Stephanie Terrace Condominium Owners Association

Key facts from Stephanie Terrace Condominium Owners Association's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, Section 1 (DOC 158451 page 1;)

Legal name

Stephanie Terrace Condominium Owners Association

Governing law

ORS 94.146 and Oregon Condominium Act, Chapter 100 (Article I, Section 1 'pursuant to ORS 94)

Assessments & dues

Board determines cash requirements each year; includes estimated expenses, deficits, contingency, reserves. Board may increase or decrease monthly dues up to close of the year. Homeowners may reduce, eliminate or increase reserve account am (Article VII Sections 4,5,6)

Special assessments

Special assessments are included in cash requirements and are separate personal debts; they become a lien on the unit. (Article VII Sections 4(d), 7)

Collections & liens

Regular or special assessment, plus interest, costs, reasonable attorney's fees, becomes a lien on the unit superior to all other liens except tax liens and first mortgage. Lien may be foreclosed without waiving lien. Enforcement fines may (Article VII Section 7; Article XI Sectio)

Reserves & fees

Board is specifically authorized to establish reserve accounts for future needs; homeowners may reduce, eliminate or increase account amounts by majority vote. (Article VII Section 6)

Pets

Yes, only domestic household pets such as cats and dogs. (Article X Section 3(a))

Use restrictions

Each dwelling unit shall be used and occupied exclusively as a private residence; home office allowed if no foot or vehicle traffic. (Article X Section 2(a))

Voting & meetings

Each unit owner entitled to one vote; if multiple owners, they designate one 'voting owner'. Voting rights may be suspended for assessment default until paid, and for rule violations after notice and hearing for up to 30 days. (Article II Section 1; Article III Sectio)

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