Timbers Condo

Key facts from Timbers Condo's documents

Reflects the 1973 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

THE TIMBERS CONDOMINIUM

Developer / declarant

Storm Mountain Inn, Inc. (Page 1, recital)

Governing law

Condominium Ownership Act of the State of Colorado (Page 1, recital)

Assessments & dues

Pro rata by percentage interest in general common elements; insurance premium based on unit coverage (Paragraph 19)

Special assessments

Permitted for reconstruction (66 2/3% owner approval) and obsolescence (85% owner approval); both require unanimous mortgagee approval (Paragraph 28(c) and (e))

Collections & liens

Unpaid assessments constitute a lien superior to all except taxes and first mortgage; foreclosable like a mortgage (Paragraph 21)

Reserves & fees

Permitted: creation of a reasonable contingency or reserve surplus fund (Paragraph 19)

Leasing & rentals

Yes, subject to right of first refusal in Paragraph 25; leases <6 months exempt from RFR (Paragraph 25)

Parking & vehicles

Under control and supervision of Declarant (Paragraph 32)

Maintenance

Association (roof is a general common element) (Paragraph 1(d)(2))

Insurance

Blanket policy covering all units, with waiver of subrogation, standard mortgagee clause, 30-day cancellation notice to Association and first mortgagees (Paragraph 20)

Use restrictions

Each unit shall be used and occupied principally for residential purposes (Paragraph 11)

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