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Association Bylaws

Home Up Presidents Ltr Oct 2006.pdf Presidents Ltr Feb 2006 President's Ltr - Nov 2005 Owner Update 10-19-05 President's Ltr - Sept 2005 Financials BOM Minutes Association Bylaws SE Decs Section(s) 10 7 and 18 2

BYLAWS OF SKIERS EDGE CONDOMINIUM ASSOCIATION, INC.

           The name of the corporation shall be SKIERS EDGE CONDOMINIUM ASSOCIATION, INC., a Colorado nonprofit corporation (the “Association”). 

ARTICLE 1.  PURPOSES, ASSENT OF MEMBERS, AND DEFINITIONS

           Section 1.1.    PURPOSES.  The specific purposes for which the Association is formed are (i) to provide for maintenance, preservation, and control of the Common Elements within that certain tract of real property situated in the County of Summit, State of Colorado (the “Property”), as more fully described in the Declaration of Condominium and Interval Ownership for Skiers Edge Condominium Declaration, recorded in the office of the Clerk and Recorder of Summit County, Colorado, as amended or supplemented from time to time.  All references to the Declaration, shall refer to the Declaration of Condominium and Interval Ownership as it may have been amended or supplemented (the “Declaration”); (ii) to preserve, protect, and enhance the values and amenities of the Condominium Units within the Property (the “Condominium Project”); and (iii) to promote the health, safety, and welfare of the Owners and Occupants of the Condominium Project.

           Section 1.2.    ASSENT.  All present or future Owners, Occupants, or any other persons using the facilities of the Condominium Project in any manner are subject to these Bylaws and any rules adopted by the Board of Managers pursuant to these Bylaws.  The mere acquisition or rental of any of the Condominium Units in the Condominium Project or the mere act of occupancy of any of those Units shall constitute an acceptance and ratification of these Bylaws and an agreement to comply with said rules.

           Section 1.3.    DEFINITIONS.  Unless otherwise specified, terms used in these Bylaws shall have their normal and ordinary meaning unless the terms are otherwise specifically defined in the Declaration.

 

ARTICLE 2.  MEMBERSHIP

           Section 2.1.    MEMBERSHIP.  Ownership of a Condominium Unit is required in order to qualify for membership in the Association.

           Section 2.2.    REPRESENTATION ON BOARD OF MANAGERS.  If title to a Condominium Unit is held by a firm, corporation, partnership, association, or other legal entity or any combination thereof, or if any individual or entity shall have title to more than one Condominium Unit, then in either case, any individual Owner or an officer or director of a corporate Owner, or a general partner of a partnership Owner or a comparable representative of any other legal entity may represent each such Condominium Unit as a candidate for, and if elected, as a member of, the Board of Managers (the “Board”).

           Section 2.3.    RESPONSIBILITIES OF MEMBERS.  Any person or entity, including Declarant, on becoming an Owner of a Condominium Unit, shall automatically become a member of the Association and be subject to these Bylaws.  Such membership shall terminate without any formal Association action whenever such person ceases to own a Condominium Unit, but such termination shall not relieve or release any such former Owner from any liability or obligation incurred under, or in any way connected with, the Association during the period of such ownership, or impair any rights or remedies which the Board of the Association or others may have against such former Owner arising out of ownership of the Condominium Unit and membership in the Association and the covenants and obligations incident thereto.

           Section 2.4.    MEMBERSHIP CERTIFICATES.  No certificates of stock shall be issued by the Association, but the Board may, if it so elects, issue membership cards to Owners.  Such membership card shall be surrendered to the secretary of the Association whenever ownership of the Condominium Unit designated on the card shall terminate.

           Section 2.5.    VOTING RIGHTS.  Each Condominium Unit shall be allocated one vote in the affairs of the Association.  The Association shall not have a vote with respect to any Condominium Unit which may be owned by it.  Declarant shall be entitled to vote with respect to any Condominium Units owned by it.

 

ARTICLE 3.  MEETINGS OF MEMBERS

           Section 3.1.    PLACE OF MEETING.  Meetings of the Association members shall be held at such place, within or without the State of Colorado, as the Board may determine.

           Section 3.2.    ANNUAL MEETING.  The first annual meeting of the Association members shall be held within one year after the date of the adoption of these Bylaws.  Thereafter, the annual meetings of the Association members shall be held on a date and at a time selected by the Board in each succeeding year.  The purpose of the annual meetings is for the election of Managers and the transaction of such other business of the Association as may properly come before the meeting.

           Section 3.3.    SPECIAL MEETINGS.  Special meetings of the Association members may be called by the president of the Association, the Board, or by members having an ownership interest in the Common Elements representing one-tenth of the total ownership interests in the Common Elements.

           Section 3.4.    NOTICE OF MEETINGS.  Written notice given in accordance with the Declaration and stating the place, day, and hour of each meeting, and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered and effective not less than 10 nor more than 50 days before the date of the meeting, by or at the direction of the president, or the secretary, or the persons calling the meeting as provided under these Bylaws, to the registered address for notice (as provided in the Declaration) of each Condominium Unit entitled to be represented by a vote at such meeting.

           Section 3.5.    ADJOURNED MEETINGS.  If any meeting of Association members cannot be organized because a quorum, as defined below, has not attended, the members who are present, either in person or by proxy, may adjourn the meeting from time to time until a quorum is obtained.

           Section 3.6.    PROXIES.  Votes may be cast in person or by proxy, but no proxy shall be valid after one month from the date of its execution unless otherwise provided in the proxy.  Proxies shall be filed with the secretary of the Association at or before the appointed time of each meeting.

           Section 3.7.    DESIGNATION OF VOTING REPRESENTATIVE – PROXY.  If title to a Condominium Unit is held by more than one individual, by a firm, corporation, partnership, association, or other legal entity, or any combination thereof, the Association may require that a proxy be executed and filed with the Association appointing and authorizing one person or alternate persons to attend all annual and special meetings of the Association members and to cast the vote allocated to that Condominium Unit.  If a proxy is not required by the Association, any individual Owner, a designated director or office of a corporation Owner, or a general partners of a partnership Owner or a comparable representative of any other legal entity may attend and cast the vote allocated to that Condominium Unit.  Such proxy shall be effective and remain in force unless voluntarily revoked, amended, or sooner terminated by its terms or by operation of law; provided, however, if required by the Association, within 30 days after such revocation, amendment, or termination, the Owner or Owners shall reappoint and authorize one person or alternate persons to attend all annual and special meetings as provided by this Section.

           Section 3.8.    QUORUM.  Except as otherwise provided in these Bylaws, the presence in person or by proxy of the Association members possessing sufficient votes to constitute 33% of the votes of all members shall constitute a quorum, and such members present in person or by proxy shall constitute the members entitled to vote upon any issue presented at a meeting at which a quorum is present.  A majority of votes entitled to be cast by such members present in person or by proxy shall be sufficient to make decisions binding on all Owners, unless a different number or method of voting is expressly required by statute or by the Declaration, the Articles of Incorporation of the Association, or these Bylaws.

           Section 3.9.    VOTING.  Except as otherwise required by the Declaration or by these Bylaws, the votes of Owners who are present either in person or by proxy at any duly convened Association meeting at which a quorum has been established and who cast a simple majority of the total votes eligible to be voted by such present or represented Owners shall decide any question under consideration, and shall constitute the act of and be binding upon the Association.  Each Condominium Unit shall be entitled to one vote as provided in the Declaration, as may be amended.  Votes may be cast in any manner which will reasonably facilitate an accurate determination of the outcome of the vote.

           Section 3.10.   WAIVER OF MEETING AND CONSENT TO ACTION.  Whenever the vote of Owners at an Association meeting is required or permitted by any provision of these Bylaws to be taken in connection with any action of the Association, the meeting and vote of Owners may be dispensed with and the action in question may be approved if all the Owners eligible to vote concerning such matter consent in writing to dispense with the meeting and consent in writing to the action in question.

 

ARTICLE 4.  BOARD OF MANAGERS

           Section 4.1.    NUMBER AND QUALIFICATION.  The affairs of the Association shall be governed by a Board of Managers, composed of seven persons.  The Board may be expanded not to exceed nine persons by an amendment of these Bylaws.  The Managers may be nonresidents of Colorado, but all Managers elected by the members must be Owners, spouses or Owners, or mortgagees of Condominium Units or their representatives.

           Section 4.2.    BOARD REPRESENTATION.  The names and addresses of person who are to initially act in the capacity of Managers until a full board of seven is duly elected and qualified are as follows:

 

Name                                            Address                                 

Frank Montoya                8181 Auburn Lane
                                          Westminster, CO  80030

 

Cliff Buck                          c/o Metropolitan Mortgage
&Dennis Whalen              Securities Co., Inc.
                                           West 929 Sprague Avenue
                                           Spokane, WA  99204

 

         Section 4.3.    ELECTION OF MANAGERS.  Upon the expiration of the terms of the initial Board, the Owners shall elect the Managers to staggered terms so that no more than three new Managers are elected each year except in the case of vacancies as specified below.  The term of office of the first class of three (3) Managers shall expire at the second anniversary of the meeting of Owners; that of the second class of two (2) Managers to expire at the third annual meeting of Owners; and that of the third class of two (2) Managers to expire at the fourth annual meeting of Owners.  At each annual meeting of Owners when terms expire, the number of Managers equal to the number of the class whose term expires at the time of the meeting shall be elected to hold office until the third succeeding annual meeting.  The Managers shall hold office until their successors have been elected and qualified.  Nominations of candidates for the Board may be made by any member of the Association (including persons who are then members of the Board).  The candidates receiving the largest percentage of all votes of members present in person or represented by proxy and eligible to vote shall be elected.  Cumulative voting is prohibited.

           Section 4.4.    REMOVAL OF MANAGERS.  A regular or special meeting of the Association may be called for the purpose of considering the removal of any Manager(s).  The Board shall designate by resolution or motion the date and time of such regular or special meeting after such meeting is properly set or called in accordance with these Bylaws and Colorado law.  Any one or more of the Managers may be removed with or without cause by an affirmative vote of a majority of a quorum of the members of the Association present in person or represented by proxy and eligible to vote.  Any Manager whose removal has been proposed shall be given an opportunity to be heard at the meeting.  Successors may then and there be elected by the members present in person or represented by proxy and eligible to vote to fill the vacancies thus created.

           Section 4.5.    VACANCIES.  Any vacancy occurring in the Board may be filled by the affirmative vote of a majority of all of the remaining Managers, though less than a quorum of the Board.  The term of the Manager so elected shall be coincident with the term of the replaced Manager.

           Section 4.6.    QUORUM OF MANAGERS.  A majority of the number of Managers fixed from time to time by these Bylaws shall constitute a quorum for the transaction of business.  Any act by a majority vote of the Managers where a quorum is present shall be an act of the Board.

           Section 4.7.    PLACE AND NOTICE OF MANAGERS’ MEETINGS.  Any regular or special meetings of the Board may be held at such place within or without the State of Colorado and upon such notice as the Board may prescribe.  The Board shall hold a regular meeting at least two times each year.  Attendance of a Manager at any meeting shall constitute a waiver of notice of such meeting, except when a Manager attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened.  Before, at, or after any meeting of the Board, any member of the Board may, in writing, waive notice of such meeting, and such waiver shall be deemed equivalent to the giving of such notice.  Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board need be specified in the waiver of notice of such meeting.  The Board shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all members of the Board.  Any action so approved shall have the same effect as though taken at a meeting of the Board.  All or some of the Managers may participate in a meeting by means of a conference telephone or similar communications equipment by which all persons participating in the meeting can hear each other at the same time.  Such participation shall constitute presence in person at the meeting.

           Section 4.8.    POWERS AND DUTIES.  The Board shall have the powers and duties necessary, desirable, or appropriate for the administration of the affairs of the Association and for the operation and maintenance of the Condominium Project.  The Board may do all such acts and things which are not specifically required to be done by the members of the Association by the Colorado Nonprofit Corporation Act or the Colorado Condominium Ownership Act or otherwise by law, the Declaration, the Articles of Incorporation of the Association, or these Bylaws.

           Section 4.9.    OTHER POWERS AND DUTIES.  Without limiting the generality of the powers and duties set forth in these Bylaws, the Board shall be empowered and shall have the powers and duties as follows, subject to approval by the Owners only when such approval is specifically required by the Colorado Nonprofit Corporation Act or the Colorado Condominium Ownership Act or otherwise by law, the Declaration, the Articles of Incorporation of the Association, or these Bylaws: 

A.            To administer and enforce the covenants, conditions, restrictions, easements, uses, limitations, obligations, and all other provisions set forth in the Declaration. 

B.             To adopt, amend, and enforce from time to time, the Rules and Regulations governing the possession, use and operation of the Units and Common Elements. 

C.             To keep in good order, condition, and repair all the Common Elements and all items of personal property, if any, used in the enjoyment of the Condominium Project.  No approval of the Owners is required for expenditures for these purposes. 

D.            To employ, dismiss, and control the personnel necessary for the operation, maintenance, repair, and replacement of the Common Elements. 

E.             In accordance with the terms of the Declaration, to obtain and maintain in effect the insurance coverage specified in the Declaration to the extent that insurance is available from reputable carriers at costs which are not demonstrably unreasonable. 

F.             To fix, determine, levy, and collect the prorated annual Assessments to be paid by each of the members towards the gross expenses of the Condominium Project, and to adjust, decrease, or increase the amount of such Assessments. 

G.            To levy and collect special Assessments whenever, in the opinion of the Board, it is necessary to do so in order to meet increased operating or maintenance expenses or costs, or additional capital expenses, or because of emergencies, subject to any limitations imposed by the Declaration, and further subject to the requirement that all special Assessments shall be in statement form and shall set forth the detail of the various expenses for which the special Assessment is being made. 

H.            To collect delinquent Assessments by suit or otherwise and to enjoin or seek damages from an Owner as provided in the Declaration and these Bylaws; to enforce a late charge and other fees and fines or other charges as the Board may fix by rule from time to time in connection with delinquent Assessments, review by the Association of matters required under the Declaration, or noncompliance with the rules and regulations and other obligations set forth in the Declaration and these Bylaws. 

I.               To protect and defend the Condominium Project from loss and damage by suit or otherwise. 

J.              To borrow funds in order to pay for any expenditure or outlay required pursuant to the authority granted by the provisions of the Declaration and these Bylaws and to authorize the appropriate officers to execute all such instruments evidencing such indebtedness as the Board may deem necessary, and such indebtedness shall be the individual and several obligations of all the Owners in the same proportions as they share the Common Expenses. 

K.            To dedicate, sell, or transfer all or any part of the Common Elements to any public, governmental, or quasi-governmental agency, authority, or utility for such purposes and subject to such conditions and limitations as may be set forth in the Declaration. 

L.             To enter into contracts within the scope of their duties and powers, including, without limitation, contracts to provide services for the benefit of Owners and Occupants. 

M.           To establish a bank account for the treasury and for all separate funds which are required or may be deemed advisable by the Board. 

N.            To keep and maintain full and accurate books and records showing all of the receipts, expenses, or disbursements of the Board and to permit examination thereof by Owners and their Eligible Mortgage Holders at convenient weekday business hours. 

O.            To prepare and deliver annually to each member a statement showing all receipts, expenses, or disbursements since the last such statement, including depreciation and other tax information. 

P.             To maintain and remove snow from any and all driveways, roadways, and parking areas at the Condominium Project and to maintain the lawn, trees, shrubs, and other vegetation located on the Condominium Project for the benefit of the Owners. 

Q.            To procure whatever legal, accounting, or other professional services as are necessary or proper for the operation of the condominium Project and/or for the enforcement of the Declaration, these Bylaws, and/or the Rules and Regulations. 

R.             To appoint such committees as the Board may deem appropriate, which, to the extent allowed by law, shall have the powers of the Board in the management and affairs and business of the Association. 

S.              In general, to carry on the administration of the Association and to do all those things necessary and responsible in order to carry out the communal aspects of condominium ownership, all in accordance with the Declaration. 

Section 4.10.   MANAGING AGENT.  The Board may employ for the Association a Managing Agent at a compensation established by the Board, to perform such duties and services as the Board shall authorize; provided, however, that the Board in delegating such duties shall not be relieved of its responsibility under the Declaration. 

         Section 4.11.   MANAGERS’ COMPENSATION.  Except as provided in this Section, Managers shall not be paid any compensation for their services performed as Managers of the Association unless a resolution authorizing such remuneration shall have been adopted by the Association.  Each member of the Board shall receive reimbursement for reasonable transportation, meals, and lodging expenses for attendance at any regular or special meeting of the Board or for other actual expenses incurred in connection with the performance of his duties of office as a member of the Board.

 

ARTICLE 5.  OFFICERS AND THEIR DUTIES 

         Section 5.1.    ENUMERATION OF OFFICERS.  The officers of the association shall be a president, vice-president, secretary, and treasurer, and such other officers as the Board may from time to time by resolution create.  The president must be a member of the Board. 

         Section 5.2.    ELECTION OF OFFICERS.  The election of officers shall take place at the first meeting of the Board and thereafter at the first meeting of the Board following each annual meeting of the members. 

         Section 5.3.    TERM.  The officers of the Association shall be elected annually by the Board and each shall hold office for one year unless such officer shall sooner die, resign, or shall be removed or otherwise disqualified to serve. 

         Section 5.4.    SPECIAL APPOINTMENTS.  The Board may elect such other officers as the affairs of the Association may require, each of whom shall hold office for such period, have such authority, and perform such duties as the Board may from time to time determine. 

         Section 5.5.    RESIGNATION AND REMOVAL.  Any officer may be removed from office with or without cause by the Board.  Any officer may resign at any time by giving written notice to the Board, the president, or the secretary.  Such resignation shall take effect on the date of receipt of such notice or at any later time specified therein, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. 

         Section 5.6.    VACANCIES.  A vacancy in any office may be filled by appointment by the Board.  The officer appointed to such vacancy shall serve for the remainder of the term of the officer he replaces. 

         Section 5.7.    MULTIPLE OFFICES.  Any two or more offices may be held by the same person, except the offices of president and secretary. 

         Section 5.8.    DUTIES.  The duties of the officers are as follows: 

A.            President.  The president shall preside at all meetings of the Association members and the Board; shall see that orders and resolutions of the Board are carried out; shall sign on behalf of the Association all leases, mortgages, deeds, notes and other written instruments; and shall exercise and discharge such other duties as may be required of the president by the Board. 

B.             Vice-President.  The vice-president shall act in the place and stead of the president in the event of his absence, inability, or refusal to act, and shall exercise and discharge such other duties as may be required of the vice-president by the Board. 

C.             Secretary.  The secretary shall record the votes and keep the minutes of all meetings and proceedings of the Board and of the members; keep the corporate stamp or seal of the Association and place it on all papers requiring said stamp or seal; serve notice of meetings of the Board and of the members; keep appropriate current records showing the members of the Association together with their addresses; and shall perform such other duties as required by the Board. 

D.            Treasurer.  The treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the Board; sign all checks of the Association unless the Board specifically directs otherwise; keep proper books of account; at the direction of the Board, cause an annual audit of the Association books to be made by a public accountant at least once in every three fiscal years; and prepare an annual budget and a statement of income and expenditures to be presented to the membership at its regular annual meeting, and deliver a copy of each to the members. 

Section 5.9.    EXECUTION OF INSTRUMENTS.  All agreements, contracts, deeds, leases, checks, notes and other instruments of the Association may be executed by any person or persons as may be designated by resolution of the Board, including the Managing Agent.

 

ARTICLE 6.  INDEMNIFICATION OF MANAGERS AND OFFICERS 

         To the extent permitted by law and consistent with the Articles of Incorporation of the Association, the Association shall indemnify every Manager, officer, employee, fiduciary and agent of the Association against any liability or expense, including judgments, amounts paid in compromise and settlements, and amounts paid for attorneys’ fees and related expenses asserted against or incurred by such person in any such capacity or arising out of that person’s capacity as such. 

         In the event of a settlement, indemnification shall be provided only in connection with such matters covered by the settlement as to which the Association is advised by counsel that the person to be indemnified has not been guilty of gross negligence or willful misconduct in the performance of such person’s duties for the Association in relation to the matter involved.  The foregoing rights shall not be exclusive of other rights to which such Manager or officer or other person may be entitled.  All liability, loss, damage, cost, and expense arising out of or in connection with the foregoing indemnification provisions shall be treated and handled by the Association as a Common Expense.

 

ARTICLE 7.  BYLAWS 

         Section 7.1.    AMENDMENTS.  These Bylaws may be amended by a vote of a majority of the Board at a regular or special meeting of the Board.  These Bylaws may be amended at any regular meeting of the Owners or at any special meeting called for the purpose of amending the Bylaws, by the affirmative vote of a majority of Owners present at the meeting in person or represented by proxy and eligible to vote.  Any amendment shall be binding upon every Owner.  Any amendment adopted at a regular or special meeting of the Owners may thereafter only be amended at a regular or special meeting of the Owners.  The Owners shall have no power to amend the Bylaws in such a manner as to materially change the configuration or size of any Condominium Unit, to materially alter or modify the appurtenances to any Unit, or to change the proportion or percentage of any Owner’s interest in the Common Elements, without the unanimous consent of all Owners directly affected thereby.  No amendment shall serve to shorten the term of any Manager, or conflict with the Colorado Condominium Ownership Act or delete any provision which must be contained in these Bylaws under the terms of the Colorado Condominium Ownership Act, or conflict with the Articles of Incorporation of the Association or the Declaration. 

         Section 7.2.    COMPLIANCE WITH CONDOMINIUM OWNERSHIP ACT.  These Bylaws are intended to comply with the requirements of the Colorado Condominium Ownership Act.  If any of these Bylaws conflict with the provisions of said statute, the provisions of the statute will govern the Association. 

         Section 7.3.    CONFLICT BETWEEN DOCUMENTS.  In the case of any conflict between the Rules and Regulations and the Articles of Incorporation, Bylaws, or Declaration, the Articles of Incorporation, Bylaws or Declaration shall control.  In the case of any conflict between the Articles of Incorporation of the Association and these Bylaws, the Articles shall control; and in the case of any conflict between the Declaration and these Bylaws or the Articles of Incorporation of the Association, the Declaration shall control.

 

ARTICLE 8.   SERVICES 

         The Association shall initially provide the following services, among others, funded through the related payments outlined below from annual Assessments, which may be amended or supplemented from time to time by vote of the Board: 

(a)            administrative payroll;

(b)           accounting services;

(c)            provision of office supplies;

(d)           repair, replacement, renovation and maintenance of the Common Elements, including all exterior maintenance of buildings; grounds maintenance including irrigation water, parking area, roadway, and driveway maintenance, and snow removal on sidewalks and private driveways, roadways, and parking areas;

(e)            provision of maintenance supplies;

(f)            legal services;

(g)            electricity service for the Common Elements, including area lighting;

(h)           trash removal;

(i)             water and sewer service for the Common Elements;

(j)             payment of reimbursable expenses of the Board;

(k)           maintenance of insurance for Common Elements and other insurance specified in the Declaration;

(l)             establishment of reserve fund for maintenance, repair, and replacement of the Common Elements, taxes, capital improvements and other purposes as required by the Declaration; and

(m)          payment of other expenses necessary to meet the purposes of the Association.

 

ARTICLE 9.  NONPROFIT CORPORATION 

         The Association is not organized for profit.  No member of the Association, member of the Board, or person from whom the Association may receive any property or funds shall receive or shall be lawfully entitled to receive any pecuniary profit from the operations of the Association, and in no event shall any part of the funds or assets of the Association be paid as a dividend, or be distributed to, or inure to the benefit of, any member of the Board except as specifically provided herein or authorized by resolution of the Board.  The foregoing, however, shall neither prevent nor restrict the following:  (1) reasonable compensation may be paid to any member or Manager acting as an agent or employee of the Association for services rendered in effecting one or more of the purposes of the Association, and (2) any member or Manager may, from time to time, be reimbursed for his actual and reasonable expenses incurred in connection with the administration of the affairs of the Association.

 

ARTICLE 10.  OBLIGATIONS OF THE OWNERS 

         Section 10.1.   ASSESSMENTS.  Except as otherwise provided in the Declaration, all Owners shall be obligated to pay the annual Assessments imposed by the Association to meet the Common Expenses.  Unless otherwise determined by the Association, the annual Assessments, and any special Assessments which are to be paid in periodic installments, shall be paid periodically in advance and shall be due and payable to the Association at its principal office, or at such other address as the Association may direct in writing, without notice (except as otherwise required by the Declaration), on the first day o the payment period.  A member shall be deemed to be in good standing and entitled to vote at any annual or special meeting of members, within the meaning of these Bylaws, if, and only if, he shall have fully paid all Assessments made or levied against him and the Condominium Unit owned by him. 

         Section 10.2.   REGISTRATION OF MAILING ADDRESS.  All Owners of each Condominium Unit shall have one and the same registered mailing address to be used by the Association for mailing of notices, demands, and all other communications; and such registered address shall be the only mailing address of a person or persons, firm, corporation, partnership, association, or other legal entity or such combination thereof to be used by the Association.  Such registered address of a Condominium Unit Owner or Owners shall be furnished by such Owners to the secretary of the Association within five days after transfer of title; and such registration shall be in written form and signed by all of the Owners of the Condominium Unit or by such persons as are authorized by law to represent the interests of all Owners thereof.  If no such address is registered or if all of the Owners cannot agree, then the address of the Unit shall be deemed their registered address for the purposes of this Section until another registered address is furnished as required under this Section.  If the Unit is the registered address of the Owners, then any notice shall have been deemed to be duly given if it is delivered to any person occupying that Unit or, if such Unit is unoccupied, if the notice is held and available for the Owners at the principal office of the Association.  The registered address may be changed from time to time by designation in accordance with this Section. 

         Section 10.3.   USE OF GENERAL COMMON ELEMENTS AND LIMITED COMMON ELEMENTS.  Each Owner shall use the General Common Elements and the Limited Common Elements in accordance with the purpose for which they were intended without hindering or encroaching upon the lawful rights of the other Owners. 

         Section 10.4.   ASSESSMENTS, DEBTS, AND OTHER OBLIGATIONS BY UNIT OWNER.  The Assessments, debts, and other obligations assumed by the Owner include the following: 

A.            The duties and obligations with respect to the maintenance of Unit interiors and Limited Common Elements as set forth more fully in the Declaration. 

B.             The duty of Owners as set forth in the Declaration to reimburse the Association for all deductibles paid by the Association in connection with insurance claims for repair or replacement of Common Elements, when such repair or replacement is occasioned by the negligent or willful act or omission of said Owner or Occupants of an Owner’s Condominium Unit. 

C.             The duty to pay all annual, special, and default Assessments provided for and governed by the Declaration and levied for any purpose authorized by the Declaration. 

D.            The responsibility for each Owner to obtain that insurance related to his Condominium Unit provided for in the Declaration. 

E.             The duty to pay any separately metered or assessed utility costs and ad valoreum taxes and special assessments levied by the State of Colorado or any political subdivision thereof on an Owner’s Condominium Unit. 

F.             The duty to indemnify and hold harmless each of the other Owners and the Association, pursuant to the Declaration, from any liability arising from the claim of any mechanics’ liens against an Owner’s Condominium Unit or against the Common Elements. 

G.            The duty to adhere to and comply with all use restrictions set forth in the Declaration. 

H.            The burdens imposed by the easements set forth in the Declaration. 

I.               The obligation to submit to the appointment of the Association as attorney in fact for purposes of dealing with the Condominium Project upon its damage, destruction, or obsolescence as provided in the Declaration. 

J.              The restrictions, limitations, and prohibitions relative to partitioning, severing ownership interests in the Common Elements, and leasing Units as set forth in the Declaration. 

K.            Such other duties and obligations as may be imposed under the Declaration or these Bylaws and other Project Documents.

 

ARTICLE 11.  COMMITTEES 

         The Board of the Association may appoint such  committees as deemed appropriate which, to the extent allowed by law, shall have the powers of the Board in the management and affairs and business of the Association.

 

ARTICLE 12.  BOOKS AND RECORDS; STATEMENT OF ACCOUNT 

         Section 12.1.   INSPECTION.  The records of receipts and expenditures of the Board, including records of receipts and expenditures affecting Common Elements, and other books, records and papers of the Association, including the Declaration, the Articles of Incorporation, and these Bylaws of the Association as well as any Management Agreement and any Rules and Regulations of the Association shall be available for inspection during convenient weekday business hours by the Owners and any Eligible Mortgage Holders at the principal office of the Association, where copies may be purchased at reasonable cost. 

         Section 12.2.   STATEMENT OF ACCOUNT.  Upon ten days’ notice to the Managing Agent, if any, or to the Board, and payment of a reasonable fee, any Owner shall be furnished a statement of the Owner’s account setting forth the amount of any unpaid assessments or other charges due and owing from such Owner, together with such other information available to an Owner pursuant to the Declaration.

 

ARTICLE 13.  CORPORATE SEAL 

         The Association shall have a seal or stamp in circular form having within its form the words:  “Skiers Edge Condominium Association, Inc.”

 

ARTICLE 14.  FISCAL YEAR 

         The fiscal year of the Association shall begin on the first day of January and end on the 31st day of December of every year, except that the first fiscal year shall begin on the date of incorporation.

 

ARTICLE 15.  RULES AND REGULATIONS 

         The Board shall have the right to establish, amend, and enforce, from time to time, such Rules and Regulations as the Board may deem necessary and appropriate for the management, preservation, safety, control, and orderly operation of the Condominium Project for the benefit of all Owners and Occupants, and for facilitating the greatest and most convenient availability and use of the Units and Common Elements by Owners and Occupants.  Such Rules and Regulations may include a system of late charges and/or interest for untimely payment of Assessments, fees for review by the Association of matters required under the Declaration, and fees and fines for noncompliance with the Rules and Regulations and other obligations set forth in the Declaration and these Bylaws.  The Board shall provide notice of the adoption or amendment of any Rules and Regulations and make such amended Rules and Regulations available for inspection by all Owners, Occupants, contract purchasers and Eligible Mortgage Holders during convenient weekday business hours at the principal office of the Association.  Such Rules and Regulations may, to the extent not in conflict with the provisions of the Declaration, the Articles of Incorporation and these Bylaws, impose reasonable restrictions upon the use and occupancy of any portion of the condominium Project as the Board, in its sole and absolute discretion, deems necessary and appropriate.  Each Owner agrees that all his ownership rights shall be in all respects subject to the Rules and Regulations, and each Owner agrees to obey such Rules and Regulations as the same may lawfully be amended from time to time, and to ensure that the same are faithfully observed by Occupants of his Unit.  Each person who comes within the Condominium Project shall be subject to the Rules and Regulations for the duration of his presence therein.  A copy of the Rules and Regulations, as amended from time to time, shall be made available to Owners, Occupants, contract purchasers and Eligible Mortgage Holders upon request and payment of a nominal fee.

 

ARTICLE 16.  INTERPRETATION 

         The provisions of these Bylaws shall be liberally construed to effect the purpose of ensuring that the Condominium Project shall at all times be operated and maintained in a manner so as to optimize and maximize its enjoyment and utilization by each Owner and Occupant. 

        

NOTE: Signature page on file.

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