Elm Crest Village Condominium Association

Key facts from Elm Crest Village Condominium Association's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Throughout, e.g., "condominium ownership)

Legal name

Elm Crest Village Condominiums

Developer / declarant

Elm Crest, a Wyoming General Partnership

Governing law

Condominium Ownership Act of the State of Wyoming (Unnumbered WHEREAS paragraph)

Assessments & dues

Periodic assessments based on advance estimates of cash requirements by the Association. Special assessments require assent of 67% of voting membership. (Art. 12.2, 12.3)

Special assessments

Permitted for capital improvements with assent of 67 percent of voting membership voting in person or by proxy at a meeting duly called. (Art. 12.3)

Collections & liens

Assessments secured by lien on Unit upon recordation of notice. Lien superior except for tax liens, first mortgages, etc. Foreclosure by sale permitted by law. Association may bid at foreclosure sale. (Art. 12.7)

Reserves & fees

Association must establish a reserve fund for maintenance, repair, and replacement of common elements that must be replaced periodically, funded through periodic assessments. (Art. 12.2: "the Association shall be obl)

Leasing & rentals

Lease or rental of a Unit for lodging or residential purposes shall not be considered a violation of the residential-use covenant. (Art. 7.1: "Lease or rental of a Unit for)

Home business

Prohibited; no professional, commercial or industrial operations in any Unit or Common Areas except temporary uses by Declarant while selling Units. (Art. 7.3)

Maintenance

Association is responsible for maintenance and repair of roofs. (Art. 11.1: "the maintenance and repair o)

Insurance

Comprehensive general liability and property damage insurance; fire and hazard insurance on all improvements in the Project (except separately insured items). (Art. 13.1, 13.2)

Use restrictions

Each Unit shall be used for residential purposes only, and no trade or business of any kind may be carried on therein. (Art. 7.1)

Voting & meetings

Two classes: Class A (all Owners except Declarant) - one vote per Unit; Class B (Declarant) - three votes per Unit. Class B ceases when Class A votes equal Class B or on August 1, 1991, whichever first. (Art. X: 10.1)

Amendments

By instrument signed by not less than 67% of Unit Owners. No amendment without prior written approval of all First Mortgagees and Contract Sellers where required. No amendment diminishing their rights without consent. Must be recorded. Duri (Art. 17.5, 17.6)

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