The Summit Residential Owners Association

Key facts from The Summit Residential Owners Association's documents

Reflects the 1994 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Summit Place); HOA (The Summit) (Bylaws refer to 'Units' and 'Common Elem)

Governing law

Colorado Common Interest Ownership Act (CIOA) and Colorado Non-profit Corporation Act (referred to as 'Acts') (Article I, Section 1.1 and 1.3 (Summit P)

Assessments & dues

Budget prepared annually by Executive Board; assessments allocated based on common ownership interests. Mail summary to owners and set meeting for ratification (14-60 days after delivery). (Article IV, Section 4.10.5 (Summit Place)

Special assessments

Permitted (Summit Place); explicit reference to 'special assessments' (The Summit). (Article IV, Section 4.10.5 and Article X)

Collections & liens

Association may impose liens for nonpayment per Protective Covenants; foreclosure may be filed if balance >=6 months assessments and Board resolution authorizing. (Article XI, Section 4 (First Amended Byl)

Reserves & fees

Required reserve fund for replacement of Common Elements and Limited Common Elements, based on useful life and replacement cost. (Article XIII, Section 13.2 (Summit Place)

Use restrictions

Not explicitly stated in provided text; use subject to Declaration and rules. (General compliance obligations (e.g., Ar)

Voting & meetings

One vote per Unit (Summit Place). Cumulative voting for Executive Board. Majority defined as >51% of votes entitled to vote. (Article II, Sections 2.2, 2.4)

Amendments

Bylaws amended by majority of Executive Board and majority vote of members, provided no conflict with Declaration or Acts (Summit Place). (Article VII, Section 7.1)

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