Belcrest Owners Association Inc

Key facts from Belcrest Owners Association Inc's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Belcrest Owners Association, Inc. (Article 2, Definitions - 'Association')

Units / lots

52 Living Units (Article 2, Definitions - 'Total Planned )

Developer / declarant

Belcrest Developers, LLC, a North Carolina limited liability company (Preamble)

Governing law

North Carolina Planned Community Act (Chapter 47F of the North Carolina General Statutes) (Article 2, Definitions - 'Planned Commun)

Assessments & dues

Budget prepared by Board; total anticipated Operating Expenses divided equally among Living Units; during Deficit Funding Period, based on full build-out expenses divided by 75% of Total Planned Units (Article 6.C - Amount of Base Assessment)

Special assessments

After Turnover Date: requires 2/3 vote of each class of Members at meeting; before Turnover Date: requires 2/3 vote if exceeds 5% of budgeted Operating Expenses, otherwise Board may levy without approval (Article 6.D.1 - Special Assessment)

Collections & liens

Assessments are a lien on the Living Unit; lien effective upon recording of Board statement; foreclosure available after 30 days past due; Institutional Mortgagee not liable for pre-foreclosure assessments unless lien recorded before mortga (Article 6.B - Establishment of Liens; Ar)

Reserves & fees

Required for periodic maintenance, repair, replacement of Association Property; separate Reserve for Pond with funds for at least 3-year period, FDIC insured (Article 6.Q.13 - Costs of Reserves; Pond)

Architectural approval

Yes, Architectural Control Committee approval required for Improvements; details in Article 10 (not fully extracted) (Article 10 - Architectural Control (refe)

Maintenance

Association responsible for Association Property and Yard Improvements; Residential Owners responsible for their Living Units (per Article 9.B, not fully extracted) (Article 9 - Maintenance and Repair)

Insurance

Property and casualty insurance on Association Property; public liability insurance with limits of $1,000,000 per person, $1,000,000 per occurrence, $50,000 property damage (Article 7.A and 7.B - Insurance)

Use restrictions

Not explicitly stated as a use restriction in the extracted text; Article 11 (Use Restrictions) is referenced in the table of contents but not included in the provided text (Table of Contents - Article 11)

Voting & meetings

Class A Members (Owners) - 1 vote per Living Unit/Lot; Class B Member (Declarant) - 2 times total Class A votes plus 1 until Turnover Date (Article 5.B - Voting Rights)

Amendments

Article 14 - Amendment (details not fully extracted; includes provisions for prior to and after Turnover Date, scrivener's errors, FHA/VA approval, certification and recording) (Table of Contents - Article 14)

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