Galena Place Townhome Condo

Key facts from Galena Place Townhome Condo's documents

Community type

Condominium

Legal name

GALENA PLACE TOWNHOUSE CONDOMINIUM ASSOCIATION

Governing law

Colorado Condominium Ownership Act (Article I, Section 1.1: 'submitted to th)

Assessments & dues

Budget prepared at least annually by Board according to GAAP; assessments allocated among Unit Owners based on their common ownership interests in General Common Elements; Board may adjust, decrease, or increase monthly/quarterly assessment (Article IV, Section 4.10(e))

Special assessments

Board may levy special assessments whenever in its opinion necessary to meet increased operating or maintenance costs or additional capital expenses due to emergencies (Article IV, Section 4.10(e))

Collections & liens

Board has power to collect delinquent assessments by suit or otherwise; may prohibit use of common elements by an Owner if assessment unpaid after due date (Article IV, Section 4.10(f))

Reserves & fees

Board may remit or return excess assessments over expenses, working capital, sinking funds, and reserve (for deferred maintenance and replacement) to Owners at end of operating year (Article IV, Section 4.10(e))

Maintenance

Owner must perform promptly, at own expense, all maintenance and repair work within Unit that would affect appearance or engineering integrity of Project; repairs to water fixtures, light fixtures, etc., at Owner's expense; repairs to doors (Article XI, Section 11.7)

Use restrictions

All Units shall be utilized only for uses as provided in the Declaration (Article XI, Section 11.9(a))

Voting & meetings

Each Unit entitles its Owner to one Regular Membership; voting weight based on percentage of interest in Common Elements; cumulative voting permitted; majority vote of quorum decides actions unless otherwise specified (Article III, Sections 3.7, 3.10)

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