Village Preston IX

What Village Preston IX's governing documents say

Village on Preston IX is a condominium community in Plano, TX. These By-Laws govern the Association's internal operations, assessments, and owner obligations. Full community rules (pets, leasing, etc.) are in the Condominium Declaration, not here.

• Assessments & fees: Monthly assessments are due in advance, levied pro rata based on each unit's share of common elements. Owners must be current to vote. The Board may adjust assessments and levy special assessments for operating or capital expenses.
• Voting & membership: Each unit owner is a member with one vote per unit, weighted to equal their common element interest. A majority of weighted votes constitutes a quorum. Proxies are allowed.
• Board of Directors: The Board initially has 3 directors with broad powers to manage the association, including setting assessments, enforcing rules, and entering contracts. Directors serve staggered terms of 1–3 years and can be removed with or without cause by a majority vote of owners.
• Amendments: By-Laws can be amended by a vote of owners representing at least two-thirds (66⅔%) of the aggregate common element interest. No amendment may conflict with the Declaration. Until developer control ends, the Declarant can unilaterally amend for clerical errors or to meet lender/FHA requirements.
• Insurance: The Association must carry property and liability insurance: minimum $1,000,000 per accident, $500,000 property damage, plus a $1,000,000 umbrella policy. Premiums are common expenses.
• Management company: The Board may hire a management company to handle fiscal, physical, and administrative duties, including budget preparation, maintenance oversight, and owner communications.
• What this document doesn't cover: These By-Laws do not include pet restrictions, leasing rules (minimum lease term, rental caps), parking regulations, or architectural guidelines. Those rules are likely in the Condominium Declaration or separate 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.