Lake Port Hpr

Key facts from Lake Port Hpr's documents

Reflects the 1972 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

LAKE PORT HORIZONTAL PROPERTY REGIME

Developer / declarant

DEVELOPER

Governing law

Act 60 of 1961 of the General Assembly of the State of Arkansas, as amended (Article XXIX (page 16) and Article XXXVI)

Assessments & dues

Board estimates net charges (including reasonable provision for contingencies and replacements, less expected income and surplus) and assesses pro rata based on percentage in Master Deed. (Article XXIV Section 1 (page 11-12))

Special assessments

Board may levy further assessment if estimated sum proves inadequate (e.g., due to non-payment), assessed in like proportions. (Article XXIV Section 1 (page 11-12): "If)

Collections & liens

Assessment becomes a lien on the unit upon recordation of notice of assessment; lien has priority over all other liens except taxes and prior recorded mortgages; foreclosure may be by power of sale in deed of trust or other permitted manner (Article XXV (page 13-14): "the amount of)

Reserves & fees

Interest at the rate of ten percent (10%) per annum on unpaid assessments. (Article XXV (page 13): "the amount of an)

Pets

Yes, dogs, cats, or other household pets may be kept in units subject to rules and regulations adopted by Board; no animals, livestock, or poultry of any kind bred or kept without such permission. (Article XXXI Section 5 (page 17): "No an)

Architectural approval

Owner shall not make any structural alteration, improvement, or addition in or to his unit or to exterior of buildings or common elements without first obtaining written consent of Board. (Article XXX (page 16): "The Owner shall )

Maintenance

Owner responsible for interior of unit and its equipment (plumbing, water heater, furnace, lighting, refrigerator, air conditioning, dishwasher, disposal, range) and for painting and maintenance of unit (including exterior); Board responsib (Article XXIX (page 15-16): "each owner s)

Insurance

Fire insurance with extended coverage for full insurable replacement value of units and common elements; comprehensive liability insurance with limits not less than $300,000 per person and $100,000 per occurrence; workers' compensation insu (Article XXI Section 2 (page 8): "fire in)

Use restrictions

Each unit shall be occupied and used only as a private residence for the owner and owner's family, lessees, or guests. (Article XXXI Section 1 (page 17): "Each )

Voting & meetings

Each co-owner entitled to votes equal to percentage of basic value as set in Master Deed; each unit casts all its votes as a unit; plurality vote decides questions unless otherwise provided. (Article III Section 7 (page 2): "Each Co)

Amendments

May be amended by written instrument signed and acknowledged by record owners holding seventy-five percent (75%) of the basic value of the property, effective upon recordation in Garland County. (Article XLIV (page 24): "the provisions )

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