The Falls at Lakewood

Key facts from The Falls at Lakewood's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

planned_community (Parcel described as subdivision within L)

Developer / declarant

The Falls, L.L.C.

Assessments & dues

Two components: (1) Lakewood Basic Assessment (same as other single-family residences in Lakewood), (2) Parcel Monthly Assessment (initial rate set by Developer, then fixed by Association Board after consultation with Parcel Committee). Spe (Section 19(a)-(b))

Special assessments

Association Board may levy special assessments: (1) against an Owner to correct breach of restrictions, (2) equally against all Lots to cover excess expenses for Association duties under Section 18(b). Also for litigation expenses if Owner (Section 20(a)-(d))

Collections & liens

Assessment becomes automatic lien on Lot when due. Association may foreclose. Lien continues up to 5 years unless suit filed. Association may file certificate of nonpayment; fee of $200 added. Foreclosure of purchase money deed of trust ext (Section 22)

Reserves & fees

Initiation fee placed in reserve funds for Parcel. Association may establish and expend reserve funds for services (Section 18). (Sections 19(e) and 18)

Pets

Yes, household domestic pets not bred or maintained for commercial purposes, subject to Association rules (including restrictions on size, number, type) and right to levy fines for cleanup. Association Board may terminate right if animal be (Section 11)

Parking & vehicles

Overnight parking on streets is prohibited. (Section 10(d))

Home business

Permitted if in accordance with City ordinances and residential character preserved. Must maintain and preserve residential character. (Section 3(i))

Signs & flags

Signs allowed only: (1) on Parcel Common Areas regulating use with Association approval, (2) sales signs by Developer/builders during initial sale, (3) 'for sale' sign on specific Lot, (4) with specific written approval. Political signs all (Section 10(p))

Use restrictions

No Lot shall be used for any purpose other than a residence for individuals living together as a single housekeeping unit, with customary incidental uses. Rooming houses, fraternity/sorority houses, and similar lodging prohibited. (Section 3)

Voting & meetings

Two classes before Turnover Date: Class A (Developer) holds all voting rights except on assessment increases; Class B (Owners) vote on assessment increases. After Turnover Date, one class: each lot one vote. Voting rights suspended if asses (Section 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.