Bradley Terrace Homeowners Association Inc

Key facts from Bradley Terrace Homeowners Association Inc's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Exclusive residential community of attached single-family townhomes (Preamble (WHEREAS))

Legal name

Bradley Terrace Homeowners Association, Inc. (Article I, Section 2)

Developer / declarant

United Estates of America, Inc., a North Carolina Limited Liability Company (Opening paragraph)

Governing law

Chapter 47F of the North Carolina General Statutes (North Carolina Planned Community Act) (Article I, Section 1)

Assessments & dues

Maximum Annual Assessment until December 31, 2002: $840.00 per Class A Lot; Class B = 1/4 of Class A; Class C = 1/2 of Class A (Article V, Section 3)

Special assessments

May be levied for capital improvements, repayment of indebtedness, or any other purpose; requires same assent as Section 3(b) (2/3 of votes cast by Class A Members present); Class B = 1/4 of Class A; Class C = 1/2 of Class A (Article V, Section 5)

Collections & liens

Unpaid assessments are a continuing lien on the Lot and personal obligation of the Owner at time assessment fell due; Association may foreclose lien; interest, late charges, costs, and reasonable attorneys' fees added (Article V, Sections 1, 7)

Reserves & fees

Working Capital Fund established to meet unforeseen expenditures or acquire additional equipment/services; amounts not considered advance payment of regular assessment (Article V, Section 10)

Pets

Reasonable number of cats, dogs, and other household pets may be kept, provided not kept/bred/maintained for commercial purpose and not a nuisance (Article XI, Section 4)

Leasing & rentals

Owner may lease or sublet Unit (Article XI, Section 8)

Parking & vehicles

Association shall provide and maintain at least minimum number of parking spaces required by Town of Apex; Board may assign parking spaces on equal, non-discriminatory basis (Article XI, Section 6)

Architectural approval

No building, fence, sign, wall, or other structure, exterior addition/change/alteration, or major landscaping/relandscaping until plans and specifications submitted to and approved in writing by Declarant (Article IX)

Home business

No trade, business, profession, or other commercial activity on any Lot (except Declarant/Builder activities) (Article XI, Section 1)

Signs & flags

No signs on any Lot except one 'For Sale' or 'For Rent' sign not exceeding 36" x 24", and political signs not more than 10 square feet (placed no earlier than 60 days before election, removed within 2 days after); no signs on Common Area wi (Article XI, Section 5)

Maintenance

Association responsible for exterior maintenance of Units: painting, repair, replacement, care of exterior building surfaces (including exterior doors installed as part of initial construction), roofs, gutters, downspouts, sidewalks, stoops (Article VI, Section 1)

Insurance

Association shall procure and maintain adequate liability insurance in amount not less than $1,000,000.00; full replacement value hazard insurance on real and personal property owned by Association; officers', directors', and employees' lia (Article XII, Section 7)

Use restrictions

All Lots shall be used for residential purposes only; no trade, business, profession, or commercial activity, except Declarant/Builder sales and construction activities (Article XI, Section 1)

Voting & meetings

Three classes: Class A Members (1 vote per Lot), Class B Member (Declarant, 3 votes per Lot during Declarant Control Period, then 1 vote per Lot), Class C Member (Builder, treated as Class A for voting) (Article III, Section 2)

Amendments

Covenants run for 25 years from recording, then automatically extended for successive 10-year periods unless terminated/altered by vote; during Declarant Control Period, Declarant may amend to conform to governmental requirements; first 25 (Article XII, Section 3)

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