T. MCLAUGHLIN ATTORNEY GENERAL ATTORNEY GENERAL STATE OF NEW HAMPSHIRE 33 CAPITOL STREET CONCORD, NEW HAMPSHIRE 03301-6397 STEVEN M. HOURAN DEPUTY ATTORNEY GENERAL CERTIFICATE OF REGISTRATION Condominium: NHDOJ: Location: Declarant: Units: Forest Knoll Condominium II LC-29-1016A Waterville Valley, Grafton County New Hampshire Mountain Knoll Associates, LLC P.O. Box 502 Waterville Valley, New Hampshire 03215 8 The above referenced condominium is registered pursuant to RSA 356-B:54, II, with respect to the offer or disposition of units C-l, C-2, C-3, C-4, D-l, D-2, D-3, and D-4. set forth in the condominium documents submitted to this office. In the event that the town or municipality wherein the condominium is located does not require a certificate of occupancy or other similar approval prior to closing, this certificate is issued subject to the condition that no closing be held with respect to any condominium unit until such unit has been substantially completed. This certificate shall remain in full force and effect, subject to the conditions imposed by RSA 356-B and rules adopted thereunder, until such time as registration is suspended or revoked. Issuance of this certificate should not be construed as suggesting that the Consumer Protection and Antitrust Bureau or any other public agency recommends the condominium or has determined that the disposition of any condominium unit or interest therein is legally sufficient to protect the rights of the purchasers. April 29, 1999 Walter L. Maroney / Senior Assistant Attorney General Consumer Protection and Antitrust Bureau (603)271-3641 Telephone 603-271-3658 • FAX603-271-2110 • TDD Access: Relay NH 1-80O-735-2964
Transcript
T. MCLAUGHLINATTORNEY GENERAL
ATTORNEY GENERAL
STATE OF NEW HAMPSHIRE
33 CAPITOL STREETCONCORD, NEW HAMPSHIRE 03301-6397
STEVEN M. HOURANDEPUTY ATTORNEY GENERAL
C E R T I F I C A T E O F R E G I S T R A T I O N
Condominium:NHDOJ:Location:
Declarant:
Units:
Forest Knoll Condominium IILC-29-1016AWaterville Valley, Grafton CountyNew HampshireMountain Knoll Associates, LLCP.O. Box 502Waterville Valley, New Hampshire 032158
The above referenced condominium is registered pursuant to RSA 356-B:54, II, with respect tothe offer or disposition of
units C-l, C-2, C-3, C-4, D-l, D-2, D-3, and D-4.
set forth in the condominium documents submitted to this office. In the event that the town ormunicipality wherein the condominium is located does not require a certificate of occupancy or othersimilar approval prior to closing, this certificate is issued subject to the condition that no closing beheld with respect to any condominium unit until such unit has been substantially completed.
This certificate shall remain in full force and effect, subject to the conditions imposed by RSA356-B and rules adopted thereunder, until such time as registration is suspended or revoked. Issuanceof this certificate should not be construed as suggesting that the Consumer Protection and AntitrustBureau or any other public agency recommends the condominium or has determined that thedisposition of any condominium unit or interest therein is legally sufficient to protect the rights of thepurchasers.
April 29, 1999Walter L. Maroney /Senior Assistant Attorney GeneralConsumer Protection and Antitrust Bureau(603)271-3641
(b) The condominium is known as "Forest Knoll at Waterville Valley - ACondominium II" and is located at One Tecumseh Road, in the Town ofWaterville Valley, County of Grafton and State of New Hampshire. Itsaddress is:
Forest Knoll at Waterville Valley - A Condominium IIOne Tecumseh RoadWaterville Valley,NH 03215
2. THE DECLARATION.
A copy of the Declaration of Forest Knoll at Waterville Valley - A CondominiumII, as same shall be amended from time to time, (including the By-Laws andResidency Regulations of Forest Knoll at Waterville Valley - A Condominium II)shall be delivered to the Purchaser with the Purchaser's copy of this Purchaseand Sale Agreement.
3. COPIES OF LEGAL INSTRUMENTS.
Copies of all contracts or other agreements to be signed by the Purchaser andall legal instruments evidencing the Purchaser's interest in the Condominium arebeing delivered to the Purchaser with Purchaser's copy of the Purchase and SaleAgreement.
4. PURCHASER'S OWNERSHIP RIGHTS.
Each Purchaser acquires by deed exclusive ownership in a designated Unit,together with an undivided interest in the Common Areas of the Condominium.
PUBLIC OFFERING STATEMENT Page 5
A Purchaser becomes a member of the Association of Unit Owners up6nacquiring a Condominium Unit, and a Purchaser is entitled to vote in proportionto his percentage of undivided interest in the Common Areas.
5. NATURE OF THE CONDOMINIUM.
(a) General Description: Forest Knoll at Waterville Valley - A CondominiumII, is an expandable condominium, which presently consists of one (1)building containing eight (8) units, together with the land upon whichsame are located comprising a total of 1.074 acres, but may beexpanded into an additional 6.5 acres, to be purchased, and to containan additional forty-eight-(48) units.
The land comprising the Common Area and other common facilities asdescribed in the Declaration shall be owned, in common, by the UnitOwners. Portions of the Common Area described in the Declaration, assame may be amended from time to time, as Limited Common Area shallbe owned, in common, by the Unit Owners, however, the use of thoseareas, facilities, or structures shall be restricted according to provisionsin the Declaration.
All Units shall be similar in quality of construction, but theDeveloper will offer a variety of plans and levels. Units may be allon one level or may be multi-level units. No Unit will be less than1,106 square feet in size or more than 2,200 square feet in sizeexclusive of garages or basements.
6. EASEMENTS AND RESTRICTIONS.
The property is subject to the following easements and restrictions:
(a) The property is located in the Town of Waterville Valley which has asubdivision ordinance and which has granted subdivision approval to thisproject subject to the condition that approval be received from the NewHampshire Water Supply and Pollution Control Commission forsubdivision. An updated copy of the approved subdivision plan includingas-built information was approved by the Waterville Valley Planning Board
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on , 1998, and recorded in the Grafton CountyRegistry of Deeds as Plan #9525.
(b) The construction of the Units in the Condominium is governed by theTown of Waterville Valley Building Code The plan for the construction ofthe buildings are in accordance with the building code and will beapproved by the Town prior to construction of any building and will beavailable for inspection and/or copying at the office of the Declarant.
(c) Approval from the New Hampshire Water Supply and Pollution ControlCommission for the water distribution system and the septic systems hasbeen received. No further approvals are necessary from this agency orany other state agency.
(d) The Condominium is subject to and has the benefit of certain easementscreated by the Declaration and by the Condominium Act, RSA 356-BThese include:
(i) Easement for Encroachments. By virtue of this easement, UnitOwners and the and the Unit Owner's Association are protectedin the event that a unit or common element encroaches uponanother unit or common element as provided in RSA 356-B:22;
(ii) Easement To Facilitate Completion. The Declarant reserves aneasement across the Condominium to the extent necessary toconstruct the improvements on the Condominium as provided inRSA 356-B:22;
(iii) Easement to Facilitate Sales. The Declarant or its agent orrepresentative may use the Units in the Condominium as model orsales offices and may place advertising signs anywhere within theCondominium as provided in RSA 356-B:2;
(iv) Easement for Ingress and Egress. Each Unit Owner has a right ofaccess to the common elements, subject to the rules, regulations,and restrictions established by the Unit Owner's Association,
PUBLIC OFFERING STATEMENT Page 7
(v) Easement for Access to Units. Authorized representatives of theUnit Owner's Association, including the Declarant and themanaging agent, may enter any Unit to the extent necessary tocorrect conditions threatening other Units of the Common Area, tomake repairs to the Common Element which are accessible onlyfrom the Unit, or to correct conditions which constitute violationsof the Declaration, By-Laws, or Regulations. In the event of theviolation of the Declaration, By-Laws or Regulations, the violationmay be corrected without the consent of the Unit Owner, and theUnit Owner may be charged with the resulting expense;
(vi) Easement to Facilitate Expansion. An easement for the purposesof adding certain additional land to the Condominium as providedin Paragraph 24 of the Declaration.
(vii) Easement for Support. Each Unit Owner has the benefit of arestriction upon any action of a neighboring Unit Owner, or of theUnit Owner's Association with respect to the Common Elements,which would endanger the stability or safety of his unit;
(viii) Restrictions for Unit Use. The conditions under which a Unit maybe used are set forth in the Declaration, By-Laws and ResidencyRegulations attached to the Declaration. These documents containcertain restrictions on the use of the property. The Declarationand Residency Regulations shall be carefully reviewed in theirentirety for a thorough understanding of the Purchaser's rights.
The Condominium Declaration, By-Laws and Residency Regulations, as all maybe amended from time to time, contain certain general restrictions andeasements such as an easement in common by all Unit Owners for themaintenance and repair of all common utilities, common easement for utilitycompanies such as electric and telephone companies who maintain their ownfacilities. These documents should be carefully reviewed in their entirety for athorough understanding of the Purchaser's rights.
7. LIENS AND ENCUMBRANCES.
PUBLIC OFFERING STATEMENT page 8
(a) Mortgage Deed of Mountain Knoll Associates, LLC in favor of Meredith VillageSavings Bank, securing the payment of $800,000, dated December 11,1 998,and recorded in the Grafton County Registry of Deeds at Volume 2362,Page 39.
(b) Conditional Assignment of Mountain Knoll Associates, LLC in favor of MeredithVillage Savings Bank, dated December 11, 1998,and recorded in the GraftonCounty Registry of Deeds at Volume 2362, Page 59.
(c) UCC-1 Financing Statement of Mountain Knoll Associates, LLC, Debtor, in favorof Meredith Village Savings Bank, Secured Party, dated December 11, 1998,andrecorded in the Grafton County Registry of Deeds on December 15, 1998, atVolume 2362, Page 61.
(d) Mortgage Deed of Mountain Knoll Associates, LLC in favor of WatervilleCompany, Inc., securing the payment of $80,000, dated December 11,1998,and recorded in the Grafton County Registry of Deeds at Volume 2362,Page 76.
8. IMPROVEMENTS OR AMENITIES.
All improvements, such as roads, parking areas, the water system and thesewerage system will be completed prior to the transfer of Units which areserviced by the improvements and there are no further recreationalimprovements or amenities which the Declarant is required to provide orconstruct. The remaining amenities as they, relate to roads and utilitiesnecessary for the yet uncompleted units will be complete prior to the sale ofunits services by required improvements. There is at the present, no setdate for the completion of unbuilt units.
9. EXPRESS WARRANTIES.
There are no express warranties provided by the Declarant with respect to theUnits and Common Areas of the Condominium, except for the guaranteeagainst structural defects as provided by RSA 356-B:41. Each Unit togetherwith its appurtenant undivided interest in the Common Area will be conveyedby warranty deed. In addition, manufacturer's warranties for the appliances
PUBLIC OFFERING STATEMENT Page 9
located within the Units will be delivered to the Purchaser at the time of closin'g.
10. THE UNIT OWNER'S ASSOCIATION.
A Unit Owner's Association exists in accordance with the By-Laws of theAssociation which are part of the Declaration of Condominium. Each UnitOwner shall be a member of the Association by virtue of his ownership of aCondominium Unit and shall be entitled to one vote per unit. The Associationhas the right to manage the affairs of the Unit Owners in accordance with theDeclaration and the powers conferred upon the Unit Owner's Association byRSA 356-B. A copy of the By-Laws of the Association are provided within theDeclaration with this Public Offering Statement.
The Unit Owner's Association maintains liability and casualty insurance forthe buildings and grounds which make up the Condominium. There is noinsurance coverage provided by the Association which protects the individualUnit Owners' possessions or property. The Declaration discloses the processby which the Association makes decisions to rebuild damaged or destroyedUnits.
11 • MANAGEMENT CONTRACT LEASE ASSESSMENTS.
The current budget for the Condominium's operation is attached hereto.Provisions have been made in the budget for capital expenditures and majormaintenance reserves. The Declarant has not entered into any managementcontract or other contracts or leases which would effect the use, maintenanceor administration of or access to, all or part of the Condominium. TheAssociation reserves the right to enter such a contract as provided in theDeclaration and By-Laws.
12. INITIAL. SPECIAL OR RECURRING FEES OR CHARGES.
Purchaser is not required to pay any initial fee in connection with the purchaseof the Unit, with the exception of closing fees which are customarily chargedto purchasers in real estate transactions, { ) months advancepayment of the condominium maintenance fee. Said payment for thecondominium maintenance fee shall be placed by the Condominium Association
PUBLIC OFFERING STATEMENT Page 10
into the reserve for major maintenance and shall not relieve the Purchaser frotnliability for payment of the condominium fees. However, the Purchaser is nothereby prohibited from collecting said sum from any subsequent Purchaser ofhis Unit in the event Purchaser shall sell his unit in the future. At the closing,Purchaser shall pay the monthly maintenance fee for the first month which feeshall be prorated such that the Purchaser is paying solely for the days of thefirst month the Purchaser owns the Unit. Thereafter, Purchaser shall berequired to pay a recurring maintenance fee on the first day of each month. Themaintenance fee is based upon the annual budget which will be allocatedequally among the proposed eight (8) Units to be completed and is based onthe respective percentage interest of each unit. Percentage of undivided interestshall be reallocated each time an additional Unit is added to the existing eight(8) Units until such times as the last Unit is completed, then a furtherreallocation shall be made based on the respective value of each of thecompleted Units. The proposed maintenance fees for the proposed initial eight(8) Units is disclosed herein in the paragraph entitled "Projected Budget". Themaintenance fee will vary and adjust in accordance with the actual cost ofmaintaining and managing the Condominium and, therefore, there can be noassurance of what the maintenance fee will actually be and the figures indicatedherein are projected budget costs.
NOTWITHSTANDING THE FOREGOING, THE DECLARANT IS EXPRESSLY ANDEXPLICITLY UNDER NO OBLIGATION TO COMPLETE AND CONSTRUCT THEFORTY-EIGHT (48) UNITS TO BE CONSTRUCTED FROM THE EXPANDABLELAND OR THE SEPTIC SYSTEMS, WATER LINES, AND UTILITYCONNECTIONS INTENDED TO SERVE SAME.
At such time as a Unit is sold, it shall be established as a Unit to which isappurtenant a~percentage of undivided interest in the Common Area as setforth in the Declaration. Each such Unit shall have a percentage of beneficialinterest in the Common Area and shall be liable for its common expenseassessments in the same manner as any other existing Unit in theCondominium.
13. FINANCING AVAILABLE TO PURCHASER.
Declarant will not be offering financing to the purchaser of any Unit. Purchasers
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are free to pursue financing arrangement with any lending institution of theirchoice. The Declarant may, however, from time to time, recommend or suggestcertain lending institutions or mortgage companies .depending upon theDeclarant's understanding of the availability of local financing through locallending institutions or through mortgage companies.
14. ESCROW OF DEPOSITS.
All deposits made relative to any disposition of any interest in a unit in theCondominium shall be held by the Declarant at Meredith Village Savings Bank,Route 25, Meredith, NH 03253. The Declarant reserves the right to usepurchase sales deposits to offset contractor costs.
15. PROJECTED BUDGET.
The Projected First Year Condominium Association Budget is as follows:
Per Unit Annual/Monthly Condominium Fees:Two Bedroom Unit: $1,228/yr. $102.33/mo.Three Bedroom Plus Loft Unit: $1,789/yr. $149.00/mo.Three/Four Bedroom Unit: $2,444/yr. $203.66/mo.
NOTE: No taxes are listed under the projected budget as each Unit Owner willbe separately assessed and taxed by the Town of Waterville Valley, NewHampshire, for the value of his Unit, together with its undivided interest
PUBLIC OFFERING STATEMENT Page 12
in the Common Area. Insurance listed under the projected budget is theproperty and liability insurance to be held by the Association. The budgetdoes not make any provisions for individual cost, of maintaining a Unit,including electricity, heat, water, sewer, and air conditioning, norinsurance on the contents of the Units nor the personal liability of theUnit Owner.
# * # * #
J{C:\WPWIN60\(February 8, 19991
DECLARATION
OF
FOREST KMOLL AT WATERVILLE VALLEY - A CONDOMINIUM II
WHEREAS, MOUNTAIN KNOLL ASSOCIATES, L.L.C., a limited liability company
organized and existing under the laws of the State of New Hampshire, with a principal
place of business in the Town of Waterville Valley, County of Grafton and State of
New Hampshire, with a post office address of P. 0. Box 502, Waterville Valley, New
Hampshire 03215, (hereinafter referred to as "Declarant"), is the owner of certain
premises situate in the Town of Waterville Valley, County of Grafton and State of New
Hampshire, more fully described in Appendix A hereto, and intends to submit said
premises and the improvements now or hereafter located thereon to the condominium
form of ownership and use in the manner provided by the New Hampshire Revised
Statutes Annotated, Chapter 356-B, (hereinafter referred to as the "Condominium
Act"), and to impose upon said premises and the improvements now or hereafter
located thereon mutually beneficial restrictions under a general plan of improvement.
NOW, THEREFORE, the Declarant hereby publishes and declares that all of the
above-described property is held and shall be held, conveyed, hypothecated,
encumbered, leased, entered, used, occupied and improved subject to the following
covenants, conditions, restrictions, uses, limitations and obligations, all of which are
declared and agreed to be in furtherance of a plan for the development of the premises
JOHN J. MCCORMACK . ATTOR NE Y - AT - LAW • ASHUAND, NEW HAMPSHIRE 03217
DECLARATION page 2
submitted, and shall be deemed to run with the land and shall be a benefit and burden
to the Declarant, successors and assigns, and any person or persons acquiring or
owning an interest in said premises, or a portion thereof, and the improvements now
or hereafter located thereon, their grantees, successors, heirs, executors,
administrators, devisees and assigns.
1. DEFINITIONS.
Certain terms as used in this Declaration and in the By-Laws which are includedherein, shall have the meaning stated in the Condominium Act, and as follows, unlessthe context clearly indicates a different meaning therefor.
A. Declaration shall mean this instrument and appendices thereto.
B. Declarant shall mean "Mountain Knoll Associates, L.L.C.", a limitedliability company organized and existing under the laws of the State of NewHampshire, which has made and executed this Declaration.
C. Condominium shall mean real property, and any interests, lawfullysubmitted to the Condominium Act by the recordation of condominium instrumentspursuant to said Condominium Act.
D. Unit shall mean a portion of the Condominium designed andintended for individual ownership and use.
E. Common Area shall mean all portions of the Condominium otherthan the Units.
F. Limited Common Area shall mean area or portion of the CommonArea reserved for the exclusive use of the owners of one or more, but less than all, ofthe Units.
G. Condominium Unit shall mean a Unit together with the undivided
JOHN J. MCCORMACK • ATTOR NE Y - AT - LAW • ASHLAND, NEW HAMPSHIRE 03217
DECLARATION page 3
interest in the Common Area appertaining to that Unit.
H. Identifying Numbers shall mean one or more numbers that identifyonly one Unit in the Condominium.
I. Person shall mean a natural person, corporation, partner ship,association, trust or other entity capable of holding title to real property, or anycombination thereof.
J. Purchaser shall mean any person or persons who acquire by meansof a voluntary transfer a legal or equitable interest in a Condominium Unit, except assecurity for a debt.
K. Singular or Plural Gender, whenever the context so permits, the useof the plural shall include the singular, the use of the singular the plural, and the useof any gender shall be deemed to include all genders.
L. Unit Owner means one or more persons who own a CondominiumUnit.
M. Association shall mean the Forest Knoll at Waterville Valley - ACondominium II Owners Association, a voluntary corporation, and its successors.
N. Board of Directors shall mean the governing body of theAssociation elected pursuant to the By-Laws.
0. Condominium Instruments is a collective term referring to theDeclaration, By-Laws and site and floor plans recorded pursuant to the provisions ofthe Condominium Act. Any exhibit, schedule or certification accompanying aCondominium Instrument and recorded simultaneously therewith shall be deemed anintegral part of that Condominium Instrument. Any amendment or certification of anyCondominium Instrument shall, from the time of the recordation of such amendmentor certification, be deemed an integral part of the affected Condominium Instrument,so long as such amendment or certification was made in accordance with theprovisions of the Condominium Act or this Declaration.
P. Common Expenses shall mean all expenditures lawfully made or
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DECLARATION Page 4
incurred by or on behalf of the Association, together with all funds lawfully assessedfor the creation and/or maintenance of reserve pursuant to the provisions of theCondominium Instruments.
Q. Expandable Condominium shall mean the Condominium to whichadditional land and/or units may be added in accordance with the provisions of thisDeclaration.
2. INFORMATION REQUIRED BY THE CONDOMINIUM ACT.
A. Name and Address: The name of the Condominium shall be ForestKnoll at Waterville Valley - A Condominium II, and its address is Tecumseh Road,Waterville Valley, New Hampshire 03215.
B. The Land: The land owned by the Declarant which is herebysubmitted to the condominium form of ownership is located on Tecumseh Road, in theTown of Waterville Valley, County of Grafton and State of New Hampshire, and ismore particularly described in Appendix A hereto.
C. General Description of Land and Buildings: The land is locatedon the southerly side of Tecumseh Road in the Town of Waterville Valley, County ofGrafton and State of New Hampshire, and contains approximately 1.074 acres. Thecondominium consists of one (1) building located on the land as depicted on a certainsite plan to be recorded herewith. Contained in this building are Units C-1, C-2, C-3,C-4, D-1, D-2, D-3, and D-4. The building containing the Units has a lower level,upper level, and loft level. The building in this Condominium is constructed of woodframe and wood exterior on a concrete foundation. The orientation of the Units on theland and the relation of each Unit to the others is more particularly described anddepicted on certain site and floor plans to be recorded herewith.
D. Description of Units: Units C-4 and D-1 are located on thelower floor level and main floor level and each contains three to four bedrooms, afamily room, three and one-half baths, a laundry/storage area, a kitchen and aliving/dining area. Units C-1 and D-4 are located on the main floor level and eachcontains two bedrooms, two bathrooms, a laundry/storage area, a kitchen, and aliving/dining area. Units C-2, C-3, D-2, and D-3 are located on the main floor level andupper/loft level and each contains a staircase entryway located on the main floor level,
JOHN J. MCCORMACK . ATTOR NE Y - AT - LAW • ASHLAND, NEW HAMPSHIRE O3217
DECLARATION Page 5
three bedrooms, three bathrooms, a laundry/storage area, a kitchen, and a living/diningarea which are all located upon the main floor level. Additionally, there are living andstorage areas located on the upper/loft level. The boundaries of each Unit are to theunfinished interior surfaces of its perimeter walls, unfinished surfaces of its lowermostfloors, unfinished surface of uppermost ceilings, interior surfaces of windows andwindow frames, skylights and skylight frames, and unfinished interior surfaces ofdoors, door frames, and beams, and includes both the portions of the building sodescribed and the space so encompassed.
E. Description of Limited Common Area: All Units, except Unit C-4,have a deck or patio located adjacent to the living/dining area which patio or deck islimited to the exclusive use of the Unit to which the deck is adjacent or attached andis Limited Common Area for that Unit. The Declarant, its successors and assigns,hereby expressly reserves the right to assign, as limited common area appurtenant toUnit C-4, a patio or deck by means of the recording of an amendment to the withinDeclaration and the recording of an "as-built", "site" or "floor" plan depicting same.Any such deck or patio shall be constructed so as to be in compliance with anyapplicable ordinances, rules or regulations. Such amendment to the Declaration andrecording of a plan shall not require the approval of any Unit Owner or the Association,as hereinabove defined.
Units C-1, C-4, D-1, and D-4 have a ski/storage closet and entryway porch arealocated adjacent thereto and situate on the main floor level, which ski/storage closetand entryway porch area are limited to the exclusive use of the Unit to which each isadjacent or attached and is Limited Common Area for that Unit.
Units C-2, C-3, D-2, and D-3 have a ski/storage closet and entryway porch arealocated on the main floor level, which ski/storage closet and entryway porch area arelimited to the exclusive use of the Unit to which each is adjacent or attached and isLimited Common Area for that Unit.
F. Description of Common Area: The Common Area shall includeall parts of the Condominium that are not included within the boundaries of the Unitas provided in this Declaration. The Common Area includes, but not by way oflimitation:
(i) The land upon which the building containing the Units islocated, and the walks, shrubbery, gardens, parking areas and other landincluded in the description of Forest Knoll at Waterville Valley - ACondominium II in Appendix A hereto;
JOHN J. MCCORMACK . ATTORNEY - AT - UAW . ASHLAND. NEW HAMPSHIRE 03217
DECLARATION page 6
(ii) Roofs, foundations, pipes, ducts, flues, common well orwells, chutes, conduits, wires and other utility installations to the outlets,bearing walls, perimeter walls, columns and supports, to the interiorsurfaces thereof, and any such facilities located within a Unit, whichserve parts of Forest Knoll at Waterville Valley - A Condominium II otherthan the Unit within which they are located;
(iii) All other parts of Forest Knoll at Waterville Valley - ACondominium II, including without limitation all corridors or hallwaysserving more than one and any and all personal property acquired by theAssociation, necessary or convenient to its existence, maintenance andsafety, normally in common use.
G. Condominium Unit Values and Related Percentages: There shallappertain to each Condominium Unit in Forest Knoll at Waterville Valley - ACondominium II an undivided interest in the Common Area appertaining to each Unitand its owner for all purposes, including voting, as required by New Hampshire R.S.A.356-B:17 as set forth in Appendix C hereto. The application of the percentage ofundivided interest in the Common Area has been determined on the basis of theproportion which the size of each Unit bears to the aggregate size of all Units asreflected in Appendix C hereto. There shall appertain to each Condominium Unit inForest Knoll at Waterville Valley - A Condominium II for voting purposes in connectionwith meetings of the Association, a number of votes which is equal to the percentageof undivided interest. Where a particular Condominium Unit is owned by more thanone person, the owners thereof may attend any meetings of the Association, but itshall be necessary for those present to act unanimously in order to cast a vote towhich they are entitled. The Declarant shall be entitled to vote with respect to anyCondominium Unit owned by it.
H. Statement of Purposes and Restrictions: The Units and CommonArea shall be held and used subject to the following restrictions:
(i) No Unit Owner shall occupy or use his Condominium Unitor permit the same, or any part thereof, to be occupied or used for anypurpose other than as a private residence for the Owner and the Owner'sfamily, or the Owner's lessee or guests. This section shall not be
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DECLARATION page 7
construed to prevent an Owner from renting or leasing his Unit forresidential purposes. No residential use of the attic storage area shalloccur.
(ii) /Special permission may be given by the Board of Directorsfor limited professional office use of a particular Unit upon application ofthe Owner of such Unit, where the Board of Directors shall find that suchlimited professional use is not incompatible with the basic residentialnature of Forest Knoll at Waterville Valley - A Condominium II as a whole.The Board of Directors may grant such permits and for such periods oftime and upon such further terms, conditions and restrictions as it shalldeem to be in the best interests of Forest Knoll at Waterville Valley - ACondominium II as a whole.
(iii) No waste shall be committed in the Common Area orLimited Common Area and specifically no trees, shrubbery, or brush shallbe planted or cut, without the prior consent of the Association.
(iv) No structures of any type or nature, however temporary,shall be erected, placed or permitted on the Common Area or LimitedCommon Area.
(v) No snow machines, all-terrain vehicles, or other motorizedrecreational vehicles shall be operated within five hundred (500) feet ofany Building in the Condominium, except that licensed, inspected andoperating passenger vehicles may be parked in those places provided forsuch use and so designated by the Board of Directors or manager.Motorized recreational vehicles, snow machines, or all-terrain vehiclesmay be parked in those places provided for such use and so designatedby the Board of Directors or manager. Subject to such rules as may beadopted by the Board of Directors, recreational vehicles, snow machines,or all-terrain vehicles may travel over and across the Common Area foraccess to designated parking areas.
(vi) No fires are permitted on the Common Area, except inplaces which may from time to time be designed for such use by theBoard of Directors.
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DECLARATION Page 8
(vii) No habitation of any type or duration is permitted in or onthe Common Area.
(viii) No person shall make any use of any portion of Forest Knollat Waterville Valley - A Condominium II which constitutes a nuisance orannoyance to any Unit Owner, which constitutes a fire hazard, whichmay result in the cancellation of any insurance on any part of Forest Knollat Waterville Valley - A Condominium II, or which is in violation of anylaw, ordinance or governmental regulation. The construction of additionalbuildings and Units to facilitate the conversion of the Common Area shallnot be considered a nuisance or annoyance. No use shall be made of anypart of Forest Knoll at Waterville Valley - A Condominium II which mayincrease the premiums on insurance covering any portion of Forest Knollat Waterville Valley - A Condominium II without the approval of the Boardof Directors in writing.
(ix) Other than signs erected by the Declarant, no signs of anykind shall be displayed for public view or from any Unit without theconsent of the Board of Directors, who shall be empowered to adoptrules regarding the placement, size, and type of sign which may be used.No clothes lines, television or radio antennas, garbage, trash, clothing,snow machines, or other personal property of similar nature shall bemaintained, kept, stored, placed or left where it may be seen or observedby the general public or another Unit Owner.
(x) No livestock shall be kept or permitted in any Unit or in theCommon Area. Birds, fish and animals of the type usually considered petsmay be kept in a the Unit. However, permission may be withdrawn atthe discretion of the Board of Directors in the event the pet is considereda nuisance to other owners.
(xi) Nothing shall be altered or constructed in or removed fromthe Common Area, including Limited Common Area, except upon thewritten consent of the Board of Directors.
(xii) The Board of Directors are authorized to adopt such rules
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regarding the use of the Units, Common Area, or Limited Common Areaas may be necessary, and there shall be no violation of the rules by anyperson.
(xiii) The Declarant and persons that it may select shall have theright of ingress and egress over, upon and across the Common Area, andthe right to store materials thereon and to make such other use thereofas may be reasonably necessary and incident to construction, andcomplete development and sale of Forest Knoll at Waterville Valley - ACondominium II, including, without limitation, placing constructionvehicles, equipment, and trailers on the Common Area. The Declarant andthe persons to whom it has granted this permission shall not undulyinterfere with the Unit Owners or persons occupying Condominium Unitsand their rights to use the Common Area and facilities. The Declarant'srights to complete construction, common development and sales ofForest Knoll at Waterville Valley - A Condominium II, as expressed herein,shall not be deemed to limit the right conferred upon the Declarantpursuant to the Condominium Act.
(xiv) Subject to the provisions of the within Declaration, the By-lawsand the Condominium Act, each Unit Owner shall have an easement incommon with the owners of all other units for ingress and egress throughand the use and enjoyment of, the Common Area.
I. Voting Requirements in the Event of Damage or Destruction:
In the event of damage or destruction to the Condominium, the followingvoting requirements shall pertain:
(i) In case of fire, casualty, or other disaster, the insuranceproceeds shall be applied to repair or reconstruction and the Board ofDirectors shall arrange for such repair or reconstruction of the damagedor destroyed portion of Forest Knoll at Waterville Valley - A CondominiumII as hereinafter set forth unless Forest Knoll at Waterville Valley - ACondominium II is damaged or destroyed to the extent of seventy-fivepercent (75%) or more of the total replacement value of all of thebuildings in Forest Knoll at Waterville Valley - A Condominium II, and the
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Association by vote of eighty percent (80%) of the Unit Owners' totalvoting power, within sixty (60) days of the date of such damage ordestruction, votes not to repair or reconstruct the damaged or destroyedproperty, but to terminate Forest Knoll at Waterville Valley - ACondominium II. If the said property is damaged or destroyed to theextent of seventy-five percent (75%) or more of the total replacementvalue of all the buildings in Forest Knoll at Waterville Valley - ACondominium II and the Association votes by a vote of eighty percent(80%) of the Unit Owners' total voting power within sixty (60) days notto rebuild or reconstruct, but rather to terminate the Condominium, thenthe agreement of the required majority of Unit Owners to terminate shallbe evidenced by their execution of a termination agreement, or thepresident or treasurer of the Association shall execute such agreementaccompanied by certificate of vote of the secretary, which terminationagreement shall be recorded in the Grafton County Registry of Deeds,pursuant to the Condominium Act. Upon recordation of an instrumentterminating the Condominium, Forest Knoll at Waterville Valley - ACondominium II, in its damaged condition, shall be deemed to beterminated and to be owned by the Unit Owners as tenants-in-commonin proportion to their respective undivided interests in the CommonAreas. As long as such tenancy-in-common lasts, each Unit Owner, orthe heirs, successors or assigns thereof shall have an exclusive right ofoccupancy of that portion of the property which formerly constituted hisUnit. Upon recordation of an instrument terminating the Condominiumas hereinbefore provided, the rights that the Unit Owners may have tothe assets of the Association shall be in proportion to their respectiveundivided interests in the Common Areas.
(ii) If the cost of such repairs and restoration is less than theamount of said insurance proceeds, then the excess of said insuranceproceeds over said cost shall be added to the Forest Knoll at WatervilleValley - A Condominium II reserve for contingencies and replacements,or in the discretion of the Board of Directors, distributed by the Board ofDirectors to the Unit Owners as their interests may appear, in accordancewith the respective percentages hereto aforesaid. If the proceeds ofinsurance, paid to the Board of Directors pursuant to Subparagraph l(i) ofParagraph 2 hereof, are not sufficient to defray the costs of
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reconstruction and repair, or upon completion of reconstruction andrepair, the funds for the payment of the cost thereof are insufficient,assessments insufficient additional amounts to provide payment of suchcosts shall be made against the Unit Owners in proportion to theirrespective votes in the Association. If all or any portion of suchassessments are not available to the Board of Directors prior to the timethat the amounts thereof are needed to provide payment of such costs,the Board of Directors may borrow such amounts, on behalf of theAssociation, and may secure such borrowing by assignment of the liensrelative thereto arising pursuant to this Declaration.
Immediately after a fire or other casualty causing damage to abuilding, the Board of Directors shall obtain reliable and detailed estimatesof the cost of repairing and restoring the damage to a condition as goodas that existing before such casualty. Such costs may also includeprofessional fees and premiums for such bonds as the Board of Directorsdetermines to be necessary. The Board of Directors shall contract forsuch repair and restoration and in doing so shall exercise its solediscretion in selecting from among said estimates. Any suchreconstruction or repair shall be substantially in accordance with theoriginal plans and specifications under which the damaged building wasoriginally constructed.
Encroachments upon or in favor of Units which may be created asa result of such reconstruction or repair shall not constitute a claim orbasis for any proceeding or action by the Owner upon whose propertysuch encroachment exists, provided that such reconstruction issubstantially in accordance with original plans and specifications underwhich the damaged building was originally constructed. Suchencroachments shall be allowed to continue in existence for so long asthe building (as reconstructed) shall stand.
(iii) The net proceeds of insurance collected on account of acasualty and any additional amounts collected by the Board of Directorsfrom assessments against Unit Owners on account of such casualty (orborrowed by the Board of Directors as provided above) shall constitutea construction fund which shall be disbursed in payment of the cost of
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reconstruction and repair by the Board of Directors.
The construction fund shall be paid by the Board of Directors inappropriate progress payments, to such contractors, suppliers andpersonnel engaged in performing the work or supplying materials orservices for the repair and reconstruction of the building as designated bythe Board of Directors.
It shall be presumed that the first monies disbursed in payment ofthe cost of reconstruction and repair shall be from insurance proceeds;and if there is a balance in the construction fund after the payment of allof the cost of the reconstruction and repair for which the fund isestablished, such balance shall first be applied to any borrowing pursuantto Section l(ii) above, and the remainder, if any, shall be added to theForest Knoll at Waterville Valley - A Condominium II reserve forcontingencies and replacements, or in the discretion of the Board ofDirectors, distributed by the Board of Directors to the Unit Owners astheir interest may appear, in accordance with the percentages hereto, asset forth above.
When the damage is to both Common Areas and Units, theinsurance proceeds shall, to the extent practical, be applied first to thecost of repairing the Common Area and the balance to the cost ofrepairing the Units.
3. EXCLUSIVE OWNERSHIP AND POSSESSION BY OWNER.
Each Unit Owner shall be entitled to exclusive ownership and possession of hisUnit, and each such Unit Owner shall be entitled to an undivided interest in theCommon Area in the amount expressed above. The amount of undivided interest ofeach Unit Owner in the Common Area shall have a permanent character. No suchinterest shall be separated or severed from the Unit to which it appertains, beingdeemed to be conveyed or encumbered with the Condominium Unit even though it isnot expressly mentioned or described in the instrument of conveyance orencumbrance. Subject to the provisions of this Declaration, all Unit Owners may usethe Common Area, excepting Limited Common Area, in accordance with the purposesfor which it is intended, so long as they do not hinder or encroach upon the lawful
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rights of other Unit Owners or otherwise violate the provisions of this Declaration orof any condominium rules adopted pursuant to this Declaration,
Subject to the provisions of this Declaration, a Unit Owner shall be entitled tothe exclusive use of the Limited Common Area appurtenant to his Unit. The exclusiveuse of the Limited Common Area shall not be altered without the consent of all UnitOwners expressed in an amended Declaration duly recorded, and without suchconsent, shall not be separated from the Unit to which it is appurtenant, it beingdeemed to be conveyed or encumbered with the Condominium Unit even though it isnot expressly mentioned or described in the instrument of conveyance orencumbrance.
A Unit Owner shall not be deemed to own the undecorated and/or unfinishedsurfaces of the perimeter walls, floors, ceilings, windows and doors bounding his Unit,nor shall the Unit Owner be deemed to own the utilities running within the boundariesof his Unit, except as tenant-in-common with the other Unit Owners. A Unit Owner,however, shall be deemed to own and shall have the exclusive right, at his ownexpense, to paint, re-paint, tile, wax, paper or otherwise refinish and decorate thefinished surfaces of the floors, ceiling, beams, perimeter walls and door framesbounding his Unit.
4. UNIT OWNER'S OBLIGATION TO REPAIR.
Each Unit Owner shall, at his own expense, keep his Unit and its equipment andappurtenances in good order, condition and repair. In addition to keeping the interiorof the Unit in good repair, each Unit Owner shall be responsible for providingreasonably sufficient heat to avoid the freezing of such pipes as may be locatedappurtenant to his Unit, and each Unit Owner shall further be responsible for themaintenance, repair or replacement of any bathroom and kitchen fixtures, plumbingfixtures, water heater, appliances, heating equipment, lighting fixtures, range hoodsand fans, vacuum cleaners, carpeting, drapes, ventilating fans, fireplaces and flues,and other property which is not Common Area and which is located in his Unit. EachUnit Owner shall immediately notify the Board of Directors or its agents of any damageto or malfunction of any facilities for the furnishing of utility services or wasteremoval which is Common Area within his Unit. Each Unit Owner shall also, at hisown expense, keep the Limited Common Area appurtenant to his Unit in a clean andsanitary condition, and shall make all repairs of damage there to caused or permitted
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by him, reasonable wear and tear excepted. In the event a Unit Owner fails to makesuch repairs after thirty (30) days written notice of the need for same is given to himby the Board of Directors, the Board of Directors may enter and make such repairs, theexpense of which shall be borne by said Unit Owner. No Unit Owner shall permit anyrepair or other work in his Unit or the Limited Common Area appurtenant to his Unit,by anyone unless such person or entity has furnished written evidence that it hasobtained reasonable adequate public liability and workmen's compensation insurancein form and amount which are satisfactory to the Board of Directors, and unless suchrepair or other work is performed in compliance with all governmental laws,ordinances, rules and regulations.
5. PROHIBITION AGAINST STRUCTURAL CHANGES BY UNIT OWNER.
No Unit Owner shall, without first obtaining written consent of the Board ofDirectors, make or permit to be made any structural alteration, improvement oraddition in or to his Unit or in or to the exterior of the buildings or other CommonArea, or Limited Common Area. No Unit Owner shall do any act or work that willimpair the structural soundness or integrity of the buildings or safety of the propertyor impair any easement or hereditament without the written consent of all UnitOwners. No Unit Owner shall paint or decorate any portion of any porch, patio,storage area or balcony without first obtaining written consent of the Board ofDirectors.
6. MAINTENANCE AND REPAIR OF COMMON AREAS.
Maintenance and repair of Common Areas shall be accomplished by and at theexpense of the Association, except in instances where expenses are assessed by theAssociation against a Unit Owner or Unit Owners to repair, without limitation,windows, exterior doors, and any other portion of the Common Area damaged ordestroyed through the willful or negligent act or omission of said Unit Owner orOwners or their servants, agents or invitees, and except as may be otherwise providedin this Declaration.
7. ENTRY FOR REPAIRS.
It shall be the duty of each Unit Owner to provide the Association with a keyto his Unit to provide access at all reasonable times to the Association or its duly
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authorized agent for the purposes of maintaining and for repairing Common Areas, andthe Association shall have the irrevocable right, to be reasonably exercised, throughits Board of Directors or agents, to enter any Unit or Limited Common Area to inspectthe same, to remove the violations therefrom and to perform any repair, maintenanceor construction for which the Association is responsible, and shall have the irrevocableright, to be reasonably exercised, through its Board of Directors or agents, to enter anyUnit or Limited Common Area, for the purpose of making emergency repairs necessaryto prevent damage to other parts of Forest Knoll at Waterville Valley - A CondominiumII. Such entry shall be made with as little inconvenience to the Unit Owner aspracticable. Any damage to any Unit occasioned by the Unit Owner's failure toprovide the Association with a key as heretofore provided or failure to provide accessas heretofore provided shall be repaired at the sole expense of the Unit Owner of saidUnit Owner, and the Association shall be held harmless from any liability.
8. BY-LAWS.
The By-Laws shall be as set forth in Appendix D hereof. These By-Laws maybe amended by two-thirds of the total votes of all members of the Associationprovided a copy of the proposed By-Laws has been included in the written notice ofthe meeting. Any such amendment shall become effective upon recordation in theRegistry of Deeds for Grafton County, New Hampshire.
9. INSURANCE.
The Board of Directors shall obtain and maintain to the extent obtainable, thefollowing insurance:
A. Fire. Vandalism and Malicious Mischief: Fire insurance withextended coverage, vandalism and malicious mischief endorsements insuring all thebuildings in Forest Knoll at Waterville Valley - A Condominium II, including, withoutlimitation, all such portions of the interior of such buildings as are for insurancepurposes normally deemed to constitute part of the building and customarily coveredby such insurance, such as heating and air conditioning and hot water tanks andother service machinery, interior walls, ail finished wall surfaces, bathroom and kitchencabinets, appliance and fixtures, heating and lighting fixtures, carpeting, floorcovering, and such insurance to be in an amount at least equal to the replacementvalue of the buildings and to be payable to the Board of Directors for the Unit Owners
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and their mortgagees as their respective interests may appear.
B. Public Liability: Public liability insurance in such amounts as theBoard of Directors may from time to time determine, but in no event shall the limitsof liability be less than One Million Dollars ($1,000,000.00) for bodily injury andproperty damage per occurrence, insuring each member of the Board of Directors, themanaging agent, the Association, agents or employees of the foregoing, and the UnitOwners and other persons entitled to occupy any Unit or other portion of theCondominium with cross-liability coverage with respect to liability claims or anyoneinsured there under against any other insured thereunder. This insurance, however,shall not insure against the individual liability of a Unit Owner for negligence occurringwithin his own Unit or within the Limited Common Area of which he has exclusive use.
C. Workmen's Compensation: Workmen's compensation insuranceas required by law.
D. Officers' and Directors' Liability: Officers' and directors' liabilityinsurance.
E. Other: Such other insurance as the Board of Directors maydetermine.
10. GENERAL INSURANCE PROVISIONS.
The Board of Directors shall deal with the insurer or insurance agent inconnection with the adjusting of all claims covered by insurance policies provided forunder Paragraph 9 above and shall review with the insurer or insurance agent, at leastannually, the coverage under said policies, and review to include an appraisal ofimprovements within Forest Knoll at Waterville Valley - A Condominium II, and shallmake any necessary changes in the policy provided for under Paragraph 9 above inorder to meet the coverage requirements of such Paragraph. The Board of Directorsshall be required to make every effort to see that all policies of physical damageinsurance provided for under Paragraph 9 above:
A. Waivers of Subrogation: Shall contain waivers of subrogation bythe insurer as the claims against the Association, its employees, members of the Boardof Directors, Unit Owners and members of the family of any Unit Owner who reside
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with said Unit Owner, except in cases of arson and fraud.
B. Waivers of Defense: Shall contain a waiver of the defense ofinvalidity on account of the conduct of any of the Unit Owners over which theAssociation has "no control".
C. Non-cancellation: Shall provide that such policies may not becanceled or substantially modified without at least thirty (30) days written notice toall of the insured thereunder and all mortgagees of Forest Knoll at Waterville Valley -A Condominium II.
D. Separation: Shall provide that in no event shall the insuranceunder said policies be brought into contribution with insurance purchased individuallyby Unit Owners or their mortgagees.
E. Exclusion: Shall exclude policies obtained by individual UnitOwners from consideration under any "no other insurance" clause. Each Unit Ownermay obtain additional insurance for his own benefit and at his own expense. No suchpolicy shall be written so as to decrease the coverage under any of the policiesobtained by the Board of Directors pursuant to Paragraph 9 above, and each UnitOwner hereby assigns to the Board of Directors the proceeds of any such policy to theextent that any such policy does in fact result in a decrease in such coverage, saidproceeds to be applied pursuant to the terms hereof as if produced by such coverage.Copies of all such policies (except policies covering only personal property, owned orsupplied by individual Unit Owners) shall be filed with the Association.
Each Unit Owner should obtain insurance for his own benefit and at his ownexpense insuring all personal property presently or hereafter located in his Unit orLimited Common Area, and all improvements to his Unit.
11. ASSESSMENTS.
Each Unit Owner shall pay all Common Expenses assessed against him, and allother assessments made against him by the Board of Directors in accordance with theterms of the Declaration and By-Laws, and all expenses so incurred and some soassessed but unpaid shall be secured by a lien as provided in Section 46 of theCondominium Act. Assessments and Common Expenses paid on or before ten (10)
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days after the due date when due shall not bear interest, but all sums not paid on orbefore ten (10) days after the date when due, shall bear interest at the rate of one andone-half percent (1-1/2%) per month (eighteen percent (18%) per annum) from thedate when due until paid. All payments on account shall first be applied to interestand then to the assessment. Any Unit Owner or purchaser of a Condominium Unit,having executed a contract for the disposition of same, shall be entitled upon requestto a recordable statement setting forth the amount of unpaid assessments currentlylevied against that Condominium Unit. Such request shall be in writing and directedto the president of the Association. The Board of Directors shall, through one of itsmembers or duly authorized agent, supply a certificate stating the amount of anyunpaid Common Expenses or other expenses or assessments against any particularCondominium Unit in accordance with the Condominium Act, Declaration andBy-Laws, and the amount so stated shall be conclusively established as of such date,in favor of all persons who rely thereon in good faith as against the Association.Failure to furnish or make available such a statement within ten (10) business daysfrom the receipt of such request, shall extinguish the lien created as to theCondominium Unit involved. Payment of a reasonable fee not to exceed Ten Dollars($10.00) will be required as a prerequisite to the issuance of such a statement.
A purchaser of a Condominium Unit shall be liable for the payment of any suchexpenses or assessments against said Condominium Unit prior to acquisition by himwhich are unpaid as of the time of said acquisition, whether or not such expenses orassessments are then due, except that an institutional first mortgagee or otherpurchaser at a foreclosure sale, or an institutional mortgagee accepting a deed in lieuof foreclosure, shall not be liable for the payment of expenses or assessments unpaidand due as of the time of his acquisition, but shall be liable for unpaid expenses andassessments becoming due thereafter.
Any lien for unpaid Common Expenses or assessments or other expensesperfected as provided in Section 46 of the Condominium Act shall be prior to all otherliens and encumbrances except:
A. Real Estate Taxes: Real estate taxes on the Condominium Unit.
B. Prior Liens or Encumbrances: Liens or encumbrances recordedprior to the recordation of the Declaration;
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C. First Mortgage or First Deed: Any sums paid on any first mortgageor first deed of trust encumbering the Condominium Unit and securing institutionallenders.
Materialman's and mechanic's liens shall not be affected. A lien for unpaidassessments as provided in the Condominium Act shall also secure reasonableattorney's fees incurred by the Association instituting the collection of suchassessments and the enforcement of such lien.
12. ASSOCIATION MEMBERSHIP REQUIRED.
The operation of the Association shall be in the form of a voluntary corporationwhich shall be organized and shall fulfill its functions pursuant to this Declaration andthe Association shall have all of the powers and duties as set forth in theCondominium Act, except as limited by this Declaration and By-Laws, and all thepowers and duties reasonably necessary to operate the Condominium as set forth inthis Declaration and By-Laws and as they may be amended from time to time.
The members of the Association shall consist of all the record Unit Owners inForest Knoll at Waterville Valley - A Condominium II. Change of membership in theAssociation shall be established by recording in the Grafton County Registry of Deedsa deed establishing record title to a Condominium Unit in the Condominium. Thepurchaser shall deliver to the Board of Directors of the Association a photostatic copyof the deed showing the book, page and time of the recording of the deed in saidRegistry. The Board of Directors shall keep such copy on file as evidence of thepurchaser's membership in the Association for all purposes, rights and obligations asset forth in this Declaration and By-Laws. The purchaser designated by suchinstrument shall thereby become a member of the Association, and membership of theprior Unit Owner shall thereby terminate. The share of a member in the funds orassets of the Association cannot be assigned or transferred in any manner except asan appurtenance to his Unit. The By-Laws of the Association shall be in formattached hereto as Appendix D.
13. SUBDIVISION AND PARTITION.
No Condominium Unit in Forest Knoll at Waterville Valley - A Condominium IIshall be further subdivided. This shall not be construed as preventing two or more
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persons from owning a Condominium Unit either as tenants-in-common or as jointtenants, nor as preventing such Unit Owners from entering into arrangements forsharing the use of said Condominium Unit on a time or other basis. This Section shallbe construed, however, as preventing one or more of said Unit Owners from seekingto physically partition his, her or its interest in the Unit. There shall be no judicialpartition of Forest Knoll at Waterville Valley - A Condominium II, or any portionthereof, until the happening of the conditions expressly set forth in this Declaration inthe case of damage or destruction, or unless the Condominium has been removed fromthe provisions of the Condominium Act as provided in said Condominium Act.
14. ENFORCEMENT.
Each Unit Owner shall comply strictly with the provisions of this Declaration,the By-Laws and the administrative rules and regulations drafted pursuant thereto asthe same may be lawfully amended from time to time, and with decisions adoptedpursuant to said Declaration, By-Laws, administrative rules and regulations, and failureto comply shall be grounds for an action to recover sums due for damages or injunctiverelief, or both, maintainable by the Board of Directors or manager on behalf of the UnitOwners, or in proper course, by an aggrieved Unit Owner.
15. UTILITY EASEMENTS RESERVED.
The Declarant reserves to itself, its heirs, its successors, and assigns (includingpossible assignees, the appropriate utility companies, and/or the Association) the rightand easement to construct, maintain, repair and service lines, wires, pipes and allother necessary and appurtenant equipment for the installation and maintenance ofsewer, water, electric, telephone, television or other utility service on, through orabove the Common Area, together with right to enter said Common Area to construct,lay, repair and maintain said lines, pipes and equipment. The exact location of saideasements to be permanent upon the installation of said lines, pipes and equipment.
16. WARRANTY AGAINST STRUCTURAL DEFECTS.
Each of the Condominium Units of said Condominium is hereby guaranteedagainst structural defects for one (1) year from the date each is conveyed, and all ofthe Common Areas are so warranted for one (1) year. The one (1) year referred to inthe preceding sentence shall begin as to each of the Common Areas whenever the
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same has been completed or if later.
A. Additional Land: As to any Common Area within any additionalland or portion thereof, at the time the first Unit therein is conveyed.
B. Portion of the Condominium: As to any Common Area within anyother portion of the Condominium at the time the first Unit therein is conveyed.
For purposes of this Paragraph, no Condominium Unit shall be deemed conveyedunless it is conveyed to a bona fide purchaser. For the purposes of this Paragraph,structural defects shall be those defects in components constituting any Unit orCommon Area which reduces the stability or safety of the structure below acceptedstandards or restricts the normal intended use of all or part of the structure and whichrequire repair, renovation, restoration, or replacement. Nothing in this Paragraph shallbe construed to make the Declarant responsible for any items of maintenance relativeto the Units or Common Areas.
17. WAIVER.
No provision of this Declaration or of any rule or regulation of the Associationshall be deemed to have been waived unless it is in writing and signed by theDeclarant or the Board of Directors as the case requires. No such waiver in a particularinstance shall be deemed a waiver in any other instance.
Failure of the Declarant or the Board of Directors to perform any duty exerciseany right or do any act required, permitted or authorized by this Declaration in anyinstance, shall not be deemed a waiver thereof in any other instance.
Acceptance of a fee or assessment shall not be deemed a waiver of anyviolation by the Unit Owner making such payment, even if the existence of saidviolation is known to the Declarant or the Association.
18. AMENDMENT.
Except as otherwise provided in the Declaration and By-Laws, and theCondominium Act, this Declaration may be amended by two-thirds (2/3) of the totalvotes of all Unit Owners or members of the Association. No amendment to this
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Declaration shall make any change in the sections entitled "Insurance" and "GeneralInsurance Provisions", or in the section entitled "Voting Requirements in the Event ofDamage or Destruction" unless all the Unit Owners and all the record owners ofmortgages encumbering Condominium Units in the Condominium shall join in theexecution of the amendment.
19. SEVERABILITY.
The provisions hereof shall be deemed independent and severable, and theinvalidity or partial invalidity or unenforceability of any one provision or portion hereofshall not affect the validity or enforceability of any other provision hereof.
20. RESALE BY PURCHASER.
Pursuant to the Condominium Act, in the event of any resale of a CondominiumUnit or any interest therein by any purchaser other than the Declarant, the prospectiveUnit Owner shall have the right to obtain from the Association, prior to the contractdate of the disposition, the following:
A. Section 1 2: Appropriate statements as provided in Section 12"Assessments" of this Declaration.
B. Capital or Major Maintenance Expenditure: A statement of anycapital expenditure or major maintenance expenditures anticipated by the Associationwithin the current or succeeding two (2) fiscal years.
C. Reserve: A statement of the status and amount of any reserve forthe major maintenance or replacement fund and any portion of such fund earmarkedfor any special project by the Board of Directors.
D. Income Statement or Balance Sheet: A copy of the incomestatement and balance sheet of the Association for the last fiscal year for which suchstatement is available.
E. Pending Suits or Judgments: A statement of the status of anypending suits or judgments in which the Association is a party defendant.
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F. Insurance Coverage: A statement setting forth what insurancecoverage is provided for all Unit Owners by the Association and what additionalinsurance coverage would normally be secured by each individual Unit Owner.
G. Prior Improvements or Alterations: A statement that anyimprovements or alterations made to the Unit, or the Limited Common Area assignedthereto, by the prior Unit Owner are not known to be in violation of the CondominiumInstruments.
The president of the Association shall furnish statements prescribed above uponwritten request of any prospective Unit Owner within ten (10) days of the receipt ofsuch request.
21. CONSENT OF FIRST MORTGAGEE.
Notwithstanding any other provision of this Declaration, the By-Laws or anyRules and Regulations, so long as a first mortgagee is the holder of a constructionmortgage lien conveyed to it by Declarant covering one or more of the CondominiumUnits, and unless the first mortgagee shall have given its approval, the Unit OwnersAssociation and Board of Directors shall not be entitled to:
(i) by act or omission, seek to abandon or terminate theCondominium;
(ii) partition or subdivide any Unit;
(iii) by act or omission, seek to abandon, partition, subdivide,encumber, sell or transfer the Common Area;
(iv) use hazard insurance proceeds for losses to the property(whether to Units or to Common Area) for other than the repair,replacement or reconstruction of such losses, except as provided bystatute in case of substantial loss to the Units and/or Common Area; or
(v) amend, modify or otherwise change any rights or obligationsunder this Declaration, the By-Laws or any Rules and Regulations.
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22. CONSENT OF UNIT MORTGAGEES.
Notwithstanding any other provision of this Declaration, the By-Laws or anyRules and Regulations, unless at least seventy-five percent (75%) of the mortgageesholding mortgages recorded at the Grafton County Registry of Deeds constituting firstliens on the Units, have given their prior written approval, the Unit Owners Associationand Board of Directors shall not be entitled to:
(i) by act or omission, seek to abandon or terminate theCondominium;
(ii) partition or subdivide any Unit;
(iii) by act or omission, seek to abandon, partition, subdivide,encumber, sell or transfer the Common Area;
(iv) use hazard insurance proceeds for losses to the property(whether to Units or to Common Area) for other than the repair,replacement or reconstruction of such losses, except as provided bystatute in case of substantial loss to the Units and/or Common Area; or
(v) amend, modify or otherwise change any rights or obligationsunder this Declaration, the By-Laws or any Rules and Regulations.
This paragraph, however, shall not be deemed to require the Declarant, its successorsand assigns, to obtain the approval of the Association or any mortgagee or unit ownerprior to the expansion of the Condominium.
23. EASEMENT TO FACILITATE SALES AND EXPANSION.
The Declarant, for itself, and its duly authorized agents, representatives, andemployees, hereby reserves the right to maintain sales offices and model units on thesubmitted land. The number, size, and location of such sales offices and model unitsshall be determined by the Declarant in its sole discretion and it shall be subject tochange by the Declarant to suit its convenience in facilitating sales. The Declarant,further, reserves transferable easements over and on the Common Area for itsemployees, other agents and independent contractors for the purposes of doing all
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things reasonably necessary and proper to expand the Condominium as provided in thewithin Declaration.
24. EXPANSION OF CONDOMINIUM.
The Declarant hereby expressly and explicitly reserves, without limitation, theright to expand Forest Knoll At Waterville Valley - A Condominium II, from time totime, by the recording of site plans and floor plans, together with an amendment tothe Declaration, duly executed by the Declarant, containing a description of theadditional land to be added to the Condominium, and re-allocating the undividedinterests in the Common Area, in accordance with Section 25 of the CondominiumAct, as set forth hereafter:
A. The land that may be added to the Condominium, hereinafterreferred to as "Additional Land" is depicted on the site plan to be recorded herewithas "Remaining Land of Waterville Company, Inc., 4.464 acres, more or less", and ismore particularly described in Appendix B hereto.
If only a portion of the Additional Land is added to the Condominium, there is norequirement that all of it or any particular portion be added and there are no limitationsas to what portions may be added. Portions of the Additional Land may be added atdifferent times, in any order, subject only to the limitations provided herein or in theCondominium Act. At the time that any such portion is added to the Condominium,the boundaries of that portion shall be fixed by legal description setting forth the metesand bounds thereof. There are no other limitations as to what portions may be addedor concerning the fixing of the boundaries of those portions.
B. There are no limitations on the Declarant's reservation of the optionto expand the Condominium other than as set forth herein, it being expresslyunderstood that the prior consent of the Unit Owners or any of them shall not berequired as condition to the expansion of the Condominium.
C. There is no time limit, other than the expiration of seven (7) yearsfrom the recording of this Declaration, upon which the option to expand theCondominium shall expire.
D. There are no limitations as to the manner in which Additional Land
JOHN J. MCCORMACK . ATTOR NE Y - AT - UAW . ASHUAND, NEW HAMPSHIRE 03217
DECLARATION Page 26
is to be added to the Condominium; all or any portion of the Additional Land may, fromtime to time, be added to the Condominium without limitation as to sequence with theboundaries of those portions added, except that no land shall be added other than theland depicted on said site plan as "Remaining Land of Waterville Company, Inc., 4.464acres, more or less" and more fully described in Appendix B hereto.
E. There are no assurances made in regard to the location of anyimprovements that may be made on any portion of the Additional Land added to theCondominium.
F. The maximum number of Units that may be created on theAdditional Land as described in Appendix B shall be forty-eight (48) units.
G. All Additional Land that may be added to the Condominium will berestricted to residential use.
H. Although any structure erected on any portion of the AdditionalLand added to the Condominium will be generally compatible with structures locatedon the submitted land in terms of quality of construction, the principal materials to beused and the architectural style, there are no assurances that any units to beconstructed on the Additional Land will be identical to the units on the submitted landin terms of design, layout, size, quality or other significant characteristics.
I. There are no assurances as to the nature of any otherimprovements that may be made on any portion of the Additional Land added to theCondominium.
J. The Declarant hereby expressly reserves the right to create LimitedCommon Area within any portion of the Additional Land added to the Condominiumand/or to designate Common Area therein which may be subsequently assigned asLimited Common Area and makes no assurances in terms of types, sizes, andmaximum number of such areas within each such portion.
K. The Declarant reserves the right to mortgage or cause a deed intrust to be placed upon any portion of the Additional Land for purposes of financingconstruction thereon and, until discharged, any such mortgage or deed in trust shallhave priority over the interests of the Unit Owners in any such portion of the
JOHN J. MCCORMACK . ATTORNEY - A T -LAW . ASHLAND, NEW HAMPSHIRE 03217
DECLARATION page 27
Additional Land which may be added to the Condominium.
L. The allocation of undivided interest in the Additional Land shall becomputed in accordance with Section 18 and 25 of the Condominium Act on the basisof size.
25. EFFECTIVE DATE.
This Declaration shall take effect upon recording.
IN WITNESS WHEREOF, MOUNTAIN KNOLL ASSOCIATES, L.L.C., has causedthese presents to be executed in its name and behalf by Jeffrey M. Brown andElizabeth A. Hanaway, being all of its Members, being duly authorized, this 23rd dayof December, 1999.
MOUNTAIN KNOLL ASSOCIATES, L.L.C.By All of Its Members
By:Witness ^~—-^ - Elizabeth A. Hanaway, dyfy authorized
•V - ̂ t^^^ 0 r\\ L^^^ >3£v^^Jr By: V kfc jL . ̂
Witness Jeffre^j$jj('Brown, duly authorized
STATE OF NEW HAMPSHIRE )COUNTY OF GRAFTON ) ss. December 23, 1999BEFORE ME, the undersigned officer, personally appeared Jeffrey A. Brown, as amember of Mountain Knoll Associates, LLC, a limited liability company, andacknowledged that he executed the foregoing instrument as such member, beingauthorized so to do, for the purposes therein.
Justice of the Peace/Nerai v PuJTTTcMy Commission Expires:
y " OFF.CIALSEAL
1. MCCORMACK . ATTORNEY - AT - L.AW . ASHLAND, NEW HAMPSHIRE 03217
DECLARATION Page 28
STATE OF NEW HAMPSHIRE )COUNTY OF GRAFTON ) ss. December 23, 1 999BEFORE ME, the undersigned officer, personally appeared Elizabeth A. Hanaway, asa member of Mountain Knoll Associates, L.L.C., a limited liability company, andacknowledged that she executed the foregoing instrument as such member, beingauthorized so to do, for the purposes therein.
Justice of the Peace/Ng£ajEyj£ubticMy Commission Expires:
JOHN J. MCCORMACK . ATTO R N E Y - AT - UAW . ASHLAND, NEW HAMPSHIRE O3217
APPENDIX 'A'
DESCRIPTION OF SUBMITTED LAND
A certain tract or parcel of land, situate on Tecumseh Road in the Town of WatervilleValley, County of Grafton and State of New Hampshire, depicted as Parcel #2,containing 1.074 acres, (46,804 square feet), more or less, on a plan entitled"Subdivision Plan for Building 2, 8 Units, Forest Knoll at Waterville Valley, N.H."prepared by Mountain Mapping, Campton, N.H., dated September, 1 998, and recordedin the Grafton County Registry of Deeds as Plan #9525, which premises are moreparticularly bounded and described as follows:
Beginning at a monument set on the ground on the southwesterly side of TecumsehRoad at the most northerly point of Parcel #1 as depicted on the aforementioned plan,thence running in a northwesterly direction along a curve, the radius of which equals1,787.05 feet, the delta of which equals 01° 07' 29" a distance of 35.08 feet to amonument which lies North 59° 23' 49" West a distance of 35.08 feet from the lastmentioned monument; thence running North 59° 57' 34" West a distance of 213.39feet along the southwesterly limit of said road to a concrete monument set in theground at land now or formerly of B & D Stone Property Management; thence turningand running South 28° 19' 30" West a distance of 81.01 feet along said Stone landto a concrete monument set in the ground; thence running South 28° 57' 11" Westa distance of 65.45 feet along said Stone land to an iron pipe set in the ground; thenceturning and running South 10° 19' 39" East a distance of 183.21 feet along land nowor formerly of Waterville Company, Inc. to a concrete monument set in the ground;thence turning and running North 58° 01' 15" East along a distance of 92.28 feetalong said Waterville Company land to a concrete monument set in the ground; thencerunning North 58 ° 01' 15" East a distance of 128.00 feet along Parcel #1 as depictedon the aforementioned plan to a point; thence running in a general northeasterlydirection along a curve the radius of which equals 194.97 feet, the delta of whichequals 27° 52' 44" a distance of 94.87 feet to the point of beginning which lies North44° 04' 53" East a distance of 93.94 feet from the last mentioned point.
ALSO CONVEYING the perpetual right and easement to enter onto Parcel #1 asdepicted on the aforementioned plan, for purposes of constructing, locating,maintaining, repairing, and replacing a water line and connection to the existing waterline which has a present terminus at a point northeasterly of the proposed dumpsterlocation of Parcel #1 as depicted upon the aforementioned plan. Any damage topaving, landscaping, shrubs and trees which occurs as a result of the use andenjoyment of the easement conveyed hereby shall promptly be restored by the grantee,its successors and assigns, as owners of the premises benefitted hereby.
JOHN J. MCCORMACK . ATTOR NEY - AT - UAW . ASHLAND, NEW HAMPSHIRE 03217
Page 2
ALSO CONVEYING the right to enter upon premises of Waterville Company, Inc.,located westerly of the premises conveyed hereby for the purposes of taking erosioncontrol measures, including, without limitation, the construction and placement of asilt fence and hay bales so as to minimize erosion resulting from the construction ofthe 8 unit condominium structure and related improvements to be located upon thewithin conveyed premises. At such time as such erosion control measures are nolonger reasonably necessary, Mountain Knoll Associates, L. L.C., its successors andassigns, covenants and agrees to remove such silt fence and hay bales.
The within conveyed premises are conveyed SUBJECT TO the right of way andreciprocal costs of maintenance, repair and snowplowing of a certain easement areaand utility and other easements all as more particularly set forth in the warranty deedof Waterville Company, Inc., to Mountain Knoll Associates, . L.C., dated October 31,1 997, and recorded in the Grafton County Registry of Deeds at Volume 2282, Page022.
MEANING AND INTENDING to describe and convey all and the same premises asdescribed in and conveyed by the warranty deed of Waterville Company, Inc., toMountain Knoll Associates, LLC, dated December 10, 1998, and recorded in theGrafton County Registry of Deeds at Volume 2362, Page 32.
JOHN J. MCCORMACK . ATTORNEY - AT - UAW • ASHLAND, NEW HAMPSHIRE 03217
APPENDIX 'B'
DESCRIPTION OF EXPANDABLE LAND
A certain tract or parcel of land, situate on Tecumseh Road in the Town of WatervilleValley, County of Grafton and State of New Hampshire, consisting of 4.464 acres,more or less, depicted as "Additional Land", on a plan entitled "Parcel 2, As-Built SitePlan for Forest Knoll at Waterville Valley-A Condominium II, Waterville Valley, N.H."prepared by Mountain Mapping, Campton, N.H., dated December 1999, whichpremises are more particularly bounded and described as follows:
Beginning at a concrete monument set in the ground at the most northerly point of thewithin described premises; thence running South 10° 19' 39" East a distance of1 66,71 feet to a concrete monument set in the ground; thence turning and runningNorth 58° 01' 1 5" East a distance of 92.28 feet to a concrete monument set in theground; thence turning and running South 32° 32' 19" East a distance of 94.42 feetto a concrete monument set in the ground; thence turning and running South 69° 45'00" East a distance of 97.20 feet to a concrete monument set in the ground; thencerunning South 52° 22' 36" East a distance of 99.78 feet to a concrete monument setin the ground; thence running South 35° 59' 19" West a distance of 357.35 feetalong Route 49 to a concrete monument set in the ground; thence turning and runningNorth 54° 52' 17" West a distance of 41 8.14 feet to a U. S. Forest Service markerset in the ground; thence turning and running North 86° 20' 24" West a distance of111.84 feet to an iron pipe set in the ground; thence turning and running North 1 6°05' 26" East a distance of 122.00 feet to a concrete monument set in the ground;thence continuing North 16° 05' 26" East a distance of 84.76 feet to a concretemonument set in the ground; thence turning and running North 59° 17' 33" East adistance of 170.79 feet to an iron pipe set in the ground; thence turning and runningNorth 86° 18' 37" East a distance of 60.34 feet to an iron pipe set in the ground;thence turning and running North 49° 33' 41" East a distance of 88.16 feet to thepoint of beginning.
JOHN J. MCCORMACK • ATTO R N E Y - AT - UAW . ASHUAND, NEW HAMPSHIRE 03217
APPENDIX C
CONDOMINIUM UNIT VALUES AND PERCENTAGE INTERESTSof
FOREST KNOLL AT WATERVILLE VALLEY - A CONDOMINIUM II
Unit Number
C-1
D-4
C-4
D-1
C-2
D^2\3
D-3
Square Footage
1,106
1,106
2,200
2,200
1,610
1,610X
1,610
1.610
Percentage ofUndivided Interest
8.47%
8.47%
16.85%
16.85%
12.34%
12.34%
12.34%
12.34%
Total Square Footageof Units: 13,052 100.00%
J(C:\WPW1N60\(January 28, 1999)December 22, 1999
JOHN J. MCCORMACK . ATTOR NE Y - AT - LAW . ASHUAND, NEW HAMPSHIRE 03217
APPENDIX D
BY-LAWSof
FOREST KNOLL AT WATERVILLE VALLEY - A CONDOMINIUM
ARTICLE IMiscellaneous
1. Application. The management and administration of ForestKnoll at Waterville Valley - A Condominium II shall be regulated and governed by theseBy-Laws. All present and future Unit Owners of any interest in Forest Knoll atWaterville Valley - A Condominium II including Mountain Knoll Associates, LLC, andall visitors, tenants, occupants or persons who in any way use any of the facilities ofForest Knoll at Waterville Valley - A Condominium II shall hold such interest, visit,lease, occupy or use said facilities subject to these By-Laws.
The acceptance of a deed, execution of a lease or an act of occupancy or usewhich relates to any land, buildings or facilities in Forest Knoll at Waterville Valley - ACondominium II shall constitute acceptance by the actor that these By-Laws, and theDeclaration of which they are a part are effective and binding upon him, his heirs,successors and assigns.
2. Definitions. Words and terms used herein shall have themeaning ascribed to them in that section of the Declaration which is headed"Definitions" unless the context requires a different meaning.
3. Membership. The membership of the Association shallconsist of, and be limited to, Unit Owners of Forest Knoll at Waterville Valley - ACondominium II. In the event a Unit is owned by more than one person, then themembership relating thereto shall be held in the same names and in the same manneras the Unit.
4. Severability. The invalidity of any portion or portions of theseBy-Laws shall not cause any other portions thereof, or of the Declaration of which itis a part, to be invalid or unenforceable.
5. Construction. These By-Laws shall be interpreted liberally soas to give effect to and to assist and to aid in the implementation of the overall plan
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for the management and government of Forest Knoll at Waterville Valley - ACondominium II.
6. Amendment. Except as otherwise provided in these By-Laws,the Declaration and the Condominium Act, any provision hereof may be amended bytwo-thirds (2/3) of the total votes of all members of the Association.
ARTICLE IIBoard of Directors
1. Composition. Subject to Section 2 of this Article, the powersand duties of the Association shall vest in a Board of three (3) Directors, all of whomshall be members of the Association, spouses of members or, in the event of acorporate member, a director or officer of a member.
2. Declarant to Perform Functions. Until the Declarant has conveyedUnits to which three-fourths (3/4) of the undivided interest in the Common Areaappertains or until Fifth anniversary from the recording of the within By-Laws in theGrafton County Registry of Deeds, whichever shall first occur, the right, duties andfunctions of the Board of Directors and the Association shall, at Declarant's option, beexercised by the Declarant. The Declarant shall have the option at any prior time torelinquish to the Association responsibility of electing all members of the Board ofDirectors.
3. Election. At each annual meeting, subject to theprovisions of Section 2 of this Article, the members shall elect a Board of Directorsfor the forthcoming year; provided, however, that the first Board of Directors electedhereunder may be elected at a special meeting duly called, said Board of Directors toserve until the first annual meeting held there after. At least thirty (30) days prior toany annual meeting, the Board of Directors shall elect a Nominating Committee of notfewer than three (3) members, and such Nominating Committee shall recommend tothe annual meeting one (1) nominee for each position on the Board of Directors to befilled at that particular annual meeting. Nominations for the Board of Directors mayalso be made from the floor at the annual meeting.
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BY-LAWS Page 3
4. Term. Members of the Board of Directors shall holdoffice for a term of three (3) years, except that at the first annual meeting at whichthe Board of Directors shall be elected, one shall be elected for a term of one (1) year,one shall be elected for a term of two (2) years, and one for a term of three (3) years.The members of the Board of Directors shall serve until their death, resignation,removal, or until their successors are elected; provided that if any member ceases toqualify for membership in the Association, his membership on the Board of Directorsshall therefore terminate.
5. Resignation and Removal. Any member of the Board of Directorsmay resign at any time by giving written notice to the President and any member maybe removed from membership on the Board of Directors by a two-thirds (2/3) vote ofthe members' total voting power at any annual or special meeting of the Association,notice of the time and subject of which has been mailed to all members as prescribedby law prior to the date thereof. Whenever there shall occur a vacancy on the Boardof Directors due to death, resignation, removal or any other cause, the remainingDirectors shall elect a successor Director to serve until the next annual meeting of theAssociation, at which time the said vacancy shall be filled for the unexpired term.
6. Voting.
(a) Each Director shall have one vote, and the Board of Directors shalltransact its business by majority vote, provided a quorum is present. A quorumshall consist of a majority of the Directors.
(b) The Board of Directors may act in the absence of a quorum, if allthe members not present assent in writing to the action taken by signing a copyof the minutes of the meeting which is then filed with the Secretary.
(c) The Board of Directors may act without a meeting if all themembers thereof sign a record of the action taken, which is then filed with theSecretary.
(d) Each Director attending a meeting shall be required to sign theminutes of that meeting.
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7. Meetings. The Board of Directors shall determine the timesand places of its regular meetings. The President of the Association or two membersof the Board of Directors may call a special meeting. Notices of all regular meetingsshall be mailed to each Director at least twenty-one (21) days prior to the date thereof,and notice of all special meetings at least seven (7) days prior to the date thereof.Notice is waived by any Director who attends the meeting or who waives the samein writing.
8. Powers. The Board of Directors shall have the powersand duties specifically conferred upon it by the Condominium Act, the Declaration andthese By-Laws, and all other powers and duties necessary for the administration of theaffairs of Forest Knoll at Waterville Valley - A Condominium II and the Association(except as otherwise provided by law, the Declaration or these By-Laws), including,without limiting the generality of the foregoing, the power and duty to obtain thefollowing items for the benefit of Forest Knoll at Waterville Valley - A CondominiumII the cost of all of which items shall be Common Expenses:
(a) The services of a manager or managing agent, to the extentdeemed advisable by the Board of Directors, to whom the Board of Directorsmay delegate any of its duties not requiring a vote of the Board of Directors, aswell as the services of any other professional or other personnel as the Boardof Directors may determine to be necessary or proper to the operation of ForestKnoll at Waterville Valley - A Condominium II and the Association whether suchpersonnel are employed directly by the Board of Directors or are furnished bythe manager or managing agent.
(b) Maintenance of the Common Area and facilities, including snowremoval, landscaping, conservation practices, trash removal, heat, light,maintenance of whirlpools and saunas, and any other services for the CommonAreas deemed necessary by the Board of Directors. Maintenance and repair ofthe driveway providing access to Forest Knoll at Waterville Valley - ACondominium II from Tecumseh Road.
(c) Maintenance of the outside surfaces of all structures necessary tokeep each one in good appearance and repair and to insure that the outside ofno structure will be maintained or repaired in a fashion that will impair ordestroy the integrity or unity of the structure.
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BY-LAWS Page 5
(d) Legal and accounting services necessary or proper for the operationof Forest Knoll at Waterville Valley - A Condominium II and the Association orthe enforcement of the provisions of the Declaration and By-Laws, theCondominium Act, and the rules and regulations promulgated as hereinprovided.
(e) Such equipment, tools, appliances, and other personal property forthe Common Area as the Board of Directors shall determine are necessary andproper.
(f) Fire and liability insurance as required by the Declaration andCondominium Act, and such other insurance as required by law or as the Boardof Directors may determine.
(g) Any other materials, supplies, labor, services, maintenance, repairs,structural alterations, insurance, taxes or assessments which the Board ofDirectors is required to secure or pay for pursuant to the terms of theDeclaration or the By-Laws, or which in its opinion shall be necessary or properfor the operation of the Common Area or for the enforcement of theDeclaration, provided that if any such materials, supplies, labor, services,maintenance, repairs, structural alterations, insurance, taxes or assessments areprovided for a particular Unit the cost thereof shall be specially assessed to theUnit Owner of such Unit, and further provided that if any such materials,supplies, labor, services, maintenance, repairs, structural alterations, insurance,taxes or assessments are provided for the Limited Common Area, the costthereof shall be specially assessed to the Unit Owner of the Unit with which theLimited Common Area is associated.
(h) Any emergency repairs to any Unit to prevent damage to otherparts of Forest Knoll at Waterville Valley - A Condominium II subject toParagraph 7 of the Declaration.
(i) Maintenance and repair of any Unit, if such maintenance or repairis reasonably necessary in the discretion of the Board of Directors to protect theCommon Area or preserve the appearance and value of Forest Knoll atWaterville Valley - A Condominium II and the Owner of said Unit has failed or
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BY-LAWS Page 6
refused to perform said maintenance or repair within thirty (30) days afterwritten notice of the necessity of said maintenance or repair is delivered by theBoard of Directors to said Unit Owner, provided that the Board of Directors shalllevy a special assessment against the Unit Owner for the costs of saidmaintenance or repair.
(j) A fidelity bond, naming any representative of Forest Knoll atWaterville Valley - A Condominium II who handles or is responsible for the fundsof Forest Knoll at Waterville Valley - A Condominium II or the Association andsuch other persons as may be designated by the Board of Directors, asprincipals, and the Unit Owners as obligees.
The Board of Directors shall have no power to expend in excess of TwoThousand Dollars ($2,000.00), for the acquisition of personal property, or forcapital improvements without a majority vote of the voting power of themembers present and voting at a duly held meeting of the members of theAssociation, unless such expenditures are for repairs of an emergency nature,in which case a quorum of the Board of Directors, so voting, shall have suchauthority.
The Board of Directors shall have the exclusive right to contract for allsuch goods, services and insurance referred to in this Section, which right maybe delegated by it.
The Board of Directors may make, amend and repeal rules and regulationsgoverning the use of the Units, Common Area, or Limited Common Area ofForest Knoll at Waterville Valley - A Condominium II as may be necessary, andthere shall be no violation of the rules by any person.
9. Indemnification. The officers of the Association and themembers of the Board of Directors shall not be liable to any Unit Owner for any actunless such act constitutes willful misconduct, gross negligence or is in willfulcontravention of the Declaration. The members shall indemnify and hold harmlesseach officer of the Association and each member of the Board of Directors againstliability for any contracts made on behalf of the Association unless fraudulent, madein bad faith or contrary to the provisions of the Declaration.
JOHN J. MCCORMACK . ATTOR N E Y - AT - LAW . ASHLAND, NEW HAMPSHIRE 03217
BY-LAWS page 7
No officer or Director shall be exempt from or entitled to indemnificationagainst liability for his own tortious conduct against the person or property of another.
10. Records. The Board of Directors shall keep detailed,accurate records in chronological order, of the receipts and expenditures by theAssociation specifying and itemizing the maintenance and repair expenses and anyother expenses incurred. Said records shall be available for examination by themembers, or their agents, at convenient times.
11. Audit. Any member may at any reasonable time at hisown expense cause an audit or inspection to be made of the books and records of themanager or Board of Directors. The Board of Directors at its discretion and as aCommon Expense may obtain an audit of all books and records pertaining to theAssociation and furnish copies thereof to the members.
ARTICLE IIIOfficers
1. Election - Term. The officers shall consist of a President,Vice-President/Treasurer and Secretary. They shall be members of the Association andshall be annually elected by, and may be removed and replaced by, the Board ofDirectors. The Board of Directors may in its discretion require that officers be subjectto fidelity bond coverage in favor of the Association. During the period that theDeclarant holds all of the positions of members of the Board of Directors, Declarant,in its discretion, may hold any office of the Association.
2. President. The President shall act as chief executive officerof the Association and shall preside at all meetings of the Association. He shall be amember of the Board of Directors.
3. Vice-President/Treasurer. The Vice-President/Treasurer shall assist thePresident in the discharge of his duties and shall preside at all meetings in the absenceof the President and shall have charge of all funds of the Association and perform suchother duties as directed by the Board of Directors. He shall be a member of the Boardof Directors. He shall keep and maintain books and records relating to the financialaffairs of the Association and shall submit to the Board of Directors a proposed budget
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BY-LAWS Page 8
for the operation of the Association during the forthcoming year in time for the Boardof Directors to review same prior to the annual meeting. He shall, upon appropriatenotice, make his books and records available for inspection by any member of theAssociation. The Board of Directors may delegate such of theVice-President/Treasurer's powers and duties to the manager or managing agent as itdeems advisable.
4. Secretary. The Secretary shall keep a record of allmeetings of and actions by the Board of Directors and the Association. He shall keepall records, documents and other papers of the Board of Directors and the Association,and he shall be charged with the responsibility of notifying members of meetings asprescribed by law. He shall be a member of the Board of Directors.
5. Posting of Names of Officers. Commencing immediately following thefirst annual meeting, the Board of Directors shall be responsible for the posting of thenames of the current members of the Board of Directors and of the other officers ofthe Association, from time to time, at a prominent location in the Common Area.
ARTICLE IVMeetings
1. Annual Meeting. Commencing in 2000, subject to the provisions of theDeclaration, the Condominium Act and these By-Laws, the annual meeting of theAssociation shall take place on 3rd Saturday of November, at 10 am, on the CommonArea, or at such other time and place (which shall not be more than thirty (30) daysbefore or after said date) as the Board of Directors shall direct. In addition to theelection of a member or members of the Board of Directors any other business to betransacted at the annual meeting, the Board of Directors shall present a statement ofCommon Expenses and assessments for the preceding fiscal year, itemizing receiptsand disbursements, and a proposed budget of the estimated Common Expenses andassessments for the then current fiscal year. Within thirty (30) days after the annualmeeting, the President shall cause a copy of the minutes thereof to be mailed to eachmember.
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2. Special Meetings. Special meetings of the Association may becalled at any time by the President, a majority of the Board of Directors or thosemembers who have one-third of the total voting power of the membership,
3. Notice. Written notice of all meetings as prescribed bythe Condominium Act shall be sent by United States mail, return receipt requested, toall Unit Owners of record at the address of their respective Units, and to such otheraddresses as any of them may have designated; said notice shall state the date, timeand place of the meeting, as well as the matters to be considered thereat. Notice shallbe sent at least twenty-one (21) days in advance of an annual or regularly scheduledmeeting and at least seven (7) days in advance of any other meeting as set forth inNew Hampshire RSA 356-B:37.
4. Quorum. A quorum shall be deemed present throughoutany meeting of the Association until adjourned if persons entitled to cast twenty-fivepercent (25%) of the votes are present at the beginning of the meeting. TheAssociation shall conduct its business by majority vote.
In the absence of a quorum, a majority of the persons present may voteto adjourn the meeting to a time not more than thirty (30) and not less than ten (10)days after the date of the original meeting. The President shall cause notices of saidadjourned meeting and the reason therefor to be mailed to all members at least seven(7) days before the date thereof. Notices are waived by those who are present inperson or by proxy and by anyone who expressly waives notice.
5. Voting.
(a) Each member of the Association shall be entitled to cast a numberof votes equal to the ownership percentage attributable to that Unit as set forthin the Declaration.
(b) Votes may not be split in the event a membership is owned bymore than one person, but such persons shall agree as to how their vote(s) isto be cast. Ownership shall be determined on the basis of the record title asshown in the Grafton County Registry of Deeds.
JOHN J. MCCORMACK . ATTORNEY - AT - LAW . ASHLAND, NEW HAMPSHIRE O3217
BY-LAWS page 10
(c) The Declarant shall be entitled to vote with respect to each Unitowned by it.
(d) A member may assign his vote(s) to a first mortgagee of record.
(e) An Owner may vote by filing a written proxy, signed by theOwner, with the Board of Directors.
ARTICLE VExpenses
1. Accounting Period. The fiscal year of the Association shall be thetwelve (12) month period ending September 30.
2. Liability for Expenses. All expenses of the Association shall be sharedby the members in the proportion that each member's number of votes bears to thetotal votes of all members.
3. Assessments. On or prior to August 1 of each year the Boardof Directors shall estimate the Common Expenses to be required during the twelve (1 2)month period commencing with the following October 1. The Common Expenses shallinclude any amounts necessary to pay for the items obtained pursuant to Section 8 ofArticle II hereof, any amounts necessary to make up any deficit for said fiscal year justended, a reasonable reserve for contingencies and replacements of the Common Area,any amounts required by an excess of repair and restoration costs over insuranceproceeds pursuant to Paragraph 2(l) of the Declaration and any other amountsrequired by the terms of the Declaration, these By-Laws, or the Condominium Act. Aproposed budget showing said estimated Common Expenses and assessments shallbe submitted to the annual meeting of the Association, and unless changed by amajority of the voting power of the Association, the budget present shall be the budgetfor the fiscal year, subject to the provisions for additional assessments by the Boardof Directors pursuant this Article. Common Expenses shall be assessed to themembers pursuant to the percentages set forth in the Declaration. Declarant will beliable for the amount of any assessments against completed Units owned byDeclarant. If said sum estimated proved inadequate for any reason, includingnon-payment of any Owner's Assessment, the Board of Directors may at any time levy
JOHN J. MC CORMACK • ATTOR N E Y - AT - 1_AW • ASHUAND, NEW HAMPSHIRE 03217
BY-LAWS page
a further assessment which shall be assessed to the Owners according to theaforementioned percentages, unless otherwise provided herein. Each Owner shall beobligated to pay the assessments made against him to the Board of Directors, andsuch payments shall be due in equal quarterly installments on or before the first dayof each quarter during the twelve (12) month period commencing with the precedingOctober 1, or in such other reasonable manner as the Board of Directors shalldesignate. In the event a Condominium Unit is rendered uninhabitable by fire or othercasualty, the Board of Directors, in its discretion, may abate all or a portion of theCommon Expenses assessed against the Owner of said Condominium Unit while itremains uninhabitable.
During the period of Declarant's control, the Common Expense budgetshall be determined by the Declarant.
Failure of the Board of Directors to determine assessments for a twelve(12) month period in the manner prescribed above shall not be interpreted as a waiveror amendment of these provisions, nor a release of a member of his obligation to payassessments, but the assessments for the preceding twelve (12) months shallcontinue, and installments shall be due thereon, until a new assessment is fixed. Nomember may exempt himself from the liability for assessment by waiving orabandoning his use or enjoyment of the Common Area or facilities or of his Unit.
This Section shall not be amended except upon a vote of seventy-fivepercent (75%) of the total voting power of the members.
4. Special Assessments. Special assessments made pursuant to Section3 of this Article, or special assessments made to cover the cost of maintenance andrepairs to Units or Common Areas pursuant to the Declaration and these By-Laws, orspecial assessments made for any lawful purpose shall be due and payable thirty (30)days after a statement therefor is rendered. This Section shall not be amended exceptupon a votes of seventy-five (75%) of the total votes of the members.
5. Effect of Non-Payment. Each Owner shall pay all CommonExpenses assessed against him, and all other expenses for which he is liable under theterms of the Declaration, By-Laws and the Condominium Act, and all expenses soincurred and sums so assessed, but unpaid, shall be secured by a lien as provided inSection 46 of the Condominium Act, and the Declaration.
JOHN J. MCCORMACK • ATTOR NEY - AT - LAW • ASHLAND, NEW HAMPSHIRE 03217
BY-LAWS page 12
6. Surplus. Any surplus of Common Expense payments byOwners over the actual expenses (including the reserve for contingencies andreplacements) during a fiscal year of the Association, shall be paid into the CommonExpense fund for the following fiscal year as part of the reserve for replacements andcontingencies for said following fiscal year.
ARTICLE VICompliance and Default
Each Owner shall be governed by, and shall comply with, all of the terms of theDeclaration, these By-Laws and any Rules and Regulations adopted by the Board ofDirectors, and any amendments of the same. A default by an Owner shall entitle theAssociation acting through the Board of Directors or the Manager, to the followingrelief:
(a) Legal Proceedings: Failure to comply with any of the terms of theDeclaration, these By-Laws, and any Rules and Regulations adopted by theBoard of Directors, shall be grounds for relief which may include, withoutlimiting the same, an action to recover the sums due for money damages,injunctive relief, foreclosure of the lien for payment of all assessments, anyother relief provided for in these By-Laws, or any combination thereof, and anyother relief afforded by a court of competent jurisdiction, all of which relief maybe sought by the Association, the Board of Directors, the manager, or, ifappropriate, by an aggrieved Owner.
(b) Additional Liability: Each Owner shall be liable for the expenses ofall maintenance, repair or replacement rendered necessary by his acts, neglector carelessness, or the act, neglect or carelessness of any member of his familyor his tenants, guests, employees, agents or invitees, but only to the extent thatsuch expense is not covered by the proceeds of insurance carried by the Boardof Directors. Such liability shall include any increase in fire insurance ratesoccasioned by use, misuse, occupancy or abandonment of any Unit or itsappurtenances. Nothing contained herein, however, shall be construed asmodifying any waiver by an insurance company of its rights of subrogation.
JOHN J. MC CORMACK . ATTO R N E Y - AT - LAW • ASHLAND, NEW HAMPSHIRE 03217
BY-LAWS Page 13
(c) Costs and Attorneys' Fees: In any proceeding arising out of anyalleged default by an Owner, the prevailing party shall be entitled to recover thecosts of the proceeding, and such reasonable attorneys' fees as may bedetermined by the court.
(d) No Waiver of Rights: The failure of the Association, the Board ofDirectors, or of an Owner to enforce any right, provision, covenant or conditionwhich may be granted by the Declaration, these By-Laws, or any Rules andRegulations adopted by the Board of Directors shall not constitute a waiver ofthe right of the Association, the Board of Directors or any Owner to enforcesuch right, provision, covenant or condition in the future. All rights, remedies,and privileges granted to the Association, Board of Directors or any Ownerpursuant to any term, provision, covenant or condition of the Declaration, theseBy-Laws and any Rules and Regulations adopted by the Board of Directors shallbe deemed to be cumulative and the exercise of any one or more thereof shallnot be deemed to constitute an election of remedies, nor shall it preclude theparty exercising the same from exercising such privileges as may be granted tosuch party by the Declaration, these By-Laws or any Rules or Regulationadopted by the Board of Directors, at law or in equity.
(e) Interest: In the event of a default by any Owner against him whichcontinues for a period in excess of thirty (30) days, such Owner shall beobligated to pay interest at eighteen percent (18%) per annum, from the duedate thereof. In addition the Board of Directors shall have the authority toimpose a late payment charge on such defaulting Owner in an amount not toexceed Fifteen Dollars ($15.00) or Six Cents ($.06) per dollar on any amountso overdue, whichever is greater.
(f) Abatement and Enjoinment of Violations by Owners: The violationof any Rule or Regulation adopted by the Board of Directors, or the breach ofany By-Law contained herein, or the breach of any provision of the Declarationshall give the Board of Directors or the Manager the right in addition to anyother rights set forth in these By-Laws:
(i) To enter the Unit in which, or as to which, such violation orbreach exists and summarily to abate and remove, at the expense of thedefaulting Owner, any structure, thing or condition that may exist therein
JOHN J. MC CORMACK . ATTORNEY - AT - LAW . ASHUAND, NEW HAMPSHIRE 03217
BY-LAWS Page 14
contrary to the intent and meaning of the provisions hereof, and theBoard of Directors or Manager shall not thereby be deemed guilty in anymanner of trespass;
(ii) To enjoin, abate or remedy by appropriate legal proceedings,either at law or in equity, the continuance of any such breach; or
(iii) To suspend or limit the right of the Owner committing theviolation to use any part of the Common Area during the continuance ofsuch violation.
JOHN J. MCCORMACK • ATTORNEY - AT - LAW . ASHLAND, NEW HAMPSHIRE 03217
WARRANTY DEED
MOUNTAIN KNOLL ASSOCIATES, L.L.C., a limited liability company organizedt
and existing under the laws of the State of New Hampshire, with a principal place of
business in the Town of Waterville Valley, County of Grafton and State of New
Hampshire, with a post office address of P. O. Box 502, Waterville Valley, New
Hampshire 03215, for consideration paid, grants to ,
of , County of and State/Commonwealth of
; , with a mailing address of
, a s
, with WARRANTY COVENANTS,
A certain condominium unit in Forest Knoll at Waterville Valley - ACondominium II, a condominium situate in the Town of Waterville Valley,County of Grafton and State of New Hampshire, more particularlydescribed as follows:
Unit , as defined, described and identified in the Declaration ofForest Knoll at Waterville Valley - A Condominium II, dated
, 1 999, and recorded in the Grafton County Registry ofDeeds at Volume , Page , together with certain "as-built" site plans and floor plans, recorded therewith in said GraftonCounty Registry of Deeds.
The within conveyed unit is conveyed TOGETHER WITH an undividedinterest in the Common Area as defined, described and identified in saidDeclaration, as same may be amended from time to time, and on saidplans.
ALSO CONVEYING the following easements and rights:
1. The right in common with others entitled thereto to travel over and
APPENDIX L
WARRANTY DEED Page 2
across the driveway depicted upon the aforementioned site planfor purposes of access to Forest Knoll at Waterville Valley - ACondominium II, to and from Tecumseh Road, reference beingmade and had to the Warranty Deed of Waterville Company, Inc.,to Mountain Knoll Associates, L.L.C., dated December 10, 1998,and recorded in the Grafton County Registry of Deeds at Volume2362, Page 32.
2. An easement, in common with others entitled thereto, to use theCommon Area, excepting the Limited Common Area, as set forthin said Declaration, as same may be amended from time to time,and subject to the rights of Forest Knoll at Waterville Valley - ACondominium II Association to rent or lease portions thereof andsubject to any condominium rules or regulations adopted pursuantthereto.
3. An exclusive easement to the use of the Limited Common Areaappurtenant to the within conveyed Unit, as defined and describedin said Declaration, as same may be amended from time to time,and said plans.
This conveyance is made SUBJECT TO the restrictions, covenants,conditions, easements, uses, limitations, and obligations, set forth orreferred to in said Declaration as amended from time to time, anycondominium rules and regulations adopted pursuant thereto, and theNew Hampshire Condominium Act (R.S.A. 356-B), together with thefollowing:
A. The covenants, rights, reservations and easements as set forth inthe Warranty Deed of Waterville Company, Inc., to Mountain KnollAssociates, L.L.C., dated December 10, 1998, and recorded in theGrafton County Registry of Deeds at Volume 2362, Page 32.
B. Utility easements of record.
C. The rights of the owners of condominium units in Forest Knoll atWaterville Valley - A Condominium II to use the Common Area,excepting Limited Common Area.
WARRANTY DEED Page 3
MEANING AND INTENDING hereby to describe and convey a portion ofthe premises as described in and conveyed by the Warranty Deed ofWaterville Company, Inc., to Mountain Knoll Associates, L.L.C., datedDecember 10, 1998, and recorded in the Grafton County Registry ofDeeds at Volume 2362, Page 32.
IN WITNESS WHEREOF, MOUNTAIN KNOLL ASSOCIATES, L.L.C., has causedthese presents to be executed in its name and behalf by this day of
, 1999.
MOUNTAIN KNOLL ASSOCIATES, L.L.C.
By: : 'Witness
Its:Duly Authorized
STATE OF NEW HAMPSHIRE )COUNTY OF GRAFTON ) ss. , 1999
BEFORE ME, the undersigned officer, personally appeared ,a member of Mountain Knoll Associates, L.L.C., a New Hampshire limited liabilitycompany, and acknowledged that he/she as such member, being authorized so to do,executed the foregoing instrument for the purposes therein contained.
Justice of the Peace/Notary PublicMy Commission Expires:
