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Town Council Resolution 23 1983TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 23 SERIES OF 1983 bfjl�,45 pg0 it 11 923 f"I" A RESOLUTION GRANTING APPROVAL OF A REQUEST FOR EXEMPTION FROM THE DEFINITION OF A SUBDIVISION FOR CONDOMINIUMIZATION OF LOT 13, RIDGERUN I. WHEREAS, the owner of Lot 13, Ridgerun I has requested an exemption from the definition of subdivision for the purpose of condominiumizing said Lot; and WHEREAS, the Town Council held a public hearing on February 7, 1983 and received public comment on the proposal; and WHEREAS, the Town Council has found: 1. That the condominiumization of said Lot is not within the intent and purpose of the Subdivision Chapter of the Land Use Code, and 2. That the condominiumization of said Lot is consistent with preservation of the goals, objectives and standards of the particular subdivision, and 3. That the request doesM1 not affect in a substantially adverse manner the enjoyment of land abutting upon or across the street from the property in question or the public interest. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado: Section One: That an exemption from the definition of a Subdivision as set forth in Section 3.1.4. of the Town of Snowmass Village Land Use Code is hereby granted for the condominiumization of Lot 13, Ridgerun I Subdivision, subject to the following conditions: A. An additional ten foot right of way along North Ridge Lane be dedicated on,the plat to the Town of Snowmass Village. B. Approval by the Town Attorney of the Condominium Declaration and Map proposed for said property which shall be consistent with the regulations of the Town applying to said property, be granted. INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado on this 7th day of February , 1983, by a vote of 7 to 0 ATTEST Susan S-,. Hansen, Town Clerk IY TOWN OF SNOW�M-A-'S+S VILLAGE, COLORADO By . Jef son Tippett, Mayor our; 44� PAt�� 0 21 2 50 1 5 2 CONDOMINIUM DECLARATION FOR l.01;ETTA u 1414ER Pli'tfPJ C T Y. t2ECGRDER TAMERLANE CONDOMINIUMS (A Condominium) JJAY 16 11 24 AM 483 KNOW ALL MEN BY THESE PRESENTS: WHEREAS, Frank R. Krohn, a$ Nominee, . hereinafter collectively called "Declarant", is the owner of the following described real property situated in the Town of Snowmass, County of Pitkin, State of Colorado, to wit: Lot 13, Ridge Run Unit One WHEREAS, the above described property is presently developed with a two-story, duplex residential dwelling; and WHEREAS, Declarant desires to create a condominium project on said property under the Condominium Ownership Act of the State of Colorado, and to establish thereby a plan for the ownership in fee simple of real property estates consisting of the area or space contained in each of the "Unitsl' as hereinafter defined, and the ownership by one or more of the individual and separate owners thereof, as tenants in common; of all of the remaining real property hereinafter defined and referred to as the "Common Elements". NOW, THEREFORE, Declarant does hereby publish and declare that the following terms, covenants, conditions, easements, uses, restrictions, limitations and obligations shall be deemed to run with the land, shall be, a burden upon and a benefit to Declarant, Declarant's heirs,. personal representatives, successors and assigns and any persons acquiring or owning an interest in the real property and improvements, their grantees, lessees, . successors, heirs, executors, administrators, devisees or assigns. 1. DEFINITIONS. Unless the context shall expressly provide otherwise, the following definitions shall apply: (a) "Apartment", "Apartment Unit", or "Unit" means an individual air space which is contained within the unfinished interior surfaces of the perimeter walls, floors, ceilings, windows and doors of the Dwelling Units in the building as shown on the Map and any amended Map to be filed for record, together with all, -fixtures and improvements therein contained but not including any of the structural components of the building, if any, within a unit, and including the garage area as constructed. (b) "Condominium Unit" means an apartment together with the undivided interest in the General and Limited Common Elements appurtenant to such apartment. (c) "Owner" means a person, firm, corporation, partnership, association or other legal entity or any combination thereof, owning one or more Condominium Units; the term "Owner" shall not refer to any Mortgagee, as herein defined, unless such Mortgagee has acquired title pursuant to foreclosure or any proceeding in lieu of foreclosure. Bri.v445 0 22 (d) "Mortgage" means any mortgage, deed of trust, or other security instrument by which a Condominium Unit or any part thereof is encumbered. (e) "Mortgagee" means any person named as the Mortgagee or beneficiary under any mortgage which the interest or any Owner is encumbered. (f) "Common Elements" means: is located. (1) The real property upon which the building (2) The foundation, columns, girders, beams supports, main walls, roofs, crawlspaces and the "party wall" as shown on the Map. (3) The installations consisting of the equipment and materials making up the central services such as tanks, pumps, motors, fans, compressors, ducts, power, sewer, light, gas, hot and cold water, heating, ventilating and air conditioning and, in general, all apparatus and installations existing for common use; (4) Such partly or entirely enclosed air spaces as are provided for community or common use,* (S) All other parts of the property necessary or convenient to its existence, maintenance and safety or normally in common use. (g) "General Common Elements" means those parts of the Common Elements which are not designated as "Limited Common Elements". (h) "Limited Common Elements" means those parts of the Common Elements reserved for the exclusive use of the Owners of less than all of the Condominium Units in the building. (i) "Entire Premises", "Premises", "Project" or "Property" means and includes the land, the building, all improve- ments and structures thereon, and all rights, easements and appurtenances belonging thereto. (j) "Common Expenses" means and includes: (1) All sums lawfully assessed against the General Common Elements; (2) Exoenses of administration and management maintenance, repair or replacement of the General Common Elements; the Unit Owners. (3) Expenses declared common expenses by (k) "dap" means the Condominium Map referred to in Paragraph 2 below. (1) "Building" means the building improvement comprising a part of the property. BouK445 PAGE 0 23 (m) The title "Managing Agent" shall refer to the person, firm or entity which shall be selected and appointed by the Owners of the Condominium Units in accordance with the provisions of Section 14 of this Declaration. 2. CONDOMINIUM MAP. Declarant shall cause to be filed for record a Map. The Map shall depict and show at least the following: The legal description of the land and a survey thereof; the building and the location of the Units within the building, both horizontally and vertically; the perimeter boundary of each Unit and the location therein of any structural components, or supporting elements of the building; the common wall(s) between Units and the Unit numbers or other designation. The Map shall contain the certificate of a registered engineer certifying that the Map substantially depicts the layout, measurements and location of the Building, the Units, the Unit designations, the dimensions of such Units, the elevations of the surfaces of floors and ceilings as constructed. In interpreting the Condominium Map the existing physical boundaries of each Unit as constructed shall be conclusively presumed to be its boundaries. Declarant reserves the right to amend the Map, from time to time, to conform same to the actual physical location of the constructed improvements and to any changes, modifications or alterations. 3. DIVISION OF PROPERTY INTO CONDOMINIUM UNITS. The real property and improvements now constructed or to be constructed thereon are hereby divided into the following fee simple estates: Two (2) separate fee simple estates, each such estate consisting of one Apartment Unit, together with an appurtenant undivided one half interest in and to the Common Elements. The Common Elements shall be held in common by the Owners thereof. Said Apartment Units are shown on the Map and designated "Unit 90" and "Unit 94" respectively. 4. LIMITED COMMON ELEMENTS. A portion of the Common Ele- ments may be set aside and reserved for the exclusive use of the Owners of each Unit respectively, such areas being the Limited Common Elements, and designated as L.C.E. on the Map. All Limited Common Elements shall be used in connection with the particular Apartment Unit to,which it is assigned on the Map, to the exclusion of the use thereof by the Owners of other Units except by invitation. 5. INSEPARABILITY OF A UNIT. Each Unit and the undivided interest in the General Common Elements and the Limited Common Elements, if any, appurtenant thereto, shall be inseparable and may be conveyed, leased, encumbered, devised or inherited only as a Condominium Unit. -3- MU(1445, P+1 L 0 2 4 6. DESCRIPTION OF A CONDOMINIUM UNIT. Every deed, lease, mortgage, trust deed, will, or other instrument may legally describe a Condominium Apartment Unit by its identifying Unit number, followed by the words, "Tamerlane Condomini.ums." with further reference to the recorded Declaration and Map. Every such description shall be deemed good and sufficient for all purposes to sell, convey, transfer, encumber or otherwise affect not only the Unit but also the General Common Flements and the Limited Common Elements appurtenant thereto. Each such description shall be construed to include a non-exclusive easement for ingress and egress throughout the General Common Elements together with the right to the use of the Limited Common Elements appurtenant thereto to the use of the Limited Common Elements appurtenant thereto to the exclusion of all third parties not lawfully entitled to use the same. 7. SEPARATE ASSESSMENT AND TAXATION -NOTICE TO ASSESSOR. Declarant shall give written notice to the assessor of Pitkin County, Colorado, or the creation of condominium ownership of this property, as is provided by law, so that each Unit and the interests appurtenant thereto shall be deemed a separate parcel and subject to separate assessments and taxation. 8. TITLE. A Condominium Unit may be held and owned by more than one person as joint tenants or as tenants in common, or in any real property tenancy relationship recognized under the laws of Colorado; provided that no form of time sharing ownership shall be permitted for either Unit unless such type of ownership is approved in writing by the Owner of the other Unit. 9. NONPARTITIONABILITY OF GENERAL COMMON ELEMENTS. The General Common Elements shall be owned in common by all of the Owners of the Apartment Units and shall remain undivided, and no Owner shall bring any action for partition or division of the General Common Elements. Nothing contained herein shall be construed as a limitation of the right of partition of a Condominium Unit between the Owners thereof, but such partition shall not affect any other Condominium Unit. 10. USE OF UNITS; GENERAL AND LIMITED COMMON ELEMENTS. Each Owner shall be entitled to exclusive ownership and possession of his Apartment. Each Owner may use the General and Limited Common Elements in accordance with the purpose for which they are intended, without hindering or encroaching upon the lawful rights of the other Owners. 11. USE AND OCCUPANCY. Each Condominium Unit shall be used and occupied solely for residential purposes, and no trade or business of any kind may be carried on therein; provided that lease or rental of a Unit for residential purposes for longer than six months or for not more than two (2) short term rentals per calendar.year, shall not be considered a violation of this covenant. -4- br)O1445 PAGE 0 25 12. EASEMENTS FOR ENCROACHMENTS. If any portion of the Common Elements now or hereafter encroaches upon another Apartment Unit, a valid easement for the encroachment and for the maintenance of same, so long as it stands, shall and does exist. If any portion of an Apartment Unit now or hereafter encroaches upon the Common Elements or upon an adjoining Apartment Unit or Units, a valid easement for the encroachment and for the maintenance of same, so long as it stands, shall and does exist. For title or other purposes, such encroachment and easements shall not be considered or determined to be encumbrances either on the Common Elements or the Apartment Units. 13. TERMINATION OF MECHANIC'S LIEN RIGHTS AND INDEMNIFICATION. No labor performed or materials urnished and incorporated in an Apartment Unit with the consent or at the request of the Owner thereof or his agent or his contractor or subcontractor shall be the basis for filing of a lien against the Apartment Unit of any other Owner not expressly consenting to or requesting the same, or against the Common Elements owned by such other Owners. Each Owner shall indemnify and hold harmless each of the other Owners from and against all liability arising from the claim of any lien against the Apartment Unit of any other Owner or against the Common Elements for construction performed or for labor, materials, services, or other products incorporated in or otherwise attributable to the Owner's Apartment Unit at such Owner's request. 14. ADMINISTRATIVE AND MANAGEMENT. Each owner shall manage his own unit. All areas other than the individually owned units shall have a Managing Agent appointed. The initial Managing Agent of the property shall be Frank R. Krohn. Upon sale by the Declarant of both of the units the Managing Agent shall then be named by the owners of the units effective September 1 after the sale of the units. Thereafter the selection of the Managing Agent shallaltarnate between units on an annual basis effective September 1 of each year. 15. RESERVATION FOR ACCESS -MAINTENANCE, REPAIR, AND EMERGENCIES. The Owners shall have the irrevocable right, to have access to each Apartment Unit from time to time during reasonable hours as may be necessary for the inspection, maintenance, repair or replacement of any of the General Common Elements there or accessible therefrom or for making emergency repairs therein necessary to prevent damage to the General or Limited Common Elements or to another Apartment Unit or Units. Damage to the interior of any part of a Unit resulting from maintenance, repair, emergency repair or replace- ment of any of the General Common Elements or as a result of emergency repairs within another Unit of an Owner at the instance of another Owner shall be a Common.Expense of all of the Owners; provided, however, that if such damage is the result of the negligence of a Unit Owner, then such Unit Owner shall be responsible for all of such damage and restoration of the damaged improvements to their condition prior to the damage. 16. OWNERS' MAINTENANCE RESPONSIBILITY. For purposes of maintenance and repair, an Owner shall be deemed to own the exterior surfaces of such Owner's Unit; the Limited Common Elements appurtenant to such Unit, and windows, doors, interior nonsupporting walls, the materials (such as but not limited to) _:_1 - plaster, gypsum dry walls, paneling, wallpaper, brick, stone, paint, wall and floor tile, and flooring, but not including the subflooring making up the finished surfaces of the perimeter walls, ceiling and floors within the Unit and the Unit doors and windows. The Owner shall not be deemed to own any utilities running through his unit which serve more than one Unit except as a tenant in common with the other Owners. Such right to, maintain and repair shall carry the obligation to replace any finishing materials removed with similar or other types or kinds of finishing materials of equal or better quality, and to maintain the Limited Common Elements in neat and orderly condition. An Owner shall do no act nor any work that will impair the structural soundness or integrity of the building or impair any easement or hereditament. The Owner of a Unit shall not make any external improvements to his Unit, or to the Limited Common Elements appurtenant thereto, including but not limited to exterior building additions, landscaping, fences, permanent outdoor furniture and sculpture, pools or changes in exterior paint without the prior written consent of the Owner of the other Unit. 17. COMPLIANCE WITH PROVISIONS OF DECLARATION. Each Owner shall comply strictly with the provisions of this Declaration as the same may be lawfully amended from time to time. Failure so to comply shall be grounds for an action to recover sums due and for damages or injunctive relief or both, maintainable by the Managing Agent by an aggrieved Owner, or assessable as though Common Expenses. 18. REVOCATION OR AIMENDMENT TO DECLARATION. This Declaration shall not be revoked nor shall any of the provisions herein be amended unless the Owners of both Units, and all of the holders of any recorded Mortgage or deed of trust covering or affecting any or all Condominium Units consent and agree to such revocation or amendment by instrument(s) which shall be duly recorded. 19. ASSESSMENT FOR COMMON EXPENSES. All Owners shall be obligated to pay the assessments authorized by the Declaration and imposed by the Managing Agent to meet the Common Expenses. The assessments shall be made pro rata according to each Owner's fractional interest in and to the General Common Elements. Assessments for the estimated Common Expenses shall be due monthly in advance on the first day of each month. The Managing Agent or other Owner incurring the cost shall prepare and deliver or mail to each Owner an itemized monthly statement showing that the various estimated or actual expenses for which the assessments are made. Contribution for monthly assessments shall be prorated if the ownership of a Condominium Unit commences on a day other than the first day of a month. Assessments for reasonable actual common expenses may be made, by the ?Managing Agent, or Owner incurring the same, among other things, for the following: Expenses of management, taxes and special assessments, until separately assessed; fire insurance with extended coverage and vandalism and malicious mischief insurance with endorsements attached issued in the amount of the maximum replacement value of all of the Condominium Units; casualty and public liability and other insurance premiums; landscaping and care of grounds; snow removal; common lighting and -o- J B`0` 4'4`5 RM,E 0 2 7 heating; repairs and renovations; garbage collections; wages, water charges, legal and accounting fees; management fees; expenses and liabilities incurred by the Managing Agent or other Owner under or by reason of this Declaration; the payment of any deficit remaining from a previous period; the creation of a reasonable contingency or other reserve or surplus fund as well as other costs and expenses relating to the General Common Elements. The omission or failure of the Managing Agent to fix the assessment for any month shall not be deemed a waiver, modification or a release of the Owners from their obligation to pay. 20. INSURANCE. The Managing Agent or Owners shall obtain and maintain at all times insurance of the type and kind provided hereinabove, and including for such other risks, of a similar or dissimilar nature, as are or shall hereafter customarily be covered with respect to other Apartment or Condominium Buildings, fixtures, equipment and personal property similar in construction, design and use, issued by responsible insurance companies authorized to do business in the State of Colorado. The insurance shall be carried in blanket policy form naming the Owners as the insureds, which policy or policies shall indentify the interest of each Condominium Unit Owner (Owner's name, unit number, the appurtenant undivided interest in the General Common Elements), and which shall provide for a standard, non-contributory Mortgagee clause in favor of each first Mortgagee, and shall further provide that it cannot be cancelled by either the insured or the insurance company until after ten days prior written notice to each first Mortgagee. The Psanaging Agent or Owners, upon request of any first Mortgagee, furnish a certified copy of such blanket policy and the separate certificate identifying the interest of the mortgagor. All policies of insurance shall provide that the insurance thereunder may be invalidated or suspended only in respect to the interest of any particular Owner guilty of a breach of warranty, act, omission, negligence or noncompliance with any provision of such policy, including payment of the insurance premium applicable to that Owner's interest, or who permits or fails to prevent the happening of any event, whether occurring before or after a loss, which under the provisions of such policy, but the insurance under any such policy, as to the interests of all other insured Owners not guilty of any such act or omission, shall not be invalidated or suspended and shall remain in full force and effect. Unless the Owners otherwise agree, determination of maximum replacement value of all Condominium Units for more insurance purposes shall be made annually by one or more written appraisals, copies of which shall be furnished forthwith to each Mortgagee of a Condominium Unit. In addition, each Owner shall be notified of such appraisals. Insurance coverage on the furnishings, additions and improvements incorporated into a Unit and all items of personal property belonging to an Owner and public liability insurance with respect to a Unit shall be the responsibility of the Owner thereof. 21. OWNERS' PERSONAL OBLIGATION FOR PAYMENT OF ASSESSMENTS. The amount of the Common Expenses assessed against 000incurred on account of each Condominium Unit shall be the personal and individual debt of the Owner thereof. Suit .to recover money judgment for unpaid common expenses shall be maintainable by the Managing Agent, or any aggrieved Owner without foreclosure or waiving the lien securing same. No Owner may exempt himself from liability for his contribution towards the Common Expenses by waiver of the use or enjoyment of any of the Common Elements or by abandonment of his Unit. -7- J nuf,445 Rm.t 4 2 S 22. LIEN FOR NONPAYMENT OF COMMON EXPENSES. All sums due but unapid for the share of Common Expenses c argeable to any Condominium Unit, including interest thereon at twelve percent per annum, shall constitute a lien on such unit superior (prior) to all other liens and encumbrances except: (a) Tax and special assessment liens on the Unit in favor of any assessing entity; and (b) All sums unpaid on a first mortgage or first deed of trust of record, including all unpaid obligatory sums as may be provided by such encumbrance, including addition advances, refinance or extension of these obligations made thereon prior to the arising of such a lien. To evidence such lien the aggrieved Owner or Managing Agent may, but shall not be required to, prepare a written notice setting forth the amount of such unpaid indebtedness the name of the defaulting Owner of the Condominium Unit and a description of the Condominium Unit. Such a notice shall be signed by the aggrieved Owner or the Managing Agent, as appro- priate, and may be recorded in the office of the Clerk and Recorder, of the County of Pitkin, State of Colorado. Such lien for the Common Expenses shall attach from the date of the failure of payment of the debt, and may be enforced by foreclosure on the defaulting Owner's Condominium Unit by the aggrieved Owner or the Managing Agent in like manner as a mortgage or deed of trust on real property upon recording of a notice or claim thereof. In any such foreclosure the defaulting Owner shall be required to pay the costs and expenses of such proceedings, the costs and expenses for filing the notice or claim of lien and all reasonable attorney's fees. The defaulting Owner shall also be required to pay to the foreclosing party a reasonable rental for the Condominium Unit during the period of foreclosure, and the foreclosing party shall be entitled to a receiver to collect the same. The foreclosing party shall have the power to bid in the Condominium Unit at foreclosure sale and to acquire and hold, lease, mortgage and convey same. The amount of the Common Expenses chargeable against each Condominium Unit and the costs and expenses, including attorneys' fees, of collecting the same shall also be a debt of the Owner thereof at the time the same is due. Suit to recover a money judgment for unpaid Common Expenses shall be maintainable without foreclosing or waiving the lien securing same. Any encumbrancer holding a lien on a Condominium Unit may pay any unpaid Common Expense payable with respect to such Unit, and upon such payment such encumbrancer shall have a lien on such Unit for the amounts paid of the same as the lien of his encumbrance. 23. LIABILITY FOR COMMON EXPENSE UPON TRANSFER OF CONDOMINIUM UNIT. Upon payment of a reasonable fee not to exceed ten dollars and upon the written request of any Owner or any Mortgagee or prospective Mortgagee of a Condominium Unit, Managing Agent or the Owner of the other Unit shall issue a written statement setting forth the amount of the unpaid Common Expenses, if any, with respect to the subject Unit, the amount of the current monthly assessment and the date such assessment becomes due, credit for advance payments or for prepaid items, including but not limited to insurance premiums, which should be conclusive upon the issuer of such statement in favor of all persons who rely thereon in good faith. Unless such request for a statement of indebtedness is complied with within ten days, all unpaid Common Expenses which become due prior to the date of making such request shall be subordinate to the lien of the person requesting such statement. C:IO .BH44.5 RnE Q 29 The grantee of a Unit shall be jointly and severally liable with the grantor for all unpaid assessments against the latter for his proportionate share of the Common Expenses up to the time of the grant or conveyance, without prejudice to the grantee's right to recover from the grantor the amounts paid by the grantee therefore; provided however, that upon payment of a reasonable fee not to exceed ten dollars, and upon written request, any prospective grantee shall be entitled to a statement from the Managing Agent or Owner of the other Unit, setting forth the amount of the unpaid assessments, if any, with respect to the subject Unit, the amount of the current monthly assessment and the date that such assessment becomes due, credit for advanced payments or for prepaid items, including but not limited to insurance premiums, which shall be conclusive upon the issuer of such statements. Unless such request for a statement of indebted- ness shall be complied with within ten days of such request, then such grantee shall not be liable for, nor shall the Unit conveyed be subject to a lien for, any unpaid assessments against the subject Unit. 24. MORTGAGING A CONDOMINIUM UNIT - PRIORITY. Any Owner shall have the right from time to time to mortgage or encumber his interest by deed of trust, mortgage or other security instrument. A first mortgage shall be one which has first and paramount priority under applicable law. The Owner of a Condominium Unit may create junior mortgages"on the following conditions: (1) Any such junior mortgages shall always be subordinate to all of the terms, conditions, covenants, restrictions, uses, limitations, obligations, lien for common expenses, and other obligations created by this Declaration. (2) The Mortgagee und.er any junior mortgage shall release, for the purpose of restoration of any improvements upon the mortgaged premises, all of his right, title and interest in and to the proceeds under all insurance policies upon said premises which insurance policies were effected and placed upon the mortgaged premises by the Managing Agent or other Owner. Such release shall be furnished forthwith by a junior mortgagee upon written request of the Managing Agent or Owner of the other Unit. 25. RIGHT OF FIRST REFUSAL BY OWNERS. In the event any Owner of a Condominium Unit other than the Declarant shall wish to sell or lease the same, and shall have received a bona fide offer therefor from a prospective purchaser or tenant, excluding an offer from another Owner, the selling or leasing Owner shall give written notice thereof to the remaining Owners together with a copy of such offer and the terms thereof. The remaining Owners, individually or collectively, shall have the right to purchase or lease the subject Unit upon the same terms and conditions as set forth in the offer therefor, provided written notice of such election to purchase or lease is given to the selling or leasing Owner, or his agent, together with a matching down payment or deposit during the twenty day period immediately following the service of the notice of the offer to purchase or lease. The right of first refusal herein provided shall not apply to leases or subleases having a term of less than one year and one day. In the event any Owner shall attempt to sell or lease his Condominium Unit without affording to the other Owners the right of first refusal herein provided, such sale or lease shall be voidable and may be voided by a certificate of non-compliance of the Managing Agent or aggrieved Owner duly recorded in the recording office where the Declaration is recorded. However, in the event the Managing Agent or aggrieved Owner have not recorded such a certificate of non- compliance within one year from the date of recording in the case of a deed delivered in violation of this paragraph and within one year from the date of possession under a lease executed in violation of this paragraph, such a conveyance shall be conclusively deemed to have been made in compliance with this paragraph and no longer voidable. The subleasing or subrenting of said interest shall be subject to the same limitations as are applicable to the leasing or renting thereof. The liability of the owner under these covenants shall continue, notwithstanding the fact that he may have leased or rented said interest as provided herein. In no case shall the right of first refusal reserved herein affect the right of an Owner to subject his Condominium Unit to a trust deed, mortgage or other security instrument. The failure of or refusal by the Owners to exercise the right to so purchase or lease shall not constitute or be deemed to be a waiver of such right to purchase or lease when an Owner receives any subsequent bona fide offer from a prospective purchaser or tenant. The right of first refusal as provided herein, shall extend and run for the lives of Frank R. Krohn and his now living descendants, and survivors of them, plus twenty-one years. 26. EXEMPTION FROM RIGHT OF FIRST REFUSAL. In the event of any default on the part of any Owner under any first mortgage which entitles the holder thereof to foreclose same, any sale under such foreclosure, including delivery of a deed to the first mortgagee in lieu of such foreclosure, shall be made free and clear of the provisions of Paragraph 25, and the purchaser, or grantee under such deed in lieu of foreclosure, of such Condominium Unit shall be thereupon and thereafter subject to the provisions of this Declaration. If the purchaser following such foreclosure sale, or grantee under deed given in lieu of such foreclosure, shall be the then holder of the first mortgage, or its nominee, the said holder or nominee may thereafter sell and convey the Condominium Unit free and clear of the provisions of Paragraph 25, but its grantee shall thereupon and thereafter be subject to all of the provisions thereof. The following transfers are also exempt from the provisions of Paragraph 25: (a) Transfer by operation of law of a deceased joint tenant's interest to the surviving joint tenant(s); Transfer fideirseatslawinterest devisee or devisees bywillor his hunder intestacy y cTransfer f an by treasurer's deed Pursuantto asale0forrinterest delinquent taxes; -10- BH,,, 445 ,PAGE `Q 31 (d) Transfer of all or any part of a partner's interest as a result of withdrawal, death or otherwise, to the remaining partners carrying on the partnership business and/or to a person or persons becoming partners; a transfer of all or part of a partner's or partners' interests between one or more partners and/or to persons becoming partners; (e) Transfer of a corporation's interest to the persons formerly owning the stock of the corporation as a result of a dissolution. A transfer to the resulting entity following a corporate merger or consolidation; provided, however, that at least fifty percent of the stock of the resulting entity is owned by the stockholders of the corporation formerly owning the Condominium Unit; (f) Transfer by gift; (g) Transfer by one Declarant herein to another Declarant. 27. CERTIFICATE OF COMPLIANCE RIGHT OF FIRST REFUSAL. Upon written request of any prospective transferee, purchaser, tenant or an existing or prospective Mortgagee of any Condo- minium Unit, the Managing Agent or Owner of the Other Unit shall forthwith, or where time is specified, at the end of the time, issue a written and acknowledged certificate in recordable form, evidencing: (a) With respect to a proposed lease or sale under Paragraph 25 that proper notice was given by the selling or leasing Owner and that the remaining Owners did not elect to exercise their option to purchase or lease; (b) With respect to a deed to a first Mortgagee or its nominee in lieu of foreclosure, and a deed from such first Mortgagee or its nominee, pursuant to Paragraph 26, that the deeds were in fact given in lieu of foreclosure and were not subject to the provisions of Paragraph 25; (c) With respect to any contemplated transfer which is not in fact a sale or lease, that the transfer will not be subject to the provisions of Paragraph 25. Such a certificate shall be conclusive evidence of the facts contained therein. 28. ATTORNEY-IN-FACT IN CASE OF DESTRUCTION, REPAIR, OBSOLESCENCE AND CONDEMNATION. This declaration hereby makes mandatory the irrevocable appointment of any Attorney -in -Fact to deal with the property upon its destruction, repair, obsolescence, or condemnation. Title to any Condominium Unit is declared and expressly made subject to the terms and conditions thereof, and acceptance by any grantee of a deed from the Declarant or from any Owner shall constitute appointment of the Attorney - in -Fact herein provided. All of the Owners irrevocably constitute and appoint the Managing'Agent, from time to time appointed pursuant to this Declaration, their true and lawful attorney in their name, place and stead for the purpose of dealing with the property upon its destruction, obsolescence -11- Biu,R,445 P?u 0 J 2 or condemnation as is hereafter provided. Said Attorney -in -Fact shall have full and complete authorization, right and power to make, execute and deliver any contract, deed or any other instrument with respect to the interest of a Condominium Unit Owner which are necessary and appropriate to exercise the powers herein granted. Repair and reconstruction of the improvements as used in the succeeding subparagraphs means restoring the improvements to substantially the same condition in which it existed prior to the damage, with each Unit and the General and Limited Common Elements having the same vertical and horizontal boundaries as before. The proceeds of any insurance collected shall be available to the Attorney -in -Fact for the purpose of repair, restoration or replace- ments unless the Owners of Units and all .first mortgagees agree not to rebuild in accordance with the provisions set forth hereinafter. (a) In the event of damage or destruction due to fire or other disaster, the insurance proceeds, if sufficient to reconstruct the improvements, shall be applied by the Attorney - in -Fact to such reconstruction, and the improvements shall be promptly repaired and reconstructed. The Attorney -in -Fact shall have full authority, right and power, as Attorney -in -Fact, to cause the repair and restoration of the improvements. (b) If the insurance proceeds are insufficient to repair and reconstruct the improvements, such damage or destruction shall be promptly repaired and reconstructed by the Attorney -in - Fact, using the proceeds of insurance and the proceeds of assessment to be made against all of the Owners and their Condominium Units. Such deficiency assessments shall be a Common Expense and made pro rata according to each Owner's interest in the General Common Elements, and shall be due and payable within thirty days after written notice thereof. The Attorney -in -Fact shall have the authority to cause the repair or restoration of the improvements using all of the insurance proceeds for such purpose notwithstanding the failure of an Owner to pay the assessment. The assessment provided for herein shall be a debt of each Owner -and a lien on his Condominium Unit and may be enforced and collected as is provided in Paragraph 22. In addition thereto, the Attorney -in - Fact, shall have the absolute right and power to sell the Condominium Unit of any Owner refusing or failing to pay such deficiency assessment within the time provided, and if not so paid, the Attorney -in -Fact shall cause to be recorded a notice that the Condominium Unit of the delinquent Owner shall be sold. The proceeds derived from the sale of such Condominium Unit shall be used and disbursed by the Attorney -in -Fact, in the following order: (1) For payment of the balance of the lien of any first mortgage; (2) For payment of taxes and special assess- ments liens in favor of any assessing entity; (3) For payment of unpaid Common Expenses; (4) For payment of junior liens and encumbrances in the order of and to the extent of their priority; and (5) The balance remaining, if any, shall be paid to the Condominium Unit Owner. -12- 60u,445 -FA'(}E 0 33 (c) Notwithstanding the foregoing, if insurance proceeds are insufficient to repair and reconstruct* improvements, all of the Owners and all of the -first mortgagees of record may agree in writing not to repair and recontruct the improvements. In such event, the Attorney -in -Fact shall forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Attorney -in -Fact, the entire remaining premises shall be sold by the Attorney -in -Fact for all of -the Owners, free and clear of the provisions contained in this Declaration, the Map and the By -Laws. The insurance settlement proceeds and the entire proceeds of such sale shall be collected by the Attorney -in -Fact, and such proceeds shall be divided by the Attorney -in -Fact according to each Unit Owner's interest in the Common Elements, and such divided proceeds shall be paid into a separate account representing each Condominium Unit. Each such account shall be in the name of the Attorney -in -Fact, and shall be further identified by the number of the Apartment Unit and the name of the Owner. The total funds of each account shall be used and disbursed, without contribution from one account to another, by the Attorney -in -Fact for the same purposes and in the same order as is provided in Subparagraph (b)(1) through (5) of this paragraph. (d) The Owners of both Units may agree that the Condominium Units are obsolete and adopt a plan for the renewal and reconstruction thereof. Such agreement must have the approval of each First Mortgagee. In such instance, the Attorney -in -Fact shall forthwith record a notice setting forth such fact or facts. The costs of such renewal and reconstruction shall be a Common Expense and shall be subject to assessment and collection in the same manner as provided for in Subparagraph (b) of this paragraph. (e) Owners of both Units may agree that the Condominium Units are obsolete and that the same should be sold. Such agreement must have the approval of each First Mortgagee. In such instance, the Attorney -in -Fact shall forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Attorney -in -Fact, the entire premises shall be sold by the Attorney -in -Fact for all of the Owners, free and clear of the provisions contained in this Declaration and the Map. The sales proceeds shall be apportioned among the Owners on the basis of each Owner's interest in the Common Elements, and such apportioned proceeds shall be paid into separate accounts representing each Condominium Unit. Each such account shall be in the name of the Attorney -in -Fact, and shall be further identified by the number of the Apartment and the name of the Owner. From each separate account, the Attorney -in -Fact shall use and disburse the total amount of such accounts, without contribution from one account to another, for the same purposes and in the same order as provided in Subparagraph (b)(1) through (5) of this paragraph. (f) If at any time or times during the continuance of the condominium Ownership pursuant to this Declaration, all or any part of the property shall be taken or condemned by any public authority or sold to otherwise dispose of in lieu of or in avoidance thereof, the following provisions shall apply. (1) All compensation, damages, or other proceeds therefrom, the sum of which is hereinafter called the "Condemnation Award", shall be payable to the Attorney -in -Fact. -13- BOUr,,445 p4cGE `Q 34 (2) Complete Taking. In the event that the entire Project is taken or condemned, or sold or otherwise disposed of in lieu of or in avoidance thereof, the Condominium Ownership pursuant thereto shall terminate. The Condemnation Award shall be apportioned among the Owners on the basis of each Owner's interest in the Common Elements, provided that if a standard different from the value of the property as a whole is employed to measure the Condemnation Award in the negotiation, judicial decree, or otherwise, then in determining such shares the same standard shall be employed to the extent it is relevant and applicable. On the basis of the principle set forth in the last preceding paragraph, the Attorney -in -Fact shall as soon as practicable determine the share of the Condemnation Award to which each Owner is entitled. Such shares shall be paid into separate accounts and disbursed as soon as practicable in the same manner provided in Subparagraph (b)(1) through (5) of this paragraph. (3) Partial Taking. In the event that less than the entire Project is taken or condemned, or sold or otherwise disposed of in lieu of or in avoidance thereof, the Condominium Ownership hereunder shall not terminate. Each Owner shall be entitled to a share of the Condemnation Award to be determined in the following manner: As soon as practicable the Attorney -in -Fact shall, reasonably and in good faith, allocate the Condemnatibn Award between compensation, damages,or other proceeds, and shall apportion the amounts so allocated among the Owners, as follows: (a) the total amount allocated to taking of or injury to the General Common Elements shall be apportioned among the Owners on the basis of each Owner's interest in the Common Elements, (b) the total amount allocated to severance damages shall be apportioned to those Condominium Units which were not taken or condemned, (c) the respective amounts allocated to the taking of or injury to a particular Unit and/or improvements an Owner had made within his own Unit shall be apportioned to the particular Unit involved, and (d) the total amount allocated to consequential damages and any other takings of injuries shall be apportioned as the Attorney -in -Fact determines to be equitable in the circumstances. If an allocation of the Condemnation Award is already established in negotiation, judicial decree, or otherwise, then in allocating the Condemnation Award, the Attorney -in -Fact shall employ such allocation to the extent it is relevant and applicable. Distribution of apportioned proceeds shall be disbursed as shown as practicable in the same manner provided in Subparagraph (b)(1) through (5) of this paragraph. (4) Reorganization. In the event a partial taking results in the taking of a complete Unit, the Owner thereof automatically shall cease to be an Owner under this Declaration. (5) Reconstruction and Repair. Any reconstruc- tion and repair necessitated by condemnation shall be governed by the procedures specified in this paragraph. 23. PERSONAL PROPERTY FOR COMMON USE. The Managing Agent or any Owner may, with the consent of all Owners, acquire and hold for the use and benefit of all the Condominium Owners, real, tangible and intangible personal property and may dispose of the same by sale or otherwise, and the beneficial interest in any such property shall be owned by the Condominium Owners in the same proportion as their respective interests in the General Common Elements and shall not be transferable except with a transfer to the transferee ownership of the transferor's beneficial interest -IA- 800 44.5 pgE o 35 in such property without any reference thereto. Each Owner may use such property in accordance with the purpose for which it is intended, without hindering or encroaching upon the lawful rights of the other Owners. The transfer of title to a Condominium Unit under foreclosure shall entitle the purchaser to the beneficial interest in such personal property associated with the foreclosed Condominium Unit. 30. MAILING OF NOTICES. Each Owner shall register his mailing address with the other Owner or Managing Agent. All notices of demands intended to be served upon any Owner shall be served either by delivering the same personally to the Owner entitled thereto or by registered or certified mail, postage prepaid, addressed to the Owner entitled thereto at such registered mailing address. All notices or demands to be served on Mortgagees pursuant hereto shall be sent by either registered or certified mail, postage prepaid, addressed in the name of the Mortgagees at such address as the Mortgagee may have furnished to the Owners or Managing Agent in writing. Unless the Mortgagee so furnishes such address, the Mortgagee shall be entitled to receive none of the notices provided for in this Declaration. Any notice referred to in this Section shall be deemed served when so personally delivered or when so deposited in the United States mail in the form provided for in this Section. 31. PERIOD OF CONDOMINIUM OWNERSHIP. The separate condominium estates created by the Declaration and the Map shall continue until this Declaration is revoked or terminated and in the manner provided for herein. 32. GENERAL. (a) If any of the provisions of this Declaration or any paragraph, sentence, clause, phrase or word or the application thereof in any circumstances be invalidated, such invalidity shall ilot affect the validity of the remainder of the Declaration. (b) The provisions of this Declaration shall be in addition and supplemental to the Condominium Ownership Act of the State of Colorado and to all other provisions of law. (c) Whenever used herein, unless the context shall otherwise provide, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. IN WIT14ESS WHEREOF, Dgclarant has duly executed this Declaration this 1st day of April 1983. STAT£. OF ILLINOIS ss. COUNTY OF DUPAGE Frank R. Krohn Nominee The foregoing Declaration was acknowledged before me this % day of ,- 1983, [ditness ray hand and seal. Notary Public ^Iy commission exF.i_es ,� ` . ��.'