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HomeMy WebLinkAbout95- Declaration for 2430 North Seventh Commercial Condominium ,; .. . . . .. .. ,~ " .. . DECLARATION FOR 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM ! . I .. I . . . ~ .. .. ' ') INDEX certificate of Name . . . . . . . . . . . . . . . . . . . . ii certificate of Floor Plan . . . . . . . . . . . . . . . . . . . . 111 DECLARATION FOR THE 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM Definitions. . . . . . . . . . . . . . . . . . . . . . . 1 Real Estate. . . . . . . . . . . . . . . . . . . . . . . 4 Easements and Interior Remodeling . . . . . . . . . . . 6 Ownership and voting -- Exhibits -- Use. . . . . . . . . 8 The Association . . . . . . . . . . . . . . . . . . . 11 Declarant's Rights to Change . . . . . . . . . . . . . l7 Amendment . . . . . . . . . . . . . . . . . . . . . . 17 changes, Repairs and Liens . . . . . . . . . . . . . . 18 Insurance. . . . . . . . . . . . . . . . . . . . . . . 22 Removal or Partition -- Subdivision. . . . . . . . . . 27 Remedies . . . . . . . . . . . . . . . . . . . . . . . 27 Severability . . . . . . . . . . . . . . . . . . . . 27 Miscellaneous . . . . . . . . . . . . . . . . . . . . 28 ! i ~ I . f ~ 'j , \ i CERTIFICATE OF NAME The undersigned being the duly authorized agent of the Department of Revenue of the state of Montana within the County of Gallatin, herewith executes the following certificate relating to the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM situated as follows: "See Exhibit A attached" 1) That the name the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM is not the same as, similar to or pronounced the same as a word in the name of any other property or subdivision within Gallatin County, and 2) All taxes and assessments due and payable tor the said 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM have been paid to date. Dated: ~) c-t dad, 1995. Cl I ') !) 1 f) iJ lit. -' Ie/Lv L.?iJtlr, ~ ( .', County Assessor , ii . , . . \ . . I , " CERTIFICATE OF FLOOR PLAN The undersigned, being a duly registered professional architect in the state of Montana, herewith certifies the following: That the floor plans for the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUMS situated according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County, Montana, as duly filed with the Declaration and Bylaws thereof, fully and accurately depict the layout, location, unit designation and dimensions as built of the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUMS and that such floor plans are an accurate copy of the plans filed with and approved by the officials and officers of the City of Bozeman having jurisdiction to issue building permits. Dated: September /5 , 1995. ~ (~ y ~ (/ 1ft 'd / ", / !/j/~~ Linda S. Bell Registered Professional Architect Number: l618 State of Montana ) S. S. County of Gallatin ) On this 15th day of September, 1995, before me Lucinda Goodman, a notary public, personally appeared Linda S. Bell, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to this instrument, and acknowledged that she executed the s~ ~ ~ a41Ld__~ i0:J~~__ ,// Notary Public -- - -' My Commission Ex~ires 12-2-95 ,~ \ I Cd'" '- . , iii . . . ~ , ' " , i , . . . . , , , \ -, DECLARATION FOR THE 2.. 3 0 NORTH SEVENTH COMMERCIAL CONDOMINIUM THIS DECLARATION is hereby made and entered into this dtj day of September, 1995, by Jeffrey R. Aldworth and Debra C. Aldworth of 709 South sixth Avenue, Bozeman, Montana (hereinafter referred to as the "Declarant"), whereby lands and property hereinafter described are submitted and subject to the Montana Unit Ownership Act pursuant to Chapter 23, Title 70, MCA, 1993, as amended. The property subject to this Declaration shall be known as the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM (hereinafter referred to as the "Condominium"). The address of the Condominium is the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM, 2430 N. Seventh Avenue, Bozeman, Montana 597l5. I. DEFINITIONS Unless the context expressly provides otherwise, the following definitions shall pertain throughout this Declaration and in the interpretation thereof: (l) Aggregate Votes: shall mean the entire number of votes of persons present or available to vote in person or by proxy in a particular circumstance. (2) Association or Association of Unit Owners: shall mean all of the Unit Owners acting as a group and in accordance with duly adopted Bylaws and this Declaration. (3) Board or Board of Directors: shall mean the Board of Directors of the Association as more particularly defined in the Bylaws. 1 -- --- -.- , , , , (4) Building: shall mean the building containing the condominium units. (5) Bylaws: shall mean the Bylaws promulgated by the Association under this Declaration and the Unit Ownership Act. (6) Common Elements: shall mean both General Common Elements and Limited Common Elements. (a) General Common Elements: shall mean those elements which are for the use of all Unit Owners, their business invitees and guests of their Owners. Specifically included are: grounds and lawns surrounding the buildings, driveways, sidewalks, curbs, gutters, exterior lighting, exterior sprinkler systems, (the utility charges associated with the exterior lighting and exterior sprinkler system shall be a general common expense except that the utility charges for the lighting adjacent to the back door of each Unit shall be the responsibility of the unit owner) access ways, parking lot, paths and walkways, electrical, gas, telephone, water and sewer lines and connections, landscaping, plants and other materials and improvements separate from and outside of the building containing the units, and other elements necessary for the safety, maintenance and existence of the condominium in which each unit Owner shall have his designated percentage of interest, as set forth in Article IV below. (b) Limited Common Elements: shall mean those common elements which are reserved for the use of fewer than all of the Owners, business invitees and guests of the Owners of the Condominium. Specifically, as to any given Unit Owner or Owners, limited common elements shall mean the following common elements which are located within or affixed to the building containing his or her unit in which the elements are located or situated on the real property known as the condominium: public utility lines, water, sewer, electrical, gas, cable television lines and hot and cold water pipes (all such utility pipes and lines are limited common elements where they service only one unit). Each unit shall have a one-hundred percent (lOOt) interest in the limited common elements serving that unit. (7) Common Expenses: shall mean expenses of administration, maintenance, repair or replacement of General Common Elements, expenses agreed upon by the Association of all unit Owners, and expenses declared common by the unit Ownership Act. 2 . , . . , , I , , \ II. REAL ESTATE (1) DescriDtion. The Property which is by this Declaration submitted and subject to the provisions of Unit Ownership Act is described as follows: (See Exhibit "A" attached) The Condominium Units consist of one building located at 2430 North seventh Avenue, Bozeman, Montana. The provisions of this Declaration and the Bylaws shall be construed to be covenants running with the land and shall include every Unit and shall be binding upon the unit Owners, their heirs, personal representatives, successors and assigns for as long as this Declaration and the Bylaws are in effect. (2) Condominium units. Each Unit, together with the appurtenant undivided interest in the Common Elements of the Condominium shall together comprise one Condominium Unit, shall be inseparable, and may be conveyed, leased rented, devised or encumbered as a condominium in accordance with the provisions of the unit Ownership Act. A unit may not be subdivided by an Owner into two or more condominium units. (3) Encroachments. If any portion of the General Common Elements or Limited Common Elements encroaches upon a Unit or units, a valid easement for the encroachment and for the maintenance of the same, so long . . as it stands, shall and does exist. If any portion of the Unit encroaches upon the General Common Elements, or Limited Common 4 . . , I , . , , , " Elements, or upon an adjoining unit or Units, a valid easement for the encroachment and for the maintenance of the same, so long as it stands, shall and does exist. Such encroachments and easements shall not be considered or determined to be encumbrances either on the General Common Elements, the Limited Common Elements, or on the Units for the purpose of marketability of title. In the event the building (as described in Article II, Paragraph 4) or any portion thereof is destroyed and then rebuilt, the Owners of the Unit or units agree that minor encroachments of parts of the General Common or Limited Common Elements because of such construction shall be permitted and that an easement for such encroachment and the maintenance and repair of the same shall exist. (4) Buildinq. The units comprising the Condominium consist of one building (the "Building" ) located at 2430 North Seventh Avenue, Bozeman, Montana. See Exhibits "B" - "0" attached to this Declaration. (5) unit Boundaries. The boundary lines of each Unit are the undecorated or unfinished interior surfaces of the unit's perimeter walls, bearing walls, lowermost floor, uppermost ceiling, interior surfaces of windows and doors, window frames and door frame, and trim. Each Unit shall include both the portions of the Building that are not Common Elements within such boundary lines and the space so encompassed. Without limitation, a unit shall include any , finishing material applied or affixed to the interior surfaces of the interior walls, floors and ceilings, non-supporting interior 5 , , . , . " , , \; walls and all utility pipes, lines, systems, fixtures, or appliances found within the boundary lines of the Unit and servicing only that unit. (6) construction Materials. The principal materials of construction of the units are: concrete for the foundations, footings and slabs; wood for the framing, structural and finish work; sheetrock for the interior walls; concrete for the floors; synthetic stucco material and steel for exterior wall surfaces; and steel material on the roof of the Building. III. Easements and Interior Remodelinq (1) Easement for Inqress and Eqress Throuqh Common Elements. Access to units and support. a. Each Unit Owner is hereby granted an easement in common with each other Unit Owner for ingress and egress through all Common Elements, subject to such reasonable rules, regulations and restrictions as may be imposed by the Association. Each Unit is hereby burdened with and SUbjected to an easement for ingress and egress through all Common Elements by persons lawfully using or entitled to the same. b. To the extent necessary, each Unit shall have an easement for structural support over every other Unit in the Building, the Common Elements and the Limited Common Elements, and each Unit and the Common Elements shall be subject to an easement for structural support in favor of every pther Unit in the Building, the Common Elements and the Limited Common Elements. 6 . , , I \ . , , \: (2) Easement for utilities. The Units and Common Elements shall be, and are hereby, made subject to easements in favor of the Declarant, the Association, appropriate utility and service companies and governmental agencies or authorities for such utility and service lines and equipment, including security systems, as may be necessary or desirable to serve any portion of the Property. The easements provided for by this Paragraph shall include, without limitation, rights of the Declarant, the Association, any providing utility, any service company, and any governmental agency or authority and any of them to install, lay, maintain, repair, relocate and replace gas lines, pipes and conduits, water mains and pipes, sewer and drain lines, telephone wires and equipment, television equipment and facilities (cable or otherwise), security systems, electrical wires, conduits and equipment and ducts and vents and any other appropriate equipment and facilities over, under, through, along and on the Units and Common Elements. Notwithstanding the foregoing provisions of this Paragraph, unless approved in writing by the Unit OWner or Unit Owners affected thereby, any such easement through a Unit shall be located either in substantially the same location as such facilities or similar facilities existed at the time of first conveyance of the Unit by the Declarant to a grantee other than the Declarant, or so as not to materially interfere with the use or occupancy of the Unit by its occupants. ! 7 . , I . , , , , (3) Remodelinq. Each Unit Owner shall have the exclusive right to paint, remodel, repair, paper, carpet, brick or otherwise maintain, refinish and decorate the interior surfaces of the walls, ceilings, floors, windows and doors bounding his own Unit. IV. OWNERSHIP AND VOTING - EXHIBITS - USE (1) Percentaqe of Interest. Each Unit Owner shall be entitled to the exclusive ownership, use and possession of his Unit and the percentage of the interest of each Unit Owner in the Common Elements as set forth below. Each Unit Owner shall have a percentage of undivided interest in the General Common Elements of the Condominium. Such percentage represents the Unit Owner's ownership interest in the General Common Elements, the Unit Owner's liability for Common Expenses, and the voting interest (unless otherwise defined in the Bylaws of the Association) of the Unit Owner in all matters concerning the Association of Unit Owners. A Unit's square footage shall be calculated by measuring each floor, including basement area (if any) contained within the Building. The percentage of interest in the General Common Elements for the respective Owners shall be computed by taking the square footage of each Unit at the date of filing this Declaration and dividing it by the combined square footage of all Unit Owners having an interest in the General Common Elements of the condominium. Such percentage of interest owned by I each of the units in the Condominium shall be according to the percentages set forth below: 8 . , , , , , , .. unit No. Sauare Footaae percentaae of Interest 1 2,000 15.4 2 2,000 15.4 3 2,000 l5.4 4 3,500 26.9 5 1,500 l1.5 6 2.000 15.4 13,000 lOOt (2) Floor Plans and Exhibits. The Condominium consists of the Property as described above, and a total of six Condominium units as shown on the floor plans. For identification and descriptive purposes the following Exhibits are attached and by reference hereto incorporated into and made a part of this Declaration: Exhibit B: showing the site plan of the Condominium. Exhibit C: showing the floor plan of the Condominium. Exhibit D: showing the elevation of the Condominium. (3) Use. The Owner of each Unit shall occupy and use his or her unit as a commercial unit. (a) No part of the Property shall be used for other than commercial purposes provided that nothing contained herein shall prevent the Owner of a Unit from renting or leasing their Unit or portions of their Unit .to third . parties for commercial purposes not inconsistent with the Declaration or Bylaws. 9 , , , , ~ (b) There shall be no obstruction of the Common Elements nor shall anything be stqred in or on the Common Elements without the prior consent of the Association. Each Owner shall be obligated to maintain and keep in good order and repair his or her own unit. Each unit Owner shall maintain the temperature in his or her unit at a minimum of 400 Fahrenheit. (c) Nothing shall be done or kept in any unit or in the Common Elements which will increase the rate of insurance on the Building or contents thereof applicable for commercial use, without the prior written consent of the Association. No Owner shall permit anything to be done or kept in his Uni t or in the Common Elements which will result in the cancellation of insurance on the Building, or contents thereof, or which would be in violation of any law. No waste will be permitted in the Common Elements. (d) Owners shall not cause or permit anything to be hung or displayed on the outside of windows or placed on the outside of walls of the Building and no sign, awning, canopy, radio antenna, television antenna, or satellite dish shall be affixed to or placed upon the exterior walls or roof of any part thereof, without the prior written consent of the Association. (e) No nuisances shall be allowed upon the Property nor shall any use or practice be allowed which is a source of annoyance to Owners of the Condominium or which interferes with the peaceful possession and proper use of the Property by its Owners. No immoral, improper, offensive or unlawful use shall be made of the Property nor any part thereof and all valid laws, zoning ordinances and regulations of all governmental bodies having jurisdiction thereof shall be observed. No long term storage of inoperative vehicles or maintenance work on vehicles of any type shall occur in the parking lot. , (f) Each Unit Owner shall be responsible for the safe and legal use and disposal of any type of material, chemical or substance the disposal or use of which is regulated by any 10 . . . governmental entity. The Association shall have the right to prohibit the storage or use of any such material, chemical or substance within a Unit of the condominium. (g) No rabbits, livestock, poultry or other animals of any kind shall be raised, bred, or kept in any unit. (h) Nothing shall be altered or constructed in or removed from the Common Elements, except upon the written consent of the Association. (4) Exclusive ownership. Each owner or Owners shall be entitled to exclusive ownership and possession of their Unit. Each unit owner shall be solely responsible for the costs, expenses and taxes associated solely with their Unit, including without limit, the repair, maintenance and replacement of all structural, heating, cooling, electrical and plumbing components of their unit. The Owners may use the General and Limited Common Elements in accordance with the purposes for which they are intended and as they may otherwise agree with other unit Owners, so long as they do not hinder or encroach upon the lawful rights of any other Unit owners. V. THE ASSOCIATION ( 1) Membership. Any Owner of a unit in the Condominium shall automatically, upon becoming the Owner of a unit, become a member of the Association, and shall remain a member of the Association until he or she terminates his or her ownership of a Unit at which time his or her membership in the Association shall a~tomatically cease. Membership in the Association shall be limited to Unit Owners as defined in this Declaration. 11 . , , ;: (2) Function. It shall be the function of the Association to: (a) Adopt Bylaws for the governance of the Association; (b) Make provisions for the general management and/or repairs and maintenance of the Common Elements of the Condominium; (c) Levy assessments as provided for in the Declaration, Bylaws and Unit Ownership Act; (d) Adopt and implement a policy for the affairs of the Condominium; and (e) Enter into contracts to hire personnel for the management of the affairs of the Association and the maintenance and repair of the Common Elements. (3) Vote. On all matters, unless excluded by this Declaration, to be decided by the Association, each unit Owner shall, as set forth in the Bylaws of the Association, have a vote approximately equal to his percentage of interest in the General Common Elements. An Owner of a Condominium Unit, upon becoming an Owner, shall be a member of the Association and remain a member for the period of his or her Unit ownership. Except as otherwise provided in the unit Ownership Act, this Declaration or the Bylaws, a quorum shall consist of fifty-one percent (51%) of the total number of votes of the membership of the Association. Meetings of the Association shall only be conducted when a quorum is present, as defined in the Association Bylaws. All matters brought before the Association for decision by vote shall be decided by the majority vote of the unit ~ Owners. 12 , , i' (4) Failure to ComplY. Each owner shall comply strictly with the provisions of this Declaration, the Bylaws of the Association and the rules, regulations, decisions and resolutions of the Association and the rules, regulations, decisions and resolutions of the Association adopted pursuant thereto as they may be lawfully amended from time to time. Failure to comply with any of the same shall be grounds for an action to recover sums due, for damages or injunctive relief or both, and for reimbursement of all costs, including attorney fees incurred in connection therewith, which action shall be maintainable by the Board of Directors of the Association or the Manager in the name of the Association, on behalf of the Owner or by an aggrieved Owner where there has been a failure of the Association to bring such action within a reasonable time. (5) Payment of Assessments. All assessments shall be due thirty (30) days from the date of mailing of the assessment following the meeting at which time assessments are levied by the Association and may be payable in installments, monthly or quarterly, at the option of the Board of Directors. The amount of the Common Expenses assessed against each Condominium unit and the amount of Limited Expenses assessed against each Condominium Unit shall be the personal and individual debt of the Owner of the unit. No Owner may exempt himself or herself from liability for this contribution toward the Common I Expenses and the Limited Expenses by waiver of the use or enjoyment of any of the General Common Elements or Limited Common Elements or 13 , , , . by abandonment of his Unit. All assessments which are not paid wi thin thirty (30) days from the date they are due and payable become delinquent and are subject to interest and penalty charges. The Association or Manager shall have the responsibility of taking prompt action to collect any unpaid assessment which becomes delinquent. In the event of delinquency in the payment of the assessment, the unit Owner shall be obligated to pay interest at the rate to be determined by the Board on the amount of the assessment from the due date thereof, together with late charges as provided in the Bylaws of the Association. suit to recover a money judgment for unpaid Common Expenses and Limited Expenses may be maintainable without foreclosing or waiving the lien securing the same. Common Expenses and common profits, if any, of the Condominium shall be distributed among, and charged to, the Unit Owners according to the percentage of interest of each in the Common Elements. Limited Expenses and limited profits, if any, of the Condominium shall be distributed among, and charged to, those Unit Owners benefitted or burdened by the Limited Common Elements causing the Limited Expense or limited profit. Except as otherwise limited in this Declaration, each Unit Owner shall have the right to use the Common Elements for all purposes incident to the use of and occupancy of the unit, and such other incidental uses permitted by this Declaration. ~ 14 . , , .' (6) Levvinq Assessments - When Made. The Association of Unit Owners shall levy assessments upon the Unit Owners in the following manner and for the following reasons: (a) Assessments shall be made a part of the regular, annual business meeting of the Association as provided in the Bylaws of the Association or assessments can be made for special purposes at any other regular or special meeting thereof. All assessments shall be fixed by resolution of the Board of Directors. Notice of the assessment, whether regular or special, the amount of the assessment, and the purpose for which it is made, including an annual budget for expenditures and operation, for regular annual assessments, shall be served on all unit Owners affected, by delivering a copy of the same to the Owner personally or by mailing a copy of the notice to the Owners at their addresses of record at least ten (IO) days prior to the date for such meeting. (b) Assessments shall be made for the repair, replacement, insurance, general maintenance, management and administration of General Common Elements, fees, costs and expenses of the Manager, taxes for General Common Elements and common areas if any, and assessment for the unit Owner's percentage share of any Special Improvement District Assessments. Assessments shall be based upon and computed by using the percentage of interest that each Unit Owner has in relation to the General Common Elements. (c) Assessments may also be made for the payment of repair, maintenance or replacement expenses for the Limited Common Elements. The entire cost of such repairs, maintenance or replacement shall be borne by the Unit or units served by the Limited Common Elements. (d) Assessments may also be made for any purpose contemplated by this Declaration and for any purpose set out in the Montana Unit Ownership Act. (e) Common expenses and profits, if any, of the Condominium shall be distributed among and charged to, the Unit Owners according to the percentage of undivided interest of each in the Common Elements. , (f) In a voluntary conveyance of a unit, the Grantee of the unit shall be jointly and severally liable with the Grantor for all unpaid assessments by the Association against the latter for his or her share of the Common 15 , . , .; Expenses up to the time of the grant or conveyance, without prejudice to the Grantee's right to recover from the Grantor the amounts paid by the Grantee therefore. However, any such Grantee shall be entitled to a statement from the Manager or Board of Directors of the Association, as the case may be, setting forth the amount of said unpaid assessments against the Grantor due the Association and such Grantee shall not be liable for, nor shall the Unit conveyed be subject to a lien for, any unpaid assessments made by the Association against the Grantor in excess of the amount therein set forth. (g) At the time the Association holds its first meeting, a reserve account shall be set up to which initial assessments shall then be deposited. (7) The Declarant hereby appoints Jeffrey R. Aldworth and Debra C. Aldworth as the initial Board of Directors to serve until the first annual meeting of the Association at which time a new board will be elected. (8) The Association shall be responsible for maintaining the General Common Elements on the premises at the present and historical standard and in the condition as presently exists. In the event the Association fails to maintain such standard or condition, a Unit Owner may give written notice of such failure to maintain a standard or condition. The Association, through its Board of Directors, shall have 30 days from the date of receipt of the notice in which to cure such failure to maintain a standard or condition. In the event the Association fails to cure the standard or condition within the 30-day period, the Unit Owner giving such notice shall have the right to cure such standard or condition on their own, and the Association shall be obligated to reimburse that Unit Owner for all such costs. l6 - ---..----------..--- , . , I The foregoing notwithstanding, the Association shall not be obligated to maintain a standard or condition above that which presently exists. In the event a unit Owner cures a standard or condition and the finished product raises the standard or condition about its presently existing level, the Unit Owner making such cure shall be responsible for all costs in excess of the cost to bring the standard or condition to its present level. VI. DECLARANT'S RIGHT TO CHANGE The Declarant reserves the right to change the interior design and arrangement of any and all Units, so long as the Declarant owns the unit so altered. No such change shall increase the number of Units or alter the boundary of the General Common Elements without an amendment to this Declaration. VII. AMENDMENT Amendment of this Declaration shall be made in the following manner: At any regular or special meeting of the Association of unit Owners an amendment to the Declaration may be proposed as a resolution by any unit Owner, or the Board of Directors or Manager. Upon adoption of the resolution by vote of at least seventy-five percent (75%) of the Unit Owners the amendment shall be made sUbject for consideration at the next succeeding meeting of the Association with notice thereof, together with a copy of the amendment to be furnished to each owner no later than thirty ( 30) days in advance of such meeting. At such meeting, the amendment shall be approved upon receiving the favorable vote of seventy-five percent (75%) of the unit Owners. If so approved, it shall be the responsibility of the Association to file the amendment with the Clerk and Recorder's Office of Gallatin County, Montana. ! Notwithstanding the procedure set forth above, the Declarant may amend this Declaration, or any other project document, prior to 17 , . , . any sale or lease of a Unit or interest thereof. VIII. CHANGES. REPAIRS AND LIENS ( 1) Alterations bv Unit Owners Association. The interior plan of a unit may be changed by the Unit Owner. No change in the boundaries of Units shall encroach upon the boundaries of the Common Elements except by amendment to this Declaration or as provided by the terms of this Declaration. In addition to compliance with the provisions of Article VII above, an amendment regarding such alternation must further set forth and contain plans to the Units concerned showing the units after the change in boundaries, and attached to the amendment as exhibits. Such an amendment shall be signed and acknowledged by the Owners of the Units concerned; as well as those Owners with an interest in any Common Elements affected, together with words of conveyance in the amendment conveying the interest acquired in the units or Common Elements by such change. The amendment shall also be approved by the Board of Directors of the Association and signed and acknowledged by all lienors and mortgagees of the Units. (2) Maintenance bv Owners Association. The Association shall maintain and keep in repair the common areas and the fixtures thereof. All fixtures, utility lines and equipment installed in the Unit commencing at a point where the utilities enter the Unit shall be maintained and kept in repair by the unit Owner. The Association shall do no act nor any work that , will impair the structural soundness or integrity of the Units. 18 I . , ii The Association shall also keep all Common Elements and common areas appurtenant to the units in a clean and sanitary condition. No acts or alteration, repairing or remodeling by the Association shall impair in any way the structural integrity of the General or Limited Common Elements or the Units. (3) Exterior Alterations. No Owner may change, alter or remodel the exterior of his Unit without the prior written approval of the Board of Directors of the Association. (4) Exterior Maintenance. The Association shall take all necessary steps, including, but not limited to, care of shrubs and plants, snow removal and replacement or repair of all broken or worn parts of or located within Common Elements. The Board of Directors of the Association shall annually inspect the Common Elements and common areas and proceed with any necessary maintenance or repairs. Failure by the Board of Directors of the Association to make annual inspections and/or proceed with any necessary maintenance shall give the Unit Owners the right to order such work done and bill the Association therefor after notice to the Association of such intent by the Unit Owner and giving the Association a reasonable time to perform such work. Any Unit Owner, upon written request to the Board of Directors, shall have the right to join in the annual inspection made by the Board of Directors and suggest needed repairs and ! maintenance necessary to preserve the value of the Condominium. 19 , , , .' (5) Liens for Alterations. Labor performed and materials furnished and incorporated into a Unit with the consent of or at the request of the unit Owner, his agent, his contractor or subcontractor shall be the basis for the filing of a lien against the unit or the Unit Owner consenting to or requesting the labor or materials. Each Unit Owner shall indemnify and hold harmless each of the other Owners from and against all liability arising from the claim of any lien against the Unit or against the General Common Elements or Limited Common Elements for construction performed or for labor, materials, services or other products incorporated in the Owner's unit at such Owner's request. (6) Liens and Foreclosures. All sums assessed but unpaid for the share of Common Expenses chargeable to any Unit shall constitute a lien on such Unit superior to all other liens and encumbrances, except only for tax and special assessment liens on the Unit in favor of any assessing authority, and all sums unpaid on a first or second mortgage or a first or second trust indenture of record or contract for deed, including all unpaid obligatory sums as may be provided by such encumbrance. To evidence such lien, the Manager, shall prepare a written notice of lien assessment setting forth the amount of such unpaid indebtedness, the amount of accrued interests and late charges thereon, the name of the Owner of the Unit and a , description of the Unit. The notice shall be 'signed and verified by one of the officers of the Association or by the Manager, or his 20 ______.._______n___________________________ __ ____ . . . authorized agent, and shall be recorded in the office of the Clerk and Recorder of Gallatin County, Montana. The lien shall attach from the date of recording such notice. The lien may be enforced by the foreclosure of the defaulting Owner's unit by the Association in the manner provided in the Unit Ownership Act and as provided by the foreclosure of a mortgage on real property upon the recording of a notice of claim thereof. In any such foreclosure the unit Owner shall be required to pay a reasonable rental for the Unit and the Plaintiff in such foreclosure action shall be entitled to the appointment of a receiver to collect the same. Suit to recover a money judgment for unpaid Common Expenses shall be maintainable without foreclosure or waiving the lien securing the same. In any such proceeding the Owner shall be required to pay the costs, expenses and attorneys' fees incurred in filing a lien, and in the event of foreclosure proceedings, additional costs, expenses and attorneys' fees incurred. (7) Biddinq at Foreclosure. The Board of Directors of the Association on behalf of the Association and the other Unit Owners shall have the power to bid on the unit sUbject to the action at a foreclosure or other legal sale and to acquire and hold, lease, mortgage and vote the votes appurtenant to, convey or otherwise deal with the Unit in any manner. Any lienholder holding a lien on a Unit may pay, but shall not be required to pay, any unpaid General Common Expenses, or . Limited Common Expenses payable with respect to any such unit, and upon such payment such lienholder shall have a lien on the unit, 2l , . for the amounts paid, of the same rank as the lien of his encumbrance without the necessity of having to file a notice or claim of such lien. (8) Unpaid Assessments - Mortqaaee. Where a lienholder or other purchaser of a Unit obtains title to the unit as a result of foreclosure of the first mortgage or trust indenture, such acquirer of title, his successors and assigns, shall be liable for the share of Common Expenses or assessments by the Association chargeable to such Unit which became due prior to the acquisition of title to the unit by such acquirer. IX. INSURANCE (1) All insurance policies upon the General Common Elements shall be purchased by the Association and shall be issued by an insurance company authorized to do business in Montana according to the following terms and conditions. (a) Named Insured - Personal property: The named insured shall be the Association individually as agent for the Unit Owners without naming them. Such policies shall provide that payments for losses thereunder by the insurer shall be paid to the Insurance Trustee hereinafter designated, and all pOlicies and endorsements thereon shall be deposited with the Insurance Trustee. Unit Owners may obtain insurance coverage at their own expense upon their own personal property and for their personal liability and living expense. (b) copies to Mortgagees and Landowners: One copy of each insurance pOlicy and of all endorsements thereon shall be furnished by the Association to each mortgagee of a Unit Owner upon request. (2) Coveraqe. ~ (a) Casualty: All Common Elements upon the land shall be insured to the amount equal to the full insurable replacement value and all personal property included in the Common Elements shall be fully insured, with all such 22 . , , insurance to be based on current replacement value, as determined annually by the Board, the insurer and any first lienholders or their representatives, but subject to such deductible clauses as are required in order to obtain coverage at reasonable costs, and which coverage shall be increased by the Board as may be necessary to provide that the insurance proceeds will be sufficient to cover replacement, repairs or reconstruction. Such coverage shall afford protection against: (i) Loss or damage by fire and other hazards covered by a standard extended coverage endorsement; and (ii) Specifically such other risks including flood and earthquake loss as from time to time shall customarily be covered with respect to buildings similar in construction, location and use as the Building; and (iii) Errors or Omissions Insurance for the Directors, Officers and Managers if the Association so desires, in amounts to be determined by the Board. The policies shall state whether the following items are included wi thin the coverage in order that the Unit Owners may insure themselves if the items are not insured by the Association: air-handling equipment for space cooling and heating, service equipment such as dishwasher, disposal, refrigerator, stove, oven, whether or not such items are built-in equipment, interior fixtures such as electrical and plumbing fixtures, floor coverings, inside paint and other inside wall finishings. (b) Public Liability: In such amounts and with such coverage as shall be required by the Board of Directors of the Association, including, but not limited to, hired automobile and non-owned automobile coverage, if applicable, and with cross-liability endorsement to cover liabilities of the Unit Owners as a group to a Unit Owner. · (c) other Insurance: Such other insurance as the Board of Directors of the Association shall determine from time 23 , , , to time to be desirable and as may be required by the Federal and state laws. (3) Premiums. Premiums upon insurance policies purchased by the Association shall be paid by the Association as a Common Expense, except that the amount of increase in the premium occasioned by the use for other than a commercial use, misuse, occupancy or abandonment of a unit or its appurtenances or of the Common Elements by a Unit Owner shall be assessed against that Owner. Not less than ten (lO) days prior to the date when a premium is due, and upon request of a lienholder, evidence of such payment shall be furnished by the Association to each lienholder. (4) Insurance Trustee. All insurance policies purchased by the Association shall be for the benefit of the Association and the unit Owners and their mortgagees as their interests may appear, and shall provide that all proceeds covering property losses shall be paid to a bank in Montana with trust powers which has been designated as Insurance Trustee by the Board of Directors of the Association, which trustee is referred to in this Declaration as the Insurance Trustee. The Insurance Trustee shall not be liable for payment of premiums nor for the renewal or the sufficiency of pOlicies nor for the failure to collect any insurance proceeds. The duty of the Insurance Trustee shall be to receive such proceeds as are paid and hold the same in trust for the purposes elsewhere stated in this Declaration and for the benefit of the Unit Owners and their mortgagees. 24 , , 1 (5) Distribution of Proceeds. Proceeds of insurance pOlicies received by the Insurance Trustee shall be distributed to or for the benefit of the beneficial owners in the following manner: (a) Miscellaneous: Expenses of administration, the Insurance Trustee and construction or remodeling supervision shall be considered as part of the cost of construction, replacement or repair. (b) Reconstruction or Repair: Any balance remaining shall be used for reconstruction and repair as hereafter provided. (6) Association as Aqent. The Association is irrevocably appointed agent for each Unit Owner and for each holder of a mortgage or other lien upon a unit and for each owner of any other interest in the Condominium or Building to adjust all claims arising under insurance policies purchased by the Association and to execute and deliver releases upon the payment of claims. (7) Benefit to Mortqaqees. Certain provisions in this paragraph entitled "Insurance" are for the benefit of mortgagees or trust indenture beneficiaries of leasehold condominium parcels, and all such provisions are covenants for the benefit of any mortgagee of a unit and may be enforced by such mortgagee or beneficiary. (8) Reconstruction. (a) Board ot Directors: If a Unit or units are found by the Board of Directors to be not tenantable after the casualty, the damaged property may pe reconstructed or rebuilt, or if not, then the property shall be subject to the applicable provisions of the Unit Ownership Act. 25 . . , ; (b) Plans and specifications: Any reconstruction or repair must be substantially in accordance with the plans and specifications for the original improvements, or if not, then according to plans and specifications approved by not less than one-hundred percent (lOO%) of the unit Owners including the Owners of all units the plans for which are to be altered. Any such reconstruction not in accordance with the original plans and specifications must be set forth in an amendment to the Declaration, which amendment shall be prepared and filed of record in accordance with the provisions of such amended filing, more particularly set forth in Article VII and Article VIII, paragraph 1, hereinabove. (c) Responsibility: The responsibility for reconstruction or repair after casualty shall be the Owners Association who shall work with the Insurance Trustee to carry out the provisions of this Article. (d) Assessments: If the proceeds of insurance are not sufficient to defray the estimated costs of reconstruction or repair for which the Association is responsible, or if at any time during such reconstruction or repair, or upon completion of such reconstruction or repair, the funds for the payment of the costs thereof are insufficient, assessments shall be made against all Unit Owners in sufficient amounts to provide funds for the payment of such costs. Such assessments shall be in proportion to the Owner's percentage of interest in the General Common Elements. (e) Construction Funds: The funds for payment of costs of reconstruction or repair after casualty, which shall consist of proceeds of insurance held by the Insurance Trustee and funds collected by the Association from assessments against Unit Owners, shall be disbursed in the sound discretion of the Insurance Trustee and according to the contract of reconstruction or repair, which contract must have the approval of the Board of Directors and the Unit Owners involved. (f) Surplus: It shall be presumed that the first monies disbursed in payment of costs of reconstruction and repair shall be from the insurance proceeds. If there is a balance in a construction fund after payment of all costs of the reconstruction and repair for which the fund is established, such balance shall be paid to the Association for the use and benefit .of the Unit Owners. 26 . . . , f X. REMOVAL OR PARTITION - SUBDIVISION The Condominium may only be removed from condominium ownership, and may only be partitioned or sold, upon compliance with each of the following conditions: (1) The Board of Directors of the Association must approve the plans of removal, partition or sale, including the details of how any partition or sale, and the distribution of property or funds shall be accomplished. (2) The plan of removal, partition, subdivision, abandonment, or termination must be approved as provided in the unit Ownership Act. Additionally, approval shall be required from one-hundred percent (100%) of the Owners and first lienholders in the condominium. Upon obtaining such approval, the Board of Directors shall be empowered to implement and carry out the plan of removal, partition, subdivision, abandonment, termination or sale. (3) A unit may not be divided or subdivided into a smaller unit or units without the prior written consent of the Board of Directors. (4) The Common Elements of the Condominium shall not be abandoned, partitioned, subdivided, encumbered, or sold or transferred without compliance with all of the above requirements. XI. REMEDIES All remedies provided for in this Declaration and Bylaws shall not be exclusive of any other remedies which may now be, or are hereafter, available to the parties hereto as provided for by law. XII. SEVERABILITY The provisions of this Declaration hereof shall be deemed independent and severable and the invalidity or partial invalidity or unenforceability of anyone or more provision shall not affect , the validity or enforceability of any other provision hereof of this Declaration. 27 , . , , XIII. MISCELLANEOUS (1) utility Easements. In addition to the easement provided for in Article III above, easements are reserved throughout the condominium and Building as may be required for utility service ducts - including water, sewer, power, telephone, natural gas and cable television, in order to serve the Condominium and Building adequately. (2) Parkinq Easement. There shall be a mutual easement for parking for the Unit Owners and their employees, guests, business invitees, customers, clients and service and maintenance vendors in the parking lots located on the Common Elements of the Condominium. (3) Riqht of Access. The Association shall have the irrevocable right, to be exercised by the Manager or the Board of Directors, to have access to each Unit from time to time during reasonable hours as may be necessary for the maintenance, repair or replacement of any of the Common Elements therein or accessible therefrom or for making emergency repairs therein necessary for the maintenance, repair or replacement of any of the Common Elements therein necessary to prevent damage to the Common Elements or to any unit. Damage to the interior or any part of a Unit resulting from maintenance, repair, emergency repair or replacement of any of the Common Elements or as a result of an emergency repair made by or at . the request of the Association shall be designated either Limited 28 . . . , \ or General Common Expenses (depending on the nature of the damage) by the Association and assessed accordance with such designation. (4) Expenditures. No single expenditure or debt in excess of $1,000.00 may be made or incurred by the Association or Manager without the prior approval of a majority of the Unit Owners. (5) Benefit. Except as otherwise provided herein, this Declaration shall be binding upon and shall inure to the benefit of the Declarant, the Association and each unit Owner, and the heirs, personal representatives, successors and assigns of each. (6) Service of Process. The name and address of the person to receive service of process for the Condominium until another designation is filed of record shall be: Jeffrey R. Aldworth, 2430 North Seventh Avenue No. 6, Bozeman, MT 59715. (7) A first lienholder, upon request, will be entitled to written notification from the Association of any default in the performance by a unit Owner of any obligation under this Declaration, the Bylaws or rules or regulations of the Association which is not cured within sixty (60) days. (8) First lienholders shall have the right to examine the books and records of the Owners Association and Manager for the Condominium. ! warranties (9) The Declarant expressly makes no or representations concerning the real property, the Units, the 29 . . , " i Declaration, the Bylaws or deeds of conveyance except as specifically set forth therein. No party may rely upon such warranty or representation not so specifically expressed therein. Estimates of common expenses are deemed accurate, but no warranty or guarantee is made or is intended, nor may one be relied upon. IN WITNESS WHEREOF, the Declarant has caused this Declaration to be made and executed according to the provisions of the Montana unit ownership Act, section 70-23-l01, et seq., MCA (1993). 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM By: ~r~ ,(J aLL--A~ ~ffr&y R. Aldworth, Declarant By: STATE OF MONTANA ) : ss. County of Gallatin ) On this,;?1/A day of September, 1995, before me a Notary PUblic of the state of Montana, personally appeared Jeffrey R. Aldworth, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. ... lA"'/? kc!: , . Not~r~ Public for th~slate Of, Montana , -,. Res1d1ng at 7hree t-zi, 5 - -, (S-EAL) _' My commission expires: ({) -dt/-9,i 30 , , " I STATE OF MONTANA ) : ss. County of Gallatin ) On this .:;Jt)t~ day of September, 1995, before me a Notary Public of the State of Montana, personally appeared Debra C. Aldworth, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that she executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. 1/ ,i. 1 7//~ /' .. , "'1--04';' j, ,/.;n<e!t7(y( Notary Public for. the gtate of Montana i _ _ Residing at 7(-r/t" 11511<, .., , (S~AL) My commission expires: l ';.-7V 1"5' I 31 . . , , j EXHIBIT "A" Tract 19-B of Amended Subdivision Plat E-38-D, a portion of Tract 19 of the Gordon Mandeville State School Section Subdivision of Bozeman, Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County, Montana, EXCEPTING THEREFROM all that portion conveyed to the State of Montana for the benefit and use of its Department of Highways by Bargain and Sale Deed recorded in Film 115, page 1241, records of Gallatin County, Montana. I ~ '\'~ '\/~ /f'" ~ ~g", ; ....~ Ii I I '- >-n '" Ie ~1 \ ~ " '" ."I .0 II. t \- '"~ iL Il ,) -_ ~ ..... ( -l~t tl ~ '-- }:. ~. ~~ tI\ ... \ lhL ~ t ;l ~! '..... ~'i z 7. U. .. 1. 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'Z !: --.. -~.-- 3 / --:L ~_'~ ~ . ::c.u_ --'.':......., "......,... _,_, ..._. _0.. .-----.... r"~-._._'- ___ r._.-=~'_~'~,.....:......" _._ .. - . .. ...'... - ..___n ~~~ --""'~ ,---- .'-:-' 'f' -- Z--u- t: ~~. ~ "'~__ 7. L 'O,J __ :J ~ - ~ ~ h -~.= ~ <{ <( lTfrC > ,-- > - - ~ ill c:'..~""'n_"" u1 \' - c ~" ~~ -- .. n..'__"__~"_ - -:z - II ___~:J ill ~ ill ;J ,- ,,- ,,-" 0$> ~- - I. ~ , ,,,.-,- l--- ~ ~_."_ ... \--:- " "'''=--, n ,,_" .r\. ii.. III 'n____n \l- ~ _u__ '-,__ ~ ~ '~'=:_, w ___ _ .( ~ - Z ." - " '...~_._'--, 'u..",""",- ~ .~~_ _-,,,. ,..,..mn...._ _C' '~",- ,"~__ ,.j - ---,,,. " ,"'-- ------..... '" \- -,~ --~-,-- '~"-',"'.." ~ - -.. " -,~_. ~- -- ~ ",,---' -::0- - '~..,. --- ~ ,-- ~~__ 50-II ; ..--" ' II 5 ~-,.. n. ~~,~,._'-,-- u i . - _~_.~,. Ill. _. ...--- -.-..--..- ----.----------. - OMJ. a2Rd - lIall .1HIIHX3: t , . . . . . I , I BYLAWS OF THE 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM ASSOCIATION OF UNIT OWNERS, INC. A Montana Non-Profit Corporation t . . . . INDEX Purpose and Application . . . . . . . . . . . . . . . . . . . . 1 Membership . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Obligation . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Meetings and voting . . . . . . . . . . . . . . . . . . . . . . 2 voting Interest . . . . . . . . . . . . . . . . . . . . . . . . 3 Proxies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Board of Directors . . . . . . . . . . . . . . . . . . . . . . 4 Powers and Duties of the Board of Directors . . . . . . . . . . 8 Officers . . . . . . . . . . . . . . . . . . . . . . . . . . lO Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . l2 Compensation . . . . . . . . . . . . . . . . . . . . . . . . 13 Amendment of Bylaws . . . . . . . . . . . . . . . . . . . . . 14 Assessments . . . . . . . . . . . . . . . . . . . . . . . . . 14 The Declaration . . . . . . . . . . . . . . . . . . . . . . . l5 Signatures . . . . . . . . . . . . . . . . . . . . . . . . . l6 t . . , I acquisition of an ownership interest in a Condominium unit and terminate at the time such ownership interest is terminated. Such termination shall not relieve any Unit Owner of the Association of liability for obligations incurred while a member of the Association. 3. Obliaations. Each unit Owner shall be obligated to comply with the Bylaws of the 2430 North Seventh Commercial Condominium, the Declaration of Condominium of the 2430 North Seventh Commercial condominium, and the laws of the city of Bozeman, County of Gallatin, State of Montana. Such obligations shall include, but not be limited to, the paying of assessments by the Association. Failure of any Unit Owner to comply with these Bylaws, and all rules made pursuant thereto, the Declaration, and the laws of the city of Bozeman, County of Gallatin, and the state of Montana, shall be grounds for appropriate legal action by the Association or by an aggrieved Unit Owner against such noncomplying unit Owner. 4. xeetinq And votinq. A. Regular Meeti~gs. There shall be a regular meeting of the Association annually on the first day of December of each year, commencing in the year of execution of the Declaration and Bylaws. B. Special Meetings. Pursuant to these Bylaws, the Association may at any time hold I special meetings. A special meeting may · be called on the initiative of the President of the Association or a petition signed 2 ---------- , . , , BYLAWS OF THE 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM ASSOCIATION OF UNIT OWNERS, INC. 1. puroose And Aoolication. These Articles are and shall be the Bylaws of the Montana Non- Profit Corporation of the Association of unit Owners of the 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM ("the Condominium"). These Bylaws shall, upon being recorded with the Recorder of Gallatin county, state of Montana, govern and control the administration of the Condominium (the "Bylaws"). These Bylaws are a part of the Declaration for the Condominium which Declaration is made a part hereof by reference (the "DeClaration"). All owners of units of the Condominium, their tenants, lessees, employees, business invitees, customers, clients, and guests, present and future, shall have the rights and responsibilities described in these Bylaws and shall be subject to the provisions thereof. The acquisition of an ownership interest in a unit in the Condominium signifies that the unit Owner accepts, ratifies and agrees to comply with these Bylaws. 2. Membersbio. Each person owning a unit in the Condominium (a "Unit Owner") or as co-owner in any real estate tenancy relationship recognized under the laws of the state of Montana shall be a member of the I 2430 North Seventh Commercial Condominium Association of Unit Owners, Inc. (the "Association"). Membership shall begin with the I ----- .. ----------------------- / , . I by twenty-five percent (25%) of the members of the Association. Notice of any special meeting must specify the reason for such meeting and the matters to be raised. only matters set forth in the notice of the special meeting may be brought before such meeting. c. Notice. Notice of all meetings, regular or special shall be mailed by the Association's Secretary to every member of the Association at their address of record at least ten (10) days prior to the date for holding the meeting. The notice shall specify the date, time and place of the meeting. The mailing of a notice in the manner provided in this paragraph or the personal delivery of such notice by the Secretary of the Association shall be deemed the provision of proper notice. Notice of a meeting may be waived before or after the meeting. D. Quorum. No meeting, regular or special, shall be convened to conduct business unless a quorum is present in person or by proxy. A quorum shall consist of more than fifty-one percent (51%) of the total number of votes of the membership of the Association. If at any time during any meeting a quorum is not present, the meeting shall be adjourned. 5. votinq Interest. In any meeting of the members of the Association, each member . of the Association shall be entitled to cast the number of votes as follows: 3 . , , I Number of Unit Number of Votes 1 4 2 4 3 4 4 7 5 3 6 4 6. Proxies. A vote of a member of the Association may be cast in person or by proxy. The proxy shall be valid only for the meeting designated and must be filed with the Secretary of the Association. 7. Board of Directors. The governance of the Condominium shall be a Board of Directors elected from among the members of the Association. The Board of Directors shall have all powers and responsibilities attendant to the general administration and control of the Condominium. Additionally, the Board of Directors shall have the authority necessary to carry into effect the powers and duties specified by these Bylaws. The Board of Directors shall consist of not more than six (6) members of the Association. Each of the six (6) maximum Board of Directors positions shall be filled by the Owner (or his representative) of one of the six (6) units of the Condominium so that each unit Owner (or his representative) has one ~ position on the Board of Directors. 4 I , , I A. Election of Directors. Election of directors shall be conducted at the annual members' meeting. Nominations may be made by any member of the Association. The election shall be by ballot (unless dispensed with by unanimous consent). All nominees for positions on the Board of Directors shall be voted for at one time with the six (6) persons receiving each of the largest number of votes being the winners of the election. Voting shall be cumulative with each member of the Association having the number of votes equal to the votes attributed to the member's unit mUltiplied by the number of directors to be elected. Except as to vacancies provided by removal of directors by members, vacancies in the Board of Directors occurring between annual meetings of members shall be filled by the remaining directors. B. Removal of Directors. Any director may be removed by concurrence of two-thirds of the votes of the Association membership at a special meeting of the members of the Association called for that purpose. The vacancy in the Board of Directors so created shall be filled by the members of the Association at the same meeting. C. Initial Directors. Until the Developer has completed and sold all of the units of the Condominium, or until a date one year after the election of the , Developer as a member of the Board of Directors, or until the Developer elects to terminate its control of the Condominium, 5 , I , I whichever shall first occur, the first director(s) of the Board of Directors of the Association shall serve, and in the event of vacancies the remaining directors shall fill the vacancies, and if there are no remaining directors the vacancies shall be filled by the Developer. The term of each director's service shall extend until the next annual meeting of the members. D. Initial Meetina of Board of Directors. The organizational meeting of a newly-elected Board of Directors shall be held within ten (10) days after its election at such place and time as shall be fixed by the directors at the meeting at which they are elected, and no further notice of the organization meeting shall be necessary providing a quorum shall be present. E. Reaular Meetings. Regular meetings of the Board of Directors may be held at such time and place as shall be determined, from time to time, by a majority of the directors. Notice of regular meetings shall be given to each director, personally or by mail, telephone, or telegraph at least three (3) days prior to the day named for such meeting. F. Special Meetinas. Special meetings of the directors may be called by the President and must be called by the Secretary at the written ! request of twenty-five percent (25%) of the directors. Notice of the meeting shall be given personally or by mail, telephone, or 6 , , , I telegraph at least three (3) days prior to the day named for such meeting, which notice shall state the time, place and purpose of the meeting. G. Notice. Any director may waive notice of a meeting before or after the meeting and such waiver shall be deemed equivalent to the giving of notice. H. Ouorum. A majority of the entire Board of Directors shall constitute a quorum at directors' meetings. The acts approved by a majority of those present at a meeting at which a quorum is present shall constitute the acts of the Board of Directors, except where approval by a greater number of directors is required by the Declaration or these Bylaws. If at any meeting of the Board of Directors less than a quorum is present, the majority of those present may adjourn the meeting from time to time until a quorum is present. At any adjourned meeting any business which might have been transacted at the meeting as originally called may be transacted without further notice. The joinder of a director in the action of a meeting by signing or concurring in the minutes thereof shall constitute the presence of such director for the purpose of determining a quorum. I. presidina oxficer at Meetina. The Chairman of the Board of Directors, who shall be elected , by majority vote of the members of the Board of Directors of the Association, shall be the presiding officer at directors' meetings; 7 --------------- f , I I otherwise, the President shall preside. In the absence of the presiding officer, the directors present shall designate one of their number to preside. 8. Powers And Duties Of The Board of Directors. The Board of Directors shall have all of the powers and duties given to the Board of Directors pursuant to Montana law, the Articles of Incorporation, the Declaration and these Bylaws, including but not limited to, the following powers and duties: a. To call annual meetings of the Association and give due notice thereof. b. To conduct elections of the Board of Directors. c. To enforce the provisions of the Declaration and Bylaws of the Condominium by appropriate action. d. To promulgate and adopt rules and regulations for the use of the common elements (as that term is defined in the Declaration) and for the occupancy of the units so as to not interfere with the peace and quiet of all the Unit Owners. Such rules must be approved by a majority of the voting interests of the members of the Association at any regular or special meeting of the Association. e. To provide for the management of the Condominium, by hiring or contracting with suitable and capable management and personnel for the day-to-day operation, maintenance, upkeep and repair of the general common and limited common elements (as those terms are defined in the Declaration). f. To levy assessments as allowed by the Declaration, these Bylaws and the state of Montana, and to provide for the collection, expenditure and accounting of the assessments. g. To pay for the expenses of the maintenance, repair and upkeep of the general common elements (as that term is defined in the Declaration), and to approve payment vouchers either at regular or speci~l meetings. h. To delegate authority to the Manager for the conduct of the Condominium is business, to carry out the duties and powers of the Board of Directors, however, such authority 8 , I , I shall be precisely defined with ultimate authority at all time residing in the Board of Directors. i. To provide a means of hearing grievances and foreclosure proceedings of members of the Association and to observe all due process requirements imposed upon owners associations for condominiums. j. To meet at regularly scheduled times and hold such meeting open to all members of the Association or their agents. k. To prepare an annual budget for the condominium in order to determine the amount of the assessments payable by the members of the Association to meet the general common expenses (as that term is defined in the Declaration) and allocate and assess such charges among the members of the Association according to their respective interests in the general common elements, and to submit such budget to the members of the Association on or before the date of the annual meeting. 1. To levy and collect special assessments whenever, in the opinion of the Board of Directors, it is necessary to do so in order to meet increased operating or maintenance expenses, costs, or additional capital expenses, or because of emergencies. m. To take appropriate legal action to collect any delinquent assessments, payments or amounts due from members of the Association or from any person or persons owing money to the Condominium, and to levy a penalty and to charge interest on unpaid amounts due and owing. n. To defend in the name of the Association any and all lawsuits wherein the Condominium is a party defendant. o. To enter into contracts with third parties to carry out the duties herein set forth, for and on behalf of the Board of Directors and the Association. p. To establish a bank account for the Condominium, and to keep therein all funds of the Association. withdrawal of monies from such accounts shall only be by checks signed by such persons as are authorized by the Board of Directors. q. In general, to act for and carry o~ the administration and affairs' of the Association as authorized and prescribed by the Declaration and to do all those things which are necessary and reasonable in order to carry out the governance and operation of the Condominium. 9 , , , 1 r. To establish rules and regulations for conduct, behavior and use of the general common elements. s. To make repairs, alterations and improvements to the general common elements consistent with managing the Condominiums in a first class manner and in the best interest of the members of the Association. t. To arrange, keep, maintain, and renew the insurance for the Association as set forth in the Declaration. u. To carry out the duties and responsibilities of the Board of Directors in all other matters as may be authorized, needed or required by the Declaration. 9. Officers. The executive officers of the Association shall be a President, a vice President, a Treasurer, and Secretary, all of whom shall be members of the Board of Directors of the Association and shall be elected annually by the Board of Directors and who may be removed by majority vote of the directors at any meeting. Any person may hold two or more offices except that the President shall not also be the Secretary. The Board of Directors may from time to time elect other officers to exercise such powers and duties as the Board of Directors shall deem necessary or appropriate to manage the affairs of the Association. Compensation, if any, of officers shall be fixed by the Board of Directors. A. President. The President shall be the chief executive officer of the Association. He shall have all the powers and duties which are usually vested in the office of president of an association, in order to assist in the conduct of the affairslof the Association, inClUding, without limitation, the power to appoint such committees 10 1 , , I as he may deem appropriate from time to time from among the members of the Board of Directors. B. Vice President. The Vice President shall in the absence or disability of the President exercise the powers and perform the duties of the President. He shall also generally assist the President and exercise such other powers and perform such other duties as shall be prescribed by the directors. c. Secretary. The secretary shall keep the minutes of all proceedings of the directors and the members. He shall attend to the giving and serving of all notices to the members and directors and other notices required by law. He shall have custody of the seal of the Association and affix the same to instruments requiring a seal when duly signed. He shall keep the records of the Association, except those of the Treasurer, and shall perform all other duties incident to the office of Secretary of an association and as may be required by the directors or the President. D. Treasurer. The Treasurer shall have custody of all property of the Association, including funds, securities, and evidences of indebtedness. He shall keep the books of the Association in accordance with generally accepted accounting practices and shall perform all other duties incident to the office of Treasurer. ~ II , r I , 10. Manaaer. A manager may be appointed and/or removed by the Board of Directors (the "Manager" ) for the purposes described in this paragraph. The Manager or any member of the Board of Directors or Association handling Association funds or having power to withdraw or spend such funds shall be bonded, and shall maintain the records of the financial affairs of the Condominium and the Association. Such records shall also detail all assessments made by the Association and the status of payments of the assessments by all unit Owners. All records shall be available for examination during normal business hours to any Unit Owner or his assigned representative. All functions and duties herein provided for the Manager may be performed by the Board of Directors, if the Board of Directors should decide not to have a Manager. The Manager shall generally operate and manage the Condominium for and on behalf of the unit Owners and shall have such other powers and authority as the Board of Directors may designate. If there is no Manager or if the Manager resigns, is terminated or his contract expires, the Board of Directors shall perform all the duties of the Manager. The functions and duties of the Manager shall include the financial and accounting duties described below. A. Management of Accounts: The receipts and expenditures of the Association shall be under the direction of the Manager and be classified as appropriate into general common expenses and limited common expenses (as those terms are defined in the Declaration) and shall include a provision for: ! 1. Current expenses: Which shall include all receipts and expenditures to be made within the year for which the budget is made, including a l2 t r , J reasonable allowance for contingencies and working funds, except expenditures chargeable to reserve or to betterments. The balance in this fund at the end of each year shall be applied to reduce the assessments for current expenses for the succeeding year. 2. Reserve for Deferred Maintenance: which shall include funds for maintenance items which occur less frequently than annually. 3. Reserve for Replacement: Which shall include funds for maintenance items which occur less frequently than annually. 4. Betterments: Which shall include the funds to be used for capital expenditures for additional improvements or additional personal property which shall be a part of the general common elements. B. The Manager shall prepare and submit to the Board of Directors a budget, each calendar year, which must be approved then and adopted by the Board. The budget shall include the estimated funds required to defray the general common expenses (as that term is defined in the Declaration) and to provide and maintain funds for the foregoing accounts according to good accounting practices. copies of the budget and proposed assessments shall be transmitted to each member on or before December 31st of the year preceding the year for which the budget is made. If the budget is subsequently amended, a copy of the amended budget shall be furnished to each member. C. A financial report of the accounts of the Association shall be made annually by an accountant, and a copy of the report shall be furnished to each member at the annual meeting. 11. ComDensation. No member of the Board of Directors shall receive any compensation for acting as such. Nothing herein, however, shall be construed to preclude compensation being paid to a Manager who is . hired by the Board of Directors. l3 , I , J . 12. Amendment Of Bvlaws. These Bylaws may be amended at any regular or special meeting of the Association providing that a copy of the proposed revision is included in the notice of such meeting. Upon a vote of seventy- five percent (75%) of the total number of votes of the membership of the Association, the amendment shall be declared adopted. The Secretary shall as soon as practicable after adoption, prepare a copy of these Bylaws as amended for certification by the Chairman of the Board of Directors and Secretary of the Association. Such amended and certified Bylaws shall then be filed and recorded in the office of the Clerk and Recorder of Gallatin County, state of Montana. Bylaws as amended shall become effective at the time of such recording. 13. Assessments. In accordance with the percentage of interest in the general common elements as set forth in the Declaration, each Unit Owner shall be assessed for general common expenses (as that term is defined in the DeClaration). Such assessments shall be collected and paid according to the terms and under the procedures more particularly set forth in the Declaration. The amount of assessments described above and any other assessments allowed by these Bylaws, the Declaration and by the state of Montana shall be fixed by the Board of Directors. Notice of each Unit Owner's assessments shall be mailed to the unit Owner at his address of t record. 14 . 1 1 I . . 14. The Declaration. The Condominium has filed, along with these Bylaws, a Declaration whereby the properties known as the Condominium are submitted and subject to Section 70-23-l01, et ~, MCA. The Declaration shall govern the act, powers, duties and responsibilities of the Association of unit Owners and in the event these Bylaws and the Declaration are in conflict, the Declaration shall prevail. The definition of terms set forth in the Declaration shall be applicable throughout these Bylaws and the interpretation thereof. By virtue of these Bylaws and the Declaration, each unit Owner has the right to membership in the Association of unit Owners and any Unit Owner may be elected to the Board of Directors of the Condominium. The Condominium Association of unit Owners and its Board of Directors shall have the primary and final authority on all matters solely affecting the Condominium area, sUbject to the laws, rules and regulations of the city of Bozeman, County of Gallatin, State of Montana. IN WITNESS WHEREOF, 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM ASSOCIATION, as the owner of record of all of the condominium units and one hundred percent (lOOt) of the voting interests of the Condominium as of the date hereof, hereby appoint the following persons to serve on the Board of Directors until the first meeting . . of the Association: 15 ,. 1 I,. J . . ~. Jeffrey R. Aldworth and Debra C. Aldworth and the Condominium and the Board of Directors hereby declare and affirm the adoption of the foregoing Bylaws on the ~1~ay of september, 1995. 2430 NORTH SEVENTH COMMERCIAL CONDOMINIUM By: ftf,. d d1A4f p f~y R. Aldworth, a member of the Board of Directors By: STATE OF MONTANA ) . ss. . county of Gallatin ) On this ;(1./1 day of September, 1995, before me a Notary Public of the state of Montana, personally appeared Jeffrey R. Aldworth, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. ~'. , : , , ..' ! ", , No ary Public \ ' " of Montana , , Residing at ~ r~ / , '.: '~.. : : ('SEAL) My commission ~ ~ ,.. . 16 , J W ~ ,1lI . .. STATE OF MONTANA ) . ss. . County of Gallatin ) On this c22/..6. day of September, 1995, before me a Notary Public of the State of Montana, personally appeared Debra C. Aldworth, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that she executed the same. IN WITNESS WHEREOF, set my hand and seal the day and year first above ~. : -, " , (S~AL) . ~ 17