Lakedell

Key facts from Lakedell's documents

Community type

planned_community (Recital; Article III Section 5 reference)

Developer / declarant

Williams Farrow Builders, LLC (Opening paragraph)

Governing law

North Carolina Planned Community Act (N.C.G.S. 47F) (Article I Section 8; Article III Section)

Assessments & dues

$100.00 per year per Lot until January 1 following first Lot conveyance (Article V Section 4)

Special assessments

Allowed for capital improvements or costs not covered; requires member approval (2/3 for suits against Declarant, otherwise same as annual assessment adjustment?) (Article V Section 5)

Collections & liens

Assessment constitutes a lien on the Lot; Association may foreclose under NCGS 47F-3-116 (Article V Section 1 and Section 9)

Reserves & fees

Association may establish and maintain reserve fund for periodic maintenance, repair, replacement of improvements to Common Areas (Article V Section 3)

Maintenance

Owner responsibility (part of Lot improvements) (Article VI Section 2)

Insurance

Association may obtain commercial general liability, D&O liability, workers comp, fidelity bond (Article IX Section 1)

Voting & meetings

Class A: 1 vote per Lot (non-declarant owners); Class B: 7 votes per Lot (Declarant) until conversion (Article III Section 2)

Amendments

By instrument signed by Owners of at least 67% of votes eligible to be cast; 90% for Article X Section 3; Declarant may unilaterally amend for compliance with government-sponsored mortgage entity requirements or correctional amendments (Article XIV 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.