Holding Pond Property Owners

What Holding Pond Property Owners's governing documents say

This is a non-residential property owners association for a storm water detention facility in Arlington, Texas. It binds commercial landowners who own parcels within the association (called Members' Properties) to share costs of maintaining the detention pond and related infrastructure. The association is not a typical homeowners' association — residents do not live here and there are no homes, pets, or leasing rules for occupants.

• What the association covers: The association maintains a 1.805-acre storm water detention facility and associated drainage easements. Assessments fund operation, maintenance, repair, insurance, and reserves for the facility.
• Who must join & vote: Each owner of a fee interest in the Members' Properties automatically becomes a member. Voting is weighted by acreage: one vote per acre (or fraction thereof) owned. A quorum is defined in the Bylaws.
• Annual assessments & increases: The Board sets an annual assessment per acre each year. The rate cannot exceed the prior year's amount by more than 15% unless approved by a majority vote of members present at a meeting with 30 days' notice. Assessments are due February 1, with a 45-day grace period before 15% interest accrues.
• Special assessments: Special assessments for construction, unexpected repair, or replacement require approval by two-thirds of votes cast at a meeting with 30 days' notice.
• Delinquency & fines: Unpaid assessments become a lien on the property after 45 days. The association can foreclose non-judicially. The Board may also impose fines of up to $1,000 per violation for breaches of the declaration, after 10 days' cure notice and legal counsel confirmation. Fines bear 10% interest and are treated as assessments.
• Duration & termination: The declaration runs through December 31, 2050, and auto-renews for 10-year periods unless members vote to terminate by majority 90 days before expiration. Termination cannot occur while the detention facility is required by the City of Arlington.
• Amendment: Amendments require approval by 80% of total eligible votes plus 80% of lienholders (first mortgage holders). Changes to use restrictions (Article II) require unanimous member and lienholder consent.

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.