Falcon Lakes Homes Association

Key facts from Falcon Lakes Homes Association's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homes Association (HOA) for single-family residential subdivision (Article I definitions)

Units / lots

138 residential lots (1-40, 41-98, 99-138) (Original Declaration and Third and Fourt)

Assessments & dues

Board sets assessment; can increase up to 10% per year without vote (for 2002-2006 and after 2006). Members may vote for any increase. Board must set rate sufficient to perform duties. (Article IV, Section 2 of Homes Associati)

Special assessments

Board may levy special assessments: (a) for correcting breaches by an Owner, (b) for overall shortfall in funds to perform duties. Equal per lot for (b). (Article V of Homes Association Declarati)

Collections & liens

Assessment becomes a lien automatically when due; may be foreclosed. Lien subordinate to first mortgage. (Article VI, Sections 1, 2, 4 of Homes As)

Reserves & fees

$100 fee for filing certificate of nonpayment; interest at 10% per annum on delinquent assessments. (Article VI, Sections 2 and 3 of Homes As)

Pets

Yes, dogs, cats, and other common household pets; not for commercial purposes and not a nuisance. (Article X of Declaration of Restrictions)

Leasing & rentals

Rental property not permitted unless authorized by Developer. (Article II of Declaration of Restriction)

Architectural approval

Yes, for all construction, exterior changes, Exterior Structures. Approving Party is Developer (before Certificate) or Homes Association (after). Architectural Committee for Exterior Structures. (Article V and Article VIII of Declaratio)

Home business

Permitted only as an office area in residence in accordance with City ordinances. (Article IX, Section 1 of Declaration of )

Setbacks / home size

Building setback lines as shown on recorded plat. Golf course lots have 35-foot rear yard setback measured parallel to rear property line. (Article VI of Declaration of Restriction)

Use restrictions

Yes, single-family private residential purposes only. (Article II of Declaration of Restriction)

Voting & meetings

Before Turnover Date: Class A (Developer) holds all voting rights except on annual assessment increases (Class B members vote). After Turnover Date: one class, one vote per lot. (Article II of Homes Association Declarat)

Amendments

By 2/3 of Owners and Developer (if before Certificate). Developer may unilaterally amend if required by VA/FHA or City. Also Developer may add property. (Article IX and Article X of Homes Associ)

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