Association of Unit Owners of Cherry Woods Condominiums

Key facts from Association of Unit Owners of Cherry Woods Condominiums's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Association of Unit Owners of Cherry Woods Condominiums

Units / lots

24 maximum; Stage I has 8 units (Declaration Sec 8.2: "Stage I contains e)

Management

Northwest Community Management Company, LLC

Governing law

Oregon Condominium Act (Declaration Sec 1.1)

Assessments & dues

Board adopts annual budget and sets assessments; initial budget by Declarant (Bylaws Art VII Sec 3; Art V Sec 2(b))

Special assessments

Permitted; Board may determine special assessments from time to time (Bylaws Art VII Sec 3: "to determine the )

Collections & liens

Board may foreclose on unit for unpaid assessments; bid at sale for amount of lien plus costs (Bylaws Art V Sec 2(h); Declaration Sec 1)

Reserves & fees

Common expenses include cost of funding reserves (Bylaws Art VII Sec 2(d))

Leasing & rentals

Yes, subject to Declaration, Bylaws, rules, and local laws (Declaration Sec 5.3: "The owners of the )

Insurance

Insurance and fidelity bonds to be obtained by Association (Bylaws Art V Sec 2(j); Declaration Sec 1)

Use restrictions

Units used only as private dwelling for owner, family, tenants, social guests (Declaration Sec 5.3)

Voting & meetings

One vote per unit (Declaration Sec 11; Bylaws Art II Sec 2)

Amendments

Declaration amended by 75% of votes of unit owners; material amendments also require approval of 51% of eligible mortgage holders; Declarant consent needed until turnover (Declaration Sec 14.1, 13.5, 15.1)

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