Franklin Parke Estates Cont

Key facts from Franklin Parke Estates Cont's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Franklin Trace Property Owners’ Association, Inc.

Units / lots

101 (Exhibit A lists lot numbers: Section 5A:)

Developer / declarant

Wheeler Development Corporation

Assessments & dues

Board of Directors fixes any increase at least 30 days in advance of effective date. (Paragraph 12.E, page 14)

Special assessments

Allowed for capital improvements or operating deficits, with assent of majority of votes at a meeting duly called for that purpose. (Paragraph 12.C, page 14)

Collections & liens

Assessments plus interest, costs, attorneys' fees become a continuing lien on the lot; may be foreclosed. Lien subordinate to first mortgage. Foreclosure of first mortgage extinguishes assessments due prior to sale. (Paragraph 12.A, 12.F, 12.G, pages 13-15)

Pets

Only usual household pets, kept reasonably confined so as not to become a nuisance. (Paragraph 5.C, page 7)

Parking & vehicles

Parking on streets prohibited except: (a) guests/visitors temporarily (<24 consecutive hours); (b) special events/parties temporarily (<24 hours). Must park on one side only, not across from other vehicles, not blocking mailboxes. Longer th (Paragraph 5.D, pages 7-8)

Fences

Any fence must be approved by Committee as to size, location, height, and composition before installation. (Paragraph 3.E, page 4)

Setbacks / home size

Minimum living area: 1,600 sq ft for one-story ranch; for more than one story: first floor min 1,200 sq ft, second floor min 600 sq ft. Basements excluded except finished walkout portions. Excludes porches, terraces, garages, carports, acce (Paragraph 3.A, page 3)

Use restrictions

Every lot is a residential lot and shall be used exclusively for single-family residential purposes. (Paragraph 2.A, page 2)

Voting & meetings

Class A: one vote per lot owned (joint owners exercise one vote as they determine); Class B (Developer): three votes per lot owned, converts to Class A when last lot sold or January 1, 2010. (Paragraph 11.B, page 12-13)

Amendments

May be amended by instrument recorded in Marion County, executed by Association and approved by vote of at least 51% of lot owners at a meeting duly called for that purpose. (Paragraph 17, page 17)

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