Preston Village I Association, Inc.

What Preston Village I Association, Inc.'s governing documents say

This is a legal amendment to the Condominium Declaration for Preston Village I Condominiums, a phased condominium community in Plano, TX. It transfers governance powers from the original association to a Master Association that oversees multiple related phases. The document modifies rules on assessments, alterations, and enforcement, but is not a complete rulebook; it amends the original declaration.

• Master Association & Governance: A Master Association now oversees common expenses and governance for Preston Village I and several related condominium projects. The Master Association's board sets budgets, levies assessments, and enforces rules. Unit owners are members of both the Preston Village I Association and the Master Association.
• Assessments & fees: Monthly common assessments are due on the 1st of each month. A $25 late fee applies if not paid by the 15th. Assessments can increase up to 120% of the prior year's amount without owner vote; a two-thirds vote of a quorum can approve larger increases. Unpaid assessments accrue 10% annual interest and are secured by a lien.
• Special Assessments: The Master Association can levy special assessments for unanticipated expenses (e.g., capital repairs) if approved by two-thirds of a quorum of project and related project owners. Special assessments are allocated according to an exhibit (Exhibit E) and can be collected monthly.
• Alterations & Improvements: No owner may alter the common elements (limited or general) without prior written consent from the Master Association's board. Proposed alterations must be submitted with detailed plans and specifications. Unauthorized alterations may be removed at the owner's expense and may result in fines.
• Right of Entry: The Master Association and its managing agent have an irrevocable right to enter any unit during reasonable hours for maintenance, repair, or replacement of common elements, or at any time for emergency repairs to prevent damage to common elements or other units.
• Compliance & Enforcement: Owners must comply with the Declaration, By-Laws, Master Declaration, Master By-Laws, and board resolutions. Failure to comply can result in a lawsuit for sums due, damages, or injunctive relief. The Master Association may also levy special assessments to cover costs of breaches, and may foreclose on units for unpaid assessments.
• Lien for Unpaid Assessments: Unpaid common or special assessments (including late fees, interest, and attorney fees) constitute a lien on the unit. The Master Association can foreclose using a power of sale as allowed under Texas law. The lien is superior to most claims except taxes and first mortgages. The association must provide a statement of unpaid assessments within 10 days of request; failure to do so may limit liability for prior assessments.
• What this document doesn't cover: This amendment does not include the full set of community rules. It does not cover pet restrictions, leasing duration, parking rules, or age restrictions. Those provisions remain in the original Declaration and other governing documents. Readers should consult the full Declaration, By-Laws, and Master Declaration for complete rules.

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.