Willowridge (CO)

Key facts from Willowridge (CO)'s documents

Community type

Condominium (Text: 'condominium regime')

Legal name

Embarcadero in Willowridge Condominiums

Developer / declarant

Western Securities (U.S.A.) Limited, a Colorado corporation (First paragraph of Doc 71145)

Governing law

Condominium Ownership Act of the State of Colorado (Section 43(b) of Doc 71145; preamble of )

Assessments & dues

Type A: $1,020.00 per annum; Type B: $1,140.00 per annum; Type C: $1,260.00 per annum (does not include Umbrella assessment) (Section 21(c) of Doc 71198)

Special assessments

Allowed with 2/3 vote of members; also requires written consent of VA/FHA if Declarant owns 75% of Units or until Dec 31, 1992 (Section 21(g) of Doc 71198)

Collections & liens

Unpaid assessments constitute a lien on the unit, superior to all except real estate taxes and first mortgage; may be foreclosed; Association may bid at sale (Section 24 of Doc 71198)

Reserves & fees

Association shall establish a reserve fund for repair and replacement of common elements that must be replaced periodically; funded through monthly payments (Section 21(f) of Doc 71198)

Leasing & rentals

Implied allowed; document references leasing and renting (Sections 41, 42 of Doc 71145; Sections 2)

Parking & vehicles

Each unit has at least one assigned garage space; garage spaces assigned on Exhibit C (Exhibit C in both docs; Section 4 of Doc)

Maintenance

Owner liable for damage caused by negligence, misuse, or tortious acts of owner, family, agents, invitees, tenants; if damage from common element repair, Association pays unless caused by owner (Section 16(b) of Doc 71198)

Insurance

Board may have deductible, reasonable and not exceeding FNMA/HUD-FHA/VA maximums (Section 22(a)(7) of Doc 71198)

Use restrictions

Units shall be used and occupied as a residence and for residential purposes (exception for Declarant during construction and sales period) (Section 12 of Doc 71198)

Voting & meetings

One vote per Condominium Unit; one class of membership (Section 16(a) of Doc 71198)

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