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C096700G
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230. 00
CAROL SNYDER .
DECLARATION OF COVENANTS, ADAMS COUNTY
CONDIDONS AND RESTRICTIONS OF
SPRINGY ALE
TABLE OF CONTENTS
ARTICLE 1. DEFINITIONS .............................................................................................. 1
Section 1.1. A l
genc1es .......................................................................................................... .
Section 1.2. Allocated Interests ............................................................................................ 1
Section 1.3. Annexable Area. ............................................................................................... 2
Section 1.4. Architectural Review Committee or Committee ............................................. 2
s . 15 As . . . 2
ectton . . sqc1atton ...................................................................................................... .
Section 1.6. Board of Directors or Board. ............................................................................ 2
Section 1.7. CCIOA ............................................................................ ................................. 2
Section 1.8. Common Area. ............................................................................................... 2,
Section f.9. Community ... ............... : .... ;; ............................................................................. 2
Section 1.10. Declarant. ......................................................................................................... 2
Section 1.11. Deelaration ........................ ; ............................................. ; ................................ 2
Section 1.12. Development Rights ......................................................................................... 2
Section 1.13. Improvements ................................................................................................... 3
Section 1.14. . Lot. .................................................................................................................... 3
Section 1.15. Lots that May Be Included. ........................................................................ :: .... 3
Section 1.16. Member ............................................................................................................ 3
Section 1.17. Owner ........ : .................................................................................. , ................... 4
Section 1.18. Person ............................................................................................................ : .. 4
Section J .19. Security Interest ................................................................................................ 4
Section 1.20. Security Interest Holder ..................................................... : ........................... 4
Section 1.21. 75% Control Period .......................................................................................... 4
Section 1.22. Special Declarant Rights ................................................................................... 5
Section 1.23. Unoccupied Lot. ............................................................................................... 5
ARTICLE2.
Seetion 2.1.
Section 2.2.
ARTICLE3.
Section 3.1.
Section 3.2.
Section 3.3.
Section 3.4.
J\1EJ\1BERSHIP AND VOTING RIGHTS ................................... ; ...... : ...... 5
M . . . . 5
embership ..................................................................................................... .
Voting Rights ................................................................................................... 5
ASSOCIATION ............................................................................................. 5
. Association ...................................................... ........ , ....................................... 5
Board ofDirectors ............................................................................................ 5
Authority of Board ofDirectors ....................................................................... 6
Election of Part of the Board of Directors During the 75% Control
Period ................................................................................................................ 6
Authority ofDeclarant During 75% Control Period ....................................... 6
Termination of75% Control Period. ............................................................... 6
Delivery of Property by Declarant ................................................................... 6
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Section 3.5.
Section 3.6.
Section 3. 7.
Section 3.8.
Budget .............................................................................................................. 6
0. 0!
Section 3.9.
Section 3.10.
Section 3.11.
Section 3.12.
Section 3.13.
Section 3.14.
ARTICLE4.
Section 4.1.
Section 4.2.
Section 4.3.
Section 4.4.
Section 4.5.
Section 4.6.
Section 4. 7.
Section 4.8.
Section 4.9.
Section 4.10.
Section 4.11.
Section 4.12.
Section 4.13.
Section 4.14.
Section 4.15.
Section 4.16.
ARTICLES.
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Section 5 .1.
Section 5.2.
Section 5.3.
Section 5 .4.
section 5 .5.
Section 5.6.
Section 5. 7.
Section 5 .8.
Section 5.9.
Section 5.10.
Section 5 .11.
Section 5.12.
Section 5.13.
Section 5.14.
Section 5.15.
Association Books and Records ...................................................................... 7
Information Regarding Security Interests on Lots ........................................... 7
Rules and Regulations ....................................................................................... 7
Cooperation with any Other Community Associations and/or any
Districts ..................... : ...................................................................................... 7
Management Agreements and Other Contracts ............................................... 8
Merger .............................................................................................................. 8
ASSESSMENTS .................................................................................................. 8
Personal Obligation for Assessments .............................................................. 8
Purpose of Assessments .......................... ; ........................................................ 8
Initial Annual Assessment. .................................................. : ........................... 8
Rate of Annual and Special Assessments ................ : ........................................ 9
Date of Commencement of Annual Assessments ................ _ ........................... 9 .
Special Assessments ...................................................................................... 10
Notice and Quorun:i for Any Special Assessments ....................................... 1 O
Assessments/Charges for Services to Lf;ss Than All Lots ............................ 10
Lien for Assessments ............. : ........................................................................ 11
Priority of Association Lien ........................................................................... 11
Certificate of Status of Assessments .............................................................. 12
Effect ofNon-Payment of Assessments; Remedies of the
Association ................................................................................................... :. 12
Surplus Funds ................................................................................................. 12
Working Capital Fund ............. : ...................................................................... 12
Other Charges ............................... ............................................................ : ..... 13
Assessments for Misconduct. ........................................................................ 13
ARCHITECTURAL REVIEW COMMITTEE ...................................... 13
Composition of Committee ............................................................................ 13
Review and Approval by Committee; Requirement forApproval by
Governmental Entities .................................................. ; ................................ 13
Design Guidelines and Standards ............................................................... , .. 14
Procedures ...................................................................................................... 14
Vote and Appeal ............................................................................................. 14
Prosecution of Work After Approval ............................................................ 14
Notice of Completion ..................................................................................... 15
Inspection ofWork ......................................................................................... 15
Notice ofNoncompliance ........................................... : .................................. 15
Correction .of Noncompliance ........................................................................ 15
Variance .......................................................................................................... 15
Waivers; No Precedent. ................................................................................. 16
Records ........................................................................................................... 16
Exemptions ofDeclarant. ............................................................................... 16
Liability .......................................................................................................... 16
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ARTICLE 6.
Section 6.1.
Section 6.2.
Section 6.3.
Section 6.4.
Section 6.5.
Section 6.6.
Section 6.7.
ARTICLE?.
Section 7. l.
Section 7 .2.
ARTICLES.
Section 8. l.
Section 8.2.
Section 8 .3.
Section 8 .4.
ARTICLE9.
Section 9.1.
Section 9 .2.
Section 9.3.
Section 9 .4.
Section 9.5.
Section 9.6.
ARTICLE 10.
INSURAN'CE ................................................................. u ................................. 16
Insurance ................................................................ ........................................ 16
General Provisions of Insurance Policies ..... ; .................................... : ........... I 6
Deductibles ........................................................................................ : ............ 17
Payment of Insurance Proceeds ............ ; ......... ; .............................................. 17
Association Insurance as Primary Coverage ................................................. 1 7
Acceptable Insurance Companies .................................................................. 18
Insurance to be Maintained by Owners ........................................................ ..18
DAMAGE OR DESTRUCTION ............................................................... 18
Damage or Destruction ........................................ _ ..... .......................... . ; ...... 1'8
Lots ....................... : ........................ ; ................................................................ 19
EXTERIOR MAINTENANCE ........................................................................ 19
General. ........................................................................ , .................................. 19
Association's Right to Repair, Maintain and Replace ................................... 20
Maintenance of and Non-Interference with Grade and Drainage;
Irrigation Recommendations Around Foundations and Slabs ...................... 20
Owner's Acts or Omissions ........ ................................................................... 21
EASE1\1ENTS .................................................................................................... 21
Other Easements ............... ; .......................................... : .................................. 21
Access Easement. ....................... , ................................................................... 21
Utilities Easement. ................................................... : ..................................... 21
Easement for Encroachments ......................................................................... 22
Drainage Easement. ........................................................................................ 22
Easement for Unannexed Property ................................................................ 22
RES TRI CTI ONS .......................... 0 ..................................................................... 23
Section l 0.1. General Plan; Restrictions Imposed ............................................................... 23
Section 10.2. Residential Use; Professional or Home Occupation ..................................... 23
Section l 0.3. Household Pets ............................................................................................. :.23
Section 10.4. Temporary Structures; Unsightly Conditions ........................................ ., ...... 24
Section 10.5. Miscellaneous Improvements ........................................................................ 24
Section 10.6. Vehicular Parking, Storage and Repairs ........................................................ 25
Section 10. 7. Nuisances ....................................................................................................... 26
Section I 0.8. No Hazardous Activities; No Hazardous Materials or Chemicals ................ 27
Section 10.9. No Annoying Lights, Sounds or Odors ......................................................... 27
Section 10.10. Restrictions on Trash and Materials ............................................ : ................. 27
Section I 0.11. Lots to be Maintained .................................................................................... 27
Section I 0.12. Leases ............................................................................................................. 27
Section 10.13. Landscaping of Lots ....................................................................................... 28
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ARTICLE 11.
PROPERTY RIGHTS IN THE COMMON AREA ........ ; ................... 28
Section 11.1. Owners' Easements ofEnjoyment. ................................................................ 28
Section 11.2. Extent of Owners' Easements .......................................................... : ............. 28
Section 11.3. Use of Common Area.by Declarant. .............................................................. 29
Section 11.4. Delegation ofUse ........................................... ; .................................... , .......... 29
Section 11.5. Payment of Taxes or Insurance by Security Interest Holders, ....................... 30
Section 11.6. Conveyance or Encumbrance of Common Area. .......................................... 30
Section 11. 7. Designation of Common Area. ...................................................................... 30
Section 11.8. Duty to Accept Property and Facilities Transferred by Declarant. .............. .30
ARTICLE 12. GENERAL PROVISIONS .................................................................... ; ....... ~
Section 12.1. :Enforcement. .................................................................................................. 30
Section 12.2. Severability .............................................................. , ...................................... 31
Section 12.3. Conflict of Provisions ......... : .............. , ....................... : ........ ; .......................... 31
Section 12.4. Conflict with CCIOA .................................................................... : ............... .31
Section 12.5. Annexation; Withdrawal ................................................................................ 31
Section 12.6. Minor Violations of Setback Restrictions ..... : ............................................. .33
Section 12.7. Subdivision or Replatting ofLots ...................... , ......... , ................................. 33
Section 12.8. Dec!arant's Use ............................................................................................... 33
Section 12.9. Duration, Revocation, and Amendment. ....................................................... 34
Section 12.10. Registration of Mailing Address ............................................................. ..... :34
Section 12.11. HUD or VA Approval .................................................................................... 35
Section 12.12. Termination of Community ........................................................................... 35
Section 12.13. Transfer of Special Declarant Rights ............................................................. 35
Section 12.14. Eminent Domain ............................................................................................ 35
Section 12.15. Lintltation on Liability .......................................... , ........................................ 35
Section 12.16. No Representations, Guaranties or Warranties ............................................. 35
Section 12.17. Disclaimer Regardil)g Safety ......................................................................... 35 .
Section 12.18. Headings ......................................................................................................... 36
Section 12.19. Gender ............................................................................................................ 36
Section 12.20. Run with Land; Binding Upon Successors .................................................... 36
EXHIBIT A - The Community
EXHIBIT B - Common Elements
EXHIBIT C - Certain Title Exceptions
EXHIBIT D - Annexable Property
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DECLARATION OF COVENANTS, CONDITIONS
AND RESTRJCTIONS OF SPRINGY ALE
THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRJCTIONS OF
SPRINGY ALE is made and entered into by KB HOME COLORADO INC., a Colorado
corporation ("Declarant").
WITNESSETH:
WHEREAS, the Declarant is the owner of the real property situated in the County of Adams, State
of Colorado, which is described on Exhibit A, attached hereto and incorporated herein by this
reference; and " .
WHEREAS, the Declarant desires to subject and place upon the property described on the attached
Exhibit A certain covenants, conditions, restrictions, easements, reservations, rights-of-way,
obligations, liabilities and other provisions; and
WHEREAS, a common interest community may be created pursuant to CCIOA (as hereinafter
defined) only by recording a declaration executed in the same manner as a deed. The declaration
must be. recorded in every county in which any portion of the common interest community is
located and must be indexed in the grantee's index in the name of the common interest community
and in the name of the association, and in the grantor's index in the name of each person executing
the declaration. No common interest community is created until the plat or map for the common
) interest community is recorded.
NOW, THEREFORE, Declarant hereby declares that a plat which includes the property described
on the attached Exhibit A has been recorded and that all of the real property described on the
attached Exhibit A shall be held, sold, and conveyed subject to the following covenants, conditions,
restrictions, easements, rights-of-way, obligations, liabilities, charges and other provisions set forth
herein.
ARTICLE 1. DEFINITIONS
Section 1.1. Agencies. "Agencies" means the Government National Mortgage
Association (GNMA), the Federal National Mortgage Association (FNMA), the Federal Home
Loan Mortgage Corporation (FHLMC), the Department of Housing and Urban Development,
including the Federal Housing Administration (HUD), the Veterans Administration (VA) or any
other governmental or quasi-governmental agency or any other public, quasi-public or private entity
which perfom1s (or may in the future perform) functions similar to those cmrently performed by
any of such entities.
Section 1.2. Allocated Interests. "Allocated Interests" means the assessment liability
and votes in the A.ssociation allocated to each Lot. The Allocated Interest for each Lot shall be a
fraction, the numerator of which is one (1) and the denominator of which is the total number of Lots
within the Community from time to tin1e.
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Section 1.3. Annexable Area. "Annexable Area" means the property described on
Exhibit D attached hereto and incorporated herein by this reference plus, as provided in CCIOA,
such additional real estate from such locations as the Declarant may elect in its sole discretion in an ,.
amount not to exceed the maximum permitted pursuant to CCIOA.
Section 1.4. Arclzitectural Review Committee or Committee. "Architectural Review
Committee" or "Committee" means the committee appointed by the Declarant or by the Association
to review arid approve or disapprove plans for Improvements, as more fully provided in this
Declaration.
Section 1.5. Association. "Association" means Springvale Homeowners
Association, Inc., its successors and assigns, a community association as provided in CCIOA.
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Section 1.6. Board of Directors or Board. "Board of Directors" or "Board" means
the body, regardless of name, designated in this Declaration, the Articles of Incorporation and the
Bylaws of the Association to act on behalf of the Association.
Section 1.7. CCIOA. "CCIOA" means the Colorado Common Interest Ownership
Act, C.R.S. 38-33.3-101, et seq., as amended.
Section 1.8. Common Area. "Common Area" means any property owned or leased
by the Association (which may include one or more platted lots) other than a Lot. The Common
Area at the time of recordation of this Declaration is described on Exhibit B attached hereto and
incorporated herein by this reference.
Section 1.9. Community. "Community" means the real estate and Improvements
thereon described on the attached Exhibit A, as supplemented and amended from tiine to time. The
Community is a planned community under CCIOA. The name of the Community is "Springvale."
Section 1.10. Declarant. "Declarant" means KB Home Colorado Inc., a Colorado
corporation, and any other Person(s) acting in concert, to whom the Declarant, by recorded
document, expressly assigns one or more of the Declarant's rights under this Declaration (which
shall be the extent.ofthe Declarant's rights to which such assignee succeeds), and who:
1.10.I. As part of a common promotional plan, offers to dispose of to a
purchaser such Declarant's interest in a Lot not previously disposed of to a purchaser; or
1.10.2. Reserves or succeeds to any Special Declarant Right.
Section 1.11. Declaration. "Declaration" means this Declaration of Covenants,
Conditions and Restrictions of Springvale and any other recorded instruments, however
denominated, that create this Conununity, including any supplements and amendments to those
instruments and also including, but not limited to, plats and maps.
Section 1.12. Development Rights. "Development Rights" means the following rights
or combination of rights hereby reserved by the Declarant, as such Development Rights may be
rer described in this Declaration, to:
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1.12.1. add real estate to this Community and create Lots or Common Area
within this Community in connection with the addition of such real estate, as provided in
Section 12.5 of this Declaratiori;
1.12.2. subdivide or replat Lots, as provided in Section 12.7 of this Declaration;
or
1.12.3. withdraw real estate from this Community, as provided in Section 12.5
of this Declaration.
The Declarant may exercise its Development Rights in all or any portion of the Community, and no
assurances are made as to the boundaries or order of exercise of any Development Rights .. The
Declarant's rights to exercise Develqpment Rights shall terminate automatically as provided in
Section 1.22 of this Declaration.
Section 1.13. Improvements. "Improvements" means all structures now or hereafter
located on a Lot or in the Common Area, exterior improvements to any such structures, and any
other exterior improvements made to a Lot or the Common Area, and any appurtenances thereto or
components thereof of every type or kind, including all landscaping features. The foregoing
include, without limitation, buildings, outbuildings (including storage sheds), painting or other
finish materials on any visible structure, additions and/or expansions, garages, carports, driveways,
swimming pools, tebnis courts, stairs, walkways, patios/decks and patio/deck covers, awnings, !rot
.) tubs, jacuzzis and/or saunas, antennas, satellite dishes, exterior light fu.tures, poles, basketball
backboards and hoops, whether fixed or movable, play yards (including swing sets and jungle
gyms); exterior tanks, solar collectors, fences (including dog runs), screening walls, retaining walls,
sprinkler systems, fountains, ponds, hedges, windbreaks, gardens, trees, shrubs, flowers, vegetables,
sod, and other plantings, rock, gravel, bark, mulch and any other landscaping components, signs,
exterior decorations, mailboxes, and exterior air conditioning, cooling, heating and water softening
equipment, if any.
Section 1.14. Lot. "Lot" means each platted lot included in the real property
described on the attached Exhibit A, as the same may be subdivided or replatted from time to time
(and "Lot" shall include all lots created as a result of such subdivision or replatting), or any other
real property as may hereafter be brought within the jurisdiction of the Association, with the
exception of the Common Area and any publicly dedicated property. Each Lot shall constitute a
"unit" under CCIOA, and it shall not be necessary to use the term "unit" as a part of a legally
sufficient description of a Lot.
Section Lots that May Be Included. "Lots that May Be Included" means Five
Hundred Thirty 530 Lots, which shall be the maximum number of Lots that may be subject to this
Declaration, inclu -g those Lots which may be included if all of the Annexable Area is annexed to
this Declaration. However, the aforesaid number of Lots that May Be Included is not a
representation or a guarantee as to the actual number of Lots that will ultimately be included in the
Community.
) Section 1.16. Member. "Member" means all Owners of a Lot collectively or,
_following termination of the Community. all fonner Owners entitled to distributions of proceeds
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under CCIOA, or their heirs, personal representatives, successors or assigns. The basic rights and
attributes of membership in the Association are specifically provided in Articles 2 and 3 of this
) Declaration.
Section 1.17. Owner. "Owner" means each fee simple title holder of a Lot, including
without limitation, the Declarant or other Person who owns a Lot, but does not include a Person
having an interest in a Lot solely as security for iln obligation. There may be more than one Owner
of a Lot.
Section 1.18. Person. "Person" means a natural person, a corporation, a limited
liability company, a partnership, an association, a trust, a joint venture, or any other entity
recognized under the Jaws of the State of Colorado or any combination thereof .
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Section 1.19. Security fllterest. ".Security Interest" means an interest in real estate or
personal property created by contract or conveyance, which secures payment or performance of any
obligation. The term includes a lien created by a mortgage, deed of trust, trust deed, security deed,
contract for deed, land sales contract, lease intended as security, assignment of leases or rents
intended as security, pledge of an ownership interest in the Association, and any other consensual
lien or title retention contract intended as security fo.r an obligation. For purposes of Section 4.11 of
this Declaration, and, with respect to notice of cancellation or. substantial modification of certain
insurance policies, to Section 6.3 of this Declaration, "Security Interest" shall also mean and refer to
any executory land sales contract wherein the Administrator of Veterans Affairs, an Officer of.the
United States of America, is the seller, whether such contract is recorded 9r not, and whether such
contract is owned by the said Administrator or has been assigned by the Administrator and is
) owned by the Administrator's assignee, or a remote assignee, and the land records in the County in
which such property is located show the Administrator as having the record title to the Lot.
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Section 1.20. Security Interest Holder. "Security Interest Holder" means any Person
named as a mortgagee or beneficiary, or in a similar capacity, under any Security Interest
(including, for purposes of Section 4.11 of this Declaration, and, with respect to notice of
cancellation or substantial modification of certain insurance policies, to Section 6.3 of this
Declaration, the Administrator of Veteran's Affairs, an Officer of the United States of America, and
his a5signs under any executory land sales contract wherein the said Administrator is identified as
the seller, whether such contract is recorded or not and the land records in the County in which such
property is located show the said Administrator as having the record title to the Lot), or any
successor to the interest of any such Person under such Security Interest.
Section 1.21. 75% Control Period. "75% Control Period" means a length of time
expiring fifteen (15) years after initial recording of this Declaration in tlie County in which the
property described on the attached Exhibit A is located. However, the 75% Control Period shall
terminate earlier, upon the first to occur of the following events if any of the following occur within
the time period that is specified in the first sentence of this Section: sixty ( 60) days after conveyance
of seventy-five percent (75%) of the Lots that May Be Included to Owners other than a Declarant;
two (2) years after the last conveyance of a Lot by the Declarant in the ordinary course of business;
or two (2) years after any right to add new Lots to the Declaration was last exercised.
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'\ Section 1.22. Special Dclarant Rights. "Special Declarant Rights" means the
,lowing rights, which rights are hereby reserved for the benefit of the Declarant, and which rights
may be further described in this Declaration: to build and complete Improvements in the
Community; to exercise any Development Right; to maintain sales offices, coristruction offices,
management offices, and signs advertising the Community and sale of Lots; to use easements
through the Common Area for the purpose of making Improvements within the Community or
within real estate which may be added to the Community; to make the Community subject to
another association; to merge or consolidate with a Community of the same form of ownership; or
to appoint or remove any director or officer of the Association during the 75% Control Period. All
of the Special Declarant Rights may be exercised by the Declarant with respect to any portion of the
property now or hereafter within the Community. Declarant may exercise any or all of these
Special Declarant Rights at any time and from time to time. Such rights shall terminate
automatically at such time as the Declarant no longer owns any portion of the property described on
the attached Exhibits A and D.
Section 1.23. Unoccupied Lot. "Unoccupied Lot" means those Lots which have not
been conveyed to the initial Owner thereof other than thc;_Declarant.
ARTICLE2. MEMBERSIDP AND VOTING RIGHTS
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Section 2.1. Meinbersliip. The Association shall have one (1) class of membership.
Membership in the Association shall be appurtenant to, and may not be separated from, ownership
,of a Lot. Each Lot shall have one (1) membership and there is only one (1) Member per Lot, even
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. iif multiple Owners own the Lot.
Section 2.2. Voting Rights. Each Member shall be entitled to one (I) vote for each
Lot owned, except that no votes allocated to a Lot owned by the Association may be cast. The total
number of votes that may be cast in connection with any matter shall be equal to the total number of
Lots then existing within the Association.
ARTICLE3. ASSOCIATION
Section 3.1. Association. The Association has been or will be formed as a Colorado
non-profit corporation under the Colorado Revised Nonprofit Corporation Act. The Association
shall have the duties, powers and rights set forth in this Declaration and in its Articles of
Incorporation and Bylaws.
Section 3;2. Board of Directors. The affairs of the Association shall be managed by
a Board of Directors. The number, term and qualifications of the Board of Directors shall be fixed
in the Association's Articles of Incorporation and Bylaws. Subject to Section 3.4 hereof; the Board
of Directors shall be elected by the Members. The Board of Directors may, by resolution, delegate
portions of its authority to an executive committee or to other committees, to officers of the
Association or to agents and employees of the Association, but such delegation of authority shall
not relieve the Board of Directors of the ultimate responsibility for management of the affairs of the
Association.
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Section 3.3. Autltority, of Board of Directors. Action by or on behalf of the
Association may be taken by the Board of Directors or any duly authorized executive committee,
officer, agent or employee without a vote of the Members, except as otherwise specifically provided
in this Declaration, the Articles of Incorporation or Bylaws of the Association.
Section 3.4. Election of Part of tlte Board of Directors During tlte 75% Control
Period. Not later than sixty (60) days after conveyance of twenty-five percent (25%) of the Lots
that May Be Included to Owners other than the Declarant, at least one (1) director and not less than
twenty-five percent (25%) of the directors must be elected by Members other than the Declarant,
provided that the Declarant reserves the right to appoint a majority of the Board. Not later than
sixty (60) days after conveyance of fifty percent (50%) of the Lots that May Be Included to Owners
other than Declarant, not less than thirty-three and one-third percent (33 113%) of the directors must
be elected by Members other than the Declarant, provided that the Declarant reserves the right to
appoint a majority of the Board.
Section 3.5. Autltority of Dec/arant During 75% Control Period. Except . as
otherwise provided in this Article, during the 75% Control Period, the Declarant or Persons
appointed by the Declarant may appoint all officers and members of the Board of Directors and
remove all officers and members of the Board of Directors which have been appointed by the
Declarant. The Declarant may voluntarily surrender the right to appoint and remove officers and
members of the Board of Directors before termination of the 75% Control Period; but,. in that event,
the Declarant may require, for the duration of the 75% Control Period, that specified actions of.the
Association or Board of Directors, as described in a recorded instrument executed by the Declarant,
) be approved by the Declarant before they become effective.
Section 3.6. Termbtation of 75% Control Period. Not later than the termination of
the 75% Control Period, the Members shall elect a Board of Directors, at least a majority of whom
must be Owners other than the Declarant or designated representatives of Owners other than the
Declarant. The Board of Directors shall elect the officers. Such directors and officers shall take
office upon election.
Section 3. 7. Delivery of Property by Dec/arant. After the Members other than the
Declarant elect a majority of the directors, the Declarant shall deliver to the Association all property
of the Owners and of the Association held by or controlled by the Declarant, if and to the extent
required by CCIOA.
Section 3.8. Budget. Within thirty (30) days after adoption of any proposed budget
for the Community, tl!ti 1naiI, by ordinary flrstclass mail; or otherwise.:)
9ell:Vera Si)l)ln}afy of the Association budgetto all the Members and sha)I se( a date for a meeting j
tOfthe'Members to consider ratification of the budgetnot less than fourteen (14) nor more than sixty)
(6Pfcfays after mailing or other delivery of the summary. Unless at that me .g e budget is J
z;ejected by the vote or agreement of Members. to which at least
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pinety perce (90%) o the votes in1
tl\e Association are all()cated, then .the budget is ratified,