7th Street Towns

Key facts from 7th Street Towns's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

7th Street Towns Owners Association, Inc. (Introduction, B37683-P4)

Developer / declarant

Carolina Cottage Homes, LLC, a North Carolina limited liability company (Introduction, B37683-P4)

Governing law

North Carolina statutes governing recordable documents (B37683-P1)

Assessments & dues

Board prepares annual budget of Common Expenses, then sets General Assessment at equal rate per Unit. Budget is subject to ratification by Owners; deemed ratified unless rejected by at least 75% of Units. If rejected, prior budget continues (Section 5.3, B37683-P11 to P13)

Special assessments

May be levied for unbudgeted or excess expenses. Requires affirmative vote or written consent of Owners with more than 50% of total votes and Declarant's written consent during Development and Sale Period (except for Wastewater Disposal Sys (Section 5.4, B37683-P13)

Collections & liens

If assessment unpaid 30+ days, Association may file claim of lien. If unpaid 90+ days, Board may vote to foreclose via judicial or non-judicial proceedings. Lien is subordinate only to real estate taxes and first recorded Mortgages. (Section 5.7, B37683-P14 to P15)

Reserves & fees

Budget must include reasonable contribution to reserve fund for repair and replacement of Wastewater Disposal System and other capital items. Wastewater reserve funds must be accounted for separately. (Section 5.3(a), B37683-P11 to P12)

Leasing & rentals

Units may be leased only in their entirety, with minimum initial term of 30 days. No subleasing or assignment without Board approval. (Section 7.1(b) and (c), B37683-P21)

Home business

Business activity allowed only if conducted by resident, not detectable from outside, complies with laws, no regular employee/customer visits, does not increase Association insurance, consistent with residential character, and not involving (Section 6.3(a), B37683-P16 to P17)

Signs & flags

No rule may regulate display of US or NC flag up to 4x6 feet on a Unit, displayed in accordance with 4 U.S.C. Sections 5-10. (Section 6.3(e)(iii), B37683-P19)

Use restrictions

Units may be used only for residential purposes (including parking and storage), except Declarant's construction/marketing/sales activities. (Section 6.3(a), B37683-P16)

Voting & meetings

Each Unit is allocated one equal vote, which may be exercised by any Owner or by proxy. If a Unit is owned by more than one Person, vote may be exercised by any co-Owner but no more than one vote may be cast for any Unit. (Section 4, B37683-P9)

Amendments

Section 18 referenced in Table of Contents but text not provided. Declarant may unilaterally amend during control period; otherwise requires Owner vote. (Table of Contents, B37683-P2 (Section 18)

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