Ermelita T. Rubiato

BY LAWS OF CAMELOT TOWNHOUSE ASSOCIATION The name of the corporation shall be CAMELOT TOWNHOUSE ASSOCIATION., and is hereinafter referred to as the Association SECTION 1 OBJECT 1-1 The purpose for which this Association is formed is to govern the property situated in the Country of Eagle, State of Colorado, which property has been submitted to the provision of the Declaration for Camelot Townhouses. 1-2 All present or future Owners, tenants, future tenants, or any other person using the facilities of the project in any manner are subject to the regulations set forth in these By-Laws. The mere acquisition or rental of any of the residences (hereinafter referred to as “units”) of the project or the mere act of occupancy of any of saidunits will signify that these By-Laws are accepted, ratified, and will be complied with. SECTION 2 MEMBERSHIP, VOTING, MAJORITY OF OWNERS, QUORUM PROXIES 2-1 Membership. Any person on becoming an Owner of a Townhouse unit shall automatically become a member of this Association and be subject to the Certificate of Incorporation and to these By-Laws. Such membership shall terminate without any Association action whenever such such person ceases to own a unit, but such termination shall not relieve or release any such former Owner from any liability or obligation incurred under or in any connection with the Association, or impair any rights or remedies which the Board of Managers of the Association or others may have against such former Owner and member arising out of or in any way connected with such ownership and membership and the covenants and obligations incident thereto. No certificate of stock shall be issued by the Association, but the Board of Managers may, if it elects, issue one membership card to the Owners(s) of a Townhouse unit, such membership card shall be surrendered whenever ownership of the unit designated thereon shall terminate. 2-2 Voting. This Association shall have two classes of voting membership as follows: A. Class A. Class A members shall be all the Owners of units, and Class A members shall be entitled to one vote for each unit they own. When more than one person holds such interest or interests in any unit, all such persons shall be members, and the vote for such unit shall be exercised as they among themselves determine, but in no event shall more than one vote be cast with respect to any such unit. B. Class B. The Class B members shall be the Declarants under the Declaration for Camelot Townhouses as a single group. The Class B member shall be entitled to four votes for each unit which they own, Provided that the class B membership shall cause and become converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (a) when the total votes outstanding in the Class A membership equal the total votes outstanding in the Class B membership, or (b) on December 31 1974 2-3 Majority M Of Unit Owners. As used in these By-Laws the terms “majority of unit Owners” shall mean Class A members who own more than fifty percent (50%) of the residences. 2-4 Quorum. Expect as otherwise provided in these By-Laws, the presence in person or by proxy of more than fifty percent (50%)of the votes of the membership of the Association Including total of the votes of the Class A and Class B members shall constitute a quorum. An affirmative vote of a Majority of the votes entitled to the cast at a meeting, determined by the presence of the voters or by proxy, shall be required to transact business. 2-5 Proxies. Votes may be cast in person or by proxy. Proxies shall be in writing and the signatures must be witnessed or acknowledged. Proxies must be filed with the Secretary before the appointed time of each meeting. SECTION 3. ADMINISTRATION, MEETING OF MEMBERS 3-1 Association Responsibilities. The Owners of the units will constitute the Association, who will have the responsibility of administration of the project through a Board of Managers. 3-2 Place of Meeting. Meetings of the Association shall be held at such places as the Board of Managers may determine. 3-3 Annual Meeting The first and later annual meetings of the Association shall be held on the dates given on Exhibit “A”. At such meetings there shall be elected by ballot of the Owners a Board of Managers in accordance with the requirements of Section 4-5 of these By-Laws. The Owners may also transact such other business of the Association as may properly come before them. 3-4 Special Meetings. The President shall call a Special Meeting of the Owners when so directed by resolution of the Board of managers or upon presentation to the Secretary of a petition signed by a majority of the Owners. No business shall be transacted at a special meeting except as stated in the notice unless by consent of the Owners of three-fourths of the units, either in person or by proxy. 3-5 Notices. Notices of annual and special meetings shall be given by the President or Secretary of the Association by regular mail addressed to the registered addresses of the Owner of the units at least fifteen (15) days prior to the date set for such meeting. Such notice shall state the date, time and place of the meeting and if the meeting is a special meeting the purpose thereof. Waiver of notice, either in person or by proxy, and signed either before, at or after any meeting, shall be a valid substitute for service. The Certificate of the President or Secretary that notice was duly given shall be prima facie evidence thereof. 3-6 Adjourned Meeting. If any meeting of owners cannot be organized because a quorum has not attended, the Owners who are present either in person or by proxy, may adjourn the meeting to a time not less than forty-eight hours from the time the original meeting was called. 3-7 Order of Business The order of business at all meetings of the Owners of units shall be as follows: (a) Roll Call. (b) Proof of notice of meeting or waiver of notice (c) Reading of minutes of preceding meeting. (d) Reports of officers. (e) Report of committees. (f) Election of managers. (g) Unfinished business. (h) New business. SECTION 4. BOARD OF MANAGERS (Power and Meetings) 4-1 Numbers and Qualification. The affairs of this Association shall be governed by a Board of Managers composed of three persons. The person named in Exhibit “A” shall act in such capacity and shall manage the affairs of the Association until the first annual meeting and until their successors are elected. 4-2 Powers and Duties. The Board of managers shall have the powers and duties necessary for the administration of the affairs of the Association and for the operation and maintenance of a first-class project. 4-3-1 Other Powers and Duties. The administer and enforce the covenants, conditions restrictions, easements, uses, limitations obligations and all other provisions set forth in the Declaration referred to in Section 1-1. 4-3-2 To establish, make and enforce compliance with such reasonable House Rules as may be necessary for the operation, use and occupancy of this project with the right to amend same from time to time. 4-4-3 To keep or cause to be kept, in good order condition and repair all of the common properties and all items of common personal property, if any. 4-3-4 To insure and keep insured all of the insurable general common properties of the properties of the property (and also fixture; interior walls, and partitions; decorated and finished surfaces of perimeter walls, floors and ceilings; doors, windows and other elements or materials comprising a part of the units) and other elements or materials comprising a part of the units) in an amount equal to their maxim replacement value shall be determined every two years by one or written appraisals. Further to obtain and maintain comprehensive liability insurance covering the entire premises in amounts not less than $100,000.00 per person and $300,000.00 per accident and $50,000.00 property damages. To insure and keep insured all of the fixtures, equipment and personal property acquired by the Association for the benefit of the Associated and the Owners of the units and their first mortgagees. 4-3-5 To fix, determine, levy and collect the monthly pro-rated assessment to be paid by each of the Owners towards the gross expenses of the entire premises and by majority vote of the Board to adjust, decrease or increase the amount of monthly assessments. To levy and collect special assessments whenever in the opinion of the Board it is necessary to do so in order to meet increased operating or maintenance expenses or costs, or additional capital expenses, or because of emergencies. All monthly or other assessments shall be mailed to the registered mailing address of the Owner not later than on the first day of each month. 4-3-6 To collect delinquent assessment by suit or otherwise and to enjoin or seek damages from an Owner as is provided in the Declaration and these By-Laws. 4-3-7 To borrow funds but only when so authorized by 75% written consent and authority of all of the Class A so authorized to execute all such instruments evidencing such indebtedness shall be the several obligation of all of the unit owners. 4-3-9 To enter into contracts with the scope of their duties and powers for the management of this townhouse project. 4-3-10 To establish a bank account for the common treasury and for all separate funds which are required or may be deemed advisable by the Board of Managers. 4-3-11 To keep and maintain full and accurate books and records showing all of the receipts, expenses or disbursements and to permit examination thereof at any reasonable time by each of the owners. 4-3-12 To prepare and deliver annually to each Owner a statement showing in at least summary form all receipts, expenses or disbursements since the last such statement. 4-3-13 To meet at least semi-annually. 4-3-14 To designate the personnel necessary for the maintenance and operation of the project. 4-3-15 In general to carry on the administration of this Association 4-4 Management Agent The board of Managers may employ for the Association a management agent at a compensation established by the Board to perform such duties and services as the Board shall authorize including, but not limited to, the duties listed in Section 4-3 hereof. 4-5 Election and Terms of Office. At the first annual meeting of the Association the terms of office of the three Managers shall be fixed for three (3) years. The Managers shall hold office until their successors have been elected and hold their first meeting. 4-6 Vacancies. Vacancies in the Board of Managers caused by any reason other than the removal of a Manager by a vote of the Association shall be filled by vote of the majority of the remaining Managers, even though they may constitute less than a quorum; and each person so elected shall be a Manager until a successor is elected at the next annual meeting of the Association. 4-7 Removal of Managers. At any regular meeting or at any special meeting called for that purpose, any one or more of the Managers may be removed with or without cause, by a majority of all of the unit Owners and the Class B member, if in existence, and a successor is elected at the next annual meeting of the Association. 4-8 Organization Meeting. The first meeting of a newly elected Board of Managers shall be held within ten days of election at such place as shall be fixed by the Managers at the meeting at which such Managers were elected, and notice shall be necessary to the newly elected Managers in order legally to constitute such meeting, providing a majority of the whole Board shall be present. 4-9 Regular Meetings Regular meetings of the Board of Managers may be held at such time and place as shall be determined from time to time, by a majority of the Managers, but at least two such meetings shall be held during each fiscal year. Notice of regular meetings of the Board of Managers shall be given to each Manager, personally or by mail, telephone or telegraph, at least three days prior to the day named for such a meeting. 4-10 Special Meetings. Special meetings of the Board of Managers may be called by the President on three days' notice to each Manager, given personally, or by mail telephone or telegraph, which notice shall the time, place (as hereinabove provided0, and purpose of the meeting. Special meetings of the Board of Managers shall be called by the President or Secretary in like manner and on like notice on the written request of at least two Managers. 4-11 Waiver of Notice. Before, at or after any meeting of the Board of Managers, any Manager may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Manager at any meeting of the Board shall be a waiver of notice by him of the time and place thereof. If all the Manages are present at any meeting of the Board, no notice shall be required and any business may be transacted at such a meeting. 4-12 Quorum. At all meetings of the Board of Managers a majority thereof shall constitute a quorum for the transaction of business, and the acts of the majority of the Managers present at a meeting at which a quorum is present shall be the acts of the Boards of Managers. If, at any meeting at which a quorum is present shall be the Board of Managers, there be less than a quorum present, the majority of those present may adjourn the meeting from time to time. At any such adjourn the meeting from time to time. At any such adjourned meeting, any business which might have been transacted at the meeting any business which might have been transacted without further notice. 4-13 Fidelity Bonds. The Board of Managers may require that all officers and employees of the Association handling or responsible for Association funds shall furnish bonds shall be paid by the Association. 4-14 Each Manager shall receive such sum as the Owners may from time to time determine, for attendance at any regular or special meeting of the Board of Managers. SECTION 5. OFFICERS 5-1 Designation. The officers of the Association shall be a President, Vice-President, a Secretary-Treasurer, all of whom shall be elected by and from the Board of Managers. 5-2 Election of Officers. The officers of the Association shall be elected annually by the Board of Managers at the organization meeting of each new Board and shall hold office at the pleasure of the Board. One person may not hold office at the pleasure of the Board. One person may not hold concurrently any two offices. The office of Vice President need not be filled. 5-3 Removal of Officers. Upon an affirmative vote of a majority of the members of the Board of Managers, any officer may be removed, with or without cause, and his successor elected at any regular meeting of the Board. Or at any special meeting of the Board called for such purpose. 5-4 President. The president shall be chief executive officer of the Association. He shall preside at all meetings of the Association and the Board of Managers. He shall have all of the general powers and duties which are usually vested in the office of the President of an Association, including but not limited to the power from time to time as he may in his discretion decide is appreciated to assist in the conduct of the affairs of the Association. 5-5 Vice President The Vice President shall have all the powers and authority and perform all the functions and duties of the President, or his inability for any reason to exercise such powers and functions or perform such duties. 5-6 Secretary The Secretary shall keep the minutes of meetings of the Association; he shall have charge of such books and papers as the Board of Managers may direct; and he shall, in general, perform all the duties incident to the office of Secretary. The Secretary shall compile and keep up-to-date at the principal office of the Association a complete list of members and their registered mailing addresses. Such list shall also show opposite each member’s name the number or the other appreciate designation of the residential unit owned by such member. Such list shall be open to inspection by members and other persons lawfully entitled to inspect the same at reasonable times during regular business hours. 5-7 Treasurer The Treasurer shall have responsibility for Association funds and shall be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging to the Association. He shall be responsible for the depositories as may from time be designated by the Board of Managers. SECTION 6. INDEMNIFICATION OF OFFICERS AND MANAGERS The Association shall indemnify every manager or officer, their heirs, executors and administrators, against all loss, cost and expense, including counsel fees, responsibly incurred by him in connection with any action, suit or proceeding to which he shall be finally adjudged in such action, suit or proceeding to be liable for gross negligence or wilful misconduct. In the event of a settlement indemnification shall be provided only in connection with such matters covered by the settlement as to which the Association is advised by counsel that the person to be indemnified has not been guilty of gross negligence or wilful misconduct in the performance of his duty as such manager or officer in relation to the matter involved. The foregoing rights shall not be exclusive of other rights to which such manager or officer may be entitled. All liability, loss, damage, cost and expense incurred or suffered by the Association by reason or arising cut of or in connection with the foregoing indemnification provisions shall be treated and handled by the Association as Common Expenses; provided, however, that nothing in this Section 6 contained shall be deemed to obligate the Association to indemnify any member or owner of a unit, who is or has been a manager or obligation assumed or liabilities incurred by him under and by virtue of the Declaration for Camelot Townhouse as a member or Owner of a unit covered thereby. SECTION 7. OBLIGATIONS OF THE OWNERS 7-1 Assessment Except as otherwise provided in the Declaration for Camelot Townhouses, Owner shall be obligated to pay the monthly assessment imposed by the Association to meet the common expenses, and payment thereof shall be made not later than on the first day of each month. The assessment shall be made in accordance with Article XIV of the aforesaid Declaration, a member shall be deemed to be in good standing and entitled to vote at any annual or at a special meeting of members, within the meaning of these By-laws, if and only if he shall have fully paid all assessments made or levied against him and the residence owned by him. 7-2 Maintenance and Repair 7-2-1 Every Owner must perform promptly at his own expense all maintenance and repair work within his own unit and which if omitted would affect the project in its entirety or in part belonging to the other Owners. 7-2-2 All the repairs of internal installation of the unit such as water, light, gas, power, sewage, telephone, sanitary installations, doors, windows, electrical fixtures, and all other accessories, equipment and fixtures including any air conditioning and heating equipment belonging to the unit shall be at the Owner’s expense. 7-2-3 An Owner shall be obligated to reimburse the Association or another unit Owner promptly upon receipt of a statement for any expenditures incurred by the Association or other unit Owner or both in repairing, replacing or restoring any common properties or the interior or any part of a unit damaged as a result of negligent or other tortious conduct of such Owner, a member of his family, his agent, employee, invitee, licensee or tenant. 7-3 Mechanic’s Lien. Each Owner agrees to indemnify and to hold each of the other Owners harmless from any and all claims of mechanic’s lien filed against other units and the appurtenant common properties for labor, materials, services or other products incorporated in the Owner’s unit. In the event suit for foreclosure of mechanic’s lien is commenced then within ninety days thereafter such Owner shall be required to deposit with the Association cash or negotiable securities equal to the amount of such claim plus interest for one year together with the sum of One Hundred Dollars. Such sum or securities shall be held by the Association pending final adjudication or settlement of a claim or litigation. Disbursements of such funds or proceeds shall be made by the Association to insure payment of or on account of such final judgement or settlement. Any deficiency shall be paid forthwith by the Association to make such payment, and the amount thereof shall be a debt of the Owner and a lien against his unit which may be foreclosed as is provided in Article XIV of the Declaration. 7-4 General. 7-4-1 Each Owner shall comply strictly with the provisions of the Declaration for Camelot Townhouses . 7-4-2 Each Owner shall always endeavor to observe and promote the cooperative purposes for the accomplishment of which they were intended without hindering or encroaching upon the lawful rights of the other Owners. 7-5 Use of General Common Properties Each Owner may use the common properties and in accordance with the purpose for which they were intended without hindering or encroaching upon the lawful rights of the other Owners. 7-6 Right of Entry. 7-6-1 An Owner shall grant the right of entry to the Managing Agent or to any other person authorized by the Board of Managers in case of any emergency originating in or threatening his unit, whether the Owner is present at the time or not. 7-7-2 Owners and occupants of units shall exercise extreme care to avoid making or permitting to be made loud or objectionable noise, and in using or playing or permitting to be used or played, musical instruments, radio, phonographs, television sets, amplifiers and any other instruments or devices in such manner as may disturb or tend to disturb Owners, tenants or other occupants of units. 7-8-3 It is prohibited to hang garments, rugs and other materials from the windows or from any of the facades or balconies of a building or any of the improvements. 7-7-4 It is prohibited to throw garbage or trash outside the disposal installations provided for such purposes. 7-7-5 No Owner, resident or lessee shall install wiring for electrical or telephone installation, television, antenna, machine or air conditioning units on the exterior of the project except as expressly authorized by the Association. D or kept on any of the said units except dogs, cats. Or other 7-7-6 No animals, livestock or poultry of any kind shall be raised, bred or maintained for any commercial purpose. However, all dogs, cats or other household pet must be kept on lashes whenever they are outside living unit, and the Owner of any household pet is personally responsible to collect and pick up any droppings left by said households pets on the properties, and the Association shall have the right, through its Board of Director, to charge the Owners of household pets an additional assessment, in addition to the assessments provided for above, to cover the extra costs incurred by the Association due to the household pets. 7-7-7 All automobile parking shall be subject to such rules as the Association may adopt from time to time. 7-7-8 The Association assumes no responsibility for damage done to automobiles parked in the designated areas. 7-7-9 Noisy vehicles shall not be responsible for damage done to automobiles parked in the designated areas. 7-7-10 The Board of Manager or the Managing Agent reserves the power to establish, make and enforce compliance with such additional House Rules as may be necessary for the operation, use and occupancy of his Townhouses project with the right to amend the same from time to time. SECTION 8. AMENDMENTS These By-Laws may be amended by the Association members at a duly constituted meeting for such purpose, and no amendment shall take effect unless approved by 75% of the unit Owners and the Class B members., if in existence. The notice of such meeting shall contain a summary of the proposed changes, or a copy of such proposed changes. SECTION 9. MORTGAGES 9-1 Notice To Association. An owner who mortgages his unit shall notify the Association through the Managing Agent, if any, or the President of the Board of Managers, giving the name and address of his mortgagee. The Association shall maintain such information in a book entitled “Mortgagees of Units”. 9-2 Notice of Unpaid Assessments. The Association shall at the request of a mortgage of unit report any unpaid assessments due from the owner of such unit. SECTION 10. EVIDENCE OF OWNERSHIP, REGISTRATION OF MAILING ADDRESS AND REQUIRED PROXIES 10-1 Proof of Ownership. Any person on becoming an Owner of a unit shall furnish to the Managing Agent or Board of managers a photocopy or a certified copy of the recorded instrument vesting that person with an interest or ownership, which instrument shall remain in the files of the Association. A member shall not be deemed to be in good standing nor shall he be entitled to vote at any annual or at a special meeting of members unless this requirement is the first. 10-2 Registration of Mailing Address. The Owners of each unit shall have one and the same registered mailing address to be used by the Association for mailing of monthly statements, noticed demands, and all other communications, and such registered address shall be the only mailing address of a person or persons, firm, corporation, partnership, association or other legal persons, firm corporation, partnership, association or other legal entity or any combination thereof to be used by the Association. Such registered address of a unit owner or owner shall be furnished by such Owners to the Secretary within five days after transfer of title, such Owners to the Secretary within five days after transfer of title, such registration shall be in written form and signed by all of the Owners of the unit or by such persons as are authorized by law to represent the interests of (all of) the Owners thereof. If no such address is registered or if all of the Owners cannot agree, then the address of the unit shall be the registered address as permitted under this Section. Registered addresses may be changed from time to time by similar designation. 10-4 The requirement contained in this section shall be first met before an Owner of a unit shall be deemed in good standing and entitled to vote at any annual or special meeting of members. SECTION 11. This Association is not organized for profit. No member, member of the Board of Managers or person from whom the Association may receive any property or funds shall receive or shall be lawfully entitled to receive any pecuniary profit from the operations thereof, and in no event shall any part of the funds or assets of the Association be paid as a salary or compensation to, or distributed to, or inure to the benefit of any member of the Board of Managers; provided, however, always (1) that reasonable compensation may be paid to any member or manager while acting as an agent or employee of the Association for services rendered in effecting one or more of the purposes of the Association, and (20 that any member or manager may, from time to time, be reimbursed for his actual and reasonable expenses incurred in connection with the administration of the affairs of the Association. Section 12. The corporate seal shall consist of concentric circles with the name of the corporation and the word “Colorado” between and with the word “Seal” in the center. IN WITNESS WHEREOF, the undersigned have hereunto set their hands seals this ________ day of ________1973. BOARD OF MANAGERS: ______________________________(SEAL) ______________________________(SEAL) ______________________________(SEAL) The undersigned, Secretary for Camelot Townhouse Association, a Colorado corporation not for profit, does hereby certify that the above and foregoing By-Laws were duly adopted by the Board of Mangers as the By-Laws of said corporation on the _____ day of ______________ 197__, and that they do now constitute the By-Laws of said corporation. Dated: ___________________ ___________________________ Secretary (SEAL) EXHIBIT “A” TO BY-LAWS OF CAMELOT TOWNHOUSE ASSOCIATION 1. The first annual meeting of the Association shall be held on the ______ day of ______________, 19______. Thereafter annual meetings of the Association shall be held on the _______day of ___________of each succeeding year. 2. The following persons shall act as Managers of the Association until its annual meeting and until their successors are elected: R. S. KVAMME I.C. DAHL RODNEY GRUBB STATE OF _____________________________) )SS. COUNTY OF______________________________) The foregoing instrument was acknowledged before me this _______ day of ___________, 1973 by RODNEY GRUBB. WITNESS my hand and official seal. My commission expires ______________________________ ______________________________ Notary Public. EXHIBIT “A” TO DECLARATION FOR CAMELOT TOWNHOUSES TRACT C, CAMELOT TOWNHOUSE, Country of Eagle, State of Colorado