Association of Unit Owners at Stoneway Condominiums

Key facts from Association of Unit Owners at Stoneway Condominiums's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Association of Unit Owners at Stoneway Condominiums

Developer / declarant

Willamette Builders Group at Stoneway, LLC, an Oregon limited liability company (Opening paragraph)

Governing law

Oregon Condominium Act (ORS Chapter 100) (Section 1.1)

Assessments & dues

Common expenses allocated among Unit Owners according to undivided interest in Common Elements (proportional to square footage per Exhibit B). Assessments commence upon closing of sale of first Unit. (Declaration Sections 7.1 and 6.3)

Special assessments

Unit Owners may be assessed additional amounts individually for common expenses incurred through fault; Association may specially assess for Limited Common Elements maintenance; unpaid assessments from former owner may be collected as speci (Declaration Sections 6.5, 7.1, 13.7)

Collections & liens

Association's lien for unpaid assessments is subordinate to prior recorded first mortgage. First mortgagee not liable for assessments due before acquisition of title. Association may foreclose lien. Remedies include action to recover money, (Declaration Sections 13.7, 17.4)

Reserves & fees

Common expenses include funding of replacement reserves (proportionate to percentage ownership). (Declaration Section 6.5 (last sentence))

Leasing & rentals

Owner may lease or rent Unit or any part thereof, provided lease/rental agreement is in writing and subject to covenants, restrictions, Bylaws, and rules/regulations of Association. (Declaration Section 10)

Parking & vehicles

Up to 24 parking spaces as additional common elements. Limited Common Elements include garage aprons and driveways. Garages are part of Units. (Declaration Sections 4, 6.2, 5.2)

Signs & flags

Declarant may maintain a reasonable number of 'for Sale' and 'for Rent' signs. No specific provision for Owner signs. (Declaration Section 16.2)

Maintenance

Roofs are part of General Common Elements (Section 6.1.2), thus Association's responsibility. (Declaration Section 6.1.2)

Use restrictions

Units shall be occupied and used only for residential purposes for the Owner, family, tenants, and social guests. No other purposes except as provided in Bylaws. (Declaration Section 10)

Voting & meetings

Owners of sold Units: 1 vote per Unit. Declarant: 3 votes per Unit owned. Board of Directors votes on Units owned by Association. (Declaration Section 7.2; Bylaws Article )

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