Rivers Edge Village Ph I

Key facts from Rivers Edge Village Ph I's documents

Community type

Planned Unit Development (WHEREAS paragraph, page 1)

Units / lots

At least 100 (reference to turnover of Modifications Committee when 100 units sold) (Article X Section 2: "when one hundred ()

Developer / declarant

RIVER’S EDGE INVESTMENTS, a partnership consisting of L. A. Swarens, Clyde W. Purcell, Mary Lou Purcell and Wayne Purcell (First paragraph)

Governing law

ORS 94.616 (transfer of administrative responsibility); ORS 94.803 to 94.945 (timeshare prohibition) (Article III Section 3; Article II Sectio)

Assessments & dues

Board prepares budget, delivers to members at least 30 days before fiscal year end; budget and assessment become effective unless disapproved by Majority of Owners (Article IX Section 3)

Special assessments

Board may levy up to $500 per unit per fiscal year; above that requires Majority of Class A members approval (Article IX Section 4)

Collections & liens

All assessments plus late charges, interest, costs, and attorney's fees are a lien on the Unit, superior except for ad valorem taxes and first mortgage. After 60 days delinquency, Association may sue and foreclose. (Article IX Sections 5, 6)

Reserves & fees

Board annually prepares capital budget and sets required capital contribution; reserve account budget distributed to members (Article IX Section 7)

Leasing & rentals

Yes, for residential purposes for 30 days or longer. Short-term rental (30 days or less) is prohibited. (Article II Sections 4 and 8)

Architectural approval

Yes, for construction, modifications, additions, alterations; also for plantings/removal of plants, trees, shrubs (Article X (opening paragraph))

Home business

Not allowed (Article II Section 4)

Signs & flags

Not explicitly restricted on Lots, but Declarant reserves right to have signs for construction and sales (Article II Section 7(b)). General prohibition on antennas. (Article II Sections 5 and 7(b))

Insurance

May contain reasonable deductible; amount added to face amount to check full replacement cost (Article V Section 1)

Use restrictions

Each Lot shall be used for residential purposes only; no trade or business of any kind may be conducted (Article II Section 4)

Voting & meetings

Two classes: Class A (one vote per Residential Unit), Class B (Declarant, initially 250 votes, decreasing by one per each Class A member, terminates when Class A >=200, or Jan 1, 2004, or at Declarant's discretion) (Article III Section 2)

Amendments

Declarant may amend unilaterally for legal compliance or lender requirements (with written consent of affected owners); otherwise 75% of Class A members plus Declarant consent (if Declarant still has annexation right). See also Article XI S (Article XII Section 2; Article XI Sectio)

Amenities

Initial common area includes one tennis court; clubhouse complex mentioned. Association may charge admission fees and impose limits on guests. (Article I Section 4; Article II Section )

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