Mccormick Condominium Association

Key facts from Mccormick Condominium Association's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

McCormick Condominium Association

Developer / declarant

Old Town Investors, LLC, an Oregon limited liability company (Recitals, page 1, line 1; Signature page)

Governing law

Oregon Condominium Act, ORS 100.005 et seq. (Recitals, page 1, lines 6-8; Section 1, )

Assessments & dues

Annual assessments for common expenses as provided in Bylaws; general common expenses apportioned based on percentage ownership in common elements as set forth in Exhibit B; certain services may be billed per unit (Section 10.6, page 12; Exhibit B, page 2)

Collections & liens

Lien of Association subordinate to first mortgage; foreclosure sale buyer takes free of pre-foreclosure assessment claims except pro rata reallocation (Section 12.3); Association may foreclose lien for unpaid assessments (Section 12.3, page 13; Section 18.4, pag)

Reserves & fees

Reserve items for maintenance, repair and replacement of common elements (Bylaws Section 6.1.2) (Bylaws Table of Contents, page 26: 6.1.2)

Leasing & rentals

Permitted, but no rentals for fewer than thirty (30) days (Section 12.2); Bylaws Article 7.12 (Section 12.2, page 13; Bylaws Table of C)

Architectural approval

Not explicitly stated; Board may adopt rules restricting alterations (Bylaws Section 7.2) (Bylaws Table of Contents, page 27: 7.2 R)

Home business

Home office allowed as provided in Bylaws (Section 8.1.1, page 9)

Signs & flags

Declarant may maintain reasonable number of 'For Sale' and/or 'For Rent' signs at reasonable locations (Section 17.2); mortgagee exempt from restrictions on signs for sale/rent (Section 12.2) (Section 17.2, page 18; Section 12.2, pag)

Maintenance

Association (roof is general common element) (Section 4.1.2, page 7: roof listed as ge)

Insurance

Bylaws Section 8.7 addresses insurance deductible and owner/tenant insurance (Bylaws Table of Contents, page 28: 8.7 I)

Use restrictions

Each Residential Unit shall be used for residential purposes only, except home office as provided in Bylaws (Section 8.1.1, page 9)

Voting & meetings

One vote per Residential Unit; one vote for Commercial Unit; no votes for Parking or Storage Units (Section 7, page 9)

Amendments

Amendment requires approval of Unit owners holding 75% or more voting rights (unless larger percentage required by law); until Declarant control ends, Declarant's prior written consent required; amendments affecting size, location, percenta (Section 13, page 16)

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