Van Rand Professional Center Condominium Assoc

Key facts from Van Rand Professional Center Condominium Assoc's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and Article I)

Governing law

Exempt from Colorado Common Interest Ownership Act (CCIOA) pursuant to §38-33.3-121 (Section 1.2)

Assessments & dues

Determined annually based on Association's advance budget of cash requirements (Section 4.3)

Special assessments

Executive Board may levy special assessments for capital improvements or budget shortfalls; 30 days' notice required (Section 4.4)

Collections & liens

Association has a continuing lien for unpaid assessments; prior to other liens except first mortgage recorded before delinquency, real estate taxes. Association may foreclose or bring personal action. (Sections 4.8, 4.9)

Reserves & fees

Included as common expense ('reserve accounts and other customary charges') (Section 4.1)

Insurance

Association may assess negligent unit owners or pro rata share of deductible among damaged units (Section 7.1(g))

Voting & meetings

Units on floors 1-3: one vote per square foot; basement storage units: two-fifths vote per square foot, rounded up to next whole vote. After Declarant holds less than 50%, Association reallocates. (Section 2.5)

Amendments

Requires prior written approval of at least 51% of First Mortgagees and 75% of total Association votes. Certain provisions (voting, assessments, etc.) require all First Mortgagees and all Unit Owners. (Section 10.6)

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