Towne Place of Aspen Condominium Associa

Key facts from Towne Place of Aspen Condominium Associa's documents

Community type

Condominium

Legal name

Towne Place of Aspen Condominium Association, Inc.

Governing law

Colorado Common Interest Ownership Act (CIOA) and Colorado Non-profit Corporation Act (Article I, Section 1.3)

Assessments & dues

Board prepares a budget at least annually according to generally accepted accounting principles to determine amount of Common Expenses; allocates Common Expenses among Unit Owners according to their respective common ownership interests in (Article IV, Section 4.10.5)

Special assessments

Board may levy and collect special assessments as permitted by the Declaration (Article IV, Section 4.10.5)

Collections & liens

Board may collect delinquent assessments by suit and enforce late charges, interest, and all expenses including attorneys' fees. (Not explicitly authorizing foreclosure but collection by suit.) (Article IV, Section 4.10.6; Article VIII)

Reserves & fees

Board shall cause Association to provide for reserves for deferred maintenance and replacement out of regular assessments (or special assessments if needed). (Article IV, Section 4.10.5 (end of parag)

Voting & meetings

One (1) vote per Unit. In voting for Executive Board, those receiving the most votes shall be elected without necessity of a majority. (Article II, Section 2.2)

Amendments

Bylaws may be amended only by resolution adopted by majority of members of Executive Board and ratified by seventy-five percent (75%) of Members of Association at a duly constituted meeting. No amendment shall conflict with Declaration or v (Article VII, Section 7.1)

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