Irons Lane Property Owners Association

Key facts from Irons Lane Property Owners Association's documents

Community type

residential subdivision (Title: "SUBDIVISION KNOWN AS IRON'S LANE)

Legal name

Iron's Lane Property Owners Association, Inc.

Developer / declarant

William R. Murray

Governing law

General Corporation Laws of the State of Delaware (Paragraph 11.A: "a nonprofit corporation)

Assessments & dues

Annual and special assessments set by Board of Directors after consideration of current maintenance needs and future needs (Paragraph 11.D(c): "the amount of said c)

Special assessments

Permitted: "special assessment charge per single family residential lot" (Paragraph 11.D(c))

Collections & liens

Assessments are a continuing lien on the lot, subordinate to any first mortgage; foreclosure of first mortgage extinguishes prior liens; personal obligation of owner at time due does not pass to successor unless expressly assumed (Paragraph 11.E(a) and (b))

Voting & meetings

One vote per lot; when multiple owners, one vote collectively as they determine; mortgage holders not members unless they succeed to ownership (Paragraph 11.A: "Every lot owner shall b)

Amendments

Amendment requires written consent of lot owners as required by paragraph 2 of the original restrictive covenants; this document is such consent (Preamble: "THIS IS A CONSENT, as require)

Amenities

Street and beach path are common areas to be maintained by the Association (Paragraph 11.D(a): "manage and maintain )

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