Franklin Lakes HOA

Key facts from Franklin Lakes HOA's documents

Reflects the 1994 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (HOA) (Section 2.3 – 'Association means Frankli)

Developer / declarant

T & T DEVELOPERS, INC. (later Thomas & Thomas Developers, Inc.) (first paragraph and amendment)

Assessments & dues

Not fixed; set annually by Board based on budget (Section 5.4)

Special assessments

Permitted: Board may levy special assessments whenever annual assessments insufficient or for unanticipated expenses (Section 5.5)

Collections & liens

Unpaid assessment becomes a continuing lien on the Lot, subordinate to recorded mortgages. Association may foreclose, adding costs and attorneys' fees. Foreclosure or deed in lieu extinguishes assessment and lien (as amended). (Section 5.9.1 (amended), Section 5.9.2)

Reserves & fees

Board may include a reasonable allowance for reserves in budget; fidelity bond must cover reserves. (Section 5.4 (allowance for reserves), Se)

Pets

Dogs, cats, or other household pets may be kept, provided not bred or kept for commercial use and housed within dwelling. (Section 3.12)

Leasing & rentals

Implied (reference to 'Owner intending to occupy or rent' in Section 5.3.1). Not explicitly prohibited. (Section 5.3.1)

Parking & vehicles

Repair or storage of unlicensed, inoperative motor vehicles not permitted on any Lot, Common Area, Street or Easement unless entirely within a garage. (Section 3.4)

Fences

All fences, walls, barriers must be approved in writing; max height 6 feet; no structure placed closer to front lot line than front building line of principal structure; chain-link fences must be vinyl covered. (Section 3.22)

Architectural approval

Yes, Architectural Control Committee (ACC) approval required for any construction, additions, alterations, fences, screens, walls, and other improvements. (Section 4.2)

Signs & flags

One professionally manufactured sign of not more than 5 square feet advertising property for sale or rent permitted; no other signs displayed to public view. (Section 3.9)

Setbacks / home size

Not numerically specified; general reference to 'proper setbacks from streets and adequate free space between structures' in Section 1. (Section 1 (General Purpose))

Maintenance

Owner (by implication, as part of exterior maintenance). (Section 3.1(c))

Insurance

Association shall maintain public liability insurance minimum $1,000,000 per occurrence; fire and extended coverage on Common Amenities including fire, windstorm, vandalism, etc., to full replacement value. (Section 6.6)

Use restrictions

All Lots shall be used for residential purposes only; new homes may be used as model for builder. (Section 3.2)

Voting & meetings

Two classes: Class A (Owners other than Declarant) – one vote per Lot; Class B (Declarant) – three votes per Lot until conversion. Class B ceases when Class A votes equal Class B votes or January 1, 2015, whichever earlier. (Section 6.2)

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