Lakeside on Preston

What Lakeside on Preston's governing documents say

This is the Master Declaration for Lakeside on Preston, a large master-planned community in Plano, TX, with separate residential and commercial areas. It creates a Master Association that oversees common areas, an Architectural Review Committee, and a delegate voting system. Actual residential use restrictions (e.g., pets, leasing) are in a separate Residential Declaration, not this document.

• Community structure: The community has a three-tier structure: a Master Association, a Residential Association, and a Commercial Association. Each owner of a Lot, Condominium Unit, or Apartment Complex is automatically a member of the Master Association, which is governed by Delegates appointed by the sub-associations and Declarant.
• Assessment structure: Annual and special assessments fund common area maintenance, insurance, administration, and reserves. Each member pays a Proportionate Share based on an Allocated Interest (e.g., 1.0 per Lot, 0.25 per Condominium Unit). The first annual assessment began July 1, 1991. Annual increases over 105% of the prior year require a majority vote of collective Delegates.
• Architectural review: An Architectural Review Committee (5 members) enforces design guidelines, reviews plans for improvements, and issues certificates of compliance. The committee has authority to approve or deny construction, alteration, or landscaping, and may charge review fees.
• Voting and governance: Members of the Master Association do not vote directly; instead, Delegates (3 from Commercial Association, 2 from Residential Association, 2 from Declarant) exercise voting rights. A majority vote of Delegates present decides most matters, but certain actions (e.g., assessment increases over 105%) require a majority of all Delegates plus a majority of the Commercial and Residential Delegates combined.
• Annexation of property: Declarant may annex contiguous property within 10 years of the recording date without owner approval, by recording a Supplemental Master Declaration. Others may annex with approval of two-thirds of Delegates and the applicable sub-association board.
• What this document doesn't cover: This Master Declaration does not contain specific use restrictions for individual residences (e.g., pet limits, lease terms, age restrictions, parking rules). Those are found in the separate Residential Declaration and Commercial Declaration, which are 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.