Sterling Lakes

Key facts from Sterling Lakes's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners' Association (Sterling Lakes Homeowners’ Association, Inc.) (Section 1.7)

Developer / declarant

ASW Development Group, LLC, an Alabama corporation (Section 1.13)

Assessments & dues

Fixed at a uniform rate for all Lots by the Board of Directors at least 30 days in advance of each annual period; written notice to every Owner with due date at least 30 days from notice (Section 6.7)

Special assessments

May be levied for capital improvements with approval of 51% of Owners voting in person or by proxy at a meeting called for that purpose, and also Developer's approval if Developer still owns any Lot (Section 6.5, 6.6)

Collections & liens

Yes: unpaid assessments (Annual, Special, Individual) plus interest, late charges, costs, and attorneys' fees constitute a continuing lien on the Lot; may be foreclosed like a mortgage in Alabama; lien subordinate to first mortgage; sale or (Sections 6.1, 6.9, 6.10)

Reserves & fees

Association may establish reserves for payment of Common Expenses in the future (Section 7.2)

Home business

Home offices may be approved by ARC subject to restrictions; all other business prohibited (Section 5.1)

Signs & flags

Signs require ARC approval (Section 4.2)

Use restrictions

Yes, Property used for residential purposes only; no trade or business except home offices approved by ARC (Section 5.1)

Voting & meetings

Each Owner is a Member and may vote in person or by proxy; approval of special assessments requires 51% of voting Owners; amendments require 2/3 of all Lots (Sections 1.18, 6.5, 10.1)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.