Miramont Village Homeowners Association

Information Brochure

Miramont Village Homweowners Association

INFORMATION BROCHURE FOR MIRAMONT VILLAGE P.U.D.
Miramont Village P.U.D. is a Planned Community as that phrase is defined in Section 38-33.3-103(22) Colorado Revised Statutes and consists of individual Units owned by individual persons or entities and Common Elements designated as Tracts which are owned by the Homeowners Association.
Miramont Village Homeowners Association, Inc. is a non-profit corporation who’s Articles of Incorporation have been filed with the Colorado Secretary of State. The Association is governed by the Articles of Incorporation and the By-Laws of the corporation, and the Association is controlled during the development and sales period by the developer of the Planned Community who is referred to as the "Declarant". The Declarant's control derives from the contractual right set out in the Declaration giving the Declarant the power to appoint or elect the Executive Board of the Association until no later than 60 days after conveyance of 75 % of the Units by the Declarant or two years after the last conveyance of a Unit in the ordinary course of business by the Declarant. No later than 60 days after conveyance of 25% of the Units by the Declarant, at least one member, and not less than 25 % of the members of the Executive Board, must be elected by the Unit Owners other than Declarant. No later than 60 days after conveyance of 50% of the Units no less than 33 1/3% of the members of the Executive Board must be elected by the Unit Owners other than the Declarant. A majority of the Executive Board must be elected by the Unit Owners other than the Declarant no later than the date for termination of any period of Declarant control.
Legal title to your Unit will be subject to the Plat and the Declaration, which are recorded in the Larimer County land records, the Articles of Incorporation filed in the Colorado Secretary of State's Office and By-Laws for Miramont Village Homeowners Association, Inc. These documents establish the Planned Community as well as create a non-profit incorporated homeowners association, which will govern the Planned Community and provide rules and regulations for the conduct of the Unit Owners and for their protection.
All Unit Owners automatically become members of the Association upon purchase of their Unit and thereby obtain their right to vote at the Association meetings. Such membership ends with the owner's transfer of interest in the Unit to another person.
At subsequent annual meetings they will elect the board members necessary to fill the vacancies resulting from expiration of the terms of office ending at that annual meeting. At each annual meeting the officers of the Association will present a financial report and budget and other business will be conducted according to the agenda for the meeting.
Special meetings may be called at any time by the President, the Executive Board, or upon a written request signed by the members entitled to vote one-fourth of the votes of the
Association.
After each annual election, the Executive Board will elect from among their number the officers of the Association, being at least a President, Secretary and Treasurer, who will direct the day to day business of the Association until the next annual meeting.
The collective responsibility for making reasonable rules and regulations for the use of the Common Elements and protection of the serenity and privacy of the dwellings belongs primarily to the officers and the Executive Board of the Association. They also have the responsibility for the care, maintenance and protection of the Common Elements.
The necessary money to properly and adequately support the Planned Community and the Common Elements thereof is obtained by the Association from all of the Unit Owners, including the Declarant if it is the owner of completed Unit within the Planned Community. The officers will prepare an annual budget and estimate of the expenses and will assess each Unit a proportionate amount. Such annual assessments may be collected on a monthly basis. From time to time it may become necessary to raise additional sums to meet unforeseen expenses such as casualty losses or to obtain some necessary capital item. The costs thereof may be the subject of a special assessment. Annual and special assessments, and interest and any costs of collection are a charge on the Unit and shall be a continuing lien upon each Unit against which such assessment is made. Until each such assessment is paid, the assessments, interest and any costs of collection are the personal obligation of the Unit Owner.
The current annual assessment for the year beginning the 1st day of January 1997, and ending the 31st day of December, 1997 is $732.00 per Unit per year. Assessments are prorated to the date of sale of the Unit. The assessments will be collected from each Unit J Owner at the rate of $ 61.00 per month per Unit. There is not a special assessment owing.
(Note: As of January 2003 the monthly assessment was increased to $72 per month.)
The maximum amount of the annual assessment for the Planned Community my be increased each year by not more than five percent (5 %) above the maximum assessment for the preceding year unless changed by a vote of sixty-seven percent (67%) of the Unit Owners other than Declarant, and any increase in the maximum amount of the assessment during the period of Declarant control shall be subject to approval by the Federal Housing Administration. There shall be no user fees charged to any Unit Owner for use of any Common Elements. The Common Elements are listed as Tracts A through F on the Plat and contain only landscaping, street, sidewalks. There are no recreational improvements or amenities.
Assessments become delinquent ten (10) days after due date. A late charge of $25.00 will be assessed for any payment not received on or before the 10th day of any month. After delinquency, unpaid assessments will incur a penalty interest charge determined by the Executive Board, and is currently twelve (12%) per annum. Such delinquencies may be collected by judicial foreclosure and sheriff's sale of the affected Unit or by obtaining a personal judgment in Court against the Unit Owner.
The Association will use the assessment proceeds for the benefit of the Unit Owners, to protect the Common Elements, and to fund the necessary reserve accounts. Public liability insurance will be obtained insuring against claims for injury caused because of the conditions of the Common Elements (Outlets) or the carelessness of an Association employee. Workers' compensation and fidelity bonds may also be required. (NOTE: TITLE INSURANCE ON EACH UNIT, HOMEOWNER'S INSURANCE AND PUBLIC LIABILITY INSURANCE FOR EACH UNIT IS THE PERSONAL RESPONSIBILITY OF EACH UNIT OWNER. YOU MUST CONTACT YOUR OWN INSURANCE AGENT TO OBTAIN ADEQUATE INSURANCE COVERAGE FOR YOUR UNIT AND YOUR PERSONAL PROPERTY.)
The Association will maintain the Common Elements, maintain all private streets, sidewalks, take care of the grounds, handle snow removal, supervise and collect charges for the master water meter, master common area electrical meter, blanket sewer charges and any other common utilities furnished to the Planned Community for the use of the Unit Owners as a whole. The Association will collect, safeguard, provide for auditing and spend the assessment money, hire, supervise and discharge employees, and operate an office sufficient to carry out these purposes. Some or all of these duties (but not the responsibility therefore may be turned over to a manager or managing agent.
Each Owner of a Unit shall be responsible for the care and maintenance of the exterior and interior of the Owner's Unit and Dog Run if constructed. The Association will be responsible for the upkeep of the sprinkler system and landscaping of each Owner's Lot as well as the Common Area, however, each Unit Owner shall be responsible for payment of the water bill for that Owner's water meter. The Association shall have the right to control the time and frequency of lawn watering on each unit.
See Attached Operating Budget prepared by James Construction Company, Inc. on the 1st day of January, 1997.
(Note: Budget not attached)
Special assessments require a vote of Unit Owners owning sixty-seven percent (67%) of the Units sold by the Declarant. Special assessments for capital improvements as long as the Declarant controls the Planned Community, in addition to the sixty-seven percent (67%) majority stated in the previous sentence, will also require the written consent of the Federal Housing Administration.
The Planned Community originally consists of 12 Units. The Declarant has the right to add 40 additional Units to the Planned Community in two additional phases for a total of 52 Units. The Planned Community is presently subdivided to allow a total of 52 Units.
The Planned Community is subject to existing Deeds of Trust. The Common Elements (Tracts) shall be conveyed to the Homeowners Association prior to the sale of any Unit from
The Declarant to a third party free and clear of any encumbrances. As part of the sales closing process, a partial release of any construction or land acquisition liens against the Planned Community as a whole will be issued by such lien holders in respect to your Unit releasing your Unit from such liens.
Respectfully submitted,
James Construction Company, Inc.