Compass Corner Owners Association

Key facts from Compass Corner Owners Association'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

Compass Corner Owners Association (1.4, 3.1)

Units / lots

12 (Lots 1 through 12 inclusive) (1.21, Plat reference)

Developer / declarant

Brooks Resources Corporation, an Oregon corporation (Preamble, 1.13)

Governing law

Oregon Planned Community Act (ORS 94.550 to 94.783) (1.26, 2.3)

Special assessments

Allowed to satisfy deficiencies; before Turnover Meeting, capital improvements require approval of at least 50% of total voting power (one vote per lot). Allocated equally among Residential Lots; Commercial Lots three times. Not levied on D (5.3)

Collections & liens

Association has lien for unpaid assessments, fines, charges; attaches from due date; foreclosable per ORS 94.709-94.719. Subordinate to first mortgages. Sale or transfer under foreclosure extinguishes lien for prior assessments. (7.1.1, 7.3)

Reserves & fees

Reserve account for major maintenance, repair, replacement of Common Maintenance Areas (with useful life 1-30 years). Funded by Reserve Assessments, kept separate. After Turnover Meeting, Board may borrow from reserve with resolution and re (6.1)

Pets

Up to 4 domestic pets (cats, dogs, or other generally recognized household pets). No commercial purpose. Board final decision on disputes. (9.7)

Leasing & rentals

Owner may rent or lease Residential Building/Home with written rental agreement. (9.1, 9.1.1)

Parking & vehicles

Owners of Lots with adjacent 8-foot parking bays along NW Compass Corner Loop may use them; Lots 7-10 have no such rights. (9.8)

Home business

Home occupations permitted subject to applicable laws, no impact on other Owners, not visible from outside Home; determination at sole discretion of Board. (9.3)

Signs & flags

Residential Lots: One For Sale/Rent/Lease sign, max 24x36 inches, in front yard or inside window. Two signs during initial construction. Political signs allowed subject to ARC regulations. Commercial Lots subject to Declarant's restrictions (9.10)

Voting & meetings

Class A: 1 vote per lot; Class B: 16 votes per lot; Class C: 3 votes per lot. When more than one owner per lot, only one vote per lot for Class A, three votes must be exercised together for Class C. (3.3.1, 3.3.2, 3.3.3)

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