Falcon Run Condo

Key facts from Falcon Run Condo's documents

Community type

Condominium

Legal name

Association of Unit Owners of Falcon Run Condominium

Developer / declarant

Wayne V. Roberts and Sherl G. Roberts, trustees of the Wayne V. Roberts and Sherl Roberts Revocable Living Trust

Governing law

Oregon Condominium Act (ORS 100.005 et seq.) (CCR 1.1, 1.7)

Assessments & dues

Common expenses assessed according to undivided interest in common elements (25% per unit); additional amounts may be assessed individually for fault-related expenses (CCR 7)

Special assessments

Allowed; Board may set assessments for operation, maintenance, repair, replacement; special assessments for capital improvements require Declarant consent until 5 years after recording or Declarant owns fewer than 2 units (CCR 14.2, Bylaws Art. VI Sec2(b))

Collections & liens

Association may foreclose on unit for unpaid assessments; Board may bid at sale for amount of lien plus costs (Bylaws Art. VI Sec2(h))

Reserves & fees

Late payment charges may be imposed; interest accrues on unpaid assessments; rate not specified (Bylaws Art. VI Sec3(d))

Leasing & rentals

Yes, owners have right to lease or rent unit, subject to covenants, restrictions, bylaws, and rules (CCR 5.3)

Signs & flags

Declarant has right to post signs on property during development/sales period; no general rule for owners (CCR 14.3)

Maintenance

Roof is part of general common elements; Association responsible (CCR 6.1(b))

Insurance

Board may obtain insurance; no specific coverage amounts stated (Bylaws Art. VI Sec2(j))

Use restrictions

Units shall be occupied and used only for residential purposes for owner, family, tenant, and social guests (CCR 5.3)

Voting & meetings

One vote per unit; co-owners may vote jointly; if disagreement, vote disregarded (CCR 10, Bylaws Art. II Sec2)

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