Norola Meadows

Key facts from Norola Meadows's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association

Legal name

Norola Meadows Homeowners' Association

Governing law

Oregon Planned Community Act, ORS 94.550 et seq (Article 1, Section 1.5)

Assessments & dues

Declarant pays all common expenses until Lots are assessed; Declarant determines amount and commencement date of initial annual assessment; thereafter subject to Board review (Article 6, Section 6.3)

Reserves & fees

Board shall establish and maintain replacement Reserve Accounts; funds kept with safe depository, invested in US government guaranteed securities; not refundable to sellers of Lots (Article 4, Section 4.3.2; Article 6, Sec)

Insurance

Property insurance (fire, extended coverage, vandalism, malicious mischief) for full insurable replacement value of Homes and substantial improvements on Common Area; building code and earthquake endorsements if available at reasonable cost (Article 8, Sections 8.2.1, 8.2.2, 8.2.3,)

Voting & meetings

Two classes: Class A (Owners other than Declarant) 1 vote per Lot; Class B (Declarant) 3 votes per Lot until Termination Date. After termination, each Owner 1 vote per Lot. (Article 2, Section 2.2)

Amendments

By instrument approved by at least a majority of total votes of each class of Members eligible to vote; must be executed, recorded, certified by law; no amendment affecting Declaration or Articles without compliance; no amendment deleting o (Article 9 (as amended by Amendment, DOC )

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