Lakes

Key facts from Lakes's documents

Reflects the 1994 governing documents — figures and rules are as originally recorded and may have changed since.

Governing law

Chapter 5311 of the Revised Code of Ohio (Condominium Act) (Title page)

Assessments & dues

Board estimates common expenses and allocates per undivided interest in Common Areas (Article XV Section 3(a))

Special assessments

Special assessments for capital improvements requiring consent of 75% voting power if cost exceeds 5% of budget; otherwise by Board (Article XV Section 3(b))

Collections & liens

Nonpayment creates an assessment lien; Association may enforce as provided (Article XV Section 5)

Reserves & fees

Association must maintain adequate reserve fund for periodic maintenance and working capital (Article IX Section 1; Article XV Section)

Pets

Yes, household domestic pets not bred commercially (Article III Section 2(l))

Leasing & rentals

Yes, but no transient/hotel use (Article III Section 2(g))

Home business

Customarily incidental uses allowed if no customers/employees/invitees come to unit (Article III Section 2(a)(i))

Maintenance

Association responsible for exterior portions including roofs (Article IX Section 1)

Insurance

Lesser of $10,000 or 1% of policy face amount (Article XI Section 1(f))

Use restrictions

Units used only as residence for individuals living together as single housekeeping unit; no rooming house, group home, etc. (Article III Section 2(a))

Voting & meetings

Each Unit owner one vote per unit owned in fee simple; can be suspended for nonpayment or violation (Article VII Section 3)

Amendments

Power to amend; method per Article XIX (details not fully legible) (Article XIX)

Amenities

Two storm water drainage lakes or ponds; no recreation facilities (Article IV Section 2)

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