Emerson Woods

Key facts from Emerson Woods's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Emerson Woods Property Ownership

Assessments & dues

Initially $60.00 per month per Lot (Guaranteed Charge), not to exceed that plus 20% increase per year during management agreement. (Art X Sec 5, page 35)

Special assessments

Requires consent of two-thirds of votes of each class of Members, with Declarant not acting as proxy. May be made for capital expenditures, repair/reconstruction due to casualty if insurance insufficient. (Art X Sec 4, page 34)

Collections & liens

Assessments become a lien on each Lot as of first day of fiscal year. Lien may be foreclosed as a mortgage. Personal liability also exists. Lien subordinate to first mortgage. Sale to mortgagee extinguishes prior lien but not personal liabi (Art X Sec 3, 6, 7, pages 33, 37-38)

Reserves & fees

Annual budget may include replacement reserve fund for capital expenditures, held in separate interest-bearing account. (Art X Sec 2, page 30-31; Art X Sec 5, pa)

Architectural approval

Prior written approval of Architectural Review Board required for any improvements, alterations, repairs, change of colors, excavation, or any work altering a Lot or exterior of Dwelling Unit. No building, fence, wall, or structure shall be (Art VIII Sec 3, page 26-27)

Maintenance

Association responsible for paint, repair, replacement and care of roofs. (Art VII Sec 2, page 24)

Insurance

Master casualty insurance at full replacement value for Dwelling Units and Common Area; all risk coverage if available. Master comprehensive public liability insurance minimum $1,000,000 per occurrence. Fidelity bond at least 3 months aggre (Art XII Sec 1-2, pages 41-42; Art V Sec )

Voting & meetings

Class A (owners except Declarant): 1 vote per Lot. Class B (Declarant and successors): 3 votes per Lot shown on Final Plat. Class B terminates upon earliest of (i) written resignation, (ii) 30 days after Class A votes equal or exceed Class (Art V Sec 2, page 15-16)

Amendments

Article XV provides for amendment; specific voting requirements not fully extracted, but prior to Applicable Date Declarant may amend. Two-thirds of all Class A and Class B Members and two-thirds of first mortgagees required to dedicate or (Art XV, page 54; Art IV Sec 3(iii), page)

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