Parkway Residences

Key facts from Parkway Residences's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Document title and Article I, Definition)

Legal name

Parkway Residences Condominium Association, Inc. (Article I, Definition 4)

Developer / declarant

Parkway Residences LLC (Introductory paragraph)

Governing law

Colorado Common Interest Ownership Act (CCIOA), §§38-33.3-101 to -319 (Article I, Definition 1)

Assessments & dues

Initial annual assessment not to exceed $250 per Unit per month until a different budget is adopted. (Article IV, Section 3: "the amount of th)

Special assessments

Allowed for capital improvements, repair, or operating deficit; subject to same veto process as budget (67% of votes). (Article IV, Sections 6 and 7)

Collections & liens

Association has a statutory lien on a Unit for assessments, fines, etc.; can foreclose like a mortgage. Lien has priority over all other liens except first mortgages and tax liens; for mortgages, six-month assessment limit applies. (Article IV, Sections 9 and 10)

Reserves & fees

Annual assessments must include an adequate reserve fund for maintenance, repair, replacement, and insurance deductibles. (Article IV, Section 4(a))

Architectural approval

Design Review Committee must approve or disapprove within 45 days after complete submission; if no action, approval deemed granted (with proof of receipt). (Article V, Section 3)

Voting & meetings

Each Owner entitled to one vote per Unit in accordance with Allocated Interest; Association has one class of voting membership. (Article I, Section 3: "Each Owner shall )

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