Lexington Estates Residential Community, Inc.

What Lexington Estates Residential Community, Inc.'s governing documents say

Lexington Estates is a master-planned residential community in Frisco, TX, governed by a homeowners association (Lexington Estates Residential Community, Inc.). This document excerpt is the Community Manual, which outlines the corporate structure of the association and references other governing documents (Master Covenant, Development Area Declarations, etc.) that contain the actual use restrictions and rules for homeowners, buyers, and occupants.

• Association governance & board structure: The association is a nonprofit corporation managed by a Board of Directors. During the Development Period (controlled by the developer), the Declarant appoints two-thirds of the board. After that period, members elect two directors and a sub-association appoints one. Meetings must be open to owners, with notice requirements and executive session rules.
• Voting and membership: Owners automatically become members. Annual meetings are held; quorum is 10% of total votes. Voting can be in person, by proxy (valid for 11 months), absentee ballot, or electronic ballot. Recounts are available at the requesting member's expense.
• Transfer and resale fees: The association charges: Resale Certificate $340, Statement of Account $50, Refinance Certificate $50, Transfer Fee to management company $250, and a Working Capital Assessment of $500.
• Assessments and liens: The board sets annual and special assessments. If unpaid for 30 days, the association may foreclose its lien. The bylaws reference the Master Covenant for details on assessment amounts and collection.
• What this document doesn't cover: This Community Manual excerpt does not include specific rules on pets, leasing (minimum lease terms), parking, architectural changes, age restrictions, or amenity usage. Those rules are found in the Master Covenant, Development Area Declarations, and other recorded documents referenced but not included here.

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.