325 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY.THE
<br /> 326
<br /> OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' ASSOCIATION
<br /> 327 FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF
<br /> 329 THE ASSOCIATION.THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE
<br /> 330 FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY
<br /> 1 ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE
<br /> 33
<br /> 332 ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT.
<br /> 334 THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE
<br /> 335 OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE
<br /> 336 ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION)AND THE APPROVAL OF THE ASSOCIATION.
<br /> 338 PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE
<br /> 339 THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD
<br /> 340 CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND
<br /> 341 REGULATIONS OF THE ASSOCIATION.
<br /> 343 7.2• Association Documents to Buyer. Seller is obligated to provide to Buyer the Association
<br /> 344 Documents (defined below), at Seller's expense, on or before Association Documents Deadline. Seller
<br /> 345 authorizes the Association to provide the Association Documents to Buyer, at Seller's expense. Seller's obligation
<br /> 346 to provide the Association Documents is fulfilled upon Buyer's receipt of the Association Documents, regardless of
<br /> 34
<br /> 348 provides rovides such documents.
<br /> '
<br /> 349 7.3. Association Documents.Association documents(Association Documents)consist of the
<br /> 350 following:
<br /> 351 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization,
<br /> 352 operating agreements, rules and regulations, part walla agreements and the Association's responsible governance
<br /> 353 p g g 9 Y 9 p
<br /> 354 policies adopted under§38-33.3-209.5, C.R.S.;
<br /> 355 7.3.2. Minutes of: (1)the annual owners' or members' meeting and (2)any executive boards' or
<br /> 357 managers' meetings; such minutes include those provided under the most current annual disclosure required
<br /> 358 under 38-33.3-209.4, C.R.S. Annual Disclosure and minutes of meetings, if an subsequent to the minutes
<br /> 35s § ( ) 9 � Y, q
<br /> 359 disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any(§§
<br /> 360 7.3.1 and 7.3.2, collectively, Governing Documents); and
<br /> 361 7.3.3. List of all Association insurance policies as provided in the Association's last Annual
<br /> 363 Disclosure, including, but not limited to, property, general liability, association director and officer professional
<br /> 363 g� p Y, g Y�
<br /> 364 liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional
<br /> 365 named insureds and expiration dates of the policies listed (Association Insurance Documents);
<br /> 366 7.3.4. A list by unit type of the Association's assessments, including both regular and special
<br /> 367
<br /> 368 assessments as disclosed in the Association's last Annual Disclosure;
<br /> 369 7.3.5. The Association's most recent financial documents which consist of: (1)the Association's
<br /> 370 operating budget for the current fiscal year, (2)the Association's most recent annual financial statements, including
<br /> 371 any amounts held in reserve for the fiscal year immediately preceding the Association's last Annual Disclosure, (3)
<br /> 372 the results of the Association's most recent available financial audit i 4 list of the fees and charges
<br /> 373 au or review, ( ) ar g
<br /> 374 (regardless of name of title of such fees or charges)that the Association's community association manager or
<br /> 375 Association will charge in connection with the Closing including, but not limited to, any fee incident to the issuance
<br /> 376 of the Association's statement of assessments (Status Letter), any rush or update fee charged for the Status
<br /> 377 Letter, an record change fee or ownership record transfer fees Record Change Fee fees to access documents,
<br /> 378 Y 9 p ( 9 ),
<br /> 379 (5) list of all assessments required to be paid in advance, reserves or working capital due at Closing and (6)
<br /> 380 reserve study, if any(§§7.3.4 and 7.3.5, collectively, Financial Documents);
<br /> 381 7.3.6. Any written notice from the Association to Seller of a"construction defect action" under§
<br /> 383 38-33.3-303.5, C.R.S.within the past six months and the result of whether the Association approved or
<br /> 384 disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller's obligation to
<br /> 385 disclose adverse material facts as required under§ 10.2 (Disclosure of Adverse Material Facts; Subsequent
<br /> 386 Disclosure; Present Condition)including any problems or defects in the common elements or limited common
<br /> J 388 elements of the Association property.
<br /> 389 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer
<br /> 390 has the Right to Terminate under§25.1, on or before Association Documents Termination Deadline, based on
<br /> 391 any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective discretion. Should
<br /> 392
<br /> 393 Buyer receive the Association Documents after Association Documents Deadline, Buyer, at Buyer's option, has
<br /> 394 the Right to Terminate under§25.1 by Buyer's Notice to Terminate received by Seller on or before ten days after
<br /> 395 Buyer's receipt of the Association Documents. If Buyer does not receive the Association Documents, or if Buyer's
<br /> j 396 Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to
<br /> 398 Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate
<br /> 399 within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any
<br /> 400 Right to Terminate under this provision, notwithstanding the provisions of§ 8.6 (Right of First Refusal or Contract
<br /> 401 Approval).
<br /> ' 402
<br /> 403
<br /> 404 8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.
<br /> 405 8.1. Evidence of Record Title.
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