Legend at Stonewater Condominiums Owners' Association

Key facts from Legend at Stonewater Condominiums Owners' Association's documents

Community type

Condominium (Document title and Section 2)

Legal name

Legend at Stonewater Condominiums Owners' Association (First page of Statement of Association I)

Developer / declarant

Legend Homes Corporation, an Oregon corporation (First paragraph of Declaration)

Governing law

Oregon Condominium Act (ORS 100.005 to 100.990) (Section 1.1.1)

Assessments & dues

Allocated in proportion to each Owner's interest in Common Elements (equal shares as set forth on Exhibit B) (Section 7.1.1, 7.1.2)

Collections & liens

Association has a lien on each Unit for unpaid assessments; may foreclose; can purchase Unit at foreclosure sale; receiver may be appointed; acceleration allowed after 60 days delinquency (Sections 7.3, 7.4, 7.6)

Reserves & fees

Assessments for reserves required from closing of first sale (Section 5.2 of Bylaws referenced); fidelity bond must cover reserve assessments (Sections 7.1.3, 23)

Leasing & rentals

Yes, with restrictions set forth in Section 7.1 of Bylaws; sale/transfer notice to Board required at least two weeks before closing (Section 12: 'certain restrictions on lea)

Architectural approval

Alterations subject to Board inspection and Declarant review per Section 14.6.5; no explicit ARC process in Declaration (Section 14.6.5: 'Declarant shall have th)

Maintenance

Association responsible for Common Elements; each Owner responsible for their Unit (including repairs within 12 months after casualty); Owner pays for damage caused by their neglect to Common Elements or other Units (Sections 21.1, 21.2)

Use restrictions

Units intended for residential use in accordance with Bylaws (Section 9: 'The Units are intended for r)

Voting & meetings

One vote per Unit; Declarant has 5 votes per Unit owned during administrative control period (Sections 8 and 20.2)

Amendments

Approved by 75% of voting power; Declarant consent required for 10 years after Turnover Meeting or as long as Declarant owns a Unit; mortgagee approval (51%) for material amendments (Section 24.1, 24.2)

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