Finsbury Property Owners Association Inc

Key facts from Finsbury Property Owners Association Inc's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhome community within a larger mixed-use planned development known as Davis Park; subordinate to Master Covenants (Recitals (WHEREAS clauses))

Legal name

Finsbury Property Owners Association Inc

Developer / declarant

Ashton Woods Residential LLC, a North Carolina limited liability company (Opening paragraph)

Governing law

North Carolina Nonprofit Corporation Act (for Association); NCGS §47F (for assessments/liens, as referenced in stormwater section) (Section 1.1(e) (Articles of Incorporatio)

Assessments & dues

Annual Assessment established by Board; subject to ratification by Members; default budget provisions (Section 11.3; Section 11.4)

Special assessments

Special Assessments allowed per Sections 11.5, 11.6, 11.7; Specific Assessments for one or more but less than all Owners per Section 11.9 (Section 1.1(f); Section 11.5-11.7; Secti)

Collections & liens

Assessments unpaid for 30 days or longer constitute a lien on the Lot; may be filed and foreclosed (per NCGS §47F) (Section 4.1(d))

Reserves & fees

Two separate stormwater funds required: 'Inspection and Maintenance Fund' and 'Major Reconstruction Fund' (separate account); minimum annual amounts $1,664.61 and $287.20, increased 3% annually (Section 4.1(c), (f))

Pets

Dogs, cats, or other normal household pets may be kept inside Units; no animals raised, bred, or kept on Development except as provided (Section 4.12)

Leasing & rentals

Lease or rental of a Unit for residential purposes allowed if lease is for entire Unit and complies with rules (Section 4.5)

Fences

Fences subject to ARC approval (included in list of improvements requiring approval) (Section 3.1)

Architectural approval

All improvements, landscaping, grading, excavation, filling, outside lighting, driveways, mailboxes, decks, patios, courtyards, swimming pools, playhouses, awnings, walls, fences, garages, guest/servants' quarters, or other outbuildings sub (Section 3.1)

Solar & roof

Painting or staining of any exterior surface requires ARC approval (Section 3.4)

Home business

Home office allowed if no regular customer, client, or employee traffic; no Unit as office/storage for building contractor, real estate developer, or real estate broker without approval (Section 4.5)

Signs & flags

No signs or advertising posters without ARC written permission; ARC may withhold approval arbitrarily; exceptions for Declarant and required by law; Association may erect signs on Common Areas (Section 4.11)

Setbacks / home size

Declarant may alter setback lines in best interest of Development; may assign this right to ARC (Section 4.4)

Maintenance

Owners responsible for maintenance per Section 7.1; Association responsible for Common Areas and Townhome Areas of Common Responsibility per Section 7.2 (Article 7 (Table of Contents))

Use restrictions

Each Unit used for residential purposes only; no trade or business except home office without regular customer/client/employee traffic; leasing for residential purposes allowed (Section 4.5)

Voting & meetings

Class A and Class B voting rights (details in Article 6, not fully extracted) (Table of Contents, Article 6 (Membership)

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