(1) Every stockholder of a cooperative housing corporation shall be entitled to receive from the corporation a proprietary lease or right of tenancy document which shall include the following provisions:
(a) That no sublease in excess of one year, amendment, or modification to such proprietary lease or right of tenancy in the property shall be permitted or created without the lender's prior written consent; and
(b) That the security for a loan against the tenant-stockholder's interest shall be in the nature of a real property security interest, and any default of such loan shall entitle the lender to treat such default in the same manner as a default of a loan secured by real property.
Source: L. 80: Entire article added, p. 705, § 1, effective July 1.
ANNOTATION
Assessor properly attributed the value of common area residential improvements built on agricultural land to the owner lots of a common interest community. The attribution comported with the overall scheme of property taxation. Jet Black, LLC v. Routt County Bd. of County Comm'rs, 165 P.3d 744 (Colo. App. 2006).
The phrase in subsection (2) stating that "common elements shall not be separately taxed or assessed" is merely a recognition that the value of common elements is inherently included as a component of each individual unit's total actual value and will be assessed and taxed as part of the unit's overall assessment and taxation, rather than separately taxed or assessed to the association as was previously done. Manor Vail Condominium Ass'n v. Bd. of Equaliz., 956 P. 2d 654 (Colo. App. 1998).