Ole Mill Stream Pool Association

What Ole Mill Stream Pool Association's governing documents say

This is a lease agreement between two nonprofit associations in Clayton, NC: the Ole Mill Stream Pool Association (Lessor) and the Ole Mill Stream Homeowners Association (Lessee). It governs the HOA's rental of the land around the community pool (excluding the pool itself) for five years, with an annual rent of $3,069. It is not a set of rules for homeowners or residents.

• What this document covers: The Pool Association leases the open space around the pool (about 2.134 acres, excluding the pool and its structures) to the Homeowners Association for five years, renewable or terminable with one year's notice.
• Rent & payments: The HOA pays $3,069 per year, with the first year adjusted to $2,529 to offset a prior overpayment. Rent is due on the lease's anniversary each year.
• Improvements & maintenance: The HOA may add playground equipment, turf, picnic shelters, and similar improvements at its own cost, subject to the Pool Association's approval. The HOA must keep them safe and functional; if it fails, the Pool Association can fix them and bill the HOA.
• Termination & ownership of improvements: Either party can end the lease with one year's written notice. If the Pool Association terminates, it must pay the HOA for improvements (appraised value or construction cost, whichever is greater). If the HOA terminates, improvements become the Pool Association's property without payment.
• Insurance & liability: The HOA must carry insurance covering the improvements and users, name the Pool Association as an additional insured, and indemnify it against claims from the HOA's use, except for the Pool Association's own negligence.
• Default: If the HOA fails to pay rent within 60 days of the due date, the Pool Association can take possession of any improvements without recourse to the HOA.
• What this document doesn't cover: This lease does not contain rules for homeowners or residents (e.g., pool hours, guest policies, pet rules, or assessments). It only governs the land lease between the two associations and explicitly does not change any other rules about pool use.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.