Key Condo Condominium

What Key Condo Condominium's governing documents say

Key Condo Condominium is a condominium community in Keystone, Colorado – you own your individual unit plus an undivided share of the common elements. This declaration (plus two supplements) creates the condominium, defines unit boundaries, sets the association's powers, and governs how owners must use and maintain the property. If you are a unit owner, prospective buyer, or renter here, these are the binding rules that explain what you can and cannot do and what your financial obligations are.

• What you own & maintain: You own the interior space of your unit (walls, floors, ceilings, fixtures) but not the perimeter walls, building structure, or utility lines serving other units. The association maintains and insures all common elements (building exterior, roofs, landscaping, and shared systems).
• Leasing & rentals: Leasing or renting your unit for lodging or residential purposes is allowed and is not considered a business use. However, the declaration does not set a minimum lease term; you may check the association's rules for any additional restrictions. The owner remains responsible for all obligations even if the unit is rented.
• Use restrictions & businesses: Each unit must be used only for residential purposes. No trade or business of any kind may be carried on in a unit. No activity is allowed that would cancel or increase the cost of the project's insurance, and you must comply with all applicable laws and association regulations.
• Structural alterations & maintenance access: You cannot make structural changes to your unit, or do plumbing, electrical, or similar work in the common elements, without the association's prior written consent. The association has an irrevocable right to enter your unit for necessary maintenance, repair, or emergency repairs to the common elements or other units.
• Assessments & fees: All owners must pay periodic assessments set by the association, apportioned equally among units (except fire/insurance assessments based on unit value). The association may also levy special assessments for capital improvements or unforeseen repairs. Assessments become due at least 15 days after written notice, and unpaid amounts earn 8% interest and are secured by a lien on the unit.
• Insurance: The association carries master casualty and liability insurance on the project. The association's policies name it as trustee for owners and mortgagees. You may buy your own insurance for your unit and personal property, but it may not reduce the coverage under the association's policies.
• Party walls & neighbor responsibilities: Walls built on the dividing line between units are party walls. Each adjoining owner shares the burden and benefit. If damage is caused by one owner's act, that owner must pay for repairs. Damage from other causes (e.g., wear and tear, act of nature) is equally shared. Any alteration to a party wall requires the adjoining owner's written consent.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.