General    

Boulder Townhouse Corporation (BTC) is a non-profit corporation, of which the owner/s of each condominium constitute a MEMBER unit. BTC is often referred to as the Association in the Condominium Declaration. Its purpose is to administer the management, maintenance and repair of the buildings, improvements and common elements of Mountain Shadows.

Duties and Responsibilities

More specifically, the principal duties and responsibilities of BTC are:

1.      Prepare and adopt the annual operating budget and establish the common expense fee each condominium owner must pay each month.

2.      Enforce the Condominium Declaration and other rules and regulations adopted for the operation and use of Mountain Shadows, including the common elements, such as the clubhouse, swimming pool, parking areas, play yard and lawns.

3.      Purchase the insurance coverage (see section on insurance) for the buildings and improvements.

4.      Employ and supervise the Manager and other necessary staff.

5.      Authorize or approve all expenditures relative to the management, maintenance, repair of the buildings, improvements, and common elements of  Mountain Shadows that are the responsibility of BTC.

6.      Approve proposed tenants in accordance with the rental rules and regulations adopted by the Members.

Members and Voting

Each condominium unit is allotted one membership and one vote at the annual homeowners meeting or specially called general homeowners meeting (see By-Laws Article II Section 3 and Section II Subsection 7). If there is more than one owner of a condominium unit, the vote is divided in the same manner as the ownership of the unit is divided. Members must be current in the payment of common expense fees to quality to vote at a membership meeting. If a member does not plan to attend a meeting, he is encouraged to give a proxy to any other member who is in good standing to vote in his behalf. Since there are 122 members in BTC, a quorum of 62 votes is required to transact official business.

Board of Directors

The duties and responsibilities of BTC are performed by a Board of Directors of seven (7) elected by and from the members (condominium owners). The Board members are elected each year at the annual meeting held on the first Monday in November. To insure continuity of management, three Board members are elected in the even-numbered years for two-year terms, and four Board members are elected in odd-numbered years for two-year terms. The Board of Directors meets monthly on the second Monday of each month and at such other times as necessary.

In addition to the annual meeting of the Members to be held on the first Monday in November each year, other meetings may be called by the President or by petition signed by not less than 2/5 of the members.

By-Laws  

By-Laws of BTC and the Condominium Declaration may be obtained from the Manager.

Manager

The Manager is hired by the Board of Directors and reports to and takes directions from the Board. His principal duties and responsibilities include the watering and care of the yards and landscaping; maintenance of the swimming pool, clubhouse, playground area and sprinkler system. He is directed to purchase materials and supplies at best possible prices and to maintain the exterior of buildings with regard to roofing, painting, and general upkeep, including, if necessary, engaging independent contractors, as approved by the Board. He has knowledge of insurance coverage as delineated in Declaration Section VI.

He is responsible for enforcing the rules and regulations adopted by the Members and the Board of Directors of BTC. He employs and supervises the lifeguards, and maintenance employees.

He also accepts, during normal working hours, reservation applications for the private use of the clubhouse by residents. He is on a rigid schedule most of the time in order to see that Mountain Shadows operates efficiently. He is NOT responsible for any repair or replacement work required inside a condominium unit or its patio.

Complaints, Incidents and Repairs

Report immediately to the Manager 303-499-064l

1.      Any violation of the rules and regulations.

2.      Any needed repair or replacement in the common elements.

3.      Any complaints regarding condominium operations or damage to any common elements property or any unusual occurrence therein.

Common Expense Fees

The common expense fees include:

1.      The cost of water and sewer for all condominium units as well as the common elements.

2.      Removal of trash for all condominium units as well as the common elements.

3.      The premium on insurance for all buildings as well as the common elements. See detailed insurance coverage on page 36.

4.      The cost of operation, maintenance and repair of the common elements, including the clubhouse, swimming pool, play yard, parking areas, walkways, lawns and flower beds, as well as the maintenance and repair of the exterior of the buildings in which the condominium units are located.

5.      Removal of snow from walks drives and parking areas.

6.      The mortgage payments, property taxes, insurance and maintenance of 1405 Bradley North. This unit belongs to the Association.

They do NOT include:

1.      Property taxes on your condominium unit nor its portion of the property taxes on the common elements.

2.      Electricity or gas for condominium units.

3.      Repair or maintenance of the interior of a condominium unit or its patio interior.

4.      Replacement of broken windows, screens, and patio doors of condominium units.

How the Common Expense Fee is Determined

The Board of Directors of BTC annually reviews the cost of operating Mountain Shadows and determines major items of repair or maintenance that are required. The total of the operating costs plus the cost of executing major items of repair or maintenance during the ensuing year is then divided over 122 units to obtain the monthly fee. (1405 Bradley North, the Manager's unit, is not included.) If some unforeseen item of repair or maintenance should occur, the Board can require the payment of a special assessment to defray the cost of such expense in addition to the monthly fees.

Payment of Common Expense Fee

Your common expense fee is due and payable to the Boulder Townhouse Corporation, 1409 Bradley Drive, Boulder, CO, 80303 on the FIRST DAY OF EACH MONTH. NO BILL WILL BE SENT.   Dues are due on the 1^st day of each month. If dues are not received by the 10^th of the month, a late fee of $5.00 will be accessed. AS MEMBERS OF THE BOULDER TOWNHOUSE CORPORATION IT IS IMPORTANT FOR YOU TO FULFILL AGREEMENTS, MADE BY YOU WHEN YOU PURCHASED YOUR UNIT, TO PAY DUES FOR UPKEEP AND MANAGEMENT ON TIME. ACCORDING TO CORPORATION BYLAWS, (ARTICLE II SECTION 5).  A MEMBER / HOMEOWNER WHO IS NOT IN COMPLIANCE WITH THESE REGULATIONS AND WHO IS DELIQUENT IN FEES AND ASSESSMENTS SHALL CEASE TO BE A MEMBER OF THIS CORPORATION. THIS WOULD PREVENT YOUR ENJOYMENT OF COMMON ELEMENTS AND COMMUNITY AFFAIRS AND COULD ULTIMATELY RESULT IN A LIEN ON YOUR UNIT. NO ONE WANTS THIS, SO PLEASE BE A RESPONSIBLE RESIDENT.

Reserve Fund

In order to minimize the necessity for special assessments, a maintenance reserve fund has been established. Under the present budget, it is contemplated that a portion of the common expense fee can be contributed toward increasing this reserve fund. The fund is deposited in an interest-bearing account to further increase the reserve.

Property Taxes

Each condominium owner must pay the property taxes assessed against his condominium unit that includes 1/123^rd of the value of the common elements (clubhouse, pool, courtyard areas, playground, landscaping, etc.)

Remodels/Renovations

Remodeling and renovations to the interior of your condominium may require a building permit. Comply with all city ordinances when making any changes to the interior of your unit.

Any remodeling or renovations that affect the exterior appearance of the unit must have Board approval in writing before work commences (per condominium Declaration Section X paragraph 9).

Insurance

General

BTC purchases physical damage insurance on the buildings housing the condominium units, the clubhouse and its contents, and 1405 Bradley and liability insurance for the protection of BTC. The following reflects our insurance coverage for the association. For further definitions of responsibility see the Declaration Article I subsection B and Article VI for general insurance information.

Physical Damage Insurance

Coverage

A blanket policy on all buildings, including the clubhouse and its contents is maintained by BTC.

Property Covered

Buildings, including carport structures, carport closets, and those sections of patio fences which divide common from limited common areas. For further details see the Declarations Section X Paragraph 12a.

Property not covered in Common Areas

Lawns, trees, shrubbery, landscaping, sidewalks, parking areas.

Property Not Covered in Limited Common Areas

(Limited commons include patio areas, carports and attics [refer Declarations Article I paragraph G(b)]) Lawns, trees, shrubbery, landscaping, sewer access lines from the unit to the main. Additionally owner-installed decks, greenhouses, fireplaces, skylights, patios including patio walls (as per Declarations Section X paragraph 12a), and personal property are not covered.

Property Not Covered in Condominium Units

Any loss due to negligence or culpable act by homeowner, resident or guest will not be covered by the HOA insurance (as per Declarations Section X paragraph 11).

Paint, wallpaper, carpeting, cabinets, fixtures (including ranges, disposal, dishwashers, hot water heaters, air conditioners and furnaces), plumbing pipes, pressure reducers, furniture, carpets, rugs, draperies, appliances, glassware, silverware, automobiles, motorbikes, bicycles, clothing or other personal property of residents. OWNERS AND TENANTS ARE RESPONSIBLE FOR COVERAGE TO THESE ITEMS THROUGH THEIR OWN PERSONAL PROPERTY POLICIES, INCLUDING SEWER RIDERS IN THE EVENT OF DAMAGE F'ROM BROKEN OR BACKED UP FEEDER PIPES TO INDIVIDUAL UNITS.

Glass Windows and Patio Doors in Condominium Units

Insurance coverage does not extend to breakage or damage to glass windows and patio door in condominium units, unless caused by one of the insured perils. Owners shall be responsible for the cost of replacing glass windows and patio doors.

Principle Perils Insured Against

Fire, lightening, windstorm, hail, explosion, riot, civil commotion, vandalism, malicious mischief, sonic boom, aircraft damage, and vehicle damage done by non-residents.

Principle Perils Not Insured Against

Flood, earthquake, rain, sleet, snow, sand, or dust, unless the buildings have first been breached by windstorm or fire to permit interior damage by rain, sleet, snow, wind or dust.

Reporting and Settlement of Losses

Notify the Manager in the case of a loss on covered property. He is responsible for reporting all claims on covered property to the insurance company. Failure to report immediately may void the insurance contract of BTC. Repair or replacement of the covered property will be coordinated by the Association Manager and the insurance carrier.

Liability Insurance:

BTC carries liability insurance