Innovate Condominium Owners Association

Key facts from Innovate Condominium Owners Association's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title; passim)

Units / lots

initially 6; maximum 50 (Introductory paragraph: 'initially compo)

Governing law

Oregon Condominium Act (ORS 100.005 to 100.990) (Section 1.1.1; introductory text)

Assessments & dues

not fixed; allocated in proportion to Owner's interest in Common Elements; assessments commence upon closing of first sale (or later at Declarant's option) (Sections 7.1.1 and 7.1.2)

Special assessments

Authorized (e.g., capital expenditures >20% of annual budget is Extraordinary Action requiring owner vote); no specific limit for routine (Section 1.1.15 (vii) defines Extraordina)

Collections & liens

Association has lien on Unit for unpaid assessments; may foreclose; sub to first mortgages except as per ORS 100.450(7); can obtain money judgment without foreclosing lien (Sections 7.3, 7.4, 7.5.1)

Reserves & fees

Reserve assessments required; commence upon first sale; Declarant may defer on Declarant-owned units; separate delinquent assessment deposit may be required (Sections 7.1.2, 7.7)

Leasing & rentals

Implied yes with restrictions in Bylaws; declaration states no restrictions on alienation except as set forth in Section 13 and Bylaws Section 7.1 (Section 13)

Maintenance

Association (exterior roofs are Common Elements per Section 5.2) (Section 5.2 (roofs listed as General Com)

Insurance

Association maintains insurance for Common Elements and Units (to extent of policy) (Section 21.1)

Use restrictions

Units shall be used and occupied for residential use (Section 9)

Voting & meetings

One vote per Unit (Section 8); during declarant control period, Declarant has 3 votes per Unit owned (Section 20.2) (Sections 8 and 20.2)

Amendments

Proposed by majority of Board or 30% of Owners; approved by 75% of eligible votes (or higher for Material Amendment: 50% exclusive of Declarant); also requires Declarant approval while special rights exist (14.6.4); Mortgagee approval may b (Sections 24.1, 24.2, and 14.6.4)

Amenities

Community center and pool owned/operated by Roshak Ridge Community Center Association; owners also members of Master Association (Section 14.7.5)

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