(1) What governs the Prospector Board decisions? The Prospector Owners Association operates under various laws of the State of Colorado such as the Colorado Non-Profit Organization Acts and the Colorado Condominium Laws. The elected Board has the obligations and the right to make decisions- financial or otherwise- regarding the best interest of the owners in the operations of the Prospector. We and the owners want a first-class property for our use and enjoyment.

(2) The Board must also act under the Fractional Estate Declaration of Covenants, Conditions, and Restrictions (“Declarations”). These Declarations were approved and are monitored by the City of Aspen. Owners were given a copy of these Declarations at time of purchase. Declarations can only be changed by a vote of 75 percent (in some cases 80 percent) of elgible owners (i.e., owners in good standing) and also the approval of the City of Aspen.

(3) The Board also operates in accordance with its Bylaws and Rules and Regulations. These documents can be amended by the Board or the owners, but must conform to the above laws and Declarations.

(4) Why must shoulder-week owners pay the same maintenance fees as those who own premium ski weeks? Colorado laws and Declaration state that all owners have equal shares in the property in the case of sale or dissolution, and all owners must equally share in the costs of the maintenance of the property. Remember that premium ski-week owners paid premium prices for their fractions. There are 285 fractions, so each fraction owner owns 1/285th of the Prospector.

(5) Why can't we buy or sell one-week intervals? The Declaration defines fractional ownership as three weeks in one unit. You can share ownership of a fraction, but the original deeded owner is the lawful owner of the fraction and is responsible for all maintenance fees and assessments.

(6) “Why did it take so long to resolve the owner defaults on the maintenance fees?” Colorado law requires a long period of nonpayment before foreclosure actions can be taken. In the midst of some of or earlier foreclosure and nonpayment actions, our Aspen attorney passed away and we had to start over again with new attorneys. A number of owners have simply disappeared and our efforts to track them down have not been completely successful.