Master Community and Master Association Clause Samples

Master Community and Master Association. Palomino Park is a luxury townhome condominium/apartment master community "Master Community" consisting of five separate "villages" of residential property and amenities located in ▇▇▇▇▇▇▇ County, Colorado, created pursuant to that certain Master Declaration of Covenants, Conditions and Restrictions of Palomino Park recorded in the office of the Clerk and Recorder of ▇▇▇▇▇▇▇ County, Colorado (the "Records") on January 31, 2001 in Book 1956 at Page 358, as supplemented ("Master Declaration"). The Master Community includes recreational facilities and other amenities for the use and enjoyment of all of the property owners in the five villages. Palomino Park Owners Association, a Colorado nonprofit corporation ("Master Association") has been organized to serve as the owners association pursuant to the terms of the Master Declaration. Each village has its own "Village Declaration" which governs the use of the property in each village, and the relationship of that village to the Master Association. Purchaser will also be subject to the terms of that certain Assignment of Declarant Rights of even date herewith executed by Purchaser and the Master Association (the "Declarant Rights Assignment"). 1.3