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Association Declaration:
DECLARATION
VANTAGE POINT CONDOMINIUM
THIS DECLARATION, pursuant to the provisions of Chapter
15 of Title 27 of the Vermont Statutes
Annotated is made and executed in
Windham County,
Vermont, this
26tb
day of
November, 1982 by STRATTON LAND DEVELOPMENT CORPORATION,
successor in interest to
Stratton East
Development Company, hereafter called "Declarant",
pursuant to the
provisions of the Condominium Ownership Act of
Vermont.
WITNESSETH
WHEREAS, Declarant is the owner of certain real property
located at Stratton Mountain, in the Town or Stratton,
County of Windham, State of Vermont, by virtue of the
deed of The Stratton Corporation dated January 25, 1980,
and recorded in Book 22, Page 35 of the Stratton Land
Records; and
WHEREAS, Declarant is Constructing
condominium
units upon that premises and making certain
other
improvements thereon; and
WHEREAS, Declarant intends to submit the premises and
improve-
ments to the provisions of the Condominium
Ownership Act of Vermont, and to sell and convey
the same
subject to the covenants, conditions, and
restrictions herein to be kept and observed and
WHEREAS, together herewith, Declarant files for record
in the
office of the Town Clerk for the Town of Stratton,
Vermont, (1) a lot plan and set of floor plans of
the
condominium described in this Declaration showing the
layout, location, apartment numbers, and dimension of
apartments, stating
the name
of the building and bearing a verified statement
of g registered architect or licensed professional
engineer certifying that it is an accurate copy of
portions of the plans of the building as filed with an
approval by the municipal or other governmental.
subdivision-having jurisdiction over the issuance of
permits for the construction of buildings and that they
fully and accurately depict the layout, location,
apartment numbers, and dimensions of the apartments as
built, which copy is annexed hereto and filed as
a
part-hereof and (2) a true copy of the By-Laws of
VANTAGE POINT CONDOMINIUM; and
WHEREAS, Declarant desires and intends by filing this
Declaration and the aforesaid lot plan and floor plans
to submit the above-described real property, condominium
units, and other improvements constructed thereon,
together with
all-the appurtenances, to the
provisions
of the Condominium Ownership Act as a condominium
project and to impose upon the premises,
building, and
improvements mutually
beneficial
restrictions under a general plan of
improvements
for the
benefit of the condominium
units
and the owners thereof.
NOW,
THEREFORE,
DECLARANT HEREBY PUBLISHES AND DECLARES that
the
land hereinafter described is held and shall be held,
conveyed, hypothecated, encumbered, leased, rented,
used, occupied, and
improved
subject to the following covenants, conditions,
restrictions, uses, limitations, and obligations,
ail of which are declared and agreed to be in
furtherance of a plan for the improvement of the land
and the division thereof to
condominium
units, and shall be deemed to run with the land
and be a burden and a benefit to Declarant, its
successors and assigns, and any person acquiring or
owning an interest in the land, condominium units, and
improvements, their
grantees,
successors, heirs, executors, administrators, devisees,
and assigns.
1.
 DEFINITIONS.
Certain
terms as used in the Declaration are defined in Chapter
15 of Title 27, Vermont Statutes Annotated, and other
terms used herein shall be defined as follows, unless
the context clearly indicates a different meaning:
(a)
“Declarant”
shall mean Stratton Land Development Corporation, a
Vermont
corporation;
(b)
“Declaration” shall mean this instrument;
(c)
“Project”
and “Condominium” shall mean the “property” as defined
in Chapter 15 of Title 27, Vermont Statutes Annotated
and includes tile entire property and estate submitted
to condominium ownership hereunder;
(d)
“Condominium unit” or “unit” shall mean the entire
estate owned by any owner, consisting of an undivided
interest in the land and in the other common elements
and the ownership of a separate interest in a unit
(referred to as “Apartment” in Chapter 15 of Title 27,
Vermont Statutes Annotated);
(e)
“Unit
Owner” shall mean “Apartment Owner” as defined in
Chapter 15 of Title 27, Vermont Statutes Annotated, and
shall mean any person, natural or artificial, or any
group of persons with an ownership interest in a unit in
the project;
(f)
“Common
element” means “common areas and facilities” as defined
in Chapter 15 of Title 27, Vermont Statutes Annotated;
(g)
“Condominium Owners Association” (herein “COA”) shall
mean the Association of Apartment Owners of VANTAGE
POINT CONDOMINIUM as defined in Chapter 15 of Title 27,
Vermont Statutes Annotated; and
(h)
“Manager”
shall mean the person, natural or artificial,
who oh
shall conduct and manage the day-to-day affairs of the
COA by reason
of appointment as such Manager
by the
Board of Directors of COA.
2.
LAND DESCRIPTION.
The description of the land upon which that condominium
is declared is set forth in Exhibit A
attached hereto and hereby made apart hereof.
3.
NAME. The name by
which the project is known is Vantage
Point
Condominium”, herein called “Vantage Point”.
4.
UNIT DESCRIPTION.
Vantage Point consists of three buildings, one
containing 24 units, and two containing 18 units, and
certain common areas in each building. Each unit is
bounded by the undecorated
interior
surface of its perimeter walls, ceiling, floor,
deck, and
Chimney area, and extends to the interior railing of its
deck or a vertical line
rising
from the edge of its patio. The windows of each units
shall be construed to be a part of the unit, The unit
number, location, dimension, design (including number of
the rooms), and
approximate area of each unit are set forth in
the attached Plat and Floor Plans Marked Exhibit B and
hereby made a part hereof. Each building will be of wood
frame construction, with stucco exterior surface with
wood accent.
5.
COMMON ELEMENTS.
General common elements consist of the land, described
in Exhibit A, parking areas, driveways, pathways,
fences, exterior walls, roofs,: foundations, columns,
girders, beams, supports, main walls, halls, staircases,
installations of central services such
as
electricity, water, sewage, telephone and
television wiring, and electric wiring and conduit, wood
storage areas, and all other areas and elements in.
common use of each building excepting those portions of
the
foregoing which are included within the condominium
units.
The value of the property and of each unit and the
percentage of undivided interest in the common areas and
facilities appertaining to each unit and its unit owner
for all purposes, including voting are set forth in
Exhibit C attached hereto and hereby made a part hereof.
Declarant reserves the right to execute, acknowledge,
deliver, and record, with the approval of the COA,
easements, rights of way, licenses, and similar
interests affecting the general common elements.
The Declarant, The Stratton Corporation, and any
affiliate of The Stratton Corporation, and their agents,
servants, contractors, and subcontractors shall have a
nonexclusive easement to use private
ways
and common elements for the purpose of ingress and
egress, construction, and unit
sales,
and for such other uses as are necessary to successfully
achieve the above-mentioned purposes.
In addition, the above-mentioned companies may
maintain one or more units as models and sales offices.
Such easements and rights described above which
are for the purpose of maintenance of a model and/or
sales office shall terminate upon the date on which
Vantage Point Condominium is complete and all the units
are sold, and all contractual obligations of the
above-mentioned companies appertaining to Vantage Point
Condominium have terminated.
6.
COMMON PROFITS AND
EXPENSES. The common profits of the property shall
be distributed among, and the common expenses shall be
charged to, the unit owners according to the allocation
of interest of each unit in the common elements.
7.
LIMITATION ON USE.
The use for which each of the units is intended and
limited is
hereby classified as residential condominium, and
the following restrictions shall hereafter apply:
(a)
No unit may
be owned by more than three owners.
For the purposes of this subparagraph,
a
married couple constitutes a single owner.
No unit shall be sold or otherwise used on a
time-sharing basis, provided, however, any unit owner
may lease his unit, so long as such lease does not
constitute a time-sharing arrangement, as that term is
commonly understood.
(b)
There shall
be no obstruction of the common elements.
Nothing shall be stored in the common areas
without the manager’s prior consent.
(c)
Nothing
shall be done or kept in any unit or in common elements
which will increase the rate of insurance on the common
areas without the manager s prior consent. No unit owner
shall permit anything to be done or kept in his unit or
in the common elements which will result in
cancellation of insurance on any unit or
any
part of the common elements, or which will be in
violation of any law.
No waste shall be committed in the Common
elements.
(d)
No sign of
any kind shall, be displayed to public view on or from
any unit or the common elements without the manager s
prior consent.
(e)
No animals,
livestock, or poultry shall be raised bred, or kept in
any unit or in the common areas and facilities, except
that dogs, cats, and other household pets may be kept in
units, subject to rules and regulations adopted by the
Board of Directors.
(f)
No noxious
or offensive activity shall be carried on in any unit or
in the common elements, nor shall anything be done
therein which may be or become an annoyance or nuisance
to the other owners.
(g)
Nothing
shall be altered or constructed in, or removed from, the
common elements, except upon the written consent of the
manager.
(h)
None of the
rights and obligations of the unit owners created herein
or by the deed conveying the condominium unit shall be
altered in any
way by encroachment due to settlement or shifting
of structure or any other cause. There shall be valid
easements for the maintenance of said encroachments so
long as they shall exist; provided however, that in no
event shall a valid easement for encroachment be created
in favor of an owner, or, owners, if encroachment
occurred due to the willful conduct of the owner or
owners.
8.
SERVICE OF PROCESS.
The name of the person to receive service of
process in the cases provided in Subsection 8, Section
1311, Chapter 15, Title 27, Vermont Statutes Annotated,
is Stig Albertsson, and his place of business within
Windham County, Vermont is
Stratton
Mountain. Stratton, Vermont.
9.
POWERS OF BOARD OF
DIRECTORS.
The Board of Directors shall manage the business
and affairs of. the COS, and shall contract
for insurance upon the units and common elements and
for all
goods and services necessary for the repair,
maintenance, improvement, and replacement of all common
elements, and shall have the power to assess the unit
owners on account thereof in the manner provided in the
By-Laws of the C0A. Until the first meeting of the Board
of Directors which shall be held when 90% of the units
have been delivered to the purchasers thereof, but in no
event Later than the first Saturday in December, 1985,
Declarant or its assignee shall exercise all the powers
of the Board of Directors, and. shall have the power and
authority to contract for insurance, goods, and services
on behalf of the COA for terms extending to, or beyond,
the first meeting of the Board of Directors provided,
however, that such insurance, goods, and services shall
not be contracted for a period in excess of that
normally to be contracted for by a prudent property
owner.
•
10.
REPAIR AND MAINTENANCE
OF COMMON ELEMENTS. The COA shall be
responsible for
the repair and maintenance of the common elements
and shall repair, and maintain such common elements so
that they remain in good conditions and are
available at
all times for the use and enjoyment of
the unit
owners in common with others. Repair and maintenance
shall include, without limitation, general maintenance
paving and repaving, and Snowplowing. Declarant reserves
to The, Stratton Corporation the right to act as the
manager of the unit owners for the purpose of repairing
and maintaining the common elements and The Stratton
Corporation shall be designated, and hereby is
designated, the manager of the COA for such purpose. As
the manager of the COA for the purpose of repairing and
maintaining the common elements, The Stratton
Corporation may, in its discretion, provide such
services itself; or it may contract with any person,
partnership, or corporation for the providing
of such services.
The Stratton Corporation may make a
reasonable charge for such services.
Said reasonable
charge shall. be computed
in accordance with the formula set forth in Section G of
Article VI of the Declaration of Protective Covenants,
Restrictions, and Reservations made
by The
Stratton Corporation dated September 8, 1962, and
recorded December 5, 1962 in Book 15, Pages 411-432 of
the Stratton
Land Records, specifically, said reasonable charge
“shall be made upon the basis of a reasonable
formula determined by Stratton which shall have relation
to the size of the lot served and the avail ability of
such facilities to the lot owner”.
In the event that such services are performed
directly by The Stratton Corporation, said reasonable
charge may include a reasonable profit to Declarant. The
COA may, at any time, by Majority vote, revoke the
designation of The Stratton corporation as their manager
for the purposes of repairing and maintaining the common
elements, and may designate another person, partnership,
or corporation selected by them for the purposes of
providing such services, PROVIDED THAT the designation
hereunder of The Stratton Corporation as manager for the
COA shall not be terminated by the COA, or otherwise,
without the expressed written consent of the Town of
Stratton Planning Commission.
In such event, the COA’s responsibility for the
repair, and maintenance of the common elements shall in
no manner be altered. and if The Stratton
Corporation reasonably believes at
any
time that the: repair and maintenance of the
common elements as so provided fail to meet the COA s
responsibility hereunder, it
may
itself provide such services or may contract with,
another person, partnership, or corporation for the
providing of such services and may make a reasonable
charge therefor as provided hereinabove,
11.
CHARGES.
Declarant reserves to the Stratton Corporation,
its successors and assigns, the right to make
periodic charges against the individual unit owners,
through the COA, for its expense in maintaining and
repairing the common elements, the cost of water and
sewer service, and other services as set forth herein.
Such charges shall not be made more frequently
than quarterly, nor less frequently than annually.
Such charges may include the following
(a)
1. A charge
for the maintenance and repair of the
common elements
as more particularly: set forth in Paragraph
Number 10 hereinabove.
2. A charge
for water service furnished by the water company.
3. A charge• for sewer service furnished
by
Stratton.
4. A reasonable charge to, owners of completed
condominium units for the cost of security services, if
any, provided
by Declarant or The Stratton Corporation for the
benefit of the owners of said completed condominium
units and others.
5. A charge for the taxed, real and personal, assessed
by the Town of
Stratton, or any other municipal
corporation, against Declarant or
The
Stratton Corporation to the extent that the common
elements are taxed as the property of Declarant or The
Stratton Corporation, and not as the property of the
unit owners individually or collectively. The amount of
said charge to each unit owner shall be determined by
multiplying the amount of said taxes by a fraction, the
numerator of which shall be the number of condominium
Units owned by said unit owner, and the denominator of
which shall be the number of units shown on the plot
plan (except that units shown on the plot plan as future
condominium units shall not be included).
12.
OWNER’S OBLIGATION TO
REPAIR.
Except for those portions which the Board of Directors.
is required to maintain and hereunder (if any), each
owner shall, at the owner s expense, equip and keep the
interior of
his unit and its equipment and appurtenances in
such good order, condition, and repair, and in a clean
and sanitary condition.
13.
FAILURE OF THE BOARD OF
DIRECTORS TO INSIST ON STRICT PERFORMANCE.
The failure of the Board of Directors or manager
to insist, in any one or more instances, upon strict
performance-Of any of the terms, covenants,
conditions,
or restrictions of this Declaration, or to
exercise any right or option herein contained, or to
serve any notice or to institute any action, shall not
be construed as a
waiver or
a relinquishment
with respect to
the future enforcement of ouch term,
covenant,
condition, or
restriction,
but such term, covenant, condition, or
restriction shall remain in full force and effect.
14.
LIMITATION OF LIABILITY.
The Board of Directors and/or. manager, and each
thereof, shall not be
liable
for any failure of water supply or other service to
be
obtained and paid for by the Board of Directors
hereunder, or for any injury or damage to person or
property caused by the elements or by another owner or
person in the project or damage from electricity, water,
rain, snow, or ice which may leak or flow from outside
or from any part of the building, or from any of its
pipes, drains, conduits, appliances, or equipment or
from any other place unless caused
by
gross negligence of the Board
of
Directors or the
manager,
as the case
may be. . No diminution or abatement of common
expense assessments shall be claimed, or allowed for
inconvenience or discomfort arising from the making of
repairs or improvements to the common areas and
facilities or from any action taken to comply with any
law, ordinance, or order of a
governmental
authority.
15.
INDEMNIFICATION OF
DIRECTORS. Each director and. the manager shall be
indemnified, by the unit owners against all
expenses and liabilities, including attorney fees,
reasonably incurred or imposed upon him in connection
with any proceeding to which he may be a party, or in
which he may become involved, by reason of his being, or
having been, a director or manager, or any settlement
thereof, whether or not he is a director or manager at
the time such expenses are incurred, except in such case
wherein the director or manager is adjudged guilty of
willful nonfeasance, misfeasance, or malfeasance in the
performance of his duties
provided,
however,
that in the
event of a settlement, the indemnification shall
apply only when the Board of Directors approves Such
settlement as being for the best interest of the COA and
the Board of Directors.
16.
INSURANCE. The Board
of Directors
shall obtain and maintain at all times insurance
or the type and kind and in the amounts hereafter
provided, and including insurance for such other risks
of a similar or dissimilar nature as are or shall
hereafter customarily
be covered
with respect to
other
condominium projects similar in construction,
design, and use, which insurance shall be governed by
the provisions in this Section 16.
(a)
For the
benefit of the COA and the unit owners, the Board of
Directors shall obtain and maintain at all times, and
shall pay for out of the common expense funds, the
following insurance.
1.
A master
policy, or subscription policies, of fire insurance on
all units and common elements with extended coverage,
and use and occupancy coverage for at least 100 percent
of the replacement value of all units and common
areas and facilities, and such other fire and casualty
insurance as the Board of Directors shall determine to
give substantially equal or greater protection to the
unit owners, and their mortgagees, as their respective
interests appear, which policy or policies shall provide
for a separate loss payable endorsement in favor of the
mortgagee, or mortgagees, of each unit, if any;
provided, however, that notwithstanding such mortgagee
loss payable endorsement the application of all
proceeds recovered thereunder shall be determined by the
Board of Directors in its sole and uncontrolled
discretion.
2.
A master
policy, or subscription policies, insuring the COA, its
Board of Directors, the unit owners and the manager
against any liability to the public and the owners, of
units and their invitees or tenants, occurring in, on,
or about the unite and common elements, or either
thereof, arising out of, or incident to, the ownership
or any use of the project, and including the personal
liability: exposure of the unit owners. Limits of
liability under such insurance shall be not 1ess than
$1,000,000 for all persons injured in any one accident,
and shall not be less than $500,000 for property damage
in each occurrence (such limits and coverage to be
reviewed at least annually by the Board of Directors and
to be increased. in its discretion). In addition, the
directors shall maintain an umbrella liability policy of
$10,000,000 insuring against the same risks. The policy
or
policies shall be issued on a comprehensive Liability
basis, and shall provide cross Liability endorsements
wherein the rights of named insureds under the policy or
policies shall not be prejudiced as respects his, her,
or their action against another named insured.
3.
Workmans’
compensation insurance to the extent necessary to comply
with any applicable laws.
4.
A fidelity,
bond naming the manager and such other person as may be
designated by the Board of Directors as principals, and
the COA and the unit owners as obliges for the first
year in
the amount at least equal to 50 percent of the
estimated
cash requirements for that-year
as
determined by the Board of Directors, and for each year
thereafter in an amount at least equal to 50 percent of
total sum collected through the common expense fund
during the preceding year.
(b)
All
policies shall be written by a company, or companies,
licensed to do business in Vermont, and falling into a
financial category, as designated in Best s Key Rating
Guide, of Class X or better,
(c)
Exclusive authority to adjust losses under policies
hereafter in force on the project shall be vested in the
Board of Directors, or its authorized
representative acting on behalf of all insureds,
including the individual unit owners and their
mortgagees.
(d)
In no event
shall the insurance coverage obtained and maintained
by the
Board
off Directors hereunder be brought into contribution
with insurance purchased by individual unit owners or
their mortgagees.
(e)
Each unit
owner may obtain additional insurance at his own
expenses provided, however, that no
owner shall be entitled to
exercise his right to maintain insurance
coverage in such a way as to decrease the amount which
the Board of Directors, on behalf of all: the unit
owners, may realize under any insurance policy which the
Board of Directors may have in force on the project at
any particular time.
(f)
Any unit
owner who
obtains individual insurance covering any portion
of the project, other than personal property belonging
to such owner, shall file a copy of such individual
policy or policies with the Board of Directors within 30
days after purchase of such insurance.
(g)
The Board
of Directors must make every effort to secure insurance
policies that will provide for the following:
1.
A
waiver of
subrogation by the insurer as to any claim
against the Board of Directors, the manager, the unit
owners, and their respective servants and agents..
2.
A provision
that the master policy on the project cannot be
Cancelled, invalidated, or suspended on account of the
conduct of any unit owner, the Board of Directors, any
officer or employee of the Hoard of Directors, or the
manager, without demand in writing 30 days prior to such
•cancellation, invalidation, or suspension that the
Board of Directors or the manager cure the defect and
notice of the failure thereof to do so within such
period.
3.
A provision
that any
“no other insurance” clause in the master policy
exclude individual owner’s policies from consideration;
4.
A provision
that the insurer issue certificates of insurance
specifying the portion of the master pulley allocated to
each unit owner s interest, and that until the insurer
furnishes written notice and a grace period of 30 days
to the mortgagee insured under the lose payable clause
thereof, the mortgagee s coverage is neither jeopardized
by the conduct of the unit mortgagor-owner, the.
GOA, or other unit owners-mortgagors, nor
cancelled for nonpayment of premiums.
(h) At least annually, the Board of Directors shall
review all insurance carried by the COA, and such review
shall include an appraisal of all improvements to the
project by a representative of the insurance carrier
writing the master policy.
17.
DAMAGE AND DESTRUCTION.
In case of fire, casualty or any other disaster, the
insurance
proceeds of the policy and the individual owner s
policies, if sufficient to reconstruct the
building, or buildings, damaged or destroyed, shall be
applied to such reconstruction.
Reconstruction of the damaged or destroyed
building, or building, or used in this paragraph, means
restoring the building or buildings to substantially
the same condition in which it
or they
existed prior to the fire, casualty, or disaster, with
each unit and the common areas and facilities having the
same vertical and horizontal boundaries as before. Such
reconstruction shall be accomplished under the direction
of the manager or the Board of Directors.
If the insurance proceeds are insufficient to
reconstruct the damaged or destroyed building or
buildings, the damage to, or destruction of, such
building or buildings shall be promptly repaired. and
restored by the manager or the Board of Directors:,
using the proceeds of insurance, if any, on such
building or buildings ±or that purpose, and the unit
owners of units in such building or buildings shall be
liable for assessment for any deficiency, such
deficiency to take into consideration as the unit owner
s contribution any individual policy insurance proceeds
provided by such owner.
Notwithstanding all other provisions hereof, the unit
owners may, by an affirmative vote of three quarters of
the unit owners affected thereby, cause an amendment to
be made to the project documents so
as to
facilitate architectural changes that the owners
affected thereby and the COA deem desirable. Any such
amendment of such project documents shall be valid only
upon (1) the recording thereof with the recording
officer of the Town of Stratton, and (2) the recording
with that recording officer of the approval thereof of
each mortgagee and each other lienholder of record
Having a lien against any part of the project or
building affected by such amendment.
18.
CONDEMNATION. If part of the project shall be taken
or condemned
by any authority
having
the power of eminent domain such that no Unit or any
part thereof is taken, then all
compensation
and damages for and on account the taking of the
common elements, exclusive of compensation for
consequential damages to certain affected units, shall
be payable to the Board of Directors as Trustee for all
unit owners and mortgagees according to the loss or
damage
to their respective interests in such common elements.
The COA, acting through its Board of Directors, shall
have the right to act on behalf of the unit owners with
respect to the negotiation and litigation of the issues
with respect to the taking and compensation affecting
the common elements, without limitation on the right of
the unit owners, or any mortgagees of any one or more
units, to represent their own interests. Such proceeds
shall, subject to the prior rights of such mortgagees,
become a part of the reserve funds of the COA. Nothing
herein is to prevent unit owners whose units
are
specially affected by the taking or condemnation
proceedings from joining in such proceeding and
petitioning on their own behalf for consequential
damages relating to loss of value ox the affected units
or personal improvements therein, exclusive of damages
relating to common elements. In the event that the
condemnation award does not allocate consequential
damages to specific unit owners, but by its terms
includes an award for reduction in value of units
without such allocation, the award shall be divided
between affected unit owners, subject to the rights of
the mortgagees of such units, by the Board of Directors
as Trustee as aforesaid as he interests may
appear or by arbitration in accordance with the rules
then in effect of the American Arbitration Association.
If part or all of the project shall be taken or
condemned by any, authority having the power of eminent
domain, such that any unit or a part thereof is taken,
the COA shall act on behalf of the unit owners with
respect to common elements as set forth in the preceding
paragraph, without
limitation on
the right of any unit owners or mortgagees of any
one or more Units to represent their own interests, and
the proceeds Shall be payable as outlined therein. The
unit owners directly affected, by such taking and their
respective mortgagees shall represent and negotiate for
themselves with respect to the damages affecting their
respective Units. The awards so made shall, subject to
the prior rights of mortgagees, be used and distributed
by the trustee first to restore the units and buildings
or facilities on the remaining land of the project in
the same manner as provided for restoration under
Section 17 hereof to the extent possible, attempting to
rebuild buildings, containing new units of the same
number, size, and basic .plan, as the units
taken, with any excess award distributed in accordance
with the provisions of Section 18 hereof. In the event
that the Board of Directors determines that such a
taking so removes land And buildings containing units
that they cannot effectively be restored substantially
in compliance with building plans, and unless 75 percent
of the unit owners and holders of first mortgages
encumbering 75 percent of the undivided interest in the
common elements subject to mortgages vote to accept an
alternative plan, then the Board of Directors shall
submit the issue to arbitration in accordance with the
rules then in effect of the American Arbitration
Association for remedies with respect to the continued
existence or reform of the project, the division of the
award, as to the taken and remaining units, and such
other remedies as may be required, provided that no such
award shall impair the validity or priority, or affect
any rights or remedies, of any mortgagee.
19.
ENFORCEMENT. Each unit owner shall comply strictly
with the provisions of this Declaration and with the
By-Laws of the COA and rules and regulations promulgated
pursuant, thereto, as the same shall be
lawfully amended from time to time. Failure so to comply
shall be grounds for an action to recover sums due for
damages, or for injunctive relief, or both, maintainable
by the
Board of Directors or manager on behalf of the owners.
20.
RESERVES.
The Board of Directors, in its discretion and in
compliance with the By-Laws of the COA, may establish
such reserves as good business judgment warrants for the
repair, improvement, or other needed expenditures or the
COA. To fund such reserves, the Board of Directors, in
its discretion, may include the reserve fund assessment
in any monthly assessment made against the unit Owners.
All such reserves shall be held by the Board of
Directors in trust for the unit owners as their
contribution thereto shall appear, and shall not become
the funds of the COA until the expenditure for which
such reserve is created has become due and payable. Upon
the sale or other disposition of a unit, the reserve
allocable to that unit shall not be refunded, but rather
shall be transferred to the account of the new unit
owner as part of such sale or other
disposition.
21.
LIABILITY FOR UNPAID
SHARE OF COMMON EXPENSES. When the purchaser of a
unit obtains title to the unit as a result of
foreclosure of the first mortgage, such purchaser his
successors and assigns, shall not be liable for any of
the common expenses chargeable to such unit which became
due prior to the acquisition of title to such unit by
such purchaser. Such unpaid share of common expenses
shall be a common expense of all the unit owners,
including such purchaser his successors and assigns,
22.
LIEN OF ASSOCIATION
AGAINST UNIT.
(a)
Whenever
the COA, acting through its manager or otherwise,
furnishes to a unit any services, labor, or materials
lawfully chargeable as common expenses, the COA shall
have a lien upon the individual unit and the undivided
interest in the common elements appertaining
to such unit for the amount of such common expenses so
assessed.
The lien shall be prior to all other liens or
encumbrance upon the unit excepts
1.
(1).
Tax liens in favor of any assessing unit and special
district;
2.
A first
mortgage of records and Mechanics liens. (b) Such lien
shall be foreclosed as provided in Section 1323 of
Chapter Title 27, Vermont Statutes Annotated.
23.
OVERASSESSMENT.
At the end of each fiscal year of the COA, the
Board, of Directors shall cause to be; repaid promptly
to each owner, or applied to his next subsequent
assessment, any amount by which his assessment during
such fiscal year shall have exceeded the amount
necessary to conduct the business of the COA during that
fiscal year, and shall collect promptly from each owner
any amount by which his assessments during that fiscal
year shall have
been less than
his allotted share of the expenses of the COA.
Such repayments shall not include any sums held as
reserves, which sums shall then be, and thereafter until
expended shall continue to be, the property of the
individual unit owners subject to the By-Laws of the
COA.
24.
INTERPRETATION.
The provisions of this Declaration shall be
liberally construed to effectuate its purpose of
creating a uniform plan for the development and
operation of a condominium project. Failure to enforce
any provision hereof shall not constitute
a
waiver of the right thereafter to enforce that provision
or any other provision hereof.
(a)
Except as
otherwise provided herein, the provisions of this ‘Declaration
may be amended by a vote of record owners holding 75
percent of the total vote hereunder. A copy of the
Declaration as amended or the amendment thereto,
certified by the Chairman and Secretary of the COA,
shall be effective when recorded in the office of the
recording officer of the Town of Stratton, Vermont.
(b)
At any time
during pre-sales and prior to the transfer of possession
and ownership of any unit to its owner, Declarant Shall
have, and hereby reserves the right, to amend, alter, or
withdraw this Declaration in whole or in part. Declarant
s withdrawal of this Declaration in full shall relieve
the real property of its submission to condominium
ownership.
25.
SEVERABILITY. The provisions hereof shall be deemed
independent and severable, and the invalidity or partial
invalidity or unenforceability of any one provision or
portion hereof shall not affect the validity or
enforceability
of any other provision hereof.
26.
EFFECTIVE DATE..
This Declaration shall take
effect
upon recording.
IN WITNESS WHEREOF, Declarant has caused its corporate
name to be subscribed, and. its corporate
seal to be affixed by its proper officers, thereunto
duly authorized, on this .t6.6-day of
November, 1982;
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STRATTON LAND DEVELOPMENT CORPORATION
By
_________________________
President
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STATE OF VERMONT
WINDHAM COUNTY,
SS.
On this 26th day of November, 1982, personally appeared
Stig Albertsson
, who, being duly sworn, on oath,
did
say:
That he is President of Stratton Land Development
Corpora-
tion, a Vermont corporation; and that the
instrument was signed on
behalf of the corporation
by authority of its Board of Directors;
and he
acknowledged the instrument to be its voluntary act and
deed,
Before me,
NOTE:
Original Document with signatures on File
with Association Records
EXHIBIT A
Beginning at a point in the center of East Birch Road
right-of-
way; said point is the southwest corner of
the parcel herein conveyed;
thence north 160
48’ 09" east, 338.21 feet to the lands now or
formerly of Young; thence south 720 46’ 51"
east, 850.00 feet along
lands of Young to a point;
thence south 170 13’ 09” west, 332.00 feet
along other lands of The Stratton Corporation;.
thence south 610 27’ 47"
west, 127.54
feet along other lands of The Stratton Corporation to a
point in the center of the 50.00 foot right-of-way
for East Birch
Road; thence along the centerline of
said right-of-way the following
courses:
A curve to the left with a radius of 260.44 feet
and an
arc length of 196.04 feet thence north 71°
39’ 51" west, 582. 03
feet to the point of beginning.
The area of this parcel is 6.09 acres.
EXHIBIT C
VALUE OF UNITS
Level One - Interior Unit
- $ 98,750
x
10
= $
987,500
Level One - End Unit
-
101,750
x
10
=
1,017,500
Level Two - Interior Unit
-
103,750
x
10
=
1,037,500
Level Two - End Unit
-
106,750
x
10
=
1,067,500
Level Three - Interior Unit
-
108,750
x
10
=
1,087,500
Level Three - End Unit
-
111,750
x
10
=
1,117,500
Value of all units
6,315,000
PERCENTAGE OP UNDIVIDED INTEREST PER UNIT
Level One - Interior Unit
-
1.56%
x
10
=
15.6%
Level One - End Unit
-
1.61%
x
10
=
16.1%
Level Two - Interior Unit
-
1.64%
x
10
=
16.4%
Level Two - End Unit
-
16.9%
x
10
=
16.9%
Level Three - Interior Unit
-
17.2%
x
10
=
17.2%
Level Three - End Unit
-
17.7%
x
10
=
17.7%
Total percentage
100% (Rounded)
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