The Villas at the Lakes on Legacy Drive Residential Association

What The Villas at the Lakes on Legacy Drive Residential Association's governing documents say

This is an amendment to an inter-association agreement among three homeowners' associations in Frisco, TX, not a set of rules for individual homeowners. It governs how the associations share costs for common infrastructure, and it binds the associations, not residents directly.

• What this document is: It's a 2008 amendment to an agreement between Lakehill Residential Association, The Lakes Residential Association, and The Villas at the Lakes on Legacy Drive Residential Association, covering how they share certain payments.
• Past due payments: Lakehill agreed to pay specific past-due amounts to The Villas and The Lakes for years 2004–2007, with some due upon signing and others by May 1, 2008.
• Future payment calculation: Starting in 2008, annual payments are adjusted by the percentage change in the Consumer Price Index (CPI) from the second preceding December to the immediately preceding December, with a sample calculation for 2008.
• Payment schedule: After 2008, invoices are sent by June 30 each year and due by November 1, with a 10-year term that auto-renews for another 10 years unless all parties agree to terminate.
• Late payment interest: Unpaid amounts accrue interest compounded annually, but no party is liable for attorney's fees or costs related to collection under this amendment.
• What this document doesn't cover: It does not contain any rules for homeowners, such as pet restrictions, leasing rules, architectural guidelines, or maintenance obligations. It only addresses financial obligations between the three associations.

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.