506 & 508 Thrasher Lane Condominiums

Key facts from 506 & 508 Thrasher Lane Condominiums's documents

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

Community type

Condominium (Title, Recitals)

Legal name

506 & 508 Thrasher Condominium Association, Inc. (Article I, definition (b))

Developer / declarant

2021'TX-01, LLC (Page 1 (both declarations))

Governing law

Texas Uniform Condominium Act (TUCA), Chapter 82 of the Texas Property Code (Recitals, paragraph 5)

Assessments & dues

Not set in document; determined by Board based on budget established annually (Section 5.3)

Special assessments

Allowed for capital improvements, emergency repairs, and to reimburse Association for compliance with governing instruments. Requires majority vote of owners (special meeting) or Board approval with limits. (Sections 5.5(b), 5.6)

Collections & liens

Association has contractual lien on unit for unpaid assessments, superior to all other liens except tax liens and first purchase-money mortgages. May foreclose by judicial or non-judicial sale. Owner liable for costs and attorney's fees. (Section 5.9)

Reserves & fees

Common Expenses include reserves for replacement. Mentioned in Section 1.1(f)(1) and Section 5.3. (Article I, definition (f)(1); Section 5.)

Pets

Yes (implied by pet leash rules) (Art 8.5 (Page 30))

Leasing & rentals

Yes, with written lease, subject to Declaration and Rules; copy of Rules to tenant; Owner and tenant comply with Rules. (Section 2.9(c))

Fences

New fence in limited common elements requires written approval of all Unit Owners specifying location, design, and height. Must comply with City of Austin code. Cost borne by owner erecting fence. Existing fencing maintenance obligations re (Section 2.9(5))

Architectural approval

Yes - material alteration, modification, or addition to exterior of unit or limited common elements requires prior written approval of Board. Exceptions: repairs/maintenance permitted by Declaration. (Section 3.9)

Home business

Allowed limited to personal records, accounts, home office without visiting clientele, professional telephone calls/correspondence. (Section 2.9(a)(2), (3))

Signs & flags

Not explicitly restricted except Declarant may maintain signs advertising condominium during control period. Association may regulate signs via rules. (Section 4.2(b): "maintain sales, managem)

Maintenance

Owner maintains roof of unit (Section 3.7). (Section 3.7: "An Owner shall maintain an)

Insurance

Association may maintain master fire and extended coverage policy covering all units if approved by both unit owners. Policy must name Owner, mortgagee, Association as insureds; include noncontributory mortgage clause; cannot be canceled wi (Section 4.6(a))

Use restrictions

Yes - no part of Project may be used for other than housing and common purposes. Each unit shall be used for residential purposes only, with exceptions for home office without visiting clientele. (Section 2.9(a): "ty. a. nei 9 purposes: )

Voting & meetings

Each unit entitles owner to one vote, subject to Declarant Control Period. Multiple owners of a unit appoint one member to vote. Cumulative voting for directors. (Sections 4.4(b), 4.2(c))

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