Parkway Townhomes Owners Association

Key facts from Parkway Townhomes Owners Association's documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Parkway Townhomes Owners Association

Units / lots

Not more than 54 Units (Section 2.1)

Developer / declarant

ORENCO STATION LLC

Governing law

Oregon Planned Community Act (ORS 94.550 et seq.) (Section 6.4(c))

Assessments & dues

Board prepares operating budget annually; Annual Assessments apportioned equally pro rata among non-Declarant Lots (Lots of Declarant not subject until occupied for residential use) (Sections 8.3, 8.4)

Special assessments

May be levied for construction, reconstruction, unexpected repair, acquisition or replacement of capital improvement, or other one-time expenditure; if exceeding 5% of budgeted gross expenses in a fiscal year, requires majority vote plus Cl (Section 8.5)

Collections & liens

Project Assessments are a continuing lien on the Lot; may be foreclosed under ORS Chapter 88; lien subordinate to mortgages recorded prior to notice of lien (Section 9.4); sale or transfer under foreclosure extinguishes lien if notice recor (Sections 9.2, 9.4)

Reserves & fees

Reserve Fund established for replacement of items requiring replacement in 3-30 years; funded by assessments from date first Lot conveyed; Declarant may defer payment until Lot conveyed; after turnover meeting, Board may borrow from Reserve (Section 8.10)

Fences

Not specifically addressed; structures outside units require Board approval (Section 5.4) (Section 5.4)

Architectural approval

Alterations require written permission of Board (Section 5.4); Outdoor Living Area modifications require approval of Architectural Review Committee established under Master Declaration (Section 1.10) (Sections 5.4, 1.10)

Signs & flags

Not specifically addressed; general regulation of items visible from outside by Board (Section 5.2) (Section 5.2)

Maintenance

Association provides exterior maintenance: paint, repair, replace and care for roofs (Section 7.1) (Section 7.1)

Insurance

Association shall obtain and maintain insurance as provided in Declaration or Bylaws (Section 6.5(b)); Bylaws specify: (a) Project Damage Insurance covering Units and common improvements for full replacement cost, including broad form peril (Section 6.5(b); Bylaws Article 8.1)

Use restrictions

Lots are Residential Lots per Master Declaration; Unit for separate occupancy as dwelling (Section 3.2; Definition of Unit in 1.19)

Voting & meetings

Two classes: Class A (one vote per Lot owned), Class B (Declarant, three votes per Lot owned) (Section 6.3)

Amendments

By vote or written consent of Owners holding 75% of voting power, plus written consent of Class B member if still exists; effective upon recording certificate. Declarant may amend to comply with governmental requirements until Class B termi (Sections 11.1, 11.2)

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