Wyman Village Homeowners

Key facts from Wyman Village Homeowners's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (Trust form) (Article I – Name of Trust: 'Wyman Villag)

Legal name

Wyman Village Homeowners' Trust

Developer / declarant

Fox Comm Way LLC, a Massachusetts limited liability company (First paragraph: 'made on this 14th day )

Governing law

Comprehensive Permit under M.G.L. c. 40B §§ 20-23; also references M.G.L. c. 184 §32 and M.G.L. c. 258 §5 (Recitals (Comprehensive Permit Decision))

Assessments & dues

Trustee sets annual assessments based on estimated Common Expenses for fiscal year, including reserves. Assessments made annually in advance by November 1; due January 1. If no new assessment, last prior amount continues. (Article VI §2)

Special assessments

Trustee may make supplemental/special assessments if budget insufficient during fiscal year. Payable in installments as Trustee determines. (Article VI §3)

Collections & liens

Unpaid assessment constitutes a lien on the Lot. Trustee has statutory power of sale and may foreclose like a mortgage. Requires 30 days notice to owner. Lien priority: over all except municipal liens and first mortgages of institutional le (Article VI §§4,6; §6: 'statutory power o)

Reserves & fees

Common Expenses include a reserve fund for replacements. (Article II Definitions: 'Common Expenses)

Voting & meetings

Each Lot Owner entitled to one vote. If multiple owners, they designate one to vote. (Article IV §2 and §3)

Amendments

After Transition Date, 75% affirmative vote of Lot Owners required. No amendment may abridge Town's rights. Amendments affecting maintenance obligations require majority of Selectmen and 4/5 vote of Planning Board. Must be recorded with Reg (Article X §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.