Founder's Parc Commercial Property Owners' Association, Inc.

What Founder's Parc Commercial Property Owners' Association, Inc.'s governing documents say

This is a set of deed restrictions and amendments for Founder's Parc, a mixed-use development in Euless, Texas, with commercial tracts, a multi-family tract, and a residential subdivision. The documents govern the commercial property owners and the multi-family tract owner, not individual homeowners or renters. They cover use restrictions, maintenance cost sharing, and procedural rules for the commercial and multi-family portions.

• What this document covers: These are deed restrictions and amendments for the commercial and multi-family portions of Founder's Parc, not a full HOA rulebook for residents. They bind the commercial tract owners and the multi-family tract owner, not individual homeowners or tenants.
• Alcohol sales restriction: As long as the 'Benefitted Property' operates as a liquor store selling package liquor, beer, or wine for off-premises consumption, the rest of the Property is prohibited from operating establishments that sell alcoholic beverages for on-premises consumption. This does not apply to a restaurant operation that is publicly viewed as a restaurant, even if it derives substantial revenue from alcohol sales.
• Termination of restrictions: If the Benefitted Property intentionally ceases operating for 180 days or longer, the restrictions automatically terminate. Cessation due to an act of God or governmental compliance does not trigger termination if the owner or tenant starts steps to reopen within 90 days.
• Amendment and termination: The restrictions may be amended or terminated as to any portion of the Property by the current owner of the Benefitted Property, at that owner's sole discretion, without the concurrence of other property owners. The owner must file the amendment or termination in the deed records at their own cost.
• Enforcement and costs: The restrictions may be enforced by any owner or tenant of the Benefitted Property, and the enforcing party can recover all costs and reasonable attorney's fees incurred in enforcement.
• Maintenance cost sharing (multi-family tract): The multi-family tract owner's share of maintenance costs is capped at $3,750 per year in 2019, with annual increases not exceeding 2.5% of the prior year's share. The multi-family tract owner is responsible for 25% of capital expenditures after 2025, and only for capital expenditures initiated every fifth year thereafter.
• Zoning change notice: Owners seeking a zoning change for any portion of the property must give at least 30 days' prior written notice to the other owners and the applicable association, including the nature of the zoning sought and the time, date, and place of any public hearing. Failure to provide notice is a default under the declaration.
• Submittal notice for commercial tracts: Commercial tract owners submitting designs or site plans to the City of Euless must deliver copies to each other commercial tract owner and the multi-family tract owner at the same time as delivery to the city. Failure to do so is a default, but the multi-family tract owner's only remedy is specific performance.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.