A reciprocity or reciprocal agreement is a contract that establishes an ongoing working relationship between two entities. As part of the terms of this contract, both parties pledge to share resources and assist each other in achieving the stated goals for the entities. A typical reciprocal agreement will establish what is known as a quid pro quo relationship. This simply means that each party will extend the use of resources to the other, with the understanding that this exchange is designed to allow both parties to benefit.
Montana Reciprocal Agreement Between Homeowners Associations
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Multi-State
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US-01894BG
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Word;
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FAQ
It is sometimes used in the singular homeowner association. Some break it into three words, as in home owners association. Some will make it singular possessive homeowner's while other use the plural possessive homeowners' association. The most common usage seems to be the non-possessive plural homeowners association.
Covenants are rules and restrictions over land that essentially layout what can and can't be done on the property. Covenants ?run with the land? ? meaning they stay in effect over the property even if it sells or transfers to a new owner.
(1) (a) A homeowners' association may not enter into, amend, or enforce a covenant, condition, or restriction in such a way that imposes more onerous restrictions on the types of use of a member's real property than those restrictions that existed when the member acquired the member's interest in the real property, ...
Homeowners' associations in Montana are not regulated by a government agency. Instead, most HOAs are set up as nonprofit organizations and are therefore subject to the Montana Nonprofit Corporation Act.
Montana. Montana has a state tax reciprocity agreement with one state: North Dakota.