(1) The declaration shall be recorded in the county where the condominium property is located. Such declaration shall provide for the filing for record of a map properly locating condominium units. Any instrument affecting the condominium unit may legally describe it by the identifying condominium unit number or symbol as shown on such map. If such declaration provides for the disposition of condominium units in the event of the destruction or obsolescence of buildings in which such units are situate and restricts partition of the common elements, the rules or laws known as the rule against perpetuities and the rule prohibiting unlawful restraints on alienation shall not be applied to defeat or limit any such provisions.
(2) To the extent that any such declaration contains a mandatory requirement that all condominium unit owners be members of an association or corporation or provides for the payment of charges assessed by the association upon condominium units or the appointment of an attorney-in-fact to deal with the property upon its destruction or obsolescence, any rule of law to the contrary notwithstanding, the same shall be considered as covenants running with the land binding upon all condominium owners and their successors in interest. Any common law rule terminating agency upon death or disability of a principal shall not be applied to defeat or limit any such provisions.
Source: L. 63: p. 784, § 1. C.R.S. 1963: § 118-15-5. L. 69: p. 983, § 3.
ANNOTATION
Law reviews. For symposium on condominium law and practice, see 11 Colo. Law. 2734 (1982). For article, "Avoiding Perpetuities Problems in Condo Declarations", see 13 Colo. Law. 2229 (1984). For comment, "State and Local Regulation of Timesharing in Colorado", see 56 U. Colo. L. Rev. 289 (1985).
Covenant concerning preemptive rights upheld. Where the condominium declaration provides that, in the event an owner of a unit desires to sell such unit and receives a bona fide offer for such sale, the unit shall be offered to the remaining owners who shall have a first right to purchase for the same terms and conditions as the bona fide offer, such a restrictive covenant does not violate the rule against perpetuities, nor does it constitute a restraint on alienation. Cambridge Co. v. East Slope Inv. Corp., 700 P.2d 537 (Colo. 1985).
Language of subsection (1) concerning the rule against perpetuities and restraints on alienation relates only to situations involving the destruction of obsolescence of condominium units. Cambridge Co. v. East Slope Inv. Corp., 700 P.2d 537 (Colo. 1985).
Constructive notice of declaration makes owner personally liable for unpaid assessments. Given that the declaration regarding the condominium ownership was recorded in the public records of the county long before petitioner became the owner of his unit and that the deed under which he acquired title stated that the conveyance was subject to the terms of the declaration, petitioner, upon acquiring ownership, assumed and became personally liable for any accrued and unpaid assessments. Chateaux Condominiums v. Daniels, 754 P.2d 425 (Colo. App. 1988).
Condominium owner waived right to assert homestead exemption prior to a condominium association's assessment lien due to a condominium declaration which was in existence before owner took title. Whispering Pines W. Condo. v. Treantos, 780 P.2d 26 (Colo. App. 1989).
Applied in Chateau Vill. N. Condominium Ass'n v. Jordan, 643 P.2d 791 (Colo. App. 1982).