Madrid

Key facts from Madrid's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

HOA (non-profit corporation) (Section 1.7, page 8)

Legal name

Madrid Community Association (Section 1.7, page 8)

Developer / declarant

SHRI LLC, a Delaware limited liability company (Preamble, page 7)

Assessments & dues

Board adopts annual budget; Assessments are allocated equally among all Lots (Section 8.1, 8.5). (Sections 8.1, 8.5, pages 26, 30)

Special assessments

Authorized; notice and quorum required for increases beyond certain amount (Section 8.8, 8.9). (Sections 8.8, 8.9, page 4)

Collections & liens

Lien on each Lot for Assessments, prior except taxes and first mortgages. May be foreclosed like a mortgage. Association may bid at sale. (Section 8.3). (Section 8.3, pages 33-34)

Reserves & fees

Association must establish and maintain adequate reserve fund for periodic maintenance, repair, replacement of Common Area Improvements (Section 5.3.4). (Section 5.3.4, pages 26-27)

Pets

Section 10.19 addresses pets (text not provided in excerpt) (Table of Contents (Section 10.19))

Leasing & rentals

Section 10.20 addresses leasing (text not provided in excerpt) (Table of Contents (Section 10.20))

Parking & vehicles

Addressed in Section 10.11 Vehicles (heading only). Declarant may restrict parking on Common Area for sales (Section 2.4.2). (Sections 10.11, 2.4.2, pages 5, 14)

Fences

Addressed in Section 10.15 (heading only). Maintenance of boundary walls: Association maintains side facing street; Owner maintains side facing Lot (Section 4.1.5). (Sections 10.15, 4.1.5, pages 5, 18)

Architectural approval

Yes; no construction, alteration, addition, landscaping change, or other Improvement may be made without prior written approval of the Architectural Committee (Section 9.3, 9.4). (Sections 9.3, 9.4, pages 34-35)

Solar & roof

Addressed in Section 10.7 Solar Collecting Panels or Devices (heading only). (Section 10.7, page 5 (table of contents))

Signs & flags

Addressed in Section 10.5 (heading only). Declarant may maintain advertising signs on Common Area while selling (Section 2.4.1). (Sections 10.5, 2.4.1, pages 5, 13-14)

Maintenance

Owner's responsibility as part of exterior maintenance (Section 4.2). (Section 4.2, page 19)

Insurance

Hazard deductible ≤ lesser of $10,000 or 1% of face (Section 5.1.1(e)). Flood deductible ≤ lesser of $5,000 or 1% (Section 5.1.3). (Sections 5.1.1(e), 5.1.3, pages 21-22)

Use restrictions

Property for residential and recreational purposes (Section 10.1). (Section 10.1, page 5 (heading); text not)

Voting & meetings

Two classes: Class A (one vote per Lot for Owners); Class B (three votes per Lot for Declarant). Class B converts to Class A upon first of: 60 days after Class A votes equal Class B, 10 years after recording, or Declarant's election. Voting (Sections 3.3, 3.4, pages 16-17)

Amendments

Section 12.1 (Amendment) – not fully provided; requires recorded amendment (heading). (Section 12.1, page 5 (table of contents))

Amenities

Common Area includes recreational facilities; Board may charge special use fees; may suspend use for violations or nonpayment (Sections 2.1.1(d), 2.1.1(e)). (Section 2.1.1, pages 12-13)

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