Silver Spruce Village Condominiums

Key facts from Silver Spruce Village Condominiums's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Silver Spruce Village Condominiums commu)

Legal name

Silver Spruce Village Condominiums

Developer / declarant

Diversified Properties, Inc., a Colorado corporation (Recital A)

Governing law

Colorado Common Interest Ownership Act, C.R.S. §38-33.3-217(1)(a) (Recital C and Recital G)

Special assessments

If insurance proceeds insufficient due to deductible allocated to Association or failure to maintain coverage, the deductible or additional cost shall be a Common Expense, not considered an Assessment, and shall not require any vote or rati (Paragraph 15.17)

Collections & liens

Association may retain and apply insurance proceeds recovered for a loss sustained by an Owner who is delinquent in assessments to the delinquency. (Paragraph 15.18)

Reserves & fees

Fidelity insurance amount must be no less than three months' of Assessments plus everything in the reserve account. (Paragraph 15.5)

Maintenance

Association (Exhibit C chart: Roof and all materials )

Insurance

Hazard insurance covering full replacement cost, loss, damage or destruction by fire or other casualty on Units and General Common Elements. Liability insurance with combined single limit of $1,000,000 covering General Common Elements. (Paragraphs 15.2(a), 15.4)

Use restrictions

Owner responsible for keeping Unit and any Limited Common Element areas in a clean and sanitary condition; no rubbish, refuse, or garbage shall be allowed to accumulate. Board may adopt rules further clarifying this obligation. (Exhibit C, Note B)

Amendments

Amendment requires 67% of owners in General Common Elements and all holders of recorded mortgages or deeds of trust; revocation requires 75% of owners and all holders; undivided interest in common elements cannot be altered without consent (Paragraph 13.1 as restated)

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