HomeMy WebLinkAbout919281
RECEIVED 6/13/2006 at 12:51 PM
RECEIVING # 919281
BOOK: 623 PAGE: 93
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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DECLARATION OF CONDOMINIUM, COVENANTS,
CONDITIONS, AND RESTRICTIONS FOR COO 0 93
THE CONDOS AT VALLI-VU
TillS DECLARATION OF CONDOMINUIM, COVENANTS, CONDITIONS, AND
RESTRICTIONS FOR THE CONDOS AT VALLI-VU is made and entered into
effective on the 8th day of June, 2006, by Next Step Engineering, Design and
Construction, LLC, a Wyoming limited liability company, hereinafter referred to as the
"Declarant. "
RECITALS
1
J
A. The Declarant is the owner of that certain real property located in the
County of Lincoln, State of Wyoming more specifically described on Exhibit "A"
attached hereto and incorporated herein by reference, and as further described and shown
on tnÿa.Plat of the Condos at Valli-VU, recórded in the Lincoln County Clerks office on
the ~ day of June, 2006 (herein the "Plat"), which is incorporated herein by reference -
said real property is referred to herein as the "Real Estate").
B. The Declarant desires to create a residential development in multi-family
buildings on the Real Estate pursuant to the Wyoming Condominium Ownership Act,
Wyo. Stat. Ann. § 34-20-101, et seq., as it may be amended time to time (herein the
"Act"), and other portions of the Real Estate as may be designated for other uses by
Declarant hereafter.
C. The Declarant shall cause to be incorporated under the laws of the State of
Wyoming THE CONDOS AT VALLI-VU OWNERS ASSOCIATION, a nonprofit
corporation, for the purpose of exercising the functions of the "Association" as
hereinafter set forth.
ARTICLE I.
SUBMISSION OF REAL ESTATE
The Declarant hereby publishes artd declares that the Real Estate shall be held,
sold, conveyed, transferred, leased, subleased, and occupied subject to the following
declaration of condominimn, covenants, conditions, and restrictions and easements which
shall run with the Real Estate and shall be binding upon and inure to the benefit of all
parties having any right, title, or interest in the Real Estate or any portion thereof, their
heirs, personal representatives, successors, and assigns.
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ARTICLE ll.
DEFINITIONS
000094
0919281
Section 1: Capitalized Terms. When used in this Declaration, unless the
context clearly indicates otherwise, capitalized terms shall have the meanings provided in
this Article, as follows:
(a) "Allocated Interests" shall mean and refer to the Common Expense
Liability and votes in the Association.
(b) "Approval" or "Consent" shall mean securing the prior written
approval or consent as required herein before doing, making, or
suffering that for which such approval or consent is required.
(c) "Association" shall mean and refer to the Condos at Valli-VU
Owners' Association, which shall be organized and existing under
the Wyoming Nonprofit Corporation Act, as provided in this
Declaration.
(d) "Board of Directors" shall mean and refer to the Board of Directors
of the Association.
(e) "Building," where the text indicates, shall mean a building
containing one or more residential Units.
(f) "Bylaws" shall mean and refer to any instruments, however
denominated, which are adopted by the Association for the
regulation and management of the Association, including
amendments to those instruments.
(g) "Common Elements" (which may also be referred to herein and on
the Plat as "General Common Elements") shall be those areas
shown and/or noted on the Plat as "GCE", which specifically
include but are not necessarily limited to the following: the
Driveway; the existing pool and a portion of the existing building
adjacent to the pool all within that parcel shown and described on
the Plat as the "Pool Tract"; those general parking spaces not
otherwise designated as limited common elements (LCE) on the
Plat; the laundry facility at the north end of Building 2; the areas
within the boundaries of the Building 1 and 2 Tract and the
Building 4 Tract that are not otherwise designated as limited
common elements or a Unit, with all of the forgoing areas being
described and/or shown on the Plat. These areas shall be
maintained by the Association who shall have direct governance
over them and have a right to assess Common Expense Liability
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091.9281.
for the maintenance and repair of the area to each Unit owb'J}&\ 0 9 5
an equal prorata basis.
(h) "Common Expense Liability" shall mean and refer to the liability
for Common Expenses allocated to each Unit pursuant to this
Declaration.
(i) "Common Expenses" shall mean and refer to expenditures made or
liabilities incurred by or on behalf of the Association, together with
any allocations to reserves.
(j) "Dealer" shall mean and refer to a Person in the business of selling
Units for such Person's own account.
(k) "Declarant" shall mean and refer to Next Step Engineering, Design
and Construction, LLC, a Wyoming limited liability company and
any Legal Entity, Person or group of Persons acting in concert
who:
(1) As a part of a common promotional plan, offers to dispose
of to a Purchaser such Declarant's interest in a Unit not
previously disposed of to a Purchaser; or
(2) Reserves or succeeds to any Special Declarant Right.
(I) "Declaration" shall mean and refer to this Declaration, including
any amendments hereto and also including, but not limited to, plats
of the Real Estate recorded in the Clerk and Recorder's office of
Lincoln County, Wyoming.
(m) "Dispose" or "Disposition" shall mean and refer to a voluntary
transfer of any legal or equitable interest in a Unit, but the term
does not include the transfer or release of a security interest.
(n) "Identifying Nmnber" shall mean and refer to a symbol or address
that identifies only one (1) Unit in the Real Estate.
(0) "Limited Common Elements" shall mean areas of the Real Estate
that are specifically shown or designated on the Plat as "LCE" or
"Limited Common Element", including but not limited to the
parking space(s) noted and shown on the Plat as LCE for each
respective Unit and the yard space noted and shown on the Plat as
LCE fúr' each respectîve Unit. All such limited common element
areas shall be for exclusive use by each respective Unit Owner as
designated on the Plat (or by more than one Unit Owner but less
than all Unit owners if any such areas are designated on the Plat or
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0919281.
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any future amendments thereto), and each such Limited Common
Element shall be maintained by the Association who shall have
direct governance over the Limited Common Elements with a right
to assess Common Expense Liability for the maintenance and
repair of the area to fewer than all the Unit Owners.
(P) "Unit" shall mean a space in a Multi-Family Residence building
that is occupied by a single family, or a group of related or non-
related individuals, or a single individual.
(q) "Unit Owner" or "Owner" shall mean and refer to the Declarant or
other Person who is a record owner of a Unit, or Units, but does
not include a Person having an interest in a Unit solely as security
for an obligation. The Declarant is the Owner of all Units created
in the Real Estate until that Unit is conveyed to another Person.
(r) "Manager" shall mean and refer to a Person employed or engaged
to perform management services for the Association.
(s) "Member" shall mean and refer to every Person or entity that holds
membership in the Association.
(t) "Mortgagee" shall mean and refer to any Person who has a security
interest in a Unit and who has provided written notice of such
interest to the Association. "First Mortgagee" shall mean and refer
to a Mortgagee who has a security interest in a Unit prior to all
other security interests except the security interests of real property
taxes and assessments made by Lincoln County, WyoIning, or
other governmental authority having jurisdiction over the Real
Estate.
(u) "Multi-Family Residence" shall mean a building containing more
than one Unit.
(v) "Person" shall mean and refer to a natural person, a corporation, a
limited liability company, a partnership, an association, a trust, or
any other entity or combination thereof.
(w) "Plat" shall mean and refer to the three-sheet Plat of the Real
Estate recorded in the office of the Clerk and Recorder of Lincoln
County, Wyoming, on even date herewith and all recorded
amendments or supplements thereto.
(x) "Purchaser" shall mean and refer to a Person, other than a
Declarant or a Dealer, who, by means öf a transfer, acquires a legal
or equitable interest in a Unit, other than:
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0919281.
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(1) A leasehold interest in a Unit of less than forty (40) years,
including renewal options, with the period of the leasehold
interest, including renewal options, being measured from
the date the initial term commences; or
(2) A security interest.
(y) "Real Estate" shall mean and refer to the Real Estate described on
Exhibit "A" attached hereto and incorporated herein by reference,
and as shown and described on the Plat which Real Estate may also
be referred to herein as the "Common Interest Community."
(z) "Residence" shall mean and refer to a Unit
(aa) "Residential Use" shall mean and refer to use for dwelling by a
single family or related or non-related individuals, or a single
individual.
(bb) "Rules and Regulations" shall mean and refer to any instruments,
however denominated, which are adopted by the Association for
the regulation and management of the Real Estate, including any
amendment to those instruments.
(cc) "Security Interest" shall mean and refer to an interest in real estate
or personal property created by contract or conveyance that secures
payment or performance of an obligation. The term includes a lien
created by a mortgage, deed of trust, trust deed, security deed,
contract for deed, land sales contract, lease intended as security,
assignment of lease or rents intended as security, pledge of an
ownership interest in an association, and any other consensual lien
or title retention contract intended as security for an obligation.
(dd) "Single-family" shall mean and refer to any individual or group of
people related by blood or marriage or any unrelated group of
persons living together, or any individual living alone.
(ee) "Subassociation" shall mean the associations that may be
organized to govern parts of the Real Estate.
Section 2: Other Terms in Declaration. Other terms in this Declaration may
be dermed in specific provisions contained herein and shall have the meaning assigned to
such terms by such definition.
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'0319281
ARTICLE fiI.
COMMON INTEREST COMMUNITY
Section 1: Name. The name of the Common Interest Community is THE
CONDOS AT V ALLI- VU.
Section 2: Association. The name of the Association is THE CONDOS AT
V ALLI-VU OWNERS' ASSOCIATION, a Wyoming nonprofit corporation.
Section 3: County. The name of every county in which any part of the
Common Interest Community is situated is Lincoln County, Wyoming.
Section 4: Number of Units. Declarant has identified and developed fourteen
(14) residential Units, and pool area/building, within the Common Interest Community,
as shown on the Plat as of the date hereof. Declarant reserves the right to develop
additional Units for sale in areas adjoining those existing Units, including but not limited
to the intended development of a future Building 3 which shall be located between the
Building 1 and 2 Tract and the Building 4 Tract, as described on the Plat, and the
Declarant's possible redevelopment of a restaurant, either in its existing location or in
some other location, to be detennined by Declarant, and such other additional Units
within the lands adjoining the Real Estate noted for Future Development in such numbers
as to be similar in density as the existing Units.
Section 5: Boundaries of Buildings and Units. The boundaries of each
Building and of each Unit and/or Multi-Family Residence dedicated to condominium are
as shown and set forth on the Plat, as may be amended, and may be described and further
regulated and assessed in amended declarations hereinafter filed by Declarant.
Section 6: Allocated Interests. The Common Expense Liability and votes in
the Association shall be allocated among the Owners as follows:
(a) Each Owner's share of the Common Expenses shall be a fraction of
the total, the numerator of which shall be one (1) and the
denominator of which shall be the total number of Units within the
Common Interest Community. Therefore, initially, each Unit shall
be allocated a 1I14th interest (1 divided by 14 Units); however,
should Declarant develop additional Units and add into this
Common Interest Community, that fractional allocation shall be
thereafter adjusted accordingly by the number of Units added.
(b) Each Owner shall be entitled to one (1) vote for each Unit owned.
Section 7: Recording Data. To the best of Declarant's knowledge, all
easements and licenses to which the Common Interest Community is presently subject
are as set forth in the records of the Lincoln County Clerk or as otherwise set forth herein
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0919281
C00099
or on the Plat In addition, the Common Interest Community may be subject to other
easements or licenses of record or otherwise hereafter granted by the Declarant pursuant
to the terms of this Declaration.
Section 8: Notice. Notice of matters affecting the Common Interest
Community may be given to Unit Owners by the Association or by other Unit Owners
in the following manner: notice shall be hand delivered or sent prepaid by United States
mail to the mailing address of each Unit or to any other mailing address designated in
writing by the Unit Owner. Such notice shall be deemed given when hand delivered or
when deposited in the United States mail.
ARTICLE IV.
ASSOCIATION
Section 1: Authority and Power. The business and affairs of the Common
Interest COmIilunity shall be managed by the Association. The development, regulation,
and administration of the Common Interest Community shåll be governed by certain
Documents, including, but not limited to this Declaration and any amendments thereto,
and the Articles ofIncorporation, Bylaws, and duly-promulgated Rules and Regulations
of the Association, as each may be amended from time to time. The Association shall
have all of the powers, authority, and duties permitted pursuant to the Documents and
that are necessary and proper to manage the business and affairs of The Condos At Valli-
Vu. The authority and power of the Association shall be paramount.
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Section 2: Declarant Control. The Declarant, or persons designated by it, shall
appoint the initial Board of Directors of the Association. The period of Declarant's
control, as set forth herein, is subject to the limitations set forth in Article V, Section 1, of
this Declaration.
Section 3: Board of Directors' Powers and Duties. The Board of Directors
shall be a Board composed of three (3) Owners, and the Board may act in all instances on
behalf of the Association, except as provided in this Declaration, or the Articles of
Incorporation and Bylaws of the Association. The Board of Directors shall have, subject
to the limitations contained in this Declaration and the Act, the powers and duties
necessary for the administration of the affairs of the Association and of The Condos At
V alli- Vu, which shall include, but not be limited to, the following:
(a) Adopt and amend Bylaws.
(b) Adopt and amend Rules and Regulations regarding the use and
enjoyment of the Common Elements and Limited Common
Elements and the activities of occupants thereon.
( c) Adopt and amend budgets for revenues, expenditures, and
reserves.
(d) Collect Common Expense Assessments from Unit
Owners.
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0919281
( e) Hire and discharge Managers.
(t) Hire and discharge independent contractors, employees,
and agents or other than Managers.
(g) Institute, defend or intervene in litigation or administrative
proceedings or seek injunctive relief for violation of the
Documents in the Association's name, on behalf ofthe
Association, or Member(s) on any matters affecting the Common
Interest Community.
(h) Make contracts and incur liabilities.
(i) Regulate the use, maintenance, repair, replacement, and
modification of the Common Elements.
G) Cause additional improvements to be made as a part of the
Common Elements.
(k) Acquire, hold, encumber, and convey in the Association's name,
any right, title, or interest to real estate or personal property, but
the Common Elements may be conveyed or subjected to a Security
Interest only pursuant to this Declaration and applicable law.
(1) Grant easements for any period of time, including permanent
easements, leases, licenses, and concessions through or over the
Common Elements.
(m) Impose and receive a fee or charge for the use, rental, or operation
of the Common Elements and for services provided to Owners.
(n) Impose a reasonable charge for late payment of assessments and
levy a reasonable fme for violation of this Declaration, the Bylaws,
and the Rules and Regulations of the Association.
(0) Impose a reasonable charge for the preparation and recordation of
supplements or amendments to this Declaration and for statements
of unpaid assessments.
(P) Provide for the indemnification of the Association's officers and
the Board of Directors and maintain Directors' and officers'
liability insurance.
(q) Exercise any other powers conferred by the Documents.
(r) Exercise any other power that may be exercised in the State of
Wyoming by a legal entity of the same type as the Association.
(s) Exercise any other power necessary and proper for the governance
and operation of the Association.
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(t) May, but shall not be required to, negotiate and enter into contracts
for the following services to be provided Owners of the Condos At
Valli-Vu Village: (1) water; (2) electric power; (3) gas; (4) phone
(base service); (5) cable; (6) internet; (7) trash; and (8) such other
services as shall be provided generally to Owners in The Condos
At V alli- Vu. The contract services shall be available on a uniform
basis to all Owners, but shall not be mandatory for any Owner
(u) By resolution, establish permanent and standing committees of
Directors and/or to perform any of the above functions under
specifically delegated administrative standards as designated in the
resolution establishing the committee. All committees must
maintain and publish notice of their actions to the Board of
Directors, such publication being written notice delivered to· the
owners. Actions taken by a committee may be appealed to the
Board of Directors by any Member within forty-five (45) days of
publication of a notice. If an appeal is made, the committee's action
must be ratified, modified, or rejected by the Board of Directors at
their next regular meeting.
(v) The Declarant shall dedicate and/or convey to the County of
Lincoln, Wyoming, such facilities and areas as may be required by
the County of Lincoln in its approval and acceptance process.
Should the Real Estate be annexed in the future, then the same
power as to the Town of Afton.
(w) Establish a reserve fund from the Common Expense Assessments
as may be required for future reasonable needs.
(x) The Association shall maintain all landscaping identified as part of
the Common Elements of the Common Interest Community.
(y) The The Condos At Valli-Vu Common Area as shown on the Plat
is private for the Owners of The Condos At Valli.;.Vu, and shall be
maintained and replaced as required by the Association. The
restaurant site for redevelopment is shown on the Plat. Parking,
outside the Limited Common Element parking areas shown on the
Plat, shall be designated by the Board of Directors of the
Association.
(z) The laundry in Building 2 and associated facilities shall be a
Common Area operated, maintained- and regulated by the
Association.
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0919~~b1
(00102
(aa) The pool area and associated building inside the Pool Tract shall
be a Common Area operated, maintained and regulated by the
Association.
(bb) Regulate the outside appearance of buildings including, but not
limited to, color, siding and roofmg materials and color, any and
all alterations and window coverings.
Section 4: Professional Management and Contract Termination Provisions.
The Association may utilize its employees or a professional management organization in
performing its duties hereunder. Any agreement for professional management of the
Association's business shall have a maximum term of three (3) years and shall provide for
termination by either party thereto, with or without cause, and without payment of a
termination fee, upon sixty (60) days' prior written notice. Any contracts, licenses, or
leases entered into by the Association while Declarant is in control of the Association
shall provide for termination by either party thereto, with or without cause and without
payment of a termination fee, at any time after termination of Declarant control of the
Association, upon sixty (60) days' prior written notice; provided, however, that any
contract entered into at any time by the Association providing for services of the
Declarant shall provide for termination at any time by either party thereto without cause
and without payment of a termination fee upon sixty (60) days' prior written notice.
Section 5: Board of Directors' Limitations. The Board of Directors may not
act on behalf of the Association to amend this Declaration, to terminate the Common
Interest Community, or to elect members of the Board of Directors or determine their
qualifications, powers, and duties or terms of office of the Board members.
Section 6: Owner's Negligence. Notwithstanding anything to the ,contrary
contained in this Declaration, or in the event that the need for maintenance or repair of
the Common Elements or any improvements located thereon is caused by the willful or
negligent act, omission, or misconduct of any Unit Owner, or by the willful or negligent
act, omission, or misconduct of any member of such Unit Owner's family, or by a guest
or invitee of such Unit Owner, or any tenant or tenant's family, the costs of such repair
and maintenance shall be the personal obligation of such Unit Owner, and any costs,
expenses, and fees incurred by the Association for such maintenance, repair, or
reconstruction shall be added to and become part of the assessment to which such
Owner's Unit is subject and shall be a lien against such Owner's Unit as provided in this
Declaration imposing assessments on the Unit Owner for payment of Common Expenses.
A determination of the willful or negligent act, omission, or misconduct of any Unit
Owner or any member of a Unit Owner's family, or a guest or invitee of any Unit Owner,
or tenant or tenant's family, and the amount of the Unit Owner's liability therefor, shall be
determined by the Association after notice to the Unit Owner and the right to be heard
before the Board of Directors in connection therewith.
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0919281
ARTICLE V.
SPECIAL DECLARANT RIGHTS AND ADDITIONAL RESERVED RIGHTS
Section 1: Special Declarant Rights. Declarant hereby reserves the right
for a period of: (i) up to three (3) years after this Declaration is recorded in the office
of the Clerk and Recorder of Lincoln County, Wyoming, or (ii) eighteen (18) months
after Declarant owns no portion of, nor interest in, the Real Estate, whichever occurs
first, to perform the acts and exercise the rights hereinafter specified ("the Special
Declarant Rights"). Declarant's Special Declarant Rights include the following:
(a) Completion ofImþrovements. The right to complete improvements
required by Lincoln County for The Condos At Valli-Vu with the
Town of Afton, Wyoming.
(b) Exercise of Developmental Rights. The right to exercise any
Development Right reserved in Article VI of this Declaration.
(c) Construction Easements. The right to use easements through the
Common Elements for the purpose of making improvements
within the Common Interest Community.
(d) Control of Association and the Board of Directors. The right to
appoint or remove and replace any officer of the Association or
any Board member during said period.
(e) Future Development of the Common Interest Community.
Declarant reserves the right to finalize its development of all part
or all of the Real Estate in any number of individual lots, buildings,
and Units, and to sell Units as condominimns in one or more
separate condominium developments, or to sell one or more of the
Buildings containing Units for any use permitted by law. All Units,
whether sold as condominium units or not, shall remain burdened
and benefited by this Declaration.
(f) Amendment of Declaration. The right to amend the Declaration in
connection with the exercise of any Development Rights or to
comply with HUD, FannieMae, FreddieMac, FHA, or V A law
regulations.
(g) Amendment of Plat. The right to amend the Plat in connection with
the exercise of any Development Rights.
Section 2: Additional Reserved Rights. In addition to the Special Declarant
Rights set forth in Section 1 of this Article, Declarant also reserves the following
additional rights ("the Additional Reserved Rights"):
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0919281
C00104
(a) Dedications. The right to establish, from time to time, by
dedication or otherwise, utility and other easements over, across,
and upon the Common Elements and Limited Common Elements
for purposes including, but not limited to, streets, paths, walkways,
drainage, recreation areas, parking areas, and to create other
reservations, exceptions, and exclusions over, across, and upon the
Common Elements for the benefit of and to serve the Unit Owners
within the Common Interest Community.
(b) Use Agreements. The right to enter into, establish, execute, amend,
and otherwise deal with contracts and agreements for the use,
lease, repair, maintenance, or regulation of Common Elements,
which mayor may not be a part of the Common Interest
Community for the benefit ofthe Unit Owners and/or the
Association.
(c) Other Rights. The right to exercise any Additional Reserved Right
created by any other provision of this Declaration.
Section 3: Rights Transferable. Any Special Declarant Right or Additional
Reserved Right created or reserved under this Article for the benefit of the Declarant may
be transferred to any Person by an instrument describing the rights transferred and
recorded in Lincoln County, Wyoming. Such instrument shall be executed by the
transferor Declarant and the transferee.
ARTICLE VI.
RESERVATION OF DEVELOPMENT RIGHTS
Section 1: Development and Withdrawal Rights. Declarant expressly reserves
the right to create additional Common Element areas and Limited Common Element
areas, which upon creation will be included in the Common Interest Community and
subject to the tenns hereof; to modify Units or subdivide lots in the Common Interest
Community; and to convert lots into Common Elements or Limited Common Elements,
or to convert Common Elements and Limited Common Elements into buildable lots upon
first having the approval of the County of Lincoln, Wyoming on all or any portion of the
lands adjoining the Common Interest Community property for future development.
Declarant may exercise its Development Rights on all or any portion of the reserved
property in whatever order of development Declarant, in its sole discretion, detennines.
Section 2: Maximum Nmnber of Units. The maximmn number of Units in the
Common Interest Community shall not exceed the nmnber set forth in Article III, Section
4 above, or the maximum number of Units allowed by any governmental entity having
jurisdiction over the Real Estate. Declarant shall not be obligated to expand the Common
Interest Community beyond the nmnber of Units initially submitted to this Declaration.
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091..9281
C00105
Section 3: Construction Easement. Declarant expressly reserves the right to
perform construction work on or adjacent to Units and store materials on Common
Elements and Limited Common Elements; and the future right to control such work and
the right of access thereto until its completion. Work may continue to be performed by
Declarant without the further consent or approval of any Unit Owner or Mortgagee.
Declarant reserves such an easement through the Common Elements and Limited
Common Elements as may be reasonably necessary for the purpose of discharging
Declarant's obligations and exercising Declarant's reserved rights in this Declaration.
Such easement includes the right to complete landscaping and utility lines, pipes, wires,
ducts, conduits, and other facilities across the Real Estate for the purpose of furnishing
utility and other services to the future development property. Declarant's reserved
construction easement includes the right to grant easements to the Town of Afton, and/or
County of Lincoln, Wyoming, and to public utility companies and to convey
improvements within those easements. If Declarant grants any such easements, the Plat
may be'amended to include reference to such recorded easement(s).
Section 4: Temporary Easement for Driveway/Highway Approach and
Parking Spaces. The "Driveway", as shown and described on the Plat, provides an access
from the existing approach off Highway 89 and along the western boundary ofthe Real
Estate. Declarant hereby grants the Unit Owners an easement over and across said
Driveway for ingress and egress to and from each Unit. However, the Wyoming
Department of Transportation requires such existing approach permit off Highway 89 to
be cancelled and that access to the Common Interest Community be re-routed to a new
(but as yet undetermined) location at the northern boundary of the Real Estate.
Therefore, Declarant reserves the right to tenninate that portion of this easement adjacent
to Highway 89, and in place thereof, to grant a new access easement for the benefit of
each Unit from the frontage road to be constructed at the northern boundary of the Real
Estate when reasonably necessary in the future.
Provided further, there are six temporary parking spaces shown and designated on
the Plat, three of which are shown on the Building 4 Tract and three of which are shown
on the Building 1 and 2 Tract. These six spaces are included on the Plat to provide
sufficient spaces to satisfy the applicable parking requirements of Lincoln County, and
shall provide parking spaces temporarily only until such time as six additional spaces are
otherwise provided in future development of the lands shown on the Plat At such time
as the additional six spaces are so provided in future developments, the six temporary
spaces may be vacated at the direction of the Association. Until such time as the spaces
are vacated, they shall be deemed part of the Common Element area.
Section 5: Transfer of Development Rights. Any development, or withdrawal
right created or reserved under this Article for the benefit of Declarant may be transferred
to any Person by an instrument describing the rights transferred and recorded in Lincoln
County, Wyoming. Such instrument shall be executed by the transferor Declarant and the
transferee.
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COOI06
0919;(:81
ARTICLE VII.
ASSESSMENT FOR COMMON EXPENSES
Section 1: Common Expenses Prior to Assessments. After the fIrst Unit is
sold, the Association shall make a Common Expense Assessment. Until such time, the
Declarant shall pay reasonable common expenses. Thereafter, all such Common
Expenses shall be the responsibility of the Unit Owners, through the Association.
Section 2: Personal Obligation of Owners for Common Expenses. After
Assessments are made by the Board of Directors, the Declarant, for each Unit owned,
hereby covenants, and each Owner of any Unit by acceptance of a deed therefore,
whether or not it shall be so expressed in such deed, is deemed to covenant and agree to
pay to its share of the Association's Common Expense Assessments imposed by the
Association to meet the estimated Common Expenses.
Section 3: Purpose of Assessments. The assessments levied by the
Association through its Board of Directors shall be used exclusively for the purpose of
promoting the health, safety, and welfare of the Owners in the Common Interest
Community; for the maintenance, repair, and upkeep of the Common Elements and
Limited Common Elements, and for any other maintenance obligations or common
services which may be deemed necessary by the Association for the common benefit of
the Unit Owners, or the maintenance of prÇ)perty values, or for the payment of expenses
which may be incurred by virtue of an agreement with, or requirement of any city,
county, or other local government authority. The assessments shall further be used to
provide adequate insurance of various types and in such amounts as hereinafter provided.
Also, a portion of the assessment shall be used to provide an adequate reserve fund for
replacement, repair, and maintenance of the Common Elements that must be repaired or
replaced by the Association. The Board of Directors shall be obligated to establish such
reserve fund.
Section 4: Annual Assessment. The annual Common Expense Assessment
against all Units shall be based upon the Association's advance budget of the fmancial
requirements needed by it to provide for the administration and perfonnance of its duties
during such assessment year, which estimates may include, among other things:
(a) Expenses of management.
(b) Premimns for all insurance which the Association is required or
pennitted to maintain.
( c) Repairs, maintenance, and operation of the Association and the
Common Elements and Limited Common Elements.
(d) Where a Unit or Units receive special benefit, and use is limited to
a specific Unit or Units for designated Limited Common Elements,
the Unit Owner(s) may have common expense allocation made
only to such benefited Unites).
(e) Wages for Association employees, if any.
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C00107
(t)
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Legal and accounting fees.
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The creation of reasonable reserve funds.
0919281
Any other costs, expenses, and fees which may be incurred or may
reasonably be expected to be incurred by the Association for the
benefit of the Owners under or by reason of this Declaration.
Section 5: Payment Period. The Board of Directors may require payment of
assessments annually or may permit annual assessments to be payable in installments as
the Board shall from time to time determine but not more frequently than monthly.
Section 6: Initial Assessment. The initial annual assessment for each Unit
shall be determined by the Board of Directors. The actual assessment will be determined
by the Board of Directors during Declarant's control. After the period of Declarant's
control of the Board of Directors, the Unit assessment may be increased by one of the
following two methods:
(a) From and after January 1 of the year immediately following the
conveyance of the fIrst Unit to an Owner, the annual Assessment
may be increased effective January 1 of each year without a vote of
the membership in conformance with the rise, if any, of the
Consumer Price Index for the most local region (published by the
Department of Labor, Washington, D.C.) for the preceding month
of July over the month of July in the preceding year; or
(b) From and after January 1 of the year immediately following the
conveyance of the fIrst Unit to an Owner, the maximu~ annual
Assessment may be increased above that established by the
Consumer Price Index formula by a vote of the Owners for the
next succeeding two (2) years, and at the end of each such period
of two (2) years, for each succeeding period of two (2) years,
provided that any such change shall have the assent of a majority
of the votes of the Owners who are voting in person or by proxy at
a meeting duly called for this purpose.
Section 7: Special Assessments for Capital Improvements. In addition to the
annual Assessments authorized above, the Association may levy, in any assessment year,
a Special Assessment applicable to that year only for the purpose of defraying, in whole
or in part, the cost of any construction, reconstruction, repair, or replacement of a capital
improvement upon the Common Elements, including fIxtures and personal property
related thereto, provided that any such Special Assessment shall have the assent of two-
thirds (2/3) of the votes of the Owners who are voting in person or by proxy at a meeting
duly called for this purpose.
Section 8: Notice and Quorum for an Action Authorized Under Sections 6 and
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O~1.9Z81
COOI08
7. Written notice of any meeting called for the purpose of taking any action authorized
under Section 6 or 7 of this Article shall be sent to all Owners not less than thirty (30)
days or more than sixty (60) days in advance of the meeting. At the first such meetmg
called, the presence of Owners or of proxies entitled to cast seventy percent (70%) of all
the votes of the Owners shall constitute a quorum. If the required quorum is not present,
another meeting may be called, subject to the same notice requirement, and the required
quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at the
preceding meeting. No such subsequent meeting shall be held more than sixty (60) days
following the preceding meeting.
Section 9: Uniform Rate of Assessment. Both annual and Special
Assessments must be fixed at a uniform rate for all Units, except where a Unit receives
special benefits.
. Section 10: Date of Commencement of Annual Assessments: Due Dates. The
annual Assessments provided for herein shall commence on the fIrst day of the month
following the conveyance of a Unit by the Declarant to a Purchaser, unless the Declarant
is paying all assessments as provided in Section 1 above, (in which event no Annual
Assessments shall commence during the period of time that Declarant is paying all of
said Assessments). The first annual Assessment shall be adjusted according to the
nmnber of months remaining in the calendar year. The Board of Directors shall fix the
amount of the annual Assessment against each Unit at least thirty (30) days in advance of
each annual Assessment period. Written notice of the annual Assessment shall be sent to
every Owner subject thereto. The due date shall be established by the Board of Directors.
The Board of Directors may, at its discretion, permit annual assessments to be payable in
installments.
Section 11: Exempt Property. All properties dedicated to and accepted by a
local public authority and all properties owned by a charitable or nonprofit organization
exempt from taxation by the laws of the State of Wyoming shall be exempt from the
Assessments created herein, except no land or improvements devoted to residential use
shall be exempt from said Assessments. .
Section 12: Reserve Fund. Upon the sale, transfer, or conveyance of a Unit, the
purchaser or transferee of the Unit shall deposit with the Association as a reserve fund an
amount equal to the quarterly assessment established by the Board of Directors for the
year in which the transfer occurs. If, at any time, an Owner is in default in the payment of
any assessments due to the Association, the Association shall have the right to use said
reserve, or as much thereof as may be necessary, to pay any delinquent amount owed to
the Association and to reimburse the Association for any expenses incurred by the
Association in collecting delinquent assessments from the Owner. In such event, the
Owner shall, upon written demand of the Association, promptly remit to the Association
a sufficient amount of cash to restore the reserve to its original amount. In the event the
reserve account is not used to make delinquent payments, then it shall be refunded to the
Owner upon the sale of the Owner's Unit without interest. The Association shall have the
right to commingle the reserve account with other funds of the Association and shall have
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091..9281
G00109
no obligation to retain the reserve funds in a separate account or pay interest on the
reserve funds. The reserve account shall not be deemed to be liquidated damages, and if
claims of the Association against an Owner exceed the reserve account, the Owner shall
remain liable for the payment of the balance of such claims to the Association.
ARTICLE VIII.
LlEN FOR NONPAYMENT OF COMMON EXPENSES
Section 1: Liens. Any Assessment, charge, or fee provided for in this
Declaration or any monthly or other installment thereof which is not fully paid within ten
(l0) days after the date due shall bear interest at a rate determined by the Board of
Directors. In addition, the Board of Directors may assess a late charge thereon. Any
Owner who fails to pay any Assessment, charge, or fee of the Association shall also be
obligated to pay to the Association, on demand, all costs and expenses incurred by the
Association, including reasonable attorney's fees, in attempting to collect the delinquent
amount. The total amount due to the Association, including unpaid Assessments, fees,
charges, fmes, interest, late payment penalties, costs, and attorney's fees, shall constitute
a lien on the defaulting Owner's Unit as provided in the Act. Said lien shall have the
priority provided for in the Act. The Association may bring an action, at law or in equity,
or both, against any Owner personally obligated to pay any amount due to the
Association or any monthly or other installment thereof and may also proceed to
foreclose its lien against such Owner's Unit. An action at law or in equity by the
Association against a delinquent Owner to recover a money judgment for unpaid amounts
due to the Association or monthly or other installments thereof may be commenced and
pursued by the Association without foreclosing or in any way waiving the Association1s
lien.
Section 2: Subordination of Lien to Securi~ Interests. A lien under this
section is prior to all other liens and encumbrances on a Unit except:
(a) Liens and encmnbrances recorded before the recordation of this
Declaration.
(b) A First Security Interest on the Unit recorded before the date on which the
Common Expense Assessment sought to be enforced became delinquent.
(c) Liens for real estate taxes and other governmental assessments or charges
against the Unit.
If a holder of a First Security Interest in a Unit forecloses that Security Interest, the
purchaser at the foreclosure sale is not liable for any unpaid Common Expense
Assessments against the Unit which became due before the sale, other than the
assessments which are prior to the Security Interest under this section of the Declaration.
Any unpaid Common Expense Assessments not satisfied from the proceeds of sale
become Common Expenses collectible from all Unit Owners, including the purchaser.
Sale or transfer of any Unit shall not affect the lien for said assessment charges except
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091..9Z81.
C00110
that a sale or transfer of any Unit pursuant to foreclosure of any First Security Interest, or
any proceeding in lieu thereof, including deed in lieu of foreclosure, or cancellation or
forfeiture of any such executory land sales contracts shall only extinguish the lien of
assessment charges which become due more than six (6) months immediately preceding
institution of an action to enforce either the Association's lien or a Security Interest and
statutory liens recognized under Wyoming law. No such sale, transfer, foreclosure, or
other proceeding in lieu thereof, including deed in lieu of foreclosure, shall relieve any
Unit from liability for any assessment charges thereafter becoming due, nor from the lien
thereof. This section does not affect the priority of mechanics' or materialmen's liens.
Section 3: Record of Receipts and Expenditures. The Association shall keep
detailed and accurate records in chronological order of all of its receipts and
expenditures, specifying and itemizing the maintenance and repair of expenses of the
Common Elements and any other expenses incurred. Such records and the vouchers
authorizing the payments shall be available on request for examination by the Members
and others with an interest such as prospective lenders.
Section 4: Notice to Security Interest. The Board of Directors shall establish
Rules where appropriate, to respond to the request of a holder of a First Security Interest
on a Unit for information of any unpaid assessments on the Units. The information shall
be provided for a reasonable fee.
Section 5: Certificate of Status of Assessments. The Board of Directors shall
establish Rules, where appropriate, to respond to the request of Owners for information
concerning assessments assessed and not paid on their Unit. The Rules shall require a
response within fourteen (14) days of receipt of the written request and may require the
payment of a reasonable fee for each such request. The certificate of assessment may be
relied upon by any purchaser or lender of Owner as true and accurate as of the date of
issue.
Section 6: Homestead. The lien of the Association assessments shall be
superior to any homestead exemption as is now or may hereafter be provided by
Wyoming or federal law. The acceptance of a deed to land subject to this Declaration
shall constitute a waiver of the homestead exemption as against said lien.
Section 7:
Common Expenses Attributable to Less than All Areas or All
Units.
(a) If a Common Expense is caused by the misconduct of a Unit
Owner or the Unit Owner's tenants, guests or invitees, the
Association may assess that expense exclusively against that Unit
Owner's Unit, and collect the same as any other assessment from.
that owner.
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O~19281
C00111
(b) Fees, charges, taxes, impositions, late charges, fmes, collection
costs and interest charged against a Unit Owner pursuant to the
Declaration are enforceable as Common Expense Assessments.
ARTICLE IX.
INSillL\NCE
Section 1: Insurance Requirements Generally. Each Owner shall adequately
insure the Owner's Unit. To the extent reasonably available, the Association shall obtain
and maintain insurance on the Common Elements and for the Association for the
protection of the Association and its Members as hereinafter provided. If such insurance
is not reasonably available and the Board of Directors determines that any insurance
described in this Article will not be maintained, the Board of Directors shall cause notice
of that fact to be hand delivered or sent, postage prepaid, by United States mail to an Unit
Owners at their respective last known addresses. All such insurance shall be
underwritten, to the extent possible, with companies licensed to do business in the state of
Wyoming having a Best's Insurance report rating of BNI or better covering the risks
below.
To the extent possible, casualty, property and liability insurance shall incorporate
the following:
(a) The insurer waives the right to subrogation under the policy
against a Unit Owner, members of the household ofa Unit Owner,
the Association, its Directors, officers, employees, and agents.
(b) An act or omission by a Unit Owner, unless acting within the
scope of the Unit Owner's authority on behalf of the Association,
will not void the policy or be a condition of recovery under the
policy.
(c) Contain a "severability of interest" clause that the insurance cannot
be canceled, invalidated, or suspended on account of the negligent
or intentional acts of the Association, its Directors, officers,
employees, and agents.
(d) If, at the time of a loss under the policy, there is other insurance in
the name of a Unit Owner which covers the same risk covered by
the policy, the Association's policy provides primary insurance.
( e) Losses must be adjusted with the Association.
(f) Insurance proceeds shall be paid to the Association, but are to be
held in trust for each Unit Owner and the holder of a Security
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0919Z81
C00112
Interest encumbering such Unit as their individual interest may
appear in the casualty loss.
(g) The insurer may not cancel or refuse to renew the policy until
thirty (30) days after notice of the proposed cancellation or non-
renewal has been mailed to the Association.
(h) The name of the insured shall be substantially as follows: "The
Condos At Valli-Vu Owners' Association."
Section 2: Public Liability and Property Damage Insurance. The Association
shall obtain and maintain comprehensive public liability insurance, including non-owned
and hired automobile liability coverage and personal injury liability coverage, covering
liabilities of the Association, its Directors, officers, employees, agents, and Owners
arising in connection with the ownership, operation, maintenance, occupancy, or use of
the Common Elements and àny other area the Association is required to maintain
pursuant to this Declaration with a minimmn single limit or per-occurrence limit of One
Million Dollars ($1,000,000.00).
Section 3: Workmen's Compensation and Employer's Liability Insurance. The
Association shall obtain and maintain workmen's compensation and employer's liability
insurance as may be necessary to comply with applicable laws.
Section 4: Fidelity Bonds. A blanket fidelity bond or dishonest insurance
coverage is required for anyone who either handles or is responsible for funds held or
administered by the Association, whether or not he or she receives compensation for his
or her services. The bond or insurance shall name the Association as obligee and shall
cover the maximum funds that will be in the custody of the Association or the Manager at
any time while the bond or insurance is in force. In no event shall the bond or coverage'
be for an amount less than the sum of three (3) months' assessments plus reserve funds.
Section 5: Directors' and Officers' Liability Insurance. The Board of Directors
shall obtain and maintain Directors' and Officers' liability insurance, if reasonably
available, covering all of the Directors and Officers of the Association. This insurance
will have limits determined by the Board of Directors.
Section 6: Other Insurance. The Association may carry other insurance that
the Board of Directors considers appropriate to protect the Association.
ARTICLE X.
INDEMNIFICATION
To the full extent permitted by law, each Officer and Member of the Board of
Directors of the Association shall be and are hereby indemnified by the Unit Owners and
the Association against all expenses and liabilities, including reasonable attorney's fees,
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09~1.92S1
C00113
reasonably incurred by or imposed upon them in any proceeding to which they may be a
party or in which they may become involved by reason of their being or having been an
Officer or Member of the Board of Directors of the Association or any settlement thereof,
whether or not they are an Officer or a Member of the Board of Directors of the
Association at the time such expenses are incurred, except in such cases where such
Officer or Member of the Board of Directors is adjudged guilty of willful misfeasance or
malfeasance in the performance of his or her duties; provided that in the event of a
settlement, the indemnification shall apply only when the Board of Directors approves
such settlement and reimbursement as being in the best interests of the Association.
ARTICLE XI.
DRAINAGE/SOILS
Section 1: Moisture. Each Owner of a Unit shall use his or her best efforts to
assure that the moisture content of those soils supporting the foundation and the concrete
slabs forming a part of any building wherein the Owner's Unit is located shall remain
stable and shall not introduce excessive water into the soils surrounding the building.
Section 2: Grading. Each Owner of a Unit shall maintain the elevation,
grading, and drainage plan prepared by Declarant.
Section 3: Water Flow. The Owner of a Unit shall not impede or hinder in
any way water falling on the roof of the Unit from reaching the drainage courses
established for the Common Interest Community.
Section 4: Action by Owner. To accomplish the foregoing, each Owner of a Unit
covenants and agrees, among other things:
(a) Not to install improvements, including, but not limited to,
landscaping, items related to landscaping, walls, patios, fences,
additions to the building, free standing outbuildings, or any other
item or improvement which will change the grading of The Condos
At Valli-Vu.
(b) Not to water the lawn areas or other landscaping near Owner's
Unit.
(c) Not to plant flower beds and vegetable gardens around the
building, which may cause soil saturation issues.
(d) To report to the Association any items that may require
maintenance such as broken or over flowing gutters and down
spouts which discharge water into areas adjacent to building
foundations. Unit Owners shall help assure that the gutters and
down spouts remain free and clear of all obstructions and debris;
and that water that flows from gutter extensions or the splash
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091..9281
C00114
blocks is allowed to flow rapidly and :&eely away :&om building
foundations and/or slabs.
Section 5: Disclaimer. The Declarant shall not be liable for any loss or
damage to any Unit caused by, resulting from or in any way connected with soils
conditions around or near any building.
ARTICLE Xll.
OTHER COVENANTS GOVERNING UNIT USE
Section 1: Storage of Vehicles. Boats, campers, motor homes, trailers, motor
cycles and inoperative automobiles shall not be stored or permitted to remain within the
parking lot areas by any Unit Owner or guest. For purposes of this provision, any
disassembled or partially disassembled car, truck, motor cycle or other vehicle or any car,
truck, motor cycle or other vehicle which has not been moved under its own power for
more than one (1) week shall be considered to be an inoperable automobile subject to the
terms of this provision. Visitors' boats, campers, motor homes, and trailers shall not be
parked in the street or remain in the The Condos At Valli-Vu parking lot for a period of
more than one (1) week during any six (6)-calendar month period of time for the same
person(s).
Section 2: Maintenance of Units and Improvements. Owners of Units shall
keep or cause to be kept through the Association all buildings, fences, and other
structures and all landscaping located on the The Condos At Valli-Vu property in good
repair. Rubbish, refuse, garbage, and other solid, semi-solid, and liquid waste shall be
kept within sealed containers, and shall not be allowed to accumulate on or within any
Unit, and shall be disposed of in a sanitary manner. No Unit shall be used or maintained
as a dumping ground for such materials. All containers shall be kept in a neat, clean, and
sanitary condition and shall be stored inside approved and provided refuse structures. No
trash, litter, or junk shall be permitted to remain exposed upon or adjacent to any Unit
and visible from adjacent streets or from other Units. Burning of trash by any Unit Owner
shall be prohibited. No lumber or other building materials shall be stored or permitted to
remain on or near any Unit except for reasonable storage during construction and then
only for a reasonable period of time.
Section 3: Control of Antennas and Receiving Equipment. The use of certain
types of receiving equipment is subject to the rules and regulations issued by the Federal
Communications Commission, which preempts the ability of the Board of Directors to
control the placement of such equipment. As of the date of this Declaration, the types of
receiving equipment which do not require architectural review and approval include: (1) a
"dish" antenna which is thirty-nine (39) inches or less in diameter and is designed to
receive direct broadcast satellite service including direct to home satellite service; or (2)
an antenna which is thirty-nine (39) inches or less in diameter or diagonal measurement
and is designed to receive video programming services via wireless cable. All
transmission or receiving devices, including those governed by the Federal
Communications Commission, shall be installed in a manner in which the device is not
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091.9281.
C~J0115
higher than the ridge line of the rear roof of the Residence on the Unit on which the
receiving or transmitting device is being installed and the location must be approved by
the Declarant (during the Period of Declarant Control) or the Board of Directors (after the
Period of Declarant Control).
Section 4: Nuisance. Nothing shall be done or permitted within or on any
Unit which is or may become a nuisance. No obnoxious or offensive activities or
commercial businesses or trades shall be conducted within any Unit, except home
occupations as defined and permitted by the applicable zoning resolution of the
governmental entity having jurisdiction over the Common Interest Community.
Section 5: Household Pets. Household pets, such as dogs and cats, may,
subject to lease restrictions, be permitted within any Unit, provided that said pets are
restricted by leash or chain when outside the Unit and/or are properly trained and are at
all times within the control of and controlled by the Owner. Household pets may not be
kept, bred, or maintained within any Unit for commercial purposes. No pet may be tied
out and left unattended without the pet owner being present. Pet owners must clean up
after their pets and shall walk dogs only in those areas designated for such by the
Association from time to time.
Section 6: Damage or Destruction of Improvements. In the event any Unit,
building or other structure constructed is damaged, either in whole or in part, by fire or
other casualty, said Unit, building or other structure shall be promptly rebuilt or
remodeled to comply with this Declaration; or in the alternative, if the Unit, building or
other structure is not to be rebuilt, all remaining portions" of the damaged structure,
including the foundation and all debris, shall be promptly removed and the site shall be
restored to its natural condition existing prior to the construction of the Unit, building or
other structure.
Section 7: Motor Vehicle Repair. No truck, car, motor home, motor cycle, or
other form of motorized transportation shall be repaired, rebuilt or worked on, other than
to clean, change battery, or repair tires, on the Common Interest Community. The board
of directors of the Association may from time to time adopt rules and regulations to
expand or retract in part or all this section and to govern its enforcement including fines
for violations.
ARTICLE XllI.
GENERAL PROVISIONS
Section 1: Enforcement. Enforcement of this Declaration shall be by
appropriate proceedings at law or in equity against those persons or entities violating or
attempting to violate any covenant, condition, or restriction herein contained. Such
judicial proceeding shall be for the purpose of removing a violation, restraining a future
violation, for recovery of damages for any violation, or for such other and further relief
as may be available. Such judicial proceedings may be prosecuted by an Owner or by the
Association. In the event it becomes necessary to commence an action to enforce this
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0919281
C00116
Declaration, the court shall award to the prevailing party in such litigation, in addition to
such damages as the Court may deem just and proper, an amount equal to the costs and
reasonable attorney's fees incurred by the prevailing party in connection with such
litigation. The failure to enforce or to cause the abatement of any violation of this
Declaration shall not preclude or prevent the enforcement thereof or of a further or
continued violation, whether such violation shall be of the same or of a different
provision of this Declaration.
Section 2: Duration. This Declaration shall run with the land, shall be
binding upon all persons owning Units and any persons hereafter acquiring said Units,
and shall be in effect in perpetuity unless terminated by one hundred percent (100%) of
the Unit Owners.
Section 3: Amendment. Except in cases where the Declaration may be
amended by the Declarant as provided in Article V and Article VI hereof, this
Declaration may be altered or amended at any time by the then record Owners of sixty-
seven percent (67%) or more of the Units through a duly written, executed and recorded
instrmnent and by the Declarant at any time to make changes and revisions to comply
with requirements ofHUD, FannieMae, FreddieMac, FHA, or VA.
Section 4: Management of the Common Elements. The Association may
obtain and pay for the services of a managing agent to manage its affairs, or any part
thereof, to the extent it deems advisable, as well as such other personnel as the
Association shall determine to be necessary or desirable for the proper management,
operation, and maintenance of the Common Elements.
ARTICLE XIV.
MORTGAGEE PROTECTION
Section 1: Introduction. This Article establishes certain standards and
covenants which are for the benefit of the holders, insurers and guarantors of certain
Security Interests and others as identified in Section 2. This Article is supplemental to,
and not in substitution for, any other provisions of the Documents, but in the case of
conflict, this Article shall control.
Section 2: Notices of Actions. The Association shall give prompt written
notice to each Eligible Mortgagee and Eligible Insurer of (and each Unit Owner hereby
consents to and authorizes such notice):
(a) Any condemnation loss or any casualty loss which affects a
material portion of the Common Interest Community or any Unit
in which there is a fIrst Security Interest held, insured, or
guaranteed by such Eligible Mortgagee or Eligible Insurer, as
applicable;
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0919281
C00117
(b) Any delinquency in the payment of Common Expense assessments
owed by a Unit Owner whose Unit is subject to a first Security
Interest held, insured, or guaranteed, by such Eligible Mortgagee
or Eligible Insurer, as applicable, which remains uncured for a
period of sixty (60) days;
( c) Any lapse, cancellation, or material modification of any insurance
policy or fidelity bond maintained by the Association;
(d) Any proposed action which 'Yould require the consent of a
specified percentage of Eligible Mortgagees as specified in Section
3 below; and
(e) Any judgment rendered against the Association.
Section 3: Consent and Notice Required.
(a) Document changes. Notwithstanding any requirement permitted by
this Declaration, no amendment of any provision of the Documents
by the Association or Unit Owners described in this Subsection may be
effective without notice to all Eligible Mortgagees and Eligible Insurers,
and as required by Section 2 above, and the vote of at least sixty-seven
percent (67%) of the Unit Owners (or any greater Unit Owner vote
required in this Declaration or the Act) and until approved by at least fifty-
one percent (51 %) of the Eligible Mortgagees (or any greater/Eligible
Mortgagee approval required by this Declaration). The foregoing approval
requirements do not apply to amendments effected by the exercise of any'
Development Right which affect or modify:
(1 ) Voting rights;
(2) Assessments, assessment liens or priority of assessment liens;
(3) Reserves for maintenance, repair and replacement of Common
Elements;
(4) Responsibility for maintenance and repairs;
(5) Reallocation of interest in the Common Elements or Limited
Common Elements except that when Limited Common Elements
are reallocated by agreement between Unit Owners, only those
Unit Owners and only the Eligible Mortgagees holding Security
Interests in such Units need approve such action;
(6) Redefinition of boundaries of Units, except that when boundaries
of only adjoining Units are involved, or a Unit is being subdivided,
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0919281
r·....
t..Ü{J118
then only those Unit Owners and the Eligible Mortgagees holding
Security Interests in such Unit or Units need approve such action;
(7) Convertibility of Units into Common Elements or Common
Elements into Units;
(8) Expansion or contraction of the Common Interest Community, or
the addition, annexation or withdrawal of property to or from the
Common Interest Community; and other Development Right
reserved to Declarant in Article VI above;
(9) Insurance or fidelity bonds;
(10) Leasing of Units;
(11) Imposition of any restrictions on a Unit Owner's right to sell or
transfer his Unit;
(12) A decision by the Association to establish self-management when
professional management had been required previously by the
Docmnent or any Eligible Mortgagee;
(13) Restoration or repair of the project after a hazard damage or partial
condemnation in a manner other than that ~pecified in the
Docmnents;
(14 ) Termination of the Common Interest Community after occurrence
of substantial destruction or condemnation; and
(15) Any provision that expressly benefits mortgage holders, insurers or
guarantors.
(b) Actions. Notwithstanding any lower requirement permitte~ by this
Declaration, the Association may not take any of the following actions
other than rights reserved to the Declarant as Special Declarant Rights,
without the notice to all Eligible Mortgagees, and Eligible Insurers as
required by Section 2 above, and approval of at least fifty-one percent (51
%) (or the otherwise indicated percentage) of the Eligible Mortgagees:
(1) Conveyor encumber the Common Elements or any portion
thereof, where an eighty percent (80%) EligibleMortgagee
approval is required. (The granting of easements for public utilities
or for other public purposes consistent with the intended use of the
Common Elements by the Common Interest Community will not
be deemed a transfer within the meaning of this clause);
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(2) The termination of the Common Interest Community for reasons
other than substantial destruction or condemnation, as to which
sixty-seven percent (67%) of the Votes of Eligible Mortgagees is
required;
(3) The alteration of any partition or creation of any aperture between
adjoining Units (when Unit boundaries are not otherwise being
affected), in which case only the owners of Units affected and
Eligible Mortgagees of those Units need approve the action;
(4) The granting of any permits, easements, leases, licenses, or
concessions through or over the Common Elements (excluding,
however, any utility, road or other easements serving or necessary
to serve the Common Interest Community and excluding any
leases, licenses or concessions for no more than one year);
(5) The establishment of self-management when professional
management has been required previously by the Declaration or by
any Eligible Mortgagee;
(6) Restoration or repair of the Common Elements after a hazard
damage or partial condemnation in a manner other than specified
in the Declaration;
(7) The merger of the Common Interest Community with any other
common interest community;
(8) The assignment of the future income of the Association, including
its right to receive Common Expense Assessments;
(9) Any action taken not to repair or replace the Common Elements.
(c) The failure of an Eligible Mortgagee or Insurer to respond within thirty (30) days
to any written request of the Association delivered by certified or registered mail,
return receipt requested, for approval of an addition or amendment of the
Declaration whenever an Eligible Mortgagee or Insurer approval is required, shall
constitute an implied approval of the addition or amendment.
Section 4: Development Rights. No Development Rights may be exercised or
voluntarily abandoned or terminated by the Declarant unless all persons holding Security
Interests in the Development Rights consent to the exercise, abandonment, or
termination.
Section 5: Inspection of Books. The Association must maintain current copies
of the Declaration, Bylaws, Rules, books and records and fmancial statement. The
Association shall permit any Eligible Mortgagee or Eligible Insurer or other first
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09'0 9· II).t")1
. ·.soil 1J-J:r.lO .
C00120
mortgagee of Units, to inspect the books and records of the Association during normal
business hours.
Section 6: Financial Statements. The Association shall provide any Eligible
Mortgagee or Eligible Insurer who submits a written request, a copy of an annual
financial statement within ninety (90) days following the end of each fiscal year of the
Association. Such fmancial statement shall be audited or shall be reviewed by an
independent certified public accountant if:
(a) A majority of the owners require and the Common Interest
Community contains twenty (20) or more Units, in which case, the
cost of the audit shall be a Common Expense; or
(b) An Eligible Mortgagee or Eligible Insurer request it, in which case,
the Eligible Mortgagee or Eligible Insurer shall bear the cost of the
audit.
Section 7: Enforcement. The provisions ofthis Article are for the benefit of
Eligible Mortgagees and Eligible Insurers and their successors, and may be enforced by
any of them by any available means, at law, or in equity.
Section 8: Attendance at Meetings. Any representative of an Eligible Mortgagee
or Eligible Insurer may attend and address any meeting that a Unit Owner may attend.
IN WITNESS WHEREOF, the Declarant has caused this Declaration to be
executed as of the day and year first above written.
NEXT STEP ENGINEERING, DESIGN AND ,
CONSTRUCTION, LLC, A WYOMING LIMITED
LIABILITY COMPANY
By:
STATE OF WYOMING )
) ss.
COUNTY OF LINCOLN )
The foregoing instrument was subscribed, sworn to, and acknowledged before me
this rZ--Þ"\ . day of J uA\..JU . 2006, by Bradley D. Morehouse, on behalf
of Next Step Engineeri , Design and Construction, LLC.
Witness my hand and official seal.
Jamie DtQß. NOTARY AJarc ~.,
·.~of ~
UtIcõfrj ~. '
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My commission expires: ~\2..\ , '2.D \ 0
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0319Z81
C00121
LENDER'S ON SENT AND RATIFICATION
The undersigned, being a security interest holder in Real Estate and Development
Property, approves, ratifies, confirms, and consents to this Declaration of Covenants of
The Condos At Valli-Vu.
··1~ ~
Dated this /:"- :cJãy of , 2006.
B~ ¿ .J~
Authorized Officer
STATE OF WYOMING
COUNTY OF ~
)
) ss.
)
The foregoing instrument was acknowledged before me this ~ day of
JvN ,2006, by -.RhYl t1oMc5 , as ßi'Ql\c~l Ç>~s,'d~vd-
of H("4- A1J.'oVlA\ &11.~- £,Jest- .
.
My Commission expires: ~ .
-?~
Notary Public
TRISTAN SMITH NOTARY PUBLIC
COUNTY OF ~. S. TATE OF
LINCOLN ~ WYOMING
MY COMMISSION EXPIRES AfoRIL n. 2009
DECLARA nON - THE CONDOS AT V ALLI- Vu
PAGE 29 OF 29
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M^,"LOWIi A. SCHERBEL
Wyo. AIIIol:Slmrll)n No. S~"8
S"""'n)'tlr Scherbet. lTD.
A/Ion. WYOming
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SURVEYOR SCHERBEL
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EXHIBIT A
DESCRIPTION FOR
MOUNT AIN INN M.OTEL TRACT
000122
0919Z81
To-wit: .: -
That part of the NWy., of Section 6, T31 N R 118W, Lincoln County, Wyoming, it being the
intent to 111orc: correctly describe that tract of record in the: Office of the Clerk of Lincoln
County in :Book 603 of Photostatic Records on pa.ge 201., as follows:
BEG.INNING at the northwest poin.t of said tract, on the easterly right-of-way line of U.S.
Highway 89, S12"-18'-lS"E, 168.15 feet from the northwest corn.er of the SWy.,NW~;
thence S89°-59'-05"E, 420.44 feet, along the north, line of said tra.ct, to. a rebar;
thence S22°·47)·11"W, 795.58 feet, to a bathey;
thence S89°-48'-00"W, 110.98 feet, to a point on said easterly dght-of-way line;
thence NÖO"-06'-27"W, 138.58 foet~ along said easterly right-of-way tine, to a mal-ke1: for
Sta.t:ion PT 563+75 50' Lt. at the begi.111:11t:lg of a ci.rcular curve to the left;
then.ce northwesterly, 150.72 :feet, alon.g the arc of said curve through a ceutl'al a:Jlgle of
00"-45'-01" with n radius of 11,509.1.6 feet, arid a chord bearing NOO"-24'-23"W, 150.72
feet, to a marker for Station PC 562+25.00 50' Lt.;
thence NOoo-OO'-02"W, 444.69 f,,"ct, along said right-of-way, to the POINT OF
BEGINN.ING;
ENCOMPASSING an area of 4.48 acres, more or less;
the BASE BEARING for this survey '5 the west Jine of the NWI,.I¿ of Section 6, T31N
R118W, being NOoo-05'-00"E;
each "com.er" found as described il) the Corner Record filed or to be filed in the Office of
the Clerk of Lincoln County;
each "point" marked by a 5/8" x 24" steel rei1úOJ:cillg rod with a 2" aluminum. cap
inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate::
details;
each ""ebm:" l11.arked by a 5/8" x 24" reinfo,'cil1.g rod with an alu~ni11.um cap inscribed, "ILC
274";
each "bathey" m.a1:1<:ed by a steel T-shaped stake 24" long with a meta.! cap inscribed,
"SURVEY POINT DO NOT DISTURB RLS 641";
each "madœr" n1arked by a 6" X 6" concrete post with brass cap inscribed: "ST ATE
HIGHWAY DEPT. REFERENCEMARtCER", with appropr.iate details;
"Modification In any wª-y 0
TR\ ·::;:-';:;:;I;;.~"';¡:'F~ .
3 l··k:,:,;'~!:"~"~_:~\"';)' H:un Inn Motel
críption terminates liabllit/õfjiY';~~~urveyor"