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HomeMy WebLinkAbout1361 . , r _ .,,n,.~,,:~--".._..-_...~__.__._.._4_..__ ___..___.~.~..._,Y__.._._.__.__._._~__._ requestinq same, said alterations or additions shall only be made when autho- rized by the Board of Directors and rati~ed by not less than seventy-five per- > cent (75~ of the total votes of the unit owners, exclusively or substantially exclusively benefftinq therefrom, and where said unit owners are ten or less the approval of all but one sha11 be required. - XV ~ T EFtMINATION This Condominium may be voluntarily terminated in the manner provided for in Section 16 of the Condominium Act at any time. • XVI RETENTION OF INTEREST The Developer, as identified herein, has retained ownership of cer tain lands ~vithin the cor~dominium parcel and to which a condominium ident3fi- cation may or may not have been ascribed. The said Developer intends to e- rect thereon certain buildings for use as a.n office, laundry, grocery, or other sympathetic commercial uses, as in its opinion the Developer deems expedient for the operation of the Condominium. It is aqreed tha.t such ownership and individual opera.tion is separate and apart from the condominium and the De- - veloper aqrees to pay, at a meter at the property line of the parcels above i- dentified, reasona.ble ~harges for its water, electricity, sewage use and other fa,cilities. Without further charqe, it has the right of use of the limited commo , elements for access over and above the owners~in the~.condominium; it also has the resp~nsibility of placing its own insurance, both as to lia.bility, property damage, a.nd all other lands of insurance that it so desires; however, the said office, grocery, laundry, and other commercial facilities shall not be a part of the condominium but remains the property of the developer or its assigns. ~ ; XVII ~ _ NIISCELLANEOUS PROVISIONS ~ I ~ ~ A. Escrow Account for Insurance and certain Taxes: There sha11 be established and mainta.ined in a local, na.tional or sta.te bank, or Federal or Sta.te Savings and Loan Associa.tion, two (2) interest bearinq savinqs deposit ac- counts, in order to accumulate sufficient moneys for the following purposes: (1) To pay all insurance premiuins for insurance on the con- dominium property obtained and purchased 1iy the Association pursuant to Article XII of this Declaration; and ~ (2) To pay a11 real or personal property taxes assessed by the taxing authorities aforedescribed, for property owned by the Condominium or taxes which the Condominium is required to pay as part of its common e~enses. On or before the 28th day of each month the Treasurer of the Con- donminium Associa.tion shall cause two checks to be issued and drawn on W. R. SCOTT ~ . ATTORNEY wT uw 7.'~ COLORADO AV[NU< • STUART. FWRIOA - - -11- - 600K168 ~~.358 , - ~ - , r=--~ - ~ ~~i_ S '9~ .