Magnolia Pond Condominium Association, Inc.

Key facts from Magnolia Pond Condominium Association, Inc.'s documents

Reflects the 1995 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and throughout)

Governing law

Texas Uniform Condominium Act (Texas Property Code Section 82.001, et seq.) (Recitals, second paragraph)

Assessments & dues

Initially $0.055 per square foot per month (i.e., $0.66 per sq ft per year) (Section 5.05)

Special assessments

Yes, for capital improvements; requires 67% vote of Members; uniform per square foot (Section 5.06)

Collections & liens

Assessment is a continuing lien on each unit; can foreclose like a mortgage; includes power of sale (Sections 5.01, 5.10)

Reserves & fees

Cash reserve account required; two months' assessment paid at closing (Section 5.09)

Pets

Yes, subject to Board regulations and Woodlands Covenants (Section 8.07)

Leasing & rentals

Not prohibited; tenants have rights to use common elements (Section 4.03 (delegation of use to tenan)

Parking & vehicles

Prohibited except in designated spaces (Section 8.05)

Fences

Association maintains fences; owners responsible for fenced rear yard landscaping (Section 7.03)

Architectural approval

Yes, prior written approval of Board and Development Standards Committee required for alterations, additions, improvements (Section 7.04)

Home business

Not expressly allowed; residential use only implies prohibition (Section 8.01)

Maintenance

Association (exterior maintenance includes roof) (Section 7.02 (exterior maintenance inclu)

Insurance

Fire and extended coverage, flood (if applicable), liability $1M per occurrence, workers comp, D&O, and other as Board deems appropriate (Section 6.01(a))

Use restrictions

Yes, single-family residential only (Section 8.01)

Voting & meetings

One vote per unit; vote suspended if delinquent or in default (Section 3.03)

Amendments

By instrument signed by at least 67% of Members; certain amendments also require approval of Eligible Mortgage Holders holding 51% of mortgaged units; termination requires 80% Members + 67% mortgagees; Developer can make certain amendments (Section 11.02)

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