Lakewood Property Owners Association, Inc.

Key facts from Lakewood Property Owners Association, Inc.'s documents

Reflects the 1982 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Lakewood Property Owners Association, Inc. (Article 1.2)

Units / lots

389 (Attachment to Sixth Amendment: "Lots 1-4)

Developer / declarant

LAKELAND OF WISCONSIN, INC.

Assessments & dues

Until January 1, 1985: $20 per Lot. Thereafter, Board may increase by up to 10% per year. (Section 6.2(c)(i) and (ii))

Special assessments

Yes, for capital improvements or extraordinary expenses. Requires assent of Class B member and two-thirds of votes of Owners voting in person or by proxy at a special meeting. (Section 6.3)

Collections & liens

Assessments are a continuing lien on the property and can be foreclosed like mortgages in Wisconsin. Association may bid at foreclosure sale and acquire, hold, lease, mortgage, convey the property. (Section 6.5)

Use restrictions

Yes, only single-family residence and one- or two-car garage; no other use. (Section 3.1)

Voting & meetings

Class A: each Owner of a Lot has one vote per Lot; Class B: Developer has one vote until December 31, 1986 or earlier written notice. When multiple owners, vote as they determine. Lessees with 12-month lease are members but voting rights no (Sections 4.1, 4.2)

Amendments

Amendment requires approval by Class B member and not less than 75% of Owners. Record in Register of Deeds of Adams County. (Section 7.2(a))

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