HomeMy WebLinkAboutDeclaration of Covenants Woodland Springs_1968-~I,)."'l '''''2
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themselves date'rm irie ;but in no event shall more than one vote be cast with
respect to,any such Lot.
Glass B.Glass B members shall be Keystone Square Company.
The Cla s s B member shall be entitled to one vote for each Lot in which it
holds the int~rest req.dred for rnernbe r s hip by Article III,provided,however
that the Class B membership shall be cancelled and cease to exist after
yea'l:'~frolll the date of incorporation.------'
ARTICLE IV.
COVENANT FOR MAINTENANCE ASSESSMENTS
Section L Creation of the Lien and P.ersonal_Obligation of
Assessments,The Declarant for each Lot owned by it within The Properties
hereby covenants and each purchaser of any Lot by acceptance of a deed
therefor,whether or not it shall be so ex pressep in any such deed or other
conveyance,shall be deemed to covenant and agree to pay the Corpol"ation:
(l)annual as aes s rne nt s or char ges ;{Z}special as s esarnents for capital
improvements I such assessments to be fix~d,established and collected from
Each suchthep r op er ty against which each such assessment is made.
together with s uc n interest thn r e on and costs of collection thereof as herein-
after provided shall be a charge on the land and shall be a.continuing lien upo
time to time as hereinafter provided.The annual,arid special assessments,
assessment,together with su ch interest thereorl and cost of collection thereof
as he r e lnaft er provided,shall also be the personal obligation of the person w 0
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~w as ,ho Own ..oi su ch p r op er ty a the Ume when <he ",s es s rn erit Colt due ,
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Section (.,Pttrpose of Alisessments.The assessment levied by
the Corporation shall be used e;'~lusivel'y for the purpose of promoting the
recreation,health,safety and welfare of the residents in The Properties and
in particular,fo r the improvement and maintenance of'property,services an,.
facilities devoted to this pur pos e and directly related to the us e and enj oyrnen
of the Common Proper ti es a nd of the hom e 9 s Ituated upon the properties
including,but not Limited to,"0 peyment or taxes und i us u rarrcc Co<th e cern,"'
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Ar t i cles ,}f In cor po r-atf ort and under.Article Il ,Se cti on Z
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Section 6.Quorum for Any Action Authorized Under Sections•
4 and 5.The quorum r equir ed for any action aut~oriz;ed by Sections 4 and 5
hereof shall be as follows:
At the first meeting called,as provided in Sections 4 and 5 her eo tl
pres enc e at the meeting of members,or of proxies.entitled to cas e sixty
(60)per cent of all of the votes of each class of membership shall constitute
a quorum.If the required quorum is not forthcoming at any meeting,anothe r
m e et ing may be ca.lled,subject to the notice requirement set forth in Sections 4
and 5,and the required quorum at any such subsequent meeting shall be one-
ha.lf (liZ)of the required quorum at the preceding meeting,provided that
no such subsequent meeting shall be held mor ethan si,:x:t.y (60)days following
the ?receding meeting.
Section 7.r:ate of Commencement 01 Annual A61!l~SSTl1enta;Due
Dates.The annual assessments provided for herein shall commence on
the date fi;x:ed by the Board of Directors of the Corporalion to be the date of
commencement.
The first annual assessments shall be made for the balance of
the c al.enda r year and shall become due and payable on the day fixed for,.
commencement.The as s eas ments Cor any year,after the first year,shall
become due and payable on the first day oC January of said year.
The amount of the annua.l assessment which may be levied for the
balance r ernatrring in the first year of assessment shall be an amount which bear
tbe same relationship to the ann~al asses"sm~nt p~ovided for in Sect;on ;her elf
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as the remaining number of months in that year bears to twelve.The same
reduction in the amount of the assessment shall apply to the first assessment
levied against any property which is hereafter added to the properties now
subject to as ses s rne nt at a t irn o other than the heginning of any a as es s rne nt
'"pe r i od,
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The due date of any special assessment under Section 4:hereof
shall be fixed in the r eso luti on autho r i aing su ch assessment,which resolutio
may authorize payment in e qual installments no less often than monthly,
provided the entire special assessment is paid during the calendar year to
which it is applicable.
Section 8.Duties or the Board of Directors.The Boa.rd of
Directors of the CorporaUon shall Iix the date of commencement and the arno nt
of the,a~sessmentagainst each lot for each assessment period at least thirty
(30)days in advance of such date or per-iod and IShall,at that time,prepare a
raster of the properties and aaeeesments applicable thereto which shall be
kept in the offi c e oC the Corporation and shall be!open to inspection by ~ny
Owner.
Written notice of the assessment shall thereupon be sent out to
<Obligation of the Owne.n The Lien;Remedies of Corporation.If the assessme ts
,:EHC(;l of Non-Payment of Assessments;The PersonalSection9.
every Owner subject thereto.
The Corporation lJhall upon demand at any time furnish t~any
Owner liable for san assessment a certiIicate in writing signed by a~
oUiceX'of the Corporation,setting £oX'th whether s a.Id assessment has ~een
paid.Such certificate shall be conclusive evidence of payment of any a's s es s «
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m ent therein stated to have been paid.~
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I 'I a r e not paid on the date or '1.\1 'lH wh en due (being the dates specified in Se~tion
!I 7 hereof),then such as sc ...""",,,I shall became delinquent and shall,togetJer
the due date shall accelerate the payment of al l installments and the entire
authorized,then Ia i lu re to pay anyone installment within ten (to)days after
unpaid.balance of such as sess ment shaH immediately became clue and ow ingz
with such interest thereon and cost of col.l e ct lorr.the r eof as hereinafter provid d,
If,ha nd s of the th en owner,hi~heirs.devisees,successors and assigns.
und er Section 7 Ins ta.ll.rne nt payments o£sp e c ia.La s s es s rne nts have been
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without further not i ce,The personal obligation oC the then Owner to pay such
assessments,however,s hall remain his personal obl igatt on for the statutor'y I
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II l\OO~1:'';jT Mcm~-II period and shall not pass to his successors in title unless
II expressly assumed by them.
II If the assessment is nut paid within thirt}'(30)days after the
delinquency date,the as s es s rne nt shall bear i nt e r es t £rom the'date of
delinquency at the rate of eight per Cent (8"!ol per 'annu.m.and the Corp or a.ti on
may bting an action at law against the owner pexsonally obligated to pay the
same or to £oreclose the lien against the property and there shall be added.to
the amount of such ass essment the costa of prepadng and filing the complaint
in such action,and in the event a judgment,is Obtained such judgment shall
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include interest on the assessment as above provtded and a r eas onable
attorney's fee to be fixed by the court together with the costs of the action•.
Section 10.Subordination of the LicSn to Mortgages.The lien of
the assessment provided for herein shall be subordinate to the lien of any
mortgage or mortgages now or hereafter placed upon the properties subject
to a.ss es e rrient:provided,however,that such subordination shall apply only t
the assessments which have become due and paYable prior t~the sale of such
property pursuant to a decree of foreclosure of any such mortgage.Such
sale shall not relieve such property trom liability for any assessments
thereafter becoming due nor from the:lien of any such subsequent as s es ame t,
Section 11."Junior Lien"Provision.If any premises subject
to the lien hereof shall become SUbject to the li~n of a rno r tgag e or deed of
trust (I)the foreclosure of the lien hereof shaH not operate to alfeet or irnp a r
lien of the'mortgage or deed of trust;and (2)the foreclosure of the lien oL th "
mortgage or deed of trust or the acceptance or a deed in lieu of LorecLosure
by the mortgagee shall ~'ot oper-ate to affect or impair the lien hereor'.but'e a]
charges as shall hal'!',~r:r:r,,~r1 '\P to the [ore closure or the acceptance of the
time of the foreclosure or deed given in lieu of foreclosure but subject to the
deed in lieu of foreclosure shall be subordinate to the lien o£the mortgage or
title I r ee oI the lien hereof [or all such charges that have accrued up to the
deed of trust with the foreclosure purchaser or deed in lieu grantee taking
to the foreclOSIll'r
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lien he r eof Io r all said charges that shall accrue s ub s eque nt
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