Park Avenue Condo

Key facts from Park Avenue Condo's documents

Community type

condominium (Recitals, Article 2)

Legal name

Park Avenue Condominiums

Developer / declarant

Richard Safle and Julia A. Lindner

Governing law

Colorado Common Interest Ownership Act, C.R.S. §§ 38-33.3-101 et seq. (Section 1.1)

Assessments & dues

Common expense assessments based on a budget adopted by the Executive Board (Section 5.3.1)

Special assessments

May be levied with unanimous approval of Executive Board for General Common Elements (Section 5.7)

Collections & liens

Statutory lien for assessments; prior to first mortgage only for 6 months of assessments; foreclosure in manner of mortgage; acceleration allowed with Executive Board consent (Sections 5.8, 5.9, 5.10)

Reserves & fees

Association shall establish adequate reserve for maintenance and replacement of Common Elements, and for payment of insurance deductibles (Section 5.3.2)

Maintenance

Owner maintains that portion of the roof serving such Owner's Unit (Section 6.1.2.3)

Insurance

Property insurance against broad form covered causes of loss on Units and Common Elements, including interior surfaces, cabinets, electrical fixtures, to full replacement value (excluding land, foundation, excavation) (Section 7.2)

Voting & meetings

Each Unit entitled to one vote in the Association (Section 1.2, Section 1.10)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.