Park Place Circle Homeowners

Key facts from Park Place Circle Homeowners's documents

Community type

Covenant / Planned Community

Legal name

Park Place Circle Homeowners' Association

Units / lots

19 (Lots 1 through 19 inclusive) plus Outlot A (common area) (Preamble and Section 1.22)

Developer / declarant

Parkway Bank and Trust Company, as Trustee under Trust Agreement dated July 30, 1987 and known as Trust No. 8434 (Preamble and Section 1.6)

Assessments & dues

Not fixed; determined annually by Board based on Estimated Cash Requirement (Section 6.3)

Special assessments

Board may levy special assessment if Contingency and Replacement Reserve inadequate; effective 10 days after written notice; reserve expenditures over $5,000 require 2/3 vote of Members (Sections 6.4(a) and (b))

Collections & liens

Unpaid assessments become a lien on the Lot; may be foreclosed in action; subordinate to prior mortgages (Sections 6.9 and 6.10)

Reserves & fees

Contingency and Replacement Reserve built up and maintained by Board (Section 6.4)

Parking & vehicles

Trucks, boats, recreational vehicles, trailers and other vehicles (other than automobiles) must be parked in the garage (Section 3.5)

Architectural approval

Prior written approval from Board required for any Improvement, except those built by Developer (Section 4.1)

Use restrictions

All Lots shall be used only for Single-Family Dwellings (Section 3.1)

Voting & meetings

Each Member (Owner of a Lot) entitled to one vote per Lot owned; if co-owners, only one vote per Lot (Section 5.4(b))

Amendments

After Turnover Date: by consent of at least 2/3 of Members and Developer. Prior to Turnover Date: by Developer alone. Any amendment affecting Village rights requires Village written consent. Written instrument, recorded. (Section 10.3)

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