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HomeMy WebLinkAboutAPPLICATIONS, CO, MULT DOCS - 04-00174 - Teton Professional Park - Suite B Tenant FinishCITY OF REXBURIG AMERICA'S FAMILY COMMUNITY Building Permit No: Applicable Edition of Code: Site Address: Use and Occupancy: Type of Construction: Design Occupant Load: Sprinkler System Required: CERTIFICATE OF OCCUPANCY City of Rexburg Department of Community Development 19 E. Main St. / Rexburg, ID. 83440 Phone (208) 359 -3020 / Fax (208) 359 -3022 Name and Address of Owner: 0400174 International Building Code :2000 Doctors Office Doctors Office No Bagley Enterprises P0 Box 122 Rexburg, ID 83440 Contractor: Special Conditions: Occupancy: Defab Const. This Certificate, issued pursuant to the requirements of Section 109 of the International Building Code, certifies that, at the time time of issuance, this building or that portion of the building that vies inspected on the date listed vies found to be in compliance with the requirements of the code for the group and division of occupancy and the use for which the proposed occupancy vies classified. Date C.O. Issued: September23, 2004 (10:05AM) C.O Issued by: Building Official There shall be no further change in the e)asting occupancy classification of the building nor shall any structural changes, modifications or additions be made to the building or any portion thereof until the Building Official has reviewed and approved said future changes. Water Department " V Fire Dep t: State of Idaho Electrical Department (208- 356- 4830): APPLICATION FOR BUILDING PERMIT CITY OF PJMUP" iT A II Date of Application �` zo° 04 0 0174 Bagley/ "Tenant Finish OWNER Name Site Address Mailing Address � Z - 3 S V A- L "� /� ✓ � City /State/Zip /�`� Gt d Telephone/Fax/Mobile �L — " CONTRACTOR Name Mailing Address f / ll (f -1 7' City /State/Zip Telephone/F obile 3 a PROJECT INFORMATION DEPARTMENT APPROVAL Property Zone: C Is existing use compatible with zoning, (screening parking, etc) When was this building last Architect/ Engineer Firm L Z, Plan Name F�GG gzeGX- Ci e Lot Circle One Residential (2C2mm_erQu ;� Educational Government Remodel Other T-4x Mu Circle One New House Addition/Remodel to House New Commercial Commercial Remodel Circle One Basement: None/ Finished / Unfinished Other: None/ Patio/ Carport/ Awning NIA Lot Square Footage 10 4 371 1 _ Lot Width Main Level Square Feet / SOb Upst stairs Sq are Icet Basement Square Feet Garage Square Feet Number of Stories Height of Building What will structure be used for: , ,/ Home Home Business Apartmen ommercial Other Will the be an apartment? ! 1/ 0 If so, how many units 'j�v+ ItA( NoT l[ Xke, del- Estimated Building Value #Z, -91- 9 l Areou in a ood plain &D Signature of Applicant Code Building Permit Fees Zone Plan Check Fees Building Type Commercial Building Plumbing bid Commercial Building HVAC bid Commercial Building Square footage Plumbing Permit Fees Digging Permit Fees Water & Sewer Fees Front Footage Fee (Parks, Fire, and Police) Impact Fees TOTAL $ Signature of Inspector )ied We, Cvx s7 /e13zl, Issued by SUBCONTRACTOR LIST Excavation & Earthwork: caf 5 4 Concrete: Masonry Roofing. Insulation: I�ob s ly 5�c c A'� Y zz0, Drywall: Painting: Floor Coverings: Plumbing: Heating: Electrical: '6 to SPECIAL CONSTRUCTION (Manufacturer or Supplier) Roof Trusses: Floor / Ceiling Joists._ -wrz Cabinets: Siding /Exterior Trim: '% �� a ,WA: rA -thy 7" /!'E. Other: Declaration Of Covenants, Conditions, and Restrictions For TETON PROFESSIONAL PARK 1. CREATION OF COVENANTS, CONDITIONS, EASEMENTS AND RESTRICTIONS. 1.1. THIS DECLARATION is made and entered into by BAGLEY ENTERPRISES, dba TETON PROPERTIES, an Idaho partnership. 1.2. THE REAL PROPERTY. Declarant is the actual and record owner of the real property situated in the City of Rexburg, County of Madison, State of Idaho, more particularly described exhibit "A" attached hereto and made a part hereof: 1.3. PROPERTY IN THE PROJECT. The property that is the subject of this declaration consists of the above - described real property together with certain improvements heretofore or hereafter constructed upon that real property and all the Common Areas of the Project. 1.4. CREATION OF OWNERSHIP. Declarant intends to and does hereby create a Project known as "Teton Professional Park" according to the Plat recorded as Instrument No. , Madison County, State of Idaho records, and further declares that all of the properties described shall be held, sold and conveyed subject to the following easements, restrictions, covenants and conditions (CCR's), which are for the purpose of protecting the value, enjoyment and desirability of, and which shall run with the real property and be binding on all parties having any right, title or interest in the described properties or any part thereof, their heirs, successors and assigns and shall inure to the benefit of each owner thereof. The Declarant hereby declares its intent to and does hereby create a separate ownership of the Project. All such ownership shall be governed by and be subject to both the provisions of this Declaration and all amendments that may hereafter be made hereto and the Act as in effect on the date on the recording of this declaration. 1.5. PLAT. The Plat, as described above, identifies each Lot, its relative location and approximate dimension, with designation thereon of all areas that shall be Common Areas. 2. DEFINITIONS The terms used herein, unless otherwise defined herein, shall have the meanings given such terms in the Act. 2.1. "Association" means Teton Professional Park Owners' Association, Inc., a non -profit corporation composed of all Owners, including all present and future Owners, and their CC&R's -Teton Professional Park successors and assigns. 2.2. "Board of Directors" or "Board" shall be the Board of Directors of the Teton Professional Park Owners Association, Inc., and shall manage the project. 2.3. "Common Area" means the entire Project excepting all Lots and excluding public streets. Common Areas shall be general Common Areas and designated on the Plat. 2.4. "Common Expense" means any amounts assessed against the Owners pursuant to the Act, this Declaration, or such rules and regulations pertaining to the Project as the Board of Directors may from time to time adopt, and pursuant to such other determinations and agreements lawfully made and/or entered into by the Board of Directors. Common expenses shall specifically include but not be limited to, all charges or assessments for the care, maintenance, and/or repair of the project and for the common good and benefit of the Lot Owners. Common expense charges to each Owner shall be based on each Owner's percentage of ownership of the total completed building space within the project. Due to the progressive nature of completion of the Project, this percentage will change each time a building is completed. The Board shall give notice to each Owner of the change in percentage and the resultant modification of Common Expenses. Each Owner is Expected to pay the modified charge upon receipt of the billing for that amount. Exhibit `B" attached hereto and made a part hereof reflects the final percentages for calculation of Common Expense upon completion of all buildings within the Project. The Board shall have the authority to collect unpaid assessments. Unpaid assessments shall be a lien on the Lot. 2.5. "Lease" means any agreement for the leasing or rental of property. 2.6. "Lot" means Lots 1 through * * of Teton Professional Park, with the boundaries described, indicated and shown upon the recorded subdivision plats or Records of Survey of the properties, and which is not a part of the Common Area. No Lot shall be split, partitioned into smaller Lots without consent of all the Board of Managers of the Project. Where the context is applicable, Lot shall include buildings or other improvements made upon the Lot. 2.7. "Mortgage" means any mortgage, deed of trust, or any other security -- - instrument - by which a Unit or any other part hereofis encumbered. - " -- - -- -- - - - - -- 2.8. "Mortgagee" means any person, bank, savings and loan association, established mortgage company, or other entity chartered under federal or state laws, or any successor to the interest of such, named as mortgagee, trust beneficiary, or creditor under any Mortgage, as Mortgage is defined in the immediately preceding paragraph. 2.9 "Owner" or "Lot Owner" means any person(s) or entity who holds an Ownership interest in a Lot in the Project that is reflected in the records of the Recorder's Office of Madison County, Idaho. "Owner" shall refer to the record owner, whether one or more persons CC &R's -Teton Professional Park -2- or entities, of fee simple title to any Unit, including contract Sellers, but excluding those having such interest merely by security for the performance of an obligation. "Owner" does not refer to any Mortgagee, as herein defined, unless such Mortgagee has acquired title pursuant to foreclosure or any proceeding in lieu of foreclosure. If ownership of a Unit is held by one or more persons or entities, the multiple Owners of that Unit shall be deemed a single Owner for purposes of voting in meetings of the Association. 2.10. " Project" means the entirety of the property divided or to be divided into Lots and the Common Areas. 3. TITLE OF UNITS 3.1. LEGAL DESCRIPTIONS OF UNITS. For purposes of conveying, mortgaging, or otherwise effecting the title, any Lot may be legally described by its identifying number as shown on the Plat. Such legal description shall be construed to describe the Lot and the appurtenant undivided interest in the Common Areas and to incorporate all the rights and limitations incident to the ownership of a unit in this Project. Such legal description shall be substantially as follows: Lot No. , Teton Professional Park, City of Rexburg, County of Madison, State of Idaho, as per duly recorded plat thereof. 3.2. CONVEYANCES AND FORM OF HOLDING UNITS. The Units in the Project may be conveyed and recorded as individual properties capable of independent usage, each having its own exit to the Common Area of the Project. Each unit may be held in any traditional form of holding real property interest including, but not limited to, community property, joint tenancy, or tenancy in common. The Owners of the respective Units shall have the absolute right to lease the area within each Unit provided the lease is made subject to the rules and regulations made by the Board. 4. NATURE OF OWNERSHIP. 4.1. OWNERSHIP OF COMMON AREAS. Each Owner shall own an undivided interest, as described in Exhibit "C ", in the Common Areas as a Tenant in common with all the other Owners of the property. Except as otherwise limited in this Declaration and/or the rules and regulations adopted by the Board of Directors, each Owner shall have the right to use the Common Areas for all purposes incident to the use and occupancy of his Lot and such other incidental uses permitted by this Declaration, which right shall be appurtenant to and run with his Lot. CC&.R's -Teton Professional Park -3- 4.2. COVENANTS APPURTENANT TO UNITS. All rights or interest and all obligations or restrictions of an Owner created hereunder shall be deemed appurtenant to his Lot and shall not be separable therefrom. Any conveyance or encumbrance of a Lot shall also be deemed a conveyance or encumbrance of those appurtenant rights or interests even though such rights or interests are not expressly referred to in such conveyance or encumbrance. 4.3. NONSEPARABILITY OF COMMON AREA. The Common Areas shall remain undivided and shall not be separated from the Lots to which they are appertained. No Owner shall bring any action for partition or division of interest in the Common Areas or of Lots from their appurtenant interest in Common Areas. Notwithstanding the foregoing, the Board of Managers may assign specific parking spaces to individual units 4.4. COVENANTS TO RUN WITH THE LAND. This Declaration and all covenants, restrictions, limitations, easements, conditions, and uses as herein provided for shall constitute covenants to run with the land hereby submitted to the Project and shall be a burden and/or a benefit to the Declarant, its successors and assigns; and to any person acquiring any interest in the above described real property or Lots, and to their heirs, executors, administrators, personal representatives, successors and assigns. 5. EASEMENTS 5.1. ENCROACHMENTS. In the event that, by reason of the construction, reconstruction, settlement or shifting of a building, any part of a building, or any part of any building encroaches or shall hereafter encroach upon any part of an easement, or Common Area, if by reason of the design or construction of utility systems, any main pipes, ducts, or conduits serving more than one Lot encroach or shall hereafter encroach upon any part of any Unit, valid easements for the maintenance of such encroachment and for the use of such adjoining space shall exist for the benefit of such Lot, so long as all or any part of the building or buildings containing such Lots shall remain standing; provided, however, that in no event shall a valid easement for any encroachment to be created in favor of the Owner of any Lot or in favor of the Owner of the Common Area if such encroachment occurred subsequent to the original construction by Declarant and/or is due to willful conduct of said Owner or Owners. 5.2. EASEMENTS FOR CERTAIN UTILITIES. The board of Directors, as hereinafter provided, may grant easement from time to time for utility purposes for the benefit of the Project (so long as such easements does not unreasonable restrict the use and/or enjoyment of a Lot), including the right to install, lay, maintain, repair and replace water mains and pipes, sewer lines, gas mains, telephone wires and equipment, electrical conduits, and wires over, under, along and on any portion of the project as necessary; and each Owner hereby grants the Board of Directors an irrevocable power of attorney to execute, acknowledge, and record, for and in the name of such Owner, such Instruments as may be necessary to effectuate the foregoing. CC &R's - Teton Professional Park -4- 5.3. EASEMENTS TO RUN WITH LAND. All easements and rights described herein are appurtenant, running with the land, perpetually in full force and effect, and at all times shall inure to the benefit of and be binding on the undersigned, its successors and assigns, and any owner, purchaser, mortgagee, and other person having an interest in the Project or any part thereof shall be subject thereto as though such easement and rights were recited fully and completely set forth in their entirety. No reference to such easements and rights shall be necessary to create or reverse such easements or rights referred to herein in any deeds of conveyance, mortgages or trust deeds or other evidence of obligation. 6. TETON PROFESSIONAL PARK OWNERS ASSOCIATION CREATED Simultaneously with this Declaration, Declarant shall create and form TETON PROFESSIONAL PARK OWNERS' ASSOCIATION, INC., a non -profit corporation (hereinafter "Association "). The purposes and powers of the association shall be all of the purposes and powers as set forth in the articles of Incorporation subject to the provisions of the By -Laws of the Corporation. All Lots and Owners shall-be s the Articles of Incorporation and bylaws of the Association. The Association preform the d ies and enforce the covenants and restrictions set forth in this Decl n. 7. RULES AND REGULATIONS. 7.1. ADMINISTRATIVE RULES AND REGULATIONS. Subject to the approval of Terry Bagley or John Bagley (or Declarant's agent if otherwise named), until resignation or until Declarant no longer owns any Lots in the Project, the Board of Directors of the Association shall have the power to adopt and establish by resolution such building, management, use, and operational rules as it may deem necessary for the maintenance, operation, management, occupation, and control of the Project. 7.2. COMPLIANCE. All Owners shall comply with the provisions of this Declaration, the Association bylaws, and the administrative rules and regulations adopted by the Board of Directors and shall require such compliance from their clients, children, tenants, guests, employees and any other person whom they invite upon the Project. All agreements, decisions and determinations lawfully made by the Board shall be deemed to be binding on all Owners and shall inure to their benefit. Each Owner, any group of Owners, or the Board shall have standing authority unless otherwise provided, to enforce by any legal means, including suit for specific performance, injunctive relief or damages, the provisions of the Declaration, the bylaws, and any duly adopted decisions or resolutions of the Board. 7.3. ARCHITECTURAL STYLE AND COMMON LANDSCAPING. To ensure conformity within the Project, a Common Architectural Design and a Common Landscaping Scheme is hereby declared as a part of the Project. Both the Common Architectural Design and the Common Landscaping Scheme will be administered by a committee to be known as CC&R's -Teton Professional Park -5- the Architectural Control Committee (hereinafter the "Committee "). By this Declaration, the Declarant establishes the existence of this Committee. 7.3.1. Purpose. The purpose of the Committee shall be to implement the design and landscaping requirements made applicable to the Project by this Declaration and other documents applicable to the Project. 7.3.1.1. Initial Members of the Committee. The initial Members of the Committee shall be Terry Bagley and John Bagley. Terry Bagley and John Bagley shall serve as Members of the Committee until they resign or until all buildings within the Project are constructed. Additional Members shall be added to the Committee upon consent of Matt Morgan. 7.3.2. Common Architectural Design. All buildings within the Project shall be of first quality construction and designed in accordance with a Common Architectural Design (hereinafter the "Design ") as follows: 7.3.21 Roof pitch. For building up to 6000 square feet, roof pitches will be no less that four (4) vertical inches to twelve (12) horizontal inches and not more than eight (8) vertical inches to twelve (12) horizontal inches. For building larger than 6000 square feet, the Architectural Committee must review and approve the roof pitch prior to construction. 7.3.2.ii. Exterior finishing materials. The exterior materials for all buildings shall be exclusively a combination of cultured rock, brick and, siding. Declarant has established five (5) exterior material and color schemes will incorporate the exterior materials into a design that will be pleasing and cohesive for the entire Project. These five (5) exterior material and color schemes will be available for inspection at the offices of Bagley Enterprises of Rexburg, Idaho, or at such other place as Bagley Enterprises of Rexburg may be subsequently located. 7.3.2.iii. Roofing Materials. All roofing materials must to be reviewed and approved by the Architectural Committee prior to construction. 7.3.2.iv. Design approval. The Architectural Committee must approve all building designs prior to construction, including original construction and any subsequent modification of the original construction to ensure retention of the cohesiveness of the Project.roofing materials. All roofing materials must to be reviewed and approved by the Architectural Committee prior to construction. 7.3.2.v. Construction Company. Bagley Enterprises of Rexburg, Idaho shall be the exclusive contractor for the original construction of all buildings and improvements within the Project. 7.3.3. Common Landscaping Scheme. All landscaping within the Project, including that within common areas and that within lot lines as shown on the Plat will be completed according to a Common Landscaping Scheme (hereinafter the "Scheme "). This Scheme will be established by the Developer and will result in a pleasing and cohesive design. All landscaping within the Lot lines and surrounding each building within the Project will be installed CC&R's -Teton Professional Park -6- upon completion of each building by the Owner of the Lot in accordance with the Scheme. After installation, all landscaping improvements, common area and that area surrounding each building within the lot lines of the Project, will be subject to common area maintenance and charges as detailed in Section 2.5 hereof and will be maintained by the Board. 7.3.4. Rules and Regulations of the Committee. The Members of the Committee shall make such rules and regulations as are necessary to administer the implementation of the architecture and landscaping requirements referenced herein. These rules and regulations will be available for inspection at the offices of Bagley Enterprises of Rexburg, Idaho, or at such other place as Bagley Enterprises may be subsequently located. 7.3.5. Dissolution of Architectural Control Committee. At such time as all buildings within the Project are constructed, the Committee will be dissolved. Upon dissolution of the Committee, any functions or decisions that had, until such dissolution, been made by the Committee will pass to the Board of Directors of the Association. 7.4. PRIOR APPROVAL. No building, fence, wall, or other item of permanent nature shall be constructed, erected, placed, or altered on any Lot until construction plans, building specification, Unit plan reflecting location of the improvements (including side yards, setbacks, topography and finish grade location), quality of workmanship, materials, and harmony of external design and color has been approved by the Committee or the Board if the Committee has been dissolved. Subject to said approval, all other buildings shall be constructed harmonious in style and quality to the existing buildings on any Lot. 7.5. NUISANCE. No noxious, offensive, or annoying activity, nor immoral, improper, Or unlawful use, shall be allowed or permitted on any Lot. Any activity or use that is or becomes an annoyance and/or nuisance to, or interferes with, the peaceful possession and proper use of any Lot, shall be prohibited. The terms "offensive" and /or "improper" shall include the open storage of junk and /or non - operating automobiles, trucks, or other vehicles, and/or other forms of bulk storage not normally associated with the professional use of property. Storage of such items may be permitted if confined to locations and defined areas enclosed by a building, all as approved by the Board. No Owner shall permit any use of his Lot or Common Area that would increase the rate or insurance upon the Project. Without limiting the generality of any of the foregoing provisions, no external speakers, horns, whistles, bells or other sound devices used exclusively for security purposes, shall be located, used or placed upon any Lot without approval of the Board. The Board shall have authority to enforce this provision at the cost of the offending Lot Owner. 7.6. CLEAN CONDITION. Each Lot and all improvements thereon shall be kept in a clean and sanitary condition and no rubbish, refuse, or garbage shall be, allowed to accumulate, nor any fire hazard to exist. Trash, garbage or other waste shall not be kept, except in sanitary containers. All equipment for the storage or disposal of such materials shall be kept in a clean and sanitary condition and not become offensive or a nuisance. The Board may place additional restrictions on the placement of such containers. The Board shall have authority to enforce this provision at the cost of the offending Lot Owner. CC&R's - Teton Professional Park -7- 7.7. OWNER'S OBLIGATION TO MAINTAIN AND REPAIR. Each Owner, at his expense, shall keep his Lot in good order, condition, and repair and in a clean and sanitary condition, and shall do all redecorating and painting which may at any time be necessary to maintain the good appearance of his Lot. Owner shall repair all injury or damages to the Project caused by the deliberate, negligent or careless action or inaction of such Owner, his clients, agents, employees, guests, and/or invitees and all such repairs, redecorating and painting shall be of quality and kind equal to the original work. The Board shall have the authority to enforce this provision at the cost of the offending Lot Owner. 7.8. APPEARANCE. No Lot or common area or portions thereof shall be neglected or permitted to fall into an unsightly, displeasing or unattractive state, or permitted to be overgrown with weeds or strewn with rubbish. 7.9 BOARD ENFORCEMENT. The Board shall have the power and shall be authorized at its discretion and at the request of any other Owners in such properties, to take any actions it deems appropriate to remedy any violation of paragraphs 7.5, 7.6, 7.7, and 7.8 without responsibility or liability to the complaining Owners, and at the expense of the failing or neglecting Owners. 7.10. DECLARANT'S USE OF THE PROJECT. Until the Declarant has completed and sold all Lots in the Project, the Owners and the Association shall not interfere with the sale of the Lots. The Declarant may make such use of the unsold Lots and grounds as may facilitate such completion and sale, including but not limited to, the maintenance of a sales office, and showing of the Project, the display of signs, and access for construction. 7.11. LEASING OF LOTS. The Owners of the respective Lots shall have absolute right to lease the spaces within the Lot. Any such lease, however, shall be for a term of not shorter than one (1) year. Further, any such lease shall be subject to the covenants and conditions of this Declaration and any rules and regulations made by the Board. Any breach of these covenants and conditions or of the rules and regulations shall constitute a default under the lease. 7.12. EASEMENTS. Easements for the installation and maintenance of utilities and drainage are reserved as shown on the recorded plat or as described herein. No building shall be located within the said easements. 7.13. COMMON AREAS. Subject to the limitations contained in this Declaration, the bylaws, and any rules and regulations set forth by the Boeard, each Owner shall have the non - exclusive right to use and enjoy the Common Areas. The Common Areas shall be used only for the purposes for which they are intended, i.e., the furnishing of services and facilities for the enjoyment of the Lots. There will be no reserved parking spaces in the Project. 7.14. SIGNS. All signs within the Project will conform to the provisions of any applicable local ordinance and will be subject to the approval of the Committee or its delegated CC &R's -Teton Professional Park -8- agent in this regard. Individual signs for each owner /user are permitted provided the signs do not exceed 25 square feet in size. These signs may be a monument style sign erected in front of the building or attached to the building. Declarant will erect a monument style sign at the entrance of the Project. This sign will be erected at Declarant's expense and will provide fourteen (14) equal spaces for posting each Unit's business use. Each Owner will be responsible to pay for its individual lettering on the sign. All individual signs and all lettering shall be according to the Common Architectural Scheme, will be mandated and approved by the Committee. 7.15. ANIMALS. No animals, livestock, or poultry of any kind shall be raised, bred, or kept in or on any Lot. 7.16. RECREATIONAL AND /OR OTHER VEHICLES. No recreational vehicles nor any non - operating vehicles shall be kept within the Project. 7.17. ANTENNA/SATELLITE. Any antenna of any type greater than five (5) feet in height must be approved by the Board. Satellite dishes shall not be allowed closer to any street than the rear line of the building. No satellite dishes larger than twenty inches (20 ") in diameter s hall be allowed. 7.18. BOARD'S REVIEW. Any question or dispute as to whether the use of a particular Lot is in compliance with these Covenants shall be submitted to the Board. The Board shall review the matter and make a determination within thirty (30) days. The Board's determination on any matter shall be final and binding upon all parties concerned. 7.19. BOARD'S DECISION. The Board's decision shall be final and binding upon all Owners within the Project. 8. DESTRUCTION, DAMAGE PARTITION, AND TERMINATION 8.1. ABANDONMENT. The Declarant, the Board of Directors, or Owners shall not abandon or terminate the Project without the prior written approval of any mortgagee holding or having a mortgage on a Unit within the Project. 8.2. DAMAGE OR DESTRUCTION. In the event the Common Areas of the Project are destroyed or damaged to the extent of seventy -five percent (75 %) or less than the value thereof, the Owners shall be responsible for the repairing, rebuilding, and/or restoring the same to the condition it was in immediately prior to such destruction or damage, and may be entitled to use for such purposes the proceeds of any and all insurance policies which the Association may have had hi force on said premises as of the date of such destruction or damage. In the event the Common Areas of the Project are destroyed or damaged to the extent of more than seventy -five percent (75 %) of the value thereof, the Association shall, at a meeting duly called that purpose, determine whether or not the Project should be rebuilt, repaired or disposed of Unless Owners entitled to not less than two- thirds (2 /3rds) of the voting power of the Association agree to the withdrawal of the Project from the Provisions of the Act and to its subsequent disposal, the Project shall be repaired, rebuilt or restored to the same condition it was in CC &R's -Teton Professional Park -9- immediately prior to the destruction or damage. In the event the cost of such repairing, rebuilding, or restoring shall exceed the amount realized from the proceeds of the Association's insurance policies as herein provided, the. Owners shall contribute to such cost in relation to their percentage of ownership in those parts of the Project to be repaired or rebuilt. Any institutional holder of a first mortgage on any Unit so affected shall be notified by written notice by the Board. 8.3. CONDEMNATION. In the event of taking of a Lot or any portion thereof by Condemnation or by eminent domain, or is otherwise sought to be acquired by an authority, then the mortgage holder of any mortgage shall be given written notice and nothing herein shall entitle an Owner of a Lot or any other party to priority over such mortgage holder with respect to the distribution to such Unit of the proceeds of any such award or settlement. 8.4. NO PARTITION. A Lot shall not be partitioned as between persons having an interest therein, but if grounds for such partition exist at law or in equity, the Lot shall be sold as a Lot and the proceeds divided in accordance with law. 8.5. BOARD OF DIRECTORS, ATTORNEY IN FACT. All of the Owners irrevocably constitute and appoint the Board as their attorney in fact for the purpose of dealing with the Project if it is damaged or destroyed. Acceptance by any grantee of a deed from the Declarant or from any Owner shall constitute such appointment; however, the Board shall not exercise this power of attorney until two- thirds (2 /3rds) or more of the voting power of the Association votes in favor of having it do so and further until Owners representing two - thirds (2 /3rds) or more of the voting power of the Association have executed a certificate certifying that use of such power of attorney has been authorized and is properly exercisable under this Declaration and such certificate has been placed of record. 9. INSURANCE 9.1. COVERAGE. The Board may secure and maintain the following insurance coverage: 9.1.1. A multi -peril type policy providing coverage for fire insurance with extended coverage endorsements for the fall insurable replacement cost of the Common Areas and any and all interests appurtenant or associated therewith. 9.1.2. A policy or policies insuring the Board and the Owners against any liability arising from the ownership, use or maintenance of any portion of the Project, including use of Units or Common Areas by anyone. Limits of liability under such insurance shall in no event be less than $100,000/300,000 for bodily injury; and shall not be less than $250,000.00 for property damage for each occurrence. Such limits and coverage shall be reviewed at least annually by the Board and amended if inadequate. Said policy or policies shall deny subrogation rights against Owners. CC &R's -Teton Professional Park -10- 9.1.3. Compensation to the extent necessary to comply with any applicable laws. 9.1.4. Insurance for such other risks as are or hereafter may customarily be covered with respect to other Projects similar in construction, design, and use. 9.2. INSURED. The name of the insured under each such policy shall be stated in the name of the "Teton Professional Park Owners' Association, Inc." for the use and benefit of the individual Owners. 9.3. MORTGAGEE CLAUSE. Each such policy or policies shall provide for a standard mortgagee clause in favor of any mortgagee of each Lot. Any proceeds payable thereunder shall be payable to the Owners 'Association for the use and benefit of the mortgagee, as their interests may appear. The Mortgagee Clause shall provide for notice to said Mortgagee ten (10) days in advance of the effective date of any reduction in or cancellation of the policy. 9.4. INSURANCE UNDERWRITING. Each hazard policy must be written by an insurance carrier which has a financial rating in Best's Insurance Reports of BBB+ or better. 9.5. COMMON EXPENSE. The cost of any Insurance policy(s) described herein shall be a common expense. Each Owner shall, without prejudice, shall insure his own Lot for his own benefit in any amount satisfactory thereto, but not less than $100,000/300,000 for bodily injury. However, no such policy shall decrease in any way the amount which the Association on behalf of the Owners shall realize under the policies so authorized. 9.6. AUTHORITY TO ADJUST. The Board shall have exclusive authority to adjust fire and casualty losses under insurance policies maintained by it but must keep in force such coverage for at least eighty percent (80 %) of the replacement cost of the Common Areas and associated interests thereto. However, any claims as to any personal liability of any Owner arising out of the ownership, use, operation, or management of the common areas may be compromised or settled as to his portion of any such claim by any Owner without prejudice to the remaining balance thereof and without the same constituting evidence for or against any such claimant. 10. AMENDMENT This Declaration and the covenants, restrictions, and provisions may be altered, amended or added to at any duly called Owners' Association meeting; provided: A) that the notice of the meeting shall contain a full statement of the proposed amendment; B) that the amendment shall be approved by two - thirds (2 /3rds) of the Owners in number and common interest; with Declarant having the same number of votes as it has ownership CC&R's -Teton Professional Park -11- of Lots, and C) said amendment shall be set forth in a duly recorded amendment hereto. However, no amendment will affect or impair the validity or priority of the Owners' interests and the interests of holders of a mortgage encumbering a Lot or Lots. 11. BINDING EFFECT The provisions of this Declaration, the Association's Articles of Incorporation and bylaws, and rules and regulations of the Board, shall be and are hereby made a part hereof and are binding upon any and all persons acquiring any interest in the above described real property and to their heirs, executors, administrators, personal representatives, successors and assigns. 12. CONSTRUCTION 12.1. SEVERABILITY. In the event that a phrase, sentence, clause, or paragraph contained herein should be invalid or should operate to render this agreement invalid, this Declaration shall be construed as if such invalid phrase, sentence, clause, or paragraph were written in such a way as to make it valid to the extent allowed by law. 12.2. GENDER AND NUMBER. The singular, wherever used herein, shall be construed to mean the plural when applicable, and the necessary grammatical changes required to make the provisions hereof apply either to corporations or individuals, men or women, shall in all cases be assumed as though in each case fully expressed. 12.3. WAIVERS, No provisions contained herein shall be deemed to have been waived by reason of any failure to enforce it, irrespective of the number of violations which may occur. 12.4. TOPICAL READINGS. The topical headings of the paragraphs contained herein are for convenience only and do not define, limit or construe the contents of the paragraphs herein. 12.5. EFFECTIVE DATE. This Declaration shall take effect upon recording hereof. 12.6. STATUS OF TITLE; PROPERTY TAXES. This Declaration is granted subject to all prior easements and encumbrances of record. Each Owner warrants that it will defend the title and other Owner's interests under this Declaration against any mortgage, tax lien or construction of other lien claim: (i) which affects the Project or Lot, (ii) which asserts priority over the interest of the other Owner(s) in enforcing this Declaration or which affects any other Owner(s) rights under this Declaration, and (iii) which is attributable to the parry itself or its CC&R's -Teton Professional Park -12- tenants, agents, contractors or subcontractors. This Declaration will not be subordinated or rendered inferior to any future financing by any Owner. Each Owner shall pay before delinquent all property taxes and assessments assessed on such Owner's Lot and the improvements constructed thereon. Should any Owner fail to pay any assessment, the Association may pay it on behalf of said Owner. Said Owner shall reimburse to Association all amount paid on Owner's behalf, with interest to accrue at the rate of 18% per annum. 12.7. ATTORNEY'S FEES. In the event suit or action is instituted to interpret or enforce any of the terms of this Declaration, the prevailing party shall be entitled to recover from the other party such sum as the court may adjudge reasonable as costs of litigation (including discovery costs), and as attorneys' fees in preparation for and at trial, on appeal of such or action and on any petition for review, in additional to all other sums provided by law. 12.8. INDEMNITY. Each Owner shall defend, indemnify and hold the other Owners harmless from any claim, loss, liability or expense (including discovery costs and other litigation costs, and reasonable attorney's fees) that: (i) arises out of or in connection with the failure to perform or comply with the terms, restrictions and provisions of this Declaration by the Owner; or (ii) arises out or of in connection with the intentional acts or gross negligence of the Owner or the employees, representatives, agents and independent contractors of the Owner; or (iii) arises or results from the performance of any construction activities performed or authorized by such indemnifying Owner; provided the obligation to defend, indemnify and hold harmless for matters described in clauses (ii) and (iii) shall in the event of concurrent negligence or misconduct exclude claims to the extent that they are caused by the negligence or intentional misconduct of the indemnified person, or its agents, contractors or employees (while acting in such capacity). 12.9. ENTIRE AGREEMENT. This Declaration supercedes and replaces all written and oral agreements previously made or existing with respect to the matters set forth above. 12.10. NOTICES. Notices given under this Declaration shall be in writing and delivered by certified or registered U. S. Mail, postage prepaid with return receipt requested; by United States express mail or other established express delivery service (such as Federal Express), postage or delivery charge prepaid; by facsimile or other telecommunications device capable of transmitting or creating a written record, or personally. Each Owner shall give notice to each other Owner of its address for notice by written notice to the other Owners. Unless Declarant designates another address for notice pursuant to this Section, notices to Declarant should be personally delivered to In the absence of such notice of an Owner's address for notice, purposes, any notice under this Declaration may be given to the address to which property tax statements are delivered by the taxing authority. For the purposes of this Declaration, the term "receipt" shall mean the earlier of any of the following: (i) the date of delivery of the notice or other document to the address specified pursuant to this Section as shown on the return receipt of by the records of the courier, (ii) the date of actual receipt of the notice of other document by the office of the person or entity CC &R's -Teton Professional Park -13- specified pursuant to this Section, or (iii) in the case of refusal to accept delivery or inability to deliver the notice or other document, the earlier of (A) the date of the attempted delivery or refusal to accept delivery, (B) the date of the postmark on the return receipt, or (C) the date of receipt of notice of refusal or notice of non - delivery by the sending party. 12.11. EFFECT OF DECLARATION. Nothing in this Declaration, express or implied, shall confer upon any person, other than the Owners or their successors or assigns, any right or remedies under or by reason of this Declaration. The rights and remedies of tenants and other persons are limited to those contained in the lease agreements or other agreements the Owners or their successors or assigns may have with such tenants or other persons and to those rights and remedies otherwise explicitly conferred by such Owners and their successors or assigns on such persons. Nothing in this Declaration shall prevent any Owner or its successor or assign from imposing on such Owner's or successor's or assign's own tenants or other persons being granted rights of use, either expressly or by implication, by the Owner or its successors or assigns, such rules, regulations and restrictions as the Owner or its successors or assigns may determine to be necessary or appropriate. Each right granted pursuant to this Declaration is expressly for the benefit of the property described in Exhibit "A" hereto. 12.12. NO PARTNERSHIP; DISCLAEVIER. No provision of this Declaration or previous (or subsequent) conduct or activities of the parties and/or present or subsequent Owner(s) will be construed as making the parties and/or present or subsequent Owners a partner, joint venturer, agent or principal of or with each other. 12.13. GOVERNING LAW. This Declaration will be governed and construed in accordance with the laws of the State of Idaho. 12.14. NOT A PUBLIC DEDICATION. Nothing contained in this Agreement shall be deemed to be a gift or dedication of any portion of the Development to the general public or for the general public or for any public purpose whatsoever, it being the intention of the parties that this Declaration shall be strictly limited to and for the purposes herein expressed. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this day of March, 2004. DECLARANT: BAGLEY ENTERPRISES dba TETON PROPERTIES an Idaho partnership CC &R's -Teton Professional Park -14- : LM STATE OF IDAHO ) )ss County of Madison ) Terry Bagley - Partner John Bagley - Partner On this day of 2004, before me, the undersigned, personally appeared Terry Bagley and John Bagley, known or identified to me to be the partners of Bagley Enterprises, dba Teton Properties, and acknowledged to me that they executed the same. IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year in this certificate written. CC&R's -Teton Professional Park -15- MAY 5 2004 �¢n BUILDING INSPECTCl T c FLOOR PL.N -H