Anchor Way Homeowners Association Inc

Key facts from Anchor Way Homeowners Association Inc's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential subdivision with single family attached and detached dwellings (WHEREAS, Declarant desires to create a r)

Legal name

ANCHOR WAY HOMEOWNERS ASSOCIATION, INC. (Section 1.1)

Developer / declarant

B. Wallace Design and Construction, L.L.C. (Preamble)

Governing law

North Carolina Planned Community Act, Chapter 47F of the North Carolina General Statutes (Section 11.8)

Assessments & dues

$120.00 for each Dwelling Unit or recorded Lot for which a building permit has been issued for calendar year 2018. (Section 4.3)

Special assessments

Board may levy one special assessment per year without membership vote. If exceeding $75.00 per Unit or proposed more than once per year, requires approval of at least 51% of votes present in person or by proxy at a duly convened meeting wi (Section 4.4)

Collections & liens

Unpaid assessments become a continuing lien on the Lot. Association may file lien after 60 days delinquency and foreclose like a deed of trust with power of sale. Lien is subordinate to first mortgages/deeds of trust. (Sections 4.10, 4.11, 4.12)

Reserves & fees

Association must maintain two separate funds for stormwater facilities: 'Inspection and Maintenance Fund' for routine inspection/maintenance, and 'Major Reconstruction Fund' as a separate, increasing reserve fund for major repairs and event (Section 4.1(d))

Pets

Reasonable number of household pets as determined by Board of Directors permitted, provided not raised for commercial purposes. (Section 6.6)

Parking & vehicles

Adequate off-street parking shall be provided by Owner. Owners requested to park in driveways and garages. (Section 6.3)

Fences

No fence, wall, hedge, or mass planting shall extend beyond the minimum building set back line except upon ACC approval. No fence shall be used without prior written ACC approval. Chain link fences are prohibited. (Section 6.2(g))

Architectural approval

Architectural Control Committee (ACC) has exclusive jurisdiction over all original construction, modifications, additions or alterations. No building, sign, fence, outside lighting, hedge, wall, walk, antenna, clothesline or other structure (Section 5.1)

Home business

Home businesses are allowed if such business does not create a nuisance or excessive visitor traffic to the Lot. Must receive written Board approval prior to being established. (Section 6.7)

Signs & flags

No commercial signs except 'For Sale' or 'For Rent' signs no more than 24 inches wide and 18 inches high. Declarant/assigns may erect temporary signs without size limitation for sales/construction offices and marketing. (Section 6.2(b))

Use restrictions

No Lot shall be used except for residential purposes. No building shall be erected, altered, placed or permitted (except by Declarant) other than approved attached or detached single family residences. (Section 6.2)

Voting & meetings

Class A Members: one vote per Dwelling Unit, Lot or Site. Class B Member (Declarant): three votes per Dwelling Unit, Lot or Site until conversion. (Section 3.2)

Amendments

Declaration may be amended by vote of 67% of total eligible votes of membership, with both classes voting together. Written notice 10-30 days in advance. Declarant's written consent required for amendments prior to December 31, 2028. (Section 11.2)

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