It’s not often that you see a homeowners association compared with an indestructible fictional character. However, you may be surprised to learn terminating a homeowners association may be just about as difficult as terminating the Terminator. One of the reasons for this is that abolishment of a homeowners association involves two steps, each of which is fairly complex on its own: 1) termination of the Declaration of Covenants; and 2) dissolution of the corporation.
As you may know, the Declaration of Covenants (“Declaration”) contains the restrictions and obligations, or “covenants”, binding both the community association and the individual owners. These covenants provide for the obligation to pay assessments and for architectural controls that restrict changes to the lots.