with their respective SharingRatios or to credit such surplus fund.s to the Owners in accordance r,'riththeir respective Sharing Ratios against their respective liabilities forfuture Common Expenses. ARTICLE 10 APPOINTMENT OF ATTORNEY.IN_FACT Each Ohrner, on such Owner's behalf and on behalf of such Ownerrsheirs, devisees, personal representatj-ves, successors and assigns, bythe acceptance of the conveyance vesting in such Ohrner an interest in a Condorninium Unit does irrevocably constitute and appoint the Associationwith full power of substitution as such Owner's true and lawful attorneyin such owner's name, place and stead to deal with such interest upon darnage to or destruction, obsolescence, or condemnation of such Ownerrs Condorniniun Unit or Residence with fulJ. power, right and authorizationto execute, acknowledge and deliver any contract, deed, proof of loss,release or other instrument affecting the interest of such owner, and to talce any other action which the Association may consider necessary oradvisable to give effect to the provisions of Articles t_l_, 12 and l_3hereof. If requested to do so by the Association, each owner shalLexecute and deliver a written instrument confirming such appointrnent.The action of the Association in settting any damage or condemnationclaim shall be final and binding on all owners. ca 29 544442 B-648 P-401 Qrruron o4rBrip pG 30 o, u? ARTICLE 11 DAMAGE OR DESTRUCTION L1.01: Damaqe or Destruction to Common Elements Improvements.In the event of any damage or destruction to any irnprovement.s includedwithin the Common Elements which are not a part of the Buildj-ng by fireor other casualty, the Association shal1 prornptly cause such improvements to be repaired and restored, utilizing available insuranceproceeds therefor. and if such improvements rnust be substantiallyrebuilt, the design of such irnprovements shall be substantially sinilarto the original desj-gn of such improvements. ff the proceeds ofinsurance are insufficient to pay all costs of repairing and restoringsuch improvements, the di-fference between the insurance proceeds andsuch costs shall be a Common Expense. 1L.02: Less Than Catastrophic Damaqe to the Buildinq. Any damage to the Building which the Association reasonabLy estimates willj.nvolve costs of repair or restoration in excess of 75 percent of theinsured vaLue of the Building as shown on the schedule of insured valuesattached to the policy of property damage insurance described in Section8.03(a) (i) hereof shall be referred to in this Article 11 as[catastrophic'r. In case of any damage to the Building by fire or othercasualty which is less than catastrophic, the Association shall prornptly cause the Building to be repaired and restored, utilizing avaiLableinsurance proceeds therefor, and, if the Buildj-ng must be substantiallyrebuilt, the design of the Building shall be substantially similar tothe original design of the Building. If the proceeds of insurance areinsufficient to pay all costs of repairing and restoring the Building,the difference between tbe insurance proceeds and such costs shal1 be a Common Expense. Ll".03: Catastrophic Damagre to or Destruction of the Building.In case of any catastrophic danage to or destruction of the Building byfire or other casualty, the Association sha1l not take any action torepair or restore the euilding for a period of one month after theoccurrence of such fire or other casualty except for such actions as naybe required t.o protect the safety of Owners and Guests. If theAssociation receives written directions from al-t owners and FirstLienors during such one month period directing the Association not torebuiLd the Building, the Association shaLL cause the Buildi.ng to berazed and the land wbich constitutes the Property to be graded to areasonably attractive condition and the Association shall sell theProperty in accordance with the provisions of Section 11.04 hereof. Ifthe Association does not receive such written directions from aL1 ownersand First Lienors during such one month period, the Association shal1promptly cause such Building to be repaired and restored in accordancewith the provisions of Section l-1-.OZ hereof. 11.04: Sale of Property. If the Association is required to sell 30 544442 B-648 P-401 Qrrrrnn o4:36F PG s1 o, n? the land which constitutes the property pursuant to the provision ofsection 1l-.03 hereof, the Association (as attorney-in-fact for theowners) shall execute and record in the real estate record.s of EagleCounty, Colorado, a notice of such facts, and thereafter shall sell theProperty free and clear of the provisions of the Declaration. rn theevent of such sa1e, the proceeds of insurance and the proceeds of suchsale, to the extent paid over to the Association, shall be applied firstto the payment of expenses of the Association incurred to rnake safe andraze the Building, to grade such land and to conduce such sare. The netamount of such proceeds shall then be apportioned by the Associationamong the Owners based upon the relative insured values of the Condorniniurn Units as determined from the schedule of insured valuesattached to the policy of property darnage insurance described in Section8.03(a)(i) hereof; or, if such policy does not contain such insuredvalues, such proceeds shall be apportioned anong the Owners inaccordance with their Sharing Ratios. The net amount of such proceedsso apportioned shall be held by the Association on account for theowners in a separate account for each condominium unit to be applied(without eontributj-on from one account to another) by the Associationfor the following purposes in the order indicated: (i) for payment oftaxes and special assessrnent liens in favor of any assessing entity;(ii) for payrnent of the bal-ance of the indebtedness secured by the lienof a First Lienor; (iii) for payment of unpaj.d assessrnents, charges andother amounts due the Associationi (iv) for payment of junior liens andencumbrances in the order of and to the extent of their priority and (v)the balance remaining, if any, shall be paid to the Owners. Ll-.05: First f-,ienors. Pronptly after the occurrence of any fireor ottrer casualty which causes damage to the nuilding or any otherimprovernents included within the Common Elernents which, j-n either case,the Association estj.mates will cost glO,OOO or more to repair, theAssociation shall deliver written notice thereof to all First Lienors.The deLivery of such written notice shall not be construed as imposingany liability whatever on any First Lienor to pay all or any part br trrecosts of repair or restoration. Further, the provisions of section11.04 hereof shall not be construed as lirniting in any way the right ofa First Lienor (in case the proceeds allocated under Section lL.04 shallbe insufficient to pay the indebtedness held by such First Lienor) toassert and enforce the personal riability for such deficiency of theperson or persons responsible for payrnent of such indebt,edness. ARTICLE ]-2 RESTORATION AND TERMINATION OF SAVOY VIIJI'AS CONDOMINIUMS 12.01: Restoration. rf at any tirne the owners entitled to voteat least 80 percent of the votes of the Association and all FirstL,ienors shall agree that all Condoniniurn Units have become obsolete andsharr. approve a plan for their renovation or restoration, theAssociation (as attorney-in-fact for the owners) sharl prornptly cause r$ 9^ 3t_ 5 +4442 B-648 P-401 u*'r,rn o4:3GP PG sz o" uu O such renovation or restoration to be made according to such pIan. Allorrners shalr be bound by the terms of such plan and the costs of thework shall be a Common Expense. L2.O2: Termination. If at any tj-me an agreement to terminate Savoy Villas Condominiums is obtained from Owners entitLed to vote atleast 80 percent of the votes of the Association and a]-} First Lienorsin accordance with the provisions of Sectj_on 2Ie of the Act, theAssociation (as attorney-in-fact for the ovrners) shatl promptly undertake the action requj-red of the Association under the provisions ofSection 218 of the Act. ARTICLE ].3 CONDEMNATION l-3.01-: Entire Taking. Subject to the terms of any first deed oftrust, if the entire Property shall be taken under any statute, by rightof eminent domain, or by purchase in Lieu thereof, or if any part of theProperty shall be so taken and the part remaining shall not permit the contj-nuance of any of the uses of the Property prior to such taking, theAssociation (as attorney-in-fact for the Owners) shal1 collect the award rnade in such taking and sharr sell the part of the property rernainingafter the taking, if ohy, free and clear of the provisions of thisDeclaration which shalL wholly terminate and expire upon the recordingof a notice by the Association setting forth all of such facts. Theaward and the proceeds of such sale, if dny, sha1l be collected,apportioned and applied by the Association in ttre manner provided inSection 11.04 hereof. L3.02: Partial- Taking. Subject to the terms of any FirstLienor, if a taking occurs other than a taking specified, in Sectionl-3.0L hereof and within one month after the date of such taking theOwners entitled to vote at least 80 percent of the votes of theAssociation and all First Lienors agree to restore the portion of theProperty not so taken, then the Association (as attorney-in-faqt for theowners) shall collect the award rnade in such taking and sball prornptly cause the portion of the Property not so taken to be restored as nearlyas possible to it's conditions prior to the taking, applying such awardto that purpose. In the event of such restoration, the difference between the award rnade in such taking and the costs of such restorationsharl be a common Expense. rn the event of such restoration any part ofthe award not required for such restoration shall be apportioned amongthe Owners on the same basis as insurance proceeds and sal-es proceedsare apportioned among the owners pursuant to section l-l-.04 herLof. rnthe event of a partial taking and in further event such restoration isnot requi.red as set forth in the first sentence of thi-s section, theAssociatj.on (as attorney-in-fact for the Owners) shall cofLect the award made and apply such award in the same manner as net insurance and salesproceeds are distributed pursuant to Section l-1.04 hereof. fn the event |.-"} 32 544442 E-648 P-401 'e3/g+ 04:36F PG 33 oF 4 o,t of a partial taking of any Condomj-nium Unit, the Sharing Ratios of all Condornj-nium Units shall be adjusted by the Assosiation on any reasonablebasis and in accordance with the provisions of section 107 of the Act. ARTICLE ]-4 MORTGAGEE PROTECTTON L4.01: Introduction. This Article establishes certain standardsand covenants which are for the benefit of the holders, insurers andguarantors of certain Security fnterests. This Article is supplementalto, not a substitution for, any other provisions of the Docurnents, butin the case of conflict, this Article shall control . 14.02: Percentage of Eligible Mortgagees. Wherever in thisDeclaration the approval or consent of a specified percentage ofEligible Mortgagees is reguired, it shal1 mean the approval or consentof Eligible Mortgagees holding Security Interests in Units which in theaggregate have allocated to then that specified percentage of votes as compared to the toLal votes allocated to aLI Units in the Associationthen subject to Security fnterests held by all Etigible Mortgagees. 1.4.03: Notice of Actions. The Association shall_ give pronptwritten notice to each Eligible Mortgagee and EIigib1e Insurer of: (a) Any condemnation loss or any casualty loss which affects anaterial" portion of the Common fnterest Cornrnunity or any Unit in whichthere is a first Security Interest held, insured or guaranteed by thatEligible Mortgagee or Eligible Insurer, as applicabl,e; (b) Any delinquency in the payment of Common Expense assessments owed by a Unit Owner which rernains uncured for a period of one hundredand twenty (L20) days and whose Unit is subject to a first SecurityInterest he1d, insured or guaranteed by that Eligible Mortgagee orEligible Insurer, as applicable; (c) Any. lapse, cancellation or rnaterial rnodification of anyinsurance policy or fidelity bond naintained by the Association; (d) Any proposed actj-on which would require the consent of aspecified percentage of Eligible Mortgagees as specified in section L4.OZ of the Decl-aration; and (e) Any judgnent rendered against the Association. L4.04: Consent and Notice Required. (") Document chanqes. Notwithstanding any requi-rement perrnittedby this Declaration or the Act, no amendment of anyhaterial provisionof the Docurnents by the Association or Unit owners described in this tuD/ 33 I544442 8-648 P-401 08/23/94 0,lr36P PG 34 OF o 44 Section may be effective without notice to aII Eligibte Mortgagee$ andEligible rnsurers, as reguired by Section 14.03 above, without the voteof at least 67 percent of the unit owners (or any greater unit ownervote required in this Decraration or the Act) and without approval by acleast 51 percent of the Eligible Mortgagees. The foregoing approvalreguirements do not apply to amendrnents effected by the exercise of anyDevelopment Rj-ght, An amendment effecting a change to any of thefollowing would be considered material; (i) Voting rights; (fi) Assessrnents, assessment liens or priority of assessnent Ii-ens; (iii) Reserves for maintenance, repair and replacement of Common Elements; (iv) ResponsJ-bility for maintenance and repairs; (v) Reallocation of interests in the Common Elements orIJimited Conmon Elements, except that when Lirnited Common Elenencsare reallocated by agreement between Unit Ordners, only those Unit Owners and only the Eligible Mortgagees holding Security Interestsin those Units need approve the action; (vi) Redefinitions of boundaries of Uni.ts, except that whenboundaries of only adjoining Units are involved, then only thoseUnit Owners and the Eligible Mortgagees holding Security Interestsin the Unit or Units need approve the action- l: (vii) Convertability of Units into Common Elernents or connon fiELements into Units; q (viii) Expansion or contraction of the conmon Interest Community, or the addition, annexation or withdrawal of property toor from the Comnon Interest Conmunityt (ix) fnsurance or fidelity bonds; (x) Irnposition of any restrictions on Unit Owners' right tosell or transfer their Units; (xi) Restoration or repair of the project after hazard darnageor partial condemnation in a manner other than that specified inthe Documents. (xii) Termination of the Common Interest Cornmunity afteroccurrence of substantial destruction or condemnation; and 34 544442 8-648 p-401 oar'rU 04:36F PG 35 0F 44 (xiii) Any provision that expressly benefits mortgage holders,insurers or guarantors (b) Actions. Notwithstanding any lower reguj-rement perrnitted bythis Declaration or the Act. the Association may not take any of thefollowing actions, other than rights reserved to the Declarant asSpecial Declarant Rights, without notice to all Etiglble Mortgagees andEligibfe Insurers, as required by Section 1-4.03 above, and approval ofat least 5l- percent (or the indicated percentaqe, if higher) of theEIigible Mortgagees: (i) convey or encumber the Common Elements or any portion ofthe Conmon Elements, for which a 5l- percent Eligtibte Mortgageeapproval is required. (The granting of easements for utilities orfor other purposes consistent with the intended use of the Common ELements by the Common Interest Connunity will not be deemed atransfer within the meaning of this clause); and (ii) The termination of the Common Interest Community forreasons other than substantial destruction or condemnation, forwhich 67 percent of the Votes or Eligible Mortgagees is required. (iii) The alteration of any partition or creation of anyaperture between adjoining Units (when Unit boundaries are nocotherwise being affected), for which only the owners of Unitsaffected and E1igib1e Mortgagees of those Units need approve theaction; (iv) The granting of any easenents, leases, licenses orconcessions through or over the Common Elements (excluding, however, any utility easenents serving or to serve the ConnonInterest Conmunity and also excluding any leases, licenses or concessions lastingl for no more than one year). (v) The restoration or repair of the Property after hazard damage or a partial condernnation in a manner other than specifiedin t,he Documents. (vi) The merger of the Conmon Interest Conmunity with anyother common interest cornmunity. (vii) The assignment of the future income of the Association,including its right to receive Common Expense Assessnents. (viii) Any action taken not to repair or replace thethe event of substantial destruction of any part of a Common Elements. (c) The failure of an Eligible Mortgagee or Insurerwithin 30 days to any written request for approval of an Property inUnit or the to respondaddition or 35 544442 8-648 p-401 Qrrorrn 04:36p pG 3s o, nnO amendment to the Document wherever Eligibre Mortgagee or rnsurerapproval is reguired, when such request is delivered by certified orregistered mail, return receipt requested, shall constitute an impliedapproval of the addition or amendment. 1-4.05: Inspection of Books. The Association must maintaincurrent copies of the Declaration, Bylaws, Rules, books, records andfinancial statements. The Association shaLL perrnit any Eliqiblel,tortgagee or Eligible Insurer, or other first mortgagee of Units, toinspect the books and records of the Association during normal business hours. L4.06: Financial Staternents. The AssociationEligible Mortgagee or Eligible Insurer who subnitswith a copy of an annual financial staternent. Itwithin 90 days folLowing the end of each fiscal year L4.08: Attendance at Meetings.Eligible Mortgagee or EligibJ,e Insurerneeting which a Unit Owner nay attend. sha1l provide anya written requestshaLl be provided of the Association. Any representative of an may attend and address any L4.07: Enforcement. The provisions of this Article are for thebenefit of Eligible Mortgagees and Eliqible fnsurers and theirsuccessors and may be enforced by any of them by any available means, atIaw or in equity. ARTICLE 15 yrscElr,ANEous PROVISIONS 15.O1-: Enforcenent. The Declaration shaLl be enforceable by theAssociationi provided, however, if the Association shall fail toundertake any action to enforce the Declaration within 30 days after theAssocj-ation's receipt of a vrritten request from an owner to enforce theDeclaration, suclr owner shall be entitled to enforce the Declaration.fn enforcing the Declaration, the Association or an oh/ner entitled toenforce the Declaration in accordance with the provisions of thepreceding sentence (as the case may be), shal1 be entitred to utilizeany of the remedies set forth in this Declaration or shall be entitledto any other remedy at 1aw or in equity including, without limitation,an action seeking a prohibitive or rnandatory injunction or damages orboth. rn any action for the enforcement of the Declaration, the partyor parties against which or whom enforcement is sought sharl pay tnereasonable attorneyst fees and costs (including, without lirnitation, thereasonabre attorneys' fees and costs of any appeat) incurred by theAssociation in an amount determined by the court if the Association isthe prevailing party in such action. The issuance of a building perrnitor certificate of occupancy which nay be in contravention or theDeclaration shall not prevent enforcernent of the Declaration. AII costsincurred by the Association in the enforcement of the Declaration shall 36 544442, 8-648 p-401 0rrznn 04r3rip pc s? o" nuo be a Common Expense. 15.02: Arbitration. rn the event a dispute of any kind or nature arises under this Condominium Declaration or maLters related to thi.s Condominium Declaration, tbe parties sha1l negotiate in good faith in an effort to resolve the dispute. ff the dispute j-s not resolvedfolloving good faith negotiations, the parties shall select a mutually agreeable arbitrator and submit the dispute to such arbitrator for binding arbitration in Vail, Colorado within forty-five (45) days underthe Commercial Arbitration Rules of the American Arbitration Association. In the event the partles are unable to agree upon the arbitrator, the arbitrator shall be appointed in accordance with the rules and procedures of the American Arbitration Association then in effect. Arbitration of any dispute under this Condominium Declaration shall proceed even though there may be related disputes involving third parties which cannot be arbitrated. The arbitration award may be enforced in any court of cornpetent jurisdiction, with the cost of any arbitration proceedings to be paid by the non-prevailing party, as deterrnined by the arbitrator, who shaIl also award reasonable attorney's fees to the prevail-ing party. 15.03: Duration. The Declaration shall- continue and remain in fuII force and effect, as the same may be amended from time to time in .accordance with the provisions of Section 15.04 hereof, until January 1, 2II3. Every 10 years after January l-, 2LL3, the Declaration shall be automatically renewed for a period of Lo years unless the Declaration is teminated in accordance with the provisions of this Section. The Declaration nay be tenninated at any tirne by the recording of an instrument directing termination pursuant to Section L2.02 above. 15.04: Amendment, Declarant and the Association shall be entitled to amend the Declaration in those circumstances set forth in Section 21"7 of the Act. Except for the foregoing amendments and except for amendments specified in Section 2l? (4) of the Act, the Declaration rnay be amended or repealed only by the recording of a written instrument or instrurnents specifying the amendment or the repeal signed by the Owners who or which are entj.tled to vote at least 75 percent of the total votes of the Association and seventy-five percent of First Lienors. Amendm'ents specified in Section 21-7 (a) of the Act and toSection 7. 01(b) of the Declaration shall require the unanimous consentof all owners and all First Lienors. l-5.05; Covenants Running l'rith the Land. Each provision of theDeclaration, and any agreement, pronise, covenant and undertaking to conply with each provision of the Declaration shall be deemed a covenant running with the land as a burden with and upon the title to each parcel of reaL property within Savoy Villas Condominiurns for the benefit of anyother real property within the Savoy Vil1as Condorniniums. 37 ct+Lt1L+6 P-401 /23/94 04;36P PG 38 oF4 l-5.05: Limited Liability. A director or an officer of theAssociation sha1l not be liable for actions taken or omissions made inthe performance of his or her duties except for wanton and witlful actsand except for acts specified in Section 7-24-LL1 of Colorado RevisedStatutes. Neither Declarant nor any officer, director, agent or employee of Declarant shall be liable to any party for any action or forany failure to act with respect to any matter arising in connection withthj-s Declaration if the action taken or failure to act was in good faithand without rnalice. l-5.O7: Successors and Assigrns. Except as otherwise providedherein, the Declaration shalt be binding upon and shall inure to thebenefit of Declarant and each Owner and their respective heirs,deviseesf personal representatives, successors and assigns. Declarant and each Owner shal] be fully discharged and relieved of liability withrespect to the obligations of such party under this Declaration uponceasing to own an j-nterest in a Condominium Unit and upon the payment ofall sums and the performance of all other obligations of such partyunder this Declarati-on up to the tirne such party ceased to own aninterest in a Condominium Unit. 15.08: Transfer bv Declarant. Any and all rights, powers orreservations of Declarant herein contained may be transferred byDeclarant to any person or entity who or which will assune any or all ofthe duties of Declarant related to the rights, powers or reservationsassigned. Upon the recording of a document in the real property recordsof Eagle County, Colorado executed by Declarant and the transferee bywhich Declarant transfers any of such rights, por,rers or reservations andthe assignee assumes all" of the dutj-es of Declarant related to therights, powers or reservations assigned, the transferee shal1 have the sane rights and powers and be subject to the same obligations and dutieswith respect to the rights, powers or reservations assigned as are givento and assumed by the Declarant herein and Declarant shall be relievedfrom all prospective liabilities, obligations and duties hereunder whichare assumed by the assignee subject, however, to the provisions ofSection 304 of the Act. The provisions of Section 304 of the Act shallapply to any transfer of the rights, powers or reservations of Declarantherein upon the transfer of title to any Condominium Unit owned byDeclarant or any i:ortion of the Property pursuant to the foreclosure ofany deed of trust. mortgage or other security document encumbering anycondoniniun unit owned by Declarant or encumbering any portion of theProperty as of the date of recording of this instrument, or anyextensions, renewals or nodifications thereof, or pursuant to anyprocedure in lieu of such foreclosure. Nothing contained herein shallbe deemed to release the Declarant from any contractual obligation whichwas entered into with a unit owner separate and apart from thisDeclaration. 15.09: Notices to Owners and Association. Each Owner shallregister such owner's mairing address and telephone number with the 38 544442 B-648 P-401 o}ru,ru 04r3GP PG Be o,. nu O Association, and except for statements of assessments, notices ofAssociation meetings, other routinq notices and notices which may besent in another manner in accordance with the provisions of theDeclaration, all notices or demands intended to be served upon an ownershall be sent by either registered or certified mail , or by overnightcourier service, postage prepaid, addressed in the name of the Owner atsuch registered mailing address. All notices shall be deemed to have been given when mailed, except notices of change of address which shallbe deemed to have been given when received. ff an Owner fails toregister such Owner's rnailing address with the Association, such ownerrsrnailing address shall be deemed to be the address of such ownerrs Condominium Unit. A11 notices, demands or other notices intended to beserved upon the Association shall be sent eertified mail, postageprepaid, to the address of the Association as designated in the Bylaws. L5.1-0: Severabilitv. Invalidity or unenforceability of anyprovision of this Declaration in whole or in part shall not affect thevalidity or enforceability of any other provision or any valid andenforceable part of a provision of this Declaration. l-5.1-l-: Captions. The captions and headings inare for convenience only and shall not be consideredprovisions of this Declaration. this Declarationin construing any l-5.1-2: Construction. When necessary for proper construction,ttre masculine of any word used in this Declaration shall incLude thefeminine or neutered gender, and the singular the plural and vice versa. L5.13: No Waiver: Failure to enforce any provj_sions of thisDeclaration shall not operate as a waiver of such provision or of anyother provision of this Declaration. l-5.L4: Governins Law. This Declaration shall be governed by andconstrued under Colorado law. 15.1-5: Cqlorado Common Interest Ownership Act. The provisions of the Colorado Common lnterest Ownership Act may not be waived oraltered by agreement of the Unit Owners unless expressly perrnitted bythis DecLaration. l-5.1-6 Indernnification. The Association shall indernnify everyofficer and director against any and aII expenses, including counselfees, reasonably incurred by or inposed upon any offj_cer or di_rector inconnection with any action, suit, or other proceedings (includ.ingsettlement of any suit or proceeding, if approved by the then Executive Board) to which he or she may be a party by reason of being or havingbeen an officer or director. The officers and directors shall not beliable for any mistake of judgrnent, negligent or otherwise, except fortheir own individuaL willful" misfeasance, malfeasance, misconduct, orbad faith. The officers and directors shal} have no personal liability I.n " -J 39 544442 ts-648 P-401 #"rron o4:36P PG 40 o. nnO with respect to any contract or other commitment rnade by them, in goodfaith, on behalf of the Association (except for any li.ability that suchofficers or directors may incur by aLso being members of theAssociation) , and the Association sha11 indemnify and forever hold eachsuch officer and direct free and harmless against any and all liabili,tyto others on account of any such contract or commitment. Any right toindennification provided for herein shall not be exclusive of any otherrlghts to whj-ch any officer or director, or former officer or director, may be entitled. The Association shatl, as a common expense, maintainadequate general Iiability and officers, and directors, liabilityinsurance to fund this obligation, if such insurance is reasonablyavailable. EXECUTED as of the date first set forth above. SIMBA I,AND CORPORATION, a Colorado Corporation STATE OF COLORADO COUNTY OF EAGLE ss. of and The foregoing instrument was ,1994, b. Witness my hand and official seal. fore rne *is I LAay as PresidentCorporation, a ir. (Corporate Seal) acknowledqed be My commission expires on: -;n-/vd4dA T (sea1) 40 544442 B-ri48 p-401 Orrrrrn 04:36p pc 41 o" n.p CONSENT OF HOI-,DER OF DEED OF TRUST The undersigned holder of a certain deed of trust upon the property covered by this Condorninium Declaration for Savoy Villas Condorniniumsrecorded in Book 619 at page 696 on September 20, 1993 of the records inthe office of the Eag1e County, Colorado, Clerk and Recorderf herebyconsents to the foregoing Declaration and subordinates its j-nterest inthe property described therein to the rights and obligations createdthereby. Notwithstanding such consent and subordination, all the rightsof Declarant in and to such Property shall remain encumbered by such Deed of Trust. ATTEST: STATE OF COUNTY OF COLORADO EAGLE ss. The L994, by foregoing w.4s acknowledged before'['v'rt.< i !<.. tlrr.rl.r me this as iof Witness my hand and official seal . ires l'*on: gfi1/itltil OF VATL ff*"r"effi, .!-; .o"a.,.?.; ,.,, _ ""\1)*f rlilNllDl,\,J" ii Btliffil-0/iltti j i' .r''&\" *rA\'o :' (\.9t* :?,{^*"""*",:.'.ix%\:.QFft)\"Yfl 4L 544442 B- ei4I P-401 Orrrro o4:36p pG 42 o" nnO EXHIBIT A (Attached to and forming a part of Condominium Declaration for Savoy Villas Condominiums dated August l_6, i-994) LEGAL DES.CRIPTION OF PROPERTY The Real Property situated in the Town of VaiI, Eagle County, Col-orado, described as follows: Sinba Run, according to the map thereof recorded in Book 312at Page 763 in the office of the Eagle County, Colorado, Clerk and Recorder, excepting those parts shown on Condominiurn Mapfor Sinba Run condominium and First Supplemental Map for Sirnba Run Condominium recorded in the office of the Eagle County,Colorado, Clerk and Recorder, containing l-.56 acres, more or Less. r'f +z rr44442 B-648 P-401 oilrutnn o4:36P Pc 43 oF 44 | EXHTBIT B (Attached to and forming a part of Condominium Declaration for Savoy Villas Condominiums dated August L6, L994, MATTERS TO WHICH TITLE TO THE PROPERTY IS SUBJECT l-. Taxes and assessments not yet due or payable and special assessments not yet certified to the Treasurer's office. 2. Right of proprietor of a vein or lode to extract and remove his oretherefrom should the same be found to penetrate or intersect thepremises as reserved in United States Patent recorded August 16,L909, in Book 48 at Page 542 and in United States Patent recorded December 29, I92Ot in Book 93 at Page 42. 3. Right of way for ditches or canals constructed by the authority ofthe United States as reserved in United States Patent recordedAugust 1-6, l-909r in Book 48, at Page 542 and recorded December 29f l92O t in Book 93 at Page 42. 4. Restrictive covenants, which do not contain a forfeiture orreverter clause, but omitting restrictions. if any, based on race,color, religion, or national origin, as contained in Instrumentrecorded July 25 | L969, in Book 215 at Page 649 and as amended inInstrument recorded December 02, ]-970 | in Book 21-9 at Page 235 andas amended in fnstrunent recorded June 08, L973, in Book 229 at Page 457. 5. Easements r reservations, and restrictions as shor,,rn or reserved onthe recorded Plat of a resubdivision of Lion's Ridge Subdivision Block C, and Savoy Vi1las. 6. Easements, reservations and restrj.ctions as shown or reserved onthe recorded Condorninium Map of Savoy Vi]Ias Condominium and Supplement thereto. 7. Easement Agreernent contained in Instrument recorded Juty i_9, L97Zin Book 224 aL Page 824. L Terms, conditions and provisions of Encroachment Easement Agreement recorded January 30, L9B0 in Book 299 at page 22. 9. Underg:round Right-of-Way Easement as granted to Holy Cross El-ectricAssociation, Inc. in Instrument recorded October lG, l-ggL in Book 330 at Page 657. 10. Underground Right-of-Way Easement as granted to Holy Cross ElectrieAssociation, Inc. in Instrument recorded October l_6, 1991 in Book 330 at Paqe 657. i\ 43 s44442 8-648 p-401 )rrrrru 04:Jrip pe 44 o" nl EXHIBIT B EXCEPTTONS TO TITLE (Page 2) l-1. Terms, conditions and provisions of Grant of Easement andMaintenance Agreement recorded February 07, l_983 in Book 353 atPage 21,2 and rerecorded February 22, L983 in Book 353 at page 941,. L2. Those provisions, covenants and conditions, easements andrestrictions, which are a burden to the Condominiun Unit describedin Schedule A, as contained in Instrument recorded January 18,L983, in Book 352 at Page 154 and as Supplemented in Instrurnentrecorded November 7, l-983 in Book 372 at Page 460. 3-3. Terms, conditions and provisions of Declaration Vacating anEasement, granting and creating a perpetual easement, a non-exclusive Easement and a Temporary Construction Easement recorded December 27, 1990 in Book 544 at Page 676. Easement for utilities necessary for the Project. NOTE: A11 recording references are to the real property records inthe Office of the Clerk and Recorder of Eagle County, Colorado. Ii\ 44 .r/l;s FIRST SUPPLEMENT TO CONDO!,IINIUM DECI,ARATION FOR SAVOY VILI,AS CONDOMTNIUM RECITALS sirnba Land corporation, a colorado corporation, the frDeclarant" inthe condominiun Declaration for Savoy Villas Condrirrniniuns recorded August 23 | 1994, in Book 648 at page 401 of the records of the Clerk and Recorder of the county of Eagl,e, State of colorado (the nDeclaratlonrt) desires to create Units; Connon Elements, and Limlted common Elements inthe locatl-ons shown as nDevelopment Rights Reserved in the Arearr on thePlat recorded August 23, L994 in Book 648 at Page 4o2, as provided forin Article 3.1-o(a) (i) of the Declaration. SU-P-PLEMENT TO DECI.,A.RATION L.0l- Declarant hereby creates the Units, Common Elernents, anCLirnited comnon Elenents as set forth in the Condominium Map entitled FirsL Anendlnent to Savqy.Villas Condoniniuns recorded June \3, 1995,in Book (,LSI at nase J6Lt. ,.. 2 ro1 concurrently herewith, Declarant files for record in Eagle County, State of Colorado, the Condominium Map entltled First AnendrnenLto Savoy Villas Condorniniuns. 3,0L Pursuant to terns of Articles 3.L0(a) | 4.02 and 4.03 of theDeclaration, the following sections set forth the Assignment of Allocated interests for all Units in the Common Interest Community, theliability for the common Expenses and the number of votes per Unit. (a) The Total undivided interests in the common Elements is hereby allocated to each Condominiurn Unit in the following percentages: c1 LDd+ Condominium Unit L-A Condoninium Unit L-B Condoniniurn Unit L-c Condominiurn unit L-D Condorninium Unit 2-A Condorninium Unit 2-B Condominiun Unit 2-c Condominium Unit 2-D 13.28 l-3.28 tL.72 TL.7 2 1_3 . 28 1,3 .28 tL.72 J-]-.12 (b) The tiabitity for annual and special assessrlents of Connon Expenses is hereby allocated to each Condoninium Unit in following percentages: the the 565305 8-669 P-285 06/13/95 05:00P PG I oF 3 Sara J. Fisher Eag]e County CLerk & Recorder REC 15.00 o Condominium Unit Condominium Unlt Condoniniun Unit Condominium Unit Condominiun Unit Condoniniun Unit condorniniurn Unit. Condoniniurn Unit The votes are herebv allocated l-3.28 13.28 I'1,.72 IT.72 13.28 L3.28 LI .72 Ll .72 to each Condorninium Unit L-A 1-B 1-C t_-D 2-A 2-B 2-C 2-D as (c) follows: Condorniniun Unit Condominium Unit Condorninium Unit Condoninium Unit Condoninium Unit Condorninium Unit Condoniniun Unit Condoninium Unit 1-A l_-B L-c l--D 2-A 2-B 2-C 2-D I 1 l_ 1 L 1 1 l_ Vote Vote Vote Vote Vote Vote Vote Vote IN WITNESS WHEREOF, the undersigned has duly executed the First savoy Villas Condonriniurn this r.ll Tl1!!lenent to lpgndorniniurn Declaration for day of Jlil,\.t' _, i.995. STATE OF COLORADO COUNTY OF EAGLE ss. The foregoing was acknowfedged before rne l-995 by Ross & Jansen as Vice-President of Colorado Corporation. Witness rny hand and official seal. SIMBA L,AND CORPORATION, rporation Ross Jansen I tnis 4F daY of JLU+^'-'Tvunu -,sirnba-IEna Corpo[aETon, i Uy eorunission Expires on: o I,(.AREN HORTH IrOTARY PUF!Lq 565305 B-669 P-285 06/13195 05;00P PG 2 oF3 coNsENT OF HOLDER OF pEED OF TRU$T The undersigned holder of a certain deed of trust upon the property covered by this First Supplenent to Condominium Declaration for savoyVillas condominiums recorded in Book 648 at Page 3L9 on August 23 | rgg4,of the records in the office of the Eagle County, CoLorado, clerk andRecorder, hereby consents to the foregoing Declaration and subordinatesits lnterest in the property described lherein to the rights andobligatiorrs created thereby. Not\nrithstanding sueh eonsent andsubordination, all the rights of Declarant in and to such property shallremain encumbered by such Deed of Trust. ATTEST: FrRSr B^N:_gL:rlL ./../,r.E-{:: 4 €t+tut Vt ct* STATE OF COLORADO COUNTY OF EAGLE ss. Witness rny hand and official seal-, My commission expires on: I.(,AREN HORTH '\i,JTARY PUBLIC ,,;. ..i!p,,T,r;:liiii Ixpirgs 0]16-98 06/13/95 05:00P PG 3 \ r I 1,"\l_ The foregoing.wap acknowledged before me this I': day of e,o!o"t,1995, by ihkhrr.r.- ll .iliaarocL u=sLv'!1 piesideni and ri ') e' Notary Public 565305 B-669 P-285 oF3 ffi$Estrsffi triffi* jF#ffiimF;-#Jiff i;"' RECITAI$ L The condonjnirrm Declaradoo for savoy Villas condominium datcd August 16' 1994 (the "orid"ar Dec;;;-.';[ils ,*ota"d intbe rcal propeilv records of Eagle cotmtv' colorado, on August 23,ffirilboorc o+8 at page ao t. The aigtut Declaration was ;arnended by First Supplernent to C"tio"'initt* n""fa'uto" (tlu Origiul d::lTl-:" as so anended' being the ,,A*.na"a n*i#fi andyotden inthe real property records of Eagle countv' Colorado, on June 13, 1995, iu Book 569at pau iti' Capitati"eOt"rmt o61 sftsnvise defined io"io *tff be as defuied ir the Amendcd Declaration' B. The Unis on the Property are currently described T tlla.t t1t"it Condominium Map recorded Aug'st 23 , 1994 in Book 648 at page i02, as amended lrlttat ccrtaia First ;ff#ft]*1n iT*y viir* Condominiunrs o"oia"d l*t ls, 19es' in Book 669 at page 284' concurrently with rhE *loraatioo orthis supplement Declarant is recording a $econd Ameudmeotto s*o-o vitias booaominiorns (tbe ;secoqdMal'nBenqm?ni"), urtrioh clessribes Units 3-A,3-8, 3'C ana:'D *A Utt* 5'A" i-B' SC *a S-n ("oilectivoly' t!'E "Add$@l UnIs"). c. section 3.10 of the Astended Declaration gives the Declarrant the right to create additionalUnitsinthero''ti'o''t'o'*u',,DevelopmentRightsReservedinthisAlea''onthc ptat aod the plans. -fh";'il;;;il;;" thc second Map Arncodment, i*cluding the Additional units, is orxrently inclucleil in the property described as "Development Rights Reserved in this Area." D.DeclarantistheowneroftlrerealpropertymoTeparticulsrlydesc'ibedonthe attached E <hibit A (the "Additional PrQuart'v")' E"DeclarantdesirestocreatetheAdditiorralUnieontheAdditionalPropertyby submining tUe t*pro""**Ji;t*t"d on the Additional Property o the Arnondcd Declaration' ST'PPLEMENT'I'O A}4E}{DED DECLARATION NoWTHEREF0RE,Declarantiloesherebydeclareandpublishasfollows: I'Su€FlerllFnttoAmended'Declaration.Declarantherebycreatestheadditional Units, Comrnoo U*r,Jf, ana Umited Cornmon-Elemems as s€t forth on thc Se€ond MaP gmendm"rrt recorded Decemb er - 1997, in Book - at page --' LHtlllul,lll![!|!|lJ!]Jll[rl'll[l ilr I ffi rrrl i ;t-a n-zi.oo D 0'00 srrr J Flrhrr, Erglr, o0 tbf 8D$al allo sPg(ilru |r!)Erhr'rrer'rt" va L"v vv=v^ Uoiq t"t forth on the a1|cd Exhibit B' I 3.Yr@.EachoftheCondominirroUuitsincludedinttreAmendeilDeclaratiorLas ameaded by this Supplennent, shall have ooe votc' L)(ECUTED as of the dste first above wrifien' SAVOY VILLAS, LLC' a Cslorado limitcd liability coapatry By: WOODSTOM HOIvIES, INC', a Colorado corPoration, ManagiryMember By: Its: STATEOFCOLORADO ) coLrNry o1t+v/< I pinginstnrmentwasacknowtedg.fl:::^Ti**^-*^3:"1-T":Ti1;llt' ,ast/1 f Woodstone Homes, Il,c., a Colorado iirpffio of s*oy vittss, LLc, a colorado linited liabilitv conrparv. My cornmissi on"*pir""'D u*'bq /I, //?{ DAVID E. HABERMA$ NOTARY PUBLIC STATE OF COLORADO l{y cnm.nlsslon Explrss t}ec- 19, 1909 L!il|u!lUfllll|l!llrl!!!!,[tull!|ll'l[r rrrrr rr] rrrr i-;;-a i-zg.oo D o.go srl.r J Flrhr, Eerlr, c0 fore i:T,jruffiffiqiliJffi ;;;;;"tu#dil"t";5:*f; KHffi - tn" ptop-my-aosribed*eintotbe rights and oll such consent and s,rUorA#tioo, Af .ghg of the Declarant in and to such property shall remain eucruabered bY such deed oftnrst U-S. BAI'IKASSOCIATION (formerly known as COLORADO NATIONAL BA}IK) STATE0FCOLORADO ) $'#u'rH!'#$$il!U:lt"+1,'l*[i'l1ll'Ti cor/NTY or i1'wei \ byvf -z.sr--L-- -'; C"l"t"do N"donal B5nk a national baoking association' My cornnicsion exPires; WITNESS mY hand and official seal-G/- - / Notary Public erore ue uJ! aoy "k#l{rr, "usllu LI-tsdE' tof U.s' Bank Associatio4 formerly known d'*;# S IwIBA KUI\, AUUUI(UIAI\t ru IrlE ELrlr IN BOOK 312 AT PAGL763, COTINTY OF EAGLE, STATE OF COI'ORADO, EXCEPT THOSE PORTG NOW PLATTED AS SIMBA RUIEONDOMINIUMS BY CONDOMIN]UM MAPS RECORDED JANUARY 18, 1983 IN BOOK 352 AT PAGE 155 AND SUPPLEMEMT THERETO RECORDED OCTOBER 25, 1983 IN BOOK 3?1 .A,T PAGE 527, EXCEPTING TI{EREFROM CO}ilDOMINIITM UNITS 1-A, 1-B, 1-c, 1-D, 2-A, 2-8, 2-C, AND 2-D, S1V9I VTLLAS coNfoMrNruys, AccoRDrNc ro rHE gpNDOMTNTUM MAp RECORDED AUGUST 23, !994, IN BOOK 648 AT PAGE 402, AND THE FIRST AMENDMENT TO SAVOY VILLAS CONDOMINII]M RECORDED JUNE 1-3' 1995 IN BOOK 669 AT PAGE 284, AND AS DEFINED AND DESCRIBED IN THE CONDoMINIIIM DECLARATION RECORDED AUGUST 23, ]-994, IN BOOK 648 AT PAGE 401, A}.ID THE FIRST SUPPLEMENT TO CONDOMINII]M DECI.,,ARATION RECORDED ,JT]NE 13, L995, IN BOOK 669 AT PAGE 285, COUNTY OF EAGI-,E, STATE OF COLORADO' INCLUDING ALL DEVELOPMENT RIG}TTS DESCRIBED UNDER ARTICIJE 3.10 OF THE CONDOMTNIUM DECLARATION RECORDED AUGUST 23, 1994 IN BOOK 548 AT PAGE 401. r Llilt llil illlll lllll llll lllllll lllll lll lllll lll llll tf2tot l?lrlllgtT G{:5EP B?tlt Pl02I of 5 R 2t.00 D O.Ud Srrr J Flrhrn, Ergh, CO IJEiT t-p^ g.953 r-B 8. k 53 t-cl.s,3 r-D+.Ft3 2-af. F5? 2-B g. 95 ? 2-C?.P/ j 2-Dq. {/? 3-A g, f 5l 3{H- F,g'g? 3-C +.t t3 3-D 7.!'t7 5-L O 5-B o 5{, o 5-D o $11['$!1'ltl'$'[ll''t[$"+1,']'[Irl]lll|1 t- ,{ "*"^ss,ffi tffi ffi,ffiiffi ffi ffi5ffi'f'$'"f ff;t'""" tl[r-nS, r.r.c, a colotado liIniterl lirsbility company ('Dmlamd")' RECTTALS A- Tbe CondominirrmDoclaration for $avoy Vilas Condomi.nfu:Ir datcd August 16' r pSa (th; "Oriqlid n*lmtics"), was rccorde'd in tb'e rcal pto-psq To:tds of Eeglc County' Colomdo, on Au$Et 23, tgg4 irr'book 648 pt page 401. Tho Original Deolaxation ws's 'rne'dcd iyFi*is,+pid*tto cona".i"ir,*occtaraioi(are "EiEL4*a$*qit$- ') udtecord{gth* . ;;J F^;&';"rd" ornagieco,*ry, colora$o' on .1Ec 13, 1995, in Book 669 *Wge1t5, and by second s*ppteos,nt to dondo-i-ni-n Dcclaration (the "Scg44+.ssdEmt"; tbc original p*f-"t"r, -i'-n*arO by the Flrst Supplcnent and the Second Supplmcmt, hclng thc ;arnsOA-Ueofglcgsil ;d t*"*d.d in tttu t*t property rccoEdr of Eaglo Coumy' Colorado' or DescEbcr I t , 1997, in B*t ilO ut ptg l 62. Capitilizoa t€f,slF not o6erwige dcfined hcf,cin chaU bc as definod in the Ameodssl Dsclardion B. The u[it8 on fre koporty ut cuuentty dcsnibsal in that eertaln condopinium t"tap rocoro"a etrs,.t zl" 1994 in Booh648 atpage 4tD, asamended bVr$at certain Fitst Aneodncnt to Saroy Viiiss Condoroiaigure n "ofr"d Inuc 13, 1995, in Book 669 at pagc 284' and that sccond Amemancnt !o sevey Viltas cofldoniniurnt reeordcd Deoonber 11, 1 99? in a*r?a6 -rpage td2 Cnc;@). Conourremlv,*Fftt rccordstionof thie $up,plemcnf, O*f*a"t ffia fti.O.nncoim""tto Savoy Villas Coudominirlrns (the "M -"uriffiurs uairs 4-A, +8,4-C and ,f-D and units 6-4. 6-8 affl 64 (collectivcly, frs "Addi$@lJsils'). c.Scctions.looftheArncrrdadDgclurationsvTth!Deolaranrthcrigbrtocreatc additioBl Utriu in thc locatious shown as nDevelo,praent n&trrs neecrvEd in 'hie ArBa'r on thc plet and the rrrns. fte proprrqy-shom on thc ttrira Map Amenilncnl-irrcluding the +{diTr.I iy,j1r, 3g r.,*cnUl inchu;6;p^"p."h/ dcscribed as 'bevelopmcnt Rights Rcscrved in tbis Arca" Furdrermore, th. Aor*dri Declaratioa givcs tbc Dcclaraut the right to withdraw proputy dsseribod ontbe Plat and &E Plms. D.Tbroughanadmigistrativgovqsigbt,tlrcseaondJvlaq.l'.uendnentand{hc second s,.pprr-*t "oJffiilg*uminea n"ri*ts described thc*ein as uni1" 5-A, 5-B' 5-c iJ]:b1uf;zufCioeilJrGq to *i aseoaua Dcclaratiorr' arthougb thc Alloc'aled lutctosts were sho.m o* tl* s*Jt$iltemo'nt as "0". Dcclarant dmires to corrcst thEt oversigh* hy deletiue thc Building 5 Units tgm the nmrodcd flcdaration- E. Declarut h the owncr of thc rcal propcrty rnorc partioul'arly described on tba attnphed Exbibit A (tbe "Addllig[tl-hglsil )' I Llill illll llllll lll lllll lllllLllllll llllllll llll llll'tiuiii{dltgp,lisa u'mn l3f srn Ftrhr l of E R 31.e0 D 6.@ N 0.06 Ersh C0 $UffLEfrrl'rq I lv luvr's'r Now TIIEREF}, oor"t*a tloes bercby declar. -o 0'* * r.,ttu'Y$' 1. pa+iono,f,Filildinqj-UtriE Notwithstildinganythinsll-ths Second Suppleuret o, tf. ffi thc co!trsry, tbpBuildi'g 5 Units and the related' Comnroa Elenpots and L;,i1oi Coumo Elesrcnts n." hsreby dctatcd from tls ABffidGd Daclaration in tbrdr cntintY, ?. sumlcraenrt to Amended Declarstiqdl- freclar$d hf;rgby $catcs thF additional units, common gk-*l.g-tm; con"-"" Elernentg a3 sct htth oD thc Third Mep Ancnducut rscotdpd April -, 1998' in Book - st page -' 3. Allocstion of Intcrcsl-t/Shfliss$Sgg Eadr of the Coudominiun Unit$' as orpandcd and ausnded @ ihe Allocatod Intcrcsts (i.c., the total ;t#fi;"r."d;,-.t"'c"ro-.i-EtedL a[oqatcdo each condomtnitrm unit) 8nd sharing Rstios (i.e-, liability r"t anr,t ar and qracial aurys6EQntg ofttre comsru Erspcrues allocated to ;ti;dttti"ir* Urit) gct tuh orr tbs sttached Exhrbit B' 4, VltEi. EaEh of thc Condominium Unit$ inoludcd in thc Aucndcd Deolration" as aucnded by this $upplcncnr' shall hsvg ono vote' EXECUTED as of the alate fixst abovc writtsn' SAVOYVILLAS, LLC' a Coiondo limitc*l liability coutrtsny By: TtrOODSTOI'IE HOMES, INC., aColottdo eoryords& *ffio-*etffiM$s,ooho,$d'',"Osl$t{do: 2 | ilil1 lilr il||t ]t illll tlilL lililt ilt llill il] |||lCA423l OUA0/IAaI 11;0ll 13rl Srrr Flrhen - 2 ol B R 31.00 D 0.00 11 0.00 Errlc C0 Supplenrecrt to Condominium Dcslarftiou for Savoy Villas Condominiuma hereby eonscots to tbeforegoing Sccood Sfcurcrrtto CondominiurnDec.hationfiubor<linatet it$ intslcsts in the prope#y descdbcd t$frin tot hc righrs and obligrtious cr,cated6crcby. Notrilithstarding sush conscnt and suMiration, all righF of thc Deelaant in and to srrchproperty shall remain cucumbcrcd by sunh dced of tilst. The ftryegoi4g iastrum€nr olorado National Baok, a nationsl banlcing associatior WTfNESS ny hand md offisial sed. IT My commissioa c)rpircu:- S1ATEOFCOLORADO ) ) COUNTY OF {n#t , '-} I llllll lllll llllll lll ltlll lllllllllllll lllflll llll llll'ciiCii dittoTi-ggt l1 :01!A 134 srrl Flrher ;-;i-- i si.oo D o.n N o'oo Errr oo U.S, BAlilK ASSOCIATION (formerly knoqn as ,3 -ffi'F^-i-rq fuyr":l# COIJNTY QF t'ttHr ) rh,cro,rqso,ing,il**rl* "ym"ir*,.ug5#,:t$#1%:ijffi 'o'i j/,ij'r'"' d' " r-ef Woodsim' E"gttt IT:: I 9. *bffi ' LLC' a Coloradrr linitod liability coraPaly' WITNESS mytqnd andofrcial scal' ,7 NouY hrblic uv muutsstdt(ExPlREs Mycommireioncrgiles: 97'1fl4m - Ltl|.[p,ll|llllL|lrllf illf l[lruf ilrllllllf ilrf rl { cf t R 3f .04 O O.OO }l g.0O Erste CO ffi*=^'?* il? il;,l )l llo s CouduMtNtuMS +( fpu o Build;*' |^-\n^ntJ *nul J "( "l /r q l" |!ilul'ill',$I!#lt'Hr+:!t'|$'ll!r'trrililr Unit 1-A l-B 1-C l-D 2-A z.-B 7,-C z-D 3-A 3-B 3-C 3-D +A 4,8 4-C +D .053 .053 .050 .050 . o53 .053 .0s0 .050 .053 .053 .050 .050 .053 .053 .050. 050 ffi :s;; .058 !ryl'll|lillrltl l'['.$:llJrllilltJlttr ttt tttt FOURTH SUPPLEMENT TO CONDOMINIUM DECLARATION F'OR SAVOY VILLAS CONDOMINIUMS THIS FOURTH SUPPLEMENT TO CONDOMINIIJM DECLARATION FOR SAVOY VILLAS CONDOMINIUMS, (this "Supplement") is made this _ day of September, 2002 by BWAB Incorporated, a Colorado corporation (the "Declarant"). RECITALS A. The Condominium Declaration for Savoy Villas Condominiums dated August 16, 1994 (the "Original Declmation ') was recorded on August 23, 1994, in Book 648 at Page 401 and the Condominium Map for Savoy Villas Condominiums was recorded on August 23, 1994 ("Original Map") in Book 648 at Page 402, both of the records of the Office of the Eagle County Clerk and Recorder. A. The Original Declaration was amended by First Supplement to Condominium Declaration dated June 9, 1995 (the "First Supplemental Declaration") which was recorded on June 13, 1995 in Book 669 atPage 285 and the Original Map was amended by First Amendment to Savoy Villas Condominiums (the "First Supplemental Map") which was recorded on June 13, 1995 in Book 669 at Page 284, both of the records of the Office of the Eagle County Clerk and Recorder. B. The Original Declaration, as amended, was amended by Second Supplement to Condominium Declaration dated December 9, 1997 (the "Second Supplemental Declaration") which was recorded on December ll, 1997 in Book 746 at Page 162 and the Original Map was amended by Second Amendment to Savoy Villas Condominiums (the "Second Supplemental Map") which was recorded on December 11, 1997 inBook746 at Page 161, both of the records of the Office of the Eagle County Clerk mrd Recorder. C. The Original Declaration, as amended, was amended by Third Supplement to Condominium Declaration dated April 23, 1998 (the "Third Supplemental Declaration") which was recorded on April 30, 1998 at Reception Number 654291 and the Original Map was amended by Third Amendment to Savoy Villas Condominiums (the "Third Supplemental Map") which was recorded on April 28, 1998 at Reception Number 654061, both of the records of the Office of the Eagle County Clerk and Recorder (the Original Declaration as amended by the First Supplemental Declaration, the Second Supplemental Declaration and the Third Supplemental Declaration is hereinafter referred to as the "Amended Declaration" and the Original Map as amended by the First Supplemental Map, the Sec,ond Supplemental Map and the Third Supplemental Map is hereinafter referred to as the "Amended Map"). C:Wropram Files\America Online 7.O\downloadV963IFOURTHSUPPLEMENTIODECLARA.TION2963-l.doc Page 1 of3 D. Declarant intends to file a fourth amendment to the Original Map (the "Fourth Supplemental Map') for the purpose of creating Units 5A, 58, 5C and 5D and appurtenant Common Elements and Limited Common Elements. E. Section 3.10 of the Amended Declaration gives the Declarant the right to create additional Units, Common Elements and Limited Common Elements in the locations shown as "Development Rights Reserved in this Area" on the Plat and Plans. The Unit, Common Elements and Limited Common Elements shown on the Fourth Supplemental Map are in the locations shown as "Development Rights Reserved in this Area" on the Original Map. F. The rights of the Declarant to create additional Units, Common Elements and Limited Common Elements pursuant to Section 3.10 of the Declaration were conveyed to BWAB Incorporated pursuant to instrument recorded September _,2002 at Reception Number Recorder. of the records of the Office of the Eagle County Clerk and SUPPLEMENT TO AMENDED DECLARATION 1. Declarant hereby ffeates the Units, Common Elements and Limited Common Elements as set forth in the condominium map entitled Fourth Amendment to Condominium Map for Savoy Villas Condominiums recorded Septernber 2002 at Reception Number of the Records of the Office of the Eaele County Clerk and Recorder. 2. The Allocation of Interests allocated to each Unit is amended as set forth in Exhibit A attached hereto and incorporated herein. Executed as ofthe date first set forth above. BWAB Incorporated C:\Program Files\America Online 7.0\download\2963 I FOURTHSUPPLEMENTTODECLARATION2963- l .doc By: Page 2 of3