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HomeMy WebLinkAboutCOVENANTS, CONDITIONS AND RESTRICTIONS - Teton Professional Park - Trejo StDeclaration Of Covenants, Conditions, and Restrictions For 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. I.S. 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 -Z- xjud lumissadoid uoia i, - s'-dwDD suosiod aioui so auo iaglagm `iaumo piooai aql of iadai Ilrgs «iaumo« ogupl `,�luno:) uosippw jo aot_go s,iopiooa-d agido spi000i aqi ui paloaljai si ipgl loofoid aql ut lorI u ui isaialut digsiaumo up splog oqm Xiiiuo io (s)uos.iod xuu suuatu ,,.iaumo J07„ .io ,,-'3uA'O,, 67 -gdrigund iiuipooaid flaiptpauiuit aql ui paugop si oSvRjjoW sp `o espoW Sup sapun ioltpon io `fupiogauaq isrul `aagp&pouf se pauipu `gons do isaialut agl of ioss000ns Xur io `smel alpis so 1piapad sapun poningo Xitluo ioglo ro `Xupduioo a0pg1rotu pogsilquiso `uolmoossp uvol pup sgutABs `:Iuuq `uosiad yup supaui GGa;AU21.10w„ -S-Z -- - -- -_- ---- - ----p_anqumoua_stdoaiatjj :pEdsaglo Xup jo Itun �_q ignn Iq �uaurM sut ,ilrinoos raglo ,Lup io `istul do poop a0piivow Xur surow GGaliu-410 0l , 'L'Z - .lo,d oql uodn apptu sluauianoiduii iaglo io sguipltnq opnloui hugs lo'I `alquotlddu si ixaluoo aql wogm •loafoid agido s.iaspuuwdo pieog aql Ilpdo luosuoo inoglim slot nIlms olui pouoilillvd `lilds aq llpgs lorI oN -ua rV uouituoD oql do iced p lou si gotgm pup `satliadoid oql do XoAinS do spiooag io sipld uotsiAipgns papiooai oql uodn umogs pup polpoipui `poquosop satippunoq aql glinn `jJpd leuoissadoid U0101 jo gonoigl I slot suratu GGIO l,9 '97 ,�iradoid do 1pluoi io Ruispol agl iod luatuaaift, yup supatu G,asuaq, 'S -Z .loll all uo uail u aq Ilpgs sluauissam, ptudun •sivauissossp ptpdun loalloo of Xjiloginp aql anpq Ilegs pipog aqs -loafoid oql uTqTi /A sOuipltnq llp do uotlaldtuoo uodn asuadxg uowwoD do uotlulnoluo sod sagpluaoiad 1pug oql sloagaidoaiaq laud u oppui pup olaiaq pagorup «g„ itgtgxg lunouip ipgl .sod Suilltq ogido idtaoai uodn oRmgo paidtpoui agl dud of paloodxg si iaumo gopg -sasuodxg uounuoD do uoiltogtpoui luullnsai oql pup a0uluaoiad ui aOupgo agl do iaumo Bora of ootlou anrS hugs pipog ags palalduioo si Rutpllnq p auiil gouo afuugo Ilim a&eluaoiad sal `loafoid aql do uotlaldtuoodo ainipu antssaiSoid aql of anCl wafoid aql uigltm oopds Ouiplrnq palalduioo 1plol agl do dtgsioumo do 35pluaoiad s,.ioumo goea uo pasrq aq Ilpgs iaumo goea of soRipgo asuadxg uounuoD -siaumo lo'I agido igouaq pup poog uouiuioo agi sod pup loofoid ogido itpdw .io/pue `aouuualuietu `Oreo aql .sod sluauissom, so sogmgo Ilp `oi paltuiil oq lou ing apnlout Xllpoidioads hugs sasuadxa uouiuio:) -s.ioloaiiQdo pipog aql Xq olut paialuo _io/pup opuui Xllndmpl sluaui3w e pup suoilputuiialap iaglo gons of lupnsind pup `idopp atutl of atuil uloid tutu sioloaiiQdo prpog oql sp loafoid Oql of Futumliod suotlplti2ai pup solni gons io `uoilpirloaCl sigl `loy Oql of lurnsind sioumo Oqi isutu.9p passassp slunotup ,�uu surow 6,asuadxa uouiuio3„ •t,°Z 'luld oqi uo polpu-Stsap pup srarV uouituoD leiauaO oq hugs suarV uounuoD *swigs otlgnd Ouipnloxa pup slot Ilp Outidaoxo loafoid airluo oql supaui ,Gua iV uotumo3„ '£'Z -loafoid agl aspuptu hugs pup `-ouI uotlutoossV siaumo 31ipd luuotssadoid uolaZ agido sioloartQdo piuog oql oq "qs GGp.it;oS,9 .io GGs.iolaaaigdo p.iuog„ 'Z -Z -suSrssp pup sioss000ns 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. 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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.i. 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: 7.3.2.1. 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 CONDI'T'ION. 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- -g- zed TeuotssaPzd u0131 - S,-dWDD POIB001aP STI ro ODIIMtuzoD aujdo 1pnoiddu auj of Toofgns oq Ipm pup aout'utpio Ipool olquoilddp Xupdo suotsinoid oqT of uuoduoo Iiim }ooford aul urgltm suds IIS' 'SNOIS ,Too foil aul ui saouds Supped pansasa.z ou aq H! m maul, -slo-I aujdo Tuauzxofua au, tod saIlMopd pup sooinrasdo i?utusuund auk `•a -i `popualui oiu Kauj uonlm sod sasodrnd auk tod fpzo pasn aq llt'us sparV uowwoj au,L -suoxV UOWW03 au, ,fofuo puu asn of lu.9u anisnloxo-uou oill ant'u IMS raum0 uopa `piroog oqi Xq q:pod jos suoilt'ln$ar pup salru Xuu pup `smulXq oill `uoilpiuloaQ sulj ui poun uoo suoijum aul ol loafgnS 'SVaNV NOIAIW00 '£I'L -sluauuost'a Pres aul utultm powool aq Ilpus Ouippnq oN -uiarau pogirosop su ro iuld papiooal auj uo umous su panraso.t a Ip asputt'.tp pup samliindo aouuuaTuipuz pup uoilpHVISui auk .zod sluauzasua 'SZN51W51SVH 'ZI'L *aspal aui rapun ilnudap u ajn}tjsuoo llpus suoijulniioi pup solru auldo ro suoiiipuoo puu sJupuanoo osauido uouaiq ,fu -V •pruog auj Aq opuuz suogulaoi pup solns Xuu pup uoijusulo30 sulTdo suotTiPuoo puu sjuuuanoa auj 01 joafgns aq Iiuus aspol eons Mut' `.tau:pn3 -.iraX (1) ouo uuui jo:pous ioudo uttai u sod aq Ileus `ranamoq `asual eons XuV -jo'I auj uTq im saouds auj aspol ol ju5ir ainlosqu ant'u Ileus siori omloodsa.i aujdo snum0 auL °S,LO'I 30 ONISV:I-1 °II°L -uotjorujsuoo zod ss000p pup `su2is do Kuldsip aul `loofo td otlj do .Wutmogs pup °aogdo sales t' do oouuua}uipuz aui `oi paiuuil jou inq guipnloui `plus pup uoijaldmoo eons olujuiopd ,fvw sr spunorR pup sio-I plosun aul do asn eons a3Ipuz Xpuz jupit'looCl au.L .slo-I auk do alt's auj ultm arad.talut lou Ileus uoguioossV auj pup sraumO aul `Pafo.td aul ut slo-I Iiu Pios pup pajaldwoo spu lupiuloaQ aua Mull '134['OZid WH,L 30 ASA S,,LNVHV IO:IQ °Oi'L sraum0 SutloalSou ro Sugjpd auldo asuadxa auj It, put,`sioumO guuuuldutoo auj of X}iligpil ro XitigTs-laum t Tnoujim 91 Put' 'L'L `9*L 'S'L sudvjRusuddo u011t'l01n AUR Xpauza.t oi olmdorddp swoop 11 suoilop Xuu a3lul of `sai:pado id eons ui snum0 iagTo Xuu do jsanbai auj Tv puu u0113rosip SIT Tu pozuoq np oq Ileus puu ramod auj anuu Ilpgs pruog au.L °jlm3m:l3Ho4Na CIHVOg 6'L -usiggtu ql m uma-ils io spaam u}im umo.19iano oq of palluzuad so `31PIS anijouinrun ro OwsuoldsiP `,�ITuSisun up olui Ilpd of pad nwod so paloolSou oq llt'usdooiaul suotltod ro pare uotuwoo io lo -I oN °5[DNVHV:IddV 'S°L �raum0 �o'I �utpuaddo au�do �soo au} Jt' uoisinord sulk aotodua o� ��uoulnp auk anpq Ileus prpog au,L -iliom Iruiiuo auj of Iunba puri pup ilunb do aq Ileus Ouiiuiud pup Ruiluj000poi `sjiPdar eons Ilp pup saaltnut ro/put' `slsoa `soaAoldura `STUOR, `sluatlo srq `joum0 eons do uotJoput Jo uotIau ssalait'a so juaj?ilj?au `ajpiagilap aul Xq posnpo looford OqT of s3&wvp io lonfut IIu ripda.t Ileus raumO -10-1 siudo aouprPOMP pooF auz uipjuipuz of XjPss000u oq ouitj Xuu lu XLw uol" But}ured pup Builtnooapar Up op Ileus pup `uotltpuoo kmiTut's pup upalo p ui puu nudes pup `uoiltpuoa `rapio pooh ui io7 sup daa�l llt'us `asuadxa suI It' `raumO uopa 'HIvdau QNv N VIKIVTV 01 NOIZVOI'IgO S,U:INAA O 'L'L 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- -of- )ijud fuuotssajoid u013,1 - s'-dwjD 'sIaum® isutEft, siqi?u uorlE5oigns Xuop llEgs satogod so Xotlod p!vS 'alenbapuutdt popuawt, pine p-mog oql Aq AIlunuur IsEal it, pomolAw aq ilEgs a9E.1aAo3 pine sjturtl qons 'aoua.r.rn000 govo .rod aguturp dlzadoid -iod 00-000`0SZ$ uEgj ssol aq IOU IIEgs pine `,irnfui Xlrpoq sod 000`00£/000`OOI$ uEgj ssal aq juaAa ou ui llegs omainsur qons .rapun XItltquIl3o situzrl 'auoXuE �q suarV uouzuzoo io sjtull do asn 0urpnlout `joofoad aq}do uoillod XuEdo oouuuom ur io asn `dtgsiaumo agl uzord 0m re Al.pqE?I ,iuE jsureRe s.zaum® aqi pine pmog aqj i?urrnsui sarorlod io AoTlod V °Z °i°6 -'qTj ma.ragi poivioossE io juuuapnddu slsojo ut IIE pine puE put, sEarV uourruoD ogldo isoo ju3moouldw alquinsur Ilud oql sod sTuauusiopuo aj?u.ranoo popuaixo qum aoutunsui a.rrd sod aSMOAoo RuiplAold ,�oilod odXj pjad-ill ur V °I°I°6 a9uianoo oouujnsur.9uimollod aqI utEJurEuz puE oinoos luuz piEog aqi • OV -d, ®3 °1°6 :13NV2IIISWf °6 'p.rooa.rdo poould uaaq suq omog!:poo qons pine uotjujEloaQ stgl iapun algestojaxo Xljodosd sr pup poziloglnu uaaq sEq Xau.ro}Tu do iomod gons do asn lugs Built irao amoij!wo E painoaxa aAEq uotlutoossV oql jo samod iluiloA agTdo a.rouz Jo (Sp-TE/Z) spsrql-oma 0utluosaidar snum® Itjun iogT1nj puE os op 11 i?utAEgdo .roAEd ur saJoA uotJEtoossV oq}do iomod SUTIOA aq}do asouz so (spi£/Z) spirgl-oml plun Xauloprjo iomod sulk. osto.zaxo IOU IIEgs p.zEog aqj `.ranamoq luauzlutoddu qons ainjtasuoo Ilugs joum® XuE uaord ro �uE�Eloaa aqI wog poop Edo aaiuuiR Kuu Xq aouuld000V 'pa�oJTsap .ro paRuuzEp sr IT Toafo.rd oqj gltm Suiluop do asodind aql rod lopj ut Xamollu mogl su piEog oql jutoddu pine alnjtlsuoo XlquoOAOI I siaum® agjdo Iry °1.DV3 All AaNHOJL.LV `sHO,L3 Q gO aIVOg °S°8 'mul qjtm aouupi000u ui paprntp spaaooid oqj pine lo -1 E su plos oq II'egs jo'l oqj `Ximbo ui .ro mul ju }stxo uotjiliud qons .rod spunos2 dt }nq `uraiagl isajoTut up Sumuq suos-rad uootAlaq sE pouoijil-md oq fou IIEgs lo -1 V °AIOIIU-dVd ON °t,°s 'TuauralTIas so p_remr qons fuu do spaaooid oqj do Trull qons of uorinqulsip oqj of loodsal gjrm saploq aguRpow gons fano i�juoud ol XljLd jogjo XuE io 10Z E do .raum® uE 0111 ua llEgs ura raq Futg1ou puE aorJou uaTIum uan10 oq hugs a..9uiliow XuE do saploq o0rol rout oqj uagj `X}uoq}ne up Xq poitnboE oq of jg9nos osmuoqio sr io `umuzop woutu o Xq .ro uoTTeUwopuoD Xgdoaragl uotl.rod XuE io j07 Edo BuT31Ejdo Juana aqj uI 'NOIjVAJ V:jQAIOD °£°8 'piEog aqj Xq oorlou uoj um ,�q poUllou oq IIEgs po oogt, os Iruflkuu uo oSvFjjouz Isird Edo saploq IEuoiTnTT sut XuV '}Irngai so pa-itudoi aq OT Ioafo.rd agTdo sTrud asogj ui dtgsraumodo a0Eluaond vagi of uotlula.i ui Tsoo qons oj ajnqujuoo hugs sioump oqj `paprnord majoq sE smilod ameinsur s,uor�EtoossV ogido spaaooid aqj uro.g portlEas junowp oql paaoxa fre s �utro�sai so `.9utppnga.r `Burnudoi gons do Tsoo oqj Tuana aqj ul 'a&uuzEp jo uoiToruTsop oq} o} ioud XIaTEipour m 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 Parr 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- -EI- 3IJLd TuuOissajord uOIOL - s'-dTDD X111ua 10 uoslod agldo 3ougjo oql Xq luatmoop ioglo do ooilou oql jo Idlaow lumon do alnp oql (11) `ni.inoo ogldo sp.iooai oql Xgdo ldiomi minla.i aq1 izo umogs sn uolloas sugl of luensind patdioads ssolppu aqi of luatunoop iaglo io aoil.ou ogldo k,angapdo alep oql (r) :ijulmollod agldo Xun do iai1luo aql unaul Iings ,jdi0oaj,, wiol aql `uoll-erelOaO slgido sosodind oql .rod Xluoglne Suixel oql Xq paianllOp on, sluatualels xul kvadoid gonlm 01 ssaIppn aql 01 MATS aq Xuw uoilnreloa0 srgl .iapun aoilou Xup `sasodind `ooilou sod ssa.ippn s,-jaumO undo 001101114ons do aouasgn 0141 uI of pa.Iangap f,Iivuosiad aq pinogs luv iuloaO of Saollou `uoilo3s sell oI Iu�ns ind aOilou iod ssaxppn .iagloun SOJEURusap IuPlnloaQ ssalun -s loumO JOglo 0141 of omiou uallum Xq ooulou iod ssajppu sli do Baum® .I3glO gOU3 01 30110113n1S ljUgS iaumO gopg •XIIEUOSjod io `'PJ003J uallum E suilna3o 30 .5uilluusur it do olqpdno oomop suollnommmoo0131 ioglo io alluulsopj Xq `pruda.id 3S.IegO X.langap .io 35ulsod `(ssa_idxg Inlopoi ste gons) oolnsas fJanilop ssasdxo pagsllquiso iaglo -io 11m ssa.idxa soluIS pallufj ,�q `polsonboi ldlao0.i uimoi g11m p!uda.id o elsod `I1vyiI -S Yi Paials'Sa.i .io pogil oo Xq paianliap pup Sum-im u1 aq llvgs uoilereloaQ sugi .iapun uan10 SOOIJON 'Sa[3110N -01'ZI �anoq>? gljod las s.iollm aq of loodsa.i glum Wullsixo .io opnui �Isnolnaid slumoo-inn It,-io pun I'QAO m Ife soorldoi pup sapaaxadns uollu_reloa0 STU `JLNH :IRH-9V IWINg '67I -(Xllouduo gons ui Suiloe oligm) soaXoldtua -io s.ioloviluoo `slu0Sn sli so `uosiod paidluivapui agldo lonpuoOsluu Inuolluolul so ootloRilgau Ogl,iq pasnuo a.in �oqj lugl lualxa 014101 suulnlo apnlOxa lonpuoosluu so aouaOulSou lua.imouoo do Juana aql UT IIVgS (TTT) pun (p) sosnnlo ui pogl-iosop s.iollnui .iod ssaliu.iEq ploq put, Jdiutuopul `puadap of uollpii1go aq1 papinoid `numO Sulopul gons Xq pozyoglnv so powjod.Iad soTpAiTon uoul0fulsuoo �uujo oounullod.iad oql uuo.ud sllnsas .Io sosue (n1) io `.IaumO Ogldo s.iolotjiuoo Iuapuadopui pine s1uaRe `sanilEluosaidoi `sooXoldwo oql so .IaumO agldo 3Oua.9liwau ssoi5 so slOu Iuuoqualul aql glum uouloauuoo ui jo ino Sam (TT) so `ioumO aq1 Xq uo11L-I 1100a slgldo suolsiAOid pine suoiloulsa.z suual aql glTm Xlduuoo Io tuoduad o1 a1nlTnd aq1 gllm uollOauuOO ul lodo Ino sasue (1) :TLgl (saad s,,�ausolly olgEuosna.i pup `sISoo uoilndsill, iaglo pie slsoo fUanoosip Sulpnloul) asuadxa so XITITgeil `ssol `tuulo Niue wog ssoluuiuq sloumO .Iag10 aql Ploq Put, ?dnzuiapul `puadap IIEgs JoumO goua 'AlIh Nacim '8'ZI -mnl ,�q popino id stuns .Iaglo Iln 01 IEuolllppn ul `mamas sod uollilod Xun uo pun uogor so gons do luoddt, uo `Iulil In pine .iod uoilereda.id ui saad ,sX@tuollt, sn pine (sIsOO fUOAOOSIp Ouipnloul) uollEOulll do sisoo sE algnuosn0j oWpnfpn �uw :pnoo aqi sn tuns gons Xllnd .Iaglo aql WOJJ Janooa.i of palllluo 3q Fqs aired 5ullunnajd aqi `uoilnreloaQ s1141do suual a14Jdo dun aouodua io laidnjul of palnlilsul si uoum, so fins Juana aql III -S:13J SAH"01,1V 'L'ZI ,uinuuu sad %8I do olvi oql It, aiuoop of lsaialul gllm `dlegoq s,saumO uo plvd lunouin 1111 uollnuoossv of ossnqunoi lings ioumO pins -.13UMO pines do dlagaq uo Il BEd �nui uouleloossV agl Tuauuss@ssL Aun Xnd o Ilnd iaumO yup pino14S -uoa.iogl p310luISU00 sluauuanoiduuu 3ql pun lo"I s,.ioumO gons uo possossn sluatussossn put soxni ,�liado.Id 11n Iuanbullop a.Iodaq rind Hugs laumO gouH -ioumO ,iuu Kq Ouloupuid oinlnd fur of .Ioi.Iadul palapua u .uo poieulp.Iogns oq jou Ilam uollninlooa sr -s.iolon.iluoogns so sioloniluoo `siva�n `slunuai 'tiI- 31itd Tuuorssajoid uoaaZ - s'2Iv:):) diquaupud oqupl uu S3Uff:jdOHd mOI3:1 uqp S�SI2I�I2I�LAI� A�'IO�S •J700Z `g3MW do ftp su 1 uo TuauroaAV srgj painoaxa anuq olonq sailiEd @ill IgOaRNHAA, SSaNLIM Nq •passa.Idxa umnq sasodmd agj sod put off. poinuil Xilop}s oq hurls uotlaitloaQ stgl Tugl SOTI-Iud agldo uoqualul oql Suraq jI `.Ianaosjtgm osod-ind ollgnd but sod jo orlgnd Itiauag age. sod to oilgnd Itiauag aqj of juauzdolaeaQ aqj do uolpod ,�uu do uor�torpap io IjIB u aq of powaap aq Iltgs 1uau.Iaas'3V SIM ur pauruiuoo OUTTON •NOLLVDIQaQ DI'ISIld V JLOK '17I'ZI •ogtpldo altTS ogldo smtl oql gjIm ooutpl000u uI panJIsuoo put pau.Ianoii oq Ipm uolmloa(I srq j °MV j f)MN IAAOO °£I'ZI rag�o goua gilm so do Iudiouud .Io juailu `jaln;uan 11110� `.Iaulitd t snum® auonbosgns zo wasaid io/puu saiwd oqj.Supluur su paruisuoo oq IIIm (s).ioum® juanbosgns .Io luosoid .Io/put soilmd agldo sai intjot so jonpuoo (Tuonbosgns .Io) snornaid so uotTtltloaQ sillldo uoYsinoid oN `2IMAWIDSKI !&tHS2I:INJLHVa ON 'ZI'ZI .010.I311 „V„ irgnlxg uI paquosop Xljz)doid ogldo lrdauoq age sod XIssaidxa sI uoritltloaQ sr of juunsmd paluuiS lggrx gong •aluudosddt io Kruss000u oq 01 aunu.I313p Xtuz suSIsst so sioss000ns s}I -io jaumQ aqj su suor}oulsw put suolIulnSw `salru gons `sugissu so sioss000ns su .Io num® oql Xq `uol;torldwi Xq .Io �Issa.idxo . oym `osndo sjgSu palut g Suraq suosiod .Iag10 so slutua} umo s,ugissu so s,.ioss000ns .ro s,jaum® gons uo fursodim urog uSIssu .Io joss000ns ST, so Baum® Xut juanasd dugs uotlunloaQ sigl ui ifunljoN suosiad gons uo sugrssu .ro s.Ioss000ns .Ilay puu snump gons Xq po-uo uoo Xpiorldxa osrmiaglo swpowoj put sigiiu osoqi of put suos.iod ioglo .Io sluuua} gons gjrm antq Xuuz susi_ssu .Io sioss000ns .Iraqi so snum® aqJ sJuauz00.15t saglo so sjuamafi?u asual aqj ur paurtluoo osogj of paInurl axe suosiod -ioglo put sTutual do satpauza I put sjg0p aqj uoilt IuloaQ sigl do uosuas ,�q .ro lapun soipauraz so jgop Xut `suSIssu so sioss000ns -nagj so siaum® oqj uugl .Iaglo `uossad Xuu uodn .iaduoo lltgs `paildwi ro ssaldxa `uoijululoaQ silly ut RuigjoN 'NOI,IVnV-I35tQ AO JL3aA3H 'II°ZI -, md Suipuos oql Xq XIanilap-uoudo aolIou 10 Itsnda.rdo ootlou do idraoa.ido alup aqj (0) so `Idiaow usnjai agl uo 31iuurls0d agldo alup oql (g) `fIanrlap Idaoot ol Itsndas .io X-Ianllap palduzaut 0141 do 31up aqT (V) do rommo aqj `juarunoop saglo so aotIou age ianilap oi Xliligtul so foomlop Id000t of Itsndaido osuo oql uI (i11) so uolloaS srgj of Jutns.rnd polpoods Terry Bagley - Partner John Bagley - Partner STATE OF IDAHO ) )ss County of Madison ) 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-