Common use of Owners’ Associations Clause in Contracts

Owners’ Associations. Pursuant to the Master Declaration, Seller has formed the North Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Master Declaration (the “Master Association”). Pursuant to the Prospect Declaration, Seller has formed the Prospect at Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Prospect Declaration (the “Prospect Association”). For so long as Purchaser owns the Lot, Purchaser will automatically be a member of the Master Association and the Prospect Association. As a member of the Master Association and the Prospect Association, Purchaser will be subject to the Master Declaration, the Prospect Declaration, as well as the articles of incorporation, bylaws and rules and regulations of the Master Association and the Prospect Association. PURSUANT TO C.R.S. Sec. 38-35.7-102(1), THE PROPERTY IS LOCATED WITHIN ONE OR MORE COMMON INTEREST COMMUNITIES AND IS SUBJECT TO THE DECLARATION(S) FOR SUCH COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER'S ASSOCIATION(S) FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION(S). THE DECLARATIONS, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION(S). IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION(S) COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATIONS, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATIONS (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATIONS. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATIONS. PURCHASERS SHOULD CAREFULLY READ THE DECLARATIONS FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATIONS.

Owners’ Associations. Pursuant This Section is applicable if the Property is located within one or more Common Interest 287 Communities and subject to the Master Declaration, Seller has formed the North Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Master Declaration one or more declarations (the “Master Association”). Pursuant to the Prospect Declaration, Seller has formed the Prospect at Mt. Crested Butte Property Owners Association as a Colorado nonprofit corporation to administer and enforce the Prospect Declaration (the “Prospect Association”)288 7.1. For so long as Purchaser owns the Lot, Purchaser will automatically be a member of the Master Association and the Prospect AssociationCommon Interest Community Disclosure. As a member of the Master Association and the Prospect Association, Purchaser will be subject to the Master Declaration, the Prospect Declaration, as well as the articles of incorporation, bylaws and rules and regulations of the Master Association and the Prospect Association. PURSUANT TO C.R.S. Sec. 38-35.7-102(1), THE PROPERTY IS LOCATED WITHIN ONE OR MORE A COMMON 289 INTEREST COMMUNITIES COMMUNITY AND IS SUBJECT TO THE DECLARATION(S) DECLARATION FOR SUCH THE COMMUNITY. THE OWNER OF 290 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER'S ASSOCIATION(S) OWNERS’ ASSOCIATION FOR THE 291 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION(S)292 ASSOCIATION. THE DECLARATIONSDECLARATION, BYLAWS, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL 293 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS 294 OF THE ASSOCIATION(S)ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION(S) ASSOCIATION COULD PLACE 000 XXXXX A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATIONSDECLARATION, BYLAWS, BYLAWS 296 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 297 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATIONS ASSOCIATION (OR A 298 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATIONSASSOCIATION. PURCHASERS OF 299 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 300 OBLIGATIONS OF MEMBERS OF THE ASSOCIATIONSASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATIONS 301 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATIONS302 ASSOCIATION.