Lake Terrace (OR)

Key facts from Lake Terrace (OR)'s documents

Reflects the 1961 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association

Legal name

Lake Terrace Homeowners’ Association

Units / lots

19 lots (based on the 2003 meeting: 19 homeowners eligible to vote) (Second Amendment: 'Number of homeowners )

Governing law

Oregon Planned Community Act (ORS 94.550 to 94.738) (Third Amendment, inserted in front of pa)

Assessments & dues

Board adopts annual budget; dues equal total budgeted expenses divided equally among all lots (Third Amendment paragraph 10A.a: 'The Bo)

Special assessments

May be made only after Board resolution and approval of two-thirds of lot owners present at a duly convened meeting (Second Amendment paragraph 10B.b: 'Speci)

Reserves & fees

Not required; special assessment funds must be deposited in separate bank account (Second Amendment paragraph 10B.d: 'All m)

Home business

Prohibited by commercial enterprise restriction (Original Declaration paragraph 1)

Maintenance

Association responsible for maintenance of common property including lake, dam, and adjoining property; also for garbage disposal, administrative expenses, and other necessary expenses as determined by Board (Third Amendment paragraph 10A.c)

Insurance

Board shall purchase and maintain general comprehensive public liability insurance of at least $1,000,000 per occurrence (Amendment to Bylaws Article X Section 1:)

Use restrictions

All lots shall be used exclusively for residential purposes; no commercial enterprise permitted (Original Declaration paragraph 1: 'All l)

Voting & meetings

One vote per lot, regardless of number of owners; multiple owners decide among themselves; if no agreement, vote not counted (Third Amendment paragraph 2(b): 'lot own)

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