Reception No Peggy E. Coble, Recorder CONDCMINIUM DECLARATION for CHATEAU BLANC APARTMENTS

Transcription

1 i Fied far -record at 4,.L..L;::...~".';'C!i:'?'-:-"~::-";;.t,.~~...:...;.,,.:,.~ ~.~i~,r..;...,,..;'s',~ h:~~~~---f; Reception No Peggy E. Cobe, Recorder CONDCMNUM DECLARATON for CHATEAU BLANC APARTMENTS KNCW ALL MEN BY THESE PRESENTS, WHEREAS, Waen Deveopment Co., nc., a Coorado corporation, hereinafter ca ed "Dec arant," 5 the C'/T r of the foowing descr bed rea property situate in the County of Pitkin, State of Coorado: Lots A, Band C, Bock 35, EAST ASPEN ADDTON to the City and Townsite of Aspen, and that part of Lot A ying South of City Limit Line as shown upon p,a~t aso known as Lot A, Bock 7g Aspen Townsi te,, Pitkin Couty, Coorado; and t WHEREAS, Decarant desires to estabish a condominium proect-a... ~-- - under the Condominium Ownership Act of the State of Coorado; and WHEREAS, Decarant has executed pans for the construction of a three- story buiding and other improvements appurtenant thereto on the above-described property which, when competed, sha consist of fifteen separatey designated condominium units; and WHEREAS, Decarant hereby estabishes a pan for the owne rship-n fee simpe of rea property estates consisting of the area or space contained in each of the apartment units in the buiding improvement, and the co-ownership by the individua and separate owners thereof, as tenants in common, of a of the remaining rea property hereinafter defined and referred to as the genera common eements; NOW THEREFORE, Decarant hereby pubishes and decares that the foowing terms, covenants, conditions, easements, restrictions, uses, imitations and obigations sha be deemed to run with the and, sha be a burden and a benefit to Decarant, its successors and assigns and any person acquiring or owning an interest in the rea property and improvements, their grantees, successors, heirs, executors, administrators, devisees or assigns,, DEFNTONS Uness the cont~~~ sha expressy provide otherwise, the foo~ing definitions sha appy: (a) iap~rtment' or 9 apartment unit' means an individua air space which is contained within the perimeter was, foors, and c eiings of a unit ir. the b\.':,i~"~ as shown on the map. (b) "Condominium unit' means one individua air space unit together with the interest in the genera and imited common eements appurtenant to such unit.!. t,. (c} 'Owner' means & person, firm, corporation, partnership, association or other ega entity, or any combination thereofa owning one or ~ore condominium unite9 (d) qgenera common'eementsv means and incudes: () -''he and on which the buiding is ocated; (2) The foundations, coumns, gircersp beams, 6Upports, main wa.6 0 roofs:. baconies 0 ~decks, ha.s, corridor~" obbies. stairsostar...,.ys, and entr&nces and exite of. the ~udng;

2 (3) The basement, yards, parking areas, and storage spaces; (4) The instaations cons~!ing cf the equipment and materias making up t e cent:ra :;; ~,... _, compressors, ducts, power, ight, g3s, hot and cod water, heating, ventiating and air conditioning and, in genera, a apparatus and instaations existing for common use; ;r or common use; (5) Such encosed air spaces as are provided for community (6) A other parts of the property necessary or convenient to its existence, maintenance and safety, or normay in common use. (e) 'Limited common eements' means those parts of the genera common eements reserved for the excu~ive use of the owne~ of a ~ondominium unit. (f) 'Entire premises' or 'propertyv means and incudes the and 0 the buiding, a improvements and structures thereon, and a rights, easements and appurtenances beonging thereto. (g) 'Common expenses' means and incudes: eements. () A sums awfuy assessed against.he genera common (2) Expenses of administration and manageir,erit, maintena,nce, repair or repacement of the genera common eements; (3).Expenses decared common expenses by provisions of this Decaration and the By-LaW&; and owners. (4) Expenses agreed upon as common expt nses by the unit (h) 'Association of Unit Owners' or 'Associaticn' means a Coorado non-profit corporation, the By-Laws of which sha go~ern the administration of this condominium property, and the members of which sha be a of the owners of the condominium units. () 'Map' or ipans' means and incudes the engineering survey of the and ocating thereon a of the improvements, the foor and eevation pans and any other drawing or diagrammatic pan depicting a part of or a of the improvements. 2. The Map sha be fied for record prior to the first conveyance of any condominium uc ~. ~uch map sha consist of and set forth () the eg2. description or,he surface of the and; (2) the inear measurements and ocationp with reference to the exterior boundaries of the and, of. the buiding and a other improvements buit or to be buit on said and by Decarant; (3) foor pans and eevation pans of the buiding buit or to be buit thereon showing the ocation, the apartment designation and the inear dimensions of each apartment unit, and the designation of the imited common eements; (4) the eevations of the unfinished interior surfaces of the foors and ceiings as estabished from a datum pane, and the inear measurements showing the thic' ness of the perimeter was. Prior to the f.irst conveyance of a condomini"um unit, there sha be recorded a verified statement of a registered architect or icenses professiona engineer certifying that the map theretofore fied.-. or the amended map or map fied simutaneousy therewith, fuy and accuratey depicts the ayout, measurements and ocation of a of the improvemer.ts, the apartment unit designations, the dimensions of &uch units and. the _: eevat~ons of the foor& and ceiing&. -2- /: r t

3 t::""~ ')~ : ' c.:.!k,_,,~ : n._. / w~ '- 3. The rea property is hereby divided into the foowing fee simpie estates:, (a) Fifteen fee simpe estates consisting o! fifteen separate-. y designated apartment units, each such unit being identified by number...,~,,...,-.;-;,-,(-b-)_t_h:-e-r_e_m_a_,..i_n_i_n_g_p_o_r_t_i_o_n_o_f_,..t_h_e_e_n_t_i_r_e_p:::r_e_:m_,i s_e_:s: ::_:r e f~e~r~r~e~d-=t:o=a~s~-- the genera common eements which sha be hed (in f~e simpe) in common by the owners, each such undivided interest being appurtenant to one of the fifteen apartment uni ts. Decarant hereby estabishes each und.vided interest in the genera common eements a~pu~tenant to each of the apartment units as provided in Exhibit "A", attached hereto and made a part hereof. 4. A portion of the genera common eements is set aside and re served for the excusive use of individua owners, such areas being the imited common e emen"cs. The imited common eements reserved for the excusive use of the individua owners consist o{ each ba. cony ~doining an apartment unit and associated therewith, as the same are shown on the map. The basement and other storage spaces sha be aocated and assigned by the Decarant to the respective condominium units. Each bacony and each patio area ad unit. A imited common eements sha be used in connection with tbe / oining and associated with an apartment sha, without further reference, be the imited common eements associated and used with such apartment,---'-~p:..:a:..:rc...t;:.i:cuar-ii.":>ar tment unit, to the excusion of the use thereof by the other owners except by invitation, except that stairways, wakways and baconies, if any, eading to and associated with two or more apartment units sha be used by a ovners thereof. 5. Each apartment and the undivided interest in the genera common eements and the imited common eements, if any, appurtenant thereto sha be inseparabe and may be conveyed, eased or encumbered ony as a condominium unit. 6. Every deed, ease, mortgage, trust deed or other instrument may egay describe a condominium unit by its identifying apartment unit number, foo;ved by the words, "CHATEAU BLANC APARTMENTS" with further reference to the recorded Decaration and map. Every such description sha be deemed good and sufficient for a purposes to convey, transfer, encumber or otherwise affect the genera common eements and the imited common eements reserved for use with such apartment unit, and aso to convey the right of ingress and egress to and from said apartment unit and the imited common eements adacent thereto. 7. Decarant sha give written notice to the assessor of the creation of condominium ownership of this property, as is provided by aw, so that each apartment nnit ~~d its percentage of undivided inte~e~t in the genera c.;mmon eem~p.~b sha be deemed a separate parce and subect to separate assessment and taxation. s. A condominium unit may be hed and owned by more than one person as oint tenants or as tenants in common, or in any rea property tenancy reationship recognized under the aws of Coor.ado. i 9. The genera coemon eements sha be owned in common by a of the owners of the apartme~t units and sha remain undivided, and no owner sha bring any action for partition or division of tbe genera common eements. Nothing contc.ied herein sha be construed as a imitation of the right of partition of a condominium unit between tt,e o,rners thereof, but such partition sha not affect any other condominium unit. _,q:_ ,:,..,.,

4 ~.2e;,:2'. :) ;,t'..t c;0 0. Each owner sha be entited to excusive ownership and posses- ' sion of his apartw.ent. Each owner may use the genera common eements in accordance with the purpose for which they are intended, without hindering o_r e_n"'ct"rf:'o_ _c:ht'aicngi'.ua'pp;;o.;nrtmt:eh~eit-sawiifi:'un:---rrr.irguh':t;'<s;trop-:tf't:th--ce;rnrto-t,h=e"rcd-o-wb:yn-e~rtcsfre.-,,wi') ""---"4.;,.-i.O::!. k'.acb. t'he purpose of odging or as a dweing by the owner, or by the owner' S famiy, guests, agents, empoyees, invitees, icensees or tenants. 2. f any portion of the genera common eements encroaches upon an apartment unit or units, a vaid eas~me~t for the encroachment and for the maintenance of same, so ong as it stands, sha and does exist. f any portion of an apar tment unit encroaches upon the genera common area or upon an adoining apartment unit or units, a vaid easement for the encroachment and for the maintenance of same, so ong as it stands, sha and does exist.. For tite or 0:ber purposes, such encroachments and easements shn not ~e ~c~sidered or determined to be encumbrance~ either oo the genera common eements or the a~artment units. 3. Subsequent to the competion of the improvements described on the map, no abor performed or materias furnished and incorporated in an apartment unit with the consent or at the request of the owner thereof or his agent or his contractor or subcontractor sha be the basis for fiing of a ien against the apartment unit of.any other owner ~ot expressy consenting to or requesting the same, or against the genera common eements owned by such other owners. Each owner sha indemnify and hod harmess each of the other owners from and against a iabitty arising from the caim of any ien against the apartment unit of any other owner or against the genera common eements for construction performed or for abor, materias, services or other products incorporated in or otherwise attribu.tabe to the owner, s apartment unit at such owner's request~ 4. The administration of this condominium property sha be governed by tfe By-Laws of Chateau Banc Condominium Association, a Coorado nonprofit corporation, hereinafter referred to as the 'Association'. A certified copy of the Certificate of ncorporation of such corporation sha be recorded simutaneousy with this Decaration. An owner of a condominium unit, upon becoming an owner, sha be a member of the Association and sha remain a member for the period of bis ownership. 5. The owners sha have the irrevocabe right', to be exercised by' the Managing Ai;ent or Board of Directors of the Association, to have access to each apartment unit from time to time.during reasonabe hours as may be necessary for the inspection, maintenance, repair or repacement of any of the genera common eemp~~~ therein or. accessibe therefrom, or for making emer&ency repairs therein necessary to prevent damage to the genera or imited common eements or to another apartment unit or units. 6. An owners sha maintain and keep in repair the interior of his own apartmtnt, inc :"a,ng the fixtures thereof. A. fixtures and equipment instaed within The apartment unit commencing at a point where the utiity ines, pipes, wires, conduits or systems (hereinafter caed "utiities") enter the apartment unit, sba be maintained and kept in repair by the owner thereo'f'. 7. An owner sha neither do nor permit any act or work that wi impair the structura soundness or integrity of the buiding or impair any f_ easement or deredita~ent. f 8. An owner sha not be deemed to own the undecorated or unfini~hed surfaces, or both, of ~he perimeter was, foors and ce~ings surrounding bis apartment unit, nor sha such owner be deemed to own the utiities running ~brougb bs apartment unit ~hich are utiized for, or Serve more than one apartment unit, except as a tenant in comma~ with the other owners. An. owner sha, however, be deemed to own and sha maintain tbe i,mer decorated. or finished surfaces, or both, of the perimeter and interior. was, foors and ceiings, doors, windows and other sucb eements con5st- '[ ing o! paint, wapaper, and other :Unisbing materias.. ~ t

5 ',~:,,,,, 9. Each owner sha compy stricty with the--:r::~i:~: :f this Decaration and with the By-Laws and the decisio~s and resoutions of the Association adopted pursuant thereto as the same may be awfuy amended ~f~r:'-;"o~m~t~i~m~e~~t"o~t::;i~m-'et,:;;~f~a~~ ;;u~r~e7.s~o~~t:o~c~o=m~p;:;-iy~s,i;h~a~~~b~e~g~rcolu~n~d:-sgf:..or~a!.n!e. "-,a,!;c~t~i~a';.n:... n.unc ive reief or both. maintainabe by the Managing Agent o'.r Board of Director in the name of the Association on behaf of the owners or, in a proper case, by an aggrieved owner. 20. This Decaration sha not be revoked nor sha any of the provisions herein be amended uness seventy-i'iv. per cent or more of the owners representing an aggregate ownership interest in the genera common eements and a of the hoders of any recorded mortgage or deed of trust covering or affecting any or a condominium units unanimousy consent and agree to such revocation or amendment by instruments duy recorded; however, the percentage of the undivided interest in the genera common eements appurten~nt to ~a~h apartment unit, as expressed in this D~caration, sha have a permanent character and sba not be atered without tbe consent of a of the condominium unit owners as expressed in a duy recorded amendment to this Decaration, : [ 2. The assessments made upon the owners by the Association sha be based upon the.cash requirements deemed to be such aggregate sum as the Managing Agent or Board of Directors of ~he Association sha from time to time determine is to be paid by a of the condominium unii-owners, incuding Decarant, to provide for the pay. men.t of.. a. es. t im. ated,ixpenses growin. g out of or connect 7d with the,.maintenanc.e-!.ns\._q>:.$~qon ot _.M._ge_~e_!A~...'?2:";- moo eements. Said sum may incude, among other things, t.e foowing: expenses of management; taxes and specia assessments, un. separatey assessed; fire insurance with extended coverage and vanda sm d.u, ; cious mischief insurance with endorsements attache~sued in the.amount of tnt maximum repacement vaue of a of the con~"bminium units; casuaty and pubic iabiity n.nd other insuratc.!'c 'premu6; anascap:t.ng ana care or grounds; common ighting and heating; repairs and renovations; garbage coections; wages; water charges; ega and accounting fees; management fees; expenses and iabiities incurred by the Managing Agent or Board of Directors under or by reason of this Decaration; the payment of any deficit remaining from a previous period; the creation of a reasonabe contingency or other reserve or surpus fund as we as other costs and expenses reating to the genera common eements. The omission or faiure of the Board to fix the assessment for any month sha not be deemed a waiver,.modification or a reease of the owners from their obigation to pay. The Managing Agent or Board of Directors sha obtain and maintain at a times insurance of ~ue "type and k::..nd provided hereinabove, and incuding for such other risks, of a simiar or dissimiar nature, as are or sha hereafter customariy be covered with respect to other apartment or condominium buidings, fixtures, equipment and persona property simiar in construction, design and use, issued by responsibe insurance companies authorize' to do,.uc,,.ess in the State of Coorado. The insurance sha be carried in banket poicy form naming the Association as the insured, which poicy or poicies sha identify the interest of each condominium unit owner and which sha provide for a standard, non-contributory mortgagee cause in favor of each first mortgagee, and sha further provide that it cannot be canceed by either the insured or the insurance company unti after ten days prior written notice to each first mortgagee. The Managing Agent or Board of Directors sha, upon request of any first mortgagee, furnish a certified copy of such banket poicy and the separate certificate identifying the interest of the mortgagor. A poicies of insurance sha provide that the insurance thereunder sha be invaidated or suspended ony in respect to the interest of any particuar owner guity of & breach of ~arranty, act, omission, negigence or non-compiance o~ any provision of such poicy, incuding p~yment of the insurance premium appicabe to that owner's interest, or wbo permits or fais to prevent t;,,e happening.of any event, whether occurring before...c=-.: or after a oss, wbich under the provisions of such poicy woud otherwise

6 invaidate or suspend the entire poicy, but the insurance under any such poicy, as to the interests of a other insured owners not guity of any such act or omission, sha not be invaidated or suspended and sha remain in fu force.and effect. Determination of ; aximum repacettent vaue s for insurance purposes sha be made annuay by one or more \,Ti tten appraisas, copies u o thwith to each mortgagee of a condominium unit. n addition, each o';. ner sha be notified of such appraisas A owners sha be obigated to pay the estimated assessments ( imposed by the Board of Directors or Managino: Ac;ent of the Association to meet the common expenses. Exce2;_foz:_.!n~ur!!_t\~e _p,_emiums, _t_h_e _assessments sha be made pr9 rata accordi_ng to each owner's P.e-r c;,iitag~ interest in anato the genera common eements. Assessments for insurance premiums '~ sha. be based upon that--proportion of the tota premiums that the insurf ance carried on a condominium unit bears tv tota coverage. ~ssessments for the estirnatec co~~oc expenses, incuding insura~ce, sha be due monthy in advance on the first day of each month. The Managing Agent or ~oar~ of Directors sha prepare and deiver or mai to each owner an itemized quartery statement showing the various estimated or actua expenses for which the assessments are made~ Ccmtribution for monthy assessments sha be prorated if the ownership of a condominium unit commences on a day other than the first a~y of a month, Y No owner may exempt himsef from iabiity f0r his contribution towards the common expenses by waiver of the use or enoyment of any of the genera or common eements, or by abandonment of his apartment. 24. A sums assessed but unpaid for the share of common expenses chargeabe to any condominium unit, incuding interest ther eon at eight per cent per annum, sha constitute a ien on such unit superior (prior) to a other iens and encumbrances except: unit, and (a) Tax and specia assessment iens in favor of any assessing (b) A sums unpaid on a first mortgage or first deed of trust of record, incuding a unpaid obigatory sums as may be provided by such encumbrance, and incuding additiona advances made.thereon prior to the arising of such~ ien. To evidence such ien the Board of Directors or Managing Agent may, but sha not be required to, prepare a ~Titten notice setting forth the amount of such unpai4 indebtedness, the name of the owner of the condominium unit and a descripti~~ =f the condomnium unit. Such a notice sha be signed by one of the Board of Directors or by the Managing Agent and may be recorded in the office of the Cerk and Recorder of the County of Pitkin, State of Coorado. Such ien for tte common expenses sha attach from the date of the faiure of payment of the assessment, and may be enfaced by f~recosure,~ tne defauting owner's condominium unit by tne Association in ike m~nner as a mortgage or deed of trust on rea property upon the recording of a notice or caim thereof. n any such forecosure the owner sha be required to pay the costs and expenses of such proceedings, the costs and expenses for fiing the notice or caim of ien and a reasonabe attorney's fees. The owner sha aso be required to pay to the Association a reasonabe renta for the condominium unit during the period of forecosure, and the Association sha be entited to a receiver to coect the same. The Association sha have the power to bid i, the condominium unit at forecosure sae and to acquire and hod, ease, mortgage and convey same. The amount of the common expenses assessed against tach c9ndominium unit sha aso be a debt of the owner thereof at the time the assessment is made. Suit to recover a money udgment for unpaid common expenses sha be >intainabe without forecosing or waiving the ien securin3 same.

7 ~b'.,._, c Any encumbrancer hoding a ien on a condominium unit may pay any unpai common expense payabe with respect to such unit, and upon such payment such encumbrancer sha have a ien on such unit for the amounts paid of the same rank as the ien of bis encucbrance.! ' i ~ nabe fee not to exceed ten doars and upon the written request of any owner or any mortgagee or prospec.ve mortgagee of n condominium unit, the Association, by its Managing Agent or Board of Directors, Sha issue a written statement setting fortb the amount of the unpaid common expenses, if any, with respect to the subect unit, the amount of the current monthy assessu.ent and tbe date such assessment becomes due, credit for advanced pa ments or for prepaid items incuding but not i~ited to insurance premiums, which shoud be concusi;e upon the Association in favor of a persons who rey thereon in good faith. Uness such request for a statement of indebtedness is compied with within ten days, a unpaid common expenses which become due prior to the date of making such request sha be subordinate tothe ien of the person requecting s~c~ statement. The grantee of a unit sha be ointy and severay iabe with the gr.z.ntor for a unpaid assessments aga--ns-t-t-he--a-t-t-er-i'~.-s--.:prop.orti onate share o~ the common expenses up to the time of the grant or conveyance, without preudice to the grantee's right to recover from the granter the amounts paid by the grantee therefor; provided however, that upon payment of a reas.onabe fee not to exceed ten d<>p't"s, and upon written request, any prospective grantee sha be entited to a statement from the Managing Agent or Board of Directors, setting forth tbe amount of the unpaid assessments, if any, with respecl.to,,the-5.!h_ec_t_,,,,un.:;, :~...!c~}}!'..s> th_e_,current monthy assessment and the date that such assessment becomes due, credit for advanced payments or for prepaid items, incuding but not imited to insurance premiums, which sha be concusive upon the Association. Uness such request for a statement of indebt~dness sha be compied witb w~thin ten days of such request, then such grantee sha not be iabe for, nor sha tbe unit conveyed be subect to a ien for, any unpaid assessments against the subect unit. 26. Any owner sha have the right from time to time to mortgage or encumber bis interest by deed of trust, mortgage or other security instrument. A first mortgage sha be one which bas first and paramount priority under appicabe aw. The owner of a condominium unit may create unior mortgages on the foowing conditions: () Any such unior mortgages sha aways be subordinate to a of the terms, conditions, covenants, restrictions, uses, imitations, pbigations, ien for common expenses, and other obigations created by this Decaration and by the By-Laws; (2) The mortgagee under any unior mortgage sha reease, for the purpose of restoration of any improvements upo~ the mortgab~~ premises, a of his right. tite and interest in and to the proceeds under a insurance poicies upon s~id premises which insurance poicies were effected and paced upon the mortgaged premises by the Association. Such reease sha be furnished forthwith by a unior mo:-tgagee upon written request of the Associa.tion. 27. n the event any owner of a condominium unit except the decarant sha wish to se or ease the same, and sha have received a bona fide offer therefor from a prospective purchaser or ter.ant, the remaining owners sha be given written notice thereof together with an executed copy of such offer and the terms thereof. Such notice and copy sha be given to the Board of Directors for a of the owners. A, or ess than a, of the remaining owners through tbe Board of Directors, or a person named by them, sha have the right to purchase or ease the subect apartment upon the same terms and conditions as set forth in tbe offer therefor, provided written notice o! such eection to purchage or ease is given to the seing or easing owner, and a ~atcbing down payment or depo~it is provided to the seing or,easing o...ner during the twenty-day period immediatey foowing the deivery of the notice of the bona fide offer and copy thereof to purchase or ease. The right of first refus~ herein provided sha not appy to easea or sube..sea having a tera of ess than one hundred and twenty-one days.

8 ! r. :'a '., i.,. ; :,..; o... _,.::~v n the e vent a:ny owner sha a'ttempt to se 0 ease,~ unit without. a!:fordi~g to the ot,her owners the right of first refusa herein provided 7 such sae or ease sha be whoy nu and void and sha confer no tite or interest whatsoever upon the intended purchaser or essee. The subeasing or subrenting of said interest sha be subect to the same imitations as are appicabe to the easing or renting thereof, The iabiity of the ov.ner under these covenants sha continue, notwithstanding the fact that he may have eased or rented said interest as provided herein. n no case sha the right of first refusa reservtd herein affect the right of an owner to subect his interest in the proect parce to a trust deed, mortgage or other security instrument~ The faiure of or refusa by the Board of Directors to exercise the right to so purchase or ease sha not constitute or be deemed to he a waiver of such right to purchase or ease when an owner receives any subsequent bona fide offer from a prospective purchaser or tenant. The rigbt of first refusa, as provided herein, sha extend and run for the ife of Wiiam L. Waen, an officer and director of Waen Deveopment Co., nc. as of the date hereof, pus twenty-one years. Except as is otherwise provided in paragraph 28, and except upon a transfer of tite to a Pubic Trustee or to a first mortgagee, each grantor of a condominium unit, upon transferring or conveying his interest, sha incorporate in such instrument of conveyance an agreement that.the grantee carry out the provisions o! the 'rigbt of first refusa as provided in this paragraph. 28, n tbe event of any defaut on the part of any owner under any first mortgage which entites the hoder thereof to forecose same, any sae u nder such forecosure, incuding deive.ry of a deed to the fir st mortgagee in ieu of such forecosure, sha be made free and cear of the provisions of paragraph 27, and the purchaser, or grantee under such deed in ieu of forecosure, of such condominium unit sha be thereupon and thereafter subect to the provisions of this Decaration and By-Laws. f the purchaser foowing 5,..:,.. forecosure sae, or grantee under deed given in ~eu of such forecosure, sha be the then hoder of the first mortgage, or its nominee, the said boder or nominee may thereafter se and convey the condominium unit free and cear of the provisions of paragraph 27, but its grantee sha thereupon and thereafter be subect to a of the previsions th~!~~~. The transfer of a deceased oint tenant's interest to the surviving oint tenant or the transfer of a deceased's interest to a devisee by wi or bis. heirs at. aw under intestacy aws sha not be subect to the provisions of paragraph 27, but such persons or owners sha be subect to a of the provisions of paragraph 27, f an owner of a condominium unit can estabish to the satisfaction of the Managing Agent or Board of Directors that a proposed transfer is not a sae 6r ease, then &Ucb a transfer ~ha not be subect to the p~~visions of paragraph 27, 29. Upon written request of any prospective transferor, purchaser, tenant or an existing or pr.ospective mortgagee of any condominium unit, the Managing Agent or Board of Directors of the Association sha forthwith or where time is specified, at the end of the time, issue a written and ~crnowedged certificate in recordabe form, evidencing: -. (a) With respect to a proposed ease or sae under paragraph 27, that.. proper notice was given by the. seing or easing owner and tbat tie remaining owner& did not eect to exercise their option to purcba9e or e:s.se;

9 \ (b) With respect to a deed to a first mortgai;ee or its nominee in ieu of forecosure, and a deed from such first mortgagee or its nominee, pursuant to paragraph 28, that the deeds were in fact, given in ieu of forecosure and were not subect to the provisions of paragraph 27; (c) With respect to any contempated transfer which is not in fact a sae or ease, that the transfer wi not be subect to the provisions of paragraph 27; Such a certificate sha be concusive evidence of the facts contained therein This Decaration hereby makes mandatory the irrevocabe appointment of an attorney-in-fact to dea with, the property upon its destruction or obsoescence. Tite to any condominium unit is decared and expressy made subect to the terms and conditions hereof, and acceptance by any grantee of a deed from the Decarant or from any owner sha constitute appointment of the attorney-in-fact herein provided, A of the owners irrevocaby constitute and appoint Chateau Banc Condominium Association, a Coorado corporation, not for profitk their true and awfu attorney in their namey~- ~~~ pace and stead for the purpose of deaing with the property upon its destruction or obsoescence as is hereafter provided. As attorney-in-fact, the Association,by its president and secretary, sha have fu and compete authorization, right and power to make, execute and deiver any contract, deed or any other instrument with respect to the interest of a condominium unit owner which are necessary and appropriate to exercise ~he powers herein granted. Repair and reconstruction of the improvements as used in the succeeding subparagraphs means restoring the improvements'to substantiay the same condition in which it existed prior to the damage, with each unit and the genera and imited common eements having the same vertica and horizonta boundaries as before. The proceeds of any insurance coected sha be avaiabe to the Association for the purpose of repair, restoration or repacements uness the owners and a first mortgagees agree not to rebuid in accordance with the provisions set forth hereinafter. (a) n the even: =f damage or destruction due to fire or other disaiter, the insurance proceeds, if sufficient to reconstruct the improvements, sha be appied by the Association, as attorney-in-fact, to such reconstruction, and the improvements sha be prompty repaired and reconstructed. (0) f tt:ie insurance proceeds are insuffici.ent to repair and reconstruct the improvements, and if such damage is not more than tweve units destroyed or seriousy damaged, such damag~ or destruction sha be prompty repaired and reconstructed by the Association, as attorney-in-fact, using the proceeds of insurance and the proceeds of an assessment to be made against a of the owners and their condominium units. Such deficiency assessment sha be a common expense and made pro rata according to each owner's percentage interest in the genera common eements, and sha be <ue and payabe within thirty days after written notice thereof. The Association sha have the authority to cause the repair or restoration of the improvements using a of the insurance proceeds for such purpose notwithstanding the faiure of an owner to pay the assessment. The assessment provided!or herein sha be a debt of each owner and a ien on his condominium unit and may be enforced and coected as is provided in paragraph 24, n addition thereto, the Assocint~on, as attorney-in-fact; sha have the absoute right and power to se the condominiu~ unit of any owner refusing or faiing to pay such deficiency assessment within the time provided, and if not so paid, the Association sha cause to be recorded a notice that the condominium unit of the deinquent owner sha' be sod by the Association. The proceeds derived from the.sae of such condominium unit sha be used and disbursed by the Association, as attorney-in~fact, in!oowin~ order:

10 i i! 0,, ",:..: ;,,, t'('.5 ' ~ ~,...u..,.. - ~ ; _(.:_~)_F~o;r_p~a~ym:_:e~n!t~o!f~t!h!e~b~a~~a:n~c~e~o~f~t~h:e~~i:e:n_:o:f -, (2) For payment of taxes and specia assessments iens in favor of any assessing entity; (3) For payment of unpaid common expenses; (4) For payment of unior iens and encumbrances in the order of and to the extent of their priority; and (5) The baance remaining, f any, sha be paid to the condominium unit owner. \ (c) f more than tweve units are destroyed or seriousy damaged, and if the owners of tweve units, 0 more, do not vountariy, within one hundred days thereafter, make provision for reconstruction, which pan must have the unanimous approva or consent of every first mortgagee, the Association sha forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Association's president and secretary, the entire remaining premises sha be sod by the Association, as attorney-in-fact for a of the owners, free and cear of the provisions contained in this Decaration, the Map and the By-Laws. The insurance settement proceeds sha be coected by the Association, and such proceeds sha be divided by the Association according to each unit owner's interest (as such interests appear on the poicy or poicies), and such divided proceeds sha be paid into a peparate account representing each condomini~m unit. Each such account sha be in the name of the Association, and sha be further identified by the number of the apartm~nt unit and the name of the owner. From each separate account, the Association, as attorney-in-fact, sha use and disburse the tota amount of each of such funds, without contribution from one account to another, toward the partia or fu payment of the ien of any first mortgage against the condominium unit represented by such separate account. There sha be added to each such account the apportioned amount of the proceeds derived from the sae of the entire property. Such apportionment sha be based upon each condominium unit owner's percentage interest in the genera common eements. The tota funds of each account sha be used and disbursed, without contribution from one account to another, by the Association, as attorney-in-fact, for the same purposes and in the same order as is provided in s~b-paragraph (b) () through (5) of this para_graph. f the owners of tweve uni.ts, or more:, adopt a pan for reconstruction; which ran h~~ the unanimous approva of a first mortgagees, the: a of tee owne,..:.;ba be bound by the terms and other provisions of such pan. Any assessment made in connection with such pan sha be a common expense and made pro rata according to each owner's percentage interest in the genera common eements and sha be due and payabe as provided by the terms of such pan, but not sooner than thirty days after written notice thereof. The Association sha have the authority to cause the repair or restoration of the improvements using a of the insurance proceeds for such purpose notwithstanding the faiure of an owner to pay the assessment, The assessment provided for herein sha be a debt of each owner and a ien on his condominium unit and may be endorced and coected as is provided in paragraph 24. n addition thereto, the Association, as attorney-in-fact, sha have the absoute right and power to se the condominium unit of any owner reusin~ or faing to pay Guch assessment within the time provided, and if not so paid, the Association sha cause to be recorded a nottce that the condominium unit o~ the deinquent owner sha be sod by the Association. The proceeds derived from sae of such condominium unit sha be used and disbursed by the Association, as attor-. ney-in-fact, for the same purposes and in the same order as provided in sub-paragraph {b) () tbroufh (5) of this paragraph... '.

11 i t (d) Owners of tweve or more units may agree that the genera common eements of the property are obsoete and that the same c dbe renewed or reconstructed. n such instance, then the expense thereof sha be payao.... c::: :nr:ion ex enses; provided however, that any owner not agreeing to such renewa or recons c- t ion may give written notice to the Association that such unit sha be purchased by the Association for the fair market vaue thereof. f suci owner and the Association can agree on the fair market vaue thereof, then such sae sha be consummated within thirty day's thereafter. f the parties are unabe to agree, the date when eithe~ 'f,w.rty notifies the other that he or it is unabe to agree with the other sha be the "commencing date" from which a periods of time mentioned herein sha be measured. Within ten days foowing the commencing date, each party sha nominate in writing, and give notice of such nomination to the other party, an appraiser who sha be a reator and be quaified to make appraisas of condominium and simiar property in Pitkin County, Coorado. f either party fais to make such a nomination, the appraiser nominated sha, within five days after defaut by the other party, appoint and associate with him another simiary quaified appraiser. f the two appraisers designated by the parties, or seected pursuant hereto in the event of the defaut of one party, are unabe to agree, they sha appoint another simiary quaified appraiser to be arbitrator between them, if they can agree on such person. f they a~e unabe to agree upon such arbitrator, then he sha be seected from the pane of arbitrators of the American Arbitration Association, The decision of the appraisers as to the fair market vaue, or in the case of their disagreement, the such decision of the arbitrator sha be fina and binding.. The expenses and fees of such appraisers or arbitrator or both sha be borne equay by the Association and the owner. The sae sha be consummated within fifteen days thereafter, and the Association, as attorney-in-fact, sha disburse such proceeds as is provided in sub-paragraph (b) () through (5) of this paragraph. (e) Owners of tweve or more uni ts may agree that the genera common eements of the property are obsoete and that the same shoud be sod. Such agreement must have the unanimous approva of every first mortgagee. n such instance, the Association sha forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Association's president and secretary, the entire premises sha be sod by the Association, as attorney-in-fact for a of the owners, free and cear of the provisions contained in this Decaration, the Map and the By-Laws. The saes proceeds sha be apportioned between the owners on the basis o f each owner's percentage interest in the genera common eements, and such apport!oned proceeds sha be paid into separate accouuts representing each condominium uni,. Each such account sha be in the name of the Association, and sha be further identified by the number of the apartment and the name of the owner. From eacb separate account, the Association, as attorney-in-fact, sha use and disburse the to"ta amount of such a~... -:u:i.t::s, without contribution 'from one account to another, for the same 'f,rposes and in the same order as is provided in sub-paragraph (b) () through (5) of this paragraph. 3. Prior to the first conveyance of any condominium unit, Decarant sha execute and deiver a bi of sae to the Association transferring a items of persona property ocated on the entire premises and furnished by Decarant, which property is intended for the common use and enoyment of the condominium unit owners and occupants. The Association sha hod tite to such property for the use and enoyment of the condominium unit owners and occupants. No owner sha have any other interest and right thereto and a such right and interest sha absoutey terminate upon the owner's termination of possession or ownership of his condominium unit. 32. A notices, demands or other uotices intended to be served upon an owner sha be sent by ordinary or certified mai, postage prepaid, addressed in the ~ame of such owner in care of the &partment number anq buiding address of s.uch o.,,ner. Ai notices, demands or other notices intended to be served upon the oanaging Agent or the Board of Directors )

12 or the Association sha be sen~ by ordinary or certiprepaid, to Wiiam L. Waen, 05 West Adams of the Association ai postai;e. Street, Chicago, dress is changed by a notice of address change unti such ad-., 33. Except as other~ise herein provide, any controversy or caim arising out of or reating to this Decaration, or the breach thereof, sha be setted by arbitration in accordance wth the Rues of the American Arbitration Association, and udgmen t upor. t'"'e award rendered by the Arbitrator(s) may be entered in any Court having urisdiction thereof. 34. f any of the provisions of this Decaration or any paragraph, sentence, cause, phrase or word, or the appication thereof in any circumstance be invaidated, such invaidity sha not affect the vaidity of t.e remainder of tnis vecaration, and the appication of any such provision, paragraph sentence, cause, phrase or word in any otber circu'!tstance~ sha not be affected thereby, 35.. pementa a other The provisions of this Decaration sha be in addition and supto the Condominium Ownership Act of the State of Coorado and to provisions of aw. 36. Whenever used herein, uness the context sha otherwise provide, the singuar number sha incude the pura, the pura the singuar, and the use of any gender sha incude a genders. N WTNESS WHEREOF, Deca:rant, by its corporate officers, bas duy executed this Decaration this /K d d&y of )~-,:-."-;f-, 9Gb. ;; ' STATE OF COUNTY OF ) ) ss. ) WALLEN DEVELOPMENT t:o,, NC, The foregoing instrument was acknowedged before me this~.<,(. day and of -,,_ ""'" Lc, 96G,, by WLLAM L. WALLEN, as Presi ent / as Secretary of Waen Deveopment Co., nc., a corporation. :: t::::r~; h:::-:::::f::~::e::a~~..;, o, / 7 &~. <-~'~2::,;%,: <,,t. 2h at~.--.,<- )..?\..,.,;~. r- ;,. STATE OF CTY A.ND CALFORNA. COUNTY OF SAN FRANCSCO ) ) ss. ) Notary Pub) ic. A P f,.: :'"'.:. o -.,...; this 7TH as Secretary of.,~, \. _x?~-t;:'!? day