Waterway Village Townhome Association, Inc.

Key facts from Waterway Village Townhome Association, Inc.'s documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhome Association (Waterway Village Townhome Association, Inc.) (Recital E)

Units / lots

30 lots, 2 Blocks (Recital A)

Developer / declarant

Waterway Village, L.P., a Texas limited partnership (First paragraph)

Governing law

Texas Non-Profit Corporation Act (Recital E)

Assessments & dues

Amount determined annually by Board in its sole discretion, effective upon conveyance of first Lot (Sections 4.03, 4.06)

Special assessments

Allowed for construction, reconstruction, unexpected repair/replacement of Common Area improvements, or emergencies; approved by majority of Members present and voting at a meeting with quorum (Section 4.04)

Collections & liens

Assessment is a continuing lien on the Lot and personal obligation of the Owner. Association may foreclose by judicial or nonjudicial sale under Texas Property Code §51.002; power of sale granted. (Sections 4.01, 4.09)

Reserves & fees

Association may provide for adequate reserves for repairs and replacements (Section 3.11(t))

Leasing & rentals

Leasing allowed; 'Resident' includes bona fide lessee; however, Lot must be primary residence of owner or immediate family, which may restrict leasing to third parties (Sections 1.01(k), 6.01)

Architectural approval

Architectural Committee must approve or disapprove final plans within 30 days of submission; failure to act results in presumed disapproval (Section 5.04)

Setbacks / home size

Residence not to exceed 3 stories; garage not to exceed residence height (Section 6.08)

Maintenance

Association responsible for Common Areas and may use assessments for maintenance of exterior and structural portions of Residences; Owners responsible for interior and must carry fire insurance on Residence (Sections 3.11, 4.02(a), 3.12)

Insurance

Each Owner shall purchase and maintain fire insurance with extended coverage for full insurable replacement value of the Residence; Association strongly recommends contents insurance (Section 3.12)

Use restrictions

Each Lot shall be used as residential only for one attached single-family dwelling; no business or commercial purposes requiring employees; must be primary residence of owner or immediate family (Section 6.01)

Voting & meetings

Two classes until Declarant owns no more Lots: Lot Owners (1 vote per lot) and Declarant (3 votes per lot owned). After conveyance of last Lot, all Lot Owners have 1 vote per lot. Cumulative voting prohibited. (Section 3.04, 3.10)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.