Brittany Terrace

Key facts from Brittany Terrace's documents

Community type

Condominium

Units / lots

five (5) separate Condominium Units initially (Section 2.1)

Developer / declarant

Sebring Properties, Inc., a Colorado corporation (Section 1.7)

Governing law

Condominium Ownership Act of the State of Colorado (WHEREAS clause)

Assessments & dues

Initial monthly common expense assessment $90.00 per Condominium Unit (Section 7.2(a))

Special assessments

Allowed with consent of two-thirds (2/3) of votes of each class; requires VA/HUD approval for capital improvements while Class B exists (Section 7.6)

Collections & liens

Assessments are a perpetual lien; Association may foreclose; lien superior except for property tax liens, first mortgages, master/recreational assessment liens (Sections 7.8, 7.9, 7.11)

Reserves & fees

Association shall establish an adequate reserve fund for maintenance, repair and replacement of Common Elements (Section 7.3)

Parking & vehicles

Association may assign specific parking spaces; each Condominium Unit entitled to at least one garage or parking space (Section 4.1(f))

Maintenance

Association maintains and repairs roofs (Section 6.1(b))

Insurance

Greater of $500.00 or 1% of face amount (Section 8.3)

Use restrictions

Individual Air Space Unit to be used for residential purposes (Section 1.12)

Voting & meetings

Two classes: Class A (Owners except Declarant, one vote per unit) and Class B (Declarant, three votes per unit owned not leased/rented/occupied) (Section 5.2)

Amendments

May be amended; technical amendment and special amendment provisions exist; recording required (Article XV (Sections 15.1, 15.2, 15.3))

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