Islander Village Homeowners Association

Key facts from Islander Village Homeowners Association's documents

Community type

HOA (Article 2.7 'Association' as Islander Vi)

Assessments & dues

Board fixes and collects assessments based on an annual budget prepared at least 45 days before the fiscal year (Article 6.2, 6.3). Fiscal year is calendar year. (Articles 6.2, 6.3)

Special assessments

May be levied with approval of majority of Members voting at a meeting with quorum (Article 6.2B). Written notice must specify purpose. Excess funds become Common Surplus. If Declarant owns at least two Parcels, Declarant's prior written ap (Article 6.2B)

Collections & liens

Assessment liens superior to all except tax liens and first mortgage liens (Article 6.5). Association may record lien and foreclose; 30-day notice required before filing foreclosure action (Article 7.2A-E). (Articles 6.5, 7.2A-E)

Reserves & fees

Annual budget must include reserves for capital expenditures and deferred maintenance (Article 5.7A). May be waived by majority vote of Members. A general operating reserve may also be established, not to exceed 10% of current annual assess (Articles 5.7A, 5.7B)

Leasing & rentals

Yes, but only as permitted by Section 12.05(e) of the Ground Lease Agreement. Rental agreement must include a specific warning about personal property (Article 3.14). Unauthorized offer to rent triggers right of first refusal. (Article 3.14)

Architectural approval

Committee shall have 30 days after delivery of all required materials to approve or reject. If not approved within 30 days, plans are deemed approved (Article 8.2A). (Article 8.2A)

Voting & meetings

Each Parcel is entitled to one vote (Article 4.5). Declarant has special voting rights and may elect majority of Board until turnover (Article 4.3, 4.5). (Articles 4.3, 4.5)

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